California Real Estate Headline Roundup

Posts Tagged ‘house price index’

By Bruce Norris .

Home Prices Increase Ever So Slightly for Eighth Month Straight

Tuesday, September 23rd, 2014

 

 

 

Today’s News Synopsis:

Home prices in the U.S. increased only slightly by o.1% for the eighth month in a row.  Confidence in the housing market increased this past summer according to the latest Zillow report.  The U.S. is experiencing a shortage of around 1 million affordable homes following budget cuts in redevelopment agencies.

In The News:

DS News“Home Prices Continue to Gain, But at Miniscule Rate” (9-23-14)

“U.S. home prices continued to grow for the eighth straight month in July, though gains slowed to a crawl.  The Federal Housing Finance Agency’s (FHFA) monthly House Price Index picked up 0.1 percent from June to July, coming down after a revised 0.3 percent increase in June.”

Mortgage Professional America“Mortgage lending hit a 6-year high in 2013.  Here’s why you shouldn’t celebrate” (9-23-14)

“Mortgage lending hit a six-year high last year – but that’s not necessarily cause for celebration.  While purchase lending was up for the second straight year in 2013, spiking 13% from the previous year, mortgages for owner-occupied homes were still below every year from 1993 to 2007, according to a Wall Street Journal report.”

Bloomberg“Housing to Top Capital Spending in Next U.S. Growth Leg: Economy” (9-23-14)

“Housing and business capital spending, two areas closely tied to swings in the world’s largest economy, are poised to diverge as home construction gives growth more of a boost in the long run while investment in new plants and equipment shows less promise, according to economists at Goldman Sachs Group Inc. and Morgan Stanley.”

Housing Wire - “CFPB collecting data on 600 million credit accounts despite privacy, security risks” (9-23-14)

“A Government Accountability Office comprehensive study released by the ranking member of the U.S. Senate Banking Committee confirms that the Consumer Financial Protection Bureau is collecting financial data on up to 600 million consumer credit card accounts, without sufficient security and privacy protections to ensure there is no risk of improper collection, use, or release of consumer financial data.”

DS News“Housing Confidence Heats Up, But Expectations Remain Cool” (9-23-14)

“American consumers’ enthusiasm for the housing market rose over the summer from the year’s start, but expectations for future market performance have become more subdued, according to survey results released by Zillow.”

Mortgage Professional America“Appetites grow for non-traditional loans” (9-23-14)

“Competitive pressures and the housing market’s slow recovery have opened the gate to a new path for wholesale lenders – providing brokers with the option to originate non-traditional loans.”

Housing Wire - “Here’s why MBA strongly opposes public CFPB complaint database” (9-23-14)

“The Mortgage Bankers Association strongly opposes making public the Consumer Financial Protection Bureau’s consumer complaint narrative database, an open letter from the MBA to the CFPB says.”

Bloomberg - “California Affordable Homes in Short Supply After Cuts” (9-23-14)

“As Brown runs for re-election, the most-populous state faces a shortage of about 1 million affordable homes, according to the California Housing Partnership Corp.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

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

 

Looking Back:

Home prices increased by only 0.6% month-over-month, but year-over-year they showed an increase of 8.7%.  According to the latest report from the Mortgage Bankers Association, delinquency rates for commercial and multifamily mortgages decreased 0.01% in the second quarter.  The FHFA announced they would be starting a new education program to help homeowners understand better refinancing options offered under HARP.

 

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

The Norris Group Real Estate News Roundup 2/26/14

Wednesday, February 26th, 2014


Today’s News Synopsis:

The FHFA reported home prices increased 7.7% in the fourth quarter along with other goods and services, which showed a 0.7% increase.  New home sales increased last month by 9.6%, the highest in over five years.  Mortgage applications showed an 8.5% decrease in the latest Mortgage Bankers Association Application survey.

