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The Norris Group Real Estate News Roundup 12/09/10

Thursday, December 9th, 2010

Today’s News Synopsis:

According to Freddie Mac, 30-year mortgage rates increased to 4.61%. The Labor Department reports jobless claims decreased 4% last week. Clear Capital claims national home prices dropped 5.8% in November. Fitch Ratings forecasts a 10% decline in home prices during 2011.

In The News:

NAHB - “NAHB’S Multifamily Production and Vacancy Indices Show Increased Confidence” (12-9-10)

“Serving as leading indicators for the sector, two composite multifamily indices produced from NAHB’s survey of multifamily builders and property managers showed improvement in the third quarter of 2010. The NAHB Multifamily Production Index (MPI) increased to a value of 35.6, up from the 26.6 level reported for the second quarter. This is the highest the MPI has been since 2007.”

Mercury News – “Mortgage rate for 30-year fixed loans hits 4.61 percent” (12-9-10)

“Freddie Mac said Thursday that the average rate on a 30-year fixed loan increased sharply from last week’s rate. And it is well above the 4.17 percent rate hit a month ago — the lowest level on records dating back to 1971.”

Housing Wire – “Jobless claims fell nearly 4% last week” (12-9-10)

“Initial jobless claims fell nearly 4% last week to 421,000 after coming in at the lowest level in two years a few weeks ago. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 4 decreased by 17,000 from the previous week’s upwardly revised figure of 438,000.”

Housing Wire – “Zillow: Home values crater by $1.7 trillion in 2010″ (12-9-10)

“U.S. homes are expected to lose more than $1.7 trillion in value this year, 63% more than the estimated $1 trillion lost in 2009, according to Zillow.”

Housing Wire – “Double dip in some markets drag home prices down 5.8%: Clear Capital” (12-9-10)

“Home prices in November dropped 5.8% over the previous three months and are down 2.7% from a year ago, according to real estate analytics firm Clear Capital.”

Housing Wire – “Fannie Mae survey finds traditional homeownership changing” (12-9-10)

“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 – “Fitch sees 10% drop in home prices in 2011, negative outlook for MBS” (12-9-10)

“Fitch Ratings expects another 10% decline in home prices in 2011, as the supply of distressed properties continues to weigh down the housing market. Accordingly, analysts maintained the agency’s negative outlook for the residential mortgage-backed securities space and said 53% of all investment-grade RMBS rated by Fitch have a negative outlook.”

Looking Back:

One year ago, Gov. Schwarzenegger signed a bill which ensured that consumers could choose their own real estate service provider when purchasing a foreclosure. According to Zillow, Bay Area properties lost 3 percent of their value during the first 11 months of 2009. 18 percent of FHA loans were either delinquent or in foreclosure. Statistics from Freddie Mac showed that national home prices increased by .9 percent during the second quarter of 2009.

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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The Norris Group Real Estate News Roundup 12/02/10

Thursday, December 2nd, 2010

Today’s News Synopsis:

The NAR reports pending home sales increased 10.4% in October. According to RealtyTrac, foreclosure sales decreased 25% in the 3rd quarter. Statistics from the Labor Department show jobless claims rose 6.3% last week. Greg Lippmann of LibreMax Capital predicts national home prices will drop another 10%.

In The News:

NAR - “Strong Rebound in Pending Home Sales” (12-2-10)

“The Pending Home Sales Index,* a forward-looking indicator, rose 10.4 percent to 89.3 based on contracts signed in October from 80.9 in September. The index remains 20.5 percent below a surge to a cyclical peak of 112.4 in October 2009, which was the highest level since May 2006 when it hit 112.6.”

San Francisco Chronicle – “Mortgage rates rise to 4.46 pct. as economy lifts” (12-2-10)

“Freddie Mac said Thursday that the average rate for 30-year fixed loans rose to 4.46 percent from 4.40 percent last week. Three weeks ago, the rate hit 4.17 percent, the lowest level on records dating back to 1971.”

Los Angeles Times – “Sales of foreclosed and distressed properties fall 25% in third quarter” (12-2-10)

“Irvine-based RealtyTrac, a company that publishes listings of foreclosed properties online, said in a report Wednesday that sales of U.S. properties in some stage of foreclosure dropped 25% in the third quarter from the previous quarter and 31% from the third quarter of 2009.”

Housing Wire – “Jobless claims continue bouncing around with 6.3% rise last week” (12-2-10)

“Initial jobless claims rose 6.3% last week to 436,000 after coming in at the lowest level in two years the prior week. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Nov. 27 increased by 26,000 from the previous week’s figure of 410,000, which was revised slightly upward.”

Wall Street Journal – “Banks in Talks to End Bond Probe” (12-2-10)

“Banks churned out more than $1 trillion of CDOs. They often created them at the request of investors who made bets against the deals. Some banks made their own bearish bets. Such bets paid off when the mortgage market crashed, though financial firms also suffered steep losses from CDOs stuck on their books.”

