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By Bruce Norris .

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

Tuesday, May 7th, 2013


Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

 

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

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

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

Looking Back:

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

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

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The Norris Group Real Estate News Roundup 4/26/13

Friday, April 26th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Shaun Donovan of HUD announced a new plan to put $1.7 billion into a recovery act for those hit hardest by Hurricane Sandy.  GDP increased 2.5% in the first quarter, slower than expected but drastically higher than the previous quarter.

In The News:

Housing Wire - “San Francisco housing market becomes nearly unaffordable” (4-26-13)

“At a recent real estate conference in Dallas, Trulia Chief Economist Jed Kolko discussed how his hometown, San Francisco, was experiencing unreasonably high prices as a result of extremely limited potential land development and tight inventory.”

DS News – “Moody’s: Home Prices to Increase, Loss Severities to Remain High” (4-26-13)

“Home prices will increase over the next three years as the economy expands and servicers work through their distressed inventories, according to a report from Moody’s Analytics.  However, the firm predicts rising prices will not be enough to offset anticipated rising loss severities.”

Bloomberg – “Investor Passion Cooling for Private Mortgage Securities” (4-26-13)

“Investors’ rekindled passion for sales of private mortgage securities is cooling.  Yields on $397.3 million of top-rated securities sold yesterday by Redwood Trust Inc. (RWT) were 175 basis points more than benchmark swap rates, up from 170 basis points on bonds it sold earlier this month and 97 basis points, or 0.97 percentage point in January.”

Housing Wire - “Hardest-hit communities receive funding to rebuild” (4-26-13)

“Policymakers are taking further action to help homeowners and neighborhoods devastated by the aftermath of super storms.”

DS News - “Non-Investor Homebuyers also Driving Market Recovery, Survey Finds” (4-26-13)

“Investors aren’t the only major players driving the housing recovery. According to results from the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey for March, first-time homebuyers and current homeowners are also building a strong presence as they dominate the non-distressed market.”

CNN Money - “When will the debt ceiling need to be raised?” (4-26-13)

“If you enjoy the spectacle of lawmakers fruitlessly fighting over the budget, then you’re in luck. Congress is expected to have even more time to chase its tail this summer before it must do something concrete — raise the country’s legal debt limit.”

Realty Times - “Short Sale Lease Back Alternative to Foreclosure Available” (4-26-13)

“Some lenders will allow you to buy a home immediately after a short sale in certain circumstances and others will give you a mortgage two to three years after a short sale.”

DS News - “Q1 GDP Shows Sharp Gain Over Previous Quarter” (4-26-13)

“The nation’s economy rose at a seasonally adjusted annual rate of 2.5 percent in the first quarter, slightly slower than economists had expected but more than six times the growth rate in the fourth quarter, the Bureau of Economic Analysis (BEA) reported Friday.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 3 bedroom, 2 bathroom home appraised for $199,000.

 

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

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

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

Looking Back:

The National Association of Realtors reported a 4.1% increase the previous month in the purchases of pending homes.  More and more homes were being foreclosed on after having been put on hold due to the recent robo-signing issues.  Jobless claims declined by 9,000 from the previuos week, but they were still at levels higher than wanted.  Fixed mortgage rates were still at their lowest on record at 3.00% for 30-year and 3.12% for 15-year.

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 4/10/13

Wednesday, April 10th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 4% increase in mortgage applications from last week.  The Lender Processing Services reported about 500,000 delinquent loans were repaired in February, showing an increase in the number of fixed loan mods.  Zillow reported an increase in home prices with the increase in mortgage rates.

In The News:

Housing Wire - “Mortgage applications rise as refinancing picks up” (4-10-13)

“Mortgage applications escalated 4% for the week ending April 5, recovering from a drop last week, the Mortgage Bankers Association said.”

Bloomberg – “Home Prices Seen Falling in Some Areas as Rates Increase” (4-10-13)

“Home prices are climbing too fast relative to buyer incomes, signaling that property values may fall in some U.S. cities once mortgage rates rise and reduce affordability, according to a study by Zillow Inc. (Z).”

