California Real Estate Investing News

Posts Tagged ‘House Financial Services Committee’

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.

 

 

Federal Fund Rate to Remain the Same Until Labor Market Improves

Wednesday, July 29th, 2015

 

Today’s News Synopsis:

The National Association of Realtors reported a 1.8% decrease in pending home sales, the first time this year to see sales decrease.  The Federal Reserve has decided to keep the federal fund rate the same until the labor market continues to improve.  Single-family rental securitization vacancy rates continue to show signs of increase.

 

In The News:

Housing Wire – “Bill to kill $3M raises for Fannie, Freddie CEOs gains momentum” (7-28-15)

“A bill that would eliminate the proposed $3 million pay raises for the CEOs of Fannie Mae and Freddie Mac is now one step closer to becoming law, as the bill advanced past the markup stage and is now set for a full vote of the House Financial Services Committee with bipartisan support in tow.”

DS News “Senate Subcommittee Examines Strategies for Ending ‘Too Big to Fail'” (7-29-15)

“With many institutions still designated as “systemically important” or “too big to fail” even seven years after the financial crisis, a subcommittee of the Senate Banking Committee convened for a hearing on Wednesday to discuss ways in which bankruptcy reform could end “too big to fail” and get taxpayers off the hook for keeping large financial institutions alive.”

Bloomberg “Private Equity Giants Hit Second-Quarter Wall as Stocks Hiccup” (7-29-15)

“The three biggest private equity firms posted lower second-quarter profit after U.S. stocks slipped for the first time since 2012.  Blackstone Group LP, Carlyle Group LP and Apollo Global Management LLC each reported a drop in economic net income, an earnings measure that includes unrealized gains and losses that are marked to the market.”

Mortgage Professional America – “Will the Fed be raising rates soon?” (7-29-15)

“Could the Fed be getting close to a rate hike? If some analysts are right, one could be coming in six weeks.  The Federal Reserve hasn’t raised interest rates – which are currently hovering close to 0% – in nearly a decade.”

Mortgage Bankers Association – “Refinance Applications Increase in Latest MBA Weekly Survey” (7-29-15)

“Mortgage applications increased 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 July 24, 2015.”

DS News “Treasury Clarifies HAMP Participation Numbers Reported by SIGTARP” (7-29-15)

“A government watchdog’s quarterly report to Congress released on Wednesday found that the participation numbers for the Department of Treasury’s Home Affordable Modification Program (HAMP) have fallen short of original predictions in the program’s first six years of existence. But Treasury says there is more to the story than those numbers.”

Bloomberg “Pending Sales of U.S. Existing Homes Unexpectedly Declines” (7-29-15)

“Fewer Americans signed contracts in June to buy previously owned homes, representing a pause in the housing market’s momentum.  The index of pending home sales unexpectedly fell 1.8 percent, the first drop this year, after a revised 0.6 percent increase in May that was smaller than initially reported, figures from the National Association of Realtors showed Wednesday in Washington.”

Mortgage Professional America – “Industry calls for TRID grace period” (7-29-15)

“Over 20 real estate industry trade groups announced Monday their support of HR 3192, the Homebuyer Assistance Act, which will provide a “hold-harmless” grace period for TRID enforcement for those who make efforts to comply.”

DS News – “Vacancy Rates Among SFR Transactions Are Trending Higher” (7-29-15)

“Vacancy rates among single-family rental securitizations are trending higher, according to data reported by Morningstar Credit Ratings in its July 2015 Single-Family Research: Performance Summary Covering All Morningstar Rated Securitizations released Wednesday.”

Realty Trac “Should We Use Real Estate Money To Fix Old Bridges?” (7-29-15)

“Usually the biggest problem with federal programs is a lack of cash, but that’s not the case with the government’s ideas for mortgage borrowers who have run into rough times. In fact, it turns out that government foreclosure prevention programs have a $20 billion surplus — money some on Capitol Hill now want for such things as road and bridge repairs.”