Housing Wire – “Basel 3 rules approved, banks still have years to comply” (12-2-10)

“banks have years to comply with key elements in the rules. For instance, a bank must hold a minimum Tier 1 capital ratio of 4.5% by 2013 and 6% by 2015. A bank’s minimum capital conservation buffer – a fund the bank can draw on in times of economic stress – must reach 0.625% by 2016 and 2.5% by Jan. 1, 2019.”

Housing Wire – “Fed data shows 60% of TALF loans repaid” (12-1-10)

“Federal Reserve data released Wednesday show more than 60% of the $71 billion lent through the Troubled Asset-Backed Securities Loan Facility has been repaid.”

Bloomberg - “Home Prices to Drop 10%, LibreMax’s Lippmann Says” (12-2-10)

“U.S. home prices will drop an additional 10 percent, according to Greg Lippmann, a founder of hedge fund LibreMax Capital LLC and former Deutsche Bank AG trader who gained fame for his bets against subprime-mortgage securities.”

Looking Back:

One year ago, the MBA’s weekly survey showed that mortgage applications increased by 2.1 percent from the previous week. Trepp reported that overall delinquency rates for commercial mortgage-backed securities increased to 5.65 percent. According to ADP Employer Services, 169,000 jobs were cut in one month.

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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The Norris Group Real Estate News Roundup 11/24/10

Wednesday, November 24th, 2010

Resources:
California Housing Production Continues Decline in October, CBIA Announces
Existing-Home Sales Decline in October Following Two Monthly Gains
California home sales decline from previous month, year
Bank earnings skyrocket in 3Q as FDIC problem list nears 17-year high
Foreclosures of U.S. Homes Fell 36% After Freeze, Lender Processing Says
Shadow Inventory of Homes Rising

Today’s News Synopsis:

The FDIC’s problematic bank list grew by 31 in the 3rd quarter. New home sales decreased 8.1% in September, according to the Commerce Department. Statistics from the FHA show home prices fell 3.2% year over year. LPS reports foreclosures fell 4.4% in October.

In The News:

San Francisco Chronicle – “Mortgage rates rise to 4.40 pct. as Treasurys rise” (11-24-10)

“Freddie Mac said Wednesday that the average rate for 30-year fixed loans rose to 4.40 percent this week from 4.39 percent last week. Two weeks ago, the rate hit 4.17 percent, the lowest level on records dating back to 1971.”

Los Angeles Times – “Bank ‘problem list’ swells but industry’s condition improving, FDIC says” (11-24-10)

“The agency’s so-called problem list consisted of 860 financial institutions at the end of the quarter, two years after the financial crisis hit the nation. That’s up from 829 at the end of June, the agency said Tuesday. The latest figure amounts to about one out of eight FDIC-insured banks.”

CNN - “New home sales: Down 80% from the boom” (11-24-10)

“New home sales dropped to an annual pace of just 283,000, according to the Commerce Department. That was down 8.1% from a slow September and 28.5% from 12 months ago when the annualized sales rate was at 430,000.”

Orange County Register – “Forecast: Calif. home prices to drop 9.9%” (11-24-10)

“Real estate trackers from FiServ and Moody’s Economy.com forecast that California home prices will fall 9.9% in the year ending in June 2011 — fourth biggest drop across the nation.”

Housing Wire – “Delinquent borrowers would rather rent: Fannie Mae survey” (11-24-10)

“Half of homeowners who are delinquent on their mortgages would rather rent than buy a home, according to Fannie Mae’s third quarter national housing survey. This is the first time the rental preference has exceeded the percentage of people who would rather buy.”

Housing Wire – “LPS: Mortgages entering foreclosure fell 4.4% in October” (11-24-10)

“The company said another 263,000 loans entered the foreclosure process last month, which is down 4.4% from September. LPS said the total inventory of foreclosures includes 2.1 million loans with another 2.2 million loans more than 90-days delinquent but not yet in the process.”

Housing Wire – “Mortgage interest rates increase in two nonagency surveys” (11-24-10)

“Mortgage rates fell in two weekly surveys. The Bankrate national mortgage survey reported the interest rate for a 30-year fixed-rate mortgage at 4.58%, down from 4.62% a week prior, while a survey from LendingTree.com reported the rate at 4.55%.”

Housing Wire – “Jobless claims down 7.7% to lowest level in two years” (11-24-10)

“Initial jobless claims fell 7.7% last week to 407,000, which is the lowest level in two years and well below most analyst estimates. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Nov. 20 fell by 34,000 from the previous week’s figure of 441,000, which was revised upward a few thousand.”

