The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘fixed-rate mortgages’

By Bruce Norris .

The Norris Group Real Estate News Roundup 1/28/14

Tuesday, January 28th, 2014


Today’s News Synopsis:

Both the Standard and Poors and Case-Shiller indices indicated home prices increased by over 13% year-over-year, although month-over-month they decreased slightly by 0.1%.  U.S. loan delinquencies increased slightly by 0.26% month-over-month, although year-over-year they decreased by 9.85%.  Fixed-rate mortgage are becoming less popular with the increase in interest rates, leading to adjustable-rate mortgages gaining more popularity.

In The News:

Mortgage Professional America - “Home sales fall short of projections” (1-28-14)

“Sales of new single-family homes fell in December, missing economists’ projections by more than 40,000 units – but yearly sales were still well above 2012.”

DS News- “Delinquencies Down Nearly 10% in 2013″ (1-28-14)

“Delinquencies picked up slightly in December, according to early data released by Black Knight Financial Services (BKFS)—but overall trends indicate 2013 was a year of improvement.”

Housing Wire- “Fixed-rate mortgages tumble in popularity” (1-28-14)

“Adjustable-rate mortgages are gaining in popularity with interest rates on 30-year, fixed-rate mortgages trending higher these days.”

CNN Money - “The state of the minimum  wage” (1-28-14)

“President Obama is expected to shine a spotlight on the minimum wage in his State of the Union address on Tuesday evening, as pressure mounts in Washington to create a framework to address inequality.”

Inman- “California Regional MLS forging alliances with statewide MLS as goal” (1-28-14)

“The nation’s largest multiple listing service, California Regional MLS, has not given up on the idea of forming a statewide MLS in the Golden State and is making deals toward that end.”

DS News“Borrowers Struggle Despite Equity Gains” (1-28-14)

“The ongoing price recovery and rise in positive equity around the country has been cause for celebration among many industry commentators—but they’re not much comfort to those who continue to struggle to pay their mortgages, Fitch Ratings says in a new release.”

Bloomberg- “Goldman Sachs Said to Lead American Homes 4 Rent Bond Deal” (1-28-14)

“American Homes 4 Rent, the second-largest single-family landlord in the U.S., has selected Goldman Sachs Group Inc. to arrange a bond backed by rental home payments, less than three months after Blackstone Group LP (BX) completed the first sale of its type.”

Housing Wire- “Both S&P/Case-Shiller indices shoot up more than 13%” (1-28-14)

“Home prices barely cooled in the winter of 2013, as the 10-city and 20-city Standard & Poor’s/Case-Shiller Home Price Composite Indices shot up 13.8% and 13.7%, respectively, when compared to year earlier levels.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $240,000 on a 5 bedroom, 3 bathroom home appraised for $358,000.

 

Bruce Norris of The Norris Group will be speaking at the CMA 2014 Winter Seminar in Universal City on Thursday, January 30, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate and Tax Strategies Kick-Off Brunch in Buena Park on Saturday, February 1, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, February 4-6, 2014.

Looking Back:

Pending home sales decreased 4.3% month-over-month in December.  At the same time home prices increased 0.5% month-over-month in November.  The Joint Powers of Authority rejected San Bernardino’s motion to use eminent domain as a way to deal with negative equity.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

The Norris Group Real Estate News Roundup 10/18/12

Thursday, October 18th, 2012

Today’s News Synopsis:

Many numbers in the news today.  Mortgage rates decreased again with 30-years now at 3.37% and 15-years at 2.66%.  Foreclosure activity is at a low not seen in five years at 49,026.  Unemployment claims increased again and are now at 388,000.


In The News:

DS News- “Foreclosure Activity in California Slows to 5-Year Low” (10-18-12)

“A stronger economy and housing market and an increase in short sales brought foreclosure activity in California down to the lowest level since 2007, according to a report from San Diego-based DataQuick.”

Housing Wire- “Fannie Mae sees housing improving despite economic uncertainty” (10-18-12)

“Fannie Mae economists see somewhat of a bifurcated economy with the GSE’s forecast for 2013 divided between predictions of a gradually improving housing market and headwinds posed by tax and federal policies that will create economic drag.”

