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

Tuesday, March 8th, 2011

Today’s News Synopsis:

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

In The News:

CAR - “C.A.R. Short Sale Lender Satisfaction Survey” (3-8-11)

“Fewer than three of five short sales close in California, illustrating the complexity and difficulty of navigating lenders’ and servicers’ short sale procedures, according to a Short Sale Lender Satisfaction Survey conducted by the CALIFORNIA ASSOCIATION OF REALTORS®”

San Francisco Chronicle – “Underwater mortgages rise as home prices fall” (3-8-11)

“About 11.1 million households, or 23.1 percent of all mortgaged homes, were underwater in the October-December quarter, according to report released Tuesday by housing data firm CoreLogic. That’s up from 22.5 percent, or 10.8 million households, in the July-September quarter.”

Housing Wire – “Moody’s finds MERS fire at little risk of spreading” (3-8-11)

“MERS is reportedly listed as the owner of record and nominee for the lender on more than 50% of outstanding mortgage in the U.S.”

Housing Wire – “BofA doubles default servicing staff, opening centers across the nation” (3-8-11)

“Bank of America (BAC: 14.69 +4.70%) doubled its staff to assist financially distressed homeowners, opened two regional customer assistance centers and plans to open four more.”

Housing Wire – “KBW: Prepayment speeds unlikely to rise over next 12-18 months” (3-8-11)

“Prepayment activity is unlikely to increase over the next year to 18 months, as long as mortgage rates hover around 5%, according to one financial services investment bank. Keefe, Bruyette & Woods said while mortgage rates remain low, they have increased meaningfully since the middle of November while refinance activity dropped sharply during this period.”

Orange County Register – “O.C. judge: Banks rush to foreclose, make errors” (3-8-11)

“An Orange County Superior Court judge who initiated a ‘foreclosure relief’ program that appears to be unique to California courts says that many banks have not been mediating in good faith with troubled borrowers to work out solutions and instead have rushed to repossess homes.”

Looking Back:

One year ago, multifamily home building was expected to become more expensive in San Diego, as a new water meter program gained popularity. One in every 25 Los Angeles homes received a notice of foreclosure in 2009. Silicon Valley Bank forecasted an increase in foreclosures in Napa Valley.

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

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The Norris Group Real Estate News Roundup 3/2/11

Wednesday, March 2nd, 2011

Today’s News Synopsis:

The MBA reports mortgage applications fell 6.5% last week. HUD said mortgage delinquencies declined in January. Wells Fargo predicts California economic growth will remain slow this year.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-2-11)

“Mortgage applications decreased 6.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 25, 2011.”

Sign On San Diego – “San Diego, Orange counties lead state growth” (3-2-11)

“Job growth in San Diego and Orange counties will help lead California into economic recovery, but the statewide growth rate will remain ‘painfully slow,’ according to a study released Tuesday by the economics group at Wells Fargo Securities.”

Inman - “HUD ramps up grants to fair housing groups” (3-2-11)

“Federal housing regulators are boosting grant funding by 48 percent to fair housing groups and nonprofit agencies that educate the public about housing and lending discrimination laws and help catch violators.”

Bloomberg - “BofA, Citigroup Say Mortgage Database Draws Scrutiny in Foreclosure Probe” (3-2-11)

“Earnings at Bank of America, the largest U.S. lender, may suffer materially if using Mortgage Electronic Registration Systems or MERS is found to be invalid, according to a regulatory filing last week. Citigroup and PNC said fines or other penalties may result from investigations into MERS and allegations of faulty foreclosure practices.”

Office of Thrift Supervision – “Thrift Industry Reports First Annual Profit Since Financial Crisis Began” (3-1-11)

“The U.S. thrift industry posted a profit of $6.6 billion in 2010, the first profitable year for the industry since 2006, the Office of Thrift Supervision (OTS) reported today.”

