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The Norris Group Real Estate News Roundup 4/14/11

Thursday, April 14th, 2011

Today’s News Synopsis:

Statistics from MDA DataQuick show 7,051 houses and condos sold in the Bay Area last month. CAR says home sales increased 3.1% in March. According to RealtyTrac, foreclosure filings dropped 27% year over year. A newly proposed bill may require mortgage servicers to respond within 45 days of receiving a short sale request.

In The News:

MDA DataQuick – “Sales up, Prices Down for Bay Area Housing Market” (4-14-11)

“A total of 7,051 new and resale houses and condos sold in the nine-county Bay Area last month. That was up 41.3 percent from 4,991 in February and up 0.2 percent from 7,040 in March 2010, according to San Diego-based DataQuick.”

CAR - “March sales and price report” (4-14-11)

“Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 514,090 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. Sales in March increased 3.1 percent month-over-month and 1.5 percent year-to-year, aligning with C.A.R. sales expectations for 2011.”

Inman - “Feds announce partial settlement with ‘robo signing’ servicers” (4-14-11)

“In a partial settlement addressing so-called ‘robo-signing’ foreclosure practices, the nation’s largest loan servicers have agreed to hire outside consultants to review foreclosures initiated in 2009 and 2010, and to compensate homeowners who should not have been foreclosed on.”

Los Angeles Times – “Mortgage rates continue to edge higher” (4-14-11)

“The average rate for the benchmark mortgage rose for the fourth straight week, according to Freddie Mac, which said in a report Thursday that the lenders it surveyed were offering 30-year loans at 4.91% this week.”

CNN - “Foreclosures off 30% this year” (4-14-11)

“The number of foreclosure notices filed during the first three months of 2011 fell 27% compared with the first quarter of 2010, according to a report from RealtyTrac released Thursday.”

NAHB - “Proposed QRM Harms Creditworthy Borrowers and Housing Recovery” (4-14-11)

“In the midst of a very fragile housing recovery, the government is throwing a devastating, unnecessary and very expensive wrench into the American dream. First time homebuyers will have to choose between higher rates today or a 9-14 year delay while they save up the necessary down payment. And 25 million current homeowners would be locked out of lower refinancing rates because they lack the required 25 percent equity in their homes.”

Housing Wire – “Jobless claims unexpectedly rise to 412,000 last week” (4-14-11)

“For the week ending April 9, Americans filed 412,000 initial jobless claims, which is 27,000 more claims when compared to the previous week’s revised figure of 385,000.”

Housing Wire – “Bill introduced to speed up short sales” (4-14-11)

“A bill was introduced in the House of Representatives this week, requiring mortgage servicers to respond within 45 days of receiving a short sale request.”

Bloomberg - “U.S. Foreclosure Settlement Muddies Outlook for Mortgage Relief From Banks” (4-14-11)

“The 14 largest U.S. mortgage servicers, including JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC), agreed to review all foreclosed loans from 2009 and 2010, and pay back losses in cases that were mishandled. They also will improve procedures by hiring staff, upgrading document-tracking systems and assigning a single point of contact for each borrower. ”

Orange County Register – “Are these home prices too good to be true?” (4-14-11)

“There have been 79 short sales that have closed escrow in Huntington Beach thus far this year. They have sold for an average of 99.9% of their list price. That’s a pretty incredible number. I fully understand the reasoning for aggressively pricing a short sale listing. Agents want to get an offer in front of the bank as soon as possible to get the ball rolling on the short sale. But I think this has to be done within reason.”

Orange County Register – “O.C. hotel room rates jump 6.6%” (4-14-11)

“The lodging experts at Colliers PKF report that Orange County hotels in February saw average room rates at $138.19 per night — that is up 6.6% in a year (or $8.52 a night.) Meanwhile, 67.3% of Orange County hotel rooms were filled vs. 63.9% the year earlier.”

Housing Wire – “Lawmakers to consider reducing QRM down payment to 10%” (4-14-11)

“Lawmakers in the House of Representatives are considering a push to lower the 20% down payment required for exemption of the recently proposed risk-retention rules on securitized mortgages.”

Looking Back:

One year ago, the U.S. Treasury reported more than 1.4 million borrowers had been offered trial modifications under HAMP. The MBA’s weekly survey showed that mortgage application volume decreased by 9.6 percent from the previous week. Banks required over 25 percent more time to foreclose a property in in California from the previous year. According to statistics from the Federal Reserve’s Beige Book, overall economic activity increased in nearly all parts of the country.

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 4/7/11

Thursday, April 7th, 2011

Today’s News Synopsis:

CoreLogic said home prices fell 6.7% in February, and Clear Capital claims home prices in the West declined 4.3% in the previous quarter. According to Freddie Mac, mortgage rates increased to 4.87% last week. Analysts are concerned that a Federal shutdown would have dramatic effects on the California economy and the FHA.