NAHB“Home Price Appreciation Helps Housing Move Forward on Road to Recovery” (10-18-12)

“Sparked by rising home prices across much of the nation, the housing recovery is now under way, but fiscal uncertainties and other challenges could result in a bumpy ride in the coming months, according to economists participating in yesterday’s National Association of Home Builders (NAHB) webinar on the construction and economic outlook.”

Los Angeles Times“Freddie Mac: Mortgage rates edge lower; 30-year average at 3.37%” (10-18-12)

Mortgage rates hovered near their all-time lows this week, with the average 30-year fixed loan at 3.37%, down from 3.39% last week, Freddie Mac said in its latest survey of what lenders are offering to solid borrowers.”

CNN Money“Jobless claims snap back up” (10-18-12)

“First-time claims for unemployment benefits are on a roller coaster. The number snapped back up last week, after falling to a four-year low the week before. ”

Inman“FICO reveals behaviors behind sterling credit scores” (10-18-12)

“Tight mortgage lending standards have dashed the hopes of many would-be homebuyers, but the developers of the most popular credit risk score today revealed some habits and behaviors of “high achievers” with FICO scores above 785.”

DS News- “Fixed Rates Edge Lower as Home Construction Picks Up: Freddie Mac” (10-18-12)

“Fixed-rate mortgages (FRM) sank a bit this week as home construction picked up, Freddie Mac reported Thursday.”

Realty Times- “3.8% Medicare Surtax Portion of ‘Obamacare’ Hits Some Real Estate Holdings In 2013″ (10-18-12)

“On March 30, 2010, when President Barack Obama signed the Health Care and Education Reconciliation Act of 2010 to help fund his Patient Protection and Affordable Care Act (Obamacare) it came with a last minute addition – a 3.8 percent tax on investment income.”

Bloomberg“Housing Revival Boosts Outlook for U.S.: Economy” (10-18-12)

“Consumer confidence rose to a six- month high and an index of U.S. leading indicators climbed as a nascent housing recovery started to ripple through the world’s largest economy.”

Hard Money Loan Closed

Redlands, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $205,000 on a 4 bedroom, 2.5 bathroom home appraised for $328,000.

 

Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.

The Norris Group is holding its fifth annual I Survived Real Estate 2012 in Yorba Linda on Friday, October 19, 2012.

Bruce Norris of The Norris Group will be at the Cutting-Edge Financial Tactics Brunch at the Mission Inn in Riverside on Saturday, October 27, 2012.

Looking Back:

According to Bloomberg News, mortgage defaults were up by 26% in the third quarter of 2011.  Fannie Mae and Freddie Macs’ foreclosure attorney network programs announced they would be going through changes by order of the FHFA.  Foreclosure filings were up in August 2011 for the third quarter according to the Los Angeles Times, and the sale of short sale properties could help increase housing prices.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

The Norris Group Real Estate News Roundup 6/7/12

Thursday, June 7th, 2012

Today’s News Synopsis:

Mortgage rates decreased again for the sixth week in a row and are at their lowest on record at 3.67%.  Unemployment claims decreased to 377,000 from 389,000 for the week ended June 2.  With the economic recession at its worst since the Great Depression, more Americans are being cautious about leaving their jobs and starting new ones.  In addition, they are also wary about purchasing a new home.

In The News:

Bloomberg“Mortgage Rates in U.S. Fall to Record Lows With 30-Year at 3.67%” (6-7-12)

“Mortgage rates in the U.S. dropped to record lows for a sixth straight week as concerns over slowing job growth pushed investors into the safety of government bonds that guide interest costs.”

DS News“Initial Jobless Claims in First Drop in Five Weeks” (6-7-12)

“First time claims for unemployment insurance fell to 377,000 for the week ended June 2 from the prior week’s upwardly revised 389,000, the Labor Department reported Thursday.”

NAHB“Apartment and Condominium Market Shows Ongoing Improvement in First Quarter” (6-7-12)

“The Multifamily Production Index (MPI), a leading indicator for the multifamily market released by the National Association of Home Builders (NAHB) today, recorded its highest reading since the third quarter of 2005 with an index level of 51.”

