California Real Estate Headline Roundup

Posts Tagged ‘House Financial Services Committee’

By Bruce Norris .

TRID Decision May Be Delayed Yet Again to October

Wednesday, June 24th, 2015

 

Today’s News Synopsis:

 

The Mortgage Bankers Association reported an increase in both refinance and purchase applications.  The refinance index increased 2%, while applications increased 1.6%.  Half of the states in the country now have stable housing markets with the prosperous buying season in the spring.  The CFPB, which had already postponed the decision on TRID, now wants to delay it until October.

 

In The News:

Housing Wire - “CoreLogic Chief Economist: Here’s how new policies can help homeownership” (6-24-15)

“The decline in the homeownership rate has been very steady, Frank Nothaft, chief economist for CoreLogic, said in an interview with HousingWire.  The rate has returned to what it was 20 years ago and is more severe for younger age groups, he explained.”

DS News - “Spring Homebuying Season Pushes Half of States Into ‘Stable’ Housing Market Range” (6-24-15)

“More than half of the states plus the District of Columbia, along with more than a third of the nation’s largest metro areas, were categorized as in the “stable” range in April on the strength of a healthy spring homebuying season, according to Freddie Mac’s April 2015 Multi-Indicator Market Index (MiMi) released Wednesday.”

Mortgage Bankers Association - “Refi, Purchase Applications Both Up in Latest MBA Weekly Survey” (6-24-15)

“Mortgage applications increased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 19, 2015.”

Mortgage Professional America - “State sets sights on mortgage relief scams” (6-24-15)

“New York’s attorney general has kicked off a public awareness campaign that is taking aim at “mortgage rescue” scams.  Many companies – including legitimate law firms – making false promises of offering mortgage debt relief are making off with client money.”

DS News - “Fed Vice Chairman Speaks On Evolution of Supervisory Stress Tests” (6-24-15)

“Speaking at the Riksbank Macroprudential Conference in Stockholm, Sweden, on Wednesday, U.S. Federal Reserve Vice Chairman Stanley Fischer related to the audience the critical role that stress tests played in restoring the U.S. financial system to health and of the continued evolution of those tests over the last six years.”

Housing Wire- “Whistleblowers to testify on discrimination at CFPB” (6-24-15)

“For more than a year, the House Financial Services Committee has investigated serious allegations of discrimination and retaliation against employees at the Consumer Financial Protection Bureau.”

DS News - “CFPB Issues Proposed Amendment to Delay TRID Effective Date Until October 3″ (6-24-15)

“The Consumer Financial Protection Bureau (CFPB) has announced a proposed amendment to the Know Before You Owe mortgage rule, commonly known as the TILA-RESPA Integrated Disclosure (TRID) rule, which would move the effective date of the rule to Saturday, October 3, 2015.”

Mortgage Professional America - “Underwater mortgages dropping” (6-24-15)

“New stats from CoreLogic show that 254,000 homes regained equity in the first quarter of this year, and the share of underwater mortgages has dropped to 10.2 percent.”

Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

Looking Back:

The MBA expected high return of commercial and multifamily originations this year with the increase in housing volume.  Sales of newly constructed homes increased 18.6% and stood at 504.000.  According to the latest Case-Shiller Index, home prices increased 10.8% in 20 U.S. cities, falling short of expectations.

Copyright: Image from www.flickr.com/photos/dougww

 

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.

 

Despite Positive Forecast, Whether Housing Starts Will Return to Pre-Recession Levels is Still Unknown

Friday, June 19th, 2015

 

 

 

Sources:

Foreclosure activity hits 19-month high on rise in REOs
Number of Properties With Equity Is Rising While Total of Underwater Homes Declines

 

Today’s News Synopsis:

 

In this week’s video Aaron Norris gives the news of the week in the world of real estate.  More investors are looking to Cuba for future investment opportunities with the impending lifting of embargo.  The recent news story that plans for changes to the  TILA-RESPA Integrated Disclosure have been met with positive feedback.  Despite forecasts for housing starts being they will increase by almost 40%, it is still unknown if they will return to pre-recession levels.

 

In The News:

DS News - “Five Takeaways from Treasury Secretary Jack Lew’s Testimony Before Congress” (6-19-15)

“During his testimony this week before the full House Financial Services Committee, U.S. Department of Treasury Secretary Jack Lew stated when asked about GSEs and the conservatorship that the system should be restructured, but the time was not right for the conservatorship to end.”

