California Real Estate Headline Roundup

Posts Tagged ‘JPMorgan Chase & Co.’

By Bruce Norris .

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

Monday, November 14th, 2011

Today’s News Synopsis:

Prices of homes have declined across the nation 28.3% since June 2006, according to the latest LPS home price index.  According to Housing Wire, more people were hired in the mortgage industry than were laid off in the third quarter.  According to Inman, NAR recently admitted overestimating the number of homes sold.

In The News:

DS News - “LPS: Prices Are 28.3% Below Peak in Mid-2006″ (11-14-11)

“National home prices have been on the decline since June 2006 with a few bursts of increases, which Lender Processing Services  (LPS) attributes to seasonal trends. Overall, prices have declined 28.3 percent since their peak in June 2006, according to LPS’ home price index.”

Realty Times - “Real Estate Outlook: Wealth Gap Related to Housing” (11-14-11)

“Housing has always been linked to wealth in one fashion or another, but now the latest indicators from the Pew Research Center show that housing has been one of the prime reasons for ‘divergent wealth trends’.”

Bloomberg - “Home Prices in U.S. May Droop 8%, Pimco’s Simon Says: Tom Keene” (11-14-11)

“U.S. home prices will probably decline an additional 6 percent to 8 percent before bottoming, Pacific Investment Management Co.’s Scott Simon said.”

O.C. Register - “Pending housing deals up in October” (11-14-11)

“The latest Orange County home inventory report from Steve Thomas of ReportsOnHousing.com says that as of Nov. 10  …’Demand, the number of new pending sales over the prior month, continues to bounce around the 2,900 level since mid-September. In the past two weeks it increased by 60 homes and now totals 2,914. … There are 244 additional pending sales this year compared to last year at this time, 8% stronger. This will of course translate to an increase in year over year sales at the end of the year’.”

Realtor Magazine - “Meausured Improvement in Commercial Sectors Expected” (11-14-11)

“Despite sluggish economic growth and continuing concerns over high unemployment and the struggling housing market, the modest but steady improvement in commercial real estate in 2011 is expected to continue into 2012 and 2013, analysts told REALTORS® yesterday.”

Housing Wire - “Mortgage hirings outpace layoffs in 3Q” (11-14-11)

“Hirings in the mortgage industry outpaced layoffs in the third quarter, according to a new report compiled by MortgageDaily.  Total layoffs for the period hit 2,502, compared to 5,404 layoffs in the second quarter. ”

Inman - “NAR acknowledges overestimating home sales” (11-14-11)

“Potential problems with NAR’s benchmarking methodology were first reported by the blog Calculated Risk in January, and further detailed in a report by analysts with CoreLogic that concluded NAR may have overstated home sales by 15 to 20 percent.”

Housing Wire“BofA mired in billions of mortgage litigation” (11-14-11)

“Bank of America (BAC: 6.025 -2.98%) more than tripled its litigation expenses resolving mortgage problems from Merrill Lynch and Countrywide Financial Corp. in 2011, but they appear to be making at least some progress.”

DS News - “California Expands Its Homeowner Relief Program” (11-14-11)

“California’s Keep Your Home California program is relaxing some of its eligibility restrictions and increasing the amount of assistance it provides struggling homeowners.”

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.

The Norris Group Real Estate News Roundup 10/17/11

Monday, October 17th, 2011

Today’s News Synopsis:

A final ruling was approved today by the Federal Reserve Board that would require banks to submit resolution forms explaining how they would hanldle specific situations in stressful times.  There are now 80 failed banks with the recent seizure of four more institutions.  The Wall Street Journal reported a new problem has arisen for the housing market: less attractive inventory.

In The News:

Realty Times - “Real Estate Outlook: Key Metro Markets Improve” (10-17-11)

“Despite mixed reports about housing in the past few weeks, there do seem to be some cities showing marked improvement as of late. The National Association of Home Builders’ First American Improving Markets Index (IMI) shows that 23 markets, up from last month’s 12, now qualify for their list.”