DS News “Fed Determines More Labor Market Growth Is Needed In Order to Raise Rates” (7-29-15)

“Although Federal Reserve officials determined that economic activity is expanding moderately, the housing sector has shown additional improvement, and job gains have been solid with declining unemployment, the federal funds rate will remain the same at a target range of 0 to 1/4 percent, according to the Federal Open Market Committee (FOMC) July meeting.”

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/124247024@N07/

 

Looking Back:

The latest Case-Shiller Index showed a 0.3% decrease in home price gains.  A bank in Illinois closed this week, bringing the new total for closed banks this year to 14.  The U.S. homeownership rate decreased to 64.8% from 65% in the first quarter, bringing it to its lowest since 1995.

 

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.

 

 

Areas Hit Hardest By Crisis Were Positively Effected By Freddie Mac’s Take Root Program

Tuesday, July 28th, 2015

 

Today’s News Synopsis:

 

The homeonwership rate decreased in the second quarter to its lowest in almost 50 years at 63.4%.  The program established by Freddie Mac after the housing crisis called the Take Root Program has proven very useful in areas hit hardest by the crisis.  The House Committee is reviewing Dodd-Frank to see how well it has helped Americans.

 

In The News:

Bloomberg – “U.S. Homeownership Rate Falls to the Lowest Level Since the 1960s” (7-28-15)

“The share of Americans who own their homes fell to the lowest level in almost five decades, extending a multiyear decline as families struggle to regain ground lost during the financial crisis and rentals gain favor.”

DS News “GAO Reports ‘Limited Initial Effects’ of QM and QRM Regulations” (7-28-15)

“In a report examining the effects of the CFPB’s regulations establishing standards for qualified mortgage (QM) loans and the final qualified residential mortgage (QRM) rule jointly issued by six agencies, the Government Accountability Office (GAO) found that these regulations would have “limited initial effects” because recent loans already largely conformed with criteria set forth by the QM rule.”

Housing Wire“Key housing, mortgage finance bills facing markup in House” (7-28-15)

“The full House Financial Services Committee meets today to markup several bills of critical interest to the mortgage finance and housing industries, including a measure to formalize the TRID “hold harmless” grace period and a cap on CEO compensation for Fannie Mae and Freddie Mac.”

Mortgage Professional America – “Originators to see an influx of rate shoppers?” (7-28-15)

“Mortgage loan officers are too familiar with potential clients who flee deals in the 11th hour for a slightly lower rate, and they may now have to deal with the issue more often following a CFPB mortgage study and the advice it has spawned.”

DS News “Mission Capital to Advise on $57.6 Million Loan Sale for FDIC” (7-28-15)

“New York-based real estate capital markets solutions firm Mission Capital Advisors has announced that the Federal Deposit Insurance Corporation (FDIC) has retained the firm’s Commercial Loan Sales and Trading Group as the loan sale advisor on a diverse portfolio of loans with an aggregate unpaid principal balance of $57.6 million.”

Housing Wire“CFPB orders Paymap to repay $33.4 million for deceiving customers” (7-28-15)

“The Consumer Financial Protection Bureau announced Tuesday that it is ordering Paymap, a Colorado-based payment processing company, to return $33.4 million to consumers for falsely promising mortgage savings to borrowers who used their biweekly mortgage payment program.”

Mortgage Professional America – “Bank delivers important indication of housing market recovery” (7-28-15)

“It’s the little engine that could, as U.S. home sales chugged to a high not seen since the economic downturn, according to one big Canadian Bank.  According to the report, both single family homes increased month-over-month by 2.8 percent and multi-family homes (+6.6 percent, month-over-month) – and home sales hit their highest level in over eight years, providing another indicator that the housing market is continuing its impressive recovery.”

DS News – “House Committee Examines Dodd-Frank’s Impact On American Prosperity” (7-28-15)

“The second in a series of three full Committee hearings examining the impact of the Dodd-Frank Act on American prosperity, freedom, and financial stability five years after the controversial law was enacted took place in the House Financial Services Committee on Tuesday.”

