California Real Estate Headline Roundup

Posts Tagged ‘House Financial Services Committee’

By Bruce Norris .

Housing Starts for Single-Family homes Increase 4.2%

Wednesday, November 19th, 2014

 

Today’s News Synopsis:

Housing starts for single-family homes increased 4.2% in October, although production as a whole decreased 2.8%.  Foreclosure sales decreased 36% year-over-year in the third quarter, totaling almost 108,000.  Mortgage applications showed increased this past week, up 4.9%.

In The News:

DS News“Lawmakers Ask Financial Firms for Information on Data Breaches” (11-18-14)

“Senator Elizabeth Warren (D-Massachusetts) and Congressman Elijah Cummings (D-Maryland) sent letters on Tuesday to 16 financial institutions requesting detailed information regarding data breaches and seeking information about briefings from corporate IT officials, according to an announcement on Warren’s web site.”

NAHB“Single-Family Starts Up 4.2 Percent While Overall Production Drops Slightly in October” (11-19-14)

“Single-family housing production in October reached its highest level since November 2013 while the more volatile multifamily sector brought combined nationwide starts activity down 2.8 percent to a seasonally adjusted annual rate of 1.009 million units, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Housing Wire“FHFA Director: “Significant challenges remain” for Fannie Mae and Freddie Mac” (11-19-14)

“In his first appearance before Congress as the first acting director of the Federal Housing Finance Agency, Mel Watt, started by giving an update on Fannie Mae, Freddie Mac and the Federal Home Loan Banks. He spoke before the U.S. Senate Committee on Banking, Housing, and Urban Affairs Wednesday morning.”

Mortgage Professional America“CFPB issues guidelines on Social Security disability income applicants” (11-19-14)

“The Consumer Financial Protection Bureau (CFPB) is reminding lenders not to impose illegal burdens on mortgage applicants who receive Social Security disability income.”

Bloomberg“Fannie-Freddie Overseer Urged to Seek Exit From Conservatorships” (11-19-14)

“The U.S. Treasury and the federal overseer for Fannie Mae and Freddie Mac (FMCC) should consider ending government control of the two companies if Congress fails to reform the housing-finance system, Senator Tim Johnson said.”

OC Housing News“Renters can acquire wealth as well as homeowners” (11-19-14)

“Over the long term, home ownership is superior to renting because homeowners fix their housing costs whereas renters pay an ever-increasing housing cost. In fact, I believe owning a home without a mortgage is the best retirement savings plan available because it provides the opportunity to permanently and dramatically lower an owner’s housing costs.”

DS News“Hensarling Re-Elected as House Financial Services Committee Chairman” (11-19-14)

“Congressman Jeb Hensarling (R-Texas) was elected to a second term as chairman of the House Financial Services Committee on Wednesday for the 114th Congress.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (11-19-14)

“Mortgage applications increased 4.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 14, 2014.  This week’s results included an adjustment for the Veterans Day holiday.”

Housing Wire“Foreclosure sales were down a solid 36% YOY in 3Q” (11-19-14)

“About 468,000 homeowners received non-foreclosure solutions from mortgage servicers in July, August and September, according to the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors known as Hope Now.”

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

JPMorgan officially reached a settlement with the Justice Department to pay $13 billion to cover faulty mortgages.  National default rates continued to remain unchanged overall as of October with the first-mortgage default rate only increasing to 1.30% from 1.28%.  8 million foreclosures were prevented following the collaboration between the private and public sectors.

 

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/wwworks/

New Jobs Below Expectations at 412,000

Friday, November 7th, 2014

 

 

 

Sources:

Construction spending declines for second month
Five States Account for 44 Percent of 12-Month Foreclosure Sum in September



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.  American’s opinions about the housing market remained mixed in October despite consumer confidence showing signs of increase.  The number of new jobs added last month was below expectations at only 214,000.  Banks have become more cautious about making loans for residential, although they are becoming less strict on commercial real estate.

In The News:

Housing Wire - “House Financial Committee head says FHFA’s Watt on wrong track” (11-7-14)

“Federal Housing Finance Agency Director Mel Watt announced his plans to change some of the housing finance industry lending standards to expand the credit box, and the chairman of the House Financial Services Committee is sounding a warning Watt may be looking at going a bridge too far.”