Housing Wire – “Nation has 8.6-month glut of new homes on market, Census Bureau says” (11-24-10)

“New home sales dropped to an annualized rate of 283,000 in October, leaving 202,000 new homes (8.6 months worth) on the market, according to a report released Wednesday by the Census Bureau and the Department of Housing and Urban Development. New home sales are down 8.1% from September and 28.5% from October 2009.”

Bloomberg - “U.S. Home Prices Fell 3.2% in Third Quarter, FHFA Says” (11-24-10)

“U.S. home prices fell 3.2 percent in the third quarter from a year earlier as demand weakened without federal tax credits, the Federal Housing Finance Agency said.”

Looking Back:

One year ago, the CIRB reported that homebuilders pulled 6 percent fewer permits in October. American banks decreased lending by 2.8 percent in the third quarter 09. The FOMC suspected that the economy would take 5 years to return to an acceptable rate of growth.  According to First American CoreLogic, 23 percent of all US homes were less valuable than the mortgages owed on them.

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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The Norris Group Real Estate News Roundup 11/18/10

Thursday, November 18th, 2010

Today’s News Synopsis:

Delinquencies on residential properties dropped 9.13% in the third quarter, according to the MBA. MDA DataQuick’s monthly statistics releases shows that 6,122 new and resale houses and condos closed escrow in the Bay Area. The CBIA reports California housing affordability increased 1.7% in the 3rd quarter. Jobless claims increased by 2,000, said the Labor Department.

In The News:

Mortgage Bankers Association – “Delinquencies and Loans in Foreclosure Decrease, but Foreclosure Starts Rise in Latest MBA National Delinquency Survey” (11-18-10)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 9.13 percent of all loans outstanding as of the end of the third quarter of 2010, a decrease of 72 basis points from the second quarter of 2010, and a decrease of 51 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The non-seasonally adjusted delinquency rate decreased one basis point to 9.39 percent this quarter from 9.40 percent last quarter.”

DQNews - “Bay Area Home Sales Fall Sharply; Median Price Dips Below Last Year” (11-18-10)

“A total of 6,122 new and resale houses and condos closed escrow in the nine-county Bay Area last month, down 3.3 percent from 6,334 in September and down 22.8 percent from 7,933 in October 2009, according to MDA DataQuick of San Diego.”

CBIA - “California Housing Affordability Increases Slightly in Third Quarter, CBIA Announces” (11-18-10)

“California housing affordability increased slightly in the third quarter of 2010 with all of the state’s 28 metropolitan areas included in the report showing increases in affordability, the California Building Industry Association said today. On a statewide basis, the HOI found that a family earning the median income could have afforded 61.1 percent of the new and existing homes that were sold during the third quarter, up from 58.4 percent in the second quarter.”

Housing Wire – “MERS to testify it forecloses only by mortgage servicer request” (11-17-10)

“In written testimony for the House Financial Services Committee, R.K. Arnold, CEO of MERS Corp, will state that the electronic mortgage registry system only begins a foreclosure when instructed by the mortgage servicer and receives no financial compensation when it does so.”

Housing Wire – “Weekly jobless claims up 2,000 to 439,000″ (11-18-10)

“The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Nov. 13 increased by 2,000 from the previous week’s figure of 437,000, which was revised upward a few thousand.”

Housing Wire – “Bank of America monthly modifications increase 51% in October” (11-18-10)

“Bank of America (BAC: 11.70 +0.69%) completed nearly 25,000 mortgage modifications in October, up 51% from the 16,500 done the month before.”

Housing Wire – “Freddie Mac survey shows mortgage rates at highest level since August” (11-18-10)

“Freddie Mac said its Primary Mortgage Market Survey showed the average 30-year, fixed-rate mortgage rose to 4.39% this week from 4.17% a week earlier. The average rate for the conventional 30-year loan was 4.83% a year ago.”

Housing Wire – “FHA’s Stevens: Mortgage servicers are falling short of HUD expectations” (11-18-10)

“Federal Housing Administration Commissioner David Stevens said early indications of a review into mortgage servicer operations has shown they are not meeting the loss mitigation needs of the Department of Housing and Urban Development.”

Looking Back:

One year ago, the MBA’s weekly survey showed that mortgage application volume decreased 2.5 percent on a seasonally adjusted basis. According to the Commerce Department, housing starts fell 8.5 percent in the West. Jones Lang LaSalle Inc. and Grubb & Ellis Co. believed that U.S. office vacancies would reach 20 percent.