NAHB – “FHA Reform Efforts Must Ensure Borrowers Have Access to Affordable Home Loans” (4-10-13)

“With tight mortgage lending standards preventing well-qualified home buyers from obtaining home loans and impeding the housing and economic recovery, the National Association of Home Builders (NAHB) today expressed support for congressional efforts to reform the Federal Housing Administration (FHA) but urged lawmakers to proceed in a cautious manner to avoid any disruptions to the nation’s housing finance system.”

Realty Times - “Consumers Remain Confident in Housing Market” (4-10-13)

“Fannie Mae released the March 2013 National Housing Survey which shows that consumers remain confident in the housing market even while having doubts in other areas of the economy.”

DS News - “LPS Reports a Spike in Cures, Increase in Mods in February” (4-10-13)

“Lender Processing Services (LPS) reported a spike in cure rates in February and an increase in the volume of loan modifications following decreases.”

Inman- “Inventory, prices post gains as spring buying season gets underway” (4-10-13)

“Listing inventory and median list prices posted gains from February to March, with inventory rising 2.4 percent and prices 0.5 percent, according to the latest numbers from realtor.com.”

Bloomberg - “Fannie Mae Bailout Seen Turning Profit by 2023 in Obama Budget” (4-10-13)

“Fannie Mae and Freddie Mac, the U.S.-owned mortgage-finance companies, could return billion of dollars in profits to taxpayers who bailed them out in 2008, White House budget analysts said today.”

Housing Wire - “Housing analysts push FHA reform” (4-10-13)

“Housing industry experts threw out various suggestions to the members of the Committee on Financial Services advocating for solutions under the banner of Federal Housing Administration reform.”

CNN Money - “Firms are firing less, but not hiring enough” (4-10-13)

“Far fewer Americans are getting fired or laid off these days that they were in 2009.  In fact, layoffs are back at their pre-recession lows.”

Hard Money Loan Closed

Lake Elsinore, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 4 bedroom, 2.5 bathroom home appraised for $227,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

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

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

Looking Back:

Zillow reported rents were showing substantial increases over purchases, in some cities as much as 15% from the previous year.  Edward DeMarco believed if Fannie Mae and Freddie Mac forgave the principal on some troubled mortgages, it could save them $1.7 billion.  Key members of Congress introduced new bills that would extend the  Mortgage Forgiveness Debt Relief Act into 2014.

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 4/3/13

Wednesday, April 3rd, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 4% decrease in mortgage applications from last week.  Home prices increased 10.2% annually, the most in almost 7 years.  First-time home buyer activity increased in February and is continuing to grow with the concern of interest rates and prices increasing.

In The News:

Bloomberg - “U.S. Apartment-Rent Increases Slow Amid Construction Boom” (4-2-13)

“U.S. apartment rents increased in the first quarter at their slowest pace since late 2011 amid a wave of construction that will further test landlords’ ability to raise rates, Reis Inc. (REIS) said.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (4-3-13)

“Mortgage applications decreased 4.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 29, 2013.”

Housing Wire - “Mortgage firms turn attention to worst performing loans” (4-3-13)

“The housing recovery is providing confidence to mortgage firms to finally close the chapter on the most troubled loans.”

Inman - “Home prices post highest jump in nearly 7 years” (4-3-13)

“Home prices rose more on an annual basis in February than they have in nearly seven years, largely due to outsized price appreciation in the Western states, according to a report released today by real estate analytics firm CoreLogic.”

Bloomberg – “Americans Seize Second Chance Mortgages Post-Foreclosure” (4-3-13)

“About 7 million mortgage holders have had to leave their homes since 2007 because of foreclosure or a short sale, in which a property is sold for less than is owed, according to RealtyTrac.”

DS News - “Survey: Activity from First-Time Homebuyers Increases in February” (4-3-13)

“Interest from first-time homebuyers is steadily growing due to concerns over rising interest rates and prices, while investor interest in buying remains strong, according to results from the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.”

Housing Wire - “Soaring CMBS issuance feeds off market momentum” (4-3-13)

“The demand for higher rates on new commercial mortgage-backed securities deals has soared, leading investors to spend more on insuring against losses on commercial properties.”

DS News - “MBA: Rising Costs Lower Per-Loan Profits in Q4″ (4-3-13)

“Rising costs took a toll on per-loan profits in the fourth quarter of 2012, according to data from the Mortgage Bankers Association (MBA).”