In The News:

Housing Wire – “Home prices fall for seventh straight month: CoreLogic” (4-7-11)

“According to the CoreLogic (CLGX: 18.48 -1.75%) Home Price Index, prices fell 6.7% in February compared to the same month in 2010. This follows a 5.5% year-over-year drop in January.”

Housing Wire – “Jobless claims dip again in April” (4-7-11)

“The number of initial jobless claims filed by unemployed Americans dropped to 382,000 during the week of April 2, down from last week’s revised figure of 392,000, according to data from the U.S. Labor Department released Thursday.”

Sacramento Bee – “Summary Box: Fixed mortgage rates inch up” (4-7-11)

“Freddie Mac said the average rate on a 30-year fixed mortgage rose to 4.87 percent from 4.86 percent the previous week. The average rate on the 15-year fixed mortgage increased to 4.10 percent from 4.09 percent.”

San Francisco Chronicle – “Federal shutdown would hit California hard” (4-7-11)

“Employees deemed essential, such as air traffic controllers, doctors at VA hospitals, border agents and military personnel, probably will remain on the job as they did during the last major shutdown in 1995. Others, such as Internal Revenue Service employees at 27 California locations, might find their offices closed on Monday.”

Housing Wire – “Analysts say FHA shutdown possible without budget consensus” (4-7-11)

“If the government were to shutdown, two important steps in the FHA origination process would be put on hold. FHA lenders may still be able to originate loans, but they would have to wait on obtaining case numbers and a mortgage insurance certificate to be issued.”

Housing Wire – “Hope Now reports a mixed-bag of results” (4-7-11)

“Hope Now, an alliance of mortgage servicers and home retention counselors who are pushing to save distressed properties, said the month of February brought mixed results with servicers reporting fewer loan modifications and falling delinquency rates. In February, the number of completed loan mods fell from 100,186 to 87,000.”

Bloomberg - “Mall Vacancies Climb to Highest in Decade as U.S. Store Closings Persist” (4-7-11)

“The vacancy rate climbed to 9.1 percent from 8.9 percent a year earlier and 8.7 percent in the fourth quarter, the research firm said in a report today. It was the highest since Reis began publishing data on regional malls in 2000.”

Housing Wire – “Home prices double-dip in West but flatten nationally: Clear Capital” (4-7-11)

“March home prices in the West declined 4.3% from the previous three months and reached a new low since 2001, according to real estate data provider Clear Capital.”

Looking Back:

One year ago, the MBA reported that 1.2 million households were lost from 2005 to 2008. Greenspan defended the fed’s lack of oversight in the subprime market claiming that consumer protection was a high priority at the time. A Fannie Mae survey showed 61 percent of homeowners and renters said the economy was on the wrong track. Fitch reported subprime RMBS delinquencies fell to 46.3% in March 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 3/31/11

Thursday, March 31st, 2011

Today’s News Synopsis:

The Office of Thrift Supervision reports serious delinquencies decreases in the 4th quarter of 2010. Riverside was pronounced to be the most likely city to experience further economic trouble. Commercial and multifamily mortgage originations increased 88% in the last few months of 2010. Fannie Mae’s mortgage portfolio decreased by 15% in February.

In The News:

CNN - “JPMorgan’s Dimon: No mortgage writedowns” (3-31-11)

“The head of JPMorgan Chase said Wednesday that banks would not consider writing down mortgages for homeowners who can make payments, an idea at the center of talks aimed at fixing the mortgage mess.”

Housing Wire - “Chief risk officer Bob Ryan to head up FHA” (3-31-11)

“The Department of Housing and Urban Development tapped Bob Ryan, formerly the chief risk officer at the Federal Housing Administration as its acting commissioner, replacing David Stevens. Stevens departs the FHA Thursday and will run the Mortgage Bankers Association.”

Housing Wire – “Fannie Mae’s gross mortgage portfolio drops 15.2%” (3-31-11)

“Fannie Mae said its gross mortgage portfolio fell at a compound annualized rate of 15.2% in February, while the government-sponsored enterprise’s entire book of business fell 0.7%.”

Housing Wire - “Jobless claims drop slightly for a third consecutive week” (3-31-11)

“The number of initial jobless claims filed by unemployed Americans fell to 388,000 in the week ending March 26, down from last week’s upwardly revised figure of 394,000, the Labor Department said Thursday.”