DS News“Consumer Confidence Growing, But Attitudes Toward Housing Remain Mixed” (11-7-14)

“Despite growing economic confidence, Americans’ housing sentiment remained mixed in October, according to survey findings from Fannie Mae.  Forty percent of American consumers polled in Fannie’s latest National Housing Survey said they believe the economy is on the right track at the moment, flat from September’s survey but up 13 percentage points over the past year.”

Bloomberg“JPMorgan Sees 3,000 More Job Cuts in Card, Mortgage Units” (11-7-14)

“JPMorgan Chase & Co. (JPM), the biggest U.S. bank, said it’s on track to eliminate 3,000 more jobs this year than previously forecast in its mortgage and credit-card divisions.”

Housing Wire - “October job creation misses expectations with just 214K added” (11-7-14)

“Total nonfarm payroll employment rose by 214,000 in October, below analyst expectations of 235,000, and the unemployment rate edged down to 5.8%, according to the Bureau of Labor Statistics.”

OC Housing News - “The 6 most unusual and bearish features of the housing recovery” (11-7-14)

“Wouldn’t a durable housing recovery based on improving fundamentals be hard to deny? A real recovery would be characterized by resurging new home construction and steady gains in sales and prices commensurate with strong job growth and rising incomes.”

Mortgage Professional America - “Fed survey shows banks still guarded about residential, but not CRE” (11-7-14)

“Since the housing crisis, the focus on high-quality loans has led to a tight credit market, especially among banks. The group has developed stricter standards in an effort to avoid recreating the scenario following the bust, when they had to repurchase tens of billions of dollars of bad mortgages they sold.”

Housing Wire - “Here’s why Wells Fargo believes in Nationstar” (11-7-14)

“Nationstar Mortgage Holdings (NSM) took a beating Thursday, dropping more than 20% after posting declining revenue for the third quarter.”

DS News“Hunoval Firm Accepted for Membership in USFN” (11-7-14)

“The Hunoval Law Firm, PLLC, a default and settlement services firm that serves North Carolina, South Carolina, and Virginia, recently announced it has been accepted for membership in USFN – America’s Mortgage Banking Attorneys.”

Mortgage Professional America - “TILA: It may take Houdini himself for lenders to escape with victory in rescission dispute” (11-7-14)

“However strange the facts may sound, Jesinoski v. Countrywide Home Loans presents a scenario that has come up all too often in the aftermath of the financial crisis. A borrower receives a mortgage loan.”

 

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

Mortgage rates increased this week for the first time in three weeks after the end of the government shutdown.  30-year rates stood at 4.16% and 15-year rates at 3.27%.  Meanwhile, rates for both mortgage delinquencies and foreclosures continued to decline and stood at 6.41% and 0.61% respectively.  Builder confidence for those aged 55 and up improved again in the third quarter, having increased 15 points to a new level of 50.

 

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/124247024@N07/

Morgan Stanley Reaches Settlement of $95 Million over Mortgage-Backed Securities

Wednesday, September 10th, 2014

 

 

 

 

Today’s News Synopsis:

Morgan Stanley has just reached a settlement and has agreed to pay $95 million to cover mortgage-backed securities sold under false pretenses.  Mortgage applications decreased 7.2% last week according to the latest survey released by the Mortgage Bankers Association.  U.S. Representative Maxine Waters has proposed changes be made to the way consumer payments and debts are reported to the credit bureaus.

In The News:

Housing Wire“Waters proposes sweeping credit reporting reforms” (9-10-14)

“The ranking democrat on the House Financial Services Committee wants to fundamentally change the rules on how lenders report consumer payments and debts to the credit bureaus, which could create a path to homeownership for millions of Americans currently shut out by mortgage lending restrictions.”

DS News - “CFPB Director Tells Senate His Bureau Has Made ‘Considerable Progress’” (9-10-14)

“In testifying before the Senate Committee on Banking, Housing, and Urban Affairs earlier this week, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray said the CFPB had made “considerable progress” toward its goal of protecting consumers since the passage of the Dodd-Frank Reform Act in 2010.”

OC Housing News“Only bankers benefit from recent home price inflation” (9-10-14)

“What good came from the recent house price reflation rally? Did it stimulate the economy? No. Did it put millions of unemployed construction workers back to work. No. Did it stimulate housing sales? No. politicians and the federal reserve promised economic expansion and acceleration; however, so far these great benefits from higher home prices remain elusive.”