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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The Norris Group Real Estate News Roundup 11/5/10

Friday, November 5th, 2010

Resources:
Trump to California Estate: You’re Fired!
LPS Report Shows Foreclosure Timelines Continue to Stretch
Fannie Mae, Freddie Mac mortgage delinquencies continue to fall
Freddie Mac posts $4.1-billion loss
Nearly half of Freddie Mac mortgage modifications redefault
Homeownership at 66.9% in 3Q, lowest rate since ’99
Ally CEO: We ‘Screwed Up’ and We’re ‘Embarrassed’ over Robo-Signers
Lead AG on foreclosure investigation says inquiry will continue post-election
Foreclosure Freeze Cuts Sales, Supply in Hardest-Hit States
Lenders Told to Disclose Likely Losses from Paperwork Errors, Buybacks
Robert Shiller Sees More Housing Pain Ahead
California expects mortgage-aid program to begin in weeks

Today’s News Synopsis:

The NAR reports pending home sales decreased 1.8% in September. Statistics from the Labor Department show the overall economy added 151,000 jobs last month. According to Fitch Ratings, CMBS delinquencies decreased to 7.7%. Fannie Mae lost $1.3 billion in the 3rd quarter.

In The News:

Wall Street journal – “Hoenig to Realtors: Wean Housing Off Government Intervention” (11-5-10)

“The American public, including aspiring homeowners and those of you employed in the housing industry, might be best served, over time, by reducing or removing these subsidies as part of our national policy”

NAR - “Pending Home Sales Slip but Modest Recovery Expected in 2011″ (11-5-10)

“The Pending Home Sales Index,* a forward-looking indicator, slipped 1.8 percent to 80.9 based on contracts signed in September from an upwardly revised 82.4 in August. However, the index remains 24.9 percent below a surge to 107.8 in September 2009 when first-time buyers were jumping into the market to take advantage of the initial deadline for the tax credit last November.”

Bloomberg - “Obama Says Jobs Report Is Encouraging for Recovery” (11-5-10)

“The Labor Department reported that the overall economy added 151,000 jobs in October, exceeding all estimates in a Bloomberg News survey of economists. The increase wasn’t large enough to make a dent in the jobless rate, which held steady at 9.6 percent.”

Housing Wire – “Mortgages from 2006 and 2007 defaulting at rapid pace: S&P” (11-5-10)

“The default rates for mortgages written in 2006 and 2007 are significantly higher than previous vintages, according to Standard & Poor’s.”

Housing Wire – “CMBS delinquencies fall for first time in nearly 3 years” (11-5-10)

“The delinquency rate on loans backing commercial mortgage-backed securities dropped 88 basis points to 7.78% in October, the first drop in 33 months, according to Fitch Ratings.”

Housing Wire – “SEC details whistleblower protection under Dodd-Frank” (11-5-10)

“The SEC rules do less to establish a definition of a whistleblower and more to define what one is not. Dodd-Frank prohibits anyone convicted of crimes related to a corporate violation from receiving any rewards form a case.”

Housing Wire – “S&P assumptions on GSEs need further scrutiny, analyst states” (11-5-10)

“Standard & Poor’s said this week that the total cost of retooling Fannie Mae and Freddie Mac may near $700 billion, but one analyst thinks investors need to scrutinize two core assumptions of the report. Jim Vogel, of FTN Financial, said the rate of losses and reserves Standard & Poor’s calculates is one-and-a-half times the amount the government-sponsored entities have incurred to date”

Housing Wire – “Hoenig reiterates call for end of ZIRP, supports sunsetting GSEs” (11-5-10)

“The president of the Federal Reserve Bank of Kansas City once again called for an increase in the benchmark fed funds rate away from zero to stabilize the economy”

Housing Wire – “Fannie Mae loses $3.5 billion in 3Q” (11-5-10)

“Fannie Mae lost $1.3 billion in the third quarter and asked for another $2.5 billion from the Treasury to cure its net worth deficit.”

Looking Faith:

One year ago, the U.S. Senate signed an extension to the federal tax credit. Commercial and multifamily mortgage loan originations decreased by 12 percent from Q2 to Q3 of 2009. Fannie Mae reported a loss of nearly $20 billion in Q3 of 2009. According to ZipRealty, housing inventory in 27 major U.S. cities decreased by 2.8 percent.

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 11/4/10

Thursday, November 4th, 2010

Today’s News Synopsis:

The MBA reports 3rd quarter commercial and multifamily mortgage loan originations increased 15% from the 2nd quarter. Jobless claims rose 4.5% last week. JPMorgan’s CEO claimed recent affidavit problems affected approximately 127,000 mortgage loans. Bruce Mosler of Cushman & Wakefield Inc. believes commercial real estate rents will rise in 2011.

In The News:

Mortgage Bankers Association – “MBA: Commercial Mortgage Originations Continue to Rise in Third Quarter” (11-4-10)

“Third quarter 2010 commercial and multifamily mortgage loan originations were 32 percent higher than during the same period last year and 15 percent higher than during the second quarter, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

Mercury News – “Mortgage rates: 30-year fixed loans rise to 4.24 percent, near record low” (11-4-10)

“The average rate for 30-year fixed loans rose from 4.23 percent the previous week, mortgage buyer Freddie Mac said Thursday. It was the third weekly increase in a row.”

