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California Real Estate Headline Roundup

Posts Tagged ‘home prices’

The Norris Group Real Estate News Roundup 12/20/11

Tuesday, December 20th, 2011

Today’s News Synopsis:

According to CNN Money, the number of new homes being built increased 9.3% last month from October and over 20% from this time last year, putting housing starts at their highest levels.  Zillow predicted home prices would continue to declien through 2013, according to Bloomberg.  Housing Wire reported an increase in mortgage debt last month in every U.S. region.

In The News:

Bloomberg – “Fannie Mae, Freddie Mac Sued by California Attorney General” (12-20-11)

“Fannie Mae (FNMA) and Freddie Mac were accused in a lawsuit by California Attorney General Kamala Harris of hindering her probe into mortgage lending and foreclosure practices.”

Mortgage Bankers Association - “MBA Urges House to Vote Down Payroll Tax Extension” (12-19-11)

“The Mortgage Bankers Association (MBA) today urged members of the U.S. House of Representatives to vote against the Senate-passed bill that would extend the payroll tax holiday for two months by adding an additional tax on most
homebuyers for the next ten years.”

Realty Times - “HOA Files Suit against Dissenting Homeowner” (12-20-11)

“While it is not common, it certainly is not unheard of for a homeowner to sue the association over some issue or another.  But what about the association suing a homeowner?  Maybe it’s one of those “only in California” things; but, yes, it has happened in California.  (Country Side Villas Homeowners Association v. Susan Ivie, California Court of Appeal, Sixth Appellate District) The results are instructive.”

Housing Wire – “Mortgage debt jumps in every US region in November” (12-20-11)

“Americans increased their mortgage debt in November and default rates rose to 2.17%, according to the latest Standard & Poor’s/Experian indices.“

DS News - “StreetLinks Unveils Liquidation Valuation Solution for Distressed Assets” (12-20-11)

“StreetLinks Lender Solutions, an Indiana-based provider of valuation services, has announced the launch of StreetLinks LVR, a new liquidation valuation report developed for mortgage servicers and asset management firms which is compliant with the Uniform Standards of Professional Appraisal Practice (USPAP).”

Los Angeles Times - “Stocks surge on good economic data from U.S., Europe” (12-20-11)

“Stock markets rose around the globe after a handful of surprisingly good reports about the U.S. and European economies.  The Dow Jones industrial average was recently up 269.43 points, or 2.29%, to 12035.69. The broader Standard & Poor’s 500 index was up 2.4%, or 29.01 points, to 1234.24 in early trading.”

Bloomberg - “U.S. Home Prices to Fall in 2012: Zillow” (12-20-11)

“U.S. home prices will continue to decline through late 2012 or early 2013 as negative equity and weak job growth hinder a real estate recovery, according to a survey by Zillow Inc.”

CNN Money - “Home building spikes higher” (12-20-11)

“Home building spiked up in November to the strongest level in almost two years, as record-low mortgage rates and a surge in apartment and condo construction lifted activity.  Housing starts shot up to an annual rate of 685,000 in the month, up 9.3% from October and 24.3% higher than a year earlier.”

Housing Wire - “Fannie says housing ends year on high note, but risks remain” (12-20-11)

“The housing market is ending 2011 on a high note with sales activity edging up in the fourth quarter, stronger employment data in November and economic growth of 2.5% for the fourth quarter, Fannie Mae said Tuesday.”

DS News - “Florida Supreme Court Terminates State Mediation Program” (12-20-11)

“Florida’s mandatory foreclosure mediation program has come to an end.  State Supreme Court Chief Justice Charles Canady issued an order this week stating that no new cases may be referred to mediators as part of the court-run initiative and citing the program’s lack of success in resolving foreclosure disputes between lenders and borrowers.”

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:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

Bank of America Merrill Lynch stated that house owners may have to default their underwater mortgages in order to take care of their debt.  In October 2009, pending home sale prices rose 10.4%, according to Realty Times.   Prices on commercial property rose for the second month in a row in 2010 according to Moody’s Investors Service and were expected to continue to fluctuate, according to Moody’s Investors Service.  According to the National Association of Home Builders/Wells Fargo Housing Market Index, consumer cofidence in newly-built houses declined 4 points from November 2010 in the West.   In other news, Moody’s Investors Service reported that prices of commercial property increased 1.3% in October 2010.

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

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The Norris Group Real Estate News Roundup 11/16/11

Wednesday, November 16th, 2011

Today’s News Synopsis:

In a big story in the news, home-builder confidence rose to 20 points this month, the highest it has been since May 2010.  According to the latest Mortgage Application Survey, mortgage applications are down 10% from last week, although mortgage rates have remained relatively the same.  Rentals in Southern California increased for the 14th straight month.

