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The Norris Group Real Estate News Roundup 1/10/12

Tuesday, January 10th, 2012

Today’s News Synopsis:

In a big news story, the president and CEO of Fannie Mae, Michael Williams, is expected to resign.  According to the latest Zillow report, the values of homes in the United States decreased almost 5% year-over-year and are now at the level they were at in 2003.  HOPE NOW said a lot fewer loans were modified than last year, but on a positive note the number of loan modifications did increase in November from October.

In The News:

CNN Money - “Turning foreclosures into rentals” (1-9-12)

“Federal officials hope to launch a pilot program in early 2012 to convert government-owned foreclosures into rental properties.  The program, which was cited by Federal Reserve Chairman Ben Bernanke last week as one way to address the housing crisis, would sell foreclosed homes now owned by Fannie Mae (FNMA, Fortune 500) and Freddie Mac (FMCC, Fortune 500) to investors in bulk. The properties would then be converted into rentals.”

DS News – “Suspected Mortgage Fraud Continues to Rise, But at Slower Pace” (1-10-12)

“Suspicious activity reports (SARs) involving fraud in the financial industry rose from 1.32 million in fiscal 2010 to 1.45 million in fiscal 2011, according to the latest annual report from the Financial Crimes Enforcement Network (FinCEN), based in Vienna, Virginia.”

Housing Wire – “Zillow: Home values in November back at 2003 levels” (1-10-12)

“Home values in the United States in November remained flat with the prior month but declined 4.6% from last year, according to the latest real estate markets report from Zillow Inc. (Z: 24.19 +5.04%).”

Bloomberg - “Manhattan’s Office Leasing Reaches 11-Year High, Cushman & Wakefield Says” (1-10-12)

“Manhattan office leasing climbed 16 percent last year as tenants agreed to occupy the most space in more than a decade, Cushman & Wakefield Inc. said.”

Realty Times - “New California Law Protects Tenants’ Political Signs” (1-10-12)

“Any discrimination that prevents freedom of expression, based on whether or not you own property is a denial of rights that belong to all people.”  That’s what California State Senator Christine Kehoe said in advocating her bill, Senate Bill 337, during the recent session of the California Legislature.  The aim of SB 337 was to prevent landlords from forbidding their tenants to post political signs on the property that they rent.”

DS News – “Fannie Mae CEO to Resign” (1-10-12)

“Michael Williams has decided to step down from his position as CEO and president of Fannie Mae, the GSE announced today.”

NAHB - “Home Builders, Former NFL Players Strengthen Communities with Touchdown for Homes” (1-10-12)

“Up until now, one of the few things home builders had in common with football players was that builders constructed the houses where millions of families watched their favorite NFL teams compete each week. But with Touchdown for Homes, a charitable outreach program of the National Association of Home Builders and the NFL Players Association, home builders and former NFL players are teaming up around the country to build or renovate homes for children or families in need and veterans.”

Housing Wire - “2011 mortgage modifications fall short of previous year” (1-10-12)

“Mortgage servicers are on track to modify far fewer loans in 2011 than the previous year, according to the most recent data provided by the Hope Now alliance formed by these firms and others in the industry.”

DS News - “Loan Mods and Delinquencies Rise in November: HOPE NOW” (1-10-12)

“The number of mortgage modifications completed during the month of November rose 5 percent from October, bringing the year-to-date total to about 969,000, according to HOPE NOW, a voluntary private sector alliance of mortgage industry participants.”

CNN Money - “Federal Reserve pays $77 billion to Treasury” (1-10-12)

“Ben Bernanke is about to hand Timothy Geithner a very large check.  The Federal Reserve announced Tuesday that it plans to pay the Treasury $76.9 billion, the bulk of the Fed’s 2011 income after accounting for its own operating expenses.”

