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The Norris Group Real Estate News Roundup 5/12/11

Thursday, May 12th, 2011

Today’s News Synopsis:

MDA DataQuick reports 18,344 new and resale houses and condos sold in Southern California during April. Foreclosure filings decreased 9% last month, according to RealtyTrac. Freddie Mac said 30-year mortgage rates dropped again, and are now at 4.63%. Economists expect apartment rents and occupancies to rise as the home and labor markets remain depressed.

In The News:

MDA DataQuick – “Southland Home Sales Fall, Prices Flat to Down” (5-12-11)

“18,344 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in April. That was down 5.5 percent from 19,412 in March, and down 9.2 percent from 20,205 in April 2010, according to San Diego-based DataQuick.”

Los Angeles Times – “Foreclosure rate slows as repossession timeline lengthens” (5-12-11)

“Foreclosure filings— notices of default, scheduled auctions and bank repossessions — dropped 9% in April from March and plunged 34% from April 2010 as 219,258 U.S. properties received new filings in April. The number of bank repossessions fell 5% from the prior month and 25% from April 2010, with lenders taking back 69,532 U.S. properties. In all, 239,795 foreclosure filings were made, with some properties receiving multiple filings.”

NAHB - “55+ Builders have Brighter View of Rental Home Market, NAHB Survey Shows” (5-12-11)

“Builder confidence in the 55+ housing market was markedly more upbeat in the first quarter of 2011 for apartment production and demand than for sales of single-family or condominium homes, according to a new survey released by the National Association of Home Builders (NAHB).”

Bloomberg - “New-Home Sales May Struggle Into 2012, D.R. Horton Says” (5-12-11)

“New-home sales will remain weak into 2012, said Bill Wheat, chief financial officer of D.R. Horton Inc., one of three U.S. homebuilders to predict a delayed recovery today. ”

Bloomberg - “U.S. Mortgage Rates Decrease to Lowest Since December, Freddie Mac Says” (5-12-11)

“The average rate for a 30-year loan dropped to 4.63 percent in the week ended today from 4.71 percent, according to Freddie Mac.”

Bloomberg - “Apartment Rents and Occupancies Are Poised to Rise in U.S., Economists Say” (5-12-11)

“Apartment rents and occupancies are likely to continue to rise as the U.S. home and labor markets remain depressed, economists said at a conference sponsored by investment-advisory firm Bentall Kennedy.”

Orange County Register – “O.C. homeownership dropped in past decade” (5-11-11)

“Despite a housing boom and easy credit, Orange County’s homeownership rate fell 2.1 percentage points since the new century dawned in 2000, according to 2010 U.S. Census data released Wednesday night. The Census Bureau reported that 59.3% of O.C. households owned their own homes in 2010, down from 61.4% in the year 2000.”

Housing Wire – “Jobless claims fell 9.2% last week” (5-12-11)

“Initial jobless claims fell 9.2% last week, after climbing nearly 10% to the highest level since August the week before. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended May 7 decreased by 44,000 to 434,000.”

Housing Wire – “Bipartisan GSE reform bill introduced with catastrophic fund” (5-12-11)

“Rep. John Campbell (R-Calif.) and Rep. Gary Peters (D-Mich.) will introduce a bill replacing the government-sponsored enterprises with five chartered entities that have an explicit government backing for mortgage bonds.”

Housing Wire – “Bernanke to open comment on too-big-to-fail reform” (5-12-11)

“Federal Reserve Chairman Ben Bernanke told lawmakers Thursday the Financial Stability Oversight Council created to oversee the revamping of too-big-to-fail institutions will release a package of proposed Dodd-Frank rules this summer.”

