The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘House Financial Services Committee’

By Bruce Norris .

The Norris Group Real Estate News Roundup 4/11/14

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.

The Norris Group Real Estate News Roundup 4/8/14

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.

The Norris Group Real Estate News Roundup 2/11/14

Tuesday, February 11th, 2014


Today’s News Synopsis:

Big day for mortgages.  The latest report from Zillow showed mortgage rates increased again with 30-year rates now at 4.13% and 15-year rates at 3.13%.  In addition, consumer confidence in regards to obtaining mortgage credit is at an all-time high as more consumers are feeling confident they will have easier access to mortgage credit.  Finally, the amount of mortgage credit available increased in January by 1.85% month-over-month.

In The News:

Mortgage Bankers Association“Mortgage Credit Availability Increases in January” (2-11-14)

“Mortgage credit availability increased in January 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.”

DS News- “Zillow Report Shows Rise in Mortgage Rates” (2-11-14)

“Zillow Mortgage Marketplace, operated by the online real estate database Zillow, released its weekly mortgage rates Tuesday.”

Housing Wire - “Strike three for flood insurance premium hike delay” (2-11-14)

“Republicans stopped an effort to force a vote on H.R. 3370, which would delay pending flood insurance premium hikes under the National Flood Insurance Program.”

Bloomberg - “Home Prices Rose in Fewer U.S. Markets in Fourth Quarter” (2-11-14)

“Prices for single-family homes rose in 73 percent of U.S. cities in the fourth quarter, fewer than in the previous three months, as surging values in the past two years started to reduce affordability.”

Inman - “Expired tax breaks for homeowners could be restored — retroactive to Jan. 1 — by this summer” (2-11-14)

“Though it’s not attracting much attention, the impending arrival of Sen. Ron Wyden, D-Ore., as head of the Senate Finance Committee could be good news for housing and real estate in the weeks ahead.”

CNN Money“Where’s the debt ceiling now?” (2-11-14)

“Lawmakers are poised to again suspend the debt ceiling — at a level that’s now about $512 billion higher that it was last fall.  On Tuesday, the Treasury Department reported that the nation’s borrowing limit automatically reset to roughly $17.2 trillion, after the last suspension expired on Friday.”

DS News- “Yellen Faces Grilling in First Hearing as Fed Chair” (2-11-14)

“If nothing else, Janet Yellen proved on Tuesday she has stamina.  The newly installed Federal Reserve chair—the first woman to take the post in the institution’s century-long history—sat in front of the House Financial Services Committee for an extended session, fielding dozens of questions on topics ranging from the Fed’s current direction to GSE reform.”

Mortgage Professional America - “Mortgage credit confidence hits all-time high” (2-11-14)

“More consumers are feeling positive about access to mortgage credit, according to data released today by Fannie Mae.”

CNN Money - “Barclays stokes bonus row as 12,000 jobs go” (2-11-14)

“Barclays is paying its investment bankers bigger bonuses even as it sheds as many as 12,000 jobs this year after profits tumbled.”

Hard Money Loan Closed

Murrieta, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $317,000 on a 4 bedroom, 2 bathroom home appraised for $460,000.

Murrieta Hard Money Loan closed by the Norris Group

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with Moreno Valley Realtors on Thursday, February 13, 2014.

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with Inland Empire Escrow on Thursday, February 27, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

Looking Back:

Single-family home prices increased in 88% of cities in the United States with the decrease in interest rates and improving job market.  According to HOPE NOW, over 850,000 loan modifications were completed during all of last year.  The National Association of Realtors reported the national median home price increased year-over-year by the most in seven years.  This came with unsold inventory being at its lowest in twelve years and increasing home sales.

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.

The Norris Group Real Estate News Roundup 7/18/13

Thursday, July 18th, 2013

 

Today’s News Synopsis:

Unemployment claims decreased by 24,000 to 334,000 and are now at their lowest in ten weeks.  Mortgage rates decreased again after being at their highest in two years.  At the same time, inventory is showing to be on the rise according to a recent report from Realtor.com.

In The News:

Housing Wire“Policymakers go head-to-head over housing financing reform” (7-18-13)

“House Democrats released a plan for housing finance reform Thursday, offering a contrast to legislative efforts created by Republican lawmakers.”

DS News“First-Time Jobless Claims Drop to 10-Week Low” (7-18-13)

“One week after spiking to a two-month high, first-time claims for unemployment insurance dropped 24,000 to 334,000 for the week ending July 13—the lowest level in 10 weeks, the Labor Department reported Thursday.”

