California Real Estate Headline Roundup

Posts Tagged ‘Jones Lang LaSalle’

By Bruce Norris .

The Norris Group Real Estate News Roundup 7/27/12

Friday, July 27th, 2012



Sources:

Five Banks Fall Over Weekend, National Tally at 38
Housing starts at highest level in nearly 4 years
June New Home Sales Drop to Five-Month Low
California notices of default down to lowest level since early 2007
Home Values Post First Year-Over-Year Increase Since 2007
Mortgage rates drop to historic lows
Jobless claims fall
Pending Sales of U.S. Homes Unexpectedly Fell 1.4% in June
Foreign investors buy 33% more US real estate in 2Q
Rental vacancies at lowest rate since 2002
Underwhelming Growth Continues
Chicago considers eminent domain to seize underwater mortgages
Moody’s: National eminent domain program would push jumbo RMBS losses
Mortgage Resolution Partners
Waterfall Bond Pioneers Consider Eminent Domain as Investment
Senator Jeff Merkley Announces New Plan to Help Underwater Homeowners
Merkley Unveils Bold Plan to Jump-Start Housing Markets

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  Chicago is another city that will be meeting to decide whether or not to use eminent domain to handle underwater mortgages.  The economy grew at a slower rate of only 1.5% in the second quarter.

In The News:

Housing Wire“Chicago considers eminent domain to seize underwater mortgages” (7-27-12)

“The City of Chicago will hold a hearing over using eminent domain to seize underwater mortgages.”

DS News“Homeownership Rate Edges Up After 15-year Low, Vacancy Rates Fall ” (7-27-12)

“The nation’s homeownership rate rose to 65.5 percent in the second quarter, the Census Bureau reported Friday.”

Bloomberg“Economy in U.S. Grows at 1.5% Rate” (7-27-12)

“The U.S. economy expanded at a slower pace in the second quarter as a softening job market prompted Americans to curb spending.”

CNN Money“How long will the party last for homebuilders?” (7-27-12)

“It’s been a rough five years for the nation’s homebuilders. Following the housing crash, they battled inventory gluts, tumbling home prices, a decimated economy, and a sharp pullback in demand.”

Housing Wire“Fannie Mae to pay foreclosure attorneys higher fees” (7-27-12)

“Foreclosures are taking more time and cost more to complete, so Fannie Mae raised limits on how much its mortgage servicers pay foreclosure attorneys and trustees in 38 states.”

DS News“Global Investment in U.S. Real Estate Increased in Q2 “ (7-27-12)

“As global investor activity picked up in the second quarter, a number of U.S. cities saw more than half a billion dollars each in foreign real estate investment.”

Bloomberg“Wells Fargo to Boost Asia Staff as Morgan Stanley, RBS Trim” (7-27-12)

“Wells Fargo & Co. (WFC), the most valuable U.S. bank and largest home lender, plans to increase its workforce in Asia by at least 10 percent over the next three years as rivals slow their expansion in the region.”

Housing Wire“Rental vacancies at lowest rate since 2002″ (7-27-12)

“The national residential rental vacancy rate in the second quarter was at 8.6% from 8.8% in the first quarter, the lowest second quarter reading since 2002, the Department of Commerce Census Bureau reported on Friday.”

Hard Money Loan Closed

Yucaipa, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 3 bedroom, 1 bathroom home appraised for $300,000.

 

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

Looking Back:

The FHFA reported that mortgage rates decreased to 4.62% in June 2011, marking the third month in a row mortgage rates were been down.  On a weekly basis, mortgage applications decreased 5% from a the previous week.  NAHB reported that the sale of new homes only decreased 1%, thereby remaining consistently low.   Elizabeth Warren of the Consumer Financial Protection Bureau was replaced by Raj Date.

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 5/23/11

Monday, May 23rd, 2011

Today’s News Synopsis:

The FBI said property crimes have dropped 2.5% in the West. A new study shows that homeowners at least two-months delinquent on their mortgage are more likely to strategically default. The Treasury Department released a free online calculator that provides borrowers with an estimate of whether or not they qualify for HAMP. Homeowner insurance premiums are increasing across multiple states.

