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The Norris Group Real Estate News Roundup 3/14/12

Wednesday, March 14th, 2012

Today’s News Synopsis:

In February, home sales increased in Southern California 8.4% year-over-year, while home prices also increased year-over-year for the first time in 18 months.  According to the lastest survey by the Mortgage Bankers Association, mortgage applications decreased 2.4% from last week.  Stress tests administered by the Fed to 19 banks showed 15 of them would continue to survive even in weak economic conditions.

In The News:

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-14-12)

“Mortgage applications decreased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 9, 2012.”

DS News – “New York Reaches $25M Settlement Over MERS Actions” (3-14-12)

“New York Attorney General Eric Schneiderman secured $25 million from three of the nation’s top servicing shops after filing a lawsuit early last month regarding foreclosures he says were improperly processed through Mortgage Electronic Registration System (MERS).”

Bloomberg - “Southern California Home Sales Jump” (3-14-12)

“Southern California home sales jumped 8.4 percent last month from a year earlier as a record number of investors made purchases, according to DataQuick.”

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Debt Outstanding Flat in 4th Quarter; Down 0.6 percent in 2011″ (3-14-12)

“The level of commercial/multifamily mortgage debt outstanding was essentially unchanged in the fourth quarter of 2011, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA). On a year-over-year basis, the amount of mortgage debt outstanding at the end of 2011 was $14 billion lower than at the end of 2010, a decline of 0.6 percent.”

Housing Wire - “Home prices rise for first time in 18 months: RE/MAX” (3-14-12)

“For the first time in 18 months, home prices increased year-over-year in February, a turnaround that RE/MAX said signifies a ‘very active selling season’.”

Realty Times - “Current Mortgage Rates Intact After Jobs Report” (3-14-12)

“FHA mortgage rates remained the same this week with FHA 30 year fixed mortgage rates at 3.250%, FHA 15 year fixed mortgage rates at 2.750% and FHA 5/1 adjustable mortgage rates at 2.750%.”

Housing Wire - “Mortgage bankers throw weight behind GSE refi bill” (3-14-12)

“Sen. Al Franken, D-Minn., got a boost to a bill he introduced last month that could eliminate repurchase risk for banks choosing to refinance Fannie Mae and Freddie Mac mortgages.”

DS News – “Fed’s Stress Test Shows 15 out 0f 19 Banks Would Weather Storms” (3-14-12)

“If extremely severe economic conditions were to fall upon the U.S., 15 of the 19 banks tested by the Fed’s stress scenario projections are said to be able to survive and continue to lend.”

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.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Real Estate Rewind at NORCALREIA tomorrow, March 15, 2012.

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the Downey Association of Realtors today.

Looking Back:

FHA extended HARP until June 30, 2012. The Supreme Court of New York ruled in favor of MERS, confirming it’s ability to foreclose on a mortgage and assign it. An attorney general accused Meredian Financial of tricking homeowners into believing it was their current mortgage company and took fees for refinancing services that never transpired. California home values decreased 4.25% for the year ended January, according to MDA DataQuick.

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 3/9/12

Friday, March 9th, 2012

Sources:
One Georgia Bank Closed Friday; Tally Is Now 12
Foreclosure Sales Outpace Modifications for January
Real Estate Outlook: Pending Home Sales Trend Upward
Consumers shed debt, cut mortgage balances
Repeat foreclosures hit an all-time high in January
Reported Mortgage Fraud Filings Increased in Q3
Home price declines resilient against REO saturation: Clear Capital
Private sector adds 216,000 jobs in February
Initial Unemployment Claims Rise For Third Straight Week
Judicial Watch sues FHFA over MBS disclosures
FHA to Lower Insurance Premiums for Mortgage Refis
FHA to lower refinance premiums
Wells Fargo’s CFO Says Branches May Be Closed, Merged
BofA Makes a Deal on Side

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 news of the week.  The pay for the chief executives of Fannie Mae and Freddie Mac was cut this week by the FHFA.  227,000 new jobs were added in February, although the unemployment rate remains unchanged at 8.3%.  Freddie mac asked for another $146 million from the Treasury.

In The News:

Housing Wire – “Government-held REO halved during robo-signing freeze” (3-9-12)

“The government cut its inventory of foreclosed homes by half in 2011.  Fannie Mae, Freddie Mac and the Department of Housing and Urban Development held roughly 150,700 REO properties as of Dec. 31, down 49% from the 296,000 at the end of 2010, according to an analysis of their collective financial statements.”