Housing Wire – “CMBS delinquency slows most since financial crisis, still hits record high” (3-2-11)

“The delinquency rate on commercial mortgage-backed securities increased 5 basis points to 9.39% in February, the smallest monthly gain since the financial crisis in 2008, according to analytics firm Trepp.”

Housing Wire – “Obama administration sees unsettled home prices keeping market down” (3-2-11)

“In its latest housing scorecard released by the Department of Housing and Urban Development and the Treasury Department, the administration said mortgage delinquencies in January continued to decline from record levels seen at the beginning of 2010.”

Housing Wire – “Fed’s Beige Book shows muted results in housing, finance” (3-2-11)

“Overall economic activity continued to expand at a modest to moderate pace in January and early February, although the housing and financial markets outlook was muted, according to the Federal Reserve’s Beige Book.”

Bloomberg - “Treasury Lobbies Congress to Save Housing Assistance Programs” (3-2-11)

“Congress is weighing whether to eliminate programs that have helped fewer homeowners than promised. About 1.5 million households have begun trial mortgage modifications through HAMP, down from initial projections of 3 million to 4 million.”

Looking Back:

One year ago, 68 percent of U.S. citizens supported the government’s involvement in the housing market. Fannie Mae announced plans to buy 150,000 to 200,000 delinquent loans from MBS trusts. Economist Jan Hatzius believed we would not see an interest rate increase any time in the near future. Realtors advised that staging is a critical component of selling a home.

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 2/17/11

Thursday, February 17th, 2011

Today’s News Synopsis:

4,966 new and resale houses and condos sold in the Bay Area, according to MDA DataQuick. Statistics from the MBA shows the delinquency rate for mortgages decreased to 8.22% in the 4th quarter of 2010. The Labor Department said jobless claims increased 6.5% last week.

In The News:

Mortgage Bankers Association – “Short-term Delinquencies Fall to Pre-Recession Levels, Loans in Foreclosure Tie All-Time Record in Latest MBA National Delinquency Survey” (2-17-11)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 8.22 percent of all loans outstanding as of the end of the fourth quarter of 2010″

MDA DataQuick – “Slow 2011 Start for Bay Area Housing Market” (2-17-11)

“A total of 4,966 new and resale houses and condos sold in the nine-county Bay Area last month. That was down 30.8 percent from 7,178 in December and up 2.3 percent from 4,853 in January 2010, according to San Diego-based DataQuick Information Systems.”

Contra Costa Times – “The average rate on a 30-year fixed mortgage slipped to 5 percent from 5.05 percent last week, Freddie Mac said Thursday.” (2-17-11)

“The average rate on a 30-year fixed mortgage slipped to 5 percent from 5.05 percent last week, Freddie Mac said Thursday.”

Wall Street Journal – “Banks Push Home Buyers to Put Down More Cash” (2-17-11)

“The median down payment in nine major U.S. cities rose to 22% last year on properties purchased through conventional mortgages, according to an analysis for The Wall Street Journal by real-estate portal Zillow.com. That percentage doubled in three years and represents the highest median down payment since the data were first tracked in 1997.”

Housing Wire – “JPMorgan Chase offers special relief for military mortgages” (2-17-11)

“JPMorgan Chase (JPM: 47.93 -0.02%) is starting a variety of mortgage assistance programs for military personnel, and pledged to not foreclose on any service member on active duty.”

Housing Wire – “MERS to members: Don’t foreclose in our name” (2-17-11)

“Mortgage Electronic Registration Systems, or MERS, told its members Wednesday not to foreclose on residential mortgages in its name.”

Housing Wire – “Jobless claims rose 6.5% to 410,000 last week” (2-17-11)

“The number of new jobless claims rose about 6.5% last week matching most analysts’ estimates and climbing back over 400,000. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Feb. 12 increased by 25,000 to 410,000.”