In The News:

Los Angeles Times“California creating mortgage fraud task force” (5-23-11)

“California Atty. Gen. Kamala Harris, saying that years of unscrupulous lending still haunts the state, is creating a 25-person task force to target mortgage fraud of any size — from small operations that preyed on troubled borrowers to corporations that sold risky loans as safe investments.”

Housing Wire“FBI: Property crimes down across the board in 2010″ (5-23-11)

“Property crimes decreased in each region of the country with a 3.8% drop in the South; a 2.7% decline in the Midwest; a 2.5% reduction in the West; and a 0.5% dip in the Northeast. The FBI said property crimes fell the deepest in cities with populations of more than 500,000 and less than 1 million with a 4% drop.”

Housing Wire“Watch for strategic defaulters, economists suggest after studying Countrywide data” (5-23-11)

“Homeowners at least two-months delinquent on their mortgage may be more apt to strategically default if offered a mortgage modification despite the damage to their credit.”

Bloomberg“U.S. Commercial Real Estate Prices Decline to Post-Crash Low, Moody’s Says” (5-23-11)

“The Moody’s/REAL Commercial Property Price Index dropped 4.2 percent from February and is now 47 percent below the peak of October 2007, Moody’s said in a statement today.”

Dr. Housing Bubble“FHA insured loans now cross a giant tipping point exceeding $1 trillion in book value at risk.” (5-22-11)

“The FHA total book value of loans has soared to over $1 trillion. These are loans made with 3.5 percent down payments and carry laxer lending standards. So it should be no surprise that defaults for FHA insured loans are hitting record levels.”

Housing Wire“CMBS issuance to top $40 billion in 2011″ (5-23-11)

“Commercial mortgage-backed securities are gaining steam with $9 billion issued in the first four months of the year and $40 billion expected by the end of 2011, according to Jones Lang LaSalle”

Housing Wire“Treasury puts HAMP eligibility calculator online” (5-23-11)

“The Treasury Department on Monday released a free calculator online that will provide borrowers an estimate on whether or not they qualify for the Home Affordable Modification Program.”

Wall Street Journal“Homeowner’s Insurance Premiums Are Rising” (5-22-11)

“After five years of relatively stable premiums, some of the country’s biggest insurers have raised rates or say they plan to. Premiums vary by state, but last year, State Farm Mutual Automobile Insurance says it increased homeowners rates 7.3% on average and, this year, has raised them in 18 states, including a few by more than 7%. It cut rates in just two states.”

Orange County Register“Homebuilders ‘coming out of hibernation’” (5-23-11)

“At least 28 new housing developments either have opened since the fall or will be open by next fall, a Register survey of local builders shows. Those projects include more than 3,000 houses, townhomes and duplexes. By comparison, fewer than 2,000 building permits were issued for such homes in the same period in 2009-10, and only around 1,600 were issued in 2008-09.”

Orange County Criminal Attorneys Blog“SCOTUS: California Must Release More Than 1/4 of Prisoners” (5-23-11)

“California must address its overcrowding crisis by releasing over 1/4 of its prison imnate population, according to the Los Angeles’ Times Supreme Court orders California to release tens of thousands of prison inmates. In a 5-4 decision written by Justice Kennedy, the SCOTUS has upheld a federal court order that called for releasing 38,000 to 46,000 prisoners.”

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 3/9/11

Wednesday, March 9th, 2011

Today’s News Synopsis:

Mortgage applications increased 15.5% last week, according to the MBA. UCLA economists predict California’s unemployment rate will remain above 10% until 2013. Freddie Mac’s level of REO properties has grown 145.7% over the past two years. Obama threatened to veto bills terminating the Federal Housing Administration’s Short Refi and the Department of Housing and Urban Development’s Emergency Homeowner Loan Program.

In The News:

Mortgage Bankers Association“Mortgage Applications Increase in Latest MBA Weekly Survey” (3-9-11)

“Mortgage applications increased 15.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 4, 2011.”

Los Angeles Times“California labor market recovery to go more slowly than predicted, report says” (3-9-11)

“The state’s unemployment rate will remain in double digits until early 2013, according to a report slated for release Wednesday by UCLA’s Anderson School of Management . That’s three months later than the university’s economists forecast in December, as California’s weak housing market continues to weigh on the region’s recovery.”