In The News:

Bloomberg - “Southern California Home Prices Fall 4.8%” (11-15-11)

“Sales of high-end properties in Southern California dropped last month to the lowest level in more than two years after the size of mortgages backed by the government was reduced, according to DataQuick.”

NAHB - “Builder Confidence Rises Three Points in November” (11-16-11)

“Builder confidence in the market for newly built, single-family homes rose by three points to 20 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for November, released today. The gain builds on a revised three-point increase in October, and brings the confidence gauge to its highest level since May of 2010.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-16-11)

“Mortgage applications decreased 10.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 11, 2011.  This week’s results include an adjustment to account for the Veterans Day holiday.”

Housing Wire - “DePaul study warns of growing gap in affordable rental housing” (11-16-11)

“The need for affordable rental housing increased substantially over the past decade in Cook County, Ill., in what mirrors a national trend, according to a study from the Institute for Housing Studies at DePaul University in Chicago.”

Realty Times - “Mortgage Rates Remain Unchanged As Investors Eye Europe” (11-16-11)

“Low conforming mortgage rates have been the driving factor for the increase in mortgage applications. According to the Mortgage Banker’s Association, mortgage refinance applications increased 12.1% and purchase applications increased 4.8% for the week ending November 4th. Current 30 year fixed mortgage rates are at 3.750%, 15 year fixed mortgage rates are at 3.125% and 5/1 adjustable mortgage rates are at 2.500%.”

O.C. Register - “SoCal rents rise for 14th straight month” (11-16-11)

“Rents in Southern California rose on an annual basis for the 14th consecutive month, the U.S. Bureau of Labor Statistics reports.  The rent slice of the regional Consumer Price Index shows “rent of primary residence” rising in October at 1.1% annual rate.”

Realtor Magazine - “Freddie Mac Launches Winter REO Sale” (11-16-11)

“HomeSteps, a Freddie Mac real estate sales unit, kicked off a sales promotion this week to unload some of its inventory of foreclosed homes in several cities.”

Wall Street Journal - “Zell Firm Leads Bids for Archstone” (11-16-11)

“Equity Residential, the apartment company headed by real-estate mogul  Sam Zell, has emerged as the lead bidder in the contest to buy roughly half of rival Archstone in what would be one of the largest real-estate transactions since the downturn, according to people familiar with the situation.”

Housing Wire – “Architecture billings index up, overall demand still down” (11-16-11)

“The architecture billings index improved its score by nearly three points from September, though the 49.4 score still reflects low demand, according to the American Institute of Architects.”

Looking Back:

16,744 new and resale homes sold in Southern California during October of 2010. Builder confidence increased slightly this in November 2010, according to the NAHB. Sean O’Toole of ForeclosureRadar believed the foreclosure investigation would only have a brief effect on the market. FHA wrote $319 billion in new insurance in 2010.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 10/6/11

Thursday, October 6th, 2011

Today’s News Synopsis:

According to the Orange County Register, home prices in California dropped 6.2% year-over-year in August from last year.  However, for the whole United States home prices dropped .4% month-over-month from July to August, the first drop in prices CoreLogic has reported in four months.  Rates on a 30-year mortgage dipped below 4%, according to Bloomberg.

In The News:

Housing Wire - “3Q house prices up but Clear Capital predicts 2012 dip” (10-6-11)

“Home prices rose nationally 3.5% in the third quarter over the previous quarter, according to the latest home data index from Clear Capital.”

Bloomberg - “30-Year Mortgage Rates in U.S. Fall Below 4%” (10-6-11)

“Mortgage rates in the U.S. fell, sending longer-term borrowing costs below 4 percent for the first time on record, as stricter credit standards and the slowing economy hold back a housing rebound.”

O.C. Register - “Calif. home prices off 6.2%, 7th worst drop” (10-6-11)

“California home prices fell 6.2 percent in the year ending in August, 7th biggest drop among the states, according to new data from CoreLogic.”

NAHB - “Number of Improving Housing Markets Nearly Doubles in October” (10-6-11)

“The second edition of the National Association of Home Builders/ First American Improving Markets Index (IMI), released today, shows 23 individual housing markets now qualifying as “improving” under the new gauge’s parameters. This is nearly double the 12 housing markets that made the list last month.”

DS News - “Congress Scrutinizes Federal Housing Programs” (10-6-11)

“Several Federal housing programs came under attack during a hearing Thursday morning titled “The Obama Administration’s Response to the Housing Crisis’.”

Realty Times - “Remodeling Double-dip Offers Opportunity for Homeowners” (10-6-11)

“Remodeling is suffering a double dip in sales, not unlike the double dip in home prices, but just as it’s a good time to buy an affordable home, it’s a good time to budget for and negotiate a home improvement deal.”