Looking Back:

The NAHB reports that builder confidence increased from Q1 2009, but is still low. The MBA’s weekly survey shows that mortgage application volume increased by 3.4 percent. According to Freddie Mac, of all borrowers who had 30-year FRMs, 75% refinanced into a new 30-year FRM. Barclays estimates that foreclosure shadow inventory should peak during the summer 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 4/26/11

Tuesday, April 26th, 2011

Today’s News Synopsis:

The Commerce Department reports new home sales increased 11% in March. A study shows that short sales and foreclosures equally damage FICO scores. A survey from Pew shows 81% of adults believe purchasing a home is the best long-term investment a person can make. Morgan Stanley believes home prices will fall 6-11% this year.

In The News:

Mortgage Bankers Association – “Study Examines the Impact of Homebuyer Education and Counseling on Mortgage Performance” (4-26-11)

“Potential homeowners who participate in prepurchase education and counseling programs may be more likely to pay their mortgages on time, although the evidence on this point is not consistent and compelling, according to a study released today by the Mortgage Bankers Association (MBA). The study also finds that those who participate in default counseling are more likely to have their loans modified.”

MSNBC - “Housing reality trumps dogma for some in GOP” (4-26-11)

“leading proponents of doing away with Fannie and Freddie aren’t predicting victory. As a precaution, they’re advancing eight bills taking bite-sized swipes at the issue. In the Democratic-led Senate, a sister measure by 2008 presidential candidate Sen. John McCain, R-Ariz., faces long odds, and the Banking Committee’s top Democrat and Republican are wary of quickly reshaping the market for financing home purchases.”

CNN - “Home prices in ‘double dip’” (4-26-11)

“Home prices in February sank 3.3% to just above the post-crisis lows reached in April 2009. It was the seventh straight month of declines. Home values are down 32% from their peak set in May of 2006, according to the S&P/Case-Shiller index of home prices in 20 cities.”

Housing Wire – “Harvard finds dwindling housing supply abolishes affordable rentals” (4-26-11)

“The Harvard University Joint Center for Housing Studies released a report Tuesday, analyzing conditions in the housing market from 1999 to 2010. The study found the price to rent a home is trending inversely to renters’ annual income, just one of many factors hindering growth in the rental space.”

Housing Wire – “FHFA: 30-year fixed-rate mortgage passes 5%” (4-26-11)

“The average interest rate on a 30-year, fixed-rate mortgage reached 5.06% in March, an increase of 9 basis points from the previous month, according the Federal Housing Finance Agency.”

Housing Wire – “Study finds recent housing counseling cuts made in the dark” (4-26-11)

“Republicans and Democrats struck a late-hour deal in April on how to continue funding the U.S. government. But among the cuts, was $88 million used to fund nonprofit counseling groups approved by the Department of Housing and Urban Development.”

Housing Wire – “Freddie Mac mortgage purchases plummet 31%” (4-26-11)

“The amount of monthly mortgages purchased for securitization by Freddie Mac fell nearly 31% in March to $26.9 billion. The government-sponsored enterprise reported its total mortgage portfolio decreased at an annualized rate of 4.7% during the month to $2.14 trillion.”

Los Angeles Times - “New home sales rose in March after weak winter” (4-25-11)

“New-home sales rose 11 percent last month from February to a seasonally adjusted rate of 300,000 homes, the Commerce Department said Monday. That follows three straight monthly declines. Still, the pace remains far below the 700,000 homes a year that economists view as healthy.”

New York Times – “Stimulus by Fed Is Disappointing, Economists Say” (4-24-11)

“Mr. Bernanke and his supporters say that the purchases have improved economic conditions, all but erasing fears of deflation, a pattern of falling prices that can delay purchases and stall growth. Inflation, which is beneficial in moderation, has climbed closer to healthy levels since the Fed started buying bonds.”

Housing Wire – “Short sales and foreclosures equally degrade FICO scores” (4-25-11)

“homeowners that entered short-sales found themselves with FICO scores in the 575-to-595 range — the same range reported for parties with foreclosures on their records.”