Los Angeles“FHA is urged to reform loan sale program” (9-10-14)

“A program designed to help prop up the Federal Housing Administration is short-changing borrowers and neighborhoods hard-hit by foreclosures, community groups said as they took to the streets to push for changes.”

Mortgage Professional America - “Originators speak out on lenders — the good and the bad” (9-10-14)

“MPA recently closed our first ever Originators on Lenders survey, where we asked you to let us know what your lenders were doing right – and what they were doing wrong.”

DS News“Morgan Stanley Settles MBS Suit for $95 Million” (9-10-14)

“Morgan Stanley has agreed to pay $95 million to settle a lawsuit alleging that the New York City-based financial services giant misled investors in mortgage-backed securities prior to the financial crisis of 2008, according to New York federal court papers.”

Housing Wire“Freddie Mac’s second high-LTV risk-sharing bond prices tight” (9-10-14)

“Freddie Mac announced that it has priced its second high loan-to-value ratio credit risk sharing transaction under its Structured Agency Credit Risk platform.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-10-14)

“Mortgage applications decreased 7.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 5, 2014.  This week’s results included an adjustment for the Labor Day holiday.”

 

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $242,000 on a 3 bedroom, 1 bathroom home appraised for $375,000.

Riverside Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.

 

Looking Back:

In a positive report, CoreLogic reported over 2 million comes were coming back up from underwater and were in a state of positive equity.  Clear Capital reported that despite mini housing bubbles occurring, the housing market was still in good condition and there was not a danger of another big bubble occurring.  With the decreasing interest rates, more jobs were being cut, especially at banks such as Bank of America.

 

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.

218,000 New Jobs Added This Month

Thursday, July 31st, 2014

Today’s News Synopsis:

Foreclosures decreased 35% year-over-year and now stand at 648,000, down from 1 million.  218,000 new jobs were added this month according to the latest ADP National Employment Report.  In an update on an earlier story, Richard Cordray spoke before the House Financial Services Committee  yesterday telling them they are doing what they can to make improvements to the work environment and employee review processes.

In The News:

Housing Wire - “CoreLogic: Foreclosure inventory tumbles 35%” (7-31-14)

“The national foreclosure inventory is down 35% from a year ago, with approximately 648,000 homes in some stage of foreclosure, compared to 1 million a year ago, CoreLogic’s latest June National Foreclosure Report found.”

DS News“Job Market Adds 218,000 Jobs in July” (7-31-14)

“The ADP National Employment Report for July 2014 shows that job growth continued throughout the month in yet another step along the way to full economic recovery.”

OC Housing News“Shiller: housing faces “turning point” as seasonally adjusted prices fall in May” (7-31-14)

“When a housing market reaches a top, it’s usually preceded by an unexpected drop in sales during the prime selling season. In June of 2006, sales fell off a cliff, and prices soon followed, and in July of 2010 after expiration of the tax credits, sales again suddenly collapsed, and home prices fell for another 18 months.”

DS News - “Cordray Responds to Allegations of Discrimination at the CFPB” (7-31-14)

“Following allegations of racial and gender discrimination at the Consumer Financial Protection Bureau (CFPB), the bureau’s director, Richard Cordray spoke before the House Financial Services Committee Wednesday. Cordray said the bureau is working to improve the working environment and review processes for its employees.”

Mortgage Professional America - “BOA ups settlement offer to $14bn, government still balks” (7-31-14)

“Bank of America wants to be done with government probes. The bank significantly upped its settlement offer to resolve a Justice Department probe over mortgage-backed securities, but the two sides still haven’t reached an agreement.”

DS News“SIGTARP Calls for Changes to HAMP” (7-31-14)

“The office of the Special Investigator General for TARP (SIGTARP) released its quarterly report on the progress and status of the Troubled Asset Relief Program.”

Los Angeles Times - “Freddie Mac: Mortgage rates hold steady; 30-year averaging 4.12%” (7-31-14)

“Mortgage rates are moving fast in one direction this summer — sideways.  Freddie Mac’s weekly survey, out Thursday, showed the average rate for a 30-year fixed-rate home loan was 4.12%, practically unchanged from last week’s 4.13%.”

Mortgage Bankers Association - “Commercial/Multifamily Borrowing Remains on Pace with Last Year” (7-31-14)

“According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, second quarter 2014 commercial and multifamily mortgage loan originations were two percent lower than during the same period last year, but 34 percent higher than the first quarter of 2014.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the InvestClub for Women on Wednesday, September 17, 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 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.