Hard Money Loan Closed

Valley Center, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $160,000 on a 4 bedroom, 2 bathroom home appraised for $325,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

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

Looking Back:

Both foreclosure starts and sales decreased 15% and 19% from the previous month, although the inventory of foreclosures was still at a high.  The prices of homes was expected to decrease 10% due to being uncared for a year during foreclosure investigations.  The Federal Reserve was requiring Morgan Stanley to conduct a thorough review of Saxon Mortgage Services as well as be fined for mishandled 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 4/2/13

Tuesday, April 2nd, 2013


Today’s News Synopsis:

Fannie Mae reported their annual net income for 2012 was $17.2 billion for the whole year and $7.6 billion in the fourth quarter, the largest both annually and quarterly in the history of the company.  NAR reported a higher demand for vacation homes with sales increasing 10.1% to 553,000 in 2012.  Bank of America and the National Credit Union Administration reached a $165 million agreement to cover losses caused by purchases made by failed credit unions.

In The News:

Bloomberg - “Immigrant Dreams to Keep Sparking U.S. Housing Recovery” (4-2-13)

“Efforts to revamp U.S. immigration laws may bring at least one unintended benefit for the economy: The nascent housing recovery will probably get an added boost.”

Housing Wire - “Demand for vacation homes on the rise” (4-2-13)

“More consumers are seeking the relaxation of getting away, as vacation-home sales rose 10.1% to 553,000 in 2012 from 502,000 in 2011, according to data from the National Association of Realtors.”

Mortgage Bankers Association - “MBA: Despite Higher Volumes, Independent Mortgage Banker Per-Loan Profits Decrease in the Fourth Quarter as the Cost to Originate Rises” (4-2-13)

“Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $2,256 on each loan they originated in the fourth quarter of 2012, down from $2,465 per loan in the third quarter, as increasing costs outweighed higher revenues, the Mortgage Bankers Association (MBA) reported today.”

Bloomberg – “BofA Sets $165 Million Accord With NCUA on Mortgages” (4-2-13)

“Bank of America Corp. and the National Credit Union Administration reached a $165 million accord to cover losses on purchases of residential mortgage- backed securities by credit unions that failed, the agency said.”

Inman - “Fannie Mae posts record net income” (4-2-13)

“Allowing bailed-out mortgage giants Fannie Mae and Freddie Mac to persist in their current form — one that critics say helped bring down the financial system — may be out of the question to most lawmakers.”

DS News - “NAR: Investment-Home Sales Decline in 2012; Median Price Rises 15%” (4-2-13)

“Investment-home sales in 2012 were down slightly from the year before but remain elevated, while the median price increased, according to a survey from National Association of Realtors (NAR).”

Housing Wire - “Redwood Trust ready to strike with latest RMBS deal” (4-2-13)

“Real estate investment trust Redwood Trust is keeping pace with its monthly issuance goal, setting out on its fifth and smallest private-label residential mortgage-backed securitization deal of the year.”

DS News - “Report: Prices Post First Winter Quarterly Gain in 7 Years” (4-2-13)

“For the first time since 2006, national home prices survived winter without experiencing a quarterly decline, according to Clear Capital’s market report for March.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 2 bedroom, 1 bathroom home appraised for $303,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

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

Looking Back:

The number of bank closures reached 16 with the recent closure of a bank in Michigan.  Hope Now reported a 20% decrease in private mortgage modifications the previous month.  JP Morgan was facing a lawsuit from Ambac for mishandled loans.

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 3/25/13

Monday, March 25th, 2013


Today’s News Synopsis:

LPS reported home prices saw a month-over-month increase in January, but they are still lower than their original peak.  Zillow reported home values are expected to increase by as much as 22% through 2017.  Bank of America Merrill Lynch said another housing bubble could occur if home prices continue to rise without leading to a reduction in unemployment.

In The News:

Bloomberg - “Payroll Growth Vaults to Higher Pace at U.S. Companies” (3-24-13)

“Companies from Ford Motor Co (F). to a California tortilla maker are stepping up hiring as the economy improves. The result, say Maury Harris of UBS Securities LLC and Allen Sinai of Decision Economics Inc.: Payroll growth is vaulting to a faster pace of about 200,000 a month, after averaging 167,000 in the second half of last year.”