Housing Wire – “Homeownership still considered best long-term investment: Pew” (4-25-11)

“The housing crash seems to have had little impact on consumer confidence, as 81% of adults believe buying a home is the best long-term investment a person can make”

Housing Wire – “Distressed property index rises in March: Campbell/Inside Mortgage Finance”
(4-25-11)

“A distressed property index rose to 48.6% in March – the second highest level in the past 12 months while owner-occupant home purchases slowed during the same time period according to another index.”

Housing Wire – “Wells economist: Foreclosure supply points to ‘long, arduous’ recovery” (4-25-11)

“Despite better-than-expected new home sales in March, a Wells Fargo (WFC: 28.56 +0.07%) economist said builders will continue to struggle until the foreclosure wave begins to recede.”

Bloomberg - “U.S. Home Prices May Decrease 6% to 11% This Year, Morgan Stanley Says” (4-25-11)

“U.S. home prices will fall 6 percent to 11 percent this year, more than previously forecast, as mortgages become harder to obtain and distressed sales drive down values, according to Morgan Stanley. ”

Bloomberg - “Fed Officials Count on Untested Tool to Hold Off Inflation” (4-25-11)

“Raising the rate, currently at 0.25 percent, is intended to entice banks to keep their money on deposit at the Fed instead of loaning it out and stoking inflation.”

Bloomberg - “Sales of New U.S. Homes Probably Rose From Record Low as Market Struggled” (4-25-11)

“New-home sales, tabulated when contracts are signed, climbed 12 percent to a 280,000 annual pace last month, according to the median estimate in a Bloomberg News survey of 64 economists. Purchases slumped 17 percent in February to a 250,000 rate, the weakest in data going back to 1963.”

Looking Back:

One year ago, the CIRB reported that permits were pulled for 3,714 total California housing units in March. Commercial mortgage delinquencies fell to 0.63% in Q1 of 2010. The MARI saw a 50 percent increase in appraisal fraud in 2009. Homeownership rates in Q1 of 2010 decreased to the lowest levels since 2000.

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 3/3/11

Thursday, March 3rd, 2011

Today’s News Synopsis:

Freddie Mac reports mortgage rates have dropped again, and are now at 4.87%. Jobless claims decreased 5% last week, according to the Labor Department. California lawmakers are supporting a bill that would prevent servicers from foreclosing on borrowers in the process of applying for a loan modification. The House Financial Services Committee may end FHA’s short refi program.

In The News:

The Modesto Bee – “Mortgage deduction under renewed scrutiny” (3-3-11)

“There’s a hallowed rule in U.S. housing policy: If you own a home, you get a tax deduction on your mortgage interest. But there’s also a growing push to sacrifice this sacred cow, and the reasons are disparate. Some people argue that the policy should be changed because it doesn’t really encourage homeownership like it’s supposed to. Others say the government shouldn’t be encouraging homeownership anyway.”

San Francisco Chronicle - “Mortgage Rates in U.S. Drop for Third Week, Freddie Mac Says” (3-3-11)

“The average rate for a 30-year fixed loan fell to 4.87 percent in the week ended today from 4.95 percent a week ago, according to Freddie Mac. The average 15-year rate was 4.15 percent, down from 4.22 percent, the McLean, Virginia-based mortgage-finance company said in a statement.”

Housing Wire – “Jobless claims fell another 5% last week” (3-3-11)

“Initial jobless claims fell another 5% last week coming in lower than most analysts’ estimates and remaining below 400,000.”

Housing Wire – “California lawmakers revive bill that would kill dual-track foreclosures” (3-3-11)

“Two California lawmakers are moving ahead with a bill that would prevent servicers in the Golden State from foreclosing on homes when the borrower is in the process of applying for a loan modification.”

Housing Wire - “House committee votes to end FHA Short Refi” (3-3-11)

“The House Financial Services Committee voted Thursday to end two new programs that would provide assistance to troubled homeowners. If passed, one bill will end the Federal Housing Administration’s Short Refi program, which assists underwater homeowners with new FHA-insured loans.”