Janet Yellen Says Housing Recovery Moving at Slow Pace

Tuesday, July 15th, 2014

Today’s News Synopsis:

CoreLogic reported home prices increased 8.8% last May for the 27th week in a row, leading to a decrease in housing affordability.  Janet Yellen spoke with the Senate Banking Committee saying that the recovery for the housing market is still moving along at slower pace, primarily due to a large increase in mortgage rates last year.  The numbers for the latest earnings report for JPMorgan were mixed with second-quarter profits dropping almost 8% year-over-year.

In The News:

Housing Wire“NAR: One chart shows widening affordability gap” (7-15-14)

“Housing affordability is taking a giant hit as home prices continue to rise, even if it is at a slower pace.  According to the latest CoreLogic home price index, national home prices rose 27 weeks straight year-over-year, with home prices, including distressed sales, increasing 8.8% in May 2014 from a year ago.”

DS News - “JPMorgan Earnings Report Mixed” (7-15-14)

“Second-quarter profits at JPMorgan Chase dipped nearly 8 percent year-over-year as the bank continued to work with a diminished mortgage market.   JPMorgan’s latest earnings report, released Tuesday, shows the megabank earned $6.0 billion in profits over the latest three months, putting its performance somewhere between the $5.3 billion reported in the first quarter and $6.5 billion a year ago.”

Mortgage Professional America - “House: Fed needs more accountability” (7-15-14)

“Republican members of the House Financial Services Committee say the Federal Reserve needs more oversight.  The committee recently held a hearing to examine HR 5018, the Federal Reserve Accountability and Transparency Act.”

OC Housing News - “Is current housing weakness a fundamental shift away from home ownership?” (7-15-14)

“When house prices crashed in 2008, we had an opportunity to usher in a new era of affordable housing with a lower percentage of income devoted to housing in the United States.”

Housing Wire - “Credit Suisse: Homebuyers discouraged by rising prices” (7-15-14)

“Affordable homes favored by first-time home buyers are in short supply nationally in large part because those homes are almost three times as likely to be underwater than more expensive homes.”

Mortgage Professional America - “Yellen: Housing recovery still too slow” (7-15-14)

“The head of the Federal Reserve says the housing recovery isn’t moving fast enough – due in part to last year’s mortgage-rate spike.”

Housing Wire - “Goldman Sachs 2Q14 earnings tick up to $9.13B” (7-15-14)

“Goldman Sachs’ (GS) second-quarter 2014 net revenue increased to $9.13 billion, up from $8.6 billion a year ago, with earnings per share rising to $4.10 from $3.70 for the second quarter of 2013.”

DS News - “Earnings Preview: Major Banks give Insight into Economic Health” (7-15-14)

“Two Down, Two to go. It’s earnings season. This week is one of four times a year that the world’s largest corporations report their earnings to their shareholders. It’s time to look back on the second quarter of 2014.”

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

The FHFA was working on a new plan called the Streamlined Modification Initiative in hopes to allow more borrowers to qualify for mortgage relief.  Demand for housing had seen an increase over the last two years.  Almost 2.9 million checks from the latest foreclosure settlement were cashed or deposited.

 

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.

Richard Cordray Appears Before House Financial Services Committee

Thursday, June 19th, 2014

 

Today’s News Synopsis:

It is expected that new and existing home sales will decrease 4.1% to 5.28 million homes this year, the first drop in four years.  Housing continues 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.

In The News:

Bloomberg“U.S. Home Sales Seen Dropping First Time in Four Years” (6-19-14)

“Sales of new and existing homes in the U.S. will fall in 2014 for the first time in four years, the Mortgage Bankers Association said in a forecast today.”

DS News“Despite Rising Home Prices, Housing ‘Still Very Affordable’” (6-19-14)

“ProTeck Valuation Services released its May Home Value Forecast (HVF), which detailed affordability indexes for Houston and Miami.”

Housing Wire - “Ellie Mae origination report shows uptick in closure rate” (6-19-14)

“Ellie Mae’s Origination Insight Report for May 2014 has been revised to include analysis of VA loans — private mortgages which are backed by the Department of Veterans Affairs — and expanded Federal Housing Administration and conventional loan data.”