Housing Wire - “Fed approves final rule on bank resolution plans” (10-17-11)

“The Federal Reserve Board approved a final rule Monday that forces bank holding companies with $50 billion or more in assets and certain nonbank firms to submit resolution plans explaining how they would wind down their businesses in times of stress.”

DS News - “Regulators Seize Four Community-Based Lending Institutions” (10-17-11)

“This year’s failed-bank tally has risen to 80 with the closings of four more lenders over the weekend in Georgia, Illinois, New Jersey, and North Carolina.”

Bloomberg - “CMBS Sales to Reach $30 Billion in 2012 on REfi Needs, JPMorgan” (10-17-11)

“Property owners needing to refinance will fuel issuance of bonds backed by commercial-mortgages to as much as $30 billion in 2012, according to JPMorgan Chase & Co. (JPM) .”

San Francisco Chronicle - “California Diminished by 1978 Tax Revolt Shows U.S. in Decline” (10-17-11)

“California voters approved Proposition 13 to rein in property taxes that had  doubled in 10 years. More than three decades later, that rebellion has mortgaged  the state’s future, saddling it with the nation’s highest debt and lowest credit  rating.”

Housing Wire“Different mortgage types default at different times” (10-17-11)

“Both fixed-rate and adjustable-rate mortgages are susceptible to default, though at different times when the right amount of economic volatility shakes the financial markets, according to a new report from the National Bureau of
Economic Research.”

O.C. Register - “U.S. homebuying at 4-month low” (10-17-11)

“The national homebuying index from DataQuick and its analysts at DQNews shows home sales at a four-month low.”

DS News - “Moody’s: Citi, GMAC, Ocwen Perform Well” (10-17-11)

“Amid a challenging environment for servicers, CitiMortgage, GMAC, and Ocwen have outperformed major competitors – Bank of America and Chase – with regards to loss mitigation and foreclosure timelines, according to a recent report from Moody’s.”

Wall Street Journal - “Slim Pickings Are Latest Headache for Home Sales” (10-17-11)

“The housing market, which has struggled with an oversupply of homes for years, is facing a new problem: a lack of attractive inventory.  There were more than 2.19 million homes listed for sale at the end of September, down 20% from a year earlier, according to a new report from the real-estate website Realtor.com. That is the lowest level since the company began its count in 2007.”

Rismedia - “Monday Morning Mobile: Property Search 3.0 Makes Its Way to NY” (10-17-11)

“There’s no question that as a society we are more mobile than we have ever been.  With over 300 million mobile users in this country, a 96% penetration rate, it’s safe to say this isn’t going to change anytime soon, instead only increase.”

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.

The Norris Group Real Estate News Roundup 10/3/11

Monday, October 3rd, 2011

Today’s News Synopsis:

Bloomberg reported spending on construction increased in August the most it has been in two years.  Foreclosures are also increasing again, accoring to the Realty Times.  Despite this, a new study was released by CoreLogic showing that there are still positive numbers for equity in the country, showing that more homeowners are doing well than it may seem.

In The News:

Bloomberg - “Strategic Mortgage Delinquencies as High as 27%” (10-3-11)

“The number of borrowers choosing to fall behind on payments on U.S. home loans packaged into bonds without government backing has held steady over the past year, meaning the “strategic delinquencies” account for a larger share of new late payments, according to JPMorgan Chase & Co. (JPM) .”

Housing Wire - “Jumbo mortgages to remain steady after conforming loan limit drop” (10-3-11)

“The elevated conforming loan limit on mortgages guaranteed or insured by the government expired Saturday, but the only issuer of private-label jumbo securities since the crash said the largest banks will still move forward.”

DS News - “Moody’s: Refinancing Is Key to Housing Market Recovery” (10-3-11)

“If all of Fannie Mae’s and Freddie Mac’s borrowers paying interest rates that are higher than the median rate were to refinance at 4 percent, the savings would total $63 billion.”

