California Real Estate Investing News

Posts Tagged ‘House Financial Services Committee’

California in Housing Crisis Due to Lack of Inventory According to Christopher Thornberg

Friday, April 15th, 2016

Sources:

Mortgage rates hit 3-year low
Applications for New Home Purchases Increased in March
Commercial, multifamily lending hits near-record level
Mortgage Credit Availability Tightens Up
Mortgage Credit Access Reverses Course
Morning Briefing: Wells Fargo to pay $1.2 billion for hiding bad loans
Big bank settlement for loan origination is largest in FHA history
Goldman Sachs officially reaches $5B settlement over toxic mortgage bonds
Five major banks fail bailout test, would need taxpayer money in crisis
Gen Xers Shaken from Housing Burst Effects
RealtyTrac Launches Enhanced API Product With Streamlined Enterprise-Level Access To U.S. Public Record Property Data
California housing market ranked nation’s 8th healthiest
SoCal’s housing crisis: ‘Either rents go up or we build more units’

Today’s News Synopsis:

 

Aaron Norris gives the news of the week in the world of real estate in this week’s Norris Group real estate headline roundup.  Christopher Thornberg spoke on the economy and said a big reason California is facing a housing affordability crisis is the lack of inventory.  However, this housing crisis is also starting to affect more of the inland region of the United States.  One area that has seen a major slump in its housing market is Miami Beach.

 

In The News:

Los Angeles Times – “California doesn’t have enough housing, and lawmakers aren’t doing much about it” (4-14-16)

“The reason why California faces a housing affordability crisis is simple, many experts say: Lots of people want to live in the state and there aren’t enough houses for them.”

Mortgage Professional America – “Morning Briefing: Miami market meltdown” (4-15-16)

“The housing market in Miami Beach has slumped according to a new report from Douglass Elliman and Miller Samuel Real Estate Appraisers & Consultants.”

DS News – “Mortgage Banking Sector Suffers at PNC” (4-15-16)

“The PNC Financial Services Group’s residential mortgage banking division faced losses at the start of the year due to losses related to mortgage servicing rights and lower loan sales.”

Bloomberg – “The Affordable-Housing Crisis Moves Inland” (4-15-16)

“When Nashville Mayor Megan Barry was campaigning last year, she made increasing the city’s stock of affordable housing a big part of her platform. It’s not hard to see why: Home prices in the cradle of country music have jumped 58 percent over the past three years as workers flocked to the city’s thriving economy.”

Housing Wire – “Dial it back: Fannie Mae now expects only one Fed interest rate hike in 2016” (4-15-16)

“Shortly after the Federal Open Market Committee announced an increase of the federal funds rate in December, marking the first rate hike since June 2006, economists at Fannie Mae predicted that there would be three more rate hikes in 2016.”

DS News – “New SFR Association to Expand Market’s Influence” (4-15-16)

“The Five Star Institute President and CEO Ed Delgado has announced the formation of the Single-Family Rental Association (SFRA), a member-led conduit for connection and training in the growing single-family rental market.”

Bloomberg – “Manufacturing Output in U.S. Falls by Most Since February 2015” (4-15-16)

“U.S. manufacturing output unexpectedly declined in March by the most since February 2015, indicating factories remain scarred by global challenges that are slow to dissipate. ”

Mortgage Professional America – “House committee votes to bring CFPB budget under congressional control” (4-15-16)

“The House Financial Services Committee on Wednesday approved a bill that would bring the Consumer Financial Protection Bureau’s budget under congressional oversight.”

DS News – “The New 21st Century Housing Finance System” (4-15-16)

“America’s housing finance system is in what some call a “dysfunctional limbo.” Not only is it underperforming, but it is also outdated and in desperate need of a complete revamping among its mission, activities, products, and services.”

 

Hard Money Loan Closed

El Cajon, California hard money loan closed. Real estate investor received loan for $310,000 on this single family property appraised for $462,500.

El Cajon Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

 

Looking Back:

The House passed the Mortgage Choice Act in  a 286-140 vote.  Mortgage rates increased slightly this past week with 30-year rates at 3.58% and 15-year rates at 2.87%.  Another final decision was also made by the CFPB regarding lender rules for providing lists of homeownership counseling organizations to mortgage applicants.

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.


