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By Bruce Norris .

The Norris Group Real Estate News Roundup 5/21/13

Tuesday, May 21st, 2013


Today’s News Synopsis:

Zillow reported home prices increase by 5% to $158,300, marking the sixth consecutive month to show price increases.  Fannie Mae and Freddie Mac announced today they will be offering relief to those recently affected by the tornado in Oklahoma.  The states that were helped the most by the recent national mortgage servicing settlement were those who were the most affected by the foreclosure crisis.

In The News:

Housing Wire - “Hardest-hit states record the most relief from servicers” (5-21-13)

“States hit the hardest by the foreclosure crisis benefited the most from the multi-billion dollar national mortgage servicing settlement, according to first-quarter 2013 data released by Joseph Smith, an independent monitor overseeing the distribution of aid.”

Bloomberg – “Fannie Mae Said to Plan $2 Billion CMBS Offering to Cut Holdings” (5-21-13)

“Fannie Mae plans to sell $2 billion of commercial-mortgage bonds issued before the credit market seizure as it seeks to reduce holdings of illiquid assets, according to three people familiar with the offering.”

Inman - “FHA policy shift leaves many condos ineligible for financing” (5-21-13)

“Is FHA intentionally targeting condominiums, trying to exclude hundreds or thousands of them around the country from qualifying for financing under its mortgage insurance program?”

DS News - “Home Prices Climb by at Least 5% for 6th Straight Month in April” (5-21-13)

“The majority of metros covered in Zillow’s Real Estate Market Reports saw home values inch up from March to April, the company reported Tuesday.”

Housing Wire - “QM likely to shrink mortgage lending space” (5-21-13)

“Despite the Consumer Financial Protection Bureau attempt to make the ability-to-repay rule flexible, members of the financial committee addressed a variety of risks that come with the qualified mortgage, including the high risk of lenders reducing lending volume based on the changes.”

Realty Times – “Homeownership Is Not a Tax Loophole” (5-21-13)

“It has been said that Congress does two things well: Nothing and Overreacting. In an important sense, last week’s message from Realtors® to their representatives in Washington was that legislators should do the former and not the latter.”

DS News – “GSEs Announce Relief to Borrowers Impacted by Oklahoma Tornado” (5-21-13)

“Fannie Mae and Freddie Mac reminded servicers of mortgage relief options available to homeowners whose residences were affected by the tornado that ravaged areas in Oklahoma.”

Realty Trac - “Principal Forgiveness Would Save Taxpayers Billions” (5-21-13)

“Principal forgiveness is once again on the menu in Washington, this time spurred on by a new report which says taxpayers could save as much as $2.8 billion if troubled borrowers simply owed less.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $330,000 on a 3 bedroom, 2 bathroom home appraised for $548,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.

Looking Back:

A bank closed in Alabama, bringing the then total for 2012 to 24.  Delinquencies were on the rise again according to a preliminary report by the Lender Processing Services.  In another big story, four states were back at their highest employment since the recession, these states being Alaska, North Dakota, Texas, and Louisiana.

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.

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The Norris Group Real Estate News Roundup 5/17/13

Friday, May 17th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Redfin reported a strong housing market for the month of April with increases in inventory, home sales and prices.  The National Association of Realtors is in danger of experiencing losses in the next three years.

In The News:

Housing Wire - “Bid list indicates first signs of GSE risk reduction” (5-17-13)

“The Federal Housing Finance Agency plans to sell 5% of the illiquid portion of its retained portfolio assets by the end of the year, meaning the collateral Freddie Mac and Fannie Mae had before the conservatorship.”

DS News – “CoreLogic Case-Shiller Forecasts Waning Price Appreciation” (5-17-13)

“With housing prices on the rise across the nation, and double-digit increases in some markets, CoreLogic quashes any fears of another housing bubble forming any time soon.”

Bloomberg – “Wells Fargo Cites New Facts in Bid to Disband Plaintiffs” (5-17-13)

“Wells Fargo & Co. (WFC), citing “new facts,” asked a judge to revoke the class-action status he bestowed on a suit by institutional investors who claimed the bank marketed a risky securities-lending program as safe.”