Housing Wire“Homeownership rate drops to 48-year low” (7-28-15)

“The homeownership rate in the United States in the second quarter declined to 63.4%, the lowest it has been since 1967, according to data from the Department of Commerce’s Census Bureau.”

DS News “Freddie Mac’s ‘Take Root’ Programs Have Been Successful in Hardest Hit Areas” (7-28-15)

“Freddie Mac’s Take Root program in Milwaukee, one of the areas hit hardest by the foreclosure crisis, has resulted in more than 16,400 low- to moderate-income residents being able to buy or fix a home, strengthen finances, or avoid foreclosure, according to an announcement on Freddie Mac’s blog on Tuesday.”

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/martinlabar/

 

Looking Back:

Pending home sales decreased 1.1% month-over-month according to the latest figures from the National Association of Realtors.  At the same time, sales of new homes decreased drastically in June.  Richard Cordray of the CFPB was scheduled to testify before the House Oversight and Investigations Subcommittee regarding discrimination allegations.

 

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 Home Sales Decrease 6.8% from May

Friday, July 24th, 2015

 

 

 

Sources:

 

Today’s News Synopsis:

 

In this week’s video Aaron Norris gives the news of the week in the world of real estate.  Meredith Fuchs has been named the new acting deputy director for the CFPB.  Sales of new homes decreased 6.8% from May, but still up from 2014.  The Congress is continuing to push for a law that would suspend the massive pay raises given to CEOs for Fannie Mae and Freddie Mac.

 

In The News:

Bloomberg – “Sales of U.S. New Home Unexpectedlyl Fall to Seven-Month Low” (7-24-15)

“Purchases of new U.S. homes unexpectedly retreated in June and prior readings were revised down, painting a picture of less robust improvement during the industry’s busiest time of year.”

Housing Wire“Massive pay hikes for Fannie, Freddie CEOs fall under Congressional scrutiny” (7-24-15)

“A bill that would suspend the $3 million pay raises recently awarded to the CEOs of Fannie Mae and Freddie Mac is one step closer to becoming law.”

Mortgage Professional America – “Morning Briefing: Summer buying season will be short says Redfin CEO” (7-24-15)

“Home sales may have reached an 8-year high according to the National Association of Realtors, but they may now recede as buyers are put off by higher prices.”

DS News “CFPB Names New Acting Deputy Director” (7-24-15)

“The Consumer Financial Protection Bureau (CFPB) recently announced that Meredith Fuchs will serve as acting deputy director following Deputy Director Steve Antonakes’ announcement last week to depart from the agency.”

DS News – “Bill to Limit Compensation for Top GSE Executives Advances in House Committee” (7-24-15)

“The House Financial Services Committee has announced that proposed legislation to cap the salaries of CEOs at Fannie Mae and Freddie Mac has advanced to the markup phase, which will take place in the Committee on Tuesday, July 28.”

Housing Wire“Mortgage lenders circle remains of Discover Home Loans” (7-24-15)

“Discover Home Loans will accept its final loan application at the end of July, leaving the company vulnerable to eager lenders waiting to buy what little remains of the credit card company’s foray into the mortgage lending business.”

Mortgage Professional America – “Originators fail TRID trivia test” (7-24-15)

“A TRID trivia game tests the knowledge of industry players about the upcoming TILA-RESPA guideline changes and over 30 percent are failing.”

DS News – “Higher Net Interest Rate Income Drives Revenue Hike for SunTrust; Comerica Earnings Down” (7-17-15)

“SunTrust Banks, Inc. reported a net income increase of 14 percent to $467 million available to common shareholders, according to the bank’s Q2 2015 earnings statement released Friday. The bank credits their continued execution of core strategies to their solid earnings growth and improved returns.”

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/pallspera

 

Looking Back:

New home sales decreased again in June by 8.1%, the largest revision on record.  The number of homes seriously underwater decreased to 9.1 million, totaling 17.2% of homes in the nation.  Unemployment claims decreased by 19,000 to 284,000, the lowest in 8 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.