Housing Wire – “Homeownership rate at lowest level in 70 years” (10-6-11)

“The U.S. homeownership rate in 2010 fell to the lowest level in 70 years, dropping to 65.1%, down from 66.2% in 2000, according to data from the Census Bureau.”

DS News – “CoreLogic Records First Drop in Home Prices in Four Months” (10-6-11)

“Home prices in the U.S. slipped 0.4 percent between July and August, CoreLogic reported Thursday. It marks the first time in four months the company’s index has recorded a decline.”

Looking Back:

One year ago, the National League of Cities expected city property-tax revenues to decrease 1.8% in 2010. The IMF believed a double-dip in real estate was possible. A new program from HUD allowed delinquent borrowers, who were unemployed or suffering from a severe medical condition, to receive up to $50,000 at a 0% interest rate. The monthly ADP National Employment Report showed the private sector lost 39,000 jobs in September 2010.

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

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The Norris Group Real Estate News Roundup 9/27/11

Tuesday, September 27th, 2011

Today’s News Synopsis:

In a big story in the news, U.S. home prices fell 4.1% in July from a year ago, which was actually less than what was predicted.  CoreLogic reported a decrease in shadow inventory, leading distressed  properties to out weigh new delinquent properties.  According to the Los Angeles Times, consumer confidence is still at a low.

In The News:

DS News - “Distressed Dispositions Outpace New Delinquencies as Shadows Shrink” (9-27-11)

“The industry’s shadows are shrinking, according to CoreLogic. The residential shadow inventory of unlisted REOs and soon-to-be REOs stood at 1.6 million units as of July 2011, based on the analytics firm’s calculations.”

Bloomberg - “Home Prices in U.S. Cities Fall 4.1%” (9-27-11)

“Home prices in the U.S. declined less than forecast in July from a year earlier, a sign bank delays in processing foreclosures may have temporarily slowed the slump in real-estate values.”

Realty Times - “New Requirements for Landlords Who Deny on the Basis of Credit Score” (9-27-11)

“Landlords and their agents need to be aware of how they may be affected by new requirements imposed upon them by the Fair Credit Reporting Act (FCRA). This is because the FCRA has been amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).”

Los Angeles Time - “Consumer confidence remains poor, Conference Board says” (9-27-11)

“After plunging in August, consumer confidence remained poor in September as Americans continued to worry that renewed economic troubles would limit their future earnings, the Conference Board reported Tuesday.”

Housing Wire - “FHFA: Mortgage rates drop for fifth straight month” (9-27-11)

“The average interest rate on mortgages sold to the government-sponsored enterprises in August averaged 4.56%, a drop of 1 basis point from the previous month, according to the Federal Housing Finance Agency.”

CNN Money - “U.S. agency chided in mortgage buyback deal” (9-27-11)

“The federal government’s mortgage finance regulatory agency did a poor job of making sure taxpayers got top dollar in selling $2.87 billion in bad mortgages back to Bank of America last year, an inspector general’s report said Tuesday.”

Housing Wire – “Gulf remains between AGs, banks in robo-signing talks” (9-27-11)

“Two attorneys general met with the largest mortgage servicers Friday in another effort to settle an investigation into the robo-signing case, but a deal remains elusive nearly one year later.”

Inman - “California hits ZipRealty with $17M wage suit” (9-27-11)

“ZipRealty  Inc. violated California labor law during a four-year period by failing to pay  hundreds of real estate agents the state’s minimum wage of $8 an hour  and premiums for overtime, the state’s labor commissioner alleges in a  lawsuit seeking more than $17 million in back wages, damages and  penalties.”

San Francisco Chronicle - “Credit Markets Driving Up Buyout Costs, Private-Equity Firms Say” (9-27-11)

“Private-equity deals are becoming more expensive as the reluctance of banks and  investors to lend drives up the cost of borrowing, industry executives said  today.”

Realtor Magazine - “Foreclosure Lawsuits Skyrocket” (9-27-11)

“An uptick in court cases challenging the foreclosure process sent the Mortgage Litigation Index in the second quarter to its highest level on record, dating to 2007.  Foreclosure litigation—which involves rulings in favor of borrowers or cases against rescue firms—jumped two-thirds in the second quarter (April 1 to June 30) compared to the first quarter of the year, according to the Mortgage Litigation Index, which monitors mortgage-related legal actions covered by MortgageDaily.com”

Looking Back:

California air-quality regulators adopted 10- and 25-year targets for reducing greenhouse gases. Fannie Mae was developing a loan forbearance program for military families. Nearly 33% of Americans had credit scores below 620. John Burns predicted that sales of distressed properties would peak in 2011 at 2.3 million transactions.

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

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The Norris Group Real Estate News Roundup 8/3/11

Wednesday, August 3rd, 2011

Today’s News Synopsis

The Wall Street Journal reported that the number of homes for sale decreased significantly in several cities, but unfortunately inventory is at its lowest in five years.  According to the latest Mortgage Bankers Association survey, mortgage applications increased 7.1% from last week, although still not at levels they have been in the past.  Los Angeles Times reported layoffs are at the highest they have been in 16 months in the midst of a slow job market. 