Office of Thrift Supervision – “Mortgage Performance Slightly Better in Fourth Quarter of 2010; Serious Delinquencies Drop for the Fourth Consecutive Quarter” (3-31-11)

“The quarterly report by the Office of the Comptroller of the Currency and the Office of Thrift Supervision showed that 87.6 percent of the 32.9 million loans in the portfolio were current and performing at the end of the fourth quarter of 2010.”

Mortgage Orb – “Legislation Dismantles GSEs Piecemeal-Style” (3-30-11)

“Republicans on the House Financial Services Committee have introduced eight targeted bills that, taken together, aim to reduce the government’s involvement in housing and spark a resurgence among private capital.”

Yahoo - “Cities Where Things are Getting Worse” (3-29-11)

“Six California cities claim spots on our list of Cities Where The Economy May Get Worse. Riverside took the number one spot, thanks to a high unemployment rate (13.9%) coupled with weak job growth, a hefty number of mortgage loans 90 days or more delinquent (8.21% of all loans) and a projected migration pattern that finds 4,000 residents expected to leave the area this year.”

Housing Wire – “Commercial and multifamily mortgage originations up 88%” (3-31-11)

“Commercial and multifamily mortgage originations grew 88% in the fourth quarter of 2010 when compared to 4Q 2009, the Mortgage Bankers Association said in its Fourth Quarter Commercial Real Estate-Multifamily Finance Quarterly Report.”

Housing Wire – “Barney Frank says mortgage interest tax deduction is safe” (3-31-11)

“Rep. Barney Frank (D-Mass.) said at a House subcommittee hearing Thursday that the mortgage interest tax deduction would be safe. Currently, interest on a mortgage taken out to buy or improve a home can be fully deducted if the amount of the loan is less than $1 million for married couples and $500,000 for singles. Home equity loans taken out for anything else is limited to $100,000 for couples and $50,000 for singles.”

Housing Wire – “Freddie Mac mortgage interest rates inch up this week” (3-31-11)

“The government-sponsored enterprise said its primary mortgage market survey showed the average rate for a 30-year, fixed mortgage rose to 4.86% for the week ending Thursday from 4.81% a week earlier. The average rate for a 15-year, fixed mortgage increased to 4.09% from 4.04 the prior week, according to the Freddie Mac survey.”

Housing Wire – “Judge dismisses securities fraud case against Freddie” (3-31-11)

“A federal district court judge in New York dismissed a lawsuit filed by Southeast and Southwest Areas Pension Fund and National Elevator Industry Pension Plan — two Freddie investors, who allege Freddie mislead a class of investors after experiencing a $2 billion loss for the third quarter of 2007 by ‘materially misrepresenting Freddie’s exposure to risky mortgage products.’”

Looking Back:

One year ago, Mortgage loan application volume increased by 1.3 percent from the previous week. Vacation home sales increased by 7.9 percent in 2009.  Fannie Mae reported the percentage of seriously delinquent loans increased to 5.52% in January. FHA allowed mortgages to borrowers who sold their residence under short-sale provisions and then purchase a new home without the standard 3 year wait.

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 3/24/11

Thursday, March 24th, 2011

Today’s News Synopsis:

Freddie Mac said mortgage rates increased to 4.81% last week. The Federal Bureau of Economic Analysis reports California income levels rose 2.5% in 2010. Jobless claims fell 1.3% last week, according to the Labor Department. Freddie Mac told servicers managing its loans to stop foreclosing in MERS’ name.

In The News:

San Francisco Chronicle – “Rate on 30-year fixed mortgage rises to 4.81 pct.” (3-24-11)

“Freddie Mac said Thursday the average rate on the 30-year fixed mortgage rose to 4.81 percent from 4.76 percent the previous week. It hit a 40-year low of 4.17 percent in November.”

The Sacramento Bee – “California incomes rose 2.5% in 2010″ (3-24-11)

“Californias’ incomes rose 2.5 percent in 2010, a year after the state’s first year-to-year decline in personal income since World War II, the federal Bureau of Economic Analysis reported Wednesday. The bureau said 2010 income statewide was more than $1.6 trillion, up from 2009′s $1.56 trillion and a return to 2008 levels.”

Bloomberg - “Wells Fargo Chief Sees Home-Equity Losses as Top Concern, Bernstein Says” (3-24-11)

“Wells Fargo & Co. (WFC) Chief Executive Officer John Stumpf said home-equity losses remain his ‘top concern’ because unemployment in the U.S. is still high, according to Sanford C. Bernstein & Co.”

Orange County Register – “FBI informant charged in Lennar stock scam” (3-24-11)

“An ex-con turned fraud crusader accused of defaming homebuilder Lennar Corp. and its chief Orange County-based executive was accused in federal court Thursday of using his status as an FBI informant to get insider information used in his stock trades.”