Housing Wire- “CUNA discovers discrepancy in CFPB’s TRID rule, seeks answers” (6-19-15)

“The Credit Union National Association asked the Consumer Financial Protection Bureau to clarify a discrepancy and to exempt credit unions that make five or fewer mortgages in a calendar year from the Know Before You Owe rule, which includes the TILA-RESPA Integrated Disclosures in a letter Friday.”

Mortgage Professional America - “‘Friendship’ threatens key housing markets” (6-19-15)

“Cuba is becoming a hot market for investors as an embargo against U.S. investment could be lifted soon, opening up opportunities for the first time in more than 50 years, according to an Akerman U.S. Real Estate Survey.”

Bloomberg - “Goldman, Deutsche Bank Said to Compete for $4.8 Billion of Loans” (6-19-15)

“Goldman Sachs Group Inc. and Deutsche Bank AG are competing to buy Irish real estate loans with a face value of 4.2 billion euros ($4.8 billion) from Lloyds Banking Group Plc, according to people with knowledge of the matter.”

Housing Wire- “Aggregate market value of housing nearing 4Q06 peak” (6-19-15)

“The aggregate market value of owner-occupied housing hit its high point in the last part of 2006, reaching a high-watermark of $22.5 trillion.  Breaking that down, first lien mortgage and home equity loan debt outstanding equaled $9.9 trillion (44%) and homeowner equity equaled $12.6 trillion (56%).”

DS News - “Mortgage Industry Welcomes CFPB’s Proposed TRID Delay” (6-19-15)

“Taking the industry by surprise, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced on Wednesday that a proposal has been released to delay the effective date of the TILA-RESPA Integrated Disclosure (TRID) rule. The proposal is requesting that the TRID rule be postponed until October 1, 2015 due to an administrative error. The rule was originally set to go into effect on August 1, 2015.”

Mortgage Professional America - “Huge opportunity for small originators” (6-19-15)

“Smaller lenders are enjoying a better recovery following the housing market downturn than their big bank counterparts, and industry players are pointing to a number of reasons for the phenomena.”

Housing Wire - “Will homebuilding ever return to the highs of 2006?” (6-19-15)

“While Capital Economics is forecasting housing starts to surge by almost 40% over the next few years, reaching 1.5 million by the end of 2017, they’re not so sure the industry will see a return to pre-recession 2006 levels.”

Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

Looking Back:

It was expected that new and existing home sales would decrease 4.1% to 5.28 million homes this year, the first drop in four years.  Housing continued to remain affordable despite an increase in home prices.  Richard Cordray of the CFPB appeared before the House Financial Services Committee to answer several questions regarding everything from discrimination allegations and concerns about accountability.

Copyright: Image from www.flickr.com/photos/concrete_forms/

 

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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If You Expected A Ruling from The Supreme Court on Disparate Impacts – You’ll Have to Wait

Monday, June 8th, 2015

 

 

Today’s News Synopsis:

The Supreme Court still has yet to come to a final decision regarding action on disparate impact in regards to the Fair Housing Act.  Distressed sales made up 12% of homes sold in March of this year.  Julian Castro, the secretary of HUD, is expected to testify in front of Congress this Thursday regarding the progress of HUD and its various programs.

 

In The News:

Bloomberg - “Cerberus Said to Buy 4,200 Rental Homes in Top U.S. Deal” (6-8-15)

“Cerberus Capital Management is buying about 4,200 U.S. houses, expanding its foray into home rentals in the industry’s largest bulk purchase.  The investment firm plans to acquire the properties from BLT Homes, a rental company owned by closely held Building & Land Technology, according to three people with knowledge of the transaction.”

DS News - “Freddie Mac Lists Steps To Help Distressed Borrowers Avoid Foreclosure Relief Scams” (6-8-15)

“Freddie Mac issued a list of “red flags” in a blog entry Monday for distressed borrowers seeking help with their mortgage to watch out for in order to avoid fraud.  Citing a Detroit Free Press story from April about Anthony Carta, who was sentenced to 30 to 99 years in prison for perpetrating a “faith-based” foreclosure relief scam in which he promised to help distressed borrowers avoid foreclosure in exchange for an up-front fee.”

Mortgage Professional America- “Morning Briefing: Economists hail the strong housing market” (6-8-15)

“There has been mixed data recently on the state of the US economy but many analysts are united in their view of the housing market; it’s strong and set for further growth.”