San Francisco Chronicle - “Encumberances And Nonpossessory Interests In Real Property” (1-10-12)

“Property  is a legal concept that grants and protects a person’s exclusive right to own,  possess, use and dispose of a thing. The term property does not suggest a  physical item, but describes a legal relationship of a person to a thing.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $50,000 on a 3 bedroom, 1 bathroom home appraised for $106,000.

California Real Estate Investor Events:

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

Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.

Looking Back:

According to the Federal Reserve Board, the amount of net income reserve banks took in was 34% higher than the previous year.  The Federal Reserve Board, in turn, made a profit of $78.4 the previous year, the largest profit it had made in several years.  The then recent ruling by the Massachusetts Supreme Court was not expected to change foreclosure practices drastically but rather opens the door to allow trustees to hold mortgages.

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

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

Tuesday, November 15th, 2011

Today’s News Synopsis:

The FHA is looking at a possible bailout in the next twelve months after reserves decrease below the legal limit.  Fannie Mae and Freddie Mac have already received a $100 million bailout, the biggest of the financial crisis.  The San Francisco Chronicle reported a pick up in bank loans after a slow month in September.

In The News:

CNN Money – “Fannie, Freddie execs score $100 million payday” (11-15-11)

“Mortgage finance giants Fannie Mae and Freddie Mac received the biggest federal bailout of the financial crisis. And nearly $100 million of those tax dollars went to lucrative pay packages for top executives, filings show.”

Housing Wire - “Hope Now servicers complete 5 million loan modifications since 2007″ (11-15-11)

“Hope Now, a voluntary alliance of mortgage servicers, investors, counselors and insurers, said members completed 5 million loan modifications since 2007, supporting the idea that nonprofit and private-sector players can resolve mortgage issues through collaboration.”

DS News - “FHA Reserves Sink Further Below Legal Limit Amid Talk of Bailout” (11-15-11)

“An annual audit of the Federal Housing Administration’s (FHA) books has concluded there is a 50-50 chance the government mortgage insurer will need a bailout from taxpayers within the next 12 months.”

Bloomberg - “AIG Resists Concessions to Banks for Obama Refinancing Plan” (11-15-11)

“American International Group Inc. (AIG) is holding out as rival mortgage insurers accept policy changes that support the U.S. government push to stoke refinancing among borrowers with little or no home equity.”

Realty Times - “U.S. Won’t be Nation of Renters” (11-15-11)

“According to the National Association of Realtors®, (NAR) the U.S. will not become a nation of renters.  Currently, over 65 percent of Americans are homeowners, a rate that has held since the 1960′s. It’s no wonder why most Americans seek out a home of their own.”

San Francisco Chronicle - “Bank Loans Pick Up in U.S. as Fisher Sees Growth: Credit Markets” (11-15-11)

“Bank loans to companies in the U.S. are accelerating after slowing in September,  underscoring the improved outlook for growth following concern that the global  economy was headed for another recession.”

Housing Wire - “Freddie Mac tells mortgage servicers not to use Baum law firm” (11-15-11)

“Freddie Mac told mortgage servicers they may no longer refer New York foreclosure or bankruptcy cases to the Steven J. Baum PC law firm.”

CNN Money - “Retail sales: Consumers still spending” (11-15-11)

“Consumers kept hitting the stores in October, despite economic headwinds and uncertainty that many economists had feared would keep them from spending.”

Wall Street Journal - “Lawmakers Near Deal on Raising FHA Loan Limits” (11-15-11)

“U.S. lawmakers are near a deal to increase the maximum size of mortgage loans that can be insured by the Federal Housing Administration, a crucial source of mortgages for first-time home buyers, congressional aides said Monday.”

Looking Back:

Fed Governor Sarah Raskin expected 2.25 million foreclosures to occur in 2010 and 2011. Fiserv believed home prices would drop 7.1% over the in 2011. According to the CAR, 66% of first time home buyers were able to afford an entry-level home in California. Josh Levin of Citigroup predicted housing demand may not catch up to supply until 2014.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor 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 9/28/11

Wednesday, September 28th, 2011

Today’s News Synopsis:

According to the latest survey released by the Mortgage Bankers Association, mortgage applications increased 9.3% from last week.  However, mortgage rates continue to remain low acccording to the Realty Times.  According to the San Francisco Chronicle, home prices are down but not as much as as they were a year ago and decreased even less than predicted in Jully.