Realty Times – “Homeownership’s Amazing Benefits” (2-17-11)

“Homeowners are happier and healthier and enjoy a greater feeling of control over their lives. Most homeowners enjoy stable housing costs—a fixed rate mortgage payment might not change for 15 or 30 years while rent typically increases 3% a year.”

Realty Times - “Explaining Credit Scores” (2-17-11)

“Think of it this way. You have two lines of credit open with credit limits of $5,000 each. That means you are able to use a total of $10,000. If you have a $2,000 balance on one card and $3,000 on the other, you are using 50 percent of your available credit. The smaller percentage you are using the better. Fifty-percent is very high.”

Looking Back:

One year ago, CBIA announced that housing affordability had decreased in 22 of California’s 28 metropolitan areas. The Commerce Department reported that housing and apartment construction increased by 2.8 percent in a month. There was a 3.5 month supply of housing inventory in the San Francisco market. A survey showed that large investment companies were spending more on REIT investments.

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 2/10/11

Thursday, February 10th, 2011

Today’s News Synopsis:

Existing home sales increased 15.4% in the 4th quarter of 2010, according to the NAR.  Housing affordability for first-time buyers increased to 69% during the final quarter of 2010, said the CAR. RealtyTrac reports foreclosure filings fell 17% year over year. Kevin Warch resigned from the Federal Reserve Board of Governors.

In The News:

NAR - “Home Price Stabilization Seen in Most Metro Areas during Fourth Quarter, Sales Up” (2-10-11)

“Total state existing-home sales, including single-family and condo, jumped 15.4 percent to a seasonally adjusted annual rate1 of 4.80 million in the fourth quarter from 4.16 million in the third quarter, but were 19.5 percent below a surge to an unsustainable cyclical peak of 5.97 million in the fourth quarter of 2009, which was driven by the initial deadline for the first-time buyer tax credit.”

CAR - “Q4 First-time Buyer Housing Affordability” (2-10-11)

“The percentage of first-time buyers who could afford to purchase an entry-level home in California rose to 69 percent in the fourth quarter of 2010, matching the record-high set in the first quarter of 2009, according to C.A.R.’s First-time Buyer Housing Affordability Index (FTB-HAI). In the third quarter of 2010, the Index was 66 percent, and was 64 percent in the fourth quarter of 2009, C.A.R. reported.”

Los Angeles Times – “Obama to outline options for future of Fannie Mae and Freddie Mac” (2-10-11)

“The Obama administration plans to give Congress three blueprints for reducing or eliminating the government’s role in guaranteeing mortgages and providing funding for home loans.”

Housing Wire – “Report: FHA should lower loan limits” (2-10-11)

“The Federal Housing Administration substantially raised its risk when it agreed to insure loans valued as high as $729,000 during the financial crisis, says a new report from the George Washington University Center for Real Estate and Urban Analysis.”

Housing Wire – “CalHFA implements $2 billion ‘Keep Your Home California’ initiative” (2-10-11)

“California residents who are unemployed or owe more on their mortgages than what their homes are worth now have four new state programs that will help them stay in their house and current on their mortgage.”

Housing Wire – “Kevin Warsh resigns from Federal Reserve Board of Governors” (2-10-11)

“Kevin Warsh, one of the Federal Reserve Board of Governors that steered the nation through the recession, resigned Thursday after five years of service.”

Bloomberg - “U.S. Foreclosure Filings Decline for Fourth Consecutive Month” (2-10-11)

“Foreclosure filings in the U.S. fell 17 percent in January from a year earlier, the fourth straight month of declines, as legal scrutiny of lender practices slowed actions against delinquent homeowners, RealtyTrac Inc. said.”

Looking Back:

One year ago, the MBA reported that mortgage application volume decreased by 1.2 percent within a week. According to the NAHB, there were approximately 234,000 homes for sale at the end of 2009. Statistics from Zillow showed that the national median price was $186,200 in Q409 of 2009. The total number of FHA-insured single-family mortgages in default reached 531,671 in Q409 of 2009.