Bloomberg - “These Are the 13 Cities Where Millennials Can’t Afford a Home” (6-8-15)

“Soaring home prices and stagnant wages combine to make home-buying in some cities a pipe dream for young adults.  There’s no place like home — except when you can’t afford one.  Millennials have been priced out of some of the biggest U.S. cities, with residential real estate prices rising even as wage growth remains elusive.”

Housing Wire - “CoreLogic: Distressed sales accounted for 12% of home sales in March 2015″ (6-8-15)

“Distressed sales—real estate-owned and short sales—accounted for 12.1% of total home sales nationally in March 2015, a 3.2 percentage point drop from March 2014 and a 1.9 percentage point decrease from February 2015, according to the March report from CoreLogic.”

Mortgage Professional America- “Banks to pay millions more for mortgage crisis” (6-8-15)

“Goldman Sachs and Morgan Stanley are reportedly nearing settlements for a billion dollar mortgage payment case.  According to a Wall Street Journal report, the two banks – and seven others –are set to finalize the details soon, though an exact timeframe has not been given. However, sources said the matter could be settled as early as the end of the month.”

DS News - “HUD Secretary Castro to Testify Before Congress Thursday, June 11″ (6-8-15)

“U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro is scheduled to testify before the full House Financial Services Committee on Thursday, June 11, for the second time since becoming the nation’s top housing official in July 2014.”

Mortgage Professional America- “Originators held back by antiquated system” (6-8-15)

“Could a new credit scoring model be on the horizon, and what could it mean for originators?  ’Today, lenders use credit-scoring models sanctioned by the Federal Housing Administration, Fannie Mae and Freddie Mac.’”

DS News - “Consumer Attitudes Toward Housing Improve Amid Positive Jobs Report” (6-8-15)

“Amidst the positive May job report from the Bureau of Labor and Statistics (BLS), consumer attitudes concerning the housing market showed vast improvement for the month of May, according to results from Fannie Mae’s May 2015 National Housing Survey. These positive changes also support the case for an increase in housing activity this year.”

Housing Wire - “No ruling on disparate impact from Supreme Court today” (6-8-15)

“Amidst the positive May job report from the Bureau of Labor and Statistics (BLS), consumer attitudes concerning the housing market showed vast improvement for the month of May, according to results from Fannie Mae’s May 2015 National Housing Survey. These positive changes also support the case for an increase in housing activity this year.”

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

Looking Back:

Out of 350 metropolitan areas, 56 showed signs of improvement by being at normal levels this month.  Mortgage rates increased for the first time in six weeks with 30-year rates at 4.14% and 15-year rates at 3.23%.  In addition, the amount of mortgage credit available increased the previous month by 1.14%.

Copyright: Image from www.flickr.com/photos/kevinq2000/

 

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.

 

 

Department Of Justice Cannot Use Funds for Disparate Impact Claims According to New Bill

Thursday, June 4th, 2015

 

 

Today’s News Synopsis:

 

Freddie Mac reported mortgage rates continue to be high for the year with 30-year rates at 3.87% and 15-year rates at 3.08%.  At the same time, the average down payment decreased to its lowest in three years according to RealtyTrac, coming in at 14.8% of the purchase price.  The Department of Justice may not use funds for disparate impact claims according to a recent bill passed by the House.

 

In The News:

Housing Wire - “Freddie Mac: Mortgage rates remain near 2015 high” (6-4-15)

“Average fixed mortgage rates remained near their highest level of the year before bond yields began moving even higher Wednesday afternoon, according to Freddie Mac.  The 30-year fixed-rate mortgage averaged 3.87% with an average 0.6 point for the week ending June 4, 2015, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.14%.”

Mortgage Bankers Association - “Mortgage Credit Availability Increases in May” (6-4-15)

“Mortgage credit availability increased in  according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”

NAHB - “EPA and Corps Water Rule Fails to Follow Intent of Congress and Supreme Court Precedent” (6-4-15)

“The National Association of Home Builders (NAHB) told Congress today that the final rule redefining the scope of waters protected under the Clean Water Act by the Environmental Protection Agency and U.S. Army Corps of Engineers falls well short of providing the clarity and certainty that the regulated community seeks.”

DS News - “Judge Rules JPMorgan Chase Is Not Responsible For WaMu’s Pre-September 2008 Liabilities” (6-4-15)

“A federal judge has ruled that the Federal Deposit Insurance Corp., is liable for facing certain legal claims that FDIC-insured JPMorgan Chase inherited from its 2008 acquisition of Washington Mutual, according to media reports.”