Bloomberg – “Ghost of Fannie Mae Haunts Canadian Housing as Exposure Worsens: Mortgages” (3-9-12)

“The Canadian housing agency’s vulnerability to mortgage defaults has soared nine-fold in 20 years, approaching levels reached by Fannie Mae and Freddie Mac in the U.S. at the height of the housing boom. Canada Mortgage & Housing Corp. says its finances are secure unless the country plunges into deep recession for several years.”

Realty Times – “Fixed-rate Mortgages Remain at or Near All-time Lows” (3-9-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® (PMMS®), fixed-rate mortgages are at or near their 60-year lows helping to drive record high homebuyer affordability. The 15-year fixed, a popular choice among refinance borrowers, averaged a new all-time record low of 3.13 percent.”

DS News - “Payrolls Up 227,000 in February; Unemployment Rate Steady” (3-9-12)

“The nation added 227,000 jobs in February – the seventh straight month of 100,000-plus payroll gains, the longest such string since 2005 – as the unemployment rate held steady at 8.3 percent, the Bureau of Labor Statistics reported Friday morning.”

San Francisco Chronicle – “Apple growth helps fuel Silicon Valley office boom” (3-9-12)

“Apple is helping fuel the biggest Silicon Valley office-leasing boom since the dot-com era, as the fast-growing company waits for its futuristic new “spaceship” headquarters to land.  Office occupancy in the region rose by 2.7 million square feet last year, the most since 2000, and rents may advance 11 percent to an average $36 a square foot in 2012, according to brokerage Cassidy Turley.”

Housing Wire – “FHFA axes executive pay at Fannie and Freddie” (3-9-12)

“The Federal Housing Finance Agency in its role as conservator of Fannie Mae and Freddie Mac significantly reduced the amount of pay chief executive officers at the firm will earn in the future.”

DS News – “Florida MLS Requires Agents to State If Property Is Bank-Owned” (3-9-12)

“A multiple listing service (MLS) based in Palm Beach Gardens, Florida is requiring real estate agents to disclose if a property they are listing is bank-owned.”

Housing Wire – “Freddie Mac to request $146 million from Treasury” (3-9-12)

“Freddie Mac requested another $146 million from the Treasury Department for the three months ended Dec. 31.  The GSE reported $619 million in net income for the fourth quarter, plus an additional $887 million in other income.”

Inman – “Mortgage deduction limits: per residence, not per person” (3-9-12)

“Last week brought bad news for wealthy unmarried couples who own homes together. The U.S. Tax Court held that the $1.1 million limit on the mortgage interest deduction must be applied per residence, not per taxpayer, even where the co-owners are unmarried and file separate tax return.”

Los Angeles Times – “Bank of America to reduce principal for up to 200,000 homeowners” (3-9-12)

“Home prices and sales remain fragile as foreclosure starts ticked up in January, according to the latest housing scorecard from the Obama administration.”

Hard Money Loan Closed

Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $48,000 on a 4 bedroom, 2 bathroom home appraised for $81,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Evening with the Leaders of the Real Estate Industry on March 13, 2012

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 2012

Looking Back:

Mortgage applications increased 15.5% the previous week, according to the MBA. UCLA economists predicted California’s unemployment rate would remain above 10% until 2013. Freddie Mac’s level of REO properties grew 145.7% over the past two years. Obama threatened to veto bills terminating the Federal Housing Administration’s Short Refi and the Department of Housing and Urban Development’s Emergency Homeowner Loan Program.

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 3/8/12

Thursday, March 8th, 2012

Today’s News Synopsis:

Mortgage rates continue to stay low, which is increasing the number of people who can afford to buy a home.  15-year loans hit a record low of 3.13%.  Despite this, household debt increased in the fourth quarter for the first time in four years.  Home prices decreased for the sixth month in a row last January.  A recent report stated the FHFA needs to improve the way they supervise Freddie Mac.

In The News:

Housing Wire – “Household debt rises in 4Q, though mortgage debt declines” (3-8-12)

“Household debt increased during the fourth quarter for the first time in nearly four years despite a continued drop in mortgage borrowing, according to the Federal Reserve.”

DS News – “Rates Are Trending Downward Still; 15-Year Hits Record Low” (3-8-12)

“Record high-levels of homebuyer affordability continue as rates drop and stay near their 60-year lows, according to Freddie Mac’s Primary Mortgage Market Survey.”

Bloomberg – “Property Debt Faces ‘Big Gap’ as $1 Trillion Matures, Boxer Says” (3-8-12)

“More capital is needed for commercial property borrowers as $1 trillion in debt matures over the next three years, according to Michael Boxer of investment firm Ramius LLC.”