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 2/8/11

Tuesday, February 8th, 2011

Today’s News Synopsis:

Fannie Mae and the MBA predict the housing market will begin a rebound that will last for the next two years, and Zandi predicts 4% gdp growth through 2012. IAS claims national home prices fell 0.8% during the 4th quarter of 2010.

In The News:

Bloomberg - “New-Home Recovery Seen in U.S. as Post-Super Bowl Selling Season Kicks Off” (2-8-11)

“The chief executive officers of six of the 10 largest U.S. homebuilders cited the potential of a sales comeback in the spring, traditionally their strongest season, during conference calls in the last four weeks. Housing forecasts from Fannie Mae and the Mortgage Bankers Association show the new-home market will begin a rebound that will last through at least 2012.”

Housing Wire – “Millions of homeowners still at risk as economy heats up: ASF panel” (2-8-11)

“Zandi expects GDP growth of close to 4% this year and in 2012. He also projects jobs growth in 2011 to more than double last year’s roughly 1.25 million new private sector jobs, climbing to about 2.5 million to 3 million. The unemployment rate should end 2011 south of 9%, dropping to lower than 8% by the end of 2012.”

Housing Wire – “Fed opens comment on Dodd-Frank regulation of nonbank firms” (2-8-11)

“The Federal Reserve Board has opened the public comment period on a proposed rule that, if implemented, would allow regulators to pull certain nonbank firms under the Fed’s regulatory scope by declaring them systemically important to the financial system.”

Housing Wire – “IAS: House price index drops in 4Q, despite gains in South” (2-8-11)

“Integrated Asset Services’ home price index fell 0.8% during the fourth quarter of 2010, compared to 3Q but gained 0.9% when compared to the year-ago quarter — a slight gain attributed mostly to the government’s homebuyer tax credit boost.”

Housing Wire – “Investors seen as key to stablizing housing market” (2-8-11)

“A panel at the American Securitization Forum in Orlando, Fla., said that the best buyers for distressed sales are housing investors, not owner-occupants. Further, the role of the former is seen as key to keeping the economy on track, they say.”

Housing Wire – “Dallas Fed CEO says he’ll dissent if quantitative easing returns” (2-8-11)

“Richard Fisher, CEO of the Federal Reserve Bank of Dallas, said he’s hard-pressed to imagine any type of scenario where he would vote for more quantitative easing by the Federal Open Market Committee.”

Housing Wire – “KBW finds meaningful decline in January mortgage prepayments” (2-8-11)

“Total prepayments for Fannie mortgage-backed securities dropped to a constant prepayment rate of 19.3% from more than 25% in December and 26% in November. The CPR is the ratio of mortgages prepaid in a certain time period. CPR for Freddie fell to 21.5% from 28.5% in December and 30.6% in November.”

Orange County Register – “Why lenders are wary of trusts” (2-8-11)

“many lenders will not fund into a trust. Typically if a lender will or will not do something it has something to do with either their ability to foreclose at a later date if need be, or cost. In the case of the living trust it is a case of both.”

Looking Back:

One year ago, the U.S. Treasury Department reported 66,465 permanent loan modifications over 8 months. Delinquencies on prime jumbo loans increased to 10 percent in one month. Distressed property sales increased in Dana Point and Laguna Beach. Unemployment in the U.S. construction industry increased to 24.7 percent in January.

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 2/2/11

Wednesday, February 2nd, 2011

Today’s News Synopsis:

Mortgage application volume increased 11.3% from last week, according to the MBA. Fannie Mae and Freddie Mac are raising risk fees they charge lenders on loans they buy for resale to investors. HOPE NOW reports 1.76 million homeowners received a mortgage modification in 2010. Statistics from DBRS show 50 percent of loan modifications result in re-default.

In The News:

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (2-2-11)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 28, 2011. The Market Composite Index, a measure of mortgage loan application volume, increased 11.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 13.2 percent compared with the previous week.”