Housing Wire – “New CoreLogic tool automates the decision-making in loan mods” (3-24-11)

“CoreLogic says the tool allows servicers to bypass manual loan modification calculations by submitting borrower profiles through IntelliMods, which is designed to determine a borrower’s loan modification eligibility.”

Housing Wire – “Jobless claims fall for second week in a row” (3-24-11)

“The number of initial jobless claims filed by unemployed Americans fell 1.3% last week to 382,000 claims submitted on a seasonally adjusted basis, the Labor Department said Thursday morning.”

Housing Wire – “Freddie Mac tells servicers not to foreclose in MERS name” (3-24-11)

“Freddie Mac told servicers managing its loans this week that they can no longer foreclose in the name of Mortgage Electronic Registration Systems.”

Looking Back:

One year ago, CBIA reported that 3,404 building permits were pulled in February. Governor Schwarzenegger is expected to sign the $10,000 home buyer tax credit bill soon. According to the Commerce Department, home sales fell 2.2 percent last month. UCLA does not expect to see a second dip in economic performance.

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 3/10/11

Thursday, March 10th, 2011

Today’s News Synopsis:

RealtyTrac reports foreclosure notices decreased 14% in January. The House of Representatives voted to end FHA’s Short Refi program. According to a Zillow survey, 51% of Americans said the housing crisis has not affected their overall willingness to buy a home. The U.S. government posted the largest monthly deficit ever last month.

In The News:

USA Today – “Foreclosure activity slows sharply in February” (3-10-11)

“Some 255,101 properties received at least one foreclosure-related notice in February, down 14% from January and down 27% from the same month last year, foreclosure listing firm RealtyTrac said Thursday.”

NAHB - “Optimistic Outlook for Multifamily Development, NAHB Indices Show” (3-10-11)

“The Multifamily Production Index (MPI), which tracks developer sentiment about new construction on a scale of 1 to 100, is at 40.8 –up more than 5 full points since the previous quarter and the highest number since the fourth quarter of 2006. The MPI component tracking developers’ perception of market-rate rental properties is at 51.7 – the first time this component of the index has been above 50 since the second quarter of 2007.”

Mercury News – “Mortgage rates: Average on 30-year fixed loans ticks up to 4.88 percent” (3-10-11)

“Freddie Mac says the average rate on a 30-year fixed mortgage ticked up to 4.88 percent from 4.87 percent the previous week. It hit a 40-year low of 4.17 percent in November.”

Housing Wire – “House votes to end FHA Short Refi” (3-10-11)

“The House of Representatives voted Thursday to terminate the Federal Housing Administration’s Short Refi program. The House Financial Services Committee cleared the bill, H.R. 830, last week. The House voted 256 to 171 to kill the program.”

Housing Wire – “Zillow accommodates growing pool of renters” (3-10-11)

“Although 51% of survey respondents said the housing crisis has not affected their overall willingness to buy a home, 33% said they would be more likely to rent their next home than buy. In January, 30% of Americans surveyed said they would rent a home the next time around.”

Housing Wire – “Securitization investors plan increased activity in 2011: survey” (3-10-11)

“Principia said 70% of investors and issuers said they plan to increase involvement in the ABS markets over the next year, with 50% expecting to ramp up activity in the next six months.”

Housing Wire – “Jobless claims rose 7% last week to 397,000″ (3-10-11)

“Initial jobless claims rose 7% last week, moving away from the nearly three-year low of the prior week although remaining lower than 400,000 once again. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended March 5 increased by 26,000 to 397,000.”

Housing Wire – “Mortgage modifications down 9% in January: Hope Now” (3-10-11)

“Mortgage servicers, investors and insurers participating in the Hope Now alliance completed 101,000 permanent modifications in January, down 9% from the month before. Of those that were completed, 73,000 were proprietary modifications, nearly three times the 27,957 done through the government’s Home Affordable Modification Program.”

Housing Wire – “Two mortgage trade groups suing Fed over loan originator compensation” (3-10-11)

“The National Association of Independent Housing Professionals sued the Fed for its final rule on loan originator compensation and yield spread premium disclosure under Regulation Z. The NAIHP states the rule will put mortgage brokers ‘at a significant and a permanent competitive disadvantage and will stifle competition in the mortgage lending industry to the detriment of consumers.’”

Bloomberg - “U.S. Posts a Record $222.5 Billion Monthly Budget Shortfall” (3-10-11)

“The U.S. government, facing a record annual fiscal shortfall and a congressional impasse over financing, posted the largest monthly deficit ever in February, reflecting increased spending. The gap totaled $222.5 billion last month compared with a $220.9 billion shortfall in February 2010, according to the Treasury Department”

Bloomberg - “Home Remodeling to Rebound in U.S. as Rising Confidence Spurs Renovations” (3-10-11)

“Spending on remodeling probably will rise 9.2 percent to $125.1 billion in the first quarter from $114.6 billion a year earlier, according to Harvard University’s Joint Center for Housing Studies. A 13 percent increase forecast for April through June would be the largest jump in five years, a report by the Cambridge, Massachusetts-based center shows.”