Inman - “Freddie Mac makes loan data available” (3-25-13)

“Freddie Mac says it will disclose performance data on a swath of single-family loans that it purchased over a 13-year period representing about 53 percent of Freddie Mac’s total mortgage acquisitions, or 15.7 million mortgages, from Jan. 1, 1999 to Dec. 31, 2011.”

DS News – “LPS: Home Price Increases Continue into January” (3-25-13)

“National home prices continued to recover from December to January, but prices were still far below their peak, according to the Home Price Index (HPI) report from Lender Processing Services, Inc. (LPS).”

Housing Wire – “Continued QE3 may lead to another housing bubble: BofAML” (3-25-13)

“History seems to be repeating itself as rising home prices are not leading to a reduction in unemployment as quickly as market strength may indicate, possibly creating another housing bubble, said Bank of America Merrill Lynch in its latest report.”

Realty Times - “Zillow: Home Values To Grow 22 Percent Through 2017″ (3-25-13)

“Home values will grow incrementally by more than 4 percent a year and cumulatively by 22 percent over the next five years.”

DS News - “California’s Principal Reduction Program Expands Its Reach” (3-25-13)

“The Principal Reduction Program that functions under the Keep Your Home California program experienced a 47 percent increase in participation from the fourth quarter of 2011 to the fourth quarter of 2012, according to the Treasury.”

Housing Wire - “Credit Suisse: Faster principal payments equal less default risk” (3-25-13)

“Always current mortgage borrowers who aggressively tackle their mortgage debts are less likely to default in many cases, creating a significant indicator of ‘reduced credit risk’ for investors in non-agency residential mortgage-backed securities, Credit Suisse analysts claim in a new report.”

DS News - “Rep and Warranty, Servicing Costs Remain Elevated in Q4: KBW” (3-25-13)

“Representation and warranty costs remained elevated in the fourth quarter among top originators, though new and outstanding repurchase claims were mixed for large mortgage companies, according to a recent analysis from Keefe, Bruyette & Woods, Inc (KBW).”

Bloomberg- “Debt Flagged by Fed Bought by Funds Copying 2007: Credit Markets” (3-25-13)

“Money managers from Ares Management LLC to Onex Corp. (OCX) are borrowing at the fastest pace in six years to buy the type of speculative-grade loans that federal bank regulators warned last week is becoming riskier.”

Hard Money Loan Closed

Valley Center, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $164,000 on a 3 bedroom, 2 bathroom home appraised for $265,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

 

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

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The Norris Group Real Estate News Roundup 3/22/13

Friday, March 22nd, 2013



Sources:

Today’s News Synopsis:

This week’s video is a slideshow of the top news stories in real estate.  The FHFA reported home prices continue to maintain a steady increase with their recent 0.6% increase in January.  Between now and Friday, March 29 when equity markets will be closed, several officials will be making speeches regarding the state of the economy and monetary policies.

In The News:

Housing Wire - “NY court reverses robosigning ruling against HSBC” (3-22-13)

“An appellate court reversed a New York Supreme Court decision against HSBC ($0.00 0%), thereby ruling against a homeowner who alleged wrongful foreclosure.”

DS News – “FHFA: Home Prices Maintain Monthly, Yearly Gains in January” (3-22-13)

“Home prices rose another 0.6 percent in January, according to the Federal Housing Finance Agency’s (FHFA’s) House Price Index, which measures the prices of homes owned or guaranteed by Fannie Mae and Freddie Mac.”

Realty Times - “Real Estate Market Offering Good Opportunity For Buyers” (3-22-13)

“In some areas the real estate market is “hopping”. New homes are being sold faster than they can be built and some new homeowners are purchasing great properties for a lower price than five years ago and with a very low interest rate. That’s making today’s buyers feel more secure about their investment.”

Inman - “Borrowers with energy-efficient homes less likely to default” (3-22-13)

“Borrowers with energy-efficient homes are significantly less likely to default, according to a study by the University of South Carolina Center for Community Capital.”

DS News- “Study: Nearness to Public Transportation Strengthens Home Values” (3-22-13)

“A study released by American Public Transportation Association (APTA) and the National Association of Realtors (NAR) suggested homes in close proximity to public transportation were much more resilient when faced with price declines during the recession.”

Housing Wire – “Analysts tighten outlook for Fed exit from QE3″ (3-22-13)

“The announcement that the Federal Reserve will continue buying $85 billion of monthly assets came as no surprise to the market. And analysts expect little near-term change to the mortgage-backed securities market, which constitutes $40 billion of said purchase, ahead of the pending Easter Holiday.”