CNN Money - “Higher mortgage rates won’t hurt recovery, Fannie finds” (7-18-13)

“If history is any indication, the recent spike in mortgage rates is going to have little to no impact on home prices, according to a new report from Fannie Mae.”

Bloomberg“U.S. 30-Year Mortgage Rates Fall From a Two-Year High” (7-18-13)

“U.S. mortgage rates fell, reducing borrowing costs for homebuyers after the 30-year average jumped to a two-year high last week.”

DS News“Report: California Markets Showing Monthly Jump in Inventory” (7-18-13)

“Realtor.com released its National Housing Trend Report for the month of June 2013, revealing significant gains in several major market indicators.”

Realty Times“Down Payment Remains Top Obstacle for Home Buyers” (7-18-13)

“Take reports of lenders easing the credit squeeze with a pinch of salt.  It still holds true that the larger the down payment, the more likely you are to get a mortgage and at the lowest rate.”

Mortgage Professional America“Online property auctions push up prices, claims industry vet” (7-18-13)

“Buyers are more willing to bid higher on online auctions than traditional sales, according to a real estate veteran.”

DS News“RE/MAX: Home Prices Up Yearly for 17th Straight Month in June” (7-18-13)

“Home prices and home sales posted annual gains for at least 17 straight months in June, according to RE/MAX’s housing report, which covers 52 metropolitan areas.”

Hard Money Loan Closed

Jurupa Valley (Riverside), California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $100,000 on a 3 bedroom, 2 bathroom home appraised for $253,000.

 

Bruce Norris of The Norris Group will be speaking at FIBI Thousand Oaks Poised to Pop Wednesday, August 7, 2013.

Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.

Bruce Norris will be presenting How to Make a Million in 24 Months in San Jose on Saturday, September 7, 2013.

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.

 

Looking Back:

Construction on new homes increased 6.9% and were at the highest level not seen since 2008.  Mortgage applications increased 16.9% from the previous week as a result of decreasing interest rates and more people choosing to refinance their mortgages.  According to a recent survey by RE/MAX, both home sales and prices increased in 31 out of 53 large metropolitan areas.

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.

The Norris Group Real Estate News Roundup 4/24/13

Wednesday, April 24th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased by 0.2% from last week.  HUD is consolidating their Office of Multifamily Programs down to 10 sites, which is expected to help the organization saved $45 million.  The NAHB reported both single and multifamily housing starts are expected to increase into the double-digits this year, although growth is still not expected to reach its full potential.

In The News:

DS News - “Bay State Home Sales Decline in March While Prices Rise” (4-24-13)

“While other states spent March gearing up for a busy spring season, Massachusetts saw a decline in sales throughout the month, the Boston-based Warren Group reported.”

Bloomberg“Federal Reserve Has Fueled Housing Rebound, Pimco’s Cudzil Says” (4-24-13)

“The Federal Reserve’s debt buying has helped housing both by holding down borrowing costs for home buyers and pushing investors to purchase properties instead of bonds, Pacific Investment Management Co.’s Michael Cudzil said.”

Realty Times“Home Sales, Housing Starts Hit Short-Term Snags” (4-24-13)

“Home sales slipped in March at a time when a seasonal upswing takes hold and the immediate future of housing starts is clouded with rising material costs, and both a labor and easily developed land shortage.”

Housing Wire - “Sequester creates cracks in HUD’s structure” (4-24-13)

“The U.S. Department of Housing and Urban Development is downsizing by consolidating its Office of Multifamily Programs into 10 sites, the agency announced Wednesday.”

NAHB - “Housing Recovery Continues but Headwinds Remain” (4-24-13)

“Buoyed by rising home prices throughout much of the nation, both single-family and multifamily housing starts are expected to post double-digit gains over last year in 2013. However, headwinds continue to hold back even stronger growth as the housing recovery evolves, according to economists at NAHB’s Spring 2013 Construction Forecast Conference Webinar.”

Housing Wire - “Experts pitch solutions for private capital comeback” (4-24-13)

“Mortgage investment experts — who have been sidelined since the housing collapse in 2008 — took a stand Wednesday, claiming they’re ready to get back into the private capital game.”

DS News - “Commentary: DeMarco Disappoints with New Streamlined Mod Program” (4-24-13)

“Starting July 1, large numbers of non-paying borrowers will have the opportunity to modify existing mortgages through a more streamlined process.”

Mortgage Bankers Association - “Mortgage Applications Increase Slightly in Latest MBA Weekly Survey” (4-24-13)

“Mortgage applications increased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 19, 2013.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $1300,000 on a 3 bedroom, 2 bathroom home appraised for $210,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Looking Back:

The FHFA reported a 0.3% increase in home prices for February 2012.  At the same time, home sales decreased 7.1% the previous month to their lowest in over a year.  March also saw a decrease in the mortgage delinquency rate by 8.8% according to the Lender Processing Services.