Housing Wire - “Democrats push new bill allowing community banks to exceed QM rule” (6-4-15)

“The leading Democrats on both the Senate Banking Committee and the House Financial Services Committee are pushing a new bill designed to provide regulatory relief to community banks and increase consumer protections.”

Los Angeles Times - “High-rise landlords respond to retro-cool buildings luring L.A. tenants” (6-4-15)

“When a group of prominent Los Angeles trial attorneys started its own firm in January, it shunned the sleek office skyscrapers that typically house blue-chip firms.  Hueston Hennigan instead set up shop in the century-old PacMutual office complex downtown, a stone edifice housing Internet start-ups, fashion firms and other creative types where rents are hitting $4 a foot, about double that of some big towers.”

Mortgage Professional America - “CFPB says reverse mortgage ads are misleading consumers” (6-4-15)

“Advertising for reverse mortgages gives consumers the wrong impression, the Consumer Financial Protection Bureau claims.  The CFPB today released the results of a focus group study that found many consumers were left with false impressions after viewing reverse mortgage advertisements. After seeing the ads, many were confused about reverse mortgages being loans.”

DS News - “Bill Passes House With Amendment Barring DOJ From Funding Disparate Impact Claims” (6-4-15)

“While mortgage industry stakeholders and lawmakers await the U.S. Supreme Court’s decision on whether or not so-called disparate impact claims are allowed under the Fair Housing Act, the U.S. House of Representatives passed an amendment barring the Justice Department for using funds to bring about such claims.”

Housing Wire - “RealtyTrac: Average down payment falls to three-year low” (6-4-15)

“The average down payment for single-family homes, condos and townhomes purchased in the first quarter fell to 14.8% of the purchase price, a slight dip from 15.2% the previous quarter and 15.5% a year ago, RealtyTrac’s first quarter 2015 Home Purchase Down Payment Report said.”

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar TODAY.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications decreased by 3.1% from the previous week.  According to the latest Beige Book by the Federal Reserve, although real estate activity did improve, it wass not expected to make up for the slowdown from January to April.  The amount of lending by Credit Unions increased by 9.7% year-over-year in the first quarter of 2014.

Copyright: Image from www.flickr.com/photos/jbtaylor/

 

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.

 

Home Prices Increase in First Quarter with Increased Demand and Tightened Inventory

Monday, May 11th, 2015

 

 

Today’s News Synopsis:

The Bureau of Labor Statistics reported almost 2,000 new jobs were added to the mortgage industry back in March.  Home prices increased in the first quarter with the increase in demand and inventory levels tightening.  A new proposal is being worked on by Senator Richard Shelby that would bring changes to the Federal Reserve.

 

In The News:

Housing Wire - “Dodd-Frank reform, TILA-RESPA dominate House hearings” (5-11-15)

“At least three hearings on Capitol Hill should grab the attention of the housing industry.  The House Financial Services Oversight and Investigations Subcommittee will hold a hearing entitled “The Dodd-Frank Act and Regulatory Overreach” on May 13, 2015, at 9:30 a.m. E.T.”

DS News - “House Comittee Issues Subpoenas to DOJ, Treasury, New York Fed” (5-11-15)

“The House Financial Services Committee has issued subpoenas to two federal government agencies and a branch of the central bank requesting information and documents regarding the government’s “too big to fail” designation and the Obama Administration’s debt ceiling, according to an announcement Monday on the Committee’s website.”

Mortgage Professional America - “Daily Market Update: House prices damage the whole economy” (5-11-15)

“The US economy is growing but not as fast as hoped and rising house prices, although a sign of a stronger economy, are part of the reason why the wider economy isn’t even better.”

Housing Wire - “CFPB issues guidance on fair lending practices” (5-11-15)

“The Consumer Financial Protection Bureau issued a bulletin to help mortgage lenders avoid illegal discrimination against applicants whose income includes vouchers from the Section 8 Housing Choice Voucher Homeownership Program.”

Mortgage Professional America - “Mortgage industry gains nearly 2000 jobs” (5-11-15)

“The mortgage industry added nearly 2,000 full-time employees in March, according to new data from the Bureau of Labor Statistics.  Mortgage banking and brokerage firms added 1,900 jobs, mostly thanks to the unexpected uptick in both purchase and refinance activity.”

