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Posts Tagged ‘Integrated Asset Services’

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

Thursday, November 10th, 2011

Sources:

Past-Due Mortgages Up for First Time Since 2009: Report
Poll: 42% want less government in housing
Foreclosure Filings Rise 7%
Senate wants changes to Fannie, Freddie executive pay
Fannie Mae Requests $7.8B From Taxpayers to Cover Q3 Deficit
California Home Prices and Home Values: Zillow Home Value Index
Home Prices Decline in Almost Three-Fourths of U.S. Metro Areas
Mortgage rates dip slightly

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.  Foreclosure filings increased 7% last month, the highest they have been in seven months.  Housing Wire reported a slight decrease in mortgage rates of slightly less than 4%.  Unemployment claims are at the lowest levels they have been since April, a good sign for the economy.

In The News:

Housing Wire - “Mortgage rates dip slightly” (11-10-11)

“The nation’s average mortgage rates changed little from last week amid a mix of economic data reports, Freddie Mac said Thursday.  The results of Freddie’s Primary Mortgage Market Survey revealed that the 30-year, fixed-rate mortgage averaged 3.99%, dropping below 4% for the second time this year.“

Bloomberg – “Foreclosure Filings in U.S. Rise 7%” (11-10-11)

“U.S. foreclosure filings rose 7 percent in October to a seven-month high as lenders started to speed up action against delinquent borrowers after a yearlong review into documentation, according to RealtyTrac Inc.”

NAHB - “Builder Confidence Declines in Third Quarter for 55+ Housing Market” (11-10-11)

“Builder confidence in the 55+ housing market for single-family homes fell three points to 12 compared to the same period a year ago, according to the latest National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released today.”

Los Angeles Times - “New unemployment claims fall again in positive sign for job growth” (11-10-11)

“The number of people who filed for unemployment benefits last week dropped again to 390,000, the lowest level since April, continuing a trend that bodes well for job growth.  The number of initial jobless claims was down 10,000 from the previous week’s revised figure of 400,000, the Labor Department reported Thursday. The initial figure for two weeks ago was 397,000, but was revised upward.”

Housing Wire - “New law pushes Vegas off top of foreclosure list” (11-10-11)

“Las Vegas is no longer the top foreclosure city in the country. A new Nevada law that went into effect in October caused many mortgage servicers to pause the foreclosure process, knocking Vegas off the spot it held held for 22 consecutive
months, RealtyTrac said in a report Thursday.”

DS News - “Shadow Inventory Lurks Behind Recent Price Gains” (11-10-11)

“Home prices rose 4 percent during the third quarter, according to the latest IAS360 House Price Index from Integrated Asset Services. The index also posted a 0.4 percent gain from the beginning of the year and a 0.6 percent gain from the third quarter of last year.”

Los Angeles Times - “Falling prices mean rising affordability, California Realtors say” (11-10-11)

“Call it the silver lining of falling home prices.  With low interest rates and cheaper housing throughout the Golden State, the percentage of homebuyers who could afford to purchase a home increased in the third quarter, a real estate group said Thursday.”

Housing Wire – “Three more mortgage servicers change foreclosures” (11-10-11)

“Three mortgage servicers agreed with the New York Department of Financial Services to make procedural changes similar to those of the consent orders signed by much larger institutions earlier in the year.”

Looking Back:

A lack of cooperation between big banks and investors caused the California foreclosure program to be delayed. The FDIC approved a proposal that would base fees on banks’ liabilities rather than their domestic deposits. Zillow expected home values to continue to depreciate through the end of 2010. The National Commission on Fiscal Responsibility and Reform suggested limiting mortgage interest rate deductions on taxes.

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

Tuesday, November 8th, 2011

Today’s News Synopsis:

The percentage of homowners who are underwater has increased to 28.6% according to the latest Zillow report.  Home prices increased 4% in the third quarter despite the value of houses decreasing slightly from the previous quarter.  DS News reported overdue mortgages increased for the first time in almost two years.

In The News:

Housing Wire - “3Q home prices up 4%, housing value dips slightly from last quarter” (11-8-11)

“Home prices jumped 4% in the third quarter, though home values stagnated from the previous quarter, according to separate reports Tuesday.  Third-quarter prices showed two straight quarters of growth according to the
home price index from Integrated Asset Services. Second-quarter prices had increased 2% from the first quarter.”