Housing Wire – “Home refinancings through HARP up 30% in fourth quarter” (3-3-11)

“The number of loan refinancings processed through the government’s Home Affordable Refinance Program grew by 30% in the fourth quarter, according to the Federal Housing Finance Agency.”

Looking Back:

Bruce Norris estimated that lenders may lose up to $2.1 to 3.8 trillion before all the bad loans are taken off their books. According to the MBA, mortgage application volume increased from last week. The FHFA reports that Orange County home values increased by 6.38 percent in 2009. Last year, nearly 1,400 lawsuits were filed against lenders by homeowners in foreclosure.

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 2/22/11

Tuesday, February 22nd, 2011

Today’s News Synopsis:

A Survey from Harris Interactive shows 70% of Americans aspire to homeownership. According to S&P/Case-Shiller, national home prices fell 4.1% in the 4th quarter of 2010. FNC Residential seems to confirm this saying home prices fell 2.2% in December. CB Richard Ellis Group expects office rents to increase this year.

In The News:

Ventura County Star – “Apartments can be good investment as more people rent” (2-19-11)

“While construction in Ventura County has taken a significant hit since the downturn began, shedding about 7,700 jobs from June 2007 to June 2010, the pain has been uneven. Single-family homes have been hit hard and condominiums even harder, said Dawn Dyer, president of Dyer Sheehan Group, a Ventura real estate consulting firm.”

Los Angeles Times – “Homeownership loses its luster” (2-19-11)

“Two-thirds of Americans still see a home purchase as a safe investment, but that’s down from 83% in 2003, according to a study by Fannie Mae. Homeownership has fallen to 66.5% of the adult population, down from 69.2% in 2004. A Harris Interactive polls says 70% of Americans aspire to homeownership, down from 77% a year ago.”

San Francisco Chronicle – “Consumer Confidence Index hits 3-year high” (2-22-11)

“The Conference Board says its Consumer Confidence Index climbed to 70.4 this month, up from a revised 64.8 in January, hitting its highest level since February 2008. It was the index’s fifth consecutive monthly increase. The figure topped economists’ expectations of a reading of 65, according to FactSet.”

CNN - “Home prices near 2009 lows — and may fall more” (2-22-11)

“National home prices fell 4.1% during the last three months of 2010, compared with 12 months earlier, according to the latest report from the S&P/Case-Shiller home price index, a closely watched indicator of market trends. They were down 1.9% compared with three months earlier.”

Housing Wire – “Fitch Solutions subprime credit default swap prices highest since October 2008″ (2-22-11)

“Analysts said the firm’s index for subprime swaps rose 5.2% in January on top of increases the prior two months, including a 7.2% gain in December. Fitch said the 2004 and 2007 vintages performed well last month with returns of more than 7% although constant default rates average 20% higher for the swaps from 2007.”

Housing Wire – “Moody’s finds commercial real estate eluding recovery” (2-22-11)

“After three consecutive months of increases, commercial real estate prices fell 0.9% in December, according to Moody’s Investors Service.”

Housing Wire - “Foreclosure sales weigh down home prices in 23 markets” (2-22-11)

“Home prices in 23 U.S. metropolitan areas fell 2.2% in December, the largest one-month drop for fiscal 2010, and a sign that foreclosed properties continue to weigh down home values across the nation, the FNC Residential Price Index revealed Monday.”

Bloomberg – “U.S. Office Rent Growth to Be ‘Modest’ in 2011, CB Richard Says” (2-22-11)

“U.S. office rents will increase for the first time in three years in 2011, with growth ‘modest and limited to key markets’ before a recovery accelerates in 2012, according to CB Richard Ellis Group Inc.”