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Housing Starts for Single-Family Homes Increase to Highest in 9 Years

Wednesday, March 16th, 2016

Today’s News Synopsis:

 

Housing starts for single-family homes increased by 5.2% to 1.178 million, their highest in nine years.  More people are choosing to rent as opposed to buy over the next three years despite the increases in rents.  The Mortgage Bankers Association reported a 3.3% decrease in mortgage refinance applications from last week.

 

In The News:

NAHB – “Single-Family Housing Starts Reach Highest Level Since November 2007” (3-16-16)

“Nationwide housing starts rose 5.2 percent to a seasonally adjusted annual rate of 1.178 million units in February, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department.”

DS News – “Majority of Renters Plan to Stand Pat” (3-16-16)

“Rents may be rising and consumers may be feeling the crunch when it comes to their personal finances, but 70 percent of renters still believe that renting is more affordable than owning a home and 55 percent of renters plan to continue renting for at least the next three years, according to a quarterly survey of online renters by Freddie Mac released on Wednesday.”

Bloomberg – “First-Time House Hunters Lose in Busy U.S. Homebuying Season” (3-16-16)

“Before beginning the hunt for their first house, Tennessee residents Brittany and Craig Murphy pared their student debt, saved for a down payment and got an income boost from her new job. The major hurdle was what came next.”

Mortgage Bankers Association – “Refinance Applications Continue to Drop in Latest MBA Weekly Survey” (3-16-16)

“Mortgage applications decreased 3.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 11, 2016.”

DS News – “Banking Industry Begins Preparation for Higher Credit Costs” (3-16-16)

“The U.S. banking industry’s period of recovery and release have come to a close and significantly higher credit costs lie ahead which will indeed affect these institutions’ first quarter earnings.”

Housing Wire – “Goldman Sachs expert on the key takeaway for Millennial homebuyers” (3-16-16)

“The number to watch when it comes to Millennials is the sheer amount of them. There are approximately 92 million, with the biggest age bucket sitting at 24.”

Mortgage Professional America – “As predicted, Fed holds interest rate steady” (3-16-16)

“As expected, the Federal Reserve left interest rates unchanged after their meeting today, bowing to the realities of a tough start to the year in the nation’s financial markets.”

DS News – “Treasury Looks to the Future as HAMP Winds Down” (3-16-16)

“The Department of Treasury is currently preparing for the winding down of its Home Affordable Modification Program (HAMP), which is scheduled to expire on December 30, 2016.”

Housing Wire – “CFPB Director Cordray: Credit unions misrepresent mortgage success” (3-16-16)

“The director of the Consumer Financial Protection Bureau, the nation’s most powerful financial services regulator, provided a semi-annual update to the House Financial Services Committee this morning.”

 

Hard Money Loan Closed

Palmdale, California hard money loan closed. Real estate investor received loan for $102,000 on this single family property appraised for $159,000.

Palmdale Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 in Sacramento on Saturday, March 19.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Women’s Investment Network FIBI on Tuesday, March 22.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with FIBI Long Beach on Thursday, March 31.

Image copyright source: www.flickr.com/photos/trianglereva

 

Looking Back:

Builder confidence declined by two points this month and stood at 53 according to the NAHB.  NeighborWorks America,  a non-profit company based out of Washington, D.C. helped families in foreclosure and with distressed properties by awarding $44.8 million to different organizations under the National Foreclosure Mitigation Counseling program.  The Japanese bank Nomura Holdings Inc. was taken to court against FHFA on allegations they sold Fannie Mae and Freddie Mac bad mortgage-backed securities.

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.









Builder Confidence Remains The Same at 58

Tuesday, March 15th, 2016

Today’s News Synopsis:

 

The latest housing market index from the NAHB showed builder confidence remained relatively the same at 58.  Regarding real estate developments considered more risky, fewer lenders are willing to take those risks and are becoming more picky.  A  large mortgage bond deal totaling almost $2 billion is about to be put together by JP Morgan.

 

In The News:

NAHB – “Builder Confidence Holds Steady in March” (3-15-16)

“Builder confidence in the market for newly-built single-family homes was unchanged in March at a level of 58 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).”

DS News – “Nationwide Title Clearing Opens Dallas Office” (3-15-16)

“Nationwide Title Clearing (NTC), a post-closing services provider for the nation’s largest financial institutions, investors, and servicers, announced that the company will open a new office this month in Dallas, Texas that will include a new data center.”

Bloomberg – “Lenders Are Getting Choosier When It Comes to Risky Real Estate Deals” (3-15-16)

“Lenders are getting stingier when it comes to funding risky U.S. real estate developments, putting pressure on landlords in need of fresh funding to keep their projects afloat.”