In The News:

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (9-28-11)

“Mortgage applications increased 9.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 23, 2011.”

DS News - “Proprietary Modifications Unchanged, Foreclosure Starts Rise” (9-28-11)

“Servicers completed about 56,000 permanent loan modifications in the month of August-similar to their July efforts. Most of these modifications included reduced principal and interest payments and fixed interest rates for five years or more, according to HOPE NOW data released Wednesday.”

Realty Times - “Mortgage Rates Remain Low After Mixed Housing Reports” (9-28-11)

“With the summer season now over, mortgage rates continue to remain low after mixed housing reports for the month of August. Data showed that consumers are still carefully looking at their options before committing to purchasing a home. While existing home sales surged, new home sales fell to a six month low in August as reported by the Commerce Department.”

Housing Wire – “Mortgage fraud reporting up, way up” (9-28-11)

“Reports of possible mortgage fraud grew in the second quarter, with financial institutions filing 29,558 mortgage loan fraud suspicious activity reports, the Financial Crimes Enforcement Network said Wednesday.”

San Francisco Chronicle - “Home prices down less than expected” (9-28-11)

“Home prices in the United States declined less than forecast in July compared  with a year earlier, a sign that bank delays in processing foreclosures may have  temporarily slowed the slump in real  estate values.”

Realty Times - “Default Notices Rise” (9-28-11)

“Home values have fought a hard battle the past few years. Credit woes and a depressed jobs market dragged values downward. It has been distressed properties, however, that have sapped the life out of many neighborhoods.”

Housing Wire – “Business Roundtable: Big company CEOs cautious about economy” (9-28-11)

The Federal Housing Finance Agency proposed two mortgage servicing compensation models Tuesday, prompting the market to quickly react with a list of pros and cons.”

DS News - “FHFA Suspends Loan Repurchase Deals” (9-28-11)

“The Federal Housing Finance Agency (FHFA) has signed off on several headline-grabbing arrangements between major lenders and the GSEs to reconcile loan repurchase claims.”

Realtor Magazine - “NAR Brings Workforce Housing Concerns to Nation’s Capital” (9-28-11)

“REALTORS® strive to preserve and expand housing opportunities for all Americans, and that’s particularly important for public and private sector workers. To address a nationwide shortage of workforce housing, the NATIONAL ASSOCIATION OF REALTORS®, in partnership with the National Housing Conference, will host a forum today in Washington, D.C.”

Looking Back:

Property values in 20 U.S. cities increased 3.2% from 2009, according to the S&P index. FHFA reported 30-year, fixed mortgage rates decreased to 4.7% in August 2010. The House of Representatives proposed a new bill which would allow 30 million homeowners to refinance at what were then current interest rates.

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

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

Wednesday, August 10th, 2011

Today’s News Synopsis:

Rismedia reported the rate for 15-year fixed loans is now at 3.54%, lowest it has been in 20 years.  HOPE NOW recently released data showing both mortgage delinquencies and foreclosure sales decreased this year.  Bloomberg also reported a decrease in home prices in 75% of metropolitan areas in the U.S.  Median prices also decreased for single-family existing homes, according to Inman. 

In The News:

Housing Wire - “Obama administration expects new push for REO rentals” (8-10-11)

“The Obama administration will begin working on new strategies for how to better sell previously foreclosed homes held by Fannie Mae, Freddie Mac and the Federal Housing Administration, which may include renting more REO.”

Rismedia - “Rates on15-Year Fixed Lowest Ever Recorded” (8-10-11)

“The average rate for a 15-year fixed loan dropped to 3.54 percent last week from 3.66 percent the week before, according to Freddie Mac—the lowest result since 1991.”