DS News - “Past-Due Mortgages Rise for First Time Since 2009: Report” (11-8-11)

“The national mortgage delinquency rate edged up during the third quarter of 2011, marking the first increase in nearly two years, according to TransUnion.”

NAHB - “John Courson Named President and CEO of Home Builders Institute” (11-8-11)

“John A. Courson, an established housing industry executive who most recently served as the president and chief executive officer of the Mortgage Bankers Association (MBA), has been tapped to become the new president and chief executive officer of the Home Builders Institute (HBI).”

Bloomberg - “Ally’s ResCap Said to Hire Centerview for Restructuring” (11-8-11)

“Ally Financial Inc.’s unprofitable Residential Capital LLC mortgage unit hired Centerview Partners LLP to advise on a restructuring and negotiations with creditors, said people familiar with the matter.”

O.C. Register - “Poll: 42% want less governmnet in housing” (11-8-11)

“A politics and real estate survey from Move Inc. shows 42% of Americans polled think government’s role in the housing market should be reduced.  Meanwhile, 31% told pollsters that the role of government in housing should remain the same. Only 21.3% preferred an increased role for government in housing.”

San Francisco Chronicle - “Consumer credit rises in September” (11-8-11)

“Consumer borrowing in the United States rose in September, boosted by a gain in  non-revolving credit that includes financing for auto purchases and school loans.”

Housing Wire – “Senate wants changes to Fannie, Freddie executive pay” (11-8-11)

“A bipartisan group of 60 senators sent a scathing letter to the Federal Housing Finance Agency and the Treasury Department demanding a crack down on executive pay at Fannie Mae and Freddie Mac.”

Bloomberg Businessweek - “U.S. ‘Underwater’ Homeowners Increase to 28.6%, Zillow Reports” (11-8-11)

“The number of U.S. homeowners who owe more than their properties are worth climbed in the third quarter as lenders repossessed fewer houses, Zillow Inc. said.”

DS News - “CFPB Will Offer Some Servicers Early Warnings” (11-8-11)

“The Consumer Financial Protection Bureau (CFPB) will offer some mortgage servicers an early warning before pursuing legal action, according to an announcement released Monday.”

Bloomberg - “Toll Brothers Quarterly Revenue Increases 6% Amid Gain in Home Orders” (11-8-11)

“Toll Brothers Inc. (TOL), the largest U.S. luxury-home builder, said fourth-quarter revenue increased 6 percent amid strong sales at its East Coast communities.”

Looking Back:

The NAR reported FHA, Fannie Mae and Freddie Mac accounted for over 90% of the mortgage market. New California building codes, known as CALGreen, were expected to be enforced on January 1st, 2011. Richard Fisher of the Dallas Federal Reserve believed the low interest rates were doing little to stimulate the economy. Fannie Mae acquired 85,340 REO properties in the 3rd quarter of 2010.

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.

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

Thursday, August 11th, 2011

Today’s News Synopsis:

A top story in the news is mortgage rates for 30-year mortgages are at the lowest they have been in 9 months.  Housing Wire reported that foreclosures are also at a new low, the lowest they have been in almost 4 years.  The California Association of Realtors released data showing that more people, 51%, have been able to afford single-family homes in California with the decrease in prices. 

In The News:

Housing Wire - “Foreclosure activity falls to 44-month low“ (8-11-11)

“Foreclosure activity fell 35% in July compared to last year, hitting a 44-month low, according to foreclosure data firm RealtyTrac.  The number of foreclosure filings – which includes default notices, auctions and bank repossessions – hit 212,764 in July, down 4% from June.”

DS News - “Integrated Asset Services Shows 2% Price Increase in Second Quarter” (8-11-11)

“Housing prices increased 2 percent over the second quarter of 2011, according to the IAS360 House Price Index compiled by Integrated Asset Servicers, LLC (IAS).  In contrast to the previous quarter, prices rose in all four of the U.S. Census regions.”