Mortgage Professional America – “Buffet buys mortgage banking firm, looking for more hires” (3-15-16)

“Warren Buffett’s Berkshire Hathaway is continuing its rapid expansion as one of its mortgage divisions has bought a foothold in Ohio.”

Housing Wire – “JP Morgan prepares massive mortgage bond deal” (3-15-16)

“Wall street investment bank JP Morgan is putting together a massive residential mortgage-backed securities deal for the private market, according to Emily Glazer of The Wall Street Journal. ”

DS News – “Lenders, Here’s How to Attract First-Time Homebuyers” (3-15-16)

“First-time homebuyers, including millennials, are slowly but surely making their way into the housing market and lenders need to be prepared to grab their attention and keep it.”

Mortgage Professional America – “$13 million granted for Illinois foreclosure problems” (3-15-16)

“In a landmark $7-billion consumer relief settlement between several states, the U.S. Justice Department, and the Bank of America, a $13 million payout has been granted to The Lawyers Trust Fund of Illinois to address the state’s foreclosure problems.”

Housing Wire – “W.J. Bradley Mortgage Capital permanently closes down” (3-15-16)

On March 13, 2016, W.J. Bradley Mortgage Capital and related companies approved an orderly wind-down of the Company. After consulting with its advisors, the Company determined that an orderly wind-down is in the best interest of the Company, its creditors and other stakeholders.”

DS News – “House Committee Chairman Promises ‘Bold and Better’ Alternative to Dodd-Frank” (3-15-16)

“Rep. Jeb Hensarling, Chairman of the, delivered a public address on Tuesday on the committee’s plan to offer what he terms a “bold and better” alternative to the Dodd-Frank Act, according to an announcement from the committee.”

 

Hard Money Loan Closed

Norco, California hard money loan closed. Real estate investor received loan for $356,000 on this single family property appraised for $542,000.

Norco Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 in Sacramento on Saturday, March 19.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Women’s Investment Network FIBI on Tuesday, March 22.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with FIBI Long Beach on Thursday, March 31.

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.









Las Vegas Showing More Stability in their Housing Market

Monday, December 7th, 2015

Today’s News Synopsis:

 

More landlords are forming mergers with each other in hopes this will help increase profit on single-family rentals.  CoreLogic’s predictions for next year’s housing market include an increase in home sales and prices but a decrease in the volume of refis.  One market that seems to be fairing very well, making a comeback, and a safe bet for investors now is Las Vegas.

 

In The News:

CNBC – “Merging Landlords See Growing Profit on rentals” (12-7-15)

“It was supposed to be a short-term play. Investors would buy thousands of bargain-basement single-family homes during the foreclosure crisis, rent them for a few years and then sell them off and be done.”

Mortgage Professional America – “Association calls for unity in industry” (12-7-15)

“Independent mortgage professionals obviously lack the political sway the big banks enjoy, but that just means more unity is needed among the smaller players to improve their collective clout.”

NAHB – “EPA’s Streamlined Stormwater Compliance Guide a Boon for Builders, Says NAHB” (12-7-15)

“The National Association of Home Builders (NAHB) applauded today’s announcement that the Environmental Protection Agency (EPA) has unveiled a voluntary Construction General Permit (CGP) stormwater compliance template for residential building lots of one acre or less.”

Realty Trac – “Will FHA Defections Change The Mortgage Marketplace?” (12-7-15)

“The FHA is facing a mutiny. Despite terrific results in fiscal 2015, some of the largest lenders in the country have had it with the nation’s per-eminent mortgage insurance program. They’re offering borrowers alternative loan options and setting up the mortgage industry for a clash of financial titans.”

DS News“Housing Outlook for 2016: Higher Home Sales and Prices, Falling Refi Volumes” (12-7-15)

“The year 2016 is expected to usher in the creation of 1.25 million new households, higher rental demand, increased home sales, and a rise in home purchase loan originations even as refinancing volume plummets, CoreLogic’s Chief Economist predicted Monday.”

Mortgage Professional America – “Morning Briefing: Las Vegas housing market now a safer bet” (12-7-15)

“The housing market in Las Vegas is starting to stabilize after many years of turbulence following the crash. The Greater Las Vegas Association of Realtors reported Friday that even at this traditionally-slower time of year there has been better activity; home sales of 2,476 were just 7 lower than November 2014 while the median price for single-family existing homes increased by 8.9 per cent to $220,000.”