DS News - “HOPE NOW: Delinquencies and Foreclosure Starts Decline” (8-10-11)

“Mortgage delinquencies declined 27 percent in the first half of 2011 compared to the first half of 2010, according to data from HOPE NOW.  For the first half of 2011, the number of 60 day plus delinquencies was 2.7 million, down 1 million from the first half of 2010.”

Bloomberg - “Home Prices Decline in Almost Three-Fourths of U.S. Metropolitan Areas” (8-10-11)

“Home values fell in almost three- fourths of U.S. cities in the second quarter as foreclosures that sell at cut-rate prices devalued real estate.  The median price of a single-family home declined in 109 metropolitan areas out of 150 measured, the National Association of Realtors said in a report today.”

Realty Times - “Low Mortgage Rates Survive Debt Crisis and U.S. Downgrade” (8-10-11)

“Things have been quite active this past week with the debt ceiling crisis coming to an end last Tuesday when an agreement was finally reached at the last minute. By the end of the week, Standard and Poor’s went ahead and downgraded the U.S. credit rating. Although the stock market is dropping, low mortgage rates have survived both the debt crisis and U.S. downgrade.”

Mortgage Bankers Association - “Mortgage Applications Increase Significantly, Driven by Surge in Refinance Activity” (8-10-11)

“Mortgage applications increased 21.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 5, 2011.  The Market Composite Index, a measure of mortgage loan application volume, increased 21.7 percent on a seasonally adjusted basis from one week earlier.”

Inman - “Median real estate prices drop in nearly 3 of 4 metros in Q2″ (8-10-11)

“Median sales prices for existing single-family homes fell in the second quarter in the vast majority of metropolitan areas covered by the National Association of Realtors in its latest quarterly report.”

Housing Wire – “BofA marks down billions from Countrywide portfolio” (8-10-11)

“Bank of America (BAC: 6.77 -10.92%) has been forced to mark down billions of dollars worth of the troublesome Countrywide Financial Corp. mortgage portfolio since acquiring it in early 2008.”

Los Angeles Times - “Treasury sells 10-year notes at record low yield as buyers pour in” (8-10-11)

“The continuing global stock market panic is the gift that keeps on giving to the U.S. Treasury.  Despite the U.S. credit-rating downgrade by Standard & Poor’s last week, the Treasury on Wednesday saw huge demand when it sold $24 billion in new 10-year notes.”

Realtor Magazine - “Fed to Keep Interest Rates Low Until 2o13″ (8-10-11)

“In an unusual step, the Federal Reserve vowed Tuesday to keep interest rates low for at least the next two years.  The Fed said it’ll keep its key benchmark interest rate near zero through mid-2013. The Fed’s commitment was welcome news to many in the real estate industry who see it as a positive move for the housing industry, allowing buyers more time to take advantage of ultra low mortgage rates.”

Looking Back:

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

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor 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 7/11/11

Monday, July 11th, 2011

Today’s News Synopsis:

Housing Wire reported a dip in foreclosures for the second month in a row.   The Emergency Homeowners’ Loan Program (EHLP) was recently started by HUD and NeighborWorks America to assist people in with homes in danger of foreclosure, according to RisMedia.  Bloomberg reported that banks associated with Wall Street are selling property loan bonds totalling $3.7 billion to help the economy.   

In The News:

Bloomberg - “Wall Street Banks Market $3.7 Billion of Commercial Mortgage-Backed Bonds” (7-11-11)

“Wall Street banks are marketing about $3.7 billion of bonds tied to property loans, wagering investor demand for the debt will withstand mounting concerns that the U.S. economic recovery is stalling and the European crisis is spreading.”

Housing Wire - “Slim summer home price gains expected to reverse” (7-11-11)

“JPMorgan Chase (JPM: 39.469 -3.12%) analysts stuck to their estimate of further declines in home prices ahead and warned against buying too much into the recent upticks in the busier summer months.”