Realty Times - “J.D. Power: Satisfaction Comparable Among Real Estate Companies” (8-11-11)

“Both home buyers and home sellers rated RE/MAX highest in J.D. Power’s customer satisfaction report, but not by much, thanks to stiff buyers’ market competition.  Small margins separate the top real estate companies from the many runners up in both the home buyer satisfaction and home seller satisfaction segments of J.D. Power s “2011 Home Buyer/Seller Study”.”

NAHB - “55+ Builders More Optimistic About Multifamily Rentals than New Home Sales” (8-11-11)

“Builders in the 55+ housing market are significantly more optimistic about production and demand for multifamily rental units than they are for sales of single-family homes or multifamily condos, according to the latest 55+ Housing Market Indices that are compiled quarterly by the National Association of Home Builders (NAHB).”

Housing Wire – “Jobless claims hover around 400,000 for third week” (8-11-11)

“Initial jobless last week remained essentially flat with the prior week, hovering around 400,000 for the third week in a row.  The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Aug. 6 decreased by 7,000 to 395,000 from a slightly revised 402,000 the previous week.”

Bloomberg - “30-Year Mortgage Rates Fall to 9-Month Low” (8-11-11)

“Mortgage rates for 30-year loans in the U.S. declined to a nine-month low as concern grew that the nation’s economy is slowing.  The average rate for a 30-year fixed loan dropped to 4.32 percent in the week ended today from 4.39 percent, according to Freddie Mac. The average 15-year fixed-loan rate fell to 3.5 percent, the lowest on record, from 3.54 percent, the McLean, Virginia-based mortgage-finance company said in a statement.”

Los Angeles Times - “Housing affordability up in California with home price decline” (8-11-11)

“Housing affordability increased in California in the second quarter as prices dropped from the same period a year earlier, a real estate group said Thursday.  Fifty-one percent of California households could afford a single-family home priced at the median, according to the California Assn. of Realtors.”

Rismedia - “Second Quarter Metro Area Prices Mixed with Little Change, State Sales Down” (8-11-11)

“Median existing-home prices declined modestly in the second quarter with 27 percent of metropolitan areas experiencing price gains from a year ago, while state home sales declined from the second quarter of 2010, according to the latest quarterly report by the National Association of REALTORS.”

DS News - “BofA Sells Pool of Servicing Rights to Fannie Mae” (8-11-11)

“Bank of America has sold the servicing rights of 400,000 home loans to Fannie Mae, according to the Wall Street Journal.  According to the Journal, the unpaid principal balance on the loans is $73 billion.   The loans were sold at a price of $500 million.”

San Francisco Chronicle - “S.F. apartment rent rises as vacancy rates fall” (8-11-11)

“Apartment hunting in San Francisco has turned into a competitive sport with hopeful renters swarming open houses and experiencing more rejections than contestants on ‘Survivor’.”

Looking Back:

The MBA’s weekly survey showed mortgage application volume increased by 0.6 percent. The Obama Administration provided the Treasury Department and HUD with $3 billion for aiding homeowners. The NAR reported that most U.S. metro areas experienced a decrease in home prices during the second quarter, and distressed homes accounted for 32 percent of second quarter sales in 2010.

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

Tuesday, February 8th, 2011

Today’s News Synopsis:

Fannie Mae and the MBA predict the housing market will begin a rebound that will last for the next two years, and Zandi predicts 4% gdp growth through 2012. IAS claims national home prices fell 0.8% during the 4th quarter of 2010.

In The News:

Bloomberg - “New-Home Recovery Seen in U.S. as Post-Super Bowl Selling Season Kicks Off” (2-8-11)

“The chief executive officers of six of the 10 largest U.S. homebuilders cited the potential of a sales comeback in the spring, traditionally their strongest season, during conference calls in the last four weeks. Housing forecasts from Fannie Mae and the Mortgage Bankers Association show the new-home market will begin a rebound that will last through at least 2012.”

Housing Wire – “Millions of homeowners still at risk as economy heats up: ASF panel” (2-8-11)

“Zandi expects GDP growth of close to 4% this year and in 2012. He also projects jobs growth in 2011 to more than double last year’s roughly 1.25 million new private sector jobs, climbing to about 2.5 million to 3 million. The unemployment rate should end 2011 south of 9%, dropping to lower than 8% by the end of 2012.”

