The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Hurricane Irene’

By Bruce Norris .

The Norris Group Real Estate News Roundup 9/13/11

Tuesday, September 13th, 2011

Today’s News Synopsis:

According to Housingwire, Freddie Mac just completed a new modification option they will make available at the beginning of October that will allow mortgage servicers to more closely evaluate those eligible for the HAMP program.  Bloomberg reported the number of people who owed more than the worth of their property decreased, but this was due to the increase in foreclosures the second quarter.  Foreclosures are especially seeing increases in the western states.

In The News:

Bloomberg - “U.S. Homeowners ‘Underwater’ on Mortgages Drop as Foreclosures Increase” (9-13-11)

“The number of U.S. homeowners who owe more than their property is worth slipped in the second quarter as more residences were lost to foreclosure, according to a report today from CoreLogic Inc. (CLGX).”

Housing Wire“Freddie Mac finalizes new modification option” (9-13-11)

“Freddie Mac finalized requirements for a new modification option that will be made available to qualified borrowers on Oct. 1.”

DS News - “Fannie Mae Opens Sacramento Mortgage Help Center” (9-13-11)

“Fannie Mae last week opened a mortgage help center in Sacramento, California, to provide free education and counseling services to struggling local homeowners with Fannie Mae-owned mortgages.”

Inman - “Foreclosure starts surge in Western states” (9-13-11)

“Foreclosure starts jumped by double digits from July to August in four out of five Western states tracked by ForeclosureRadar, reversing what had been a declining trend over the past several months, the company said.”

Los Angeles Times - “FDIC approves ruling requiring ‘living wills’ for largest banks” (9-13-11)

“The Federal Deposit Insurance Corp. on Tuesday approved a rule requiring the nation’s largest banks to submit “living wills” to help regulators shut them down in an orderly way if they are seized on the brink of failure.”

Housing Wire“JPMorgan Chase brings $1 billion CMBS to market” (9-13-11)

“JPMorgan Chase (JPM: 32.49 +0.22%) is coming to market with $1 billion of commercial mortgage-backed securities to the market containing 44 loans on 209 properties, according to the pre-sale report from credit rating agency
Morningstar.”

DS News - “Government Guarantees Called Into Question at Senate Hearing” (9-13-11)

“The Senate Banking Committee held a hearing Tuesday on housing finance reform, the first of three housing-related hearings on the agenda this week. The issue of government guarantees for mortgages came under fire.”

Bloomberg - “Morgan Stanley’s Multi Gets $1.2 Billion Loan Package, New Chief Executive” (9-13-11)

Multi Corp. BV, the European mall developer that’s 85 percent owned by a Morgan Stanley (MS) fund, named a new chief executive officer as it announced a new 850 million-euro ($1.16 billion) financing package.”

Realtor Magazine - “Home Sale Delays from Irene Still Plague East Coast” (9-13-11)

“Closings on thousands of homes under contract from North Carolina to New York City are being delayed, put on hold in the aftermath of Hurricane Irene. Banks and lenders are requesting new inspections of homes that are currently sold, wanting to ensure the homes in Hurricane Irene’s path were not damaged and are still at the value they were originally appraised at.”

Inman“Startup rolls out ‘apartment matching engine’” (9-13-11)

“Apartment hunters and technology aficionados, take note: Vertical Brands, a San Francisco-based startup, this week officially launched what it claims is the “first online apartment matching engine.”

Looking Back:

Many predictions were being made regarding the economy and the housing market. Most of the articles had an overall positive outlook on the economy, while most had a negative outlook for the housing market. New delinquencies decreased 8.5% in August 2010. As far as September 2010, the FDIC said 119 banks failed so far.

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

The Norris Group Real Estate News Roundup 9/7/11

Wednesday, September 7th, 2011

Today’s News Synopsis:

Realty Times reported mortgage rates are continuing to remain steady due to people not wanting to take risks with the slow economy.  Mortgage applications decreased 4.9%, according to the Mortgage Bankers Association.  Los Angeles times reported an increase in the number of jobs posted and job openings in July, but the number of people looking for jobs continues to remain high.

In The News:

DS News - “NY Fed Economists Suggest State Aid for Unemployed Homeowners” (9-7-11)

“Two economists from the Federal Reserve Bank of New York suggest states may be able to help stabilize the housing market by making bridge loans to temporarily unemployed homeowners who struggle to make their monthly mortgage payments.”