Inman - “NAR could be in the red for the next 3 years” (5-17-13)

“A budget proposal for the National Association of Realtors projects the trade group will run at a loss for the next three years.”

Realty Times - “Mortgage Rates Move Higher for Second Consecutive Week” (5-17-13)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® (PMMS®), fixed-rate mortgage rates followed U.S. Treasury bond yields higher this week on signs of stronger consumer spending.”

DS News - “Redfin Reports Gains in Inventory, Sales, and Prices for April” (5-17-13)

“The housing market came out of April in a particularly strong position, according to Redfin’s latest Real-Time Price Tracker, with prices, sales, and inventory posting gains across the country.”

Housing Wire - “FHFA director nomination may be pushed to back burner” (5-17-13)

“The IRS scandal brewing in Washington D.C. may prompt Senate Republicans to put Rep. Mel Watt’s nomination to lead the FHFA on the back burner for now, analysts with Compass Point Research & Trading said this week.”

Realty Times - “Here We Go: Building Booming and Home Prices Rising” (5-17-13)

“In the first quarter of 2013 our economy grew by 2.5 percent. While some were disappointed with that figure because it fell short of the consensus estimate of 3.0 percent, it’s still a sign of better times, according to Corelogic.com.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $133,000 on a 3 bedroom, 2 bathroom home appraised for $194,000.

 

Bruce Norris of The Norris Group presented Poised to Pop: Quadrant Four Has Arrived with Chino Valley TODAY.

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Looking Back:

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

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.

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The Norris Group Real Estate News Roundup 5/16/13

Thursday, May 16th, 2013


Today’s News Synopsis:

NAHB reported housing starts declined 16.5% after builders cut back on the number of multi-family homes constructed.  Mortgage rates increased to their highest level in six weeks with 30-year rates at 3.51% and 15-year rates at 2.69%.  Unemployment claims are now at 360,000, their highest in six weeks.

In The News:

NAHB - “Housing Starts Slip with Multifamily Correction in April” (5-16-13)

“A correction from an unsustainably high level of production on the volatile multifamily side was largely responsible for a 16.5 percent dip in nationwide housing starts to a seasonally adjusted annual rate of 853,000 units in April, according to newly released figures from HUD and the U.S. Census Bureau.”

Housing Wire – “California continues to gain steam” (5-16-13)

“The California housing market continued to gain steam in April, with both home sales and prices experiencing strong increases due to high demand and tight inventory.”

DS News - “Inventory Finally Shows Signs of Growth in April, Rises Monthly” (5-16-13)

“While low inventory continues to curb home sales, April may have seen the first signs that the supply situation is turning around, RE/MAX says in its latest National Housing Report.”

Bloomberg - “Mortgage Rates in U.S. Rise to Highest Level in Six Weeks” (5-16-13)

“U.S. mortgage rates rose, pushing borrowing costs for a 30-year loan to the highest in six weeks.  The average rate for a 30-year fixed mortgage climbed to 3.51 percent in the week ended today, up from 3.42 percent and the highest since early April, McLean, Virginia-based Freddie Mac (FMCC) said in a statement.”

DS News - “First-Time Jobless Claims Hit Six-Week High” (5-16-13)

“First-time claims for unemployment insurance for the week ended May 11 rose 32,000 to 360,000, the highest level since the end of March, the Labor Department reported Thursday.”

NAHB - “Builder Confidence in the 55+ Housing Market Shows Strong Growth in First Quarter” (5-16-13)

“In the first quarter of 2013, the National Association of Home Builders’ (NAHB) 55+ single-family Housing Market Index (HMI) increased 19 points on a year over year basis to 46, which is the highest first-quarter number recorded since the inception of the index in 2008 and sixth consecutive quarter of year over year improvements.”

DS News – “Report: Foreclosure Timelines Lengthen with Higher Loan Amounts” (5-16-13)

“Among California homeowners encountering foreclosure, those with higher loan amounts tended to hold on to their homes longer than those with lower loan amounts, according to this month’s report from ForeclosureRadar.”