USA Today – “Costs for home mortgages rise as Fannie, Freddie hike fees” (2-2-11)

“For the first time since 2009, Fannie Mae and Freddie Mac are raising risk fees they charge lenders on loans they buy for resale to investors. The mortgage giants are also adding risk fees to more loans extended to people with stellar credit. To avoid a fee or to get a discount, most borrowers will need FICO scores of 740 or better and down payments of 25% or more. Lenders could absorb the cost, but most are expected to add it to loan costs within days, if they haven’t already, says Cameron Findlay, LendingTree economist.”

Los Angeles Times – “Agency warns banks of foreclosure protection for military personnel” (2-2-11)

“The new Consumer Financial Protection Bureau warned banks not to violate laws that protect active-duty military personnel from home foreclosures and high interest rates.”

Housing Wire – “Dow Jones closes above 12,000 for first time since 2008″ (2-1-11)

“The Dow Jones Industrial Average closed up 148.23 points at 12,040.16, the first time it ended a trading above 12,000 since just before the financial crisis in June 2008.”

Housing Wire – “Mortgage modifications increase 42% in 2010: Hope Now” (2-2-11)

“Roughly 1.76 million homeowners received a modification on their mortgage in 2010, a 42% increase from the year before, according to the Hope Now alliance of servicers, investors, insurers and nonprofit counselors.”

Housing Wire – “Private sector added 187,000 jobs in January” (2-2-11)

“The private sector added 187,000 jobs in January, led mostly by gains in small business, especially in the service industry, according to the ADP National Employment Report.”

Housing Wire – “DBRS finds half of mortgage modifications redefault” (2-2-11)

“When a mortgage servicer modifies the loan of a distressed homeowner, chances are 50-50 that they’ll redefault, according to a 2010 review of the sector from credit rating agency DBRS.”

Housing Wire – “CMBS takes a beating as delinquencies reach record high” (2-2-11)

“Commercial mortgage-backed securities delinquencies hit a record high, as the cumulative total jumped 20 basis points. According to a securitization report by Barclays Capital, 9.1% of all CMBS loans were 60 days or more delinquent as of Jan. 31.”

Orange County Register – “Dana Point homes take half a year to sell” (2-2-11)

“The newest ‘market time’ of Dana Point – Thomas’ math that tracks theoretical time it would take to sell all listed homes at the pace of new escrows opened — is 6.46 months. That is +11% (or roughly 19 days) in a year.”

Looking Back:

One year ago, the NAR’s index  showed that pending home sales increased by 1 percent in December. Commercial and multifamily mortgage loan originations increased by 15 percent during the 4th quarter of 2009.  The FHA reported that borrower delinquencies increased by 6.5 percent from the previous year. Fannie Mae was offering a 3.5 percent discount to all people who buy REO properties.

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 1/7/11

Friday, January 7th, 2011

Today’s News Synopsis:

ZipRealty reports housing inventory increased 11.2% in 26 major markets from last year. Bernanke told congress he expects a moderate recovery this year. The Massachussets Supreme Court ruled against Wells Fargo in a major foreclosure case. Radar Logic claims home prices remained nearly unchanged from last year.

In The News:

Inman - “For-sale real estate inventory rises 11.2% in December” (1-7-11)

“More homeowners listed their homes for sale in December compared to the same month the year before, according to a report from national real estate brokerage ZipRealty. The number of multiple listing service listings for single-family homes and condominiums in 26 major markets rose 11.2 percent year-over-year in December, to 595,922 total.”

New York Times – “Bernanke Expects a ‘Moderately Stronger’ Recovery” (1-7-11)

“The Federal Reserve chairman, Ben S. Bernanke, told senators on Friday that he expected the recovery to be ‘moderately stronger’ this year. He also defended the central bank’s $600 billion program to stimulate the economy by buying government bonds, and urged Congress to put a credible plan in place to reduce the federal deficit.”