Housing Wire“NAR: Tight inventory, demand push home prices higher in first quarter” (5-11-15)

“Home prices pushed higher in many metros areas in the first quarter of 2015 due to stronger demand and tight inventory levels, according to the latest quarterly report from the National Association of Relators.”

DS News - “Report: Senator Drafting Proposal to Reform Federal Reserve” (5-11-15)

“U.S. Senator Richard Shelby (R-Alabama), Chairman of the Senate Banking Committee, has legislation in the works that would significantly change the U.S. Federal Reserve Board of Governors, according to media reports.”

Mortgage Professional America - “Goldman Sachs will have to face mortgage lawsuit after all” (5-11-15)

“It looks like Goldman Sachs will have to defend against a lawsuit over shoddy mortgage bonds after all.  Bond insurance company ACA Financial Guaranty Corp is seeking about $120 million in damages from Goldman. The bond insurer claims Goldman “fraudulently concealed” details about a subprime mortgage-backed investment product, according to a Reuters report.”

 

Hard Money Loan Closed

Oceanside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $170,000 on a 2 bedroom, 2 bathroom home appraised for $258,000.

Oceanside Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the AOA “Million Dollar” Trade Show and Landlording Conference 2015 on Thursday, May 14.

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

 

Copyright: Image from www.flickr.com/photos/59937401@N07/

 

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.

 

More Millennials Opting to Purchase Homes Due to Increases in Rents

Wednesday, March 25th, 2015

 

Today’s News Synopsis:

More and more millennials are opting to purchase houses as opposed to renting with the increases in rental prices.  The Mortgage Bankers Association reported mortgage applications increased 9.5% in the last week.  Freddie Mac released a list of the top 5 metropolitan areas that are showing signs of improvement.

In The News:

Bloomberg“Rising Rents Are Finally Forcing Millennials to Buy Houses” (3-25-15)

“Americans in their 20s and early 30s are getting a nudge toward homeownership a decade after sales peaked during the housing bubble. It’s not their nagging parents. It’s rents. They’ve risen so much that buying is making more sense.”

Housing Wire - “Nationstar drops 10% in early trading after $500M public offering” (3-25-15)

“Nationstar Mortgage (NSM) investors aren’t happy about its offering of 17.5 million of common stock – the mortgage nonbank is down close to 10% in morning trading after it announced yesterday common stock offering for gross proceeds of approximately $500 million.”

Mortgage Professional America“Banks push to be excluded from Dodd-Frank Act” (3-25-15)

“Since Republicans gained control over Congress last year, mortgage professionals have been vying for a change to one of the industry’s biggest regulations—the Dodd-Frank Act.  Now, a coalition of 10 banks have come together to make the pitch that they should not be held to all regulatory restrictions in Dodd-Frank.”

Housing Wire“House marking up key mortgage, regulatory reform bills” (3-25-15)

“A hard slog of a markup day continues Wednesday into early afternoon as the House Financial Services Committee moves ahead with the often tedious work of marking up 11 key regulatory relief bills, of which several could have a big impact on mortgage lending and mortgage finance.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (3-25-15)

“Mortgage applications increased 9.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 20, 2015.”

Housing Wire - “Freddie Mac: Here are the 5 top improving metro markets for housing” (3-25-15)

“As the weather warms up so should the housing market, according to the January report from Freddie Mac. A harsh winter put a damper on housing, with the updated Multi-Indicator Market Index falling to 74.6, indicating a weak housing market overall and showing a slight decline (-0.20%) from December to January and 3-month decline of (-0.37%).”

OC Housing News“China’s real estate plunge accelerates” (3-25-15)

“The Chinese government and central bankers ran a Ponzi scheme to accelerate real estate development to help China catch up to the rest of the world.  Unfortunately, since it was a Ponzi scheme, they couldn’t figure out a way to unwind it without devastating their economy, so they kept putting more and more money into it, hoping desperately that it would work itself out.”

Housing Wire“Fannie Mae to list risk-sharing bonds on Irish Stock Exchange” (3-25-15)

“European investors seeking to buy into the U.S. mortgage market will now have that opportunity, after Fannie Mae announced that it plans to list all of its outstanding risk-sharing mortgage bonds on the Irish Stock Exchange.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

In a big news story, Edward Demarco stepped down as acting director of the FHFA after almost six years in office.  The latest S&P/Case-Shiller Index showed home prices increased 13.2% in January in 20 cities in the U.S.  The HARP program, which originally turned many away, helped refinance almost 370,000 investment properties and was drawing more consumers.

 

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.