DS News - “Top Servicers Expand Worforce to Assist Distressed Homeowners” (7-11-11)

“With delinquent mortgages at unprecedented levels, sheer market conditions command a staff the size of a small army dedicated to working with distressed borrowers. Servicers have added thousands to their loss mitigation teams over the past few years and most are still recruiting.”

Inman - “Banks taking longer to take back homes with high-balance loans” (7-11-11)

“Banks are taking longer to complete the foreclosure process for homeowners with high-balance mortgages and those who have more than one home loan — in part because of changes in accounting rules that have allowed them to put off recognizing inevitable losses on those loans.”

Realty Times - “Real Estate Outlook: Economic Inclusion” (7-11-11)

“The catch-phrase in the last week has been “economic inclusion,” as it relates to you, me, and mainstream banking. A June 29th speech by Federal Reserve Governor Sarah Bloom Raskin at the New American Foundation Forum revealed that limited access to banking and credit could be having significant damaging effects on the economy.”

Housing Wire - “Foreclosure sales dip for second straight month” (7-11-11)

“Mortgage servicers completed 68,000 foreclosure sales on the courthouse steps in May, down 7% from the previous month and the second straight month of declines, according to the Hope Now alliance of insurers, counselors and lenders.”

RisMedia - “New Billion-Dollar Emergency Loan Program Hopes to Stave Off Foreclosures” (7-11-11)

“The U.S. Department of Housing and Urban Development (HUD) in conjunction with NeighborWorks America launched a new Emergency Homeowners’ Loan Program (EHLP) recently to help homeowners who are at risk of foreclosure in 27 states across the country and Puerto Rico.”

Bloomberg - “Fed Rates on Hold Longest Since 1940s as Treausury Curve Sees Slower Growth” (7-11-11)

“The Federal Reserve may keep interest rates at record lows for the longest period since World War II as the economic slowdown that sparked a four-month bond rally worsens, according to Treasury market signals.”

Mortgage Bankers Association - “Stevens Reiterates MBA’s Support for Risk Retention” (7-11-11)

“David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA) issued the following statement following remarks by Congressman Barney Frank (D-MA) this morning at the National Press Club:  “MBA, as we have said many times, supports risk retention and believes it is an important step in establishing a regulatory plan to protect borrowers and ensure a safe and sustainable mortgage system.   The QRM exemption in Dodd-Frank was designed to recognize that traditional mortgage loans – standard products, properly underwritten and fully documented – were not the cause of the recent crisis.’”

RisMedia - “Bankrate: Mortgage Rates Hit a 2-Month High” (7-11-11)

“Mortgage rates increased for the second week in a row, with the benchmark conforming 30-year fixed mortgage rate now 4.79 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.32 discount and origination points.”

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 6/1/11

Wednesday, June 1st, 2011

Today’s News Synopsis:

According to Interthinx, investor-committed occupancy fraud increased 25% in the first quarter. 50% of 1,000 mortgage borrowers surveyed by the National Foundation for Credit Counseling said they could not afford a 20% down payment. CoreLogic claims national home prices rose 0.7% in March. HOPE NOW said foreclosure starts fell 25% in April.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-1-11)

“Mortgage applications decreased 4.0 percent from one week earlier, according to data from the Mortgage Bankers Association”

Housing Wire – “Private sector adds 38,000 jobs in May” (6-1-11)

“Automatic Data Processing Inc. said nonfarm private payrolls increased a mere 38,000 on a seasonally adjusted basis last month. That’s down from a slightly revised 177,000 for April. ”

Housing Wire – “Interthinx risk index shows occupancy fraud rose 25% in 1Q” (6-1-11)

“The Agoura Hills, Calif.-based data firm said its occupancy fraud risk index, which measures the number of incidents of investors misrepresenting occupancy, rose 25% in the first quarter.”