In The News:

Housing Wire - “Morgan Stanley offers $275M to absolve bad mortgage bonds” (2-26-14)

“Morgan Stanley is finalizing a $275 million agreement with the U.S. Securities and Exchange Commission to settle the SEC probe into the bank’s toxic subprime mortgage bond trades going back to 2007.”

DS News“Home Prices Rise in 38 States in Q4″ (2-26-14)

“Home prices rose 7.7 percent year-over-year in the fourth quarter, while prices for other goods and services ticked up 0.7 percent, according to the Federal Housing Finance Agency (FHFA) House Price Index, which calculates home prices among mortgages held by Fannie Mae and Freddie Mac.”

Bloomberg - “Sales of New U.S. Homes Rise to a Five-Year High” (2-26-14)

“Purchases of new U.S. homes unexpectedly climbed in January to the highest level in more than five years, showing underlying strength in the industry even in the midst of unusually harsh weather.”

Mortgage Professional America - “Big bank to cut thousands of mortgage jobs in 2014″ (2-26-14)

“The country’s biggest bank will cut thousands of jobs in its mortgage unit this year as it tries to shrink operating costs in the face of lower refi volume.”

DS News- “Inequality Marks Recovery; Home Prices to Stabilize” (2-26-14)

“The Demand Institute, a non-advocacy, non-profit think tank jointly operated by the Conference Board and Nielsen, released Wednesday a new report entitled: ‘A Tale of 2000 Cities: how the sharp contrast between successful and struggling communities is reshaping America’.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-26-14)

“Mortgage applications decreased 8.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 21, 2014.”

Housing Wire - “Despite strong year, Lowe’s remains cautious in 2014″ (2-26-14)

“Home improvement store Lowe’s (LOW) reported net income of $306 million for the fourth quarter ended Jan. 31, up 6.3% from the same period a year prior.”

DS News- “New Homes Grow Larger – But Who’s Buying Them?” (2-26-14)

“According to a report issued by the National Association of Home Builders (NAHB), the average size of a new home is increasing, and the population of buyers may be the main reason for the average home’s expanding size.”

Hard Money Loan Closed

Poway, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $450,000 on a 4 bedroom, 4 bathroom home appraised for $700,000.

Poway Hard Money Loan closed by the Norris Group

 

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

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Wednesday, March 5, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Wednesday, March 12, 2014.

Looking Back:

The Mortgage Bankers Association reported a 1.7% decrease in mortgage applications from the previous week.  New home sales increased the previous month 15.6%, while home prices also increased at the fastest pace in almost seven years.  The FHFA reported mortgage rates were ever so slightly increasing again with 30-year rates at 3.35%.

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

The Norris Group Real Estate News Roundup 7/23/13

Tuesday, July 23rd, 2013


Today’s News Synopsis:

Home prices increased again in May by 7.3% year-over-year and 0.7% month-over-month.  The latest Fitch Ratings showed an expected continued growth of the housing market with a 7.5% increase in existing home sales and 24% in new home sales.  However, Congress is planning to cut the budgets for several affordable housing programs, which could deter a recovery in the housing market.

In The News:

Housing Wire - “Third JPMorgan Chase RMBS rolls the dice with weaker reps and warrants” (7-23-13)

“Banking giant JPMorgan Chase issued its third private-label residential mortgage-backed securities deal of the year, with the transaction deploying a relatively weak representations and warranties framework, credit ratings agencies report.”

Inman - “RealtyTrac identifies 800,000 properties likely to come on market” (7-23-13)

“In an attempt to help real estate brokers and agents cope with inventory shortages, RealtyTrac has launched a new screening tool, Seller LeadTrac, it says can help identify homeowners who might be willing to put their properties up for sale.”

DS News - “Report: FHA’s REO Disposition Strategy Weak Compared to GSEs” (7-23-13)

“The Federal Housing Administration (FHA) needs to work on improving its REO disposition strategy so it can bring in higher returns when properties go to sale, according to a recent report from the GAO.”