Looking Back:

One year ago, Moody’s reported that commercial property prices increased by 4.1 percent in December. A survey showed that 87 percent of homebuilders expected to lose money due to the new FHA guidelines. Short sales accounted for 15.9% of home purchases in January 2010. Janet Yellen predicted the U.S. economy would perform below potential throughout this year and the next.

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 2/14/11

Monday, February 14th, 2011

Today’s News Synopsis:

Freddie Mac predicts ARMs will represent 10% of all mortgages issued by the end of the year. A national budget has been propposed that will cut the federal deficit from 10% of the overall economy to 3% in a decade. Fannie Mae and Freddie Mac will cost $73 billion through 2021, according to the Treasury Department. Freddie Mac claims mortgage rates are likely to remain in the low-to-mid 5% range throughout the rest of the year.

In The News:

NPR - “Buyers Face Gamble With Rising Mortgage Rates” (2-13-11)

“In November, the average rate slipped to a 40-year low of 4.17 percent. Today, it’s just over 5 percent, and concerns are growing that rates will keep rising — enough to scare away potential buyers. It’s at least enough to make those buyers rethink the advantages of homeownership.”

The Atlantic – “Is Obama’s Strong Housing Finance Stand for Real or a Political Play?” (2-13-11)

“On Friday, the Obama administration released a surprisingly strong housing finance policy report. It explains a general process to wind down Fannie Mae and Freddie Mac, and offers three alternatives for how to conduct housing finance policy without them. Each option has pros and cons, but put together they lean firmly towards free-market ideals”

CNN - “ARMs helped sink the economy – now they’re back!” (2-14-11)

“After accounting for nearly 70% of all mortgages issued during the boom, ARMs vanished during the bust, totaling just 3% of the market in 2009. Now they make up 5% of all mortgages issued, and Freddie Mac predicts 10% by December.”

Housing Wire – “Fed’s Raskin: Economic recovery depends on mortgage servicers” (2-14-11)

“Federal Reserve Governor Sarah Bloom Raskin said Friday the residential mortgage market will not rebound until loan servicing practices at large financial institutions are improved.”

Housing Wire – “Obama budget includes $1.1 trillion in cuts” (2-14-11)

“the White House is proposing a budget that will cut the federal deficit from making up roughly 10% of the overall economy to 3% of the economy in a decade, according to Jack Lew, director of the White House’s Office of Management and Budget.”

Housing Wire – “Budget: Fannie, Freddie to cost taxpayers $73 billion” (2-14-11)

“Fannie Mae and Freddie Mac will cost taxpayers $73 billion through 2021, nearly half of what they’ve pulled from the Treasury Department so far, according to President Obama’s 2012 budget released Monday.”

Housing Wire – “Freddie Mac: Low mortgage rates to remain throughout 2011″ (2-14-11)

“Researchers at the government-sponsored enterprise say 30-year, fixed-rate mortgages are likely to remain in the low-to-mid 5% range throughout the rest of the year, which is low when compared to historic benchmarks.”

Housing Wire – “Mortgage interest tax deduction may be in danger” (2-14-11)

“President Obama’s 2012 budget proposes an across-the-board 30% cut to itemized deductions for high-income taxpayers. This includes the mortgage interest tax deduction.”

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 2/11/11

Monday, February 14th, 2011

Today’s News Synopsis:

Million dollar home sales in California increased by 21%, according to MDA DataQuick. Freddie Mac reports mortgage rates increased over 5% this week. The Treasury said half of all renters spend over 33% of their income on housing.

In The news:

DQNews - “First Gain in Golden State Million-Dollar Home Sales Since ’05″ (2-11-11)

“Last year 22,529 Golden State homes sold for $1 million or more. That was up 21.0 percent from 18,621 in 2009 and the highest since 2008, when 24,436 homes sold for $1 million-plus, according to San Diego-based DataQuick Information Systems. Million-dollar sales peaked in 2005 at 54,773, after which they declined each year through 2009.”