DS News - “CFPB Director Fields Questions from House Committee” (6-19-14)

“A week after appearing before the Senate Banking Committee, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray traveled back up the hill again to review the bureau’s semi-annual report and take questions from the House Financial Services Committee.”

Mortgage Professional America - “Taper will cause gradual rise in rates throughout 2014 – Freddie Mac” (6-19-14)

“Freddie Mac is predicting a gradual rise in fixed mortgage rates in response to the Federal Reserve’s continuing reduction in its bond buys.”

Housing Wire - “FHA warns lenders on deceptive reverse mortgage practices” (6-19-14)

“The Federal Housing Administration continues trying to refine its policies and procedures on Home Equity Conversion Mortgages for lenders, the goal of which is to ensure more vulnerable senior borrowers aren’t confused or mislead in the loan process.”

DS News - “Mortgage Rates Remain Steady After Fed Meeting” (6-19-14)

“Just as the Federal Reserve stuck to its course on bond purchases this week, mortgage rates too remained more or less steady, measures show.”

NAHB - “Justin MacDonald Elected as Chairman of NAHB Multifamily Council” (6-19-14)

“The National Association of Home Builders (NAHB) announced that T. Justin MacDonald of Kerrville, Texas, has been elected as chairman of the NAHB Multifamily Council.”

 

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $152,000 on a 4 bedroom, 2 bathroom home appraised for $235,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

 

Looking Back:

Mortgage applications decreased in the latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey by 3.3%.  Standard & Poor’s reported residential mortgage-backed securities increased and were at their highest since 2007.  Inventory levels showed positive signs with the increase in housing starts.

 

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.

Foreclosures Decreased in April and are at their Lowest Since 2008

Thursday, May 22nd, 2014

 

Today’s News Synopsis:

Mortgage rates decreased for the fourth straight week with 30-year rates now at 4.14% and 15-year rates at 3.25%.  April saw a decrease in foreclosures, which were down 5% from March and are now at their lowest since 2008.  However, despite signs of the economy looking positive last month people are still pessimistic due to an increase in both home prices and negative equity.

In The News:

DS News - “Early Delinquency Rates Increase; Foreclosures Decline in April” (5-22-14)

“The Data and Analytics division of Black Knight Financial Services released its “First Look” at mortgage loan data as of the end of April 2014.”

Housing Wire“4 housing bills that could make mortgage lending much easier” (5-22-14)

“The House Financial Services Committee passed three bills Thursday as part of a continued markup from May 7, along with another bill passed on May 7 by voice vote that are being welcomed by the finance industry.”

Bloomberg“Mortgage Rates for U.S. Loans Fall as 30-Year at 4.14%” (5-22-14)

“U.S. mortgage rates fell for a fourth week, reducing borrowing costs for homebuyers during the key spring selling season.”

Mortgage Bankers Association - “2013 Mortgage Banker Profits Strong in First Half, Weaker in Second Half” (5-22-14)

“Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $1,242 on each loan they originated in 2013, down from $2,199 per loan in 2012, the Mortgage Bankers Association (MBA) reported today in its Annual Mortgage Bankers Performance Report.”

Realty Trac - “San Antonio Mayor Julian Castro Picked to Lead HUD” (5-22-14)

“In a move that could position the Democratic Party favorably for the 2016 presidential election, President Barack Obama is expected to nominate San Antonio Mayor Julian Castro as secretary of Housing and Urban Development, a Cabinet-level appointment that could test the 39-year old’s ability to navigate Washington ahead of the 2016 elections.”

DS News - “Existing-Home Sales Moderately Increase in April” (5-22-14)

“For the first time this year, existing-home sales and total inventory increased in April, while home price growth moderated.”

Mortgage Professional America - “House committee opposes eminent domain plan” (5-22-14)

“The House Appropriations Committee is taking steps to stop a controversial plan that would use eminent domain to seize mortgages.”

Housing Wire - “Here’s why the California housing outlook is grim despite April good news” (5-22-14)

“Home price gains in the Golden State have lifted more underwater homes into positive territory, pushing the share of equity home sales to their highest level since late 2007, the California Association of Realtors says.”

 

Hard Money Loan Closed

Orange, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $365,000 on a 4 bedroom, 2 bathroom home appraised for $589,000.

Hesperia Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

 

Looking Back:

Existing home sales increased 0.6% in April to a three-year high and were at 4.97 million.  Both HUD and the Census Bureau reported builder permits increased 14.3% in April, leading to an increase in builder confidence for the month.  Mortgage applications decreased 9.8% from the previous week according to the Mortgage Bankers Association.