NAHB“Media Availability: NAHB CEO Available to Comment on Markup of the PATH Act” (7-23-13)

“The Housing Financial Services Committee today will mark up the GSE reform bill, “Protecting American Taxpayers and Homeowners” (PATH) Act, which would eliminate the guarantee of a federal backstop for the conventional mortgage market and severely reduce the scope of FHA programs for home buyers.”

Bloomberg - “U.S. House Prices Climbed 7.3% in Year Through May” (7-23-13)

“U.S. house prices rose 7.3 percent in the year through May as buyers competed for a small supply of listings, according to the Federal Housing Finance Agency.”

Mortgage Professional America - “Congress seeks to gut affordable housing” (7-23-13)

“The House Appropriations Committee is proposing to cut billions out of affordable housing programs in FY14, which could have detrimental effects on the housing recovery in low- to moderate-income communities.”

Bloomberg“Freddie Mac Said to Boost Size of Risk-Sharing Mortgage Bonds” (7-23-13)

“Freddie Mac (FMCC) increased the size of its sale of a new type of debt tied to the risk that homeowners will fail to repay their mortgages, according to a person with knowledge of the transaction.”

DS News - “Fitch Anticipates Continued Growth for Housing in 2014″ (7-23-13)

“In the backdrop of a slow growing economy, Fitch Ratings projects the housing recovery will expand this year and the next-just not at an “explosive” pace, according to a report.”

Housing Wire - “Homebuilders build momentum as existing home sales fall” (7-23-13)

“Disappointment seemed to flood the housing industry upon Monday’s existing-home sales report for June, which revealed total existing-home sales fell from May.”

 

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $153,000 on a 3 bedroom, 2 bathroom home appraised for $221,000.

 

 

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

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

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

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

 

Looking Back:

The total number of closed banks was at 38 with the closure of five more banks over the weekend.  The Census Bureau reported housing starts increased 6.9% from May to June and were at their highest level in four years.  Fannie Mae, Freddie Mac, and the Federal Home Loan Banks were taken into receivership with new contingency plans being created by a consulting firm.

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

The Norris Group Real Estate News Roundup 6/25/13

Tuesday, June 25th, 2013


Today’s News Synopsis:

Home prices increased in April by 12.1% year-over-year, exceeding expectations.  The national delinquency rate stood at 6.08% in May, the lowest since May 2008.  At the same time, foreclosure inventory also decreased to 3.05%, the lowest since March 2009.  A new bill was drafted to replace Fannie Mae and Freddie Mac with the single Federal Mortgage Insurance Corp and to help improve the secondary mortgage market.

In The News:

Bloomberg - “Consumers to Factories Point to Durable U.S. Expansion: Economy” (6-25-13)

“Consumers and companies are starting to act as if the U.S. economic expansion is here to stay.  Purchases of new homes jumped in May to a five-year high, while business investment plans improved for a third straight month, figures from the Commerce Department showed today in Washington.”

Housing Wire“Senators launch bill to boost secondary mortgage market” (6-25-13)

“A bipartisan group of senators took a stand against the existing government-sponsored enterprises this week.  Their strategy—drafting a bill to replace Fannie Mae and Freddie Mac with a single government guarantor, known as the Federal Mortgage Insurance Corp.”

DS News - “FHFA’s Home Price Index Records Annual Gain of 7.4%” (6-25-13)

“The Federal Housing Finance Agency (FHFA) reported a 0.7 percent increase in its House Price Index (HPI) from March to April.”

Inman - “California Realtors warning sellers about pocket listings” (6-25-13)

“The California Association of Realtors has published a “Q-and-A” on pocket listings for Realtors to distribute to their clients and the news media titled ‘The Pros and Cons of Off-MLS Listings: What Consumers and Real Estate Agents Should Know’.”

CNN Money - “Recent college grads face 36% ‘mal-employment’ rate” (6-25-13)

“More than a third of recent college grads with jobs are working in positions that don’t require a degree.  Economists call that figure the “mal-employment” rate, and right now it tops 36% for college-educated workers under the age of 25, according to figures crunched by Andrew Sum, director of the Center for Labor Market Studies at Northeastern University.”