Mortgage Bankers Association“Rodrigo Lopez Testifies on the Role of FHA in the Multifamily Mortgage Markets” (6-7-12)

“Rodrigo Lopez, CMB, President and CEO of AmeriSphere Multifamily Finance headquartered in Omaha, Nebraska, today testified on behalf of the Mortgage Bankers Association (MBA) before the U.S. House of Representatives Committee on Financial Services Subcommittee on Insurance, Housing and Community Opportunity at a hearing titled, ‘Oversight of Federal Housing Administration’s Multifamily Insurance Programs’.”

San Francisco Chronicle“Americans Spooked by Slump Cling to Jobs as U.S. Dynamism Fades” (6-7-12)

“The deepest economic slump since the Great Depression has left its mark on both job seekers and job creators, making them more wary about taking risks in a slowly recovering labor market.”

Bloomberg“Pimco’s Home-Loan Wager Seen as Prescient on QE3 Odds: Mortgages” (6-7-12)

“Investors are positioning to benefit from a third round of debt purchases by the Federal Reserve, acquiring mortgage securities they’ll be able to sell to the central bank at higher prices.”

Realty Times“Global Economy Continues to Influence Mortgage Rates” (6-7-12)

“Economic data in the U.S. turned out to be disappointing to investors who were hoping that there would be an indication of further recovery. Unfortunately, last week’s data showed a possible economic slowdown that resulted in a sharp decline in the stock market.”

Housing Wire“Remaining HARP risk leaves mortgage business on the table” (6-7-12)

“Taking advantage of the expanded Home Affordable Refinance Program becomes sharply more difficult for borrowers forced to go through a new mortgage lender, according to many industry executives.”

DS News“Fannie Mae: Consumer Sentiment Leveled in May, Could Slow Recovery” (6-7-12)

“Lulls in employment and income growth led to a plateau in consumer sentiment in May, according to Fannie Mae’s May 2012 National Housing Survey.”

Housing Wire“Deutsche Bank questions S&P CMBS ratings revamp” (6-7-12)

“The head of fixed income analytics at Deutsche Bank ($36.98 1.1%) released a research note to clients about the recent decision from Standard & Poor’s to  revamp its commercial mortgage-backed securities ratings criteria.”

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 4 bedroom, 2 bathroom home appraised for $142,000.

 

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the NSDREI 8th Anniversary Dinner Party Tuesday, June 19, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the AREAA 2012 Home Buyer & Real Estate Investment Fair Saturday, July 21, 2012.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

The Norris Group Real Estate News Roundup 5/17/12

Thursday, May 17th, 2012

Today’s News Synopsis:

Jobless claims remained at 370,000 despite economists predicting they would decrease to 365,000 this past week.  The number of people who can afford to buy a home is at its highest on record at 77.5%.  At the same time, foreclosures are at their lowest in five years.

In The News:

CNN Money“FBI opens JPMorgan investigation” (5-16-12)

“The director of the Federal Bureau of Investigation said Wednesday that the agency has opened an investigation into JPMorgan Chase, the nation’s largest bank.”

DS News“Initial Unemployment Claims Creeping Up” (5-17-12)

“First time claims were unchanged at 370,000 for the week ended May 12 after the number of initial claims filed for the previous week was revised upward, the Labor Department reported Thursday. Economists had expected initial claims would decrease to 365,000.”

Housing Wire“Mortgage rates hit all-time lows (again)” (5-17-12)

“Fixed-rate mortgages hit new all-time lows for the third-straight week as the 30-year FRM submerged below 3.80% following declining long-term Treasury bond yields.”

NAHB“Nationwide Housing Affordability Reaches New Record High” (5-17-12)

“Nationwide housing affordability hit a new record high for a second consecutive quarter in the first three months of this year, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today. Yet tight lending conditions continue to pose a major obstacle to many prospective home buyers.”

Bloomberg“Foreclosures Plunge to Five-Year Low in U.S. Recovery: Mortgages” (5-17-12)

“Foreclosure filings in the U.S. fell to a five-year low last month as lenders sought to avoid seizing property and a housing recovery showed signs of taking hold.”