Sacramento Bee – “State commercial loan delinquencies steady” (11-4-10)

The statewide commercial loan delinquency rate held steady at 1.28 percent in this year’s third quarter, the Sacramento-based California Mortgage Bankers Association said. The association said that was an increase of only 0.02 percent from the second quarter.”

Housing Wire – “Weekly jobless claims rose 4.5% to 457,000″ (11-4-10)

“Initial jobless claims rose 4.5% last week to 457,000, which is well above analysts’ estimates and at the highest rate since the end of last year.”

Housing Wire – “Bank of America first mortgage originations down 24% in 3Q” (11-4-10)

“Bank of America (BAC: 12.155 +5.51%) originated $73 billion in first mortgages in the third quarter, down 24.7% from a year ago, according to a report the bank put out Thursday.”

Housing Wire – “S&P: Repurchase obligations could weigh on banks’ earnings” (11-4-10)

“Repurchase obligations could prove both contentious and costly to banks’ earnings, with an estimated price tag of $43 billion total, according to a report published Thursday by Standard & Poor’s Ratings Services.”

Housing Wire – “JPMorgan Chase to refile foreclosure affidavits in coming weeks” (11-4-10)

“JPMorgan Chase (JPM: 39.38 +4.40%) expects to begin refiling corrected foreclosure affidavits in 40 states and the District of Columbia within a couple of weeks. Charlie Scharf, the bank’s CEO of retail financial services spoke told investors Thursday at the Bancanalysts Association of Boston Conference that recent affidavit problems affected roughly 127,000 mortgage loans.”

Bloomberg - “U.S. Commercial Real Estate Rents to Rise in 2011, Cushman’s Mosler Says” (11-4-10)

“Commercial real estate rents are poised to rise in 2011 after reaching a low this year, according to Bruce Mosler, co-chairman of Cushman & Wakefield Inc., the largest closely held property services company.”

Bloomberg - “U.S. Commercial Property `Substantially’ Off Bottom, Vornado’s Roth Says” (11-4-10)

“U.S. commercial property prices are recovering and ‘substantially’ off the bottom after more than a year of decline, said Steven Roth, chairman of real estate investment firm Vornado Realty Trust.”

Looking Back:

One year ago, the MBA’s weekly mortgage survey showed that loan application volume increased by 8.2 percent, on a seasonally adjusted bases, from the previous week. The FHA expected 24 percent of all loans insured in 2007 to default. The Federal Reserve’s FOMC announced that it would not buy the full $200 billion debt amount that it had previously planned to take. BarCap reported that the 30-plus day delinquency rate increased to 5.5 percent in October 2009.

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 11/1/10

Monday, November 1st, 2010

Today’s News Synopsis:

Credit Suisse estimates Fannie Mae and Freddie Mac will have cumulative losses of $321 billion. Private mortgage servicers modified 119,585 loans in September, over 4 times as many modifications performed through HAMP. Statistics from the Federal Reserve show home equity accounted for 16.2% of net worth in the 2nd quarter.

In The News:

RecordNet.com - “Economic forecast heads south” (10-31-10)

“He previously forecast California’s unemployment rate would drop to 11 percent in 2011 and to less than 10 percent the year after. The October report now has state jobless rates remaining above 10 percent well into 2013. San Joaquin County will remain in the doldrums a while longer, with annual jobless rates hovering above 17 percent for the next two years before easing to 16.4 percent in 2013, according to the Pacific forecast.”

Market Watch – “White-collar recession, blue-collar depression” (10-30-10)

“the disparity between white-collar and blue-collar unemployment is stunning: 4.5% among college graduates versus 10.8% for those with a high-school diploma, and 14.3% for those without one.”

Daily Finance – “The Foreclosure Mess: It’s Even Worse in ‘Nonjudicial’ States” (10-30-10)

“In 23 states, before a lender can foreclose on a homeowner for defaulting on a mortgage, it must take the homeowner to court. As we’ve seen, even with judicial review that process has still been shot through with problems. But for a troubled homeowner in California, Texas and 25 other ‘nonjudicial’ states, the robo-signing scandal and foreclosure mess are even more dangerous because the lender doesn’t have to go to court to foreclose. Fraudulent paperwork can be used with impunity unless the homeowner is in bankruptcy, which is a judicial process, or unless the homeowner is represented in the foreclosure by an attorney who knows what to look for.”

Housing Wire – “SEC reminds banks to disclose impacts of mortgage repurchases, foreclosure reviews” (11-1-10)

“Major banks are struggling to get an accurate estimate on how much agency and private-label mortgage-backed securities losses they will be responsible for repaying to the purchasers of those securities, such as Fannie Mae and Freddie Mac.”