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.

The Norris Group Real Estate News Roundup 3/6/13

Wednesday, March 6th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased almost 15% from last week with the decrease in mortgage rates.  The Research Institute for Housing America expects immigrants will continue to contribute greatly to growth in the housing market.  In a hearing today with the U.S. Financial Services Committee, both Democrats and Republicans debated problems with the GSEs and proposed changes that need to come.

In The News:

Housing Wire - “BREAKING: AIG launches unit to invest in whole mortgages” (3-6-13)

“Insurer AIG intends to find and acquire residential whole loan mortgages as investments through a newly created business unit called Connective Mortgage Advisory Co.”

DS News“Report: Housing Market to See Growing Demand from Immigrants” (3-6-13)

“Immigrants have been and will continue to play a large role in the housing market, according to a new report from the Research Institute for Housing America, sponsored by the Mortgage Bankers Association.”

Realty Times“Stable Mortgage Rates Continue With Fed’s Support” (3-6-13)

“During the second day of testimony to the House Financial Services Committee, Federal Reserve Chairman Ben Bernanke defended the Fed’s low interest rate policies as providing crucial support to a still weak economy that continues to be burdened by high unemployment.”

Bloomberg - “AIG to Start Loan Investment Unit as Housing Rebounds” (3-6-13)

“American International Group Inc. (AIG), the insurer that was rescued by the U.S. government in 2008 after soured bets on mortgage securities, is building a unit to buy individual home loans amid a rebound in the housing market.”

Mortgage Bankers Association - “Mortgage Applications Increase as Rates Drop in Latest MBA Weekly Survey” (3-6-13)

“Mortgage applications increased 14.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 1, 2013.”

Housing Wire - “Experts pinpoint GSE failures, recommend changes” (3-6-13)

“Nearly five years after entering conservatorship, Fannie Mae and Freddie Mac have captured many critics – a few public supporters – and a great deal of pushback for being the last-standing vestiges of the pre-housing bust era.”

DS News - “Survey: Closing Costs, Misconceptions Keep Borrowers from HARP Refis” (3-6-13)

“Borrowers who refinance through the Home Affordable Refinance Program (HARP) save an average of $83 per week, yet there are still hundreds of thousands of borrowers who are reluctant to refinance, according to a recent commentary authored by Tom Seidenstein, VP for financial markets and policy research at Fannie Mae’s Economic and Strategic Research Group.”

Hard Money Loan Closed

Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $370,000 on a 4 bedroom, 2 bathroom home appraised for $590,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IVAOR TODAY.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

Looking Back:

In a big news story, Obama announced on this day that he would be lowering refinancing fees as part o his plan to help improve the housing market.  Repeat foreclosures were at their highest on record and represented 47% of all foreclosure starts.  Mortgage fraud also increased 20% in the third quarter to 19,934 filings.  The Bipartisan Policy Center believed the current generation is the key for the housing market despite the fact that many were struggling financially.

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.

The Norris Group Real Estate News Roundup 2/13/13

Wednesday, February 13th, 2013


Today’s News Synopsis:

Mortgage applications decreased last week by 6.4% with the decrease in both refinancing and home repurchases.  With the improving employment status and more households carefully managing their budgets, more and more homes avoided financial distress for the third quarter in a row.  Payroll taxes increased this year, but this did not stop consumers from spending as retail sales increased 0.1%.

In The News:

Realty Times“Housing Continues to Advance While Mortgage Rates Remain Mostly Stable” (2-13-13)

“It doesn’t matter where you look, the overall data regarding the housing market continues to show advances while, at the same time, mortgage rates remain mostly stable.”

DS News- “U.S. Households Stay Out of Financial Distress for Third Straight Quarter” (2-13-13)

“U.S. households stayed out of financial distress for the third consecutive quarter as the employment situation improves and households manage their budget, according to the Consumer Distress Index from CredAbility, a nonprofit credit counseling agency.”

CNN Money - “Retail sales up despite payroll tax hike” (2-13-13)

“Higher payroll taxes didn’t stop U.S. consumers from hitting the malls in January.  Overall, retail sales rose 0.1% during the month, according to the Census Bureau.”

Housing Wire - “Falling mortgage applications dampen the mood around housing” (2-13-13)

“Mortgage application filings fell 6.4% for the week ending February 8 as both refinancing and home purchase activity declined, an industry trade group.”