Housing Wire“AARP sues HUD over reverse mortgage foreclosures” (3-9-11)

“A reverse or Home Equity Conversion Mortgage allows the borrower, who must be at least 62 years old, to convert a portion of the equity in the home for cash. No repayment is required until the borrower no longer uses the home as a principal residence or does not meet the obligations of the loan, often in the event of death.”

Housing Wire“Cleveland Fed economist calls for toxic asset bad bank” (3-9-11)

“James Thomson, vice president and financial economist for the Federal Reserve Bank of Cleveland, believes regulators can ease the pain of future financial meltdowns by creating a bad bank to acquire all toxic assets, including underperforming mortgages.”

Housing Wire“Freddie Mac implores mortgage servicers to reach borrowers early” (3-9-11)

“Freddie announced it will use a new scorecard to measure how its mortgage servicers perform beginning in the third quarter. The change is part of a wider revamp of how Freddie will manage its 1,400 servicing companies and monitor how they put troubled mortgages through the loss mitigation process.”

Housing Wire“Freddie Mac hires two REO servicers to help handle rising inventory” (3-9-11)

“The partnership is designed to manage expected increases in REO inventory, Freddie Mac said. At the end of February, the GSE said,the level of its REO properties grew 145.7% in just two years. In 2008, REO inventory was 29,346 compared to 72,093 homes in 2010.”

Housing Wire“Obama threatens to veto bills killing foreclosure programs” (3-9-11)

“The House Financial Services Committee voted last week approving two bills that would terminate the Federal Housing Administration’s Short Refi and the Department of Housing and Urban Development’s Emergency Homeowner Loan Program.”

Bloomberg - “Hotel Purchases Will Soar on Rising Room Rates, Jones Lang LaSalle Says” (3-9-11)

“Hotel rates will gain this year as a recovery in business travel fills more rooms, lodging companies including Marriott International Inc., the biggest hotelier in the U.S., said yesterday in Berlin. Leisure travel is also rebounding after consumers trimmed spending during the recession. Revenue per room in the hotel industry rose worldwide in 2010, according to researcher STR Global.”

Looking Back:

Capital Economics claims that U.S. home values are 20 percent undervalued. Yields on Fannie Mae and Freddie Mac mortgage securities fell to record lows. Trulia reports that 19 percent of homes had a price reduction last month. Real estate appraisers claim that Obama’s new foreclosure program encourages fraud.

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 2/3/11

Thursday, February 3rd, 2011

Today’s News Synopsis:

Freddie Mac reports the average rate for 30-year mortgages increased to 4.81%. The Labor Department said jobless claims declined last week. Freddie Mac funded $15 billion worth of multifamily transactions through its multifamily whole loan and bond guarantee business in 2010. The Treasury Department expects the government to hit the $14.29 trillion debt limit before June.

In The News:

Smart Money“Home Equity Lending Is Back” (2-3-11)

“some lenders are cautiously re-entering the second mortgage market. The effect hasn’t registered in the national statistics yet, but regional banks are reporting significant increases. In the Midwest, Associated Bank issued nearly three times more home equity loans in the second half of 2010 compared to the same period the year before. SunTrust Bank, which operates mostly in the south and Mid-Atlantic, has issued 25% more home equity lines of credit in the past six months compared to the first half of 2010.”

Mercury News“Mortgage rates: Average on 30-year fixed loans rises to 4.81 percent” (2-3-11)

“Freddie Mac said Thursday the average rate rose to 4.81 percent this week from 4.80 percent the previous week. It hit a 40-year low of 4.17 percent in November.”

Housing Wire“Investment in CRE expected to grow 25% worldwide in 2011: Jones Lang LaSalle” (2-2-11)

“Global investment volume will jump 20% to 25% in 2011 to more than $380 billion, according to a report by Jones Lang LaSalle (JLL: 97.95 +0.56%) released Wednesday. In 2010, volume increased 50% from the year prior, up to $319 billion.”

Housing Wire“Jobless claims swing back to a decline” (2-3-11)

“The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Jan. 29 decreased by 42,000 to 415,000, which was a little lower than most analysts’ estimates. Initial claims for the prior week were 457,000, which was revised upward a few thousand by the Labor Department.”