Looking Back:

One year ago, the MBA reported that mortgage loan application volume had increased by 0.5 percent. The percent of first-time buyers increased to 47 percent in 2009. FHFA was sued over attempts to secure records of political contributions from Fannie Mae and Freddie Mac. John Burns claimed that the real estate market was still in bad shape.

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 3/3/11

Thursday, March 3rd, 2011

Today’s News Synopsis:

Freddie Mac reports mortgage rates have dropped again, and are now at 4.87%. Jobless claims decreased 5% last week, according to the Labor Department. California lawmakers are supporting a bill that would prevent servicers from foreclosing on borrowers in the process of applying for a loan modification. The House Financial Services Committee may end FHA’s short refi program.

In The News:

The Modesto Bee – “Mortgage deduction under renewed scrutiny” (3-3-11)

“There’s a hallowed rule in U.S. housing policy: If you own a home, you get a tax deduction on your mortgage interest. But there’s also a growing push to sacrifice this sacred cow, and the reasons are disparate. Some people argue that the policy should be changed because it doesn’t really encourage homeownership like it’s supposed to. Others say the government shouldn’t be encouraging homeownership anyway.”

San Francisco Chronicle - “Mortgage Rates in U.S. Drop for Third Week, Freddie Mac Says” (3-3-11)

“The average rate for a 30-year fixed loan fell to 4.87 percent in the week ended today from 4.95 percent a week ago, according to Freddie Mac. The average 15-year rate was 4.15 percent, down from 4.22 percent, the McLean, Virginia-based mortgage-finance company said in a statement.”

Housing Wire – “Jobless claims fell another 5% last week” (3-3-11)

“Initial jobless claims fell another 5% last week coming in lower than most analysts’ estimates and remaining below 400,000.”

Housing Wire – “California lawmakers revive bill that would kill dual-track foreclosures” (3-3-11)

“Two California lawmakers are moving ahead with a bill that would prevent servicers in the Golden State from foreclosing on homes when the borrower is in the process of applying for a loan modification.”

Housing Wire - “House committee votes to end FHA Short Refi” (3-3-11)

“The House Financial Services Committee voted Thursday to end two new programs that would provide assistance to troubled homeowners. If passed, one bill will end the Federal Housing Administration’s Short Refi program, which assists underwater homeowners with new FHA-insured loans.”

Housing Wire – “Home refinancings through HARP up 30% in fourth quarter” (3-3-11)

“The number of loan refinancings processed through the government’s Home Affordable Refinance Program grew by 30% in the fourth quarter, according to the Federal Housing Finance Agency.”

Looking Back:

Bruce Norris estimated that lenders may lose up to $2.1 to 3.8 trillion before all the bad loans are taken off their books. According to the MBA, mortgage application volume increased from last week. The FHFA reports that Orange County home values increased by 6.38 percent in 2009. Last year, nearly 1,400 lawsuits were filed against lenders by homeowners in foreclosure.

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 2/17/11

Thursday, February 17th, 2011

Today’s News Synopsis:

4,966 new and resale houses and condos sold in the Bay Area, according to MDA DataQuick. Statistics from the MBA shows the delinquency rate for mortgages decreased to 8.22% in the 4th quarter of 2010. The Labor Department said jobless claims increased 6.5% last week.

In The News:

Mortgage Bankers Association – “Short-term Delinquencies Fall to Pre-Recession Levels, Loans in Foreclosure Tie All-Time Record in Latest MBA National Delinquency Survey” (2-17-11)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 8.22 percent of all loans outstanding as of the end of the fourth quarter of 2010″

MDA DataQuick – “Slow 2011 Start for Bay Area Housing Market” (2-17-11)

“A total of 4,966 new and resale houses and condos sold in the nine-county Bay Area last month. That was down 30.8 percent from 7,178 in December and up 2.3 percent from 4,853 in January 2010, according to San Diego-based DataQuick Information Systems.”

Contra Costa Times – “The average rate on a 30-year fixed mortgage slipped to 5 percent from 5.05 percent last week, Freddie Mac said Thursday.” (2-17-11)

“The average rate on a 30-year fixed mortgage slipped to 5 percent from 5.05 percent last week, Freddie Mac said Thursday.”