Housing Wire – “Fed opens comment on Dodd-Frank regulation of nonbank firms” (2-8-11)

“The Federal Reserve Board has opened the public comment period on a proposed rule that, if implemented, would allow regulators to pull certain nonbank firms under the Fed’s regulatory scope by declaring them systemically important to the financial system.”

Housing Wire – “IAS: House price index drops in 4Q, despite gains in South” (2-8-11)

“Integrated Asset Services’ home price index fell 0.8% during the fourth quarter of 2010, compared to 3Q but gained 0.9% when compared to the year-ago quarter — a slight gain attributed mostly to the government’s homebuyer tax credit boost.”

Housing Wire – “Investors seen as key to stablizing housing market” (2-8-11)

“A panel at the American Securitization Forum in Orlando, Fla., said that the best buyers for distressed sales are housing investors, not owner-occupants. Further, the role of the former is seen as key to keeping the economy on track, they say.”

Housing Wire – “Dallas Fed CEO says he’ll dissent if quantitative easing returns” (2-8-11)

“Richard Fisher, CEO of the Federal Reserve Bank of Dallas, said he’s hard-pressed to imagine any type of scenario where he would vote for more quantitative easing by the Federal Open Market Committee.”

Housing Wire – “KBW finds meaningful decline in January mortgage prepayments” (2-8-11)

“Total prepayments for Fannie mortgage-backed securities dropped to a constant prepayment rate of 19.3% from more than 25% in December and 26% in November. The CPR is the ratio of mortgages prepaid in a certain time period. CPR for Freddie fell to 21.5% from 28.5% in December and 30.6% in November.”

Orange County Register – “Why lenders are wary of trusts” (2-8-11)

“many lenders will not fund into a trust. Typically if a lender will or will not do something it has something to do with either their ability to foreclose at a later date if need be, or cost. In the case of the living trust it is a case of both.”

Looking Back:

One year ago, the U.S. Treasury Department reported 66,465 permanent loan modifications over 8 months. Delinquencies on prime jumbo loans increased to 10 percent in one month. Distressed property sales increased in Dana Point and Laguna Beach. Unemployment in the U.S. construction industry increased to 24.7 percent in January.

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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The Norris Group Real Estate News Roundup 8/10/10

Tuesday, August 10th, 2010

Today’s News Synopsis:

The new FHA short refinancing program will provide additional refinancing options to underwater homeowners starting Sept. 7. According to Integrated Asset Services, nationwide home prices increased 1.1% in the second quarter. Zillow reports California’s current rate on 30-year mortgages is 4.34%. CoreLogic estimates that short sales in Arizona, California, Florida and Texas will cost lenders $310m in unnecessary losses in 2010.

In The News:

Sign on San Diego - “Q&A: Pulte Homes exec on the San Diego housing market” (8-10-10)

“Q:Why is your company looking to build in the San Diego market? A: We are trying to be very strategic in our land acquisitions because there is a limited availability of finished lots. We see the economy starting to recover here with companies beginning to invest, especially in the high-tech and biotech markets. Engineers are relocating here. It tells us the demand is there.”

Housing Wire – “FDIC Launches Unit to Liquidate Banks under Dodd-Frank” (8-10-10)

“The CFI will review bank holding companies (BHCs) with more than $100bn of assets as well as non-bank financial companies designated as systemically important by the new Financial Stability Oversight Council. The CFI unit will also carry out the FDIC’s new authority to implement orderly liquidations of failed BHCs and non-bank financial firms.”

Housing Wire – “Home Prices Nationwide Increase 1.1%: IAS360″ (8-10-10)

“Integrated Asset Services, LLC (IAS), a Denver-based collateral valuation and default management service firm, released its latest IAS360 House Price Index (HPI) Tuesday reporting that collectively, nationwide home prices increased 1.1% from the first quarter of 2010 to the second. This is down 0.9% from the same period last year and down 16.7% from the survey’s all-time HPI high in Q407.”

Housing Wire – “FHA Short Refinancing Program Likely to Have Low Impact on Housing: KBW” (8-10-10)

“As HousingWire reported last week, the new program will provide additional refinancing options to underwater homeowners starting Sept. 7. To be eligible for the new loan, the homeowner must be underwater but still current on the mortgage. A credit score of 500 or better is required, and once refinanced and insured by the FHA. The new refinanced loan must have a loan-to-value ratio of no more than 97.75%. The borrower’s existing first-lien holder must agree to write at least 10% of the unpaid principal balance, and it must bring the borrower’s combined loan-to-value ratio (LTV) on that first mortgage to no more than 115%. The existing refinanced loan cannot be an FHA-insured one.”