 

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.

Consumers Granted Easier Access to Loans with New FHA and GSE Plan

Tuesday, May 13th, 2014

 

Today’s News Synopsis:

The FHA and GSEs are coming up with a new way for consumers to have easier access to mortgage credit and to Fannie and Freddie loans.  Housing affordability increased in the first quarter with 65.5% of new and existing homes being affordable compared to 64.7% in the fourth quarter last year.  Home prices increased 11.3% in the fourth quarter last year according to the latest Case-Shiller Index.

In The News:

DS News“Case-Shiller Index: Home Prices Increase in Q4 2013″ (5-13-14)

“With 2014 nearing its halfway point, a broad spectrum look at more than 380 markets nationwide confirms home prices jumped 11.3 percent in 2013’s final quarter compared to the year prior.”

Housing Wire“FHFA, GSEs launch program to “stabilize” communities hit hardest by foreclosures” (5-13-14)

“Federal Housing Finance Agency Director Mel Watt addressed the future of the agency he leads and the future of Fannie Mae and Freddie Mac in his first public address on Tuesday.”

Mortgage Professional America - “JPMorgan may slash 10,000 more jobs than expected” (5-13-14)

“JPMorgan may be cutting as many as 10,000 more jobs this year than previously announced.”

Inman - “FHA, Fannie and Freddie regulator making moves to ease mortgage credit” (5-13-14)

“A shift by the federal regulator of Fannie Mae and Freddie Mac could soon make getting a mortgage loan easier by giving lenders more wiggle room before the mortgage giants demand that they repurchase loans.”

DS News - “First Quarter Housing Affordability Edges Higher” (5-13-14)

“A decrease in median home prices coupled with steady mortgage rates helped contribute to higher housing affordability in the first quarter of 2014, according to the National Association of Home Builders (NAHB).”

Housing Wire - “CFPB execs, union rep subpoenaed by House Committee” (5-13-14)

“The House Financial Services Committee has subpoenaed two Consumer Financial Protection Bureau officials and a union representative to appear before the Subcommittee on Oversight and Investigations as part of an ongoing investigation into allegations of discrimination and retalition at the CFPB.”

Inman - “Florida developer’s new homes promise easy commute to Disney World” (5-13-14)

“An experienced developer has targeted an up-and-coming area of Florida that has improving transport links for a new project and expects strong demand from buyers.”

DS News - “FHA Program Aims to Expand Credit; Lower Risk” (5-13-14)

“The Federal Housing Administration (FHA) issued its “Blueprint for Access,” which aims to expand credit access for underserved borrowers by utilizing housing counseling as a means to reduce the possibility of loans becoming seriously delinquent.”

Hard Money Loan Closed

Stanton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $235,000 on a 3 bedroom, 1 bathroom home appraised for $363,000.

Stanton Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking with SDCIA presenting Taking it to the Next Level in San Diego TONIGHT.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

 

Looking Back:

The total number of closed banks was at 12 with the recent closure of two banks in North Carolina and Georgia.  Freddie Mac announced on this day their modification program for delinquent borrowers was ready and making streamlined loan mods available much more quickly.  Home prices continued to increase up into the double-digit numbers as more consumers tried to purchase homes in a market with less inventory.

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.

Jobless Claims and Foreclosures at Lowest Levels Since 2007

Friday, April 11th, 2014

Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  You can read the stories in length in the blog below.

In The News:

Housing Wire - “Mortgage rates drop in time for spring homebuying” (4-11-14)

“As the market heads into the spring homebuying season, mortgage rates moved down slightly, according to the latest Freddie Mac Primary Mortgage Market Survey.”

Housing Wire - “Jobless claims fall to lowest level since 2007″ (4-11-14)

“The number of Americans making their initial claims for unemployment fell to the lowest level since May 12, 2007, according to the Bureau of Labor Statistics.”

Housing Wire - “Foreclosure activity at lowest level since 2Q 2007″ (4-11-14)

“There were 117,485 foreclosure filings in March 2014, which is up 4% from February but still down 23% compared to March 2013, according to RealtyTrac’s ‘U.S. Foreclosure Market Report’.”

Housing Wire - “American optimism trends higher as home buying season starts” (4-11-14)

“As the market enters the spring homebuying season, more homeowners are beginning to think now is a good time to sell a home, in addition to it being easier to get a mortgage, a government agency said.”