DS News - “MortgageKeeper Reports Record Month in January” (2-13-13)

“MortgageKeeper Referral Services, the developer of a database that connects struggling homeowners with local, qualified nonprofit and government agencies, reported its best month thus far in January after more than 111,000 referrals were issued.”

Inman - “Move Inc. expecting double-digit 2013 revenue growth” (2-13-13)

“Realtor.com operator Move Inc. saw profits fall by more than half during the final three months of 2012, thanks in part to acquisitions that the company said will drive double-digit revenue growth this year.”

Housing Wire“Galante: FHA takes action to reduce likelihood of Treasury bailout” (2-13-13)

“Federal Housing Administration Commissioner Carol Galante testified before the House Financial Services Committee, asserting that the federal agency can avoid an immediate Treasury bailout.”

Realty Trac - “Are We About to See a Massive Set-Back in the Housing Sector?” (2-13-13)

“It really could happen. It’s possible that thousands of pages of financial rules just issued by the Consumer Financial Protection Bureau (CFPB) could be tossed out, leaving a mortgage marketplace with far-higher loan rates, lower home values and far-ranging uncertainty.”

Housing Wire - “CFPB lays pathway to compliance for lenders, servicers” (2-13-13)

“The Consumer Financial Protection Bureau will provide lenders and servicers with plain-language guides, rule interpretations and other materials to help them comply with new mortgage lending and servicing rules.”

Realty Times- “Fair Housing Rules Updated to Address Bust-Boom Era Discrimination” (2-13-13)

“The U.S. Department of Housing and Urban Development (HUD) recently announced a final rule to update and formalize the national standard for determining whether a housing practice violates the Fair Housing Act as the result of discriminatory effect.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $143,000 on a 3 bedroom, 1 bathroom home appraised for $206,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

Looking Back:

In a big story, the owners of the Empire State Building in New York were planning to become their own real estate investors by raising money to allow investors to own a piece of the property.  In a series of  bank failures, two more banks in Indiana and Illinois closed over the weekend.  Gains in housing construction were expected to be lead by construction in new multifamily units.

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.

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

Tuesday, November 15th, 2011

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Looking Back:

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

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 200 podcasts in our free investor radio archive.

The Norris Group Real Estate News Roundup 10/31/11

Monday, October 31st, 2011

Today’s News Synopsis:

According to the Realty Times, the FHA is planning to make changes to the HARP program, including allowing more borrowers to be eligible for mortgage refinancing.  The U.S. is seeing more short sales in several different cities, Los Angeles having the highest number.  CNN Money reported home prices are expected to fall another 3.6% next year before hitting their lowest levels.

In The News:

Housing Wire - “Credit unions, community banks face ‘creeping complexity’ of regulation” (10-31-11)

“The leaders of community banks and credit unions warned the House Financial Services Committee Monday that aggressive federal regulations are hindering the institutions’ ability to lend moneytgage.”

DS News - “Economist: ARMs Not as Risky as Some Think” (10-31-11)

“Long-term, fixed-rate mortgages are often seen as a “safe” mortgage product, but one Federal Reserve economist says adjustable-rate mortgages (ARMs) are not as risky as some perceive them to be and did not play a major role in the recent housing crisis.”

Realty Times - “Real Estate Outlook: Changes to HARP” (10-31-11)

“The National Association of Home Builder’s Bob Nielsen weighed in on the recent announcement by the FHA to make some new changes to the Home Affordable Refinance Program (HARP).”

Housing Wire - “CoreLogic expects HARP 2.0 to help hardest-hit housing markets” (10-31-11)

“The government’s revamped mortgage refinance program may be somewhat of a boon to the hardest-hit housing markets because they have the largest share of borrowers in negative equity, but the plan isn’t a panacea for all that ails the
housing market, CoreLogic (CLGX: 12.17 -3.95%) said Monday.”

DS News“Short Sales Offer Significant Discounts in Several Major Cities” (10-31-11)

“Short sales are growing throughout the nation as distressed homeowners and servicers continue to seek alternatives to foreclosure and home buyers increasingly opt for the significant discounts that come with short sales.”

CNN Money - “Home prices heading for triple-dip” (10-31-11)

“The besieged housing market has even further to fall before home prices really hit rock bottom.  According to Fiserv (FISV), a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35% below the peak reached in early 2006 and marking a triple dip in prices.”

Realtor Magazine - “Fed Leaders Divided on Future Plans” (10-31-11)

“The Federal Reserve’s policymaking committee is meeting Nov. 1 and 2, and five of the 10 voting members will be coming to the table in open disagreement with Chairman Ben Bernanke about future monetary policy. However, it is still Bernanke who determines whether the Fed will expand its campaign to stimulate growth for the third time since August.”