Inman – “Home prices post 6th straight monthly decline” (3-8-12)

“National home prices posted their sixth consecutive monthly decline in January, falling 1 percent from December and 3.1 percent from a year ago, according to data aggregator CoreLogic.”

DS News – “Initial Unemployment Claims Rise For Third Straight Week” (3-8-12)

“First time claims for unemployment insurance rose 8,000 in the week ended March 2, the Labor Department reported today, the third straight weekly increase after revisions to earlier data.”

Housing Wire – “Losses prompt Fitch to downgrade JPMorgan commercial securities” (3-8-12)

“Fitch Ratings downgraded six classes of JPMorgan Chase commercial mortgage securities this week on losses from office and retail properties.”

DS News – “Report Addresses Issues with FHFA’s Role in Regulating Reddie Mac” (3-8-12)

“A report from the FHFA Office of Inspector General stated that the FHFA needs to improve how the agency supervises and oversees Freddie Mac and points to issues with regulating servicers contracted by the GSE.”

DS News – “Fannie Mae to Change LPI Practices for Servicers” (3-8-12)

“Fannie Mae is looking to change the way insurance is applied to borrowers who end up with force-placed insurance due to gaps in coverage.”

Housing Wire – “HUD expected to increase fraud claims with FHA refi changes” (3-8-12)

“Changes to the Federal Housing Administration streamlined refinance process is expected to benefit homeowners with a mortgage originated before June 2009.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $84,000 on a 4 bedroom, 2 bathroom home appraised for $141,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Self Directed Investors Conference today, March 8, 2012.

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 2012.

Looking Back:

The California Association of Realtors reported that fewer than 60% of short sales closed in California. Approximately 23.1% of all mortgaged homes were underwater in the 4th quarter of 2010, according to CoreLogic. Keefe, Bruyette & Woods did not expect prepayment activity to increase over the following 18 months.

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 3/7/12

Wednesday, March 7th, 2012

Today’s News Synopsis:

Apartments are the driving force for economic recovery right now as more and more people are choosing to live here.  On a monthly basis, mortgage applications increased in January, although on a weekly basis they actually decreased from last week.  216,000 new jobs were added to the private sector last month.

In The News:

DS News – “When Excluding Distressed Sales, Home Prices Show Monthly Gain” (3-7-12)

“While prices declined on a year-over-year basis in January, a month-over-month gain was seen for January 2012 when excluding distressed sales, according to CoreLogic’s January Home Price Index (HPI).”

Housing Wire – “FHFA, Freddie faulted for overlooking mortgage servicers” (3-7-12)

“Freddie Mac and the Federal Housing Finance Agency did not implement stronger oversight of mortgage servicers when they had the chance, according to an FHFA Office of Inspector General report.”

Bloomberg – “Apts Driving Commercial-Property Recovery” (3-7-12)

“Demand for U.S. apartment buildings is surging as the homeownership rate hovers near the lowest level since 1998 and government-supported mortgage companies provide record levels of financing for apartment properties.”

Realty Times – “FHA Mortgage Applications Increase While FHA Mortgage Rates Remain Low” (3-7-12)

“FHA mortgage applications increased in January while FHA mortgage rates continued to remain low. According to FHA’s Single Family Outlook report, FHA purchase applications increased 7.5% which was 11.1% higher than last year.”

Inman – “LeaseRunner updates suite of paperless tools” (3-7-12)

“As the home rental market rises, a consequence of the foreclosure crisis that has led to a glut of vacant homes across the U.S., services to fill those homes with renters are ramping up.  LeaseRunner, a company founded in 2011 that digitizes the rental process for property managers and renters, has launched a streamlined version of its service.”

Bloomberg – “Wells Fargo Branches May Be Closed, Merged” (3-7-12)

“Wells Fargo & Co. (WFC), the most valuable U.S. lender, may close or consolidate branches as it examines ways to trim costs, according to its chief financial officer.  Wells Fargo could shut branches near each other or move some wealth-management or mortgage employees into those offices, Timothy Sloan said today at a New York investor conference.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-7-12)

“Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 2, 2012.”

CNN Money – “Private sector adds 216,000 jobs in February” (3-7-12)

“Hiring in the private sector picked up in February, according to a report released Wednesday by payroll processor ADP.  Private employers added 216,000 jobs in the month, ADP said, roughly in line with forecasts for 218,000 jobs gained.”

Mortgage Bankers Association – “Commercial/Multifamily Mortgage Delinquencies Down; Best Performing Bank Loans During Recession” (3-7-12)

“Commercial and multifamily mortgage delinquency rates declined during the fourth quarter of 2011, and an analysis of data from the Federal Deposit Insurance Corporation (FDIC) shows that commercial and multifamily mortgages have fared better through the credit crunch and recession than any other major type of loan held by banks and thrifts, according to two reports released today by the Mortgage Bankers Association (MBA).”

