California Real Estate Headline Roundup

Posts Tagged ‘jobs’

By Bruce Norris .

The Norris Group Real Estate News Roundup 3/7/12

Wednesday, March 7th, 2012

Today’s News Synopsis:

Apartments are the driving force for economic recovery right now as more and more people are choosing to live here.  On a monthly basis, mortgage applications increased in January, although on a weekly basis they actually decreased from last week.  216,000 new jobs were added to the private sector last month.

In The News:

DS News“When Excluding Distressed Sales, Home Prices Show Monthly Gain” (3-7-12)

“While prices declined on a year-over-year basis in January, a month-over-month gain was seen for January 2012 when excluding distressed sales, according to CoreLogic’s January Home Price Index (HPI).”

Housing Wire“FHFA, Freddie faulted for overlooking mortgage servicers” (3-7-12)

“Freddie Mac and the Federal Housing Finance Agency did not implement stronger oversight of mortgage servicers when they had the chance, according to an FHFA Office of Inspector General report.

Bloomberg“Apts Driving Commercial-Property Recovery” (3-7-12)

“Demand for U.S. apartment buildings is surging as the homeownership rate hovers near the lowest level since 1998 and government-supported mortgage companies provide record levels of financing for apartment properties.”

Realty Times“FHA Mortgage Applications Increase While FHA Mortgage Rates Remain Low” (3-7-12)

“FHA mortgage applications increased in January while FHA mortgage rates continued to remain low. According to FHA’s Single Family Outlook report, FHA purchase applications increased 7.5% which was 11.1% higher than last year.”

Inman“LeaseRunner updates suite of paperless tools” (3-7-12)

As the home rental market rises, a consequence of the foreclosure crisis that has led to a glut of vacant homes across the U.S., services to fill those homes with renters are ramping up.  LeaseRunner, a company founded in 2011 that digitizes the rental process for property managers and renters, has launched a streamlined version of its service.”

Bloomberg“Wells Fargo Branches May Be Closed, Merged” (3-7-12)

“Wells Fargo & Co. (WFC), the most valuable U.S. lender, may close or consolidate branches as it examines ways to trim costs, according to its chief financial officer.  Wells Fargo could shut branches near each other or move some wealth-management or mortgage employees into those offices, Timothy Sloan said today at a New York investor conference.”

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-7-12)

“Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 2, 2012.”

CNN Money“Private sector adds 216,000 jobs in February” (3-7-12)

“Hiring in the private sector picked up in February, according to a report released Wednesday by payroll processor ADP.  Private employers added 216,000 jobs in the month, ADP said, roughly in line with forecasts for 218,000 jobs gained.”

Mortgage Bankers Association“Commercial/Multifamily Mortgage Delinquencies Down; Best Performing Bank Loans During Recession” (3-7-12)

“Commercial and multifamily mortgage delinquency rates declined during the fourth quarter of 2011, and an analysis of data from the Federal Deposit Insurance Corporation (FDIC) shows that commercial and multifamily mortgages have fared better through the credit crunch and recession than any other major type of loan held by banks and thrifts, according to two reports released today by the Mortgage Bankers Association (MBA).”

CNN Money“‘End bank payday lending now,’ consumer groups urge” (3-7-12)

“Some of the nation’s biggest banks are offering short-term loans with sky-high fees that consumer groups say are just as predatory as payday loans.”

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 3 bedroom, 2 bathroom home appraised for $150,000.

California Real Estate Investor Events:

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

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 2012.

Looking Back:

Results from an NAHB survey showed builders expected homes to average 2,152 square feet by 2015. Lockhart, from the Atlanta Fed, expected the economy to grow up to 4% by 2013. FNC Inc said over 25% of foreclosed properties liquidated in 2008 and 2009 sold at more than a 40% discount. Bank regulators were attempting to push new rules that would require lenders to offer borrowers more principal write-downs.

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

The Norris Group Real Estate News Roundup 3/5/10

Friday, March 5th, 2010

Today’s News Synopsis:

According to Callahan & Associates, the credit union industry originated $95bn from residential mortgages in 2009. The Labor Department reports that 36,000 jobs were lost in February. Chris Kotowski predicts that Fannie Mae and Freddie Mac may force other lenders to to buy back $21 billion of home loans this year. $4.1 billion in lending was sought from the Federal Reserve throughout the last six months.

In The News:

Business Journal“Tiny supply builds hope for housing industry” (3-5-10)

“Existing homes listed for sale are in shorter supply here on a per-capita basis than in 18 major metro areas, including Chicago, Dallas and Atlanta. And unlike areas where condo towers proliferate, such as Las Vegas, the Southern California coast and south Florida markets, Sacramento has among the fewest finished-but-vacant new homes in the country.”

Wall Street Journal“Study Sees FHA Taking More Risk” (3-5-10)

“economists warn that the Federal Housing Administration—which has jumped to fill the void left by the collapse of the private mortgage market—is overlooking factors that signal higher losses, according to a working paper released Thursday. The agency has traditionally turned a profit for the U.S. government. But the economists warn that by underestimating the risks it faces, the FHA has increased the likelihood that it will have to ask Congress for money for the first time in its 75-year history.”

Housing Wire“Credit Unions Originate $95bn in Residential Mortgages in 2009″ (3-5-10)

“The credit union industry originated $95bn in residential mortgages in 2009, taking a 4.5% share of the nation’s total mortgage market. Including the mortgages written last year, the nation’s 7,710 credit unions originated more than $271.9bn in new loans, a 7.1% increase over 2008, according to data released by Callahan & Associates, a Washington, DC-based financial consulting firm that specializes in the credit union industry.”