Housing Wire - “Freddie Mac calls for $100 billion in annual multifamily investment” (10-31-11)

“The head of Freddie Mac’s multifamily division projects that the asset class needs $1 trillion in capital over the next decade.  That is $100 billion every year earmarked to build 10 million additional
apartment units over the next 10 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 event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

The Norris Group Real Estate News Roundup 8/2/11

Tuesday, August 2nd, 2011

Today’s News Synopsis:

Bill H.R. 2056 was recently passed by the House of Representatives to look into failing banks and see if the Federal Deposit Insurance Corp’s regulations are actually hurting the economy.  RealtyTrac has come out with a new tool that will allow users to go through their database of foreclosed homes more quickly and create their own list of distressed, foreclosed, and bank-owned homes.  Realty Times reported an increase in pending homes for June, making it the second month in a row to see an increase.

In The News:

Housing Wire - “House legislation would launch FDIC investigation” (8-2-11)

“The U.S. House of Representatives passed a bill in recent days that would allow authorities to study the causes of high level bank failures and to determine whether “overzealous” Federal Deposit Insurance Corp. regulatory actions are stifling economic activity by constricting bank lending.”

DS News“RealtyTrac Tool Proveds Targeted Lists of Defaults, Auctions, and REOs” (8-2-11)

“RealtyTrac on Tuesday unveiled its new bulk foreclosure data search and download tool, known as MEGA Data.  This new product gives users the ability to sift through RealtyTrac’s database of more than 2 million foreclosure records to create targeted lists of distressed homeowners, scheduled foreclosure auctions, and bank-owned properties.”

Bloomberg - “Radian Jumps as Mortgage Insurer Swings to Profit, Has Fewer Delinquencies” (8-2-11)

“Radian Group Inc. (RDN), the second-largest U.S. mortgage insurer, climbed the most in 16 months after the company swung to a profit on derivative gains and said there was a drop in delinquencies on home loans.”

San Francisco Chronicle - “Key US markets with “pending” signs of life” (8-2-11)

“Certainly, some parts of the U.S. are looking pretty doomed right now, with massive foreclosures, property values tanked, construction halted, and unemployment up. But that is not the whole picture. Other parts of the country are doing relatively well– San Francisco among them– or are at least showing signs of improvement. And we can believe this ray of hope, at least a little bit, because it’s backed by actual data.”

Realty Times - “June Pending Home Sales Rise” (8-2-11)

“For the second consecutive month, pending home sales figures have increased. According to the National Association of Realtors® (NAR) all regions are showing “strong double-digit” gains over last June and the index itself was up 2.4 percent for the month.”

Housing Wire“Smaller banks push for mortgage servicing standards exemption” (8-2-11)

“Smaller banks are pushing rulemakers for an exemption to the upcoming mortgage servicing standards, claiming recent problems in the industry are almost entirely restricted to the larger firms.”

Inman - “Re/Max ranks first among buyers, sellers in JD Power survey” (8-2-11)

“Home sellers surveyed by JD Power and Associates expressed greater satisfaction with the way their properties were marketed than a year ago. But frustrated buyers seem to be blaming agents for problems that interfered with them closing a deal.”

Mortgage Bankers Association - “MBA Files Comment on Proposed Risk Retention/Qualified Residential Mortgage Rule” (8-2-11)

“On Monday, the Mortgage Bankers Association (MBA) filed a comment letter with six federal regulators in response to proposed credit risk retention regulations implementing section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.” 

DS News - “Witnesses Express Concerns at Hearing on National Servicing Standards” (8-2-11)

“At a U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing Tuesday, industry leaders voiced opinions on the creation of national mortgage standards.  While there was support for national standards on the grounds that it would protect homeowners and improve customer experience, witnesses expressed a variety of concerns.”

Rismedia - “Alliance to Save Energy Hails 25-30% Advance in 2012 Energy Code for New & Renovatede Residential, Commercial Buildings” (8-2-11)

“The Alliance to Save Energy recently hailed a newly released model building energy code upgrade that will improve energy use in commercial and residential buildings in the United States by as much as 30%.”

Looking Back:

Alan Greenspan expressed concern that a decrease in home prices might cause the U.S. to slip back into recession. The Census Bureau estimated the homeownership rate would fall to 62% in 2012. Moody’s reported strategic delinquencies were falling on jumbo mortgages. Construction spending remained relatively flat with just a 0.1 percent increase the previous month.

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.