Housing Wire - “Private-label RMBS players support MERS and stronger guarantees” (9-7-11)

“Investor wariness over risks associated with loan pools in residential mortgage-backed securities is stalling a recovery in the private-label market, industry experts said Wednesday. However, a recovery in the market is possible, experts say, as long as a few incentives are implemented.”

Realty Times - “Sluggish Economy Keeping Low Mortgage Rates in Place” (9-7-11)

“Recently reported data regarding U.S. jobs is having a negative impact on global markets throughout the world. As stocks have suffered, the sluggish economy is keeping low mortgage rates in place as investors continue to choose safe assets.”

Bloomberg - “Dodd-Frank Forces Early Call in SEC Probe of Former Fannie Mae Chief Mudd” (9-7-11)

“Last March the U.S. Securities andExchange Commission told Daniel Mudd, former head of Fannie Mae, that he could face claims for his role in the firm’s collapse.  He may be the first chief executive officer to benefit from a rule that regulators sue or drop such cases within six months.”

Inman - “Lyon Real Estate names new president” (9-7-11)

“The largest brokerage in the Greater Sacramento, Calif., market, Lyon Real Estate, has a new president, Pat Shea, a 22-year industry veteran with roots in the area.”

Los Angeles Times - “Despite growth in job openings, job seeker ratio remains high” (9-7-11)

“Employers posted 3.2 million job openings in July, a slight uptick from June, as industries such as manufacturing, arts and entertainment added positions, according to new data from the Bureau of Labor Statistics.
There were 1.1 million more job openings in July than there were the previous year, according to the Job Opening and Labor Turnover Summary, or JOLTS.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-7-11)

“Mortgage applications decreased 4.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending September 2, 2011.”

O.C. Register - “Calif. property tax values see 1st gain in 3 years” (9-7-11)

“Taxable property values in California saw their first gain in three years, but the increase was a mere 0.3 percent, the state Board of Equalization has reported.”

DS News - “GSEs’ Long Run of Declining Delinquencies Comes to an End” (9-7-11)

“For the first time in over a year neither Fannie Mae or Freddie Mac are showing any downward movement in their seriously delinquent mortgage rates.”

Housing Wire“Freddie Mac offers mortgage relief to borrowers hurt by Hurricane Irene” (9-7-11)

“Freddie Mac is suspending foreclosure and eviction proceedings up to 12 months for distressed homeowners with property damaged by Hurricane Irene.”

Mortgage Bankers Association - “MBA Hires Jeffrey Schummer to be Vice President of Education” (9-7-11)

“David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), today announced the appointment of Jeffrey M. Schummer as Vice President of Education. In this role, Schummer will be driving the strategic vision,
development and growth of MBA’s educational programs.”

Looking Back:

According to SiteSelection, California experienced a loss in total migration. FHA was beginning to permit lenders to give more borrowers refinanced loans backed by the government. Trepp reported the delinquency rate for commercial mortage-backed securities increased to 8.92%. Zillow claims mortgage rates increased to 4.27% the previous week.

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

The Norris Group Real Estate News Roundup 9/2/11

Friday, September 2nd, 2011

Sources:

Foreclosures Now Take 20 months

Mortgage rates hover around all-time lows

Home prices decline in 40 states

Employment Situation Summary

Working Together for Strong Communities

New GSE appraisal database to tighten scrutiny on mortgage lenders

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. Realty Times reported again that mortgage rates are at their lowest on record.  Housing Wire reported that 17 banks that sold bad mortgage-backed securities to Fannie Mae and Freddie Mac are being sued by the Federal Housing Finance Agency.

In The News:

Housing WireU.S. sues 17 banks over MBS sold to Fannie, Freddie” (9-2-11)

“The Federal Housing Finance Agency sued 17 banks Friday, seeking damages from the sale of soured mortgage-backed securities to Fannie Mae and Freddie Mac.”

Inman - “10 metros with greatest 5-year gain in real estate values” (9-2-11)

“Online real estate valuation and search company Zillow has  calculated the 10 U.S.  metro areas that have experienced the largest gains in home values over the  past five years, based on the company’s home-value estimates and its Zillow Home Value Index, which is generated from those  value estimates.”