DS News“Gateway Mortgage Group Establishes Omaha Branch” (5-17-12)

“Gateway Mortgage Group is expanding its operations with a new branch in Omaha, Nebraska.  The new location will be staffed by eight loan officers, including Kent Geschwender, a former branch manager of MetLife Home Loans. The Omaha branch will be the company’s largest”

CNN Money“Federal Reserve concerned about fiscal cliff” (5-17-12)

“The Federal Reserve is worried about indecision in Congress.  At its last meeting in April, the central bank’s top officials discussed how coming tax increases and spending cuts could weigh on the recovery, and debated whether the Fed should provide additional stimulus to spur consumer spending.”

Housing Wire“Architecture Billings Index down for April” (5-17-12)

“The Architecture Billings Index (ABI) has fallen into negative terrain after five months of positive readings. The score sat at 48.4 for April, down from 50.4 in March. The new projects inquiry index was 54.4, down from 56.6 the previous month.”

DS News“Southern California Home Sales Figures Rise” (5-17-12)

“According to numbers released by DataQuick, last month’s home sales numbers in Southern California experienced a modest climb from last year.”

Inman“NAR flexes political muscle” (5-17-12)

“Thousands of Realtors gathered around the Washington Monument today in a demonstration of the National Association of Realtors’ political clout.”

Hard Money Loan Closed

Carson, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $200,000 on a 3 bedroom, 2 bathroom home appraised for $325,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be speaking today at the Apartment Owners Association Million Dollar Trade Show.

The Norris Group posted a new event. The Norris Group will hold its REO Boot Camp on May 22-24, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Temecula Valley Chamber of Commerce Economic Forecast on Thursday, May 31, 2012.

Looking Back:

MDA DataQuick reported 35,202 houses and condos were sold in California during April 2011. New home construction decreased 10.6% in April, according to the Commerce Department. Notice of default filings decreased 25.8% in March 2011.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

The Norris Group Real Estate News Roundup 10/17/11

Monday, October 17th, 2011

Today’s News Synopsis:

A final ruling was approved today by the Federal Reserve Board that would require banks to submit resolution forms explaining how they would hanldle specific situations in stressful times.  There are now 80 failed banks with the recent seizure of four more institutions.  The Wall Street Journal reported a new problem has arisen for the housing market: less attractive inventory.

In The News:

Realty Times - “Real Estate Outlook: Key Metro Markets Improve” (10-17-11)

“Despite mixed reports about housing in the past few weeks, there do seem to be some cities showing marked improvement as of late. The National Association of Home Builders’ First American Improving Markets Index (IMI) shows that 23 markets, up from last month’s 12, now qualify for their list.”

Housing Wire - “Fed approves final rule on bank resolution plans” (10-17-11)

“The Federal Reserve Board approved a final rule Monday that forces bank holding companies with $50 billion or more in assets and certain nonbank firms to submit resolution plans explaining how they would wind down their businesses in times of stress.”

DS News - “Regulators Seize Four Community-Based Lending Institutions” (10-17-11)

“This year’s failed-bank tally has risen to 80 with the closings of four more lenders over the weekend in Georgia, Illinois, New Jersey, and North Carolina.”

Bloomberg - “CMBS Sales to Reach $30 Billion in 2012 on REfi Needs, JPMorgan” (10-17-11)

“Property owners needing to refinance will fuel issuance of bonds backed by commercial-mortgages to as much as $30 billion in 2012, according to JPMorgan Chase & Co. (JPM) .”

San Francisco Chronicle - “California Diminished by 1978 Tax Revolt Shows U.S. in Decline” (10-17-11)

“California voters approved Proposition 13 to rein in property taxes that had  doubled in 10 years. More than three decades later, that rebellion has mortgaged  the state’s future, saddling it with the nation’s highest debt and lowest credit  rating.”

Housing Wire“Different mortgage types default at different times” (10-17-11)

“Both fixed-rate and adjustable-rate mortgages are susceptible to default, though at different times when the right amount of economic volatility shakes the financial markets, according to a new report from the National Bureau of
Economic Research.”

O.C. Register - “U.S. homebuying at 4-month low” (10-17-11)

“The national homebuying index from DataQuick and its analysts at DQNews shows home sales at a four-month low.”