Los Angeles Times – “Obama administration releases plan for overhauling mortgage market, calls for phasing out Fannie Mae and Freddie Mac” (2-11-11)

“The 32-page plan calls for phasing in an increase in the down payment requirement for loans guaranteed by Fannie and Freddie to 10%, while reducing the maximum size of mortgages they can back — a move that would affect Southern California and other high-cost areas.”

CNN - “Mortgage rates break 5%” (2-11-11)

“The national average interest for a 30-year, fixed-rate mortgage surpassed 5% for the first time since May 2010, according to Freddie Mac’s Primary Mortgage Market Survey.”

Housing Wire – “Treasury report advocates slashing GSE jumbo loan ceiling” (2-11-11)

“Reducing conforming loan limits at Fannie Mae and Freddie Mac will help reduce the GSEs’ dominance in the mortgage market by driving jumbo mortgage financing back to the private sector for financing, the U.S. Treasury said in its ‘Reforming America’s Housing Finance Market’ report on Friday.”

Housing Wire – “FHA could replace Fannie, Freddie in rental housing market” (2-11-11)

“Half of all renters spend more than one-third of their income on housing, and 25% spend more than half of their income. For every 100 extremely low-income American families, 32 adequate rental homes are affordable for them, according to the Treasury white paper.”

Housing Wire – “Higher GSE guarantee fees may increase cost of homeownership” (2-11-11)

“The GSEs currently provide 95% of housing finance in the U.S.; any reductions of their involvement in supporting mortgages mean interest rates will have to go up to induce private lending”

Housing Wire – “SEC brings fraud charges against three former IndyMac executives” (2-11-11)

“The Securities and Exchange Commission charged three former IndyMac senior executives with securities fraud Friday.”\

Looking Back:

According to the NAR, home sales increased in 32 states from the 3rd quarter of 2009. Statistics from the CBIA show that the construction industry currently provides only one sixth of the jobs it provided in 2005. Some speculate that Fannie and Freddie’s purchasing of debt could get rid of all mortgage debt within a year. RealtyTrac reports that foreclosure filings increased by 15 percent from last 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 2/3/11

Thursday, February 3rd, 2011

Today’s News Synopsis:

Freddie Mac reports the average rate for 30-year mortgages increased to 4.81%. The Labor Department said jobless claims declined last week. Freddie Mac funded $15 billion worth of multifamily transactions through its multifamily whole loan and bond guarantee business in 2010. The Treasury Department expects the government to hit the $14.29 trillion debt limit before June.

In The News:

Smart Money – “Home Equity Lending Is Back” (2-3-11)

“some lenders are cautiously re-entering the second mortgage market. The effect hasn’t registered in the national statistics yet, but regional banks are reporting significant increases. In the Midwest, Associated Bank issued nearly three times more home equity loans in the second half of 2010 compared to the same period the year before. SunTrust Bank, which operates mostly in the south and Mid-Atlantic, has issued 25% more home equity lines of credit in the past six months compared to the first half of 2010.”

Mercury News – “Mortgage rates: Average on 30-year fixed loans rises to 4.81 percent” (2-3-11)

“Freddie Mac said Thursday the average rate rose to 4.81 percent this week from 4.80 percent the previous week. It hit a 40-year low of 4.17 percent in November.”

Housing Wire – “Investment in CRE expected to grow 25% worldwide in 2011: Jones Lang LaSalle” (2-2-11)

“Global investment volume will jump 20% to 25% in 2011 to more than $380 billion, according to a report by Jones Lang LaSalle (JLL: 97.95 +0.56%) released Wednesday. In 2010, volume increased 50% from the year prior, up to $319 billion.”

Housing Wire – “Jobless claims swing back to a decline” (2-3-11)

“The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Jan. 29 decreased by 42,000 to 415,000, which was a little lower than most analysts’ estimates. Initial claims for the prior week were 457,000, which was revised upward a few thousand by the Labor Department.”