CNN Money – “‘End bank payday lending now,’ consumer groups urge” (3-7-12)

“Some of the nation’s biggest banks are offering short-term loans with sky-high fees that consumer groups say are just as predatory as payday loans.”

Hard Money Loan Closed

Perris, 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 $150,000.

California Real Estate Investor Events:

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 2012.

Looking Back:

Results from an NAHB survey showed builders expected homes to average 2,152 square feet by 2015. Lockhart, from the Atlanta Fed, expected the economy to grow up to 4% by 2013. FNC Inc said over 25% of foreclosed properties liquidated in 2008 and 2009 sold at more than a 40% discount. Bank regulators were attempting to push new rules that would require lenders to offer borrowers more principal write-downs.

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 3/6/12

Tuesday, March 6th, 2012

Today’s News Synopsis:

In a big news story, Obama announced today that he will be lowering refinancing fees as part o his plan to help improve the housing market.  Repeat foreclosures are at their highest on record and represent 47% of all foreclosure starts.  Mortgage fraud also increased 20% in the third quarter to 19,934 filings.  The Bipartisan Policy Center believes the current generation is the key for the housing market despite the fact that many are struggling financially.

In The News:

Bloomberg – “FHA to Lower Insurance Premiums for Mortgage Refis” (3-6-12)

“The Federal Housing Administration will lower mortgage insurance premiums for borrowers who refinance their loans as part of President Barack Obama’s plan to improve the housing market.”

Housing Wire – “Repeat foreclosures hit an all-time high in January” (3-6-12)

“Foreclosure starts rose in January suggesting the pipeline is starting to move, according to the latest mortgage monitor report from Lender Processing Services ($21.45 -0.57).”

DS News – “Reported Mortgage Fraud Filings Increased in Q3″ (3-6-12)

“Financial institutions filed 19,934 mortgage loan fraud (MLF) suspicious activity reports (SARs) in the third quarter of 2011, a 20 percent increase compared to the third quarter last year, when 16,567 reports were filed, according to the Financial Crimes Enforcement Network (FinCEN) report of MLF SARs.”

Bloomberg – “S&P Blocked by Banks in CMBS Market After Derailed Goldman Deal: Mortgages” (3-6-12)

“Standard & Poor’s is frozen out of the commercial-mortgage bond market by the biggest underwriters after derailing a $1.5 billion sale by Goldman Sachs Group Inc. (GS) and Citigroup Inc. last July. ”

DS News – “As Home Values Sink, CredAbility Counsels More Borrowers” (3-6-12)

“With more homeowners finding themselves underwater alongside the availability of programs offering potential relief, CredAbility reported that it recently counseled the highest number of homeowners since June 2011.”

Housing Wire – “Housing dependent on young, struggling Americans” (3-6-12)

“The Echo Boomers, better known as children of Baby Boomers and Gen X, are the future of the housing market. Unfortunately, they continue to struggle financially creating uncertainty in the real estate market, the Bipartisan Policy Center said.”

Realtor Magazine – “Home Prices Stabilize Despite Increase in REOs” (3-6-12)

“An increase in distressed properties on the market is no longer chipping away at overall home prices, an “unusual and encouraging” sign, a new report suggests.  In fact, the report found that in the top 15 metro areas REOs dramatically increased in February, but those areas still showed average gains or mostly stable home prices compared to the previous month, a new report by Clear Capital shows. Distressed properties typically are known to put downward pressure on nearby home prices.”

Reality Times – “Home Equity Lines of Credit, In Context” (3-6-12)

“Mortgages, which were considered “good debt,” are being swept into the “debt is bad” category. Home equity lines of credit, which were considered “good mortgages,” are being swept into the “debt feeds panic” category, and who knows what’s next?”

Housing Wire – “Judicial Watch sues FHFA over MBS disclosures” (3-6-12)

“Judicial Watch filed suit against the Federal Housing Finance Agency, claiming the regulator failed to turn over information on private-label mortgage-backed securities acquired from 17 banks.”

Hard Money Loan Closed

Taft, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $81,000 on a 3 bedroom, 2 bathroom home appraised for $136,000.

California Real Estate Investor Events:

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 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.