Wall Street Journal – “Banks Push Home Buyers to Put Down More Cash” (2-17-11)

“The median down payment in nine major U.S. cities rose to 22% last year on properties purchased through conventional mortgages, according to an analysis for The Wall Street Journal by real-estate portal Zillow.com. That percentage doubled in three years and represents the highest median down payment since the data were first tracked in 1997.”

Housing Wire – “JPMorgan Chase offers special relief for military mortgages” (2-17-11)

“JPMorgan Chase (JPM: 47.93 -0.02%) is starting a variety of mortgage assistance programs for military personnel, and pledged to not foreclose on any service member on active duty.”

Housing Wire – “MERS to members: Don’t foreclose in our name” (2-17-11)

“Mortgage Electronic Registration Systems, or MERS, told its members Wednesday not to foreclose on residential mortgages in its name.”

Housing Wire – “Jobless claims rose 6.5% to 410,000 last week” (2-17-11)

“The number of new jobless claims rose about 6.5% last week matching most analysts’ estimates and climbing back over 400,000. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Feb. 12 increased by 25,000 to 410,000.”

Realty Times – “Homeownership’s Amazing Benefits” (2-17-11)

“Homeowners are happier and healthier and enjoy a greater feeling of control over their lives. Most homeowners enjoy stable housing costs—a fixed rate mortgage payment might not change for 15 or 30 years while rent typically increases 3% a year.”

Realty Times - “Explaining Credit Scores” (2-17-11)

“Think of it this way. You have two lines of credit open with credit limits of $5,000 each. That means you are able to use a total of $10,000. If you have a $2,000 balance on one card and $3,000 on the other, you are using 50 percent of your available credit. The smaller percentage you are using the better. Fifty-percent is very high.”

Looking Back:

One year ago, CBIA announced that housing affordability had decreased in 22 of California’s 28 metropolitan areas. The Commerce Department reported that housing and apartment construction increased by 2.8 percent in a month. There was a 3.5 month supply of housing inventory in the San Francisco market. A survey showed that large investment companies were spending more on REIT investments.

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 1/27/11

Thursday, January 27th, 2011

Today’s News Synopsis:

The NAR claims pending home sales increased 2% in December. Statistics from Freddie Mac show mortgage rates increased to 4.8% this week. According to the Labor Department, initial jobless claims climbed nearly 12.7% last week. The MLS reports sales of existing houses and condos totaled $15.5 billion in 2010.

In The News:

NAR - “Pending Home Sales Continue Uptrend” (1-27-11)

“The Pending Home Sales Index,* a forward-looking indicator, increased 2.0 percent to 93.7 based on contracts signed in December from a downwardly revised 91.9 in November. The index is 4.2 percent below the 97.8 mark in December 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.”

Los Angeles Times – “Mortgage rates inch higher, Freddie Mac says” (1-27-11)

“The latest report from mortgage finance giant Freddie Mac says lenders were offering 30-year fixed-rate home loans at an average 4.80% this week to borrowers with solid credit and 20% down payments or home equity. That compared with 4.74% last week.”

Housing Wire – “Jobless claims rose 12.7% last week, well above estimates” (1-27-11)

“The number of people filing initial jobless claims climbed nearly 12.7% last week to 454,000, well above most analysts’ estimates. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Jan. 22 rose by 51,000 from the previous week’s 403,000″

Housing Wire – “Wallison singles out US housing policy for causing financial crisis” (1-27-11)

“Peter Wallison, one of four dissenting members of the Federal Crisis Inquiry Commission, railed against the report on the cause of the financial crisis, and named the government’s housing policy as the culprit behind the meltdown.”

Housing Wire – “Commercial mortgage-backed securities to rebound in 2011″ (1-27-11)

“Moody’s Investors Service expects CMBS issuance will grow to $37 billion in 2011, with an estimated $13 billion in the first quarter alone. Four years ago, CMBS issuance reached $230 billion. The firm also said CMBS portfolios will be larger and more diversified than previous years.”

Orange County Register – “Housing a $15.5 billion industry in 2010″ (1-27-11)

“Sales of existing houses and condos totaled $15.5 billion in 2010, up for a second straight year, the Southern California Multiple Listing Service has reported.”

Today’s News Synopsis:

One year ago, MDA DataQuick reported that 84,568 Notices of Default were recorded in California during the 4th quarter of 2009. The MBA’s weekly survey showed that mortgage application volume decreased 10.9 percent from the previous week. The Commerce Department reported that new home sales decreased by 7.6 percent last month. The Federal Reserve claimed it would stick to its plan to end the $1.25 trillion program of mortgage-debt purchases in March.