Realty Times - “Real Estate Outlook: Foreclosures Rise Again” (10-3-11)

“Housing has remained in its state of flux this week, with mixed news from across the sector.  The National Association of Realtors latest existing-home sales report shows that sales rose in August by 7.7 percent”

San Francisco Chronicle - “Gross Says Recession Risk Overtaking New Normal Forecast” (10-3-11)

“Bill Gross, the manager of the world’s biggest bond fund, said the global  economy risks lapsing into recession with the pace of growth falling below the  “new normal” level the firm has predicted since 2009.”

DS News - “Closing of Texas Bank Pushes Year’s Failures to 74″ (10-3-11)

“The Texas Department of Banking and the FDIC seized control of First International Bank in Plano, Texas, over the weekend.”

Housing Wire - “CoreLogic launching new borrower credit report” (10-3-11)

“CoreLogic (CLGX: 10.38 -2.72%) is launching a new credit score service it claims will give lenders a much stronger sense of a borrower’s outstanding debts.”

Realtor Magazine - “Appraisals Blamed for More Deals Falling Through” (10-3-11)

“Appraisers are increasingly taking the heat for more transactions being canceled or delayed after more appraisals reportedly are coming through that don’t meet the contract price.”

Los Angeles Times - “Most homeowners still faring well, with positive equity” (10-3-11)

“A new study, conducted by mortgage and real estate data firm CoreLogic for this column, found that there are substantial reserves of positive equity across the country. CoreLogic maintains the largest database on home loans — 42 million
active accounts, more than 80% of all existing mortgages — with information supplied regularly by lenders and servicers.”

Bloomberg - “Construction Spending in U.S. Unexpectedly Rose in August on Local Outlays” (10-3-11)

“Construction spending in the U.S. unexpectedly rebounded in August, propelled by the biggest jump in state and local government outlays in more than two years.”

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.

The Norris Group Real Estate News Roundup 9/9/11

Friday, September 9th, 2011

Sources:

Americans Harbor Glum Outlook for Housing and the Economy
State sees first bump in property assessments in three years
Obama Pledges to Refinance Millions of Mortgages at Today’s Rates
CBO casts doubt over Fed refinancing plan
Financial Firms ‘Disappointed’ FHFA Chose Lawsuits Over Negotiations
AG Settlement Will Not Release Banks from Securitization Liability

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events.  This week, the Flood Insurance Reform Act of 2011 was passed this week by the Senate Banking Committee in order to make flood insurance more affordable to people in high-risk living areas.  Mortgage rates are still at an all-time low, according to Realty Times.  JP Morgan stated that they expect to decrease another 6-7% before hitting their all time low as early as 2012.

In The News:

DS News - Fed’s Field Contacts Report on Weak Spots in Housing” (9-9-11)

“The Federal Reserve has published a new rendition of its market-gauging Beige Book, which indicates economic activity across the country is expanding at only a ‘modest pace’.”

Housing Wire - “Senate Banking Committee passes flood insurance legislation” (9-9-11)

“The Mortgage Bankers Association applauded the Senate Banking committee for passing the Flood Insurance Reform Act of 2011 this week.”

Bloomberg - “Banks May Fight Banks as Mortgage Securities Investors Try for Class Suits” (9-9-11)

“Banks including JPMorgan Chase & Co. (JPM)and Bank of America Corp. (BAC) may pay more to resolve claims over their alleged roles in the collapse of a $2.3 trillion mortgage-backed securities market if sophisticated investors are allowed to sue as a group along with less savvy ones.”

NAHB - “Statement from NAHB Chairman Bob Nielsen on President Obama’s Address to the Nation” (9-9-11)

“Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev., today issued the following statement regarding President Obama’s address to the nation last night.”

Inman - “New index tracks metros with growth in real estate prices, permits and jobs” (9-9-11)

“After enduring what has seemed like an endless string of dismal numbers reports, the housing industry is about to get some good news. Tuesday, the National Association of Home Builders (NAHB) launched the NAHB/First American Improving Markets Index (IMI), dedicated entirely to tracking metropolitan areas that have consistently shown signs of improvement.”