Housing Wire – “Black Knight: Consumers aren’t getting Fannie, Freddie 3% down mortgages” (12-7-15)

“For all the uproar that surrounded Fannie Mae and introducing loan programs that allowed buyers to put down as little as 3% around this time last year, not many buyers are actually taking advantage of the low down payment loans, according to a new report from Black Knight Financial Services (BKFS).”

DS News – “GSE Reform Must Go Through the Financial Stability Oversight Council” (12-7-15)

“Everyone agrees that there must be GSE reform, but no one agrees on exactly how it should be accomplished.  Eight of the nine voting members on the Financial Stability Oversight Committee will testify Tuesday before the House Financial Services Committee, and over at The Hill, the argument is made that GSE reform has to run through FSOC.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.


Image copyright source: www.flickr.com/photos/mandj98

 

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.





New Bills Passed by House Financial Services Committee to Give Regulators More Accountability

Wednesday, November 4th, 2015

Today’s News Synopsis:

 

The Mortgage Bankers Association reported mortgage applications decreased 0.8% in their latest survey.  CoreLogic reported a decrease in distressed home sales by 2.3 percentage points, putting them at their lowest in 8 years.  Several new bills were passed by the House Financial Services Committee today aimed at giving financial regulators more accountability.

 

In The News:

NAHB – “NAHB Calls for Passage of Bills to Reduce Regulatory Burdens on Small Businesses” (11-3-15)

“The National Association of Home Builders (NAHB) today urged Congress to pass two bills that would help ease regulatory burdens and uncertainties facing home building firms and other small businesses.”

Mortgage Bankers Association – “Mortgage Applications Slightly Decrease in Latest MBA Weekly Survey” (11-4-15)

“Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 30, 2015.”

Mortgage Professional America “Canadian lender sets sights on American originator business” (11-4-15)

“It’s a lucrative market for originators and it’s one being targeted by an influential big bank.  Royal Bank of Canada – the country’s largest bank, based on profits – is planning on using its acquisition of City National Corp. to grow its influence in the American jumbo mortgage market.”

Housing Wire “CoreLogic: Distressed home sales at lowest level in 8 years” (11-4-15)

“Distressed sales, which include real estate-owned properties and short sales, accounted for 9.3% of total home sales nationally in August 2015, down 2.3 percentage points from August 2014 and down 0.4 percentage points from July 2015, CoreLogic (CLGX).”

DS News – “Fed Chair Yellen Hints at Possible December Rate Hike in Congressional Testimony” (11-4-15)

“Federal Reserve Chair Janet L. Yellen testified before the House Financial Services Committee Wednesday morning to discuss supervision and regulation among U.S. financial institutions, but the looming interest rate hike was the subject no one could resist touching on.”

Realty Trac – “Where the Ground Shakes: The Top 5 Counties with High Risk for Earthquakes” (11-4-15)

“RealtyTrac released a recent report on natural disasters. The report identified the risk levels, ranging from Very Low to Very High, in natural disasters across the U.S. Displayed are the counties ranked by earthquake risk.”

Mortgage Professional America – “Denver tops list of hottest U.S. housing markets” (11-4-15)

“Denver has moved to the top spot among the 20 hottest U.S. housing markets, according to realtor.com’s latest housing report.  According to the report, October’s 20 hottest markets received between 1.8 and 3.6 times the number of views per listing as the national average.”

Housing Wire – “Here’s the outrageous price of NYC’s most expensive condo” (11-4-15)

“One57 is officially the most expensive building in New York City, surpassing 15 Central Park West, according to the semiannual CityRealty 100 report.”

DS News – “House Committee Passes Bills Aimed at Increasing Accountability of Financial Regulators” (11-4-15)

“The House Financial Services Committee on Wednesday announced the passage of several bills aimed at supporting economic growth and increasing the accountability of financial regulators.”

 

 

Bruce Norris will be speaking at the Cutting-Edge Financial Tactics Brunch on Saturday, November 7.

Bruce Norris will be speaking at the 2nd Annual TNG VIP Subsriber Brunch on Sunday, November 8.

 

Looking Back:

The amount of mortgage credit available decreased again in October by 2.5% down to 113.2.  The numbers for sales and median sale prices for local homes was stronger than international sales.  A new regulation established by HUD that would make filing allegations against discrimination easier was thrown out this week by a federal judge.

 

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.

