The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘HomePath’

By Bruce Norris .

The Norris Group Real Estate News Roundup 6/15/11

Wednesday, June 15th, 2011

Today’s News Synopsis:

Fannie Mae announced that it will be extending its offering of money to partially cover the closing cost of a house that they earlier repossessed now back on the market.  According to Inman News, economists have adjusted their predictions of the economy, now not expecting a recorver until 2012.  The median price of homes in the Bay Area fell drastically from a year ago, according to DQ News.

In The News:

Housing Wire – “Risk retention may slow return of private-label mortgage finance” (6-15-11)

“Banking executives believe private capital will rebuild the mortgage finance market, but don’t expect non-agency funding to flood the market anytime soon, according to panelists at Standard & Poor’s recent “Housing Summit: Boom, Bust and Beyond.”

Inman – “Economists revise forecasts for real estate recovery” (6-15-11)

“In what has become a mid-year ritual, housing economists have quietly trimmed their annual forecasts after a lackluster start to the year, pushing back a housing recovery until 2012. ”

Bloomberg - “Homebuilder Confidence in U.S. Slides to Nine-Month Low on Sales Outlook” (6-15-11)

“Confidence among U.S. homebuilders slumped in June to the lowest level in nine months as executives turned more pessimistic on the outlook for sales, a sign that any pickup will take time to develop.”

DSNews - “Phoenix-Area Foreclosures Sales Drop for Third Straight Month” (6-15-11)

“Foreclosures are claiming a smaller share of the Phoenix sales market.  The ratio has dropped for three straight months, according to a new report from the W. P. Carey School of Business at Arizona State University.”

RisMedia - “HUD, VA to Provide Permanent Housing and Case Management to Homeless Veterans” (6-15-11)

“ U.S. Housing and Urban Development Secretary Shaun Donovan and U.S. Department of Veterans Affairs Secretary Eric K. Shinseki announced recently that HUD will provide $5.4 million to public housing authorities in 18 states to supply permanent housing and case management for 676 homeless Veterans in America. This is the fourth and final round of the FY 2010 Veterans Affairs Supportive Housing Program (HUD-VASH) funding to support homeless Veterans.”

Inman – “Fannie matches Freddie’s $1,200 agent bonus on REOs” (6-15-11)

“Fannie Mae is extending through October an offer to provide closing-cost assistance to buyers of homes it’s repossessed, and will also match a $1,200 bonus that rival Freddie Mac is currently paying agents who bring buyers to transactions that help reduce its real estate owned (REO) inventory.”

Housing Wire - “Shiller wants pre-planned workouts on future mortgages” (6-15-11)

“Economist Robert Shiller called the Home Affordable Modification Program a failure and said lawmakers and regulators should provide an incentive to create private mortgages with a pre-planned workout.”

The Wall Street Journal - “Pittsburgh Is Remade as Steal City” (6-15-11)

“Pittsburgh, once written off as a dying steel town, has turned into one of the most resilient office-rental markets in the U.S., prompting a flurry of building sales as some longtime owners take profits.”

Orange County Register - “SoCal rents in biggest jump in 2 years” (6-15-11)

“Rents in Southern California rose at an annual rate of 1.7% in May — as measured by the regional Consumer Price Index.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (6-15-11)

“Mortgage applications increased 13.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 10, 2011.”

DQ News - “Bay Area May Home Sales, Median Price Inch Up from April; Fall below 2010″ (6-15-11)

“The Bay Area housing market in May posted modest month-to-month gains in sales and median prices, but those same measures fell sharply from year-ago levels, which had been pumped up artificially by homebuyer tax credits. Move-up buying and new-home sales were especially weak last month, while the share of sales involving distressed properties, cash buyers and investors remained far above normal, a real estate information service reported.”

Looking Back:

MDA DataQuick reported a total of 22,270 new and resale houses and condos closed escrow in Southern California the prior month. According to the NAHB, builder confidence in the market for newly built, single-family decreased in June of 2010. Having a home with a view was on the top 10 list of preferences for 44.5 percent of men. Morgan Stanley’s research lead the company to conclude that low mortgage rates would prevent a double dip in prices.

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 6/14/11

Tuesday, June 14th, 2011

Today’s News Synopsis:

Inman News reported that Zillow has updated their database to increase the number of properties and decrease their margin of error to 8.5%.  RE/MAX is optimisting of a recovering economy as they reported positive statistics for home sales.  Rismedia reported that HUD awarded $31 million in grants towards helping residents look for jobs and become self-sufficient. 

In The News:

Housing Wire – “Investors reselling foreclosures quicker than banks in wake of robo-signing fiasco” (6-14-11)

“The foreclosure slowdown after the robo-signing scandal surfaced late in 2010 gave investors an advantage over banks when reselling these properties.”