Inman – “NAR committee endorses public-facing MLS sites as ‘basic’ service” (5-16-13)

“Multiple listing services should be able to charge all members for the costs of establishing and promoting public-facing websites, a National Association of Realtors policy committee has ruled.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $100,000 on a 2 bedroom, 1 bathroom home appraised for $148,000.

 

Bruce Norris of The Norris Group presented Poised to Pop: Quadrant Four Has Arrived with TIGAR TODAY.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Chino Valley on Friday, May 17, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

Looking Back:

Southern California saw a 3.6% increase in home prices, an increase not seen in 16 months.  This came with the decrease in distressed properties to their lowest level in four years.  The Mortgage Bankers Association reported a 9.2% increase in mortgage applications.  Star Wars creator George Lucas proposed a plan to build low-income housing on his ranch after having been denied to build a digital production studio there.

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.

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The Norris Group Real Estate News Roundup 5/14/13

Tuesday, May 14th, 2013


Today’s News Synopsis:

New home sales are beginning to increase once again as foreclosure and short sale inventory begins to decline.  The NAHB reported housing affordability was at its highest on record in the first quarter at 73.7%.  TransUnion reported the national mortgage delinquency rate was 4.56%, which is much higher due to longer cures and foreclosure timelines.

In The News:

Housing Wire - “Housing recovery no longer constricted as confidence booms” (5-14-13)

“A little more than 97,700 Fannie Mae and Freddie Mac mortgages refinanced through the Home Affordable Refinance Program (HARP) in February, representing 21% of the total refinance volume, the Federal Housing Finance Agency said Tuesday.”

DS News – “Household Debt Recedes with Mortgage, Credit Card Balances” (5-14-13)

“In the first quarter of this year, mortgage originations increased, but total outstanding mortgage debt decreased, according to the Household Debt and Credit Report from the Federal Reserve Bank of New York.”

Bloomberg - “Fed’s Plosser Says Slowing Inflation No Concern for Policy” (5-14-13)

“Federal Reserve Bank of Philadelphia President Charles Plosser said a slowing in U.S. inflation to the lowest rate in more than three years doesn’t warrant a Fed policy response.”

NAHB - “Housing Affordability Holding Strong in Early 2013″ (5-14-13)

“Nationwide housing affordability held near historic highs in this year’s first quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today”

Realty Times - “California Listing Agreement Changes Conditions For Earning A Commission” (5-14-13)

“When is a listing agent owed a commission? The answer to that depends, of course, on the language in the listing agreement.”

DS News - “New Home Sales Begin to Flourish as Distressed Inventory Declines” (5-14-13)

“The available supply of foreclosures and short sales previously stunted the recovery for new home sales, according to CoreLogic’s May MarketPulse report.”

Housing Wire - “Experts paint a private capital market for regulators” (5-14-13)

“To bring private capital back into the mortgage finance market, experts are proposing various restructuring initiatives, including plans to turn the jumbo mortgage market back to the private sector and to form securitization cooperatives that function like Fannie Mae and Freddie Mac.”

Inman – “Are we in a housing bubble? Not even close, Trulia says” (5-14-13)

“Though recent leaps in home prices may stoke fears of another bubble, the housing market is definitely not in one, listing site Trulia said in introducing ‘Trulia’s Bubble Watch’.”

DS News – “Report: Long Cure, Foreclosure Timelines Cause High Delinquency Rate” (5-14-13)

“The national mortgage delinquency rate might be “stubbornly high,” according to TransUnion, but the delinquency rate would actually reflect normal levels seen 10 years ago if cure or foreclosure timelines were shortened.”

Realty Trac - “First Quarter Increase in Building Permits Positioned to Fill Void in Housing Market Left by Declining Foreclosures” (5-14-13)

“Single Family Building Permits Up 27 Percent from a Year Ago, Foreclosure Starts Down 27 Percent during Same Time Period 19 Markets with Jumps in Both Building Permits and Foreclosure Starts Include Las Vegas, Seattle, and Raleigh.”

Hard Money Loan Closed

Wilmington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $275,000 on a 6 bedroom, 3 bathroom home appraised for $410,000.

 

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Chino Valley on Friday, May 17, 2013.