In The News:

Housing Wire - “Ally Financial mortgage buyback claims surpass $1 billion” (8-3-11)

“Ally Financial (GJM: 23.38 +0.56%) reported more than $1 billion in outstanding claims for the bank to repurchase troubled mortgages from investors in the second quarter, up 28% from the previous period.”

Bloomberg - “BofA Seeks Separate Home Foreclosure Deal” (8-3-11)

“Bank of America Corp. (BAC) has held settlement negotiations with some states over home foreclosures separately from talks with a larger group of state and federal officials, two people familiar with the matter said.”

DS News - “Five Star Institute and Fannie Mae Partner for Short Sale Program” (8-3-11)

“The Five Star Institute, a mortgage industry group based in Dallas, Texas, announced a partnership with Fannie Mae to educate real estate agents on Fannie Mae’s Short Sale Assistance Desk (SSAD).”

The Wall Street Journal - “Home Listings Fall but Woes Persist” (8-3-11)

“The number of homes listed for sale declined sharply in a number of U.S. cities during the second quarter, offering glimmers of hope that some housing markets are starting to recover.  At the end of June, nearly 2.34 million homes were listed for sale on multiple-listing services in more than 900 metro areas, the lowest level for that time of year since at least 2007, according to Realtor.com. In some cases, inventory levels are at their lowest levels since the housing downturn began five years ago”

Mortgage Bankers Association - “Mortgage Applications Increase, But Still Low in Latest MBA Weekly Survey” (8-3-11)

“Mortgage applications increased 7.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 29, 2011.  ”

Los Angeles Times - “Job growth slows and layoffs rise to 16-month high, reports say” (8-3-11)

“Companies with fewer than 50 employees added 58,000 jobs nationwide last month, while businesses with 50 to 500 workers hired 47,000 people, according to the study. Only 9,000 new positions were at large firms with more than 500 staffers.”

Housing Wire - “Home prices edge up in June, but fail to meet 2010 levels”  (8-3-11)

“Home prices in the United States edged up a slight 0.7% between May and June, making it the third consecutive month-over-month jump in prices. However the value of homes in some core areas saw heavy declines.”

Los Angeles Times - “Senate delays hearing for consumer agency nominee Richard Cordray” (8-3-11)

“This week’s scheduled confirmation hearing for Richard Cordray, the nominee to head the Consumer Financial Protection Bureau, has been delayed until September as senators left early for their August recess.”

Realtor Magazine - “Real Estate OK in Debt Deal But Risks Remain” (8-3-11)

“The debt ceiling agreement signed into law on August 2 has no direct impact on real estate tax rules or spending provisions, but the industry isn’t out of the woods yet, because the deal includes authority that could make it easier for Congress to make tax law changes in the months ahead.”

CNN Money - “What about us? Responsible homeowners left out in the cold” (8-3-11)

“Consider it yet another cruel irony of the housing bust: While hundreds of thousands of mortgage borrowers have been able to squat in their homes without making a single mortgage payment in months or even years, many responsible homeowners who have good credit and consistently meet their monthly obligations haven’t been able to refinance in order to avoid losing their homes.”

Looking Back:

According to the NAR, pending home sales declined 2.6 percent in June 2010. Data from the Southern California Multiple Listing Service showed that 25 percent of homes sold in Orange County were sold for less than the owner in June 2010 owed on the mortgage. Zillow reported the average 30-year mortgage rate decreased to 4.28 percent from the previous week. 84 percent of buyers began searching for homes online.

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 5/31/11

Tuesday, May 31st, 2011

Today’s News Synopsis:

S&P claims home prices fell 5.1% year over year. Freddie will allow servicers to reduce or suspend mortgage payments for up to 12 months for borrowers in disaster areas. AOL Real Estate is becoming one of the most popular real estate websites.

In The News:

CNN - “Home prices: ‘Double-dip’ confirmed” (5-31-11)

“Home prices hit another new low in the first quarter, down 5.1% from a year ago to levels not reached since 2002.”

Bloomberg - “Rising Housing Rents Risk U.S. Inflation” (5-31-11)

“For all the attention given to almost $4-a-gallon gas, the biggest threat to containing U.S. inflation may be the shift away from homeownership, which is pushing up the cost of leases across the nation’s 38 million rented residences. Shelter represents about 40 percent of the consumer price index excluding food and energy and accounted for almost one quarter of the 1.3 percentage point rise in April.”

Housing Wire – “Freddie Mac offers mortgage relief to Midwest storm victims” (5-31-11)

“For borrowers living where President Obama declares major disaster areas, Freddie will give servicers the ability to reduce or suspend mortgage payments for up to 12 months. Each case will be individually evaluated.”