Consumer Confidence Increased as Housing and Labor Market Show Signs of Growth

Thursday, October 1st, 2015

 

Today’s News Synopsis:

 

As the housing and labor market continue to show signs of growth, consumer confidence also took a turn for a better in also showing signs of increase.  Spending on residential construction also increased in August and stood at $1,086.2 billion.  Freddie Mac reported mortgage rates continue to remain below 4% for the 4th week in a row with 30-year rates at 3.85% and 15-year rates at 3.07%.

 

In The News:

Housing Wire – “Bills to reform CFPB, relieve regulations go to House floor” (10-1-15)

“The House Financial Services Committee approved several bipartisan bills they say are designed to potentially protect consumers, reform the Consumer Financial Protection Bureau and cut regulations.”

Mortgage Professional America “CFPB makes one last plea ahead of TRID” (10-1-15)

“Towns where shale oil production has escalated in recent years responded by building more homes to accommodate an increasing workforce. But those towns are now overbuilt as oil production recedes and workers leave or are unable to afford to buy a home.”

Bloomberg – “Blackstone’s Gray Says REIT Buyouts Loom Amid Bearish Market” (10-1-15)

“Stock investors are too bearish on U.S. real estate, and the market’s decline probably will lead to more takeovers of publicly traded landlords, along with asset sales, said Jon Gray, global head of real estate at Blackstone Group LP, the largest private equity investor in property worldwide.”

Housing Wire – “Residential construction spending rises in August” (10-1-15)

“Construction spending during August 2015 came in at a seasonally adjusted annual rate of $1,086.2 billion, 0.7% (±1.5%) above the revised July estimate of $1,079.1 billion, the U.S. Census Bureau of the Department of Commerce announced.’”

Mortgage Professional America “U.S. consumer confidence ‘unexpectedly’ increases” (10-1-15)

“Consumer confidence in the economy is growing as the housing market and labor continue to show growing strength, according to one major Canadian bank.”

Housing Wire “Freddie Mac: Mortgage rates below 4% ten weeks straight” (10-1-15)

“Mortgage rates remained fairly stagnant despite ongoing global growth concerns putting downward pressure on Treasury yields, the latest Freddie Mac Primary Mortgage Market Survey said.”

Bloomberg “Blackstone Gets $15.8 Billion for Biggest Ever Real Estate Fund” (10-1-15)

“Blackstone Group LP, the world’s biggest alternative-asset manager, gathered $15.8 billion for the largest fund to invest in global real estate.”

Housing Wire “2015 started as most affordable housing market in two years” (10-1-15)

“Buying a home was at the most affordable level in two years in the first quarter of 2015 despite the average U.S. home price increasing at more than twice the pace of the average weekly wage nationwide over the past year, according to a joint report from Clear Capital and RealtyTrac.

 

Bruce Norris of The Norris Group will be presenting his talk How to Create a $100,000 Payday Per Deal in 2015 on Thursday, October 8.

Bruce Norris of The Norris Group will be presenting Cashing in on a Boom: Investing in Quadrant 4 on Saturday, October 10.

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

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.

 

Copyright: Image from www.flickr.com/photos/armydre2008

 

Looking Back:

The Mortgage Bankers Association reported a 0.2% drop in mortgage applications from the previous week.  Spending on construction decreased by 0.8% the prior month to $961 billion according to the Census Bureau.  Rents for office space increased the most in San Jose and Dallas.

 

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.

CFPB Allowing Adjustment Time Period Following Ruling for TRID Grace Period

Wednesday, September 30th, 2015

 

Today’s News Synopsis:

 

The Mortgage Bankers Association reported mortgage applications decreased by 6.7% from last week.  Following the decision for TRID to allow a grace period, Richard Cordray of CFPB announced they too will allow a period of time for institutions to get accustomed to this new rule.  More homes have been built where the production of shale oil has escalated to accommodate workers in that industry.

 

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-30-15)

“Mortgage applications decreased 6.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 25, 2015.”

Mortgage Professional America “Morning Briefing: Shale towns overbuilt as oil industry declines” (9-30-15)

“Towns where shale oil production has escalated in recent years responded by building more homes to accommodate an increasing workforce. But those towns are now overbuilt as oil production recedes and workers leave or are unable to afford to buy a home”

Bloomberg – “Meet the Hipster Real Estate Developers Building for Millennials” (9-30-15)

“Young real estate developers are using young investors’ money to put young people in young neighborhoods.”

Housing Wire – “Student loan burden doesn’t explain low Millennial homeownership [study]” (9-30-15)

“Simply stating that student loans are the reason behind the decreasing homeownership rate is not enough, Freddie Mac’s latest Insight & Outlook report said.’”