Looking Back:

In a big news story, Ally Financial’s mortgage unit ResCap filed for bankruptcy.  With this bankruptcy, Ally Financial focused their efforts on paying off their debt to the Treasury from a $17.2 billion bailout.  Due to the increase in foreclosures, serious delinquencies increased .5% in December for the first time since showing signs of decreases between December 2009 and June 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.

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The Norris Group Real Estate News Roundup 5/13/13

Monday, May 13th, 2013


Today’s News Synopsis:

The total number of closed banks is now at 12 with the recent closure of two banks in North Carolina and Georgia.  Freddie Mac announced today their modification program for delinquent borrowers is ready and will make streamlined loan mods available much more quickly.  Home prices are continuing to increase up into the double-digit numbers as more consumers are trying to purchase homes in a market with less inventory.

In The News:

Housing Wire - “Freddie Mac speeds up availability of streamlined loan mods” (5-13-13)

“Freddie Mac announced the immediate availability of its streamlined modification program for delinquent borrowers on Monday, pushing up the roll out from its originally scheduled launch date of July 1.”

DS News – “Two Banks Collapse, Bringing 2013 Tally to 12″ (5-13-13)

“Pisgah Community Bank (Asheville, North Carolina) and Sunrise Bank (Valdosta, Georgia) became the 11th and 12th federally insured banks to fail in the nation this year, FDIC announced.”

Realty Times – “Competition For Low Inventories Generating Double Digit Price Increases” (5-13-13)

“Buyers scrambling for homes in housing market with too few homes for sale continue to drive up prices by percentages that run well into double-digits.”

DS News - “Autos Boost April Retail Sales; Retail Space Under Siege” (5-13-13)

“Driven by stronger auto sales (but held back by falling gasoline prices), total retail sales increased an unexpected 0.1 percent in April, the Census Bureau reported Monday. Economists had expected sales to fall 0.3 percent.”

Housing Wire - “Reperforming, nonperforming mortgage bonds may fill investor appetite” (5-13-13)

“Some investors may find nonperforming and reperforming loan securitizations as an attractive alternative to private-label residential mortgage-backed securitization deals.”

DS News - “NAR: Median Income for Realtors Recovering with Housing Market” (5-13-13)

“As the housing market improves, so has the income for Realtors, according to a report from the National Association of Realtors (NAR).”

Hard Money Loan Closed

Carson, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $231,000 on a 4 bedroom, 2 bathroom home appraised for $370,000.

 

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Chino Valley on Friday, May 17, 2013.

 

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.

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The Norris Group Real Estate News Roundup 5/10/13

Friday, May 10th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The OCC reported that 2.2 million out of 3.9 million foreclosure review checks sent out have been cashed.  Home prices in metropolitan areas continue to increase according to the NAR and are continuing to stay consistent.

In The News:

Housing Wire - “Bernanke: Homeowners remain shaken, financial oversight improves” (5-10-13)

“With the economy four years beyond the most intense part of the financial crisis, traces of its aftermath remain.  As a result, the Federal Reserve has made efforts by greatly increasing the resources devoted to monitoring the financial markets as well as taking a more systematic and intensive approach, said Ben Bernanke, chairman of the Federal Reserve, on Friday at the Federal Reserve Bank of Chicago Conference.”

DS News – “REO, Short Sale Fraud Continue to Evolve” (5-10-13)

“Most mortgage fraud takes place in the short sales and REO space, according to Rob Hagberg, associate director of fraud investigations at Freddie Mac. “This area is ripe with fraud,” he said during a webinar hosted by CoreLogic.”

Realty Times – “Consumers Confused About Credit Counseling” (5-10-13)

“Counseling, whether it be for homeownership, foreclosure, credit, bankruptcy or other financial issues, is supposed the clear the air and prepare consumers for a given financial condition.”

Housing Wire - “Obama Scorecard details loss mit actions” (5-10-13)

“The Obama Administration’s foreclosure mitigation programs provided relief to millions of distressed borrowers recovering from the housing market over the past four years.”

DS News - “More than 2.2M Foreclosure Review Checks Cashed, 3.9M Sent” (5-10-13)

“As the stream of foreclosure review settlement checks continue to be released, the Office of the Comptroller of the Currency (OCC) provided another update on the status of the checks’ whereabouts.”