Housing Wire – “Economists predict no immediate end to government debt purchases” (5-31-11)

“Economist Roger Meiners, a professor with the University of Texas at Arlington, says the day of reckoning has already come in a sense and some economists believe the government will have to continue buying debt regardless of whether or not it is referred to as quantitative easing. Several market observers say they expect a third round of government debt purchases.”

Orange County Register – “L.A./O.C. home prices down 8th straight month” (5-31-11)

“L.A./O.C. prices were down 0.29% from February to March after falling 0.96% the previous month. March’s dip was the smallest decline since September. L.A./O.C. prices were down — on a year-to-year basis – 1.66% in March. It was the fourth consecutive year-over-year drop but down from the 2.07% annual rate of decline seen in February.”

Inman - “Top 10 real estate websites in April” (5-31-11)

“After rising from 16th to eighth position to break into the Hitwise top 10 in March, AOL Real Estate continued to boost its audience in April, rising to fifth place with a 2.91 percent market share in the real estate category, Hitwise said.”

Realty Times – “10 Reasons to Sell” (5-31-11)

“Risk of Foreclosure. This is listed as number one because around one-third of all sales in today’s current market are distressed properties. Many homeowners find themselves in mortgages they cannot afford, whether due to job loss or to rising monthly payments. It is far better for their credit score to sell or short sale before they are foreclosed upon.”

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 5/10/11

Tuesday, May 10th, 2011

Today’s News Synopsis:

The NAR stated that home sales rose in 49 states during the first quarter. A study from the NAHB shows 72.8% of all U.S. homes sold last year were affordable for families earning the national median income. The Financial Crimes Enforcement Network said reports of mortgage fraud reached a record high. Trulia found that third-party syndicators of listings data which does not come from an MLS has an error rate of 21.3 percent for either a listing’s price or status.

In The News:

NAR - “Existing-Home Sales Rise in Most States in First Quarter; Metro Area Prices Mixed” (5-10-11)

“Existing-home sales continued to recover in the first quarter with gains recorded in 49 states and the District of Columbia, while 22 percent of the available metropolitan areas saw prices rise from a year ago, according to the latest survey by the National Association of Realtors®.”

NAHB - “New Data from NAHB Breaks Down Housing Affordability by Race/Ethinicity” (5-10-11)

“The HOI for all races/ethnic groups combined was 72.8 in 2010, meaning that 72.8 percent of all homes sold in the U.S. last year were affordable to families earning the national median income of $64,400.”

Wall Street Journal – “Reports of Mortgage Fraud Reach Record Level” (5-10-11)

“The Financial Crimes Enforcement Network, a Treasury agency, reported 70,472 ‘suspicious activity reports’ related to suspected mortgage fraud, up from 67,507 in 2009, or a 5% increase.”

Sacramento Bee – “Sacramento-area home prices continue their slide” (5-10-11)

“For the eighth straight month home prices dropped when compared to the same month a year prior. The March 2011 median sale price was down 7.5 percent nationwide in March when compared to March 2010. The drop was even more pronounced in the four-county region of Sacramento, Yolo, El Dorado and Placer counties where the median in March was down 10.42 percent year over year.”

Orange County Register – “A good time to buy an investment property?” (5-10-11)

“Before you answer the question as to whether now is a good time for you to purchase income property a few questions: Are you purchasing investment property for equity growth or for income? How long do you think you will hold onto to the property? Are you thinking of buying a single family residence or units?”

Bloomberg - “States Said to Alter Mortgage Accord as Banks, Republicans Balk” (5-10-11)

“U.S. states probing foreclosure practices revised a nationwide settlement proposal after banks and eight Republican attorneys general objected to mortgage loan principal cuts, two people familiar with the talks said. The provision of the original 27-page term-sheet submitted by the states and Justice Department would encourage defaults, the banks and eight attorneys general said”

Inman - “Trulia: Higher error rate in non-MLS sources of real estate listings data” (5-10-11)

“Trulia’s analysis found that third-party syndicators of listings data that did not come from an MLS had an error rate of 21.3 percent for either a listing’s price or status. Real estate professionals submit data to these sources but often don’t return to update their listings, Trulia said.”

Looking Back:

One year ago, Fannie Mae asked for $8.4 billion in government aid. Serious delinquencies among US Alt-A residential mortgage-backed securities (RMBS) declined in April. First American CoreLogic reported that underwater mortgages and borrowers with less than 5% home equity accounted for 28% of all residential properties. Statistics from Zillow showed more than a fifth of U.S. mortgage holders owed more than their homes were worth in the first quarter of 2010.