Mortgage Professional America “Regulator confirms ‘hold harmless’ period” (9-30-15)

“Speaking before the House Financial Services Committee Wednesday, CFPB Director Richard Cordray confirmed there will be a period of time allowed for lenders and originators to acclimatize themselves to the upcoming rule change”

Housing Wire “Here’s how TRID will impact real estate transactions” (9-30-15)

“HousingWire asked Sharon Voss, president of the Orlando Regional Realtor Association, to discuss how the new TILA-RESPA Integrated Disclosure rule from the Consumer Financial Protection Bureau will affect real estate transactions.”

Mortgage Professional America “100 mortgage jobs cuts in Texas” (9-30-15)

“A hundred mortgage jobs in North Texas were eliminated when a San Antonio-based company indicated it would be laying off 105 employees.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Inland Southern California Economic Forecast Conference TOMORROW.

Bruce Norris of The Norris Group will be presenting his talk How to Create a $100,000 Payday Per Deal in 2015 on Thursday, October 8.

Bruce Norris of The Norris Group will be presenting Cashing in on a Boom: Investing in Quadrant 4 on Saturday, October 10.

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

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.

 

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

 

Looking Back:

Home prices increased in 20 US cities by 6.7% according to the latest Case-Shiller Index.  The latest RealtyTrac report showed that in eight states, distressed homes sold at less than half the price of a non-distressed home.  The high cost of loans seemed to be the biggest obstacle to homeowners saving for a down payment and lead to a decrease in FHA originations.

 

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.

Cash Sales of Homes Decrease to 31.3% According to CoreLogic

Tuesday, September 29th, 2015

 

Today’s News Synopsis:

 

According to the latest S&P/Case-Shiller Index, home prices increased 5% year-over-year in July in 20 cities across the country.  At the same time, cash sales decreased to 31.3% from 33.9% year-over-year in June according to CoreLogic.  Realtor.com reported now is a better time than ever to purchase a home and listed the 20 best places to buy.

 

In The News:

Housing Wire – “CoreLogic: Cash sales in June drop to 31%” (9-29-15)

“Cash sales made up 31.3% of total home sales in June 2015, down from 33.9% in June 2014, according to the latest report from CoreLogic.”

Realty Trac “Mortgages: What If There’s A Lender Shortage?” (9-29-15)

“The usual assumption when getting a mortgage is that there are a ton of lenders out there fighting for your business, so it makes sense to shop around for rates and terms. That’s surely true today but what about tomorrow? What happens if lending becomes an exotic craft in a market with lots of borrowers and far fewer lenders?”

Bloomberg – “All Eyes on Crowdfunded Loans Tucked Into Commercial Real Estate Bonds” (9-29-15)

“Morgan Stanley Analyst Richard Hill has been digging around in the monthly remittance reports that accompany bonds backed by commercial real estate loans, known as Commercial Mortgage-Backed Securities, and he’s found something interesting.”

Housing Wire – “Who wants to know the hottest 20 places to buy a home right now?” (9-29-15)

“With month-over-month declining prices and increased time on market, the September housing market has transitioned into a buyer’s market, according to realtor.com’s ‘Advance Read of September Trends.’”

Mortgage Professional America “Morning Briefing: Pending home sales down but not out” (9-29-15)

“America’s pending home sales declined slightly in August but the market remains healthy according to the National Association of Realtors. The Pending Home Sales Index was down 1.4 per cent in the month but is still 6.1 per cent above its August 2014 level.”

Housing Wire “3 reasons fall is a great time to buy a home” (9-29-15)

“Along with pumpkin spice lattes and flannel shirts, you might want to consider adding buying a home to your list of fall essentials.”

Mortgage Professional America “Foreclosures, delinquencies drop” (9-29-15)

“The delinquency rate in the United States dropped drastically year-over-year in August, according to Black Knight Financial Services and one industry player is crediting tighter underwriting.”

Bloomberg – “Home Prices in 20 U.S. Cities Increased 5% in Year to July” (9-29-15)

“Home prices in 20 U.S. cities rose 5 percent in July from the same month in 2014, propelled by improving demand and limited supply.  Year-to-year increases in the S&P/Case-Shiller index have hovered in a narrow range around 5 percent since February, indicating the rebound in residential real estate is stable.”