Bloomberg - “Construction Spending in U.S. Rose 0.4% in April on Home Improvement Gains” (6-1-11)

“The 0.4 percent gain followed a revised 0.1 percent increase in March that was smaller than previously estimated, Commerce Department figures showed today in Washington. The median estimate of economists in a Bloomberg survey projected a 0.3 percent increase.”

Wall Street Journal – “Banks Hit Hurdle to Foreclosures” (6-1-11)

“Banks trying to foreclose on homeowners are hitting another roadblock, as some delinquent borrowers are successfully arguing that their mortgage companies can’t prove they own the loans and therefore don’t have the right to foreclose.”

Bloomberg - “Treasury 10-Year Yields Drop Below 3% for First Time This Year on Economy” (6-1-11)

“Treasuries surged, pushing 10-year note yields below 3 percent for the first time in 2011, as U.S. companies added fewer jobs in May than economists forecast and manufacturing expanded at the slowest pace in more than a year.”

Housing Wire – “CMBS delinquencies fall in May as market levels off” (6-1-11)

“The CMBS delinquency rate fell five basis points from April to 9.6%, according to Trepp analytics firm which released the numbers Wednesday. About .64% are 30-days delinquent, .50% are 60-days delinquent, 2.7% are 90-days delinquent and 1.84% are real estate-owned. Many of the delinquent loans (2.98%) are in foreclosure.”

Housing Wire – “Half of mortgage borrowers could never afford 20% down payment: NFCC” (6-1-11)

“Half of the more than 1,000 borrowers surveyed by the National Foundation for Credit Counseling said they would never be able to afford the 20% down payment required under the qualified residential mortgage structure. Federal regulators proposed a rule in March requiring lenders to maintain 5% of the risk on mortgages pooled into securities, except for those loans that meet a variety of standards including a 20% down payment.”

Housing Wire – “Planned job cuts in May down 4.3% from year ago” (6-1-11)

“The Chicago-based executive outplacement company said employers have disclosed plans to shed about 204,400 jobs so far this year, which is 21% lower than the first five months of 2010. Last month’s planned cuts of 37,135 was up 1.8% from April and down 4.3% from 38,810 for May 2010.”

DSNews - “CoreLogic Price Index Shows First Monthly Increase Since Mid-2010″ (6-1-11)

“The company says its index shows that home prices in the U.S. rose 0.7 percent between March and April, the first such increase since the homebuyer tax credit expired in mid-2010. However, national home prices are down 7.5 percent compared to April 2010, after an annual drop of 6.8 percent reported for March 2011.”

DSNews - “Foreclosure Starts and Sales Post Sharp Declines in April: Report” (6-1-11)

“Foreclosure starts nationwide were approximately 163,000 in April, down 25 percent from 217,000 the prior month, reports the industry alliance HOPE NOW. An earlier assessment by the nonprofit group showed that new foreclosures had increased 21 percent over the February-to-March period.”

Looking Back:

One year ago, the head of CoreLogic believed the real estate market had bottomed. According to the Commerce Department, construction spending increased 2.7 percent in May. LPS reported the number of loans 90 or more days past due — including pre-sale foreclosure — declined by nearly 3% to just over 4.07m from nearly 4.19m in March. According to Altera Real Estate, housing demand had dropped by 17%.

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

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The Norris Group Real Estate News Roundup 5/2/11

Monday, May 2nd, 2011

Today’s News Synopsis:

The Commerce Department reports construction spending increased 1.4% in March. Mortgage modification completions dropped nearly 20% in the first quarter, according to Hope Now. Maury Harris believes 750,000 to 1 million new households will be created in 2011.

In The News:

Sacramento Bee – “March construction spending rose 1.4 percent” (5-2-11)

“Construction spending rose 1.4 percent in March, the Commerce Department said Monday. It was the biggest advance since last April”

CNN - “Your Home: How to sell in tough times” (5-2-11)

“Many give in to the temptation to list the property above fair market value to see what happens. Big mistake. About a quarter of sellers in the past year initially listed too high and were forced to knock the price lower, according to Trulia.com. Even in cities that have held up well, such as Charlotte, 25% of sellers resort to at least one price cut, and often two.”