Housing Wire – “Credit Suisse projects $321 billion more losses for Fannie, Freddie” (11-1-10)

“Credit Suisse analysts estimate $321 billion in cumulative losses at Fannie Mae and Freddie Mac, based on a further 10% decline in home prices over the next year. Under that scenario, prices would flatten over in following year and experience a 3% annual appreciation going forward.”

Housing Wire – “TransUnion: delinquent mortgage roll rates highest in month after recession” (11-1-10)

“The number of delinquent mortgages that moved to a more serious status peaked the month after the recession officially ended, according to a study by TransUnion. The credit information company said the level of consumers who rolled their delinquency status to 60 days from 30 and to 90 days from 60 reached its highest point in July 2009. Nearly a quarter of those who were 30-days late on their mortgage payments in June 2009 became 60 days past due in July 2009, according to TransUnion”

Housing Wire – “Private mortgage modifications outnumber HAMP 4 to 1 in September” (11-1-10)

“Mortgage servicers modified 119,585 loans through private programs in September, more than four times the 27,840 done through the Treasury’s Home Affordable Modification Program, according to the Hope Now alliance.”

Housing Wire – “Monday Morning Cup of Coffee” (11-1-10)

“Fannie Mae directed servicers to work closely with Housing Finance Agencies across the country now that the HFAs received a total $7.6 billion in Hardest Hit Funds from the Treasury Department. The money will be used to provide temporary relief to unemployed mortgage borrowers through the HHF Unemployment Programs and delinquent borrowers through the HHF Reinstatement Programs.”

Bloomberg - “Housing Matters Little to U.S. Consumers’ Wealth: Chart of the Day” (11-1-10)

“home equity accounted for 16.2 percent of net worth at the end of the second quarter, the Fed’s data showed.”

Bloomberg - “JPMorgan Trims Biggest Mortgage Putback Estimate to $90 Billion” (11-1-10)

“JPMorgan Chase & Co. analysts lowered their estimate for the cost to sellers of repurchasing soured U.S. mortgages to as much as $90 billion from a range that went as high as $120 billion.”

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 10/21/10

Thursday, October 21st, 2010

Today’s News Synopsis:

According to MDA DataQuick, 6,334 houses and condos closed escrow in Northern California during September. The government estimates that the financial rescue involving Fannie Mae and Freddie Mac. Bank of America is suing the FDIC for $1.75 billion. The Labor Department reports jobless claims decreased 4.8% last week.

In The News:

MDA DataQuick – “Bay Area September Home Sales Second-Lowest in 19 years” (10-21-10)

“A total of 6,334 new and resale houses and condos closed escrow in the nine-county Bay Area last month, down 5.4 percent from 6,698 in August and down 19.6 percent from 7,879 in September 2009, according to MDA DataQuick of San Diego.”

Associated Press – “Tab for Fannie, Freddie could soar to $259B” (10-21-10)

“The government spelled out Thursday just how much the most expensive rescue of the financial crisis will end up costing taxpayers — as much as $259 billion for mortgage buyers Fannie Mae and Freddie Mac.”

Housing Wire – “Moody’s analysts don’t see mortgage ownership as an issue for RMBS” (10-21-10)

“Moody’s Investors Service said mortgage ownership in trust shouldn’t be an issue within the residential mortgage-backed securities space as delayed foreclosures become more of a risk for the housing market.”

Housing Wire – “HUD Secretary: Foreclosure problems not ‘systemic’” (10-21-10)

“Department of Housing and Urban Development Secretary Shaun Donovan said recent foreclosure problems at some mortgage servicers are not ‘systemic issues.’ Donovan spoke after a meeting among regulators who will review foreclosure processes among the major servicers. Bank of America (BAC: 11.38 -3.15%), JPMorgan Chase (JPM: 37.678 -1.11%) and Ally Financial (GJM: 22.22 +0.45%) suspended foreclosures in 23 states after admitting employees signed affidavits without reviewing documents or having a notary present.”

Housing Wire – “Credit unions originated high-quality mortgages in 2010 in QMS survey” (10-21-10)

“Credit unions are originating the highest quality mortgage loans so far this year, according to survey results released Wednesday by Quality Mortgage Services. According to the data, nearly 50% of loans originated by credit unions were rated ‘excellent,’ meaning their loans had few to no defects.”

Housing Wire – “BofA sues FDIC to recover $1.75 billion for TBW investors” (10-21-10)

“Bank of America (BAC: 11.39 -3.06%) filed suit against the Federal Deposit Insurance Corp. to recover $1.75 billion for Ocala Funding investors allegedly swindled by Colonial Bank, Platinum Community Bank and Taylor, Bean & Whitaker.”

Housing Wire – “Jobless claims fall nearly 5% to 452,000″ (10-21-10)

“Initial jobless claims fell 4.8% last week to 452,000, which is roughly inline with analysts’ estimates but still too high to indicate much change in the job market. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Oct. 16 decreased by 23,000 from the previous week’s revised figure of 475,000 that was up sharply from the 462,000 previously reported.”