Housing Wire – “Zillow: Weekly Rate on 30-Year Fixed Rate Mortgage Averages 4.3%” (8-10-10)

“The 30-year fixed-mortgage rate (FRM) slightly increased week-to-week nationally to an average of 4.3%, according to the Zillow Mortgage Marketplace weekly update. This is up 0.02% from the record low set last week. Regionally 30-year rates are varying, but the majority of states saw an escalation. California’s current rate is 4.34%, up from 4.33% last week, as is New Jersey’s at 4.28%, up from 4.27%.”

Housing Wire – “DebtX June CRE Loan Value Up to 77.4%” (8-10-10)

“The value of commercial real estate (CRE) loans that collateralize commercial mortgage-backed securities (CMBS) priced by DebtX rose to 77.4% at the end of June from 76.6% in May, the loan-sale adviser said in a press release Tuesday.”

Housing Wire – “Short Sales Cost Lenders $310m More Than Necessary, CoreLogic Study Finds” (8-10-10)

“The study projects that more than half of short sales happen in Arizona, California, Florida and Texas and will cost lenders an estimated $310m in unnecessary losses during all of 2010. These losses average $41,500 per short sale. Potential fraud, such as flipping or offer misrepresentation, likely happens in one in every 53 short sale transactions. CoreLogic examined a representative data sample of single family residence (SFR) short sale transactions from the past two years, representing 98% of real estate transactions and 85% of mortgage financing details, the firm said.”

Housing Wire – “Risk of House Price Decline Slightly Shrinks in PMI Index” (8-10-10)

“The Q310 market risk index, which uses Q110 data, dropped to 51.9 from 53.8. The score indicates the probability (from zero to 100) that the price of homes will on average be lower after two years. And while the risk of declines is less, economic analysts say house prices will likely continue to drop.”

Bloomberg - “`Buy and Bail’ Homeowners Get Past Loan Restrictions” (8-10-10)

“Real estate professionals call it ‘buy and bail,’ acquiring a new house before the buyer’s credit rating is ruined by walking away from the old one because it’s ‘underwater,’ or worth less than the mortgage. It’s an attempt to escape payments on a home whose value may never recover while securing a new property, often at a lower price with a more affordable loan. The practice, which constitutes fraud if borrowers lie on loan applications, is continuing even after Fannie Mae and Freddie Mac, the biggest U.S. mortgage-finance companies, beefed up standards to prevent it, according to brokers such as Collier and Meg Burns, senior associate director for congressional affairs and communications at the Federal Housing Finance Agency.”

Bloomberg - “Investors Doubt Mortgage-Bond Revival Until 2012, Moody’s Analysts Say” (8-10-10)

“Investors doubt the market for home- loan securities without government backing will revive until 2012, according to Moody’s Investors Service. About 74 percent of attendees surveyed for a June conference by the New York-based rating company responded that issuance, which essentially halted in 2007, will make a substantial ‘comeback’ no sooner than 2012, Moody’s analysts Navneet Agarwal and Brian Harris wrote in an Aug. 6 report.”

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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The Norris Group Real Estate News Roundup 6/8/10

Tuesday, June 8th, 2010

Today’s News Synopsis:

A survey from the NFCC shows that only 23 percent of Americans consider strategic default to be acceptable when underwater on a mortgage. Starting today, Real Estate Disposition is auctioning more than 350 bank-owned foreclosures in California. According to IAS, national home prices were up 0.9% in April from March. An executive from RealtyTrac believes U.S. foreclosure activity will not stabilize until late 2011.