Housing Wire“Citi agrees to $1.125 billion mortgage bond investor settlement” (4-11-14)

“Citigroup announced that it reached an agreement with 18 institutional investors, represented by Gibbs & Bruns, regarding the resolution of certain legacy private-label securitization representation and warranty repurchase claims.”

Housing Wire - “GOP wants CFPB merged with other regulators” (4-11-14)

“The House Financial Services Committee hearing on the economic consequences of regulatory rulemaking and enforcement on Tuesday got heated early and often.”

Realty Trac - “CFPB Accused of Discrimination” (4-11-14)

“The Consumer Financial Protection Agency has come under fire for broad workplace discrimination.  .”

Housing Wire - “Congressman fires up debate on REO-to-rental” (4-4-14)

“One of the early alarm-sounders on the rise of REO-to-rental is trying to fire up the discussion over what he sees could be a potential threat to the housing market in the rise of investor-owned rental homes and the securitization of REO.”

 

Hard Money Loan Closed

Menifee, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $160,000 on a 4 bedroom, 2 bathroom home appraised for $241,000.

Menifee Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

 

Looking Back:

Regulators for Fannie Mae said borrowers would now be able to receive new loans from the HARP program all the way through 2015.  Foreclosures in the first quarter declined 12% quarterly and 23% yearly to their lowest in six years.  Mortgage rates continued to be on the decline according to Freddie Mac.

 

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 Buyers Facing Difficulties Getting Mortgages

Tuesday, April 8th, 2014


Today’s News Synopsis:

The amount of mortgage credit available increased last month to 114.0 from 113.5, an increase of 0.44%.  The Mortgage Bankers Association also reported Commercial/Multifamily Originations increased to $358.5 billion last year.  One-third of Americans do not have emergency savings according to the latest survey by NeighborWorks America.

In The News:

Housing Wire - “GOP wants CFPB merged with other regulators” (4-8-14)

“The House Financial Services Committee hearing on the economic consequences of regulatory rulemaking and enforcement on Tuesday got heated early and often.”

Realty Trac“The New World of Mortgage ‘Buffers’” (4-8-14)

“There’s a great curiosity in the real estate marketplace: interest rates are low while home values have yet to reach the prices seen in 2007 and yet borrowers are having trouble getting loans.”

Bloomberg“Housing Bill Threatened by Rift on Help for Disadvantaged” (4-8-14)

“Efforts to overhaul the U.S. housing-finance system could hinge on how far Congress is willing to go to ensure that young, low-income and minority homebuyers can get mortgages.”

Housing Wire - “Lawsky’s DFS office looking into Ellie Mae attack” (4-8-14)

“The New York Department of Financial Services is surveying members of the mortgage broker and banking community it regulates to determine what, if any, impact the March 31-April 1 cyber attacks had on Ellie Mae (ELLI).”

Mortgage Bankers Association - “Mortgage Credit Availability Increases Slightly in March” (4-8-14)

“Mortgage credit availability increased slightly in March according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from the AllRegs® Market Clarity® product.”

Housing Wire - “NeighborWorks: 1 in 3 adult Americans has no emergency savings” (4-8-14)

“A survey by NeighborWorks America finds that almost 70 million working age Americans – about one-third – have no emergency savings, and 25% only have enough saved to cover 30 days of living expenses.”

Mortgage Professional America - “Former CFPB official’s controversial company could launch mortgages within months” (4-8-14)

“Investors including hedge funds are buying the preferred stock of government-controlled mortgage firms Fannie Mae and Freddie Mac in a long-shot bet they will have a future as private companies.”

Mortgage Bankers Association - “Mortgage Bankers’ Commercial/Multifamily Originations Rose to $358.5 Billion in 2013″ (4-8-14)

“Commercial and multifamily mortgage bankers closed $358.5 billion of loans in 2013 according to the Mortgage Bankers Association’s (MBA) 2013 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $97,000 on a 3 bedroom, 2 bathroom home appraised for $145,000.

Hesperia Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

 

Looking Back:

Consumer confidence gained momentum as the number of people wanting to sell a home now was nearly double what it was last year.  Home prices  increased drastically, which could lead to a cut in the FHA’s shortfall prediction in Obama’s budget.  The speed for HARP refinancing continued to remain high despite reports of a breakdown.

 

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.