Realty Times - “Mortgage Rates Attain New All-Time Record Lows Again” (9-9-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates, fixed and adjustable, hitting all-time record lows amid market and employment concerns and economic uncertainty.

Bloomberg - “Bernanke Says Tighter Budgets May Hurt Recovery as Fed Considers Stimulus” (9-9-11)

“Federal Reserve Chairman Ben S. Bernanke warned that quick deficit reduction may hurt the recovery and said the central bank this month will consider steps to bolster growth and spur hiring.”

Housing Wire - “JPMorgan expects further drop in home prices” (9-9-11)

“Home prices could dip another 6% to 7%, before hitting rock bottom in early 2012, according to analysts at JPMorgan Chase (JPM: 32.08 -4.27%).”

Looking Back:

Mortgage rates increased to 4.35 percent after weeks of record-breaking lows. Jobless claims fell 5.6% the previous week, according to the Labor Department. Callahan & Associates reported credit unions originated $31.4 billion in mortgages during the first 2 quarters of 2010. Statistics from Real Capital Analytics showed hotel purchases increased 136% during the first two quarters of 2010.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor 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 8/24/11

Wednesday, August 24th, 2011

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications are at their lowest level in 15 years.  Members of Vintage East Condominium Association sued JPMorgan Chase & Co in order to take back a property they said JP Morgan was taking too long to foreclose on.  Rents are still on the rise as they continued to increase in July for the 11th straight month.

In The News:

DS News - Prices of Homes Backing GSE Mortgages Fell 0.6% in Second Quarter” (8-24-11)

“Home prices in the U.S. were 0.6 percent lower in the second quarter than in the first quarter of 2011, according to the Federal Housing Finance Agency (FHFA).”

Bloomberg - “Homeowner Associations in Need of Cash Sue to Force Foreclosures” (8-24-11)

“Members of the Vintage East Condominium Association in Miami Beach got tired of waiting for JPMorgan Chase & Co. (JPM) to foreclose on unit 9, so they sued the bank in February to take control of the property.”

Housing Wire - “Moody’s: CMBS delinquencies up to 9.24% in July” (8-24-11)

“The delinquency rate on home loans within commercial mortgage-backed securities rose 22 basis points to 9.24% in July, according to Moody’s Investors Service.  The rate stayed higher than 9% each month this year. For July 2010, the
delinquency rate was 7.89%.”

Mortgage Bankers Association - “Mortgage Applications Decrease with Purchase Index at Lowest Level Since 1996″ (8-24-11)

“Mortgage applications decreased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 19, 2011.”

O.C. Register - “SoCal rents up 11th straight month” (8-24-11)

“The landlord-vs.-renter battle over price stayed on the owners’ side last month as SoCal rents rose for the 11th consecutive month in July. That’s according to a measurement inside the latest regional Consumer Price Index.  According the the Bureau of Labor Statistics, rents in Southern California rose at an annual rate of 1.4% in July.”

Rismedia - “Housing Affordability Hovers Near Record Level as Some Markets Begin to Stabilize” (8-24-11)

“Nationwide housing affordability during the second quarter of 2011 hovered for the 10th consecutive quarter near its highest level in the more than 20 years it has been measured, according to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) data released recently.”

San Francisco Chronicle - “New-home sales fell for 3rd straight month in July” (8-24-11)

“Sales of new homes fell for the third straight month in July, a sign that  housing remains a drag on the economy. If the current pace continues, 2011 would  be the worst year for new-home sales in decades.”

CNN Money - “Foreclosure Settlement: Spat among the states” (8-24-11)

“A deal to help victims of improper foreclosures has been slow going, in large part because of infighting among state attorneys general over giving banks a free pass from future lawsuits.”

DS News - “Mortgage Contracting Services Appoints Assistant Vice President” (8-24-11)

“Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation, inspections, and REO property maintenance, announced Wednesday the addition of Anthony Calabrese as assistant vice president.”

San Francisco Chronicle - “U.S. Banks Facing Main Street Squeeze as Economy Saps Earnings” (8-24-11)

“Two U.S. Treasury secretaries and Federal Reserve Chairman Ben S. Bernanke  provided capital and cheap loans to banks during the last three years to help  fuel an economic revival. It hasn’t worked out.”