 

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Home Prices in San Francisco Reach Record Highs

Friday, July 17th, 2015

 

 

 

Sources:

 

Today’s News Synopsis:

 

In this week’s video Aaron Norris gives the news of the week in the world of real estate.  Housing starts increased by 9.8% with the increase in multifamily units.  Ironically at this time last year housing starts were decreasing.  Home prices and sales in San Francisco have reached record highs.  MERS wins again in court, this time with the state of Kentucky in the Federal Court of Appeals.

 

In The News:

DS News – “Fed Likely to Raise Rates By Year’s End If ‘Economy Evolves’ As Expected” (7-17-15)

“Federal Reserve Chair Janet Yellen had a busy week, making semi-annual appearances before the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday.”

Housing Wire“The Wrap: Appraisals bounce after holiday weekend but still down” (7-17-15)

“While the appraisal volume did bounce back from the holiday week last week, it fell short of a complete recovery and supports the view that the overall trend is slightly downward.”

NAHB – “Multifamily Surge Pushes Housing Starts Up 9.8 Percent in June” (7-17-15)

“Led by a steep jump in multifamily production, nationwide housing starts rose 9.8 percent to a seasonally adjusted annual rate of 1.174 million units in June, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department.”

Bloomberg – “San Francisco Area Home Prices Near Record as Sales Surge” (7-17-15)

“Homes in the San Francisco Bay area sold last month at the fastest pace in almost nine years and prices approached a record as growing consumer confidence, historically low mortgage rates and job growth propelled sales.”

Housing Wire“This MBA homebuilder chart shows exactly what a sawtoothed recovery looks like” (7-17-15)

“The Mortgage Banker Association’s Builder Application Survey Index was 23% higher in June 2015, as compared to a year ago.  And for the first six months of 2015, the average year-over-year change was 19%, on a non-seasonally adjusted basis.”

Mortgage Professional America – “Rates hit yearly high” (7-17-15)

“Rates may be on the uptick, but they’re still at record lows.  “Rates are still lower than they were 20 years and they fluctuate every day,” Don Frommeyer, NAMB CEO told Mortgage Professional America.”

DS News – “Fannie Mae Reaches Milestone With Latest Credit Risk Sharing Transaction” (7-17-15)

“Fannie Mae took two major steps this week in achieving its goal of increasing the role of private capital in the mortgage market through credit risk transfers in order to reduce taxpayer risk, as set forth by its conservator, the Federal Housing Finance Agency (FHFA).”

Housing Wire“Federal Court of Appeals hands yet another victory to MERS” (7-17-15)

“A ruling handed down by the United States Sixth Circuit Court of Appeals hands another legal victory to MERSCORP Holdings, which again saw its authority challenged, this time in the state of Kentucky.”

Mortgage Professional America – “Lighter side: A museum memorializing the recession” (7-17-15)

“The Golden State may be the perfect place for a recession museum, according to one writer who believes it is responsible for much of the economic turmoil that took place.”

DS News – “Higher Net Interest Rate Income Drives Revenue Hike for SunTrust; Comerica Earnings Down” (7-17-15)

“SunTrust Banks, Inc. reported a net income increase of 14 percent to $467 million available to common shareholders, according to the bank’s Q2 2015 earnings statement released Friday. The bank credits their continued execution of core strategies to their solid earnings growth and improved returns.”

 

Hard Money Loan Closed

Sun City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $100,000 on a 2 bedroom, 1 bathroom home appraised for $154,000.

Sun City Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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

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

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/mcaven

Looking Back:

HUD reported housing starts decreased 9.3% the previous month to 893,000.  Foreclosures decreased 19% from the previous 6 months and 23% from the first half of 2013.  613,874 foreclosures were completed in the first half of 2014, putting them at levels below what they were before the financial crisis.  Freddie Mac reported mortgage rates were at level field with 30-year rates at 4.12% and 15-year rates at 3.23%.