Housing Wire – “Freddie Mac multifamily funding surged in second half of 2010″ (2-3-11)

“Freddie funded $15 billion worth of multifamily transactions through its multifamily whole loan and bond guarantee business in 2010. Funding volume, which encompasses the agency’s targeted affordable housing products, is down from $17 billion in 2009.”

Housing Wire – “Yahoo! and Zillow go live with largest online real estate network” (2-3-11)

“Last July, the two firms announced that the initiative to have Zillow power all for-sale listings on Yahoo! would be live by the end of 2010. Starting Thursday, any for-sale listing that appears on Zillow, even for-sale-by-owner listings, will automatically appear on Yahoo! Real Estate. At any given time, there are an average of 4 million listings available.”

Housing Wire – “Philly Fed scholar pushes for increased quality, not quantity, of homeownership” (2-3-11)

“Alan Mallach, a visiting scholar for the Federal Reserve Bank of Philadelphia, made the case for a future U.S. housing policy that still supports homeownership for low- to middle-income families but also focuses on quality over quantity.”

Bloomberg - “Failure to Raise U.S. Debt Ceiling Would Be Dangerous, Top Obama Aide Says” (2-3-11)

“The government will hit the $14.29 trillion debt limit by the end of May, a little later than initially projected because tax revenues have been more robust than expected, the Treasury Department said in a statement yesterday.”

Looking Back:

One year ago, mortgage application volume increased by 21 percent on a seasonally adjusted basis from the previous week. Lender Processing Services reported that home delinquency rates increased to 10 percent from November. Inman and GMAC expected that job losses would increase in the real estate industry.

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 12/09/10

Thursday, December 9th, 2010

Today’s News Synopsis:

According to Freddie Mac, 30-year mortgage rates increased to 4.61%. The Labor Department reports jobless claims decreased 4% last week. Clear Capital claims national home prices dropped 5.8% in November. Fitch Ratings forecasts a 10% decline in home prices during 2011.

In The News:

NAHB - “NAHB’S Multifamily Production and Vacancy Indices Show Increased Confidence” (12-9-10)

“Serving as leading indicators for the sector, two composite multifamily indices produced from NAHB’s survey of multifamily builders and property managers showed improvement in the third quarter of 2010. The NAHB Multifamily Production Index (MPI) increased to a value of 35.6, up from the 26.6 level reported for the second quarter. This is the highest the MPI has been since 2007.”

Mercury News – “Mortgage rate for 30-year fixed loans hits 4.61 percent” (12-9-10)

“Freddie Mac said Thursday that the average rate on a 30-year fixed loan increased sharply from last week’s rate. And it is well above the 4.17 percent rate hit a month ago — the lowest level on records dating back to 1971.”

Housing Wire – “Jobless claims fell nearly 4% last week” (12-9-10)

“Initial jobless claims fell nearly 4% last week to 421,000 after coming in at the lowest level in two years a few weeks ago. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 4 decreased by 17,000 from the previous week’s upwardly revised figure of 438,000.”

Housing Wire – “Zillow: Home values crater by $1.7 trillion in 2010″ (12-9-10)

“U.S. homes are expected to lose more than $1.7 trillion in value this year, 63% more than the estimated $1 trillion lost in 2009, according to Zillow.”

Housing Wire – “Double dip in some markets drag home prices down 5.8%: Clear Capital” (12-9-10)

“Home prices in November dropped 5.8% over the previous three months and are down 2.7% from a year ago, according to real estate analytics firm Clear Capital.”

Housing Wire – “Fannie Mae survey finds traditional homeownership changing” (12-9-10)

“51% of survey respondents said the housing crisis has not affected their overall willingness to buy a home, 33% said they would be more likely to rent their next home than buy. In January, 30% of Americans surveyed said they would rent a home the next time around.”