Looking Back:

Existing home sales experienced a dramatic decrease of 27.2 percent in July 2010, according to the NAR. Housing production decreased by 10 percent in June 2010.  CAR reported California home sales decreased 20.8 percent in July 2010. Statistics from the California Employment Development Department showed that 7,100 jobs were lost from July 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 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 1/13/11

Thursday, January 13th, 2011

Today’s News Synopsis:

Top News Stories: Several sources have reported that the number of foreclosures are expected to increase in 2011.  Bloomberg expected them to rise almost 20%.  In other news, a top story is that mortgage rates declined for the second week in a row according to Freddie Mac. Corelogic reported that home prices continued to decline.  On a positive note, however, John Burns said this has not stopped consumers from wanting to purchase homes.

In The News:

Housing Wire- “Foreclosures getting more erratic out West: ForeclosureRadar” (1-13-11)

“As mortgage servicers grapple with unique foreclosure issues from state to state, the amount of filings varied just as widely in December.”

Inman - “Steady growth foreseen, but no ‘housing revival’” (1-13-11)

“A recovering economy should translate into a spring home-selling season that’s better than last year’s, according to two economic forecasts presented jointly here at the annual meeting of the National Association of Home Builders.”

Bloomberg - “U.S. Foreclosure Filings May Jump 20% in 2011 as Crisis Peaks” (1-13-11)

“The number of U.S. homes receiving a foreclosure filing will climb about 20 percent in 2011, reaching a peak for the housing crisis, as unemployment remains high and banks resume seizures after a slowdown, RealtyTrac Inc. said.”

RisMedia - “RealtyTrac Releases Year-End Foreclosure Report” (1-13-11)

“RealtyTrac, a leading online marketplace for foreclosure properties, released its Year-End 2010 U.S. Foreclosure Market Report, which shows a total of 3,825,637 foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on a record 2,871,891 U.S. properties in 2010, an increase of nearly 2% from 2009 and an increase of 23% from 2008.”

Housing Wire – “Freddie Mac mortgage rates decline for second consecutive week” (1-13-11)

“After about a month and half of increases, Freddie Mac mortgage rates declined for a second consecutive week.”

CNN Money - “Regulators: Wake up and smell the loan risks” (1-13-11)

“Disputes related to failed mortgages are ballooning amid the fallout of loan securitizations and sales made by some of the biggest banks. But, for the time being, it doesn’t look like the primary bank regulators are doing much about it.”

DS News - “Pro Teck Valuation Services Partners with Collateral Analytics” (1-13-11)

Pro Teck Valuation Services, a Massachusetts-based national provider of residential real estate valuations, recently partnered with Collateral Analytics, a developerof real estate analytic products and tools headquartered in Hawaii, to offer a suite of real estate analytic products to Pro Teck customers.”

Realtor - “More Borrowers Face Expiring Lock-in Rates “ (1-13-11)

“Many borrowers opt to lock in mortgage rates when buying a home or refinancing to help protect themselves against any sudden increases in interest rates while the loan is being processed.”

The O.C. Register - “Calif. home prices decline again” (1-13-11)

“Whatever momentum the California housing market may have had early last year seems to have evaporated. California home prices were falling at a 2.03 percent annual rate in November, the second consecutive year-over-year drop, according to CoreLogic’s math.”

Housing Wire - “John Burns: Despite the housing struggle, people still want to buy” (1-13-11)

“While the overall economy is starting to head forward through recovery, housing continues to stumble behind, according to a recent report card from John Burns Real Estate.”

Looking Back:

CBIA reported that condominium sales were 39 percent higher from 2009. The MBA’s weekly survey showed that mortgage loan application volume increased by 14.3 percent from the prior week. Jumbo residential mortgage-backed securities increased to 9.2 percent from December 2008 to December 2009. All but two of the Federal Reserve districts reported increased activity or improved conditions.

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.