Inman - “Slowdown in foreclosures affecting inventories?” (6-14-11)

“The flow of homes into the foreclosure pipeline is slowing in five Western states tracked by ForeclosureRadar.com, but lenders are also canceling fewer foreclosures once they’re under way. ”

Bloomberg - “BofA ‘Significantly Hindered’ Foreclosure Review, U.S. Says” (6-14-11)

“Bank of America Corp. (BAC), the largest U.S. lender, “significantly hindered” a federal review of its foreclosures on loans insured by the Federal Housing Administration, the U.S. said.”

RisMedia – “HUD Awards $31 Million to Promote Jobs and Self-Sufficiency for Public Housing Residents” (6-14-11)

“The U.S. Department of Housing and Urban Development recently awarded more than $31 million in grants to public housing authorities, resident associations and non-profit organizations across the U.S. to help public housing residents connect to services available in the community to find employment to increase their economic independence.”

Housing Wire - “Positive monthly housing stats point to recovery: RE/MAX” (6-14-11)

“Home sales are trending positively on a monthly basis, according to the RE/MAX May housing report, a sign the market bottomed out at the beginning of 2011.”

Inman - “Zillow grows database, boosts ‘Zestimate’ accuracy” (6-14-11)

“Property search and valuation site Zillow has expanded its property database and improved the accuracy of its “Zestimate” home valuations, the site announced today.”

NAHB - “Voters Strongly Support Politicians who Embrace Pro-Housing Policies, Mortgage Deduction, Poll Finds” (6-14-11)

“Nearly three out of four American voters believe that it is reasonable and appropriate for the federal government to provide tax incentives to promote homeownership, a sentiment that cuts across partisan and regional lines across the country, according to a recent poll conducted on behalf of the National Association of Home Builders (NAHB).”

DS News - “Fannie Mae Extends Selling Agent Bonus to Move REO Properties” (6-14-11)

“Fannie Mae announced Tuesday that it is beefing up incentives to encourage sales of its HomePath REO properties to owner occupants.”

Looking Back:

Christopher Cagan from First American predicted a dip in housing prices in the near future. A study from Harvard University showed that high unemployment was fueling the foreclosure crisis. Christopher Thornberg of Beacon Economics believeed the recession was currently, but he expected economic conditions to get worse over the next two years. REIS Inc predicted U.S. apartments would lead a rebound in commercial 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 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 4/11/11

Monday, April 11th, 2011

Today’s News Synopsis:

RealtTrac reports military towns experienced an increased in foreclosure activity from 2008 to 2010. Congress agreed to a budget late Friday. Fannie Mae is creating more home ownership incentive by offering up to 3.5% in closing cost assistance. Federal Trade Commission settled with mortgage relief scammers Monday for $2.2 million in refunds to homeowners who were tricked into mortgage relief scams.

In The News:

Sacramento Bee – “Southern California’s military towns have taken a crushing blow in real estate collapse” (4-11-11)

“Foreclosures rose 32 percent in ZIP codes near military towns over the last three years, from 2008 to 2010, compared with 23 percent nationwide, said Rick Sharga, senior vice president of RealtyTrac in Irvine.”

Housing Wire - “Monday Morning Cup of Coffee” (4-11-11)

“With hours to spare Friday night, Congress agreed to a budget that would keep the government from shutting down for the first time since 1995.”

Housing Wire – “Fitch reports slowing subprime delinquencies, foreclosure sales” (4-11-11)

“The percentage of borrowers with mortgages classified as 30 or more days delinquent fell by 5.3% in March from February and the percentage of borrowers who are 60 days or more delinquent fell by 4.4%, according to a report composed by Fitch Solutions director David Austerweil.”

Daily Bulletin – “Casting a shadow: Housing market’s hidden inventory looms” (4-11-11)

“A nine-month supply of distressed homes in the U.S., about 1.8 million units as of January, are waiting to make their way onto the market, according to data released last week from Santa Ana-based CoreLogic.”

Housing Wire – “Fannie Mae offers help with closing costs on HomePath properties” (4-11-11)

“As the housing market continues to lag in sales, Fannie Mae is laying the groundwork to entice buyers by announcing it will offer up to 3.5% in closing cost assistance on Fannie Mae-owned HomePath properties. To qualify, the buyer’s initial offering on the HomePath property must be submitted on or after April 11 and the sale must close by June 30.”

My Budget 360 – “The housing gamble: What if home prices remained stagnant until 2020?” (4-11-11)

“Given the current domestic and global trends, it is likely that housing will be suffering another troubled decade from 2011 to 2020 just like it experienced from 2001 to 2010.”