DS News - “Moody’s: Citi, GMAC, Ocwen Perform Well” (10-17-11)

“Amid a challenging environment for servicers, CitiMortgage, GMAC, and Ocwen have outperformed major competitors – Bank of America and Chase – with regards to loss mitigation and foreclosure timelines, according to a recent report from Moody’s.”

Wall Street Journal - “Slim Pickings Are Latest Headache for Home Sales” (10-17-11)

“The housing market, which has struggled with an oversupply of homes for years, is facing a new problem: a lack of attractive inventory.  There were more than 2.19 million homes listed for sale at the end of September, down 20% from a year earlier, according to a new report from the real-estate website Realtor.com. That is the lowest level since the company began its count in 2007.”

Rismedia - “Monday Morning Mobile: Property Search 3.0 Makes Its Way to NY” (10-17-11)

“There’s no question that as a society we are more mobile than we have ever been.  With over 300 million mobile users in this country, a 96% penetration rate, it’s safe to say this isn’t going to change anytime soon, instead only increase.”

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

The Norris Group Real Estate News Roundup 9/30/11

Friday, September 30th, 2011

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Sources:

New-Home Sales Decline 2.3 Percent in August
Shadow inventory declines to five-month supply: CoreLogic
Regulators Shut Down California and Virginia Lenders
ZipRealty sued for nearly $18 million in minimum-wage case
1 in 5 Modified Loans Default Again: Comptroller
Short Sale Delays Drive First-Time Buyers From Market: Survey

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events.  Housing Wire reported a slow recovery for the housing market unless immediate action is taken.  Fixed-rate mortgages are at the lowest recorded, according to Realty Times.  Pending home sales have also seen another decrease in August.

In The News:

Housing Wire - Market reports point to housing desolation” (9-30-11)

“As the housing market exits its typical buying season, it faces what many analysts predict to be several months of an ongoing search for a bottom and many years of slow recovery unless bold action is taken now.”

DS News - “eMortgage Logic Releases Interactive Polygon Mapping Functionality” (9-30-11)

“eMortgage Logic (EML), a national property valuations provider based out of Texas, is taking the guesswork out of determining the neighborhood for the subject property with the release of new proprietary interactive polygon mapping functionality.”

Realty Times - “Fixed-Rate Mortgages Lowest on Record” (9-30-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), coming on the heels of the Federal Reserve’s recent announcements. The conventional 30-year fixed averaged an all-time record low at 4.01 percent; likewise the 15-year fixed averaged an all-time record low at 3.28 percent for the week.”

San Francisco Chronicle - “Pending home sales in U.S. dip. Again” (9-30-11)

“The number of contracts to purchase previously owned U.S. homes fell in August,  a sign that lower prices and borrowing costs are doing little to stoke demand.”

CNN Money - “Big mortgages: Harder to get and more expensive” (9-30-11)

“Starting Saturday, the beleaguered housing market will confront the latest hurdle to its recovery: The size of mortgages that the federal government can back will be drastically reduced in high-priced regions.”

Inman - “Redfin vows to fix agent performance stats” (9-30-11)

“Realtor associations and Realtor-affiliated multiple listing services  may have the legal right to change their rules in order to prevent  technology-based brokerage Redfin and other Virtual Office Website (VOW)  operators from publishing agent performance data culled from MLS sold  data.”

Realty Times - “Florida Housing Market Improving, Retirees May Help Fuel Recovery” (9-30-11)

“The housing market is showing signs of improvement according to data released from Realtor.com.  Within this year, in Florida which was one of the states hit hardest by the housing market crash, median list prices for single family homes, condos, townhomes, and co-ops surged”

Housing Wire“Fannie Mae mortgage portfolio declines 4% in August” (9-30-11)

“Fannie Mae’s gross mortgage portfolio fell at a compound annualized rate of 4% in August, according to the government sponsored enterprise’s monthly summary report.”

Looking Back:

The loan limit guaranteed by Fannie Mae, Freddie Mac and the Federal Housing Administration was expected to stay at the current level until the end of 2011. The average rate for 30-year fixed loans fell to 4.32 percent, according to Freddie Mac. The Labor Department’s weekly survey showed jobless claims fell 3.5%. RealtyTrac reported foreclosure sales increased 4.9% in the 2nd quarter of 2010.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.