Copyright: Image from www.flickr.com/photos/itupictures/ and www.flickr.com/photos/pagedooley/


 

Existing-Home Sales Increase 1.2% While Prices Increase at Highest Rate in a Year

Monday, March 23rd, 2015

 

Today’s News Synopsis:

Fannie Mae reported an increase in multifamily housing, although overall growth in the economy was much slower in the first quarter.  The National Association of Realtors reported a 1.2% increase in existing-home sales last month while prices increased at their fastest rate in a year.  Foreclosures started to show signs of decrease in February after having steadily risen for 13 months straight.

In The News:

DS News“Fannie Mae: Economic Growth Slows in Q1; Economy Still Expected to ‘Drag Housing Upward’” (3-23-15)

“The first quarter of 2015 experienced slow economic growth due to “temporary factors,” but the economy is expected to make a comeback starting in the second quarter, according to Fannie Mae’s Economic & Research Strategic Research (ESR) Group’s March 2015 Economic Outlook released Monday.”

Housing Wire - “Existing home sales slightly rebound after last month’s plummet” (3-23-15)

“Existing-home sales slightly ticked back up 1.2% in February after last month’s plummet, but tight inventory levels pushed price growth to its fastest pace in a year, the National Association of Realtors said.”

OC Housing News“OC for-sale home inventory up 45%, sales down 3.6%” (3-23-15)

“I recently asked, Did the OC housing market come alive in February 2015? Anecdotal reports of surging buyer demand looks similar to the frenzy at the beginning of 2012 — or so local agents would like everyone to believe. The fact is the market was very weak in January, and the anecdotal reports of a resurgence in February may be more wishful thinking than market reality.”

Mortgage Professional America - “Ocwen fires back against poor mortgage-servicing accusations” (3-23-15)

“Ocwen Financial Corp. has denied accusations of poor mortgage-servicing practices and said on Monday that it had sent a letter to trustees of 119 mortgage pools, arguing that it should not be removed as a servicer.”

Housing Wire - “Fannie Mae: Multifamily gains boost housing” (3-23-15)

“Three months into 2015 and early housing market indicators already show that the market is flat at best, according to the Fannie Mae latest Economic and Housing Outlook report.”

DS News - “Foreclosure Starts Retreat After Spiking in January” (3-23-15)

“The number of foreclosure starts nationwide did an about-face in February after jumping to their highest level in 13 months in January, according to Black Knight Financial Services’ February 2015 First Look at Mortgage Data released Monday.”

Mortgage Professional America - “Underwater homeowners sink deeper, even as home values rise” (3-23-15)

“Owners of homes at the bottom of the market are trapped underwater on their mortgages even as the real estate market continues to recover, according to the fourth quarter Zillow Negative Equity Report.”

Housing Wire - “U.S. Senator: CFPB is rogue agency dishing out malicious financial policy” (3-23-15)

“It’s clear that the Consumer Financial Protection Bureau and its behavior elicit strong opinions from Capitol Hill and beyond.  Earlier this month, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, called the CFPB the ‘single most powerful and least accountable Federal agency in all of Washington’.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

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.

Copyright: Image from www.flickr.com/photos/digallagher/


 

Analysts Scratching Heads Over Drastic Decrease in Housing Starts Last Month

Wednesday, March 18th, 2015

 

 

Today’s News Synopsis:

Housing starts dropped drastically in February, leaving analysts scratching their heads and speculating it may have been a decrease in labor.  The Mortgage Bankers Association reported a 3.9% decrease in mortgage applications from last week.  Billions of dollars are being given to nonprofit company NeighborWorks America to help bring relief to Americans, however it is appears the process the organization is utilizing is very disorganized and disorderly.

In The News:

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-18-15)

“Mortgage applications decreased 3.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 13, 2015.”

Housing Wire - “Did housing starts nose dive because of a labor shortage?” (3-18-15)

“Housing analysts are still trying to figure out why housing starts nose-dived in February.  Privately owned housing starts in February plummeted 17%, down to an annualized 897,000 from the revised January estimate of 1,081,000, with drops in the Northeast, Midwest and West leading the collapse.”

Bloomberg“The Nonprofit Behind Billions in Mortgage Aid Is a Mess” (3-18-15)

“Hoping to deliver relief to Americans pounded by the financial crisis, the government has poured billions of dollars into a sort of Red Cross for homeowners.  NeighborWorks America, a nonprofit chartered by Congress, distributes much of that money to counseling groups that dispense mortgage advice and sometimes financial aid.”