Housing Wire – “FTC settles with mortgage relief scammers for $2.2 million” (4-11-11)

“The Federal Trade Commission settled with two companies and three individuals Monday to provide $2.2 million in refunds to homeowners allegedly duped into mortgage relief scams.”

Housing Wire – “Ellie Mae, CoreLogic join forces to please Fannie Mae” (4-11-11)

“A new feature through Ellie Mae’s Encompass360 loan origination platform designed by CoreLogic (CLGX: 17.92 -0.28%) aims to reduce repurchase risk on agency loans by assessing fraudulent information before a mortgage is originated.”

Bloomberg - “IMF Cuts U.S. Growth Forecast on Oil, ‘Lackluster’ Jobs Pace” (4-11-11)

“The International Monetary Fund lowered its forecast for U.S. growth this year, predicting higher oil prices and the pace of job gains will restrain the recovery. The world’s largest economy will expand 2.8 percent this year, down from the 3 percent projected in January, the IMF said today, citing the need to reduce deficits and boost exports.”

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 2/2/10

Tuesday, February 2nd, 2010

Today’s News Synopsis:

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

In The News:

NAR - “Pending Home Sales Stabilize, Remain Above Year-Ago Levels” (2-2-10)

“The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in December, increased 1.0 percent to 96.6 from 95.6 in November, and remains 10.9 percent above December 2008 when it was 87.1. In November, the monthly index had fallen by 16.4 percent from surging activity in preceding months.”

Mortgage Bankers Association – “MBA Study: Originations of Commercial and Multifamily Mortgages Increased in Fourth Quarter 2009″ (2-2-10)

“Fourth quarter 2009 commercial and multifamily mortgage loan originations were 12 percent higher than during the same period last year and 15 percent higher than during the third quarter of 2009, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

Washington Post – “Rising FHA default rate foreshadows a crush of foreclosures” (2-2-10)

“About 9.1 percent of FHA borrowers had missed at least three payments as of December, up from 6.5 percent a year ago, the agency’s figures show.”

Housing Wire – “First American Offers Appraiser Reviews of BPOs” (2-2-10)

“First American Valuation and Property Solutions – the Dallas-based subsidiary of the First American Corporation (FAF: 30.68 +1.86%) – added appraiser reviews of broker price opinion (BPO) reports to its new property valuation offering. The move to add appraiser reviews allows firms without on-staff appraisers to outsource BPO verification operations – a trend sources say is catching on.”

Housing Wire – “HUD 2011 Budget Drops to $41.6bn on Higher FHA Premiums” (2-2-10)

“The US Department of Housing and Urban Development (HUD) budget proposal for 2011 dipped 5% below the budget in 2010 to $41.6bn after raising annual Federal Housing Administration (FHA) insurance premiums by 50 bps to 2.25% earlier this month.”

Housing Wire – “CMBS Performance Slides Again: Trepp” (2-2-10)

“The rate of 30-plus-day delinquency in commercial mortgage-backed securities (CMBS)reached a new record high of 6.49% in January, according to commercial real estate data provider Trepp.”

Housing Wire - “Fannie Gives 3.5% REO Discount” (2-2-10)

“Fannie Mae (FNM: 1.02 -0.97%) will provide a 3.5% discount to those purchasing a real-estate owned (REO) property listed as part of its HomePath division, according to a company notice.”

Bloomberg - “D.R. Horton Climbs Most in 10 Months on Profit Gain” (2-2-10)

“D.R. Horton Inc., the second-largest U.S. homebuilder by revenue, climbed the most in 10 months after the company reported its first quarterly profit since 2007 on sales and profit margins that exceeded analysts’ estimates.”

Bloomberg - “U.S. Vacancy Rate Increases as Banks Seize More Homes” (2-2-10)

“The homeowner vacancy rate increased to 2.7 percent from 2.6 percent in the third quarter, the U.S. Census Bureau said in a report today. There were 2.09 million empty properties on the market, up from 1.99 million, according to the report.”

Inman - “First-timers are fastest-growing segment” (2-2-10)

“First-time homebuyers not only account for the largest share of home sales in many markets, but represent the fastest-growing segment of home sales in nearly half of those markets, brokers surveyed by Inman News report. Second homes and move-up homes, on the other hand, are the most rapidly shrinking segment of their business, brokers responding to the survey said.”

Looking Back:

One year ago,  a $5 billion increase in mortgage debt investment by foreign banks was noted by Morgan Stanley. San Francisco analysts predicted that condominium prices in the SF area would significantly decrease. Obama exclaimed that he would require banks receiving bailout money to increase lending to borrowers.

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