The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘HARP 2.0’

By Bruce Norris .

The Norris Group Real Estate News Roundup 8/23/12

Thursday, August 23rd, 2012

Today’s News Synopsis:

U.S. home prices increased 1.8% last quarter to their highest since 2005.  Home sales also increased last month to their highest in two years.  Mortgage rates are continuing to increase having gone up for the fourth straight week.


In The News:

Housing Wire – “Fannie adds four more large mortgage servicers to top-performing list” (8-23-12)

“Four more of the largest mortgage servicers progressed to the top of the Fannie Mae scorecard in the first half of 2012.”

Mortgage Bankers Association – “MBA Releases 2012 Mid-year Commercial/Multifamily Servicer Rankings” (8-23-12)

“The Mortgage Bankers Association (MBA) today released its mid-year ranking of commercial and multifamily mortgage servicers as of June 30, 2012. At the top of the list of firms is Wells Fargo with $430.5 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $357.0 billion, Berkadia Commercial Mortgage LLC with $206.6 billion, Bank of America Merrill Lynch with $110.1 billion, and KeyBank Real Estate Capital with $100.1 billion.”

Bloomberg – “Sales of New U.S. Homes Increase to Match Two-Year High” (8-23-12)

“Purchases of new U.S. homes rose more than projected in July to match a two-year high, a sign the industry that helped trigger the recession is recovering.”

Inman – “Mortgage rates going up, up, up” (8-23-12)

“Mortgage rates ticked up from historic lows for the fourth week in a row as the bonds that finance most home loans continue to look overpriced to investors.”

DS News – “Negative Equity More Common Among Younger Age Groups: Zillow” (8-23-12)

“The share of homeowners with underwater mortgages continued its decline in the second quarter, according to the Zillow Negative Equity Report.”

Housing Wire – “Household formation among young adults shows no sign of recovery” (8-23-12)

“The rate at which Americans formed households fell sharply during the Great Recession, with the greatest shortfall among young adults squeezed financially by the weak economy, according to an economic commentary from a Cleveland Federal Reserve official.”

CNN Money – “Where the jobs are” (8-23-12)

“It’s still a tough job market, but these 25 counties can make it a lot easier to find work and a great place to live.”

DS News – “360 Mortgage Expands Active Loan Pipeline Over 700% After HARP 2.0″ (8-23-12)

“360 Mortgage Group is seeing a significant increase in refinancings being offered to homeowners under HARP 2.0, the company announced Thursday.”

Bloomberg – “U.S. House Prices Rose Most Since 2005 in Second Quarter” (8-23-12)

“U.S. house prices jumped 1.8 percent in the second quarter from the previous three months, fueled by record-low mortgage rates and tight inventory, according to the Federal Housing Finance Agency.”

Hard Money Loan Closed

Pomona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $155,000 on on a 4 bedroom, 1.5 bathroom appraised for $283,000.

 

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

Looking Back:

DS News reported the president of Standard and Poor’s, Devan Sharma, was resigning in September and would be replaced by Douglas Peterson.  New U.S. home sales decreased the previous month to their lowest in five months, according to Bloomberg.  The sale of pending homes also decreased the previous month according to Housing Wire.  Florida was number one on the list of states with the highest foreclosures.

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 4/6/12

Friday, April 6th, 2012

Sources:
Michigan Bank Closes, Raising Tally to 16
Private mortgage modifications drop 20% in February
LPS: Foreclosure starts, sales decline
Loan Performance Improves, Foreclosure Starts Down, LPS Reports
Residential construction flat in February
Private sector adds 209,000 jobs in March
When Excluding Distressed Sales, Home Prices Continue to Rise
Home Prices Seen Dropping 10% in U.S. on Foreclosures: Mortgages
FHFA Report

Today’s News Synopsis:

In our 100th episode, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  With the number of new jobs for March totalling 120,000, the number of jobs added fell drastically short of expectations of 200,000.  Banks have been given the ok to rent out REO properties. 

In The News:

Housing Wire – “Fed lays out rules for banks to rent REOs“ (4-6-12)

“A new release from the Federal Reserve shows the agency is ready for banks to launch mass real estate owned rental programs to revive distressed assets clinging to their books.”

DS News - “Economy Adds Disappointing 120,000 Jobs in March” (4-6-12)

“The nation added 120,000 jobs in March, far below expectations of the fourth straight month of 200,000-plus payroll gains.”