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The Norris Group Real Estate News Roundup 3/2/12

Friday, March 2nd, 2012

Sources:
NAR: Pending home sales hit 21-month high
Household debt declines, student debt edges up
Construction Spending in U.S. Unexpectedly Fell in January
Number of underwater homeowners grows: CoreLogic
Employment Situation Summary
4Q GDP growth revised higher to 3%
Mortgage rates hover near 60-year lows
Two Banks Closed, One Left Without Purchaser
More customers leaving big banks
Buffet: Banks Victimized by Excesses of Ousted Homeowners
Attorney General Kamala D. Harris Joins Legislative Leaders to Unveil California Homeowner Bill of Rights
Fannie Mae, Freddie Mac regulator defends write-down opposition

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 news of the week.  In certain areas where the housing market is greatly depressed and homes are selling in the $100s, people are buying multiple houses at once.  The inventory of foreclosed homes at the end of the year for Fannie Mae decreased for the first time since the housing market began to decline and is now at 118,500.

In The News:

Housing Wire – “Fannie REO inventory declines 27% in 2011″ (3-2-12)

“The year-end inventory of foreclosed homes at Fannie Mae fell for the first time since the housing downturn.  In 2011, Fannie reduced its REO inventory 27% to roughly 118,500, according to its fourth quarter financial filing. Levels increased every year since 2007.”

Bloomberg – “U.S. Housing Lays Foundation for Recovery” (3-2-12)

“After several false starts, housing is flashing the strongest signals yet of a sustainable rebound. While foreclosures continue to depress prices, buyers are wading back into the market, lured by rising employment and record-low mortgage rates.”

Realty Times – “30-year Fixed-rate Mortgage Averages 3.90 Percent” (3-2-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® (PMMS®), fixed mortgage rates moved slightly lower for the week and remaining near their 60-year lows helping to keep homebuyer affordability high.”

DS News - “Company Settles After Allegedly Violating SCRA” (3-2-12)

“The Department of Justice reached a settlement today with Empirian Property Management Inc. regarding allegations that the management company refused to terminate leases for military members after the members received permanent change of station orders, the Justice Department announced today.”

CNN Money – “‘How we’re losing our multi-million dollar home’” (3-2-12)

“For years, homeowners at the high end of the housing market were able to postpone the foreclosure process, but now multi-million dollar homes are becoming more commonplace in America’s foreclosure pipeline.”

Housing Wire – “Moody’s downgrades Wells Fargo servicer rating on loan performance” (3-2-12)

“The deteriorating performance of certain prime and subprime loans serviced by Wells Fargo ($31.39 -0.15%) prompted Moody’s Investors Service to downgrade the bank’s servicer ratings.”

MSNBC – “Investors buying homes by the dozen” (3-2-12)

“Investors are buying homes by the dozen in places such as Detroit, where the depressed housing market has homes going for $500 a pop in some cases.”

DS News – “Fitch Expects Residentail Portfolios to Continue Causing Losses for Banks” (3-2-12)

“Despite recent reports of modest improvement in the health of the housing economy, Fitch expects the real estate sector to continue to depress the performance of banks, according to Fitch Ratings.”

Housing Wire – “Multifamily housing performance a mixed bag” (3-2-12)

“The performance of the multifamily housing segment is a mixed bag with occupancy rates and rents going up even as delinquencies in certain Fitch-rated CMBS loans rise, the ratings giant said Friday.”

Inman – “Trulia co-founder shedding management duties” (3-2-12)

“Trulia co-founder and President Sami Inkinen says he will no longer be involved in the company’s day-to-day operations after this month, but will continue to serve on the company’s board of directors.”

Housing Wire – “Obama scorecard shows unstable home prices, falling inventory” (3-2-12)

“Home prices and sales remain fragile as foreclosure starts ticked up in January, according to the latest housing scorecard from the Obama administration.”

Hard Money Loan Closed

Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $48,000 on a 4 bedroom, 2 bathroom home appraised for $81,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the Evening with the Leaders of the Real Estate Industry on March 13, 2012

Looking Back:

The MBA reported mortgage applications fell 6.5% the previous week. HUD said mortgage delinquencies declined in January 2011. Wells Fargo predicted California economic growth would remain slow in 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 3/1/12

Thursday, March 1st, 2012

Today’s News Synopsis:

In a big week for foreclosures, RealtyTrac said 24% of all home sales in the fourth quarter of 2011 were homes in foreclosure.  In other news, a bill was just passed by the Florida House of Representatives that will help speed up several foreclosure processes.  Mortgage rates are back again to their 60-year lows after dropping a little last week.  Unemployment claims also decreased last week by 2000.

In The News:

Bloomberg – “U.S. Banks Increase Commercial-Property Lending for First Time Since 2010″ (2-29-12)

“U.S. banks increased financing for commercial real estate in the fourth quarter for the first time in almost two years as default rates dropped and lenders shed more foreclosed properties, Chandan Economics said.”