CNN Money - “Where the mortgage deduction really pays” (5-10-13)

“The mortgage interest deduction is one of the most expensive tax breaks on the books, but its benefits are distributed unevenly across the country, according to a new report by the Pew Charitable Trusts.”

Housing Wire - “Twin Cities home prices soar” (5-10-13)

“The Twin Cities metropolitan area, which includes the cities of Minneapolis and St. Paul, continues to see rapid year-over-year home price appreciation as the market experiences a mix of higher listings and more consumers searching for inventory as sellers re-enter the market.”

DS News - “NAR: Metro Area Home Price Gains Stay on Course in Q1″ (5-10-13)

“Metro areas continued to post price gains in the first quarter, rising alongside national median price increases, the National Association of Realtors (NAR) reported.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 3 bedroom, 2 bathroom home appraised for $156,000.

 

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Chino Valley on Friday, May 17, 2013.

Looking Back:

Mortgage rates were at their lowest on record for the second week in a row at 3.8% for 30-year loans.  Builder confidence increased in the first quarter according to the NAHB.  Jobless claims decreased by 1,000 to 367,000 for the week ended May 5.  The lawsuit between the FHA and Deutsche Bank was finally settled over $200 million.

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.

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The Norris Group Real Estate News Roundup 5/8/13

Wednesday, May 8th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 7% increase in mortgage applications from last week.  Freddie Mac reported their net income for the latest quarter was their second largest, and they will now pay $7 billion to the Treasury Department.  According to TransUnion, delinquency rates showed their biggest improvement since 1992.

In The News:

Housing Wire - “Suspicious loan activity reports shrink first time in a decade” (5-8-13)

“The number of suspicious activity reports from banks citing possible loan fraud decreased by 29% last year, the first drop in 16 years.”

DS News – “Trulia: Job Growth Aids Asking Home Prices, Creates New Households” (5-8-13)

“Asking home prices posted the strongest gains in cities where job growth was also solid, according to Trulia.”

Bloomberg - “Freddie Mac to Pay Treasury $7 Billion on Quarterly Profit” (5-8-13)

“Freddie Mac, the U.S.-owned mortgage-finance company, will pay $7 billion to the Treasury Department after reporting the second-largest quarterly net incomein the company’s history..”

DS News - “TransUnion: Delinquency Rate Sees Biggest Improvement Since 1992″ (5-8-13)

“The national mortgage delinquency rate recorded its biggest improvement since the credit bureau began keeping track in 1992, TransUnion reported Wednesday.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (5-8-13)

“Mortgage applications increased 7.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 3, 2013.”

Housing Wire - “California Homeowner Bill of Rights blocks BofA foreclosure” (5-8-13)

“A California man successfully halted a foreclosure sale on his property using the newly minted California Homeowner Bill of Rights to obtain a court injunction against two foreclosing parties: Bank of America and its ReconTrust Co. subsidiary.”

DS News – “Home Prices on Path to Stabilization This Year” (5-8-13)

“After coming to a “turning point” last year, the housing market is now stabilizing, according to Clear Capital’s monthly Home Data Index,. This year, Clear Capital expects price gains to slow.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $65,000 on a 2 bedroom, 1 bathroom home appraised for $120,000.

 

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Chino Valley on Friday, May 17, 2013.

Looking Back:

Home prices increased 0.6% from February to March as a result of inventory decreasing.  More people were able to afford homes on this day with payments on conventional mortgages representing 12% of median-family income.  Shaun Donovan made an announcement today that refinancing should be made easier for homeowners.

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.

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The Norris Group Real Estate News Roundup 5/7/13

Tuesday, May 7th, 2013


Today’s News Synopsis:

The FHFA reported low interest rates are helping spark more refinancings in February.  March saw a growth in home prices, their largest in seven years.  Consumer confidence is up as the National Housing Survey showed majority of Americans expect home prices to continue to rise.

In The News:

Housing Wire - “Low interest rates fuel February HARP refinancings: FHFA” (5-7-13)

“A little more than 97,700 Fannie Mae and Freddie Mac mortgages refinanced through the Home Affordable Refinance Program (HARP) in February, representing 21% of the total refinance volume, the Federal Housing Finance Agency said Tuesday.”