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 Holiday News Roundup

Monday, January 3rd, 2011

In The News:

Housing Wire – “Principal Real Estate Investors optimistic for economic recovery in 2011″ (12-29-10)

“Principal Real Estate Investors expects the Republican gains in Congress, stabilizing commercial real estate values, stronger corporate earnings, higher personal savings rates and the dynamics related to quantitative easing by the Federal Reserve will fuel economic growth in 2011.”

Housing Wire – “Foreclosures jump 31% in third quarter: OCC” (12-29-10)

“Large banks and thrifts foreclosed on 382,000 homes in the third quarter, a 31.2% spike from the previous quarter, according to the Office of the Comptroller of the Currency. Foreclosures increased 3.7% from a year ago, and more are coming. There are 1.2 million homes in the foreclosure process as of the end of the third quarter, up 4.5% from the previous quarter and an increase of 10.1% from a year ago.”

Housing Wire – “Jobless claims fall by 34,000 to lowest point since July 2008″ (12-29-10)

“The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 25 fell by 34,000 from the previous week’s 422,000 that was revised upward by a few thousand.”

Housing Wire – “2010 average rate for 30-year mortgage lowest since 1955: Freddie Mac” (12-30-10)

“the average rate for a 30-year, fixed mortgage rose to 4.86% for the week ending Thursday, up from 4.81% a week earlier. A year ago, the average rate was 5.14%.”

Housing Wire – “OTS pins some higher REO volume on mortgage servicers” (12-30-10)

“The Office of Thrift Supervision updated its guidelines alerting examiners to the possibility that a higher level of repossessed homes could stem from poor servicer performance as much as lax underwriting standards.”

Housing Wire – “S&P revises shadow inventory timeline upward, again” (12-30-10)

“In the last three months, an estimated liquidation timeline covering the nation’s backlog of distressed real estate actually increased, according to Standard & Poor’s. The ratings agency now estimates it will take 44 months — up 10% percent from an estimate made just three months ago and 25% annualized — to clear the so-called shadow inventory of homes in distress or foreclosure, but not yet on the resale market.”

Housing Wire – “Senate removes extended tax exemptions for REIT investments” (12-28-10)

“Lawmakers removed larger exemptions for real estate investment trust stock purchases in a bill signed by President Obama Tuesday. The House of Representatives version of the Foreign Investment in Real Property Tax Act would have extended the tax exemption for REIT stock sold from 5% to 10% ownership interest.”

Housing Wire – “Freddie Mac delinquency rate up slightly in November, Fannie rate drops” (12-28-10)

“Freddie Mac said the rate of single-family home loans more than 90-days delinquent inched up to 3.85% last month from 3.82% in October. The government-sponsored enterprise said the multifamily delinquency rate for November fell to 0.39% from 0.44% a month earlier.”

Housing Wire - “LPS: Nearly 2.2 million mortgages are more than 90 days delinquent” (12-28-10)

“Nearly 2.2 million loans are 90 days or more delinquent but not yet in foreclosure, according to LPS, a Jacksonville, Fla.-based mortgage technology and analytics firm.”

Housing Wire - “Lenders initiate 500,000 short sales through Equator in one year” (12-28-10)

“Lenders initiated more than 500,000 short sales on Equator’s automated platform in one year of operation, the technology provider said Tuesday.”

Housing Wire – “Backlog on failed HAMP trials grows 22% since July” (12-28-10)

“The largest servicers participating in the Home Affordable Modification Program have not taken action on 266,136 delinquent mortgages that have either been canceled out of loan modification trials or never qualified for one as of October. This backlog has increased 22% since the 218,246 reported in July.”

Housing Wire – “Consumer advocates claim new Fed rule encourages reverse mortgage predators” (12-28-10)

“The Fed filed the rule with the Federal Register on Sept. 24. The rule was designed to actually give consumers more disclosures on reverse mortgage paperwork, using simple language to highlight the basic features and risks. But the organizations, which include the Center for Responsible Lending, and the National Consumer Law Center, among others, say that the rule goes beyond the Fed’s authority and undermines the still-forming Consumer Financial Protection Bureau.”

Housing Wire – “Housing price declines increase strategic default risk” (12-28-10)

“Home prices are expected to drop another 20% before hitting bottom, according to economists at A. Gary Shilling & Co., raising the risk that 40% of borrowers will walk away from their home in a strategic default.”

NAR - “Pending Home Sales Continue Recovery, Gradual Improvement Seen in 2011″ (12-28-10)

“The Pending Home Sales Index,* a forward-looking indicator, rose 3.5 percent to 92.2 based on contracts signed in November from a downwardly revised 89.1 in October. The index is 5.0 percent below a reading of 97.0 in November 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months”

Orange County Register – “O.C. home sales taking 58% longer” (12-28-10)

“It would take 4.64 months for buyers to gobble up all homes for sale at the current pace vs. 2.93 months a year ago — that’s a 58% increase in theoretical selling time in 2010. Homes listed for under a million bucks have a market time of 4.14 months vs. 2.37 months a year ago — that’s a 74% increase in selling time.”