Housing Wire – “Florida House passes bill to speed foreclosures” (2-29-12)

“The Florida House of Representatives passed a bill Wednesday to accelerate some foreclosures.  The state House voted 94-17 to approve H.B. 213. The Senate still needs to pass the legislation.”

DS News – “Initial, Continuing Unemployment Claims Fall Again” (3-1-12)

“First time claims for unemployment insurance edged down by 2,000 for the week ended February 25, the Department of Labor reported Thursday (March 1).”

Realty Times – “Home Loan Modification Scams Persist” (3-1-12)

“Maria Lozano, a Los Banos, CA homeowner, recently struggled to pay her mortgage so she hired who she thought was a real estate broker. The broker charged her more than $2,000 for a loan modification she never received.”

Housing Wire – “Mortgage rates hover near 60-year lows” (3-1-12)

“Fixed mortgage rates fell slightly for the week ending March 1, keeping interest rates near their 60-year lows, Freddie Mac said Thursday.”

Bloomberg – “Construction Spending in U.S. Declined in January as Some Projects Slowed” (3-1-12)

“Construction spending in the U.S. unexpectedly fell in January as commercial and government projects slowed, a sign the building industry will take time to rebound.”

DS News – “Personal Income, Spending Up in January Shy of Expectations” (3-1-12)

“Personal Income rose 0.3 percent in January, compared with market expectations for an increase of 0.5 percent. Personal income grew 3.6 percent in the last year, the Bureau of Economic Analysis reported Thursday.”

Housing Wire – “Foreclosures account for 24% of 4Q home sales: RealtyTrac” (3-1-12)

“Homes in some state of foreclosure represented 24% of all U.S. home sales in the fourth quarter, up from 20% of all sales in the third quarter and down 26% from a year earlier, RealtyTrac said Thursday.”

CNN Money – “Bernanke: Economic recovery ‘uneven’” (3-1-12)

“It’s day two of Ben Bernanke’s semi-annual testimony before Congress, and the Federal Reserve Chairman remains cautious on the economy.”

DS News – “Foreclosure Notification Needs Name of Lender, Says New Jersey Court” (3-1-12)

“In a New Jersey Supreme Court ruling Monday, it was determined that the name of the company which owns a loan and its contact information must be included in notifications related to foreclosure action.”

Housing Wire – “Number of underwater homeowners grows: CoreLogic” (3-1-12)

“The number of underwater homeowners grew to 11.1 million, or 22.8% of all mortgaged properties, during the fourth quarter, CoreLogic said Thursday.”

Hard Money Loan Closed

Yucaipa, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $120,000 on a 3 bedroom, 2 bathroom home appraised for $206,000.

California Real Estate Investor Events:

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 2012.

Looking Back:

The CBIA reported housing production decreased 56% from December 2010, and the Commerce Department reported construction spending dropped 0.7%. A survey from Equity-Trax showed that short sales were taking around 4 to 9 months to complete. Lender Processing Services claimed foreclosure starts fell 11.4% in January 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 2/28/12

Tuesday, February 28th, 2012

Today’s News Synopsis:

The recent Case Shiller Home Price Index showed new lows for the year ended 2011 with home prices being at their lowest since 2006.  The FHFA reported mortgage rates increased slightly to 4.25% last month.  Secretary of HUD Shaun Donovan was questioned about the true number of people really hurt by mishandled foreclosures.

In The News:

Housing Wire – “January mortgage rates up slightly from December” (2-28-12)

“The Federal Housing Finance Agency said national mortgage rates for January rose to 4.25% from 4.15% the previous month.”

DS News – “Case Shiller Indexes End 2011 With New Lows” (2-28-12)

“The Case Shiller Home Price Indexes dropped to new index lows at the end of 2011, Standard & Poor’s, which compiles the indices, reported Tuesday morning. Prices are at their lowest level since before the housing crisis began in 2006.”

Los Angeles Times – “Fannie Mae, Freddie Mac regulator defends write-down opposition” (2-28-12)

“Under increasing pressure from Democrats to do more to stem foreclosures, the regulator for Fannie Mae and Freddie Mac on Tuesday strongly defended his opposition to allowing the government-owned housing finance companies to write down mortgage principal for “underwater” homeowners.”

Housing Wire – “Galante assures Congress FHA ‘not broke’” (2-28-12)

“Federal Housing Administration Commissioner Carole Galante assured lawmakers again the agency would not need a taxpayer-funded bailout.”

Bloomberg – “JPMorgan, BofA Strain for Qualified Staff to Clear Foreclosures” (2-28-12)

“JPMorgan Chase & Co. and Bank of America Corp. told regulators they were straining last year to hire and keep enough qualified people who could clear a backlog of foreclosure complaints.”