DS News – “March Home Prices Accelerate, Post Biggest Annual Gain in 7 Years” (5-7-13)

“Year-over-year home price gains in March landed in the double-digit territory, according to CoreLogic’s Home Price Index (HPI) report.”

Bloomberg - “Bankers Warn Fed of Farm, Student Loan Bubbles Echoing Subprime” (5-7-13)

“A group of bankers that advises the Federal Reserve’s Board of Governors has warned that farmland prices are inflating “a bubble” and growth in student-loan debt has ‘parallels to the housing crisis’.”

Inman - “Tax reform could include revamp of mortgage interest deduction” (5-7-13)

“Is Congress finally moving toward fundamental tax code reform — a streamlining that lowers maximum individual rate brackets, cuts taxes for corporations, but also might take whacks at the mortgage interest deduction, second homes and second mortgages, among a myriad of other special interest write-offs?”

Bloomberg - “MBIA Escapes Distressed Label in BofA Accord: Corporate Finance” (5-7-13)

“MBIA Inc. is no longer considered by credit-derivatives traders to be in distress after Bank of America Corp. (BAC) agreed to a legal settlement that injects $1.6 billion of cash into the bond insurer and resolves five years of litigation stemming from the U.S. housing crisis.”

DS News - “Fannie Mae Rolls Out Tool to Improve Foreclosure Prevention Efforts” (5-7-13)

“After being developed and tested over the past three years, Fannie Mae announced the broad release of a tool that helps to streamline foreclosure prevention efforts.”

Housing Wire - “Loan officers, banks tighten FICO standards” (5-7-13)

“Obtaining a mortgage with a FICO score in the 620 range is more difficult in today’s lending environment, the Federal Reserve concluded in its April survey of loan officers and bank lenders.”

Inman – “Optimism over home prices reaches milestone” (5-7-13)

“A majority of Americans now expect home prices to increase over the next year, pointing to growing optimism among housing-market observers, according to the results of Fannie Mae’s April 2012 National Housing Survey.”

DS News – “A Look at Construction Employment in a ‘Normal’ Market” (5-7-13)

“While Fannie Mae’s Economic and Strategic Research (ESR) Group believes homebuilding activity will bounce back to normal by 2016, employment in residential construction may not recover as well.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $390,000 on a 2 bedroom, 1 bathroom home appraised for $603,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC TODAY.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Looking Back:

Fannie Mae reported higher confidence in both the economy and value of homes improving.  However, Lewis Ranieri believed the housing market was reaching its lowest level.  Loan modifications decreased 31% in the first quarter of 2012 according to HOPE NOW.  Third party reviews of FHFA REO-t0-Rental program applications were expected to come to a close shortly.

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.

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The Norris Group Real Estate News Roundup 5/6/13

Monday, May 6th, 2013


Today’s News Synopsis:

According to the NAHB, the number of improving markets decreased this month to 258 compared to 273 in May.  Prices for commercial properties increased in April to their highest level, exceeding a peak reached back in 2007.  New York Attorney General Eric Schneiderman attends to sue both Bank of America and Wells Fargo for violation of the National Mortgage Settlement.

In The News:

Bloomberg - “Diminished Housing Wealth Effect Keeps Pressure on Fed” (5-5-13)

“The wealth effect from rising house prices may not be as effective as it once was in spurring the U.S. economy.  Rather than using their properties as ATM machines to boost spending, homeowners increasingly are paying down the principal and shortening the maturities of their mortgages in a move Florida banker Rob Nunziata calls ‘forced savings’.”

Realty Times – “Homeowners’, Renters’ Regrets Reveal Many Aren’t Prepared For New Home” (5-5-13)

“Three out of four Americans say it’s a good time to buy and more than two in five American renters say they are sorry they didn’t do so.”

NAHB – “Improving Markets List Includes 258 Metros in May” (5-5-13)

“The number of U.S. housing markets showing sustained improvement in three key measures fell slightly to 258 in May from 273 in April, according to the NAHB/First American Improving Markets Index (IMI), released today.”