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The Norris Group Real Estate News Roundup 12/16/10

Thursday, December 16th, 2010

Today’s News Synopsis:

6,111 new and resale houses and condos were sold in the Bay Area last month, according to MDA DataQuick. Freddie Mac reports the 30-year mortgage rate has rose again to 4.83%. Statistics from CoreLogic show home prices declined 3.93% in October from July. Three members of congress introduced a bill which may put an end to the use of MERS by GSEs.

In The News:

DQNews - “Bay Area November Home Sales, Median Price Down from a Year Ago” (12-16-10)

“A total of 6,111 new and resale houses and condos were sold in the nine-county Bay Area last month. That was down 0.2 percent from 6,122 in October and down 11.2 percent from 6,878 in November 2009, according to MDA DataQuick of San Diego.”

NAHB - “Housing Starts Rise 3.9 Percent in November” (12-16-10)

“Nationwide housing starts rose 3.9 percent in November to a seasonally adjusted annual rate of 555,000 units from an upwardly revised number in the previous month, according to newly released data from the U.S. Commerce Department. This marked the first upward movement in new-home production since August, and was entirely attributable to a nearly 7 percent gain in single-family home building.”

Housing Wire – “Government guarantee expected for one-third of MBS in 2011″ (12-15-10)

“Government-backed bond issuer Ginnie Mae’s share of mortgage-backed securities issuance should reach 32% in 2011, continuing a steady growth seen after the financial crisis of 2008, Deutsche Bank analysts said.”

Housing Wire – “Jobless claims down slightly to 420,000″ (12-16-10)

“The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 11 fell by 3,000 from the previous week’s upwardly revised figure of 423,000.”

Housing Wire – “Freddie Mac: mortgage interest rates rose again last week” (12-16-10)

“The government-sponsored enterprise said its primary mortgage market survey showed the average rate for a 30-year, fixed mortgage rose to 4.83% for the week ending Thursday from 4.61% a week earlier. The rate is now at the highest level since May. The average rate for a 15-year, fixed mortgage increased to 4.17% from 3.96% the prior week, according to the Freddie Mac survey.”

Housing Wire – “Home prices down for third straight month: CoreLogic” (12-16-10)

“Home prices declined 3.93% in October from the previous three months, the third straight report of declines as any hope for a recovery in early 2011 begins to fade, according to data from CoreLogic (CLGX: 18.26 +1.00%).”

Housing Wire – “Bill aims to end GSE affiliation with MERS” (12-16-10)

“Three congressional representatives recently introduced a bill into the House that would gradually phase out the use of Mortgage Electronic Registration Systems, commonly called MERs, within the government-sponsored enterprises as well as Ginnie Mae.”

Housing Wire – “Foreclosure inventories rise as delinquencies drop in November: LPS” (12-16-10)

“Lender Processing Services (LPS: 30.03 -0.23%) said the delinquency rate for loans that are 30 or more days past due, but not in foreclosure was 9.02% in November, down nearly 3% from October and down 15.6% from November 2009.”

Bloomberg - “Builders Probably Began Work on More U.S. Houses Following October Plunge” (12-16-10)

“Housing starts climbed 6 percent to a 550,000 annual rate, according to the median estimate of 76 economists surveyed by Bloomberg News. Work slumped in October to the slowest pace since April 2009’s record low. Building permits, a proxy of future construction, may have also increased.”

Bloomberg - “Banks Push Fed to Curb Borrowers’ Right to Rescind Mortgages” (12-16-10)

“Mortgage firms are pressing the Federal Reserve to curb homeowners’ right to invalidate loans based on flawed documents — a right consumer groups say is one of the few weapons borrowers have to battle unfair lending.”

Bloomberg - “U.S. Foreclosure Filings Drop to Two-Year Low Amid Lender Delays” (12-16-10)

“A total of 262,339 U.S. properties received default or auction notices or were seized in November, down 21 percent from October and 14 percent from a year earlier, RealtyTrac said in a report today. Those were the biggest monthly and annual declines since the Irvine, California-based data company began reports in January 2005. One in every 492 households got a filing.”

Looking Back:

One year ago, the Wall Street Journal reported that people were increasingly willing to abandon mortgage payments for becoming renters. Housing starts climbed almost 9%. The FDIC offered some reprieve from securities accounting rules for the next year. The Bureau of statistics released their real earnings report stating that average hourly earnings fell by .5%.

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 200 podcasts in our free investor radio archive.

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