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

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The Norris Group Real Estate News Roundup 12/22/10

Wednesday, December 22nd, 2010

Today’s News Synopsis:

According to Veros, San Diego home prices will rise 3.5% next year.  November saw an increase in home sales since decreasing significantly in July.  In other news, fewer people are applying for mortgages most likely due to higher rates.  Fannie Mae expects home prices to decline in 2011, although they expect the sale of new homes to decrease and existing sales to increase.  The Obama administration believes the recent robo-signing has resulted in a decrease in foreclosures.

In The News:

Housing Wire - “Home prices expected to rise in 40% of major metros in 2011: Veros” (12-22-10)

“San Diego should see home prices rise 3.5% next year, but prices in Florida and Nevada, two states where the foreclosure crisis is especially acute, will drop 6% to 7%, according to a real estate market forecast.”

DS News - “Sales of Existing Homes Gain Ground in November” (12-22-10)

“Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July, the National Association of Realtors (NAR) reported Wednesday.”

Bloomberg - “U.S Treasury’s Home Loan Modifications Pass 500,000, Short of Obama Goal” (12-22-10)

“The number of U.S. homeowners who qualified for permanent loan modifications through a federal program topped 500,000 in November for the first time, remaining short of the Obama administration’s goal of 3 million.”

Mercury News – “Mortgage Applications Fell Last Week” (12-22-10)

“The number of people applying for a mortgage fell last week as higher rates discouraged borrowing. The Mortgage Bankers Association said Wednesday its overall mortgage application index decreased 18.6 percent from the previous week. The refinance index dropped 24.6 percent, marking the sixth decline in a row. The purchase index slipped 2.5 percent last week.”

Inman – “5 new real estate search tools” (12-22-10)

“Pretty soon, you’ll need an app to keep track of just-introduced real estate apps and websites.”

Housing Wire – “Monthly permanent HAMP modifications increase 26% in November” (12-22-10)

“Mortgage servicers completed 29,972 permanent modifications through the Home Affordable Modification Program in November, 26% more than October and the first monthly increase since May.”

RisMedia - “Real Estate’s ‘RREIN’ Makers-RisMedia’s Real Estate Information Network (RREIN) is leading the information revolution” (12-22-10)

“What is a business network? According to Wikipedia, a business network is: “a social economic activity by which groups of like-minded businesspeople recognize, create or act upon business opportunities.” What is the value of information? The value of information lies in its ability to enable consumers to make the optimal decision. The right information, therefore, is truly invaluable.”

Mortgage News Daily – “Fannie Mae: Home Prices and Mortgage Originations to Decline in 2011″ (12-22-10)

“The fourth quarter was not a stellar time for home sales according to Fannie Mae’s Housing Forecast for December.  While existing sales are projected to improve from 289,000 to 299,000, new home
sales will drop from 151,000 to 125,000.”

Bloomberg - “Home Prices in U.S. Declined 3.4% in October from Year Earlier, FHFA Says” (12-22-10)

“U.S. home prices fell 3.4 percent in October from a year earlier as sales of foreclosed properties dragged down values, the Federal Housing Finance Agency said.”

Housing Wire - “Obama housing scorecard: Robo-signing takes hold of market in November” (12-22-10)

“The housing market felt the effects of the robo-signing scandal in November as foreclosure starts and completions fell significantly, according to the Obama administration’s November 2010 housing scorecard.”

Realty Times- “Deciding to Sell” (12-22-10)

“Deciding whether or not to sell your house can be a trying time. Many questions pervade your mind. “Is now the best time to make a move?” “Will I make money from this sale?” Will a move disrupt my family’s routine?” There are numerous factors that come into play when making this decision. Let’s look at just a few to consider.”

Looking Back:

Research from the Office of Thrift Supervision and the Office of the Comptroller of the Currency showed that the number of U.S. homes in foreclosure passed the 1-million mark. The NAR reported that existing homes sales increased by 7.4 percent in November of 2009. According to IHS Global Insight, U.S. home prices increased by 0.2 percent during the 3rd quarter of 2009. Barclay’s predicted that the unemployment rate would reduce to 9.1 percent by the end of 2010.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 8/11/10

Wednesday, August 11th, 2010

Today’s News Synopsis:

The MBA’s weekly survey shows mortgage application volume increased by 0.6 percent. The Obama will provide the Treasury Department and HUD with $3 billion for aiding homeowners. The NAR reports that most U.S. metro areas experienced a decrease in home prices during the second quarter, and distressed homes accounted for 32 percent of second quarter sales.

In The News:

Mortgage Bankers Association – “Mortgage Applications Essentially Unchanged Despite Lowest Rates in MBA Weekly Survey” (8-11-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending August 6, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 0.6 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 0.4 percent compared with the previous week.”