Housing Wire“Census Bureau: New home sales continue to take off” (6-25-13)

“New home sales continue to climb, rising to 476,000 completed transactions in May, according to government data.  When evaluating single-family homes specifically, sales inched up 2.1% in May, above the revised April rate of 466,000 units.”

Bloomberg“U.S. Housing Prices Increased More Than Forecast in April” (6-25-13)

“Home prices climbed more than forecast in the 12 months through April, rising by the most in more than seven years and showing further strength in the U.S. housing market.”

DS News - “Delinquency, Foreclosure Rates Decrease to Post-Crisis Lows in May” (6-25-13)

“The national delinquency rate and foreclosure inventory rate each fell to post-crisis lows in May, Lender Processing Services (LPS) reported Tuesday.”

Mortgage Professional America - “CFPB accused of violating Dodd-Frank” (6-25-13)

“A business group has accused the CFPB of violating the Dodd-Frank Act in its information requests.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $162,000 on a 3 bedroom, 2 bathroom home appraised for $250,000.

 

Bruce Norris of The Norris Group will be speaking at California Comeback 2: Fast, Furious, and Dangerous in Ontario on Saturday, July 13, 2013.

Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, July 16-18, 2013.

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

Looking Back:

In a big news story, new home sales were at 369,000 the previous month, the highest they had been in two years as prices continued to increase.  Prices for commercial real estate property decreased in April in almost every sector.  Pending home sales also decreased 5.5% in April according to the National Association of Realtors.  HousingPulse claimed the increase in home prices may have been related to the decrease in inventory.

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

The Norris Group Real Estate News Roundup 7/24/12

Tuesday, July 24th, 2012

Today’s News Synopsis:

Zillow reported a 0.2% year-over-year increase for home values in the second quarter, the first year-over-year increase seen since 2007.  Home prices increased 0.8% in May according to the FHFA.  Despite price increases, Radar Logic expressed concerns there still could be declines seen in the second half of this year.


In The News:

DS News“Prices Up, but 2nd Half of 2012 Could See Declines: Radar Logic” (7-24-12)

“Radar Logic’s composite to measure home prices may show monthly and yearly gains, but contrary to other reports, the analytics company argues that the increases don’t mean prices have hit bottom.”

Housing Wire“FHFA home prices rise 0.8% in May” (7-24-12)

U.S. home prices for the 12-month period ending in May rose 3.7% over last year, the Federal Housing Finance Agency said in its latest monthly House Price Index.”

Bloomberg“Home Values Post First Year-Over-Year Increase Since 2007″ (7-24-12)

“Home values posted their first year- over-year increase since 2007 in the second quarter as the U.S. property market began to lift off a bottom, Zillow Inc. (Z) said.”

Realty Times“Mortgages: What’s Happened While You Were Away? “ (7-24-12)

“Over the summer, spending more leisure time outdoors takes top priority. Keeping up with the news slips down the list, or off it completely. Kind of makes this an ideal time for the government to slip in unpleasant things, doesn’t it?.”

Inman“Decline in REOs blamed for sagging California home sales” (7-24-12)

The California Association of Realtors says inventory shortages dented pending home sales in June, as lenders signed off on more short sales but had fewer “real estate owned” properties, or REOs, to market.”

DS News“DataQuick: Foreclosure Activity Down in California” (7-24-12)

“Following promising reports of increased sales in California’s Southland Empire, analytics company DataQuick issued another release revealing that foreclosure activity is down in the state.”

Bloomberg“Student Loan Debt Tied to U.S. Home Sales Lag, Soss Says” (7-24-12)

“U.S. student loan debt totaling more than $900 billion may be hurting home sales, said Neal Soss, chief economist at Credit Suisse in New York.”