Mortgage Professional America - “JPMortgan to acquire $45B of troubled company’s servicing rights” (3-18-15)

“In early March, Ocwen Financial Corp. had said it was on track to sell the servicing rights for mortgages with a balance of $55 billion. The firm had previously announced that it had sold almost $10 billion of those rights to Nationstar, but it didn’t identify who was acquiring the other $45 billion.”

DS News - “Auction.com and Five Star Institute Pledge Support to Operation Homefront and Veteran Home Donation Program” (3-18-15)

“The Five Star Institute President and CEO Ed Delgado announced earlier today at the Five Star Government Forum in Washington, D.C., that the Institute would be partnering with the nation’s leading online real estate marketplace, Irvine, California-based Auction.com, and national nonprofit Operation Homefront in support of a home donation program that provides mortgage-free homes to veterans.”

Mortgage Professional America“Daily Market Update: Housing affordability creates challenge for employers” (3-18-15)

“Employers are struggling to hire from out-of-town in some U.S. markets due to the high cost of housing. New York is particularly problematic and it’s prompting some people to live in illegally cramped shares.”

Housing Wire“Mortgage lenders want regulatory relief” (3-18-15)

“Mortgage lenders and others told the House Financial Services Subcommittee on Financial Institutions and Consumer Credit that the mortgage industry needs regulatory relief, or else borrowers – especially lower income and minority borrowers – will continue to be left out.”

DS News“DhanInfo Expands Further With $1 Million State-of-the-Art Office” (3-18-15)

“India-based IT firm DhanInfo followed up last October’s move into a new office complex in Nagpur that can house up to 600 employees with more expansion in order to meet the mortgage industry’s growing demand for reputable, reliable, and accurate property preservation and data processing outsourcing and Internet marketing.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

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.

Copyright: Image from www.flickr.com/photos/photojonny/

 

 

Foreclosure Numbers Reduced by Sale of $16.7 Billion of Loans

Friday, March 13th, 2015

 

 

 

 

 

Sources:

CoreLogic: Cash sales drop to 35.5% of home sales
Foreclosure Inventory Drops By One-Third Year-Over-Year

 

Today’s News Synopsis:

Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video.  The size of mortgage loans for purchase mortgage applications is greater than home prices according to MBA’s latest application survey.  A new regulatory relief bill requiring a year-long study to be conducted by the National Credit Administration regarding their second risk-based capital proposal is being backed by the National Association of Federal Credit Unions.  According to HUD, loan sales totaling $16.7 billion helped to reduce the number of foreclosures.

In The News:

Housing Wire“Average mortgage loan size outpaces home prices” (3-13-15)

“The increase in average loan sizes for purchase mortgage applications has outpaced the recovery in house prices.  The Mortgage Bankers Association’s Weekly Application Survey for the week ending March 6, 2015 reported that the average purchase loan size had grown to a record high of $294,900.”

Bloomberg“HUD Says $16.7 Billion of Loan Sales Reduced Foreclosures” (3-13-15)

“The sale of $16.7 billion in nonperforming loans by the U.S. Housing and Urban Development Department helped the owners of about 16,700 homes avoid foreclosure, the agency said.”

Mortgage Professional America - “Millennials take the lead home buying pack” (3-13-15)

“Despite the economic and financial challenges young adults have braved since the recession, the millennial generation represented the largest share of recent buyers, according to the 2015 National Association of Realtors (NAR) Home Buyer and Seller Generational Trends study, which evaluated the generational differences of recent home buyers and sellers.”

DS News“FHFA’s Mortgage-Backed Securities Suit vs. Nomura, RBS Scheduled for Trial” (3-13-15)

“The Federal Housing Finance Agency (FHFA)’s case against two of the world’s largest banks, Nomura Holdings and the Royal Bank of Scotland (RBS), over selling faulty mortgage-backed securities to Fannie Mae and Freddie Mac is scheduled to go to trial next week, according to media reports.”

Housing Wire - “NAFCU throws its support behind community lending regulatory relief bill” (3-13-15)

“The National Association of Federal Credit Unions is urging the House Financial Services Committee to pass a bill that would require the National Credit Union Administration conduct a year-long study to analyze the impact of its second risk-based capital proposal on credit unions’ mortgage servicing assets before moving forward with a flawed rule.”

Realty Trac“Have Big Homes Topped Out?” (3-13-15)

“The real estate market has slowed during the past year, a remarkable achievement given interest rates below 4 percent, prices nationwide which have yet to return the 2007 peak, and as much pent-up demand as anyone can imagine.”

