California Real Estate Headline Roundup

Posts Tagged ‘House Financial Services Committee’

By Bruce Norris .

More Millennials Opting to Purchase Homes Due to Increases in Rents

Wednesday, March 25th, 2015

 

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

 

Looking Back:

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

 

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

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


 

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

Monday, March 23rd, 2015

 

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

 

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

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


 

Analysts Scratching Heads Over Drastic Decrease in Housing Starts Last Month

Wednesday, March 18th, 2015

 

 

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

 

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

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

 

 

Foreclosure Numbers Reduced by Sale of $16.7 Billion of Loans

Friday, March 13th, 2015

 

 

 

 

 

Sources:

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

 

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

 

Looking Back:

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

 

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

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

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

Tuesday, March 3rd, 2015

 

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

San Pedro Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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

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

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

 

Looking Back:

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

 

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

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

 

 

Julián Castro to speak before he House Financial Services Committee on the FHA Budget

Monday, February 9th, 2015

 

 

Today’s News Synopsis:

Consumer optimism is showing signs of improvement according to the latest Fannie Mae Housing Survey, with 67% saying now is a good time to buy and 44% saying now is a good time to sell.   Julián Castro, secretary of HUD, will be testifying before the House Financial Services Committee on Wednesday regarding the FHA budget and their lowering of mortgage insurance premiums.   Former Congressman Barney Frank spoke at the ABS Vegas 2015 conference to discuss housing policies, risk retention, and mortgage lending.

In The News:

DS News“Economic Momentum Drives Consumers’ Optimism Toward Housing Market” (2-9-15)

“After suffering a setback in December, American attitudes toward the housing market recovered last month, with more consumers saying it is good time to get off the sidelines.”

California Reinvestment Coalition - “New California Bill Clarifies that Widows are also Protected by California Homeowner Bill of Rights” (2-9-15)

“Assemblymember Susan Talamantes Eggman has introduced AB 244, legislation that would strengthen the California Homeowner Bill of Rights (HBOR) by clarifying that widowed homeowners and other heirs who have legal interest in a home after a loved one passes away enjoy the same legal protections afforded to homeowners.”

Mortgage Professional America“Subprime lending is back, but don’t all it that” (2-9-15)

“A tight credit market and shrinking origination volume has opened the flood gates for more wholesale lenders providing brokers with the option to originate subprime mortgages in 2015.”

Housing Wire“Fannie Mae: Homebuyers, mortgage lenders getting excited about 2015 prospects” (2-9-15)

“A new boost in consumer optimism is spilling over into housing, as more people believe now is a good time to buy a home.  Fannie Mae’s January 2015 National Housing Survey reported that the share of respondents who said their household income is significantly higher than it was 12 months ago grew 4 percentage points to 29%, and the share expecting their personal financial situation to improve over the net year increased to 48%, both all-time survey highs.”

Mortgage Professional America“Wells Fargo to pay millions for securing credit card financing with homes” (2-9-15)

“Wells Fargo & Co. will send refunds to more than 1,300 New Yorkers as part of a settlement with New York State on charges of violating state law in connection with credit cards issued by a former affiliate.”

DS News - “HUD Secretary Castro to Testify Before House Financial Services Committee on February 11″ (2-9-15)

“U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro is scheduled to testify before the House Financial Services Committee on Wednesday, February 11, starting at 10 a.m. Eastern time.”

Housing Wire“Barney Frank: Risk retention is enough to regulate mortgage lending” (2-9-15)

“Former Congressman Barney Frank, coauthor of the eponymous Dodd-Frank Wall Street Reform Act, kicked off his keynote address to a standing-room only crowd in the main room at the ABS Vegas 2015, the Structured Finance Industry Group/IMN capital markets conference at the Aria Resort & Casino in Las Vegas.”

OC Housing News“4% mortgage rates transfer wealth from Millennials to Boomers” (2-9-15)

“Even before the housing bubble created a great deal of false wealth, baby boomers were the recipients of an artificial boost in home prices due to 25 years of falling mortgage interest rates. At least 40% of the value of their homes was created totally by increased borrowing power of subsequent buyers.”

Mortgage Professional America“Daily Market Update: America’s most unaffordable cities” (2-9-15)

“Where in the U.S. is the most unaffordable place to live? RealtyTrac has analysed median home prices across cities with populations of at least 3,000, compared it with estimated median incomes and found that California dominates the top 10 most unaffordable.”

 

Bruce Norris of The Norris Group will be speaking at AOA San Diego presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 19.

Bruce Norris of The Norris Group will be presenting the  2015 Annual TNG Subscriber Investor Brunch on Saturday, February 21.

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.

 

 

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.

 

Pending Home Sales in California Increase for First Time in Two Years

Monday, January 26th, 2015

 

 

Today’s News Synopsis:

Existing home sales were low this month compared to January, although they are expected to be up from last year.  At the same time, pending home sales increased 2.6%, having increased for the first time in two years.  Mel Watt, director of FHFA will be speaking before the House Committee tomorrow regarding future plans for the GSEs and where they currently stand.

In The News:

Housing Wire“January existing home sales come in flat compared to December” (1-26-15)

“Auction.com projects that existing home sales for January will fall between seasonally adjusted annual rates 4.9-5.21 million annual sales, with a targeted number of 5.06 million.”

Bloomberg“CoreLogic Hires Freddie Mac’s Nothaft as Chief Economist” (1-26-15)

“U.S. home prices rose more than economists estimated in November, a sign job growth is helping to boost housing demand.  Prices climbed 0.8 percent on a seasonally adjusted basis from October, the Federal Housing Finance Agency said in a report from Washington.”

NAHB - “Millennials Seek Smaller Houses, But Won’t Sacrifice Details, Panelists Say” (1-26-15)

“As Millennials begin to enter the home buying market in larger numbers, homes will get a little smaller, laundry rooms will be essential, and home technology will become increasingly prevalent, said panelists during an International Builders’ Show press conference on home trends and Millennials’ home preferences held last week.”

Housing Wire“Moody’s: FHA premium cut a credit positive for HFAs” (1-26-15)

“Last week the White House directed the Federal Housing Administration to reduce annual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%, and now Moody’s Investors Service says it will be a positive for Housing Finance Agencies.”

Mortgage Professional America - “California pending home sales see first annual increase in nearly two years” (1-26-15)

“Pending home sales in California reported higher on a year-over-year basis for the first time since January 2013, according the California Association of Realtors (CAR).”

Housing Wire“FHFA Director Watt goes before House committee Tuesday” (1-26-15)

“Federal Housing Finance Agency Director Mel Watt will appear Tuesday morning before the House Financial Services Committee entitled ‘Sustainable Housing Finance’.”

Mortgage Professional America - “FHA premium change begins today, here’s what to expect” (1-26-15)

“The 50 basis point reduction for Federal Housing Administration (FHA) mortgage insurance premiums begins today, and the agency expects the high volume of applications will slow down processing times.”

 

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.

 

Hard Money Loan Closed

Alpine, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $400,000 on a 3 bedroom, 2.5 bathroom home appraised for $615,000.

Alpine Hard Money Loan closed by the Norris Group

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/emilysnuffer/

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.