Inman“As home prices rise, foreign interest in U.S. real estate flags” (7-24-12)

“A decline in the international share of overall house hunters in the second quarter indicates that rising U.S. home prices may be putting off foreign buyers, according to a report from real estate search and marketing site Trulia.”

Housing Wire“Congress probes DOJ involvement in St. Paul disparate impact case” (7-24-12)

A House subcommittee is investigating what the Justice Department said to St. Paul, Minn. officials before the city withdrew its defense against a housing discrimination case from the Supreme Court.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $88,000 on a 4 bedroom, 2 bathroom home appraised for $140,000.

 

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Los Angeles Real Estate Investors Association in Orange County Tuesday, September 11, 2012.

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

The Norris Group Real Estate News Roundup 2/23/12

Thursday, February 23rd, 2012

Today’s News Synopsis:

In a big news story, 30-year mortgage rates are increasing slightly once again after being at an all-time low.  The number of people filing unemployment claims is at its lowest in four years.  The fourth quarter of 2011 saw a decrease in home prices overall, but an increase in prices for 27 states plus Washington D.C.

In The News:

DS News“After Hitting Record Low, 30-Year Fixed Rate Inches Up” (2-23-12)

“After hitting near record lows last week, the 30-year fixed-rate mortgage moved up for the first time in three weeks, according to the Primary Mortgage Market Survey from Freddie Mac.

CNN Money“Jobless claims stick at nearly four-year low” (2-23-12)

“First-time claims for unemployment benefits were unchanged — at a relatively low level — last week, in another sign of strength for the U.S. economy.”

Housing Wire“HUD mortgage servicer scorecard due in 2Q” (2-23-12)

“The Department of Housing and Urban Development will release its mortgage-servicing scorecard during the second quarter of this year, according to a senior department official.”

Bloomberg“JPMorgan Places $72B Bet on Homeowners” (2-23-12)

“JPMorgan Chase & Co. (JPM) has more than tripled its holdings of mortgage securities without U.S. government guarantees to $72 billion as the nation’s biggest bank bets on borrowers from outside the country it calls home.”

CNN Money“Million-dollar foreclosures rise as rich walk away” (2-23-12)

“Five years after the housing bubble burst, America’s wealthiest families are now losing their homes to foreclosure at a faster rate than the rest of the country — and many of them are doing so voluntarily.”

Wall Street Journal“Sears Is Having a Sale: Property and Stores Available” (2-23-12)

“Sears is holding a sale, and not just in the Kenmore appliance section.  The struggling department-store giant has announced a plan to sell 11 store locations to General Growth Properties for $270 million.”

Housing Wire“MBA: Rising rental costs may drive home sales up” (2-23-12)

“Home sales could turn out sunnier than expected this spring based on data coming out of the rental market, according to economists at the Mortgage Bankers Association.”

DS News“Home Prices Decline Q4, but for 27 States Plus D.C., Prices Rose” (2-23-12)

“The Federal Housing Finance Agency (FHFA) released a report showing U.S. home prices fell slightly in the fourth quarter of 2011, but overall, 12 states plus the District of Columbia saw prices increase, according to the seasonally adjusted purchase-only house price index (HPI).”

Inman“Redfin: Sellers lose in dual agency” (2-23-12)

“Homes sell at a greater discount from their listing price when the same agent represents both the buyer and seller as a “dual agent,” according to an analysis of 230,000 home sales in 22 markets around the country by technology-based real estate brokerage Redfin.

Looking Back:

The NAR said existing home sales rose 2.7% in January 2011. The FHA’s REO inventory increased 47% year over year.  A California judge upheld the rights of the Mortgage Electronic Registration Systems to the trust deed, granting MERS the right to foreclose. A Federal Reserve economist predicted the government would soon provide an alternative to the national homebuyer tax credit.

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $92,000 on a 3 bedroom, 2 bathroom home appraised for $153,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Real Estate Rewind at FIBI Long Beach today, February 23, 2012.

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Coference on March 8, 2012.

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.