Associated Press - “Obama administration to provide $3B in housing aid” (8-11-10)

“The Treasury Department says it will send $2 billion to 17 states that have unemployment rates higher than the national average for a year. They will use the money for programs to aid unemployed homeowners. Some of those states have already designed such programs. Another $1 billion will go to a new program being run by the Department of Housing and Urban Development. It will provide homeowners with emergency zero-interest rate loans of up to $50,000 for up to two years.”

NAR - “Broad Stabilization in Second Quarter Metro Area Home Prices with Strong Sales” (8-11-10)

“In the second quarter, 100 out of 155 metropolitan statistical areas1 (MSAs) had higher median existing single-family home prices in comparison with the second quarter of 2009, including 14 with double-digit increases; two were unchanged and 53 metros showed price declines. In the first quarter of this year 91 areas had higher prices, while only 26 MSAs experienced annual price gains in second quarter of 2009. The national median existing single-family price was $176,900 in the second quarter, up 1.5 percent from $174,200 in the same period of 2009. The median is where half sold for more and half sold for less. Distressed homes accounted for 32 percent of second quarter sales, down from 36 percent a year ago.”

Sign on San Diego – “Price reductions on San Diego homes increase” (8-11-10)

“As of Aug. 1, 23 percent of all the homes for sale in the City of San Diego had seen a price reduction, says a report by Trulia.com, a real estate website. That’s compared to July where 20 percent of the homes for sale in San Diego had experienced a price cut. The average price reduction was 8 percent. On a national level, Trulia estimated that 25 percent of all home listings have had at least one price reduction. The average size of the cut was 10 percent of the original list price, chopping an estimated $30.1 billion in value.”

Housing Wire – “Foreclosures Down 5% in First Half of 2010: Foreclosure Listings Nationwide” (8-11-10)

“Foreclosure Listings Nationwide said second-quarter foreclosures rose 1% from the year ago and declined 4% from the prior quarter. More than 1.6m properties began the foreclosure process during the six months ending June 30, representing a nearly 7% decline from a year ago.”

Housing Wire – “Fitch Sees $100bn in Special Servicing CMBS Loans by Year End” (8-11-10)

“Commercial real estate loans that require special servicing continue to climb with the total volume projected to reach $100bn by the end of 2010. These loans are used as collateral in commercial backed mortgage securitizations (CMBS).”

Housing Wire – “FHA Postpones Premium Changes until October” (8-11-10)

“Last week, Federal Housing Administration (FHA) commissioner David Stevens announced plans for implementing FHA’s new mortgage insurance premium structure. Based on industry feedback to the announcement, the FHA postponed the premium fee changes on all new case numbers for one month, and will now implement them on Oct. 4, 2010.”

Housing Wire – “Most Borrowers Choose Fixed-Rate Mortgages for Refinancing, Freddie Says” (8-11-10)

“Borrowers who are refinancing their homes are taking advantage of the lowest fixed-mortgage rates in the past 50 years, according to Freddie Mac’s quarterly Product Transition Report today. The report indicates 95% of refinance loans completed in Q210 were processed with a fixed-rate mortgage (FRM).”

Bloomberg - “Fed Reverses Exit Plans, Sets $2 Trillion Floor for Holdings” (8-11-10)

“Officials directed the New York Fed’s trading desk to reinvest what economists estimate will be $15 billion to $20 billion a month in maturing agency and mortgage-backed securities back into U.S. Treasuries. The purchases will help keep Treasury yields and mortgage costs low and prevent the level of monetary stimulus from shrinking further.”

Realty Times – “Top 10 Things You Need to Know About Self-Directed IRAs” (8-11-10)

“IRAs Can Purchase Almost Anything. A common misconception about IRAs is that purchasing anything other than CDs, stocks, mutual funds or annuities is illegal in an IRA. This is false. The only prohibitions contained in the Internal Revenue Code for IRAs are investments in life insurance contracts and in ‘collectibles.’ Since there are so few restrictions contained in the law, almost anything else which can be documented can be purchased in your IRA. A ‘self-directed’ IRA allows any investment not expressly prohibited by law. Common investment choices include real estate, both domestic and foreign, options, secured and unsecured notes, including first and second liens against real estate, C corporation stock, limited liability companies, limited partnerships, trusts and a whole lot more.”

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 8/10/10

Tuesday, August 10th, 2010

Today’s News Synopsis:

The new FHA short refinancing program will provide additional refinancing options to underwater homeowners starting Sept. 7. According to Integrated Asset Services, nationwide home prices increased 1.1% in the second quarter. Zillow reports California’s current rate on 30-year mortgages is 4.34%. CoreLogic estimates that short sales in Arizona, California, Florida and Texas will cost lenders $310m in unnecessary losses in 2010.