Housing Wire – “Mass. Supreme Court rules against US Bancorp, Wells Fargo in foreclosure case” (1-7-11)

“In a case that could cause many others to be reviewed, a Massachusetts Supreme Judge ruled against U.S. Bancorp (USB: 26.12 -0.65%) and Wells Fargo (WFC: 31.62 -1.65%) Friday saying the banks were not the mortgage holders when they foreclosed on two separate homes.”

Housing Wire – “Senator claims HUD help for unemployed has not reached homeowners” (1-7-11)

“Sen. Bob Casey (D-Pa.) sent a letter to Department of Housing and Urban Development Secretary Shaun Donovan, urging him and the agency to disburse funds allocated to help unemployed homeowners avoid foreclosure. As it stands, Casey claims $100 million in promised funding is now more than three months overdue.”

Housing Wire - “Unemployment falls to 9.4%” (1-7-11)

“Nonfarm payroll employment rose last month although lower than most analysts expected, and the unemployment level decreased to 9.4%, the lowest since May 2009. The Labor Department’s Bureau of Labor Statistics said the economy added 103,000 jobs in December”

Housing Wire – “Radar Logic: Stable home prices in October not market trend” (1-7-11)

“Home prices remained virtually unchanged in October of last year, increasing just 0.1% from the month prior on the RPX Composite price index released by Radar Logic Thursday. However, the firm said the monthly data does not signify a substantial stabilization across the market.”

Bloomberg - “Geithner Urged by Senators to Tackle Home-Foreclosure Process `Forcefully’” (1-7-11)

“Treasury Secretary Timothy F. Geithner and federal regulators need to fix the mortgage foreclosure process so that it doesn’t derail the economic recovery, Senator Jack Reed and 16 other senators wrote in a letter yesterday.”

Los Angeles Times – “Jerry Brown takes a hard look at Prop. 13″ (1-7-11)

“In an interview Tuesday, Brown said he did not support an increase in property taxes. But he said that much of the fallout from the measure should be undone and that he planned to propose a ‘complex reordering’ of government that would address some of the problems the measure created.”

For m ore 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 1/3/11

Monday, January 3rd, 2011

Today’s News Synopsis:

Tom Wind of J.I. Kislak Mortgage expects refinancing activity to drop by nearly 66% in 2011. Moody’s Investor Service forecasts lower supply and higher demand for rental apartments in 2011. The 50 state attorneys general probing U.S. foreclosure practices will first settle with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial. Rick Sharga believes foreclosure activity will improve in Orange County during 2011.

In The News:

Bankrate.com – “Zero-down mortgages endure in rural areas” (1-3-11)

“borrowers must demonstrate they can afford the mortgage payments by meeting the USDA debt-to-income ratios of 29 percent for the housing payment and 41 percent for the overall debt to gross monthly income.”

Housing Wire – “J.I. Kislak expects higher purchase loan activity in 2011″ (1-3-11)

“Tom Wind, managing director of J.I. Kislak Mortgage, expects the refinancing activity to fall to $350 billion in 2011 from $1 trillion last year.”

Housing Wire – “Moody’s sees multifamily REIT credit strengthening in 2011″ (1-3-11)

“Moody’s Investors Service expects lower supply and higher demand to stoke growth in rental apartments and subsequently help the credit of multifamily real estate investment trusts.”

Housing Wire – “Ginnie Mae moves up multiple issuer deadline” (1-3-11)

“The cut-off time for issuers submitting multiple loan packages into real estate mortgage investment conduits (REMICs) was three days before the end of the month. Ginnie is now moving that up to six days before the end of the month.”

Bloomberg - “BofA Resolves Fannie Mae, Freddie Mac Loan Dispute” (1-3-11)

“Bank of America Corp., the biggest U.S. lender by assets, paid $2.8 billion to Freddie Mac and Fannie Mae after the U.S.-owned firms demanded the company buy back mortgages they said were based on faulty data.”