DS News – “South Carolina Signs Bill to Ban Third Party Fees on Home Sale Contracts” (2-28-12)

“South Carolina Governor Nikki Haley signed a bill to ban Wall Street Home Resale Fees, which require a percentage of the sale of a home to go to a third party.”

Bloomberg – “FHA to Increase Cost of Up-Front Mortgage Premiums for New 30-Year Loans” (2-28-12)

“The Federal Housing Administration will increase the cost of up-front mortgage insurance premiums by 75 basis points as part of efforts to rebuild the agency’s insurance fund.”

Housing Wire – “Consumer confidence posts sizable increase in February” (2-28-12)

“Consumer confidence rose 9.3 points in February as the outlook for the nation’s economy improved.  The Conference Board said its consumer confidence index rose to 70.8 in February, up from 61.5 in January.”

DS News – “HUD Secretary Questioned on Improper Foreclosure Numbers” (2-28-12)

“During a Senate subcommittee hearing, HUD Secretary Shaun Donovan was prodded with questions on investigation results regarding how many and what percentage of people actually suffered from wrongful foreclosures.”

CNN Money – “Housing settlement details due out this week” (2-28-12)

“Final details are due out this week in the $26 billion settlement to help struggling homeowners and settle charges of abusive and negligent foreclosure practices, according to President Obama’s housing chief.”

DS News – “Capital Economics Disappointed in Pilot for REO Rental Initiative” (2-28-12)

“While the REO Rental Initiative was supported by Capital Economics when first proposed last year, a report released by the analytics company stated that the news was disappointing upon the discovery that 85 percent of the REO properties to be sold were already occupied by tenants.”

Realtor Magazine – “FHA Hikes Fees on Mortgages” (2-28-12)

“Home buyers with mortgages backed by the Federal Housing Administration will soon see a rise in fees, the agency announced Monday.”

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 news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 2012.

Looking Back:

MDA DataQuick reported 30.9% of all houses and condos sold in California during January 2011 were bought without a mortgage. The NAR claimed pending home sales fell 2.8% in January 2011.  Approximately 25% of homeowners who sought assistance from Obama’s mortgage assistance program successfully had their payments reduced. A survey from Fannie Mae showed 19% of delinquent borrowers were considering a strategic default.

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 2/24/12

Friday, February 24th, 2012

Sources:
Delinquency rate falls in January but foreclosure starts rise: LPS
January Home Sales Up Again
Construction Jobs Rebound Amid U.S. Home Remodeling Pick-Up
Jobless claims stick at nearly four-year low
January Pending Home Sales Index
January sales and price report
Housing regulator wants Congress to shrink Fannie Mae, Freddie Mac
Treasury to cap HAMP mods to property investors
Million-dollar foreclosures rise as rich walk away

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 news of the week.  The sale of new homes decreased almost 1% last month after a strong forth quarter.  However, despite this Bloomberg reported the market overall is showing signs of stabilizing.  At the same time, short sales are the highest they have been in three years at 102.4.

In The News:

DS News – “California Short Sales Reach Highest Level in 3 Years” (2-23-12)

“Pending homes sales in California were higher for January compared to the previous month and year, and short sales rose to the highest level in three years, according to the California Association of Realtors (C.A.R.).”

Bloomberg – “New Home Sales Data Point to Stabilizing Market” (2-24-12)

“Purchases of new homes in the U.S. exceeded forecasts in January after climbing a month earlier to a one-year high, more evidence the housing market is stabilizing.”

Realty Times – “Average 30-Year Fixed-Rate Mortgage Up From All-Time Record Low” (2-17-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® (PMMS®), fixed mortgage rates moved off their at- or-near record lows for the first time in three weeks amid recent data showing the housing market continues to improve.”

Housing Wire - “Treasury to cap HAMP mods to property investors” (2-24-12)

“The Treasury Department will cap the amount of mortgage modifications property investors can receive under a revamped Home Affordable Modification Program, officials said this week, to no more than a handful.”

CNN Money – “Why the Federal Reserve can’t fix housing” (2-24-12)

“Housing is still one of the biggest drags on U.S. economic growth, but don’t look to the Federal Reserve for help. The central bank may have few tools left to fix it.”

Housing Wire – “Bank of America stops selling mortgages to Fannie Mae” (2-24-12)

“Bank of America ($8.02 0%) is faced with numerous reps and warrants challenges on the mortgage front, and as a result of growing uncertainty, it will no longer sell certain mortgage refinances into Fannie Mae mortgage-backed securities.”