 

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

 

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FHFA Reports Increase in Foreclosure Preventions, Which Now Total Almost 3.5 Million

Wednesday, July 15th, 2015

 

Today’s News Synopsis:

 

Overall mortgage applications decreased 1.9%; however, refinance applications increased to 50.8% while purchase applications decreased 8%.  CoreLogic reported foreclosure inventory decreased by 27.4% to its lowest in 8 years.  This could be attributed to an increase in the FHFA’s foreclosure preventions, now totaling near 3.5 million.

 

In The News:

DS News – “Senate Banking Committee Questions CFPB Director On Bureau’s Oversight” (7-15-15)

“The director of the controversial Consumer Financial Protection Bureau (CFPB) testified before the Senate Banking Committee on the Bureau’s perceived lack of oversight and accountability in a full committee hearing titled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress” on Tuesday.”

Mortgage Bankers Association – “Refi Applications Up, Purchase Applications Down in Latest MBA Weekly Survey” (7-15-15)

“Mortgage applications decreased 1.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 10, 2015. The prior week’s results included an adjustment for the July 4th holiday.”

Housing Wire“Fitch: Fannie, Freddie risk-sharing deals will become more common” (7-15-15)

“With investor response to the credit risk-sharing deals from Fannie Mae and Freddie Mac continuing to be positive, look for GSE risk-sharing deals to become more common in the future, Fitch Ratings said in a new report.”

DS News – “Bank of America’s Net Income More Than Doubles in Q2; U.S. Bank, PNC Profitable” (7-15-15)

“Bank of America reported a net income of $5.3 billion for Q2, more than twice the bank’s net income from the same quarter in 2014, according to the bank’s Q2 2015 earnings statement released Tuesday.”

Mortgage Professional America – “BofA forced to pay state in foreclosure settlement” (7-15-15)

“Vermont will be paid $1.25 million by the Bank of Canada after the big bank failed to comply with state foreclosure laws.  “There were mediation attempts and agreements reached and for some reason, one way or another, one part of Bank of America didn’t know what other parts of Bank of America were doing,” Attorney General Bill Sorrell said of the bank’s activity following the federal case.”

DS News – “Economic Activity Expands and Home Sales Increase In Most Fed Districts” (7-15-15)

“For the reporting period of mid-May through June, the Federal Reserve reported in its July 2015 Beige Book released Tuesday that economic activity had expanded in all 12 Fed districts – and that real estate reports were positive in most markets.”

Housing Wire“Fed Chair: Interest rate hike still on table for 2015” (7-15-15)

“Federal Reserve Chair Janet Yellen told the House Financial Services Committee Wednesday that the Fed will look at raising interest rates in 2015 if and as the labor market improves and inflation hits medium-range goals.”

Mortgage Professional America – “Foreclosure inventory hits 8-year low” (7-15-15)

“Total U.S. foreclosure inventory has dropped to its lowest level since 2007, according to new data from CoreLogic.  The analytics firm reported that foreclosure inventory dropped by 27.4% year-over-year in May, and completed foreclosures fell by 19.2%. That’s a 64.9% decrease from the peak of completed foreclosures in 2010.”

DS News – “FHFA’s Total of Foreclosure Prevention Actions Nears 3.5 Million” (7-15-15)

“The Federal Housing Finance Agency (FHFA) demonstrated its progress toward the goal of helping distressed and at-risk families remain in their homes in the April 2015 Foreclosure Prevention Report released this week.”

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

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

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

 

Looking Back:

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

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

 

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.

 

TRID Decision May Be Delayed Yet Again to October

Wednesday, June 24th, 2015

 

Today’s News Synopsis:

 

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Looking Back:

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

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

 

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

 

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

Friday, June 19th, 2015

 

 

 

Sources:

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

 

Today’s News Synopsis:

 

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Looking Back:

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

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

 

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

 

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

Monday, June 8th, 2015

 

 

Today’s News Synopsis:

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Looking Back:

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

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

 

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