In The News:

Inman - “Builders’ incentives to buyers under scrutiny” (6-8-10)

“Federal regulators are once again scrutinizing incentives tied to the use of homebuilders’ affiliated mortgage and title companies, looking for evidence that they cost consumers more than they’re worth, help inflate appraisals, and lower underwriting standards. The Department of Housing and Urban Development (HUD) in 2008 proposed a ban on such incentives, but backed down last year after homebuilders sued over the proposed rule change”

Housing Wire – “Strike Strategic Default: Survey Finds Mortgage Payments Remain Borrower Priority” (6-8-10)

“Less than one-quarter, or 23%, of consumers recently polled indicated that opting for foreclosure is justifiable when a borrower is underwater, owing more on a home than its worth, according to the National Foundation for Credit Counseling (NFCC). This idea of strategic default, when a borrower with the ability to pay chooses not to remain current on payments, was unacceptable to another 15% of survey respondents who said no circumstances justify walking away from the financial obligation.”

Housing Wire – “CoreLogic Adds Foreclosure Data to Distressed Property-Listing Web Site” (6-8-10)

“Data analytics provider CoreLogic (CLGX: 19.68 -1.01%), recently spun off by First American Financial (FAF: 13.51 -0.44%), will provide foreclosure data and property information to the Yahoo! Real Estate foreclosure service, the company said. The partnership adds listings of various stages of foreclosure and real-estate-owned (REO) properties to Yahoo! Real Estate’s online database of distressed properties including foreclosure and pre-foreclosure listings.”

Housing Wire - “REDC to Auction 350 Bank-Owned Foreclosures” (6-8-10)

“Beginning today, Real Estate Disposition (REDC) is auctioning more than 350 bank-owned foreclosures in Northern and Southern California, including 76 properties. Through June 12, REDC will auction more than 70 Northern California properties, including 34 occupied homes. An online-only auction, the offering ends at noon Central.”

Housing Wire – “Despite Narrow Monthly Gain, House Prices Fall 2.8% from 2009: IAS” (6-8-10)

“National house prices were up 0.9% in April from March, narrowed from the previous monthly gain of 1.1%, according to the latest data from Integrated Asset Services (IAS). The IAS house price index remains 2.8% below levels seen in the same time last year — widened from the 1.9% yearly depreciation in March. Additionally, the index is down 23.9% from its July 2007 peak.”

Bloomberg - “Four Seasons Sees Rates Returning to Peak Levels in Some Areas” (6-8-10)

“Four Seasons Hotels Inc. expects nightly rates at some of its properties will climb to the peak levels of 2008 by the end of this year as demand for luxury accommodation picks up, President Kathleen Taylor said.”

Orange County Register – “Foreclosures to be high for 18 more months” (6-8-10)

“Foreclosure activity in America won’t stabilize until late 2011, an executive for Irvine-based Realty Trac told a group of real estate writers. And with only three out of eight bank-owned homes on the market, and two-thirds of those under-valued homes yet to hit, the U.S. housing market still faces years of low prices.”

Orange County Register - “Where housing zip lives: Aliso to Yorba” (6-8-10)

“Newport Beach communities had the most housing ZIP in the first quarter. Santa Ana neighborhoods the least homebuying momentum. Our Zippy rankings weigh pricing and sales momentum — plus foreclosure frequency — as measured by DataQuick stats.”

Orange County Register – “3 charged in foreclosure ‘rescue’ case” (6-8-10)

“Gregory Flores, who managed All Fund Mortgage branches in Anaheim Hills and Murietta, was arrested in Roswell, N.M. last week. Also facing wire fraud charges charges in the case are Sheri Gale, who was a loan officer for All Fund, and Amy Hall, a former loan processor for the company. They have not been arrested but are expected to turn themselves in shortly, Assistant U.S. Attorney Sean Lokey says.”

Realty Times – “Mortgage Rates Touched New Low Friday” (6-8-10)

“The decline in mortgage rates stemmed from a big increase in mortgage-backed securities prices Friday. MBS prices, which drive mortgage rates in the opposite direction, gained +21/32 (FNMA 30-yr 4.5 at 102.23) on less than spectacular jobs numbers and more European debt concerns, this time in Hungary. Typically when we see significant declines in stocks as we have lately, mortgage rates improve.”

Wall Street Journal – “Baker: Turn Fannie, Freddie Into Government-Owned Corporations” (6-8-10)

“Want an easy, simple solution to Fannie Mae and Freddie Mac? Take the mortgage-finance giants, which have been effectively nationalized, and turn them into government-owned corporations, says Dean Baker, the co-director of the Center for Economic and Policy Research, a liberal think tank. In an op-ed in USA Today, Mr. Baker makes the case that nationalizing Fannie and Freddie isn’t as radical as it sounds. For one, both companies are effectively owned and operated by the government today.”