Realty Times - “Banks Upbeat About Mortgage Performance, Looser Credit Looms “ (4-6-12)

“Mortgage lenders aren’t rolling out the red carpet on home loans just yet, but with fewer delinquencies and defaults, there’s optimism looser credit for home loans has become a topic of board room chatter.”

CNN Money - “Federal deficit so far: $777 billion” (4-6-12)

“The federal government racked up an almost $780 billion deficit in the first six months of the fiscal year, according to new data from the Congressional Budget Office.“

Housing Wire – “RBS outlines why HARP 2.0 failed to deliver in March“ (4-6-12)

“The latest version of the government’s Home Affordable Refinance Plan, or HARP 2.0, failed to “hit its full stride” in March as prepayment speeds remained well below projections, analyst Sarah Hu with the Royal Bank of Scotland ($8.01 -0.28%) said.”

San Francisco Chronicle - “Seattle’s Construction boom threatens rent growth” (4-6-12)

“The biggest surge of Seattle-area apartment construction in a quarter century is threatening to undercut the growth in rents, a trend that’s also emerging in such cities as Washington and Houston.”

DS News- “Historical $25B Settlement Approved by Federal Judge” (4-6-12)

“The $25 billion settlement received approval from a federal judge Wednesday, but the announcement was not made public until Thursday, according to a Reuters’ article published Thursday evening.”

Housing Wire - “Mortgage settlement oversight begins in North Carolina“ (4-6-12)

“The Office of Mortgage Settlement Oversight officially opened Thursday to monitor the $25 billion agreement between the largest servicers and the 49 state attorneys general.

DS News - “SEC Charges Former CEO and CFO of Franklin for Hiding Loan Quality” (4-6-12)

“The Securities and Exchange Commission (SEC) filed a complaint against former executives of Franklin Bank for using loan modification programs to cover its non-performing loans.”

Hard Money Loan Closed

Thousand Oaks, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $300,000 on a 4 bedroom, 2 bathroom home appraised for $500,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at The Women’s Council of Realtors Victorville on Wednesday, April 11, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.

Looking Back:

Mortgage applications dropped 2% from the previous week, according to the MBA. CoreLogic developed a tool to determine whether borrowers were overstating their income. A small business tax rule was reversed by Congress. Borrowers would no longer be excluded from 3 of the 4 Keep Your Home California programs just because they took out a home equity line of credit or did a cash-out refinance.

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 4/4/12

Wednesday, April 4th, 2012

Today’s News Synopsis:

209,000 jobs were added to the private sector this month, although the number of jobs was still not as much as February.  Home prices increased month-over-month in February, although this did not include distressed sales.  Mortgage applications increased 4.8% from last week, although mortgage rates continue to remain steady.

In The News:

Bloomberg – “Apartment Vacancies Decline in U.S. to Lowest Rate Since 2001″ (4-3-12)

“Apartment vacancies in the U.S. fell to their lowest level since 2001 as home seizures and a growing pool of young adults forming households boosted rental demand, according to Reis Inc. (REIS).”

Housing Wire – “Fitch: CMBS defaults dropped 38% in 2011″ (4-4-12)

“Defaults within commercial mortgage-backed securities dropped 38% in 2011 from the year before, according to Fitch Ratings.”

DS News – “When Excluding Distressed Sales, Home Prices Continue to Rise” (4-4-12)

“When excluding distressed sales, such as short sales and REO transactions, prices actually increased on a month-over-month basis in February, according to the February 2012 Home Price Index released by CoreLogic Wednesday. Though, when including distressed sales, prices decreased compared to the month before.”

CNN Money – “Private sector adds 209,000 jobs in March” (4-4-12)

“Private companies continued to add jobs in March, albeit at a slightly slower pace than in February.”

Realty Times – “Mortgage Rates Remain Steady As Consumers Prep for Changes” (4-4-12)

“Mortgage applications were down for the week ending March 23rd according to The Mortgage Banker’s Association Weekly Mortgage Applications Survey. This does not seem unusual as consumer prep for the numerous changes that are taking place with FHA mortgages and conforming mortgage refinances. It is the intent that some of these changes will finally be helpful to borrowers who have been want, but unable, to refinance to low mortgage rates.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-4-12)

“Mortgage applications increased 4.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 30, 2012.”

DS News – “CoreLogic Service Finds Potential Loans Eligible for HARP 2.0″ (4-4-12)

“CoreLogic announced a new service designed to help originators identify potential HARP 2.0 borrowers.  Using a range of resources and technologies, the company said it can identify more than 2.3 million borrowers with a strong likelihood of potential eligibility for refinancing through the HARP 2.0 program”

Realty Times – “Trayvon Martin Death Puts HOA’s and Neighbor Watch Programs on Notice” (4-4-12)

“Even if George Zimmerman is never charged with or convicted of Trayvon Martin’s death in a criminal trial, Zimmerman’s homeowners association (HOA) could be open to a Martin family civil suit that could cost the association (read: HOA members) millions — just to defend the case.”