Housing Wire – “House committee grills CFPB director on TRID, HMDA and more” (9-29-15)

“The House Financial Services Committee heard the semi-annual report from Richard Cordray, director of the Consumer Financial Protection Bureau, on Tuesday morning.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Inland Southern California Economic Forecast Conference on Thursday, October 1.

Bruce Norris of The Norris Group will be presenting his talk How to Create a $100,000 Payday Per Deal in 2015 on Thursday, October 8.

Bruce Norris of The Norris Group will be presenting Cashing in on a Boom: Investing in Quadrant 4 on Saturday, October 10.

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

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29

.

 

Copyright: Image from www.flickr.com/photos/106574022@N04

 

Looking Back:

Consumer confidence increased this month by 2.5% to 77.5, its highest since the Recession.  August saw a decrease in pending home sales, leading NAR to predict existing home sales would decrease 3% for the whole year.  Freddie Mac reported progress in the housing market declined the previous month with price recovery not being consistent and purchase applications struggling to progress.

 

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.

Single-Family Rental Homes to Have More Detached Homes Constructed According to John Burns

Tuesday, August 4th, 2015

 

Today’s News Synopsis:

 

The cost to close a mortgage just decreased by 7% to $1,847 according to Bankrate.com.  The housing market appears to be showing more signs of improvement with the recent increase in both inventory and demand.  John Burns of John Burns Real Estate Consulting said he plans on constructing more detached homes from single-family homes that will be used for rentals.

 

In The News:

Mortgage Bankers Association “Commercial/Multifamily Mortgage Originations Continue Strong Pace in Second Quarter” (8-4-15)

“According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, second quarter 2015 commercial/multifamily mortgage loan originations were 29 percent higher than during the same period last year and 16 percent higher than the first quarter of 2015.”

Mortgage Professional America – “House committee calls for greater transparency from Federal Reserve” (8-4-15)

“The House Financial Services Committee is calling for greater transparency and accountability from the Federal Reserve.  Last week, the committee approved legislation – the Fed Oversight Reform and Modernization (FORM) Act – that would require the Fed to more transparently communicate its monetary policy decisions to the American people.”

Realty Trac – “Does Recent Equity Build-Up Present An Opportunity” (8-4-15)

“A long-time investor in rental properties, Lin He believes it’s time for a change in his investment strategy. With as many as 50 southern California rental properties in his portfolio (condos and single family homes mostly in Orange County) He is switching things up.”

Housing Wire“Mortgage closing costs drop 7% to $1,847” (8-4-15)

“Mortgage closing costs declined 7% over the past year and now average $1,847 on a $200,000 loan, according to Bankrate.com.  Hawaii’s average closing costs of $2,163 are the highest in the nation, followed by New Jersey ($2,094), Connecticut ($2,033), West Virginia ($1,971) and Arizona ($1,969).”

DS News “Builders Plan to Build More Detached Homes for Single-Family Rentals” (8-4-15)

“More detached homes will be built for single-family rental to meet increasing demand for rental housing, according to a report from John Burns, CEO of John Burns Real Estate Consulting released Tuesday.”

Realty Track – “RealtyTrac Names Richard Lombardi Executive Vice President and General Manager Leading Its Data Solutions Division” (8-4-15)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today announced it has hired real estate data licensing veteran Richard Lombardi as Executive Vice President and General Manager leading its rapidly expanding data and file licensing business.”

DS News “Increased Inventory and Demand Indicate a Healthier Housing Market” (8-4-15)

“Recent housing indicators reveal signs of health in the housing market in July 2015, according to Realtor.com’s Advance Read of July Trends, which draws on residential inventory and demand trends over the first three weeks of the month.”

Housing Wire “Freddie Mac net income soars 700% to $4.2 billion” (8-4-15)

“Freddie Mac reported a second-quarter net income of $4.2 billion, compared to $524 million for the first quarter of 2015, an astounding 702% increase in just one quarter.”

Mortgage Professional America – “Serious delinquency rate hits 7-year low” (8-4-15)

“The serious delinquency rate on mortgages for single-family homes fell to its lowest level since 2008 in June, according to new data from Fannie Mae.”

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with TIGAR on Thursday, August 13.

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with Tri-Counties Association of Realtors on Friday, August 14.

Bruce Norris of The Norris Group will be giving his Secrets to Becoming Wealthy with Tony Watson on Tuesday, August 18.