Orange County Register – “Slow spring: Home demand off 5%” (5-2-11)

“Demand, the number of new pending sales over the past month, decreased by 5% over the past month, shedding 169 pending sales and now totals 3,189. This year, the height in demand was reached on March 31st with 3,358 pending sales. Two weeks prior, on March 17th, demand had increased to 2,982.”

Housing Wire – “Private mortgage modifications drop 20% in first quarter” (5-2-11)

“Mortgage servicers completed 209,806 private modifications in the first quarter, down 19.7% from the previous period, according to data from the Hope Now alliance.”

Housing Wire – “Freddie Mac provides mortgage forbearance for victims of southern storms” (5-2-11)

“Freddie Mac will provide borrowers affected by recent storms in the South with a forbearance on mortgage payments for up to one year.”

Bloomberg - “New Households Form at Fastest Rate Since ’07 in Resurgent U.S.” (5-2-11)

“Between 750,000 and 1 million new households will be created in 2011, predict UBS Securities LLC’s Maury Harris and IHS Global Insight’s Patrick Newport. That compares with just 357,000 added in the year ended March 2010, the lowest on record, according to the Census Bureau. As employment picks up, new households are likely to rise above the past decade’s average of 1.3 million a year, according to Newport.”

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 4/7/11

Thursday, April 7th, 2011

Today’s News Synopsis:

CoreLogic said home prices fell 6.7% in February, and Clear Capital claims home prices in the West declined 4.3% in the previous quarter. According to Freddie Mac, mortgage rates increased to 4.87% last week. Analysts are concerned that a Federal shutdown would have dramatic effects on the California economy and the FHA.

In The News:

Housing Wire – “Home prices fall for seventh straight month: CoreLogic” (4-7-11)

“According to the CoreLogic (CLGX: 18.48 -1.75%) Home Price Index, prices fell 6.7% in February compared to the same month in 2010. This follows a 5.5% year-over-year drop in January.”

Housing Wire – “Jobless claims dip again in April” (4-7-11)

“The number of initial jobless claims filed by unemployed Americans dropped to 382,000 during the week of April 2, down from last week’s revised figure of 392,000, according to data from the U.S. Labor Department released Thursday.”

Sacramento Bee – “Summary Box: Fixed mortgage rates inch up” (4-7-11)

“Freddie Mac said the average rate on a 30-year fixed mortgage rose to 4.87 percent from 4.86 percent the previous week. The average rate on the 15-year fixed mortgage increased to 4.10 percent from 4.09 percent.”

San Francisco Chronicle – “Federal shutdown would hit California hard” (4-7-11)

“Employees deemed essential, such as air traffic controllers, doctors at VA hospitals, border agents and military personnel, probably will remain on the job as they did during the last major shutdown in 1995. Others, such as Internal Revenue Service employees at 27 California locations, might find their offices closed on Monday.”

Housing Wire – “Analysts say FHA shutdown possible without budget consensus” (4-7-11)

“If the government were to shutdown, two important steps in the FHA origination process would be put on hold. FHA lenders may still be able to originate loans, but they would have to wait on obtaining case numbers and a mortgage insurance certificate to be issued.”

Housing Wire – “Hope Now reports a mixed-bag of results” (4-7-11)

“Hope Now, an alliance of mortgage servicers and home retention counselors who are pushing to save distressed properties, said the month of February brought mixed results with servicers reporting fewer loan modifications and falling delinquency rates. In February, the number of completed loan mods fell from 100,186 to 87,000.”

Bloomberg - “Mall Vacancies Climb to Highest in Decade as U.S. Store Closings Persist” (4-7-11)

“The vacancy rate climbed to 9.1 percent from 8.9 percent a year earlier and 8.7 percent in the fourth quarter, the research firm said in a report today. It was the highest since Reis began publishing data on regional malls in 2000.”