Bloomberg - “U.S. Employment Stagnated in August” (9-2-11)

“Employment in the U.S. unexpectedly stagnated in August, increasing pressure on Federal Reserve Chairman Ben S. Bernanke and President Barack Obama to spur an economy that’s barely growing two years into the recovery.”

Realty Times - “Making Home Affordable Program” (9-2-11)

“It made headlines when it emerged on the market in early 2009, but here’s a refresher on President Obama’s Making Home Affordable Program.  This program was designed to help up to 9 million families restructure or refinance their mortgages in an attempt to stave off foreclosure.”

DS News - “HUD Awards $10M to Housing Counseling Agencies” (9-2-11)

“HUD announced Friday that it will distribute more than $10 million to housing counseling agencies throughout the country.”

Housing Wire - “Hurricane Irene could cause home refinancing, purchasing issues” (9-2-11)

“Damage from Hurricane Irene could make it difficult for homeowners in the Northeast to close on pending home refinancing and mortgage purchase applications.

Los Angeles Times - “Long-term interest rates plunge on hopes for new Fed stimulus” (9-2-11)

“Long-term Treasury bond yields tumbled Friday as investors bet that the grim employment picture will force the Federal Reserve to launch a new bond-buying economic stimulus program.”

Realty Times - “Mortgage Rates Remain at or Near Historic Lows” (9-2-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates declining amid continued weak economic and housing data. While the 30-year fixed held steady, the 5-year ARM set a new all-time record low having fallen for the eighth consecutive week and now standing at 2.96 percent.”

O.C. Register - “Home prices up in 24 ZIPs! Yours?” (9-2-11)

“For the 22 business days ending August 16 – DataQuick’s freshest stats — the Orange County real estate market had homebuying patterns showing: 24 of O.C.’s 83 ZIP codes with gains in their respective median selling price. Overall, buyers’ prices were -2.8% vs. a year ago.”

Looking Back:

Servicers made over 120,000 proprietary loan modifications in July 2010, and 36,695 HAMP modifications. Pending home sales increased 5.2 percent in July 2010, according to the NAR. MBA reported 30+ day commercial delinquencies increased to 8.22 percent in the second quarter of 2010. Freddie Mac’s weekly survey showed mortgage rates dropped again to a rate of 4.32%.

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 8/30/11

Tuesday, August 30th, 2011

Today’s News Synopsis:

CoreLogic is in talks to possibly sell the company in order to improve their shareholders’ value and position.  Bloomberg reported signs of a possible market recovery after seeing housing prices decreased at a slower pace from last year.  According to the latest Case-Shiller Index, home prices showed an improvement in the second quarter compared to the first, but have still not improved from last year.

In The News:

Housing Wire - CoreLogic shares get 29% boost on possible sale” (8-30-11)

“CoreLogic Inc. (CLGX: 11.35 +29.12%) shares soared 29% in Tuesday trading after the company, which provides data and services to the real estate and mortgage markets, said late Monday that it is exploring strategic options, including a
possible merger or sale of the company.

Bloomberg - “Home Prices in U.S. Showed Signs of Stabilizing” (8-30-11)

“Residential real estate prices in the U.S. decreased in the year ended in June at a slower pace than in the prior month, a sign the market may be stabilizing.”

Inman - “Case-Shiller: Seasonal bump in Q2 home prices” (8-30-11)

“Home prices rose in the second quarter compared to the first quarter, but fell on a year-over-year basis,   according to the latest Standard & Poor’s/Case-Shiller National Home Price Indices report released today.”

DS News“CoreLogic Board Exploring Possible Sale of Company” (8-30-11)

“CoreLogic’s board of directors is looking into various strategies to enhance shareholder value, including the possibility of selling the company.”

Rismedia“Irene Drowns Uninsured Homes” (8-30-11)

“The price tag for residential properties caused by flood damage from Hurricane Irene’s surges along the East Coast could total than $59 billion worth of flood-related damages to a total of 900,000 properties, and many—if not most—are not covered by flood insurance.”

Housing Wire“US Bank sues Countrywide alleging RMBS repurchase failures” (8-30-11)

“U.S. Bank is suing Countrywide Financial Corp. — now owned by Bank of America (BAC: 8.12 -3.22%) — for allegedly breaching its contractual obligation to repurchase more than 4,000 toxic mortgages securitized in the
HarborView Mortgage Loan Trust 2005-10.”