In The News:

Sign on San Diego - “Q&A: Pulte Homes exec on the San Diego housing market” (8-10-10)

“Q:Why is your company looking to build in the San Diego market? A: We are trying to be very strategic in our land acquisitions because there is a limited availability of finished lots. We see the economy starting to recover here with companies beginning to invest, especially in the high-tech and biotech markets. Engineers are relocating here. It tells us the demand is there.”

Housing Wire – “FDIC Launches Unit to Liquidate Banks under Dodd-Frank” (8-10-10)

“The CFI will review bank holding companies (BHCs) with more than $100bn of assets as well as non-bank financial companies designated as systemically important by the new Financial Stability Oversight Council. The CFI unit will also carry out the FDIC’s new authority to implement orderly liquidations of failed BHCs and non-bank financial firms.”

Housing Wire – “Home Prices Nationwide Increase 1.1%: IAS360″ (8-10-10)

“Integrated Asset Services, LLC (IAS), a Denver-based collateral valuation and default management service firm, released its latest IAS360 House Price Index (HPI) Tuesday reporting that collectively, nationwide home prices increased 1.1% from the first quarter of 2010 to the second. This is down 0.9% from the same period last year and down 16.7% from the survey’s all-time HPI high in Q407.”

Housing Wire – “FHA Short Refinancing Program Likely to Have Low Impact on Housing: KBW” (8-10-10)

“As HousingWire reported last week, the new program will provide additional refinancing options to underwater homeowners starting Sept. 7. To be eligible for the new loan, the homeowner must be underwater but still current on the mortgage. A credit score of 500 or better is required, and once refinanced and insured by the FHA. The new refinanced loan must have a loan-to-value ratio of no more than 97.75%. The borrower’s existing first-lien holder must agree to write at least 10% of the unpaid principal balance, and it must bring the borrower’s combined loan-to-value ratio (LTV) on that first mortgage to no more than 115%. The existing refinanced loan cannot be an FHA-insured one.”

Housing Wire – “Zillow: Weekly Rate on 30-Year Fixed Rate Mortgage Averages 4.3%” (8-10-10)

“The 30-year fixed-mortgage rate (FRM) slightly increased week-to-week nationally to an average of 4.3%, according to the Zillow Mortgage Marketplace weekly update. This is up 0.02% from the record low set last week. Regionally 30-year rates are varying, but the majority of states saw an escalation. California’s current rate is 4.34%, up from 4.33% last week, as is New Jersey’s at 4.28%, up from 4.27%.”

Housing Wire – “DebtX June CRE Loan Value Up to 77.4%” (8-10-10)

“The value of commercial real estate (CRE) loans that collateralize commercial mortgage-backed securities (CMBS) priced by DebtX rose to 77.4% at the end of June from 76.6% in May, the loan-sale adviser said in a press release Tuesday.”

Housing Wire – “Short Sales Cost Lenders $310m More Than Necessary, CoreLogic Study Finds” (8-10-10)

“The study projects that more than half of short sales happen in Arizona, California, Florida and Texas and will cost lenders an estimated $310m in unnecessary losses during all of 2010. These losses average $41,500 per short sale. Potential fraud, such as flipping or offer misrepresentation, likely happens in one in every 53 short sale transactions. CoreLogic examined a representative data sample of single family residence (SFR) short sale transactions from the past two years, representing 98% of real estate transactions and 85% of mortgage financing details, the firm said.”

Housing Wire – “Risk of House Price Decline Slightly Shrinks in PMI Index” (8-10-10)

“The Q310 market risk index, which uses Q110 data, dropped to 51.9 from 53.8. The score indicates the probability (from zero to 100) that the price of homes will on average be lower after two years. And while the risk of declines is less, economic analysts say house prices will likely continue to drop.”

Bloomberg - “`Buy and Bail’ Homeowners Get Past Loan Restrictions” (8-10-10)

“Real estate professionals call it ‘buy and bail,’ acquiring a new house before the buyer’s credit rating is ruined by walking away from the old one because it’s ‘underwater,’ or worth less than the mortgage. It’s an attempt to escape payments on a home whose value may never recover while securing a new property, often at a lower price with a more affordable loan. The practice, which constitutes fraud if borrowers lie on loan applications, is continuing even after Fannie Mae and Freddie Mac, the biggest U.S. mortgage-finance companies, beefed up standards to prevent it, according to brokers such as Collier and Meg Burns, senior associate director for congressional affairs and communications at the Federal Housing Finance Agency.”

Bloomberg - “Investors Doubt Mortgage-Bond Revival Until 2012, Moody’s Analysts Say” (8-10-10)

“Investors doubt the market for home- loan securities without government backing will revive until 2012, according to Moody’s Investors Service. About 74 percent of attendees surveyed for a June conference by the New York-based rating company responded that issuance, which essentially halted in 2007, will make a substantial ‘comeback’ no sooner than 2012, Moody’s analysts Navneet Agarwal and Brian Harris wrote in an Aug. 6 report.”

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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