Housing Wire – “Home prices double-dip in West but flatten nationally: Clear Capital” (4-7-11)

“March home prices in the West declined 4.3% from the previous three months and reached a new low since 2001, according to real estate data provider Clear Capital.”

Looking Back:

One year ago, the MBA reported that 1.2 million households were lost from 2005 to 2008. Greenspan defended the fed’s lack of oversight in the subprime market claiming that consumer protection was a high priority at the time. A Fannie Mae survey showed 61 percent of homeowners and renters said the economy was on the wrong track. Fitch reported subprime RMBS delinquencies fell to 46.3% in March 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 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 1/5/11

Wednesday, January 5th, 2011

Today’s News Synopsis:

Altera Real Estate forecasts an increase in interest rates for 2011. Hope Now reports mortgage lenders completed nearly 1.65 million permanent loan modifications in November. President Obama signed the National Credit Union Stabilization Act.

In The News:

Orange County Register – “Realistic sellers eyed as key to stable prices” (1-5-11)

“There’s a ton of pressure on rates to increase. An increasing deficit with the Fed printing money at warp speed, a government unwilling to cut spending, and no leader anywhere in the world willing to come up with a definitive game plan to get us out of this pickle, translates to mounting pressure on interest rates.”

Mortgage Bankers Association – “Mortgage Applications Drop the Week Before Christmas and Increase the Week After in Latest MBA Weekly Surveys” (1-5-11)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the weeks ending December 24, 2010 and December 31, 2010. For the week ending December 24, 2010, the Market Composite Index, a measure of mortgage loan application volume, decreased 3.9 percent on a seasonally adjusted basis from the prior week. For the week ending December 31, 2010, this index increased 2.3 percent on a seasonally adjusted basis.”

Housing Wire – “Hope Now: November mortgage modifications doubled foreclosure sales” (1-5-11)

“Mortgage lenders completed about 1.65 million permanent loan modifications through November vs. 1 million foreclosure sales, according to Hope Now.”

Housing Wire – “CMBS delinquencies hit record high in December” (1-5-11)

“The delinquency rate on commercial mortgage-backed securities reached 9.2% in December, the highest on record, according to analytics firm Trepp.”

Housing Wire – “Treasury relaxes rules to free-up HAFA short sales” (1-5-11)

“The Treasury Department took action in December eliminating some rules it said have held back short sales through the Home Affordable Foreclosure Alternatives program.”

Housing Wire – “Obama signs credit union stabilization act for NCUA to avoid Treasury borrowing” (1-5-11)

“President Obama returned from his vacation to a heavy workload, and on Tuesday signed 35 bills into law (pictured below). One of which is the National Credit Union Stabilization Act.”

Housing Wire - “Trade groups urge Federal Reserve to adjust Reg Z’s rule on appraisal fees” (1-5-11)

“Four appraisal trade associations urged the Federal Reserve Board to require appraisal management companies to disclose their fees to consumers and to reconsider the language and implementation of an interim rule that requires AMCs to pay ‘customary and reasonable’ appraiser fees.”

Orange County Register – “Great Park homebuilder gets financing” (1-5-11)

“FivePoint Communities, a company spun off by Miami-based builder Lennar Corp. to plan and build the Heritage Fields housing and other major projects, reportedly will get $400 million. Those funds will help FivePoint move forward on what is expected to eventually be a master-planned community with 5,000 new residences in Irvine. According to the WSJ, the fresh funds come from Boston-based State Street Bank & Trust Co. plus other investors.”

Looking Back:

One year ago, pending home sales decreased by 16 percent from October to November. The Mortgage Bankers Association believed that the third quarter of 2009 likely marked the end of the recession, but expected to see continuous trouble in the real estate market. Lockhart predicted there would be another spike in foreclosure activity. Realtors warned that buying REO properties can be risky for business.

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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