Bloomberg - “Foreclosure Deals to Start With Big Lenders, Iowa Says” (1-3-11)

“The 50 state attorneys general probing U.S. foreclosure practices will first settle with the five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co., Iowa Attorney General Tom Miller said. No settlements have been reached yet, Miller said in a telephone interview today. The other three are Citigroup Inc., Wells Fargo & Co. and Ally Financial Inc., said Miller, the leader of the 50-state investigation. The five have 59 percent of the market, Miller said.”

Orange County Register – “Dip in O.C. foreclosures for 2011?” (1-3-11)

“Orange County foreclosure activity has been trending downward over the course of 2010, and may continue to improve marginally over the course of 2011. There are a number of reasons for this, including an unemployment rate that is better than elsewhere in the state, and the fact that Orange County doesn’t have as much excess housing inventory as other areas in California.”

Orange County Register – “No end to high-end foreclosures eyed for ’11″ (1-3-11)

“A recent study by the State Foreclosure Prevention Working Group found that nearly 3 years into the mortgage crisis, more than 60% of homeowners with seriously delinquent loans are still not involved in any loss mitigation/loan modification activity.”

For m ore 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 12/13/10

Monday, December 13th, 2010

Today’s News Synopsis:

22.5% of all mortgages were underwater in the 3rd quarter, according to CoreLogic. The FHA extended deadlines for condo projects seeking to renew their mortgage insurance. Altera Real Estate reports demand for O.C. homes decreased by 12%.

In The News:

Associated Press – “Fewer homeowners underwater in the third quarter” (12-13-10)

“About 10.8 million households, or 22.5 percent of all mortgaged homes, were underwater in the July-September quarter, housing data firm CoreLogic said Monday. That’s down from 23 percent, or 11 million households, in the second quarter.”

ZipRealty - “Prices cut on nearly half of for-sale homes” (12-13-10)

“The share of homes for sale that had experienced at least one price reduction in November jumped 24.1 percent compared to the same month last year, according to a monthly review of multiple listing service listings in 26 major markets conducted by national brokerage ZipRealty.”

Housing Wire – “BarCap: Private sector to boost MBS purchases in 2011″ (12-13-10)

“Private investors could buy as much as $365 billion in agency mortgage-backed securities in 2011, taking over the government’s role in the secondary market, according to the analysts at Barclays Capital.”

Housing Wire – “FHA extends deadlines for condos to recertify mortgage insurance” (12-13-10)

“The Federal Housing Administration extended deadlines for condominium projects seeking to renew their mortgage insurance with the federal agency. New guidelines established by the FHA in 2009 require that condo projects be recertified and approved every two years.”

Housing Wire – “Fed expands TILA scope to loans up to $50,000″ (12-13-10)

“Loans or leases written to consumers for up to $50,000 will be subject to protections under the Truth in Lending Act, up from $25,000, according to a new rule announced by the Federal Reserve Monday. The raised exemption threshold will go into effect July 21, the same day the Consumer Financial Protection Bureau is set to launch. Under the Dodd-Frank Act, the Fed was required to set a new threshold for exempt loans in order expand the protections of TILA.”

Housing Wire – “Amherst Securities: Number of modified, reissued Ginnie Mae loans remains high” (12-13-10)

“The level of Ginnie Mae loans modified and reissued in mortgage-backed securities remains high but probably won’t increase in 2011 from this year, according to one MBS broker-dealer.”

Housing Wire – “Monday Morning Cup of Coffee” (12-13-10)

“In a November letter to regulators, Wells said only mortgages with a more than 30% downpayment should be exempt from the risk-retention rule under Dodd-Frank. Under the reform, federal regulators must determine which mortgages an originator should still be on the hook for after being packaged and sold in the secondary market.”