Bloomberg“Backlash Brews as Banks and REITs Oppose FHLB Rule Change” (3-13-15)

“The Federal Home Loan Bank of Indianapolis is again admitting mortgage-investment firms as members, even as the overseer of the government-chartered system of 12 regional lenders considers barring such companies.”

Housing Wire“Low oil prices a credit positive for most ABS sectors” (3-13-15)

“The dramatic drop in oil prices since 2014 will benefit most asset classes in the US asset-backed securities market, although there will be a negative impact on some sectors, similar to the impact that the oil price declines will have on the U.S. economy at large.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

Mortgage rates increased in the last past week with 30-year rates at 4.37% and 15-year rates at 3.38%.  Demand for first-time homebuyers increased among renters despite market conditions becoming less favorable.  Plans were still underway for the doing away of Fannie and Freddie, but several political obstacles had to be dealt with first.

 

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.

Copyright: Image from www.flickr.com/photos/jakerust/

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It’s Expected Real Estate Crowdfunding Will Increase To Over $2.5 Billion This Year

Tuesday, March 3rd, 2015

 

Today’s News Synopsis:

Home prices increased almost 6% in January according to CoreLogic’s latest Home Price Index.  The Mortgage Bankers Association reported a continued decrease in commercial/multifamily delinquencies to 5.11%.  It is believed real estate crowdfunding will see an increase this year over $2.5 billion.

In The News:

Housing Wire“CoreLogic: Home prices gain nearly 6%” (3-3-15)

“CoreLogics January Home Price Index reports that home prices nationwide, including distressed sales, increased 5.7% in January 2015 compared to January 2014.”

Mortgage Professional America - “FHFA puts new rules on non-performing GSE mortgages” (3-3-15)

“The Federal Housing Finance Agency (FHFA) has enhanced requirements for sales of non-performing loans (NPLs) by Freddie Mac and Fannie Mae (the Enterprises).”

Mortgage Bankers Association - “Commercial/Multifamily Delinquencies Continue Decline” (3-3-15)

“Delinquency rates for commercial and multifamily mortgage loans continued to decline in the fourth quarter of 2014, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.”

DS News“Ocwen Agrees to Sell Agency MSR Portfolio Worth $45 Billion” (3-3-15)

“Ocwen Financial has signed a letter of intent to sell the mortgage servicing rights for $45 billion worth of Agency performing loans, according to an announcement on Ocwen’s web site late Monday night.”

Bloomberg“Real Estate Crowdfunding Seen Topping $2.5 Billion in ’15″ (3-3-15)

“Crowdfunding for real estate is likely to jump to $2.57 billion worldwide this year, two and a half times the total in 2014, as more people become comfortable with the investing model, research company Massolution said.”

Housing Wire“CFPB Director Cordray talks HMDA exemptions and more” (3-3-15)

“Consumer Financial Protection Bureau Director Richard Cordray will appear before the House Financial Services Committee today at 2:30 p.m. ET for his semi-annual report to Congress, but here’s a preview of his opening remarks, unedited.”

Mortgage Professional America - “Google may launch U.S. mortgage comparison tool” (3-3-15)

“In late 2012, Google launched its mortgage comparison tool via Compare in the U.K. and now, it appears the search giant is bringing it stateside.  Compare is aimed at helping users find deals on mortgages, credit cards, auto insurance and travel.”

DS News“JPMorgan Chase Settles for $50 Million With DOJ Over Robo-Signing, Other Violations” (3-3-15)

“JPMorgan Chase Bank has agreed to pay more than $50 million to more than 25,000 homeowners in bankruptcy as part of a settlement with the Department of Justice’s U.S. Trustee Program (USTP), according to an announcement from the DOJ on Tuesday.”

 

San Pedro, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $480,000 on a 8 bedroom, 4 bathroom home appraised for $742,000.

San Pedro Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at Coldwell Banker’s  2015 Real Estate Forecast Wednesday, March 4.

Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.

 

Looking Back:

Another bank closed in Virginia, bringing the new total for closed banks in 2014 to four.  The percentage of homeowners underwater was below 20%, the lowest in several years according to Zillow.  The most recent report from Keefe, Bruyette & Woods showed residential loans decreased by $10.2 billion the week ending February 19, a bad start for the first quarter.

 

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.

Copyright: Image from www.flickr.com/photos/lendingmemo/