Housing Wire“Unemployment Holds at 9.7% in February” (3-5-10)

“The economy lost 36,000 jobs in February and the unemployment rate held at 9.7%, according to the Labor Department’s Bureau of Labor Statistics monthly report. The 9.7% unemployment rate is steady from January, but up from February 2009’s rate of 8.2%. The U-6 unemployment rate, which includes not only those without jobs, but also the underemployed, was 16.8% in February, up from 16.5% in January, but down from December’s 17.3%. A year ago, the U-6 unemployment rate was 15%.”

Housing Wire - “Bair: Too Soon to Know How Successful HAMP Will Be” (3-5-10)

“It is true that the numbers of trial and permanent modifications have lagged behind program projections. But at the same time, we saw a slowdown in the pace of new foreclosures in the second half of last year.”

Bloomberg - Fannie, Freddie Ask Banks to Eat Soured Mortgages” (3-5-10)

“Fannie Mae and Freddie Mac may force lenders including Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. to buy back $21 billion of home loans this year as part of a crackdown on faulty mortgages. That’s the estimate of Oppenheimer & Co. analyst Chris Kotowski, who says U.S. banks could suffer losses of $7 billion this year when those loans are returned and get marked down to their true value. Fannie Mae and Freddie Mac, both controlled by the U.S. government, stuck the four biggest U.S. banks with losses of about $5 billion on buybacks in 2009, according to company filings made in the past two weeks.”

Bloomberg - Fed’s TALF Winds Down With Most Loan Requests in Six Months” (3-5-10)

“The Federal Reserve received the most loan requests in six months from investors for the final round of its program that unlocked the market for asset-backed securities. About $4.1 billion in lending was sought, including $1.8 billion for financing of student-loan securities, the New York Fed said yesterday on its Web site. In total, about $7.1 billion of sales this week were of securities that included eligible classes, according to data compiled by Bloomberg.”

Bloomberg - Fed Presidents Say Rates Need to Be Low Early in U.S. Recovery” (3-5-10)

Two regional Federal Reserve Bank presidents, speaking before today’s release of a February report on U.S. jobs, said they believe the central bank should keep rates low until the recovery picks up.”

Inman - “Hitwise: Zillow reclaims No. 2 spot” (3-5-10)

“Zillow eked out a tiny edge over Yahoo Real Estate in February to reclaim its title as the second-most visited real estate site on the Web, according to rankings compiled by Web metrics firm Hitwise. Zillow, which was bumped into third place by Yahoo Real Estate in December, captured 3.43 percent of traffic in the real estate category during February, Hitwise said, compared to 3.4 percent for Yahoo Real Estate. Realtor.com retained its top spot on the Hitwise top 10 list, with 6.67 percent of traffic in the category.”

Looking Back:

One year ago, the Mortgage Bankers Association asked to have the 105 percent LTV limit raised. The MBA observed an increase in delinquencies on mortgage loans. The NAA reported that gross receipts for real estate auctions grew about 1.1.

The Norris Group Real Estate News Roundup 2/3/10

Wednesday, February 3rd, 2010

Today’s News Synopsis:

According to the MBA, mortgage application volume increased by 21 percent on a seasonally adjusted basis from last week. Lender Processing Services reports that home delinquency rates increased to 10 percent from November. Inman and GMAC expect that job losses will increase in the real estate industry.

In The News:

Mortgage Bankers Association“Mortgage Applications Increase in Latest MBA Weekly Survey” (2-3-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 29, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased of 21.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 23.5 percent compared with the previous week.”

Housing Wire“Mortgage Delinquencies Pass 10%: LPS” (2-3-10)

“Home-loan delinquency rates in the US reached 10% in December, up from the record-high 9.97% in November, according to Lender Processing Services (LPS: 39.93 +1.94%), which provides data on mortgage performance.”

Housing Wire“PNC to Repay $7.6bn of TARP Funds” (2-3-10)

“The PNC Financial Services Group (PNC: 53.71 -1.72%) negotiated with regulators to repay $7.6bn of funds, nearly three-quarters of what it received in bailout money from the Treasury Department under the Troubled Asset Relief Program (TARP).”

Bloomberg - “GMAC Cuts More Than 500 Jobs in Mortgage, Auto Finance Units” (2-3-10)

“GMAC Inc., the auto and home lender controlled by the U.S. government, plans to cut about 554 jobs and close three offices as the firm tries to stanch loan losses.”

Inman - “Brokers boost tech spending, recruiting” (2-3-10)

“Real estate brokers are cutting office staff and reducing marketing and advertising expenses to survive the downturn, but most have still managed to beef up spending on technology and agent recruitment and training in the past year, according to a broker survey conducted by Inman News.”

Inman - “Homebuyers gain bargaining power” (2-3-10)

“Buyers nationwide haggled a median 2.7 percent, or $5,618, off the last listing price of homes sold in December, a slight increase from 2.6 percent, or $5,538, in November, and the first and only month-to-month increase in 2009. Bargaining power decreased significantly year-over-year, however. In December 2008, buyers were able to knock a median 4.5 percent, or $10,018, off the last listing price.”

Looking Back:

One year ago, NAR reported that pending home sales increased by 6.3 percent in December. MDA DataQuick claimed 24,436 California homes sold for a million dollars or more during the previous year. The CBIA predicted that 63,400 housing units would be produced in 2009. Zillow announced that the U.S. home market lost $3.3 trillion in value in one year.