Housing Wire“Freddie Mac multifamily funding surged in second half of 2010″ (2-3-11)

“Freddie funded $15 billion worth of multifamily transactions through its multifamily whole loan and bond guarantee business in 2010. Funding volume, which encompasses the agency’s targeted affordable housing products, is down from $17 billion in 2009.”

Housing Wire“Yahoo! and Zillow go live with largest online real estate network” (2-3-11)

“Last July, the two firms announced that the initiative to have Zillow power all for-sale listings on Yahoo! would be live by the end of 2010. Starting Thursday, any for-sale listing that appears on Zillow, even for-sale-by-owner listings, will automatically appear on Yahoo! Real Estate. At any given time, there are an average of 4 million listings available.”

Housing Wire“Philly Fed scholar pushes for increased quality, not quantity, of homeownership” (2-3-11)

“Alan Mallach, a visiting scholar for the Federal Reserve Bank of Philadelphia, made the case for a future U.S. housing policy that still supports homeownership for low- to middle-income families but also focuses on quality over quantity.”

Bloomberg - “Failure to Raise U.S. Debt Ceiling Would Be Dangerous, Top Obama Aide Says” (2-3-11)

“The government will hit the $14.29 trillion debt limit by the end of May, a little later than initially projected because tax revenues have been more robust than expected, the Treasury Department said in a statement yesterday.”

Looking Back:

One year ago, mortgage application volume increased by 21 percent on a seasonally adjusted basis from the previous week. Lender Processing Services reported that home delinquency rates increased to 10 percent from November. Inman and GMAC expected that job losses would increase in the real estate industry.

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 11/18/09

Wednesday, November 18th, 2009

Today’s News Synopsis:

The MBA’s weekly survey shows 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. believe that U.S. office vacancies may reach 20 percent.

In The News:

Mortgage Bankers AssociationMortgage Applications Decrease in Latest MBA Weekly Survey” (11-18-09)

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 13, 2009.  The Market Composite Index, a measure of mortgage loan application volume decreased 2.5 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 3.3 percent compared with the previous week”

Los Angeles Times“U.S. housing starts dive 10.6%; in the West, 8.5%” (11-18-09)

“Housing starts unexpectedly fell 10.6% to a seasonally adjusted 529,000 annual rate in October, compared with the prior month, the Commerce Department said today. That was a 30.7% drop from October 2008.”

Housing Wire“Housing Starts Fall 10% As Single-Family Completions Rise” (11-18-09)

“The rate of housing starts declined 10.6% from September to October, but the rate of housing completions for single-family homes jumped 10.7%, according to a joint release by the Census Bureau and the Department of Housing and Urban Development (HUD).”

Housing Wire“Genworth Provides Workouts on $2.3bn of Mortgages” (11-18-09)

“Mortgage insurer Genworth Financial (GNW: 11.75 +1.38%) kept $2.3bn worth of mortgages from foreclosure from October 2008 through September 2009, according its quarterly foreclosure prevention report. Genworth worked out 17,810 loans during that time frame — 15% of the 115,000 delinquent loans in its portfolio as of Q309, a Genworth spokesperson told HousingWire.”

Bloomberg - “U.S. Office Vacancies May Approach 20% Next Year” (11-18-09)

“Office landlords in the U.S. will confront vacancy rates approaching 20 percent next year as employers hold off hiring, commercial property brokers Jones Lang LaSalle Inc. and Grubb & Ellis Co. said today.”

Bloomberg - “FHA-Backed Lending Is a ‘Train Wreck,’ Toll Says” (11-18-09)

“The Federal Housing Administration, the agency that insures home purchases made with down payments as small as 3.5 percent, may create another lending crisis, Toll Brothers Inc. Chief Executive Officer Robert Toll said.”

Inman - “HouseLogic is the real deal?” (11-18-09)

“HouseLogic is filled with tips and tricks, advice on various aspects of home maintenance and home improvement, as well as news about real estate and homeownership. Much of the content appears to be syndicated from existing publications via YellowBrix, but there are articles from various freelance writers, newspaper reprints and other content sources.”

Inman - “Appraisal rules draw more fire” (11-18-09)

“The Home Valuation Code of Conduct was intended to protect appraisers from coercion by lenders, and supporters say it’s been effective in that regard. But critics say the code has also led lenders to transfer much of their valuation work away from independent appraisers, and over to appraisal management companies, or AMCs.”