Housing Wire – “Fitch sees 10% drop in home prices in 2011, negative outlook for MBS” (12-9-10)

“Fitch Ratings expects another 10% decline in home prices in 2011, as the supply of distressed properties continues to weigh down the housing market. Accordingly, analysts maintained the agency’s negative outlook for the residential mortgage-backed securities space and said 53% of all investment-grade RMBS rated by Fitch have a negative outlook.”

Looking Back:

One year ago, Gov. Schwarzenegger signed a bill which ensured that consumers could choose their own real estate service provider when purchasing a foreclosure. According to Zillow, Bay Area properties lost 3 percent of their value during the first 11 months of 2009. 18 percent of FHA loans were either delinquent or in foreclosure. Statistics from Freddie Mac showed that national home prices increased by .9 percent during the second quarter 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 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 11/2/10

Tuesday, November 2nd, 2010

Today’s News Synopsis:

Homeownership rates remained unchanged at 66.9% in the 3rd quarter, according to the Census Bureau. The 30 day delinquency rate on Fannie Mae mortgages fell to 4.7% in August. Zillow claims the 30-year mortgage rate remained at 4.14% last week.

In The News:

Contra Costa Times – “Homeownership stays at lowest level in a decade” (11-2-10)

“The percentage of households that owned their homes was unchanged at 66.9 percent in the July-September quarter, the Census Bureau said Tuesday. That’s the same as the April-June quarter. ”

Sacramento Bee – “California expects mortgage-aid program to begin in weeks” (11-2-10)

“Struggling California homeowners will have to wait several more weeks for the start of a $1.83 billion government aid program that will pay down loan balances and provide monthly cash assistance.”

Housing Wire – “Moody’s downgrades 10 regional banks after Fed dollars dwindle” (11-2-10)

“Moody’s Investors Service downgraded deposit ratings on 10 large, regional banks because of reduced levels of support from the federal government, if the banks should fail. Five of the banks are in the top 20 of mortgage originators in the county.”

Housing Wire – “Radian earns $112 million in 3Q on declining mortgage defaults” (11-2-10)

“Mortgage insurer Radian Group (RDN: 8.56 +14.90%) earned $112.2 million in the third quarter, or 84 cents a share as mortgage defaults saw a double-digit drop from a year ago.”

Housing Wire – “Fannie Mae, Freddie Mac mortgage delinquencies continue to fall” (11-2-10)

“The 30-plus day delinquent mortgage rate on Fannie Mae’s book fell to 4.7% in August, the latest month of available data, down 12 basis points from the previous month, according to its monthly summary. For Fannie, it’s the sixth straight month of declines.”

Housing Wire – “Zillow: National rates for 30-year FRMs unchanged, East Coast states fluctuate” (11-2-10)

“The 30-year, fixed-rate mortgage remained steady from the two weeks past, ending at a 4.14% national average, according to the Zillow Mortgage Marketplace weekly update.”

Bloomberg - “JPMorgan Is Said to Be Investigated Over Disclosures in Subprime CDO Deals” (11-2-10)

“JPMorgan Chase & Co. is the subject of an investigation to determine if it failed to tell investors in a financial product linked to subprime mortgages that hedge fund Magnetar Capital helped select the underlying assets before betting against them, a person familiar with the matter said.”

Bloomberg - “Roubini Says Advanced Economies to Show Anemic Growth” (11-2-10)

“Nouriel Roubini, the New York University professor who predicted the global financial crisis, said another ‘disaster’ will happen if U.S. house prices fall again and prime mortgage defaults increase.”

Looking Back:

One year ago, the NAR’s Pending Home Sales Index increased by 6.1 percent within a month. The Mortgage Bankers Association reported that mortgage bankers and subsidiaries made an average profit of $1,358 per loan. The Housing Financial Services Committee approved of an amendment that would terminate the HVCC. The total number of bank failures in 2009 reached 115.

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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