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

 

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

 

Looking Back:

Black Knight Financial Services just announced that the majority of foreclosures that still existed were in judicial states, roughly 3/4 of the foreclosure market in the county.  In addition, a new foreclosure was passed in Connecticut that would speed up the foreclosure process and and cut down on the amount of foreclosures still waiting to be processed.  Bankrate.com just released a survey showing mortgage closing costs increased 6% over the previous year.

 

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

 

Bipartisan Bills for Change in Mortgage and Housing Finance Industry Approved by House Committee

Thursday, July 30th, 2015

 

Today’s News Synopsis:

Ellie Mae reported a 65% increase for their revenue in the second quarter to $65.9 million, up from $40 million.  Freddie Mac reported mortgage rates remained the same around 4% with 30-year rates at 3.98% and 15-year rates at 3.17%.  Several bipartisan bills that would bring change to the mortgage and housing finance industries were approved by the House Financial Services Committee.

 

In The News:

Housing Wire – “Ellie Mae revenue surges 65%” (7-30-15)

“Ellie Mae (ELLI) registered another strong quarter on its books, with its second-quarter revenue surging to $65.9 million, up 65% from $40 million for the same period a year ago.”

DS News “CFPB Penalizes Texas-Based Servicer for Blocking Borrowers’ Efforts to Stop Foreclosure” (7-30-15)

“The Consumer Financial Protection Bureau (CFPB) on Thursday announced a consent order against Fort Worth, Texas-based mortgage servicer Residential Credit Solutions for allegedly blocking borrowers’ efforts to prevent foreclosure on their homes.”

Mortgage Professional America “Industry focuses on attracting tech-savvy players” (7-30-15)

“Mortgage players are using succession planning as an opportunity to beef up their expertise on fintech and better appeal to a younger demographic.  The hiring of one 30-year industry veteran is an important move for one financial technology company, with the recent announcement that Darren Thompson has joined B2R Finance as chief financial officer and executive vice president of strategy.”

Bloomberg “Wells Fargo to Exit Loan Referral Deals With Builders, Agents” (7-30-15)

“Wells Fargo & Co., the largest U.S. mortgage lender, is ending some marketing arrangements with real estate firms and home builders over concerns about regulatory scrutiny.”

Mortgage Professional America – “Refinance business ticks up” (7-30-15)

“Refinances edged up on a week-by-week basis, and currently account for just over half of all mortgage applications, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.”

Housing Wire “House Committee approves slate of mortgage, housing reforms” (7-30-15)

“The House Financial Services Committee approved a slate of bipartisan bills directly impacting the mortgage and housing finance space Wednesday.”

Bloomberg “American Economy Sustains Slow Progress That’s Defined Expansion” (7-30-15)

“The American economy is settling into a trot rather than a gallop, extending the slow progress that’s defined the current expansion after a first-quarter scare.”

Mortgage Professional America – “Jumbo mortgages see exponential growth” (7-30-15)

“The first half of 2015 saw jumbo mortgage market share skyrocket – but that market seems to be very localized.  “I haven’t seen jumbo mortgages increase too much in my area; though I have noticed a slight increase,” Ed Fournier of Connecticut Home Mortgage told Mortgage Professional Magazine.”

Housing Wire – “Freddie Mac: Mortgage rates fluctuate around 4%” (7-30-15)

“Mortgage rates moved lower once again, falling just enough to slip under 4%, the latest Primary Market Survey from Freddie Mac said.  The 30-year, fixed-rate mortgages averaged 3.98% for the week ended July 30, 2015, a drop from last week’s 4.04%. A year ago, it sat at 4.12%.”

DS News “Servicers’ Attention to Small Pool of At-Risk Borrowers Negatively Impacts Satisfaction” (7-30-15)

“The J.D. Power 2015 U.S. Primary Mortgage Servicer Satisfaction study released Thursday found that servicers are spending too much time and resources focusing on at-risk customers, negatively impacting satisfaction for the majority of their customers.”

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with TIGAR on Thursday, August 13.

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with Tri-Counties Association of Realtors on Friday, August 14.

Bruce Norris of The Norris Group will be giving his Secrets to Becoming Wealthy with Tony Watson on Tuesday, August 18.

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

 

Copyright: Image from www.flickr.com/photos/119599301@N02/

 

Looking Back:

Julian Castro was sworn in as Secretary of HUD, although had a lot of work to do to see progress.  According to the latest Home Price Index, home prices increased 0.9% in May and were continuing to rise despite a slowdown in home purchases.  At the same time, the rate for homeownership decreased and was at its lowest in almost twenty years.

 

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.