Looking Back:

One year ago, an AP test showed that recession “stress” decreased 5 percent from March to April. Robert Shiller estimated that home prices would likely continue to decline for years to come. JP Morgan estimated that U.S. home foreclosures would probably total 6.4 million by mid-2011.

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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The Norris Group Real Estate News Roundup 10/13/09

Tuesday, October 13th, 2009

Today’s News Synopsis:

Fitch reports that 60 percent of borrowers from 06 to 07 have negative equity and owe more than their homes are worth. Interthinx’s Mortgage Fraud Index estimates that fraud decreased by 4 percent from Q1 to Q2 of 2009, but increased by 7 percent from Q2 of 2008. Statistics from MDA DataQuick show that Southern California home sales increased by 5 percent from October of 2008.

In The News:

Housing Wire – “Fitch Sees 60% of Current RMBS Borrowers Underwater” (10-13-09)

“The majority — 60% — of remaining performing borrowers within ‘06- and ‘07-vintage residential mortgage-backed securities (RMBS) bear negative home equity, meaning they are underwater on their mortgages and owe more than their houses are worth”

Housing Wire – “Treasury to Announce New Program to Avoid Foreclosure” (10-13-09)

“HAFA already holds the support of Fannie, according to a VP at the agency, Eric Schuppenhauer, who believes the new program allows borrowers in imminent default to ‘make a graceful exit’ from their home. HAFA will keep the stigma associated with foreclosure away from the borrowers, he added, and help keep communities intact.”

Housing Wire – “Interthinx Fraud Report Links Mortgage Fraud, Foreclosure: DBRS” (10-13-09)

“Interthinx’s Mortgage Fraud Index calculates fraud risk based on the frequency of mortgage fraud activity detected in applications processed by Interthinx’s FraudGUARD system. The Q209 Fraud Index dropped 4% from Q109 but jumped 7% from the year before, according to the report.”

Housing Wire – “House Prices Decline 0.2% in August: IAS” (10-13-09)

“House prices declined 0.2% from July to August, the second month of declines after a fourth-month-long rally that brought a 2.8% increase earlier this year, reported Integrated Asset Services (IAS). The last time national home prices were at the August 2009 level was in February 2005, and prices in August this year were 8% lower than the prices in August 2008, the default management and residential collateral valuation service provider said.”

DQNews – “Southern California home sales inch up; median price steady” (10-13-09)

“Last month 21,539 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. That was up 0.2 percent from 21,502 in August and up 5.1 percent from 20,497 a year earlier, according to MDA DataQuick of San Diego.”

Bloomberg – “JPMorgan Pitches Interest-Only Mortgages to Boost Obama Plan” (10-13-09)

“Banks will push the Obama administration to expand its mortgage-modification program to allow interest-only periods on reworked loans, seeking to bring more homeowners into the initiative while recognizing concern that it may only postpone defaults, according to JPMorgan Chase & Co.”

Reuters – “BofA, Chase executives say US housing still fragile” (10-13-09)

“Executives from two of the United States’ biggest home mortgage lenders said the nation’s housing market is still in a tenuous state despite signs of stability over the summer months.”

Inman – “First American offers free market reports” (10-13-09)

“First American CoreLogic has launched a new service, ePropertyWatch, that provides homeowners with e-mail updates on their property value, recent sales, price trends and foreclosure activity in their neighborhood.”

Inman – “Economists mixed on California’s outlook” (10-13-09)

“Drastic cutbacks in new-home construction have helped reduce inventories of homes for sale in California faster than expected, and falling home prices and low interest rates are making owning look like a better deal than renting for many, according to Richard Green, director of the Lusk Center for Real Estate at the University of Southern California.”

Inman – “Fewer sellers slash asking price” (10-13-09)

“Fewer sellers were willing to reduce their home’s asking price in September than they were a year ago, but 44 percent of listings in 28 markets tracked by ZipRealty had seen at least one price reduction, the company said in releasing the results of a monthly survey on price reductions.”

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