Orange County Register – “Demand for O.C. homes falls 12%” (12-13-10)

“After remaining the same for the better part of a month, demand dropped by 12% (in the past two weeks), or 311 homes, to 2,382 homes. Last year at this time, demand was at 2,646 pending sales, 264 additional homes compared to today. For the remainder of the year and the first few weeks of the New Year, demand will continue to drop. This is cyclically the slowest time of the year for Orange County real estate.”

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 12/06/10

Monday, December 6th, 2010

Today’s News Synopsis:

The Federal Reserve expects housing starts to reach 600,000 by the end of the year. Fannie Mae is suspending foreclosure evictions from Dec. 20 through Jan. 3, 2011. HUD representative Shaun Donovan claims the Homeless Prevention and Rapid Re-housing Program prevented or ended homelessness for 750,000 Americans.

In The News:

Army Times – “Consumer Watch: Walking away from your mortgage” (12-6-10)

“Nationwide, about 2.5 million homeowners have lost their homes in the last four years, according to the Center for Responsible Lending. Even some homeowners who could afford to make their payments have walked away because their homes have lost so much in value. Meredith says he won’t go that route. ‘I could not in good conscience walk away and dump the burden on the bank, who would then ask the taxpayers for another handout,’ he said.”

Orange County Register – “Calif. housing recovering, coast first” (12-4-10)

“The housing market has begun to stabilize in some of the coastal regions in the state. While credit unions have been willing and able to lend, demand for mortgages has been lean, despite the historically low interest rates. Members are either over leveraged, or concerned about future employment to make such a large purchase. Once individuals feel more secure about their income, they will be much more likely to make long-term purchases.”

Wall Street Journal – “US Housing Market To Rebound In 2011 -Freddie Mac Economist” (12-6-10)

“Macroeconomic factors suggest the U.S. housing market will improve in 2011, Freddie Mac’s chief economist said in a note Monday.”

USA Today - “Bernanke: Economy is fragile ‘very close to the border’” (12-6-10)

“Federal Reserve Chairman Ben Bernanke is stepping up his defense of the Fed’s $600 billion Treasury bond-purchase plan, saying the economy is still struggling to become ‘self-sustaining’ without government help.”

Housing Wire – “Chicago Fed sees housing sector improvement in 2011″ (12-6-10)

“The Fed forecasts that housing starts will reach 600,000 by the end of the fourth quarter of 2010 and increase to a total of 690,000 starts in 2011. The total number of housing starts in 2009 was 550,000.”

Housing Wire – “Fannie Mae to suspend foreclosure evictions for the holidays” (12-6-10)

“Fannie Mae will suspend foreclosure evictions from Dec. 20 through Jan. 3, 2011. The government-sponsored enterprise routinely halts the foreclosure process during the holiday season. Fannie currently holds a 4.56% serious delinquency rate on its mortgage portfolio, totaling more than $798 billion worth of loans as of October.”

Housing Wire - “HUD program keeps 750,000 Americans from homelessness” (12-6-10)

“The U.S. Department of Housing and Urban Development prevented or ended homelessness for 750,000 Americans through its Homelessness Prevention and Rapid Re-housing Program, the department’s secretary Shaun Donovan said Thursday.”

Housing Wire – “MBA says FHA indemnification proposal penalizes responsible mortgage lenders” (12-6-10)

“In October, the FHA proposed a new regulation forcing lenders to reimburse the government for insurance claims on defaulted mortgages that did not meet its guidelines within five years of the endorsement. It would require all new and existing lenders with the ability to insure loans on behalf of the Department of Housing and Urban Development to meet stricter performance standards.”

Bloomberg - “Your Underwater Mortgage Needs a Blow-Up Raft: Caroline Baum” (12-6-10)

“How can such a small sector of the $13.3 trillion economy exert such a strong downward pull on the whole thing? Real residential investment, as it’s formally known in the gross domestic product report, accounted for 2.4 percent of GDP in the third quarter. At its frothiest, in 2005, that share stood at 6.2 percent, a three-decade high.”

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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