Housing Wire – “Freddie Mac: 30-year fixed mortgage rate up for first time in five weeks” (10-21-10)

“The average rate on a 30-year fixed-rate mortgage increased for the first time in five weeks to 4.21% with an average 0.8 point for the week ending Oct. 21, according to the weekly Freddie Mac market survey.”

Bloomberg - “General Growth Plan Approval Resolves Biggest U.S. Real Estate Bankruptcy” (10-21-10)

“General Growth Properties Inc., the second-largest mall owner in the U.S., won court approval of the last stage of its restructuring, a year and a half after filing the biggest real estate bankruptcy in U.S. history.”

Looking Back:

One year ago, the MBA reported that mortgage applications decreased by 13.7 percent on a seasonally adjusted basis from the previous week. According to Altos Research, asking prices increased by 1.5 percent in Los Angeles. The Federal Reserve believed that commercial real estate would not begin to recover for at least 9 more months. Lehman announced that it intended to begin funding home loans again.

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 10/14/10

Thursday, October 14th, 2010

Today’s News Synopsis:

Multifamily lenders provided 40 less financing for apartment buildings in 2009, according to the MBA. RealtyTrac reports bank repossessions and foreclosure auctions hit record levels in the 3rd quarter. Jobless claims rose 2.8% last week, said the Labor Department. A survey shows that 93% of military homeowners have mortgages compared to just 64% of civilians.

In The News:

Mortgage Bankers Association – “MBA Reports 40 Percent Decline in Multifamily Borrowing in 2009 Among Diverse Lenders and Loan Sizes” (10-14-10)

“In 2009, 2,725 different multifamily lenders provided a total of $52.5 billion in new financing for apartment buildings with five or more units, according to the Mortgage Bankers Association’s (MBA) Annual Report on Multifamily Lending for  2009.  The 2009 dollar volume represents a 40 percent decline from 2008 levels.  The most active 122 lenders represented just four percent of active lenders, but 77 percent of the dollar volume lent.  Three-quarters of the active lenders made five or fewer loans over the course of the year.”

Los Angeles Times – “Freddie Mac: Mortgage rates drop again, now at 1951 levels” (10-14-10)

“Mortgage interest rates continue their descent into record territory, with the 30-year fixed-rate loan dropping to an average of 4.19% this week from 4.27% a week earlier, according to the latest Freddie Mac survey of lender offering rates.”

CNN - “Foreclosure auctions hit record as document crisis unfolds” (10-14-10)

“Bank repossessions and foreclosure auctions hit record levels in the third quarter, RealtyTrac said on Thursday. 372,445 foreclosure auctions were scheduled in July, August and September, while 288,345 properties were repossessed by lenders over the same time period.”

Housing Wire – “Jobless claims rise 2.8%; most analysts expected a decline” (10-14-10)

“Initial jobless claims rose 2.8% last week to 462,000, coming in well above most analysts’ estimates. The Labor Department said the seasonally adjusted figure of initial claims for the week ended Oct. 9 increased by 13,000 from the previous week’s revised figure of 449,000.”

Housing Wire – “TARP oversight panel calls for more transparency after conflicts emerge” (10-14-10)

“In its October report, the Congressional Oversight Panel reviewing the program enacted by President Bush two years ago said private businesses operate 91 different contracts worth up to $434 million under the Troubled Asset Relief Program. The program ended a few weeks ago and the Treasury estimates the final cost to be about $50 billion.”

Housing Wire – “Military members deeper in mortgage debt than average Americans” (10-14-10)

“More military members are paying a mortgage, and more tend to have larger amounts of credit card debt, when compared to the civilian population. The survey shows just more than half of military respondents (51%) report owning a home, compared with 57% of civilians. Nearly all military homeowners (93%) reported having a mortgage, far greater than the 64% among civilians.”

Housing Wire – “Moody’s: CMBS delinquencies up to 8.24% in September” (10-14-10)

“Moody’s Investors Service said the number of delinquencies within commercial mortgage-backed securities rose 14 basis points last month to 8.24%. Analysts said the increase was the smallest since October 2008 and the represents fourth-straight month of modest growth in the national CMBS delinquency rate. Moody’s said there are now 3,971 delinquent mortgages with a total value of $52.07 billion.”

Housing Wire – “Trepp analysts expect CMBS delinquencies to drop after highest month on record” (10-14-10)

“The percentage of delinquent commercial mortgage-backed securities increased in September to the highest rate ever recorded by CMBS data analytics firm Trepp, up 13 basis points to 9.05%. However, this is the smallest month-over-month increase recorded in 2010, and Trepp analysts expect the rate to dip much further in next month’s statistics.”