Realty Times - “Mortgage Lending Capacity Lag Restrains Housing Recovery” (3-22-13)

“The housing market isn’t out of the woods yet.  And it’s not just that there aren’t enough homes to buy.  Home equity has a way to go before more sellers come to market. That’s easy to understand.”

Hard Money Loan Closed

Carson, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $195,000 on a 3 bedroom, 1 bathroom home appraised for $304,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

Looking Back:

In a big story in the news, mortgage rates were slowly but surely continuing to increase and were above 4%.  Prices of homes had the smallest decrease in two years in January at 0.8%.  The Labor Department reported claims of unemployment decreased to 348,000 the previous week.

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 3/5/13

Tuesday, March 5th, 2013


Today’s News Synopsis:

CoreLogic reported home prices increased 9.7% in January, the highest in seven years.  Asking prices for homes increased 7% in February according to Trulia, although at the same time inventory decreased 23%.  The California Department of Real Estate will be no more as of July 1, 2013.

In The News:

DS News- “Asking Prices Rise in February; Inventory Falls” (3-5-13)

“National asking home prices have risen 7.0 percent year-over-year since bottoming out last February, Trulia revealed in its February Price Monitor Report.”

Realty Times – “No More Department of Real Estate in California” (3-5-13)

“The days of California’s Department of Real Estate (DRE) are numbered. Effective July 1, 2013, it will cease to exist.”

Housing Wire – “Housing demand to grow as new immigrants arrive” (3-5-13)

“Rental and homeownership demand from new U.S. immigrants is expected to grow as more foreign-born citizens settle into the U.S, according to a new report.”

Inman- “Home prices take biggest leap in 7 years” (3-5-13)

“National home prices in January were up 9.7 percent from a year ago, the biggest annual increase since April 2006, according to data aggregator CoreLogic’s home price index.”

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Delinquency Rates Continued Down in Fourth Quarter” (3-5-13)

“Delinquency rates continued to decline for commercial and multifamily mortgage loans in the fourth quarter of 2012, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.”

Housing Wire - “MBS investors call for transparency in creating new securitization platform” (3-5-13)

“The call for the end of both Fannie Mae and Freddie Mac along with a trend by the government to sever ties with public sector entities and promote a single securitization platform has prompted investors to wonder about the potential effects on securitized markets.”

DS News - “Fannie Mae Announces 2012 Servicer Scorecard Results” (3-5-13)

“Fannie Mae unveiled 2012 program results for the Servicer Total Achievement and Rewards (STAR) scorecard.”

Hard Money Loan Closed

La Puente, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 4 bedroom, 1.5 bathroom home appraised for $297,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IVAOR TOMORROW.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

Looking Back:

Another bank closed in Georgia on Friday, bringing the total up to 12 for bank closures.  DS News reported a higher number of foreclosures in January 2012 than loan modifications, the first time this had occurred since October 2009.  Pending home sales were increasing this month, according to the National Association of Realtors.   Fitch feared home prices could drop again another 9.1%.

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 2/11/13

Monday, February 11th, 2013


Today’s News Synopsis:

Single-family home prices increased in 88% of cities in the United States with the decrease in interest rates and improving job market.  According to HOPE NOW, over 850,000 loan modifications were completed during all of last year.  The National Association of Realtors reported the national median home price increased year-over-year by the most in seven years.  This came with unsold inventory being at its lowest in twelve years and increasing home sales.

In The News:

Bloomberg – “Home Prices Rise in 88% of U.S. Cities as Recovery Gains” (2-11-13)

“Prices for single-family homes climbed in almost 88 percent of U.S. cities in the fourth quarter as the housing recovery broadened.”

DS News- “Foreclosures Prevented with 850K Mods, 422K Short Sales in 2012″ (2-11-13)

“For all of 2012, servicers completed more than 850,000 loan modifications, while the industry also continued to push for another foreclosure alternative—short sales, according to recent data from HOPE NOW, an alliance of mortgage servicers, investors, mortgage insurers, and nonprofit counselors.”

Housing Wire - “Pent-up demand fuels home sales: NAR” (2-11-13)

“The national median home price saw the strongest year-over-year increase in seven years as a growing number of metropolitan areas posted higher median values in the fourth quarter of 2012, the National Association of Realtors said.”