Housing Wire - “New York AG to sue Wells Fargo and Bank of America” (5-5-13)

“New York Attorney General Eric Schneiderman announced Monday his intentions to sue Bank of America and Wells Fargo for allegedly violating terms of the National Mortgage Settlement.”

DS News - “FHFA Directs GSEs to Limit Purchases to QM Loans” (5-5-13)

“The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to limit future loan purchases to those that meet the Consumer Financial Protection Bureau’s (CFPB) criteria for “qualified mortgage”

loans.”

Bloomberg - “U.S. Commercial-Property Prices Rise Above Their ’07 Peak” (5-5-13)

“Prices for U.S. commercial property last month rose above a peak reached in 2007 as low interest rates and financing availability helped increase values, according to research firm Green Street Advisors Inc.”

Housing Wire - “LPS: Homeowner Bill of Rights slows California foreclosure sales” (5-5-13)

“The California Homeowner Bill of Rights is slowing the movement of distressed properties in the West Coast state, Lender Processing Services said in a report.”

DS News - “LPS: Rate of New Problem Loans Approaching Pre-Crisis Levels” (5-5-13)

“The rate of new loans that rolled into serious delinquency fell below 1 percent for the first time since 2007, Lender Processing Services (LPS) reported Monday.”

Hard Money Loan Closed

Fallbrook, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 3 bedroom, 1 bathroom home appraised for $225,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

 

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.

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The Norris Group Real Estate News Roundup 5/2/13

Thursday, May 2nd, 2013


Today’s News Synopsis:

Mortgage rates decreased for the fifth consecutive week with 30-year rates at 3.35% and 15-year rates at 2.56%, their lowest on record.  Almost 2,000 bank branches have been shut down since 2008, 93% of them determined to be in low income areas.  Housing costs are taking their toll on renters despite home affordability being at its highest on record.

In The News:

Bloomberg - “Mortgage Rates Drop for Fifth Week as 15-Year Sets Record” (5-2-13)

“Mortgage rates in the U.S. fell for a fifth week, with costs for a 15-year loan reaching a record low, adding support for housing demand as home prices climb.”

DS News – “Report: More than 1 in 4 Working Renters Face Severe Housing Costs” (5-2-13)

“While home affordability has reached record high levels, for renters, housing cost burdens have been steadily increasing.”

Housing Wire – “Snowball effect: Shared appreciation bill fuels FHFA nomination” (5-2-13)

“President Barack Obama’s nomination of Rep. Mel Watt, D-N.C., to replace Ed DeMarco at the Federal Housing Finance Agency comes at a time when, interestingly enough, shared-appreciation pilot program efforts are hitting Congress.”

DS News - “GSE Reminds Servicers of Default-Related Legal Services Requirement” (5-2-13)

“In a notice Thursday, Freddie Mac encouraged servicers to prepare for new requirements for default-related legal services that will take effect in less than a month.”

Bloomberg - “Predator Targets Hit as Banks Shut Branches Amid Profits” (5-2-13)

“Banks that opened more than 15,000 branches across the U.S. in the decade leading to the financial crisis are retreating from lower-income neighborhoods, even as the industry posted its second-most-profitable year on record.”

DS News - “RealtyTrac: Where to Find the Biggest Flipping Profits” (5-2-13)

“Amid the rumors of bidding wars are markets where the art of flipping can still be maintained.”

CNN Money - “Hedge fund manager: Fed should rev up ‘printing press’” (5-2-13)

“Hedge fund manager Dan Arbess thinks the Federal Reserve should use its ‘printing press’ to funnel money directly to the Treasury instead of simply buying more bonds.”

Hard Money Loan Closed

Anaheim, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $230,000 on a 4 bedroom, 2 bathroom home appraised for $364,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Looking Back:

The Mortgage Bankers Association reported a .1% increase in mortgage applications from the previous week.  Only 119,000 new jobs were added to the private sector last month, showing that businesses were not hiring as many people.  This number fell way below economists’ predictions of 170,000 new jobs.  Foreclosures were still at their highest on record despite delinquencies being at their lowest since August 2008.

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.

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