Bloomberg - “Mortgage Investors Urge State Attorneys General Not to Punish Bondholders” (10-14-10)

“A hasty and ill-formulated legal settlement may harm the investors of mortgage-backed securities, namely retirees, municipalities, government entities, state pension funds, retirement systems, universities, and charitable endowments. Chris Katopis, the Washington-based trade group’s executive director, said today in an e-mailed statement.”

Looking Back:

One year ago, Citigroup and other banks were held accountable for fraudulent loans which costed them more than $688 million. The Mortgage Bankers Association reported that mortgage loan application volume had decreased by 1.8 percent from the previous week.  JP Morgan Chase approved of trial modifications for 90 percent of its borrowers.

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 9/30/10

Thursday, September 30th, 2010

Today’s News Synopsis:

The loan limit guaranteed by Fannie Mae, Freddie Mac and the Federal Housing Administration will stay at the current level until the end of 2011. The average rate for 30-year fixed loans fell to 4.32 percent, according to Freddie Mac. The Labor Department’s weekly survey shows jobless claims fell 3.5%. RealtyTrac reports foreclosure sales increased 4.9% in the 2nd quarter.

In The News:

Mortgage Bankers Association – “Commercial/Multifamily Real Estate Fundamentals Show Firmer Stabilization in Second Quarter 2010″ (9-30-10)

“The Mortgage Bankers Association (MBA) today released its Commercial Real Estate/Multifamily Finance Quarterly DataBook for the second quarter of 2010. The analysis shows that commercial real estate fundamentals are showing signs of a firmer stabilization as businesses eased job cuts and started to hire, consumers began to re-open their pocketbooks and as households increasingly looked to rent rather than own their homes.”

Mercury News – “Mortgages: Congress holds conforming loan limits at nearly $730,000″ (9-30-10)

“Congress has extended a policy that allows homeowners in pricey real estate markets to secure government-backed mortgages of nearly $730,000. Lawmakers have voted to keep the maximum size of loans guaranteed by Fannie Mae and Freddie Mac and the Federal Housing Administration at the current level through the end of 2011.”

Mortgage Bankers Association – “MBA Commends Extension of Loan Limits and Increase in FHA Multifamily Commitment Authority” (9-30-10)

“Extending the existing limits is essential to helping borrowers continue to have access to affordable long-term, fixed-rate mortgage credit in today’s struggling economy.  The current limits have been a key component of keeping the mortgage market functioning, helping keep mortgage interest rates low for consumers who want to purchase a home or refinance an existing mortgage.”

San Francisco Chronicle – “Mortgage rates match low of 4.32 percent” (9-30-10)

“Mortgage buyer Freddie Mac said Thursday the average rate for 30-year fixed loans fell to 4.32 percent, the lowest on records dating back to 1971. That’s down from 4.37 percent the previous week and equal to the average rate reached four weeks ago.”

Los Angeles Times – “Prices rise for homes in foreclosure or sold by banks” (9-30-10)

“In the second quarter, 248,534 U.S. properties were sold by banks or by owners who had fallen into foreclosure, RealtyTrac of Irvine said. That was an increase of 4.9% from the previous quarter, but a 20.1% decline from the same quarter last year, when discounted bank-owned homes flooded the market.”

Housing Wire – “Weekly jobless claims down 3.5%” (9-30-10)

“Initial jobless claims fell 3.5% last week to 453,000, which is at the level last seen at the beginning of the month and lower than most analysts’ estimates. The Labor Department said the unadjusted figure of actual initial claims for the week ended Sept. 25 decreased by 16,000 from the previous week’s revised figure of 469,000.”

Housing Wire – “GDP growth softens to 1.7% in 2Q” (9-30-10)

“The U.S. real gross domestic product, which is the output of goods and services by labor and property, increased at an annual rate of 1.7% in the second quarter, according to the third estimate from the Commerce Department.”

Housing Wire – “Senate confirms Yellen as Fed vice chairman” (9-30-10)

“Janet Yellen is the new vice chairman of the Federal Reserve board, as the Senate unanimously confirmed her appointment Wednesday.”

Bloomberg - “JPMorgan Asks Judges to Delay Rulings as It Reviews Foreclosure Documents” (9-30-10)

“JPMorgan Chase & Co., the third- biggest U.S. mortgage servicer, said it’s asking courts to delay judgments in pending foreclosure cases while the bank reviews and possibly resubmits statements. JPMorgan began to ‘systematically re-examine’ foreclosure filings after learning that employees may have signed affidavits without personally reviewing underlying records, relying instead on other personnel”

Looking Back:

One year ago, Experian and Wyman estimated that the number of strategic defaults in 2008 were up to 600,000. Senators were supporting legislation to lend 200 million dollars for the prosecution of mortgage and real estate fraud cases.  The MBA reported that the mortgage loan application volume decreased by 2.8 percent on a seasonally adjusted basis. Freddie Mac announced that it would work with Titanium Solutions to do door-to-door loan modifications.

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