Mortgage Bankers Association – “Wells Fargo Top Commercial/Multifamily Mortgage Originator in 2011″ (4-4-12)

“Wells Fargo was the top commercial/multifamily mortgage originator in 2011, according to a set of listings released today by the Mortgage Bankers Association (MBA).”

Hard Money Loan Closed

Wilmington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $175,000 on a 3 bedroom, 2 bathroom home appraised for $295,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at The Women’s Council of Realtors Victorville on Wednesday, April 11, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.

Looking Back:

Ed Haldeman said less than 4% of Freddie Mac’s single family loans are delinquent. The government dismissed two counts of wire fraud in the case against the former CEO of Taylor, Bean and Whitaker. Treasury Secretary Geithner warned that severe economic hardship could impact the United States when the nation reaches its debt limit.

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 2/7/12

Tuesday, February 7th, 2012

Today’s News Synopsis:

According to DS News, the number of homeowners receiving loan modifications from HAMP is about to reach 1 million.  In other news, more than 40 states have joined in on a settlement to help homeowners in foreclosure.  Banks are beginning to help out with people in foreclosure by now offering them money to sell their properties at a lower price than what is owed.

In The News:

DS News – “HAMP Mods Approach 1M Mark” (2-6-12)

“More than 930,000 homeowners have received a permanent modification through the government’s Home Affordable Modification Program (HAMP), saving an estimated $10.5 billion in monthly mortgage payments, according to Treasury.”

Housing Wire – “Mortgage mods in 2011 down 40% from prior year” (2-7-12)

“More than 1 million American homeowners received permanent loan modifications from mortgage servicers in 2011, down 40% from 2010, Hope Now said Tuesday.”

San Francisco Chronicle – “Banks Paying Homeowners a Bonus to Avoid Foreclosures: Mortgages” (2-7-12)

“Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe.”

CNN Money – “Foreclosure deal has 40 states, but others balk” (2-7-12)

“More than 40 states have signed on to a draft settlement with the nation’s largest banks aimed at helping homeowners struggling with loans bigger than the value of their homes.”

Housing Wire – “Nonbank mortgage lenders required to file fraud reports” (2-7-12)

“Nonbank mortgage lenders will be required to establish anti-money laundering programs and file suspicious activity reports beginning later this year, according to rules finalized by the Financial Crimes Enforcement Network.”

Bloomberg – “States with Highest Foreclosure Rates Among Bank Deal Holdouts” (2-7-12)

California, New York, Nevada, Florida and Massachusetts are among the handful of states that haven’t signed a deal with banks over foreclosure abuses, according to state officials and two people familiar with the talks.”

Housing Wire – “Mass. House Democrats push FHFA on mortgage mods” (2-7-12)

“Three Massachusetts congressmen are asking the Federal Housing Finance Agency to reconsider options in loan modifications, saying the regulator hasn’t done enough to help homeowners.”

NAHB – “Builder Confidence for the 55+ Housing Market Ends Fourth Quarter on an Upswing” (2-7-12)

“Builder confidence in the 55+ housing market for single-family homes rose four points to 18 compared to the same period a year ago, according to the latest National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released today.”

CNN Money – “Government expects lending fund to turn taxpayers a profit” (2-7-12)

“An Obama administration lending program set up to funnel cash to small banks was expected to cost taxpayers $1.3 billion. Instead, it will turn a profit of $80 million.”

Housing Wire – “Prepayments on Fannie and Freddie MBS decline” (2-7-12)

“Prepayments on Fannie Mae and Freddie Mac mortgage-backed securities slowed in December and January, suggesting HARP 2.0 has yet to stimulate mass-refinancing activity, analysts said Tuesday.”

Hard Money Loan Closed

San Diego, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 2 bedroom, 2 bathroom home appraised for $160,000.

California Real Estate Investor Events:

The Norris Group posted a new event.  The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The MBA reported $110 billion in commercial and multifamily mortgages were originated in 2010. 36,500 mortgages were modified through government and proprietary programs in December 2010, according to Fitch Ratings. Altos Research announced plans to release a new, forward valuation model for real estate. S&P claimed 80% of the loan modifications that took place over the previous 3 years defaulted again within 2 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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