Bloomberg – “Housing Declines May Have Cost a Generation of Buyers, Fed’s Bullard Says” (2-24-12)

“Federal Reserve Bank of St. Louis President James Bullard said the 30 percent drop in U.S. housing prices since 2006 may prompt a generational shift to apartment rentals.”

DS News – “Moody Analytics Outlines Settlement Impact for Banks and Borrowers” (2-24-12)

“After more than a year of intense negotiations, 49 state attorneys general and the nation’s five largest mortgage services reached a $25 billion settlement on February 9.”

San Francisco Chronicle – “New-home sales dip after 4 straight monthly gains” (2-24-12)

“Sales of new homes dipped in January but the final quarter of 2011 was stronger than first estimated.  The Commerce Department said Friday that new-home sales fell 0.9 percent last month to a seasonally adjusted annual rate of 321,000 homes. That followed four straight months of gains in which home sales rose 10 percent.”

Hard Money Loan Closed

West Covina, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $245,000 on a 5 bedroom, 2 bathroom home appraised for $383,000.

California Real Estate Investor Events:

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 2012

Looking Back:

The FHFA claimed 30-year interest rates averaged 4.85% in January 2011, and home prices fell 4% year over year. House Republicans intended to end anti-foreclosure programs put in place by President Obama. The Commerce Department said new home sales decreased 13 percent in Janurary 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 2/23/12

Thursday, February 23rd, 2012

Today’s News Synopsis:

In a big news story, 30-year mortgage rates are increasing slightly once again after being at an all-time low.  The number of people filing unemployment claims is at its lowest in four years.  The fourth quarter of 2011 saw a decrease in home prices overall, but an increase in prices for 27 states plus Washington D.C.

In The News:

DS News – “After Hitting Record Low, 30-Year Fixed Rate Inches Up” (2-23-12)

“After hitting near record lows last week, the 30-year fixed-rate mortgage moved up for the first time in three weeks, according to the Primary Mortgage Market Survey from Freddie Mac.”

CNN Money – “Jobless claims stick at nearly four-year low” (2-23-12)

“First-time claims for unemployment benefits were unchanged — at a relatively low level — last week, in another sign of strength for the U.S. economy.”

Housing Wire – “HUD mortgage servicer scorecard due in 2Q” (2-23-12)

“The Department of Housing and Urban Development will release its mortgage-servicing scorecard during the second quarter of this year, according to a senior department official.”

Bloomberg – “JPMorgan Places $72B Bet on Homeowners” (2-23-12)

“JPMorgan Chase & Co. (JPM) has more than tripled its holdings of mortgage securities without U.S. government guarantees to $72 billion as the nation’s biggest bank bets on borrowers from outside the country it calls home.”

CNN Money – “Million-dollar foreclosures rise as rich walk away” (2-23-12)

“Five years after the housing bubble burst, America’s wealthiest families are now losing their homes to foreclosure at a faster rate than the rest of the country — and many of them are doing so voluntarily.”

Wall Street Journal – “Sears Is Having a Sale: Property and Stores Available” (2-23-12)

“Sears is holding a sale, and not just in the Kenmore appliance section.  The struggling department-store giant has announced a plan to sell 11 store locations to General Growth Properties for $270 million.”

Housing Wire – “MBA: Rising rental costs may drive home sales up” (2-23-12)

“Home sales could turn out sunnier than expected this spring based on data coming out of the rental market, according to economists at the Mortgage Bankers Association.”

DS News – “Home Prices Decline Q4, but for 27 States Plus D.C., Prices Rose” (2-23-12)

“The Federal Housing Finance Agency (FHFA) released a report showing U.S. home prices fell slightly in the fourth quarter of 2011, but overall, 12 states plus the District of Columbia saw prices increase, according to the seasonally adjusted purchase-only house price index (HPI).”

Inman – “Redfin: Sellers lose in dual agency” (2-23-12)

“Homes sell at a greater discount from their listing price when the same agent represents both the buyer and seller as a “dual agent,” according to an analysis of 230,000 home sales in 22 markets around the country by technology-based real estate brokerage Redfin.”

Looking Back:

The NAR said existing home sales rose 2.7% in January 2011. The FHA’s REO inventory increased 47% year over year.  A California judge upheld the rights of the Mortgage Electronic Registration Systems to the trust deed, granting MERS the right to foreclose. A Federal Reserve economist predicted the government would soon provide an alternative to the national homebuyer tax credit.

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $92,000 on a 3 bedroom, 2 bathroom home appraised for $153,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Real Estate Rewind at FIBI Long Beach today, February 23, 2012.

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Coference on March 8, 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.

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