Los Angeles Times - “Construction employment continues to fall in California cities” (8-30-11)

“Construction employment continued to slump in most of California’s metropolitan areas in July, according to an analysis by the Associated General Contractors of America.  Employment fell 11% in Fresno in July from the same month the previous year. It dropped 5% in the Los Angeles metropolitan area and 4% in San Francisco.”

San Francisco Chronicle - “Wealthy Use Auctions to Sell U.S. Mansions After Price Cuts Fail” (8-30-11)

“Real estate auctions, long used in the sale of foreclosed properties, are  becoming more popular among wealthy homeowners to drum up interest for mansions  that have languished on the market after the housing crash. In exchange for a  quicker sale, many sellers are accepting price cuts of 50 percent or more.”

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 8/29/11

Monday, August 29th, 2011

Today’s News Synopsis:

Despite pending sales of homes decreasing in July, a report by the National Association of Realtors showed they have actually increased significantly from last year.  New home sales, however, are continuing to decline for the third month in a row, leading some to fear this will be the worst year for home sales.  Property insurance companies are also facing their worst year with the recent hurricane Irene and the increase in natural disasters in the United States this year.

In The News:

Bloomberg - Pending Sales fo Owned Homes Fell in July” (8-29-11)

“The number of contracts to purchase previously owned U.S. homes fell in July for the first time in three months, a sign that lower prices and borrowing costs aren’t luring in buyers.

Housing Wire - “HUD extends deadline for unemployed mortgage assistance” (8-29-11)

“The Department of Housing and Urban Development will begin taking applications again for a new program providing interest-free loans to unemployed borrowers struggling with their mortgage payments..”

Realty Times - “Real Estate Outlook: Affordability Remains High” (8-29-11)

“When it comes to home affordability, levels are at near record generational highs.  The National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) indicates that in today’s market ’72.6 percent of all new and existing homes sold in the second quarter of the year were affordable to families earning the national median income of $64,200′.”

DS News - “On Mortgage Defaults, UFA Says Industry Headed for Recovery” (8-29-11)

“The default risk associated with newly originated mortgages continues to improve, according to the analysts at University Financial Associates (UFA) in Ann Arbor, Michigan.”

Rismedia - “Facebook Apps for Real Estate Professionals” (8-29-11)

“Social Stage LLC has just released the first suite of Facebook Applications specifically for the real estate industry and created a landing page for it at www.SocialStage.com/real-estate. Utilizing Social Stage’s complete suite of apps, they have created suite packages designed for real estate professionals.”

Housing Wire - “FDIC: Mortgage delinquency rate drops to lowest level since 2009″ (8-29-11)

“The combined delinquency rate on mortgages held by major banks dropped to 6.68% in the second quarter, the lowest level since the third quarter of 2009, according to Federal Deposit Insurance Corp. data.”

Inman - “Worst year on record for new home sales” (8-29-11)

“Sales of new homes fell for the third straight month in July, and estimates for April, May, and June were revised down, fueling fears that this year will be the worst on record. Sales declined 0.7 percent from June, registering an annual rate of 298,000, according to data released by the U.S. Census and the Department of Housing and Urban Development.”

Los Angeles Times - “How big is your bank? Chase, Bank of America duel for No. 1 slot” (8-29-11)

“SNL Financial has compiled a list of the 50 biggest U.S. banks at the end of the second quarter, which shows Bank of America Corp. barely edging out JPMorgan Chase & Co. as the No. 1 U.S. financial institution as measured by assets.”

Realtor Magazine - “Property Insurance Industry Gets Battered by Irene” (8-29-11)

“Blizzards in the Midwest, fires in the Southwest, deadly tornadoes in the Southeast, flooding along the Mississippi, and now hurricanes — it’s been a tough year for the insurance industry. In fact, the rise in natural disasters this year has led the insurance industry to face one of its worst years on record, with Hurricane Irene damage over the weekend likely topping $7 billion alone — that would make it among the 10 costliest catastrophes in the country’s history, according to
estimates given to The New York Times by the Kinetic Analysis Corp.”

Inman - “Pending real estate sales rise in July” (8-29-11)

“Pending homes sales in July fell month-to-month for the first-time since April, but rose substantially compared to the same month a year ago, according to a report by the National Association of Realtors.”

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.