DS News- “Senators Reintroduce Refi Bill” (2-11-13)

“Two U.S. senators reintroduced legislation designed to open up competition and limit barriers to refinance for qualified homeowners who are otherwise left without options.”

Realty Times - “Mortgage Servicing Rule Benefits Could Cost Mortgage Consumers” (2-11-13)

“Landmark mortgage servicing regulations, designed largely to protect consumers from abusive and costly practices, ironically could add to the cost of a mortgage.”

NAHB – “Latest NAHB Publication Offers Inside Look into the Financial Records of Remodelers” (2-11-13)

“Remodelers now have a unique opportunity to see how their business stacks up against the competition with a new publication from the National Association of Home Builders (NAHB).”

DS News- “CFPB Plans to Closely Monitor Loan Transfer Activity from Servicers” (2-11-13)

“As loans get transferred from one mortgage servicer to another, certain risks can inadvertently be placed on homeowners. So, in light of the heightened number of mortgage servicing transfers, the Consumer Financial Protection Bureau (CFPB) issued a bulletin to servicers and subservicers to remind them of protections for consumers when loan transfers occur.”

Housing Wire- “Investors search for alternative routes in bond markets” (2-11-13)

“Recent weakness in the agency mortgage-backed securitization market may be a product of the growing view point that unwarranted housing strength will force the Federal Reserve to exit the open-ended third round of quantitative easing sooner than expected.”

DS News- “Cash Purchases in California Rise to Record High: DataQuick” (2-11-13)

“The number of homes purchased with cash in California reached an all-time high in 2012 as the mortgage environment kept other interested buyers out, according to DataQuick, a real estate information service.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $167,000 on a 2 bedroom, 1 bathroom home appraised for $240,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

 

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

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The Norris Group Real Estate News Roundup 1/28/13

Monday, January 28th, 2013


Today’s News Synopsis:

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

In The News:

Inman – “Tight inventories weigh on prospects for 2013 growth” (1-28-13)

“Tight listing inventories are likely to constrain growth in 2013 home sales, the National Association of Realtors said in releasing a report showing that pending sales dropped 4.3 percent from November to December.”

DS News- “San Bernardino County Rejects Eminent Domain Proposal” (1-28-13)

“After much debate and consideration, an idea that had been brewing in San Bernardino County to address negative equity through the use of eminent domain was rejected Thursday by the Joint Powers Authority (JPA).”

Housing Wire- “U.S. home prices crawl upward” (1-28-13)

“U.S. home prices continued to inch their way up, showing a 0.5% increase from October to November, according to the latest Lender Processing Services home price index.”

Bloomberg- “Las Vegas Area Leads U.S. in Home-Construction Gains” (1-28-13)

“Las Vegas, one of the hardest-hit cities in the U.S. real estate crash, had the biggest jump in housing starts in the fourth quarter, almost doubling from a year earlier.”

Inman- “Clear Capital offers Freddie Mac valuation tools” (1-28-13)

“Two property valuation tools from mortgage giant Freddie Mac are now available to lenders and third-party resellers such as appraisal management companies, data providers and due diligence firms through real estate data and valuation firm Clear Capital.”

DS News – “Massachusetts Completed Foreclosures Shrink in 2012, Starts Increase” (1-28-13)

“From 2011 to 2012, the number of completed foreclosures fell in Massachusetts, while foreclosure starts experienced a significant increase, according to a report from the Warren Group.”

Bloomberg- “Fannie Adds Bailout For Underwater Walkaways: Mortgages” (1-28-13)

“Fannie Mae (FNMA) and Freddie Mac will let some borrowers who kept up payments as their homes lost value erase their debts by giving up the properties, helping Americans escape underwater loans while adding to losses at the mortgage giants bailed out with $190 billion of taxpayer money.”

Housing Wire- “ASF 2013: Fannie Mae and Freddie Mac are here to stay” (1-28-13)

“Although the housing market has posted a shift in positive momentum, many factors within housing finance will likely remain for quite some time, and reform is not expected any time soon.”

Hard Money Loan Closed

Norwalk, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $185,000 on a 3 bedroom, 1 bathroom home appraised for $307,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 2012.

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

 

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

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