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By Bruce Norris .

The Norris Group Real Estate News Roundup 4/22/13

Monday, April 22nd, 2013


Today’s News Synopsis:

Existing home sales decreased unexpectedly last month by 0.6%.  The NAHB is urging Congress to make changes that will improve the guest workers provisions in the Immigration Bill.  California Attorney General Kamala Harris announced that grant funds obtained by the recent mortgage settlement will be used to help many homeowners affected by foreclosures.

In The News:

Bloomberg - “Previously Owned U.S. Home Sales Unexpectedly Fell in March” (4-22-13)

“Sales of previously owned U.S. homes unexpectedly dropped in March, showing uneven progress in the industry.”

Housing Wire – “Majority opinion: Reduce Treasuries first, hold fast on MBS” (4-22-13)

“While the technical backdrop has improved for mortgage-backed securities, the vast majority of investors appear complacent with respect to the Federal Reserve’s exit from the market, said JPMorgan Chase in its latest survey.”

DS News – “California Groups Awarded $9.4M to Provide Foreclosure Help” (4-22-13)

“Grant funds secured through the national mortgage settlement will be used to provide a wide range of assistance to California homeowners impacted by the state’s foreclosure crisis. California Attorney General Kamala D. Harris announced 21 organizations were awarded funds through a $9.4 million grant.”

NAHB - “Home Builders Call on Congress to Improve Immigration Bill’s Guest Worker Provisions” (4-22-13)

“The National Association of Home Builders (NAHB) commends the bipartisan Senate sponsors of legislation to advance comprehensive immigration reform and today called on lawmakers to improve the guest worker provisions in the bill to address the significant role that foreign workers play in the housing industry and to help alleviate current labor challenges that are hampering the housing and economic recovery.”

Realty Times - “Freddie Mac Offers Delinquent Borrowers Streamlined Modification” (4-22-13)

“Struggling homeowners are getting a big break this summer from Freddie Mac’s and Fannie Mae’s Streamlined Modification program.”

Housing Wire - “Redwood maps out geographically diverse RMBS deal” (4-22-13)

“It’s like clockwork.  Real estate investment trust Redwood Trust is exceeding its monthly issuance goal, setting out with its sixth and most geographically diverse private-label residential mortgage-backed securitization deal of the year.”

DS News - “Gallup: More Americans Expect Home Prices to Rise in Their Area” (4-22-13)

“The infectious optimism surrounding the housing market has the majority of Americans feeling more positive, according to survey results from Gallup.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $75,000 on a 3 bedroom, 1 bathroom home appraised for $146,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with Chino Valley Real Estate on Friday, May 17, 2013.

 

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

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The Norris Group Real Estate News Roundup 4/16/13

Tuesday, April 16th, 2013


Today’s News Synopsis:

In a big news story, housing starts increased 7% last month, exceeding expectations.  The 2014 fiscal budget showed a potential taxpayer bailout totaling $943 million to cover losses from bad loans.  The recent S & P Dow Jones Indeces showed mortgage default rates decreased again in March to 1.41%.

In The News:

NAHB - “Housing Starts Rise on Strength in Multifamily in March” (4-16-13)

“Soaring production of multifamily apartments pushed nationwide housing starts beyond the million-unit mark for the first time since 2008 in March, according to newly released figures from HUD and the U.S. Census Bureau.”

DS News – “Greystone Originates $43M for 4 Multifamily Properties” (4-16-13)

“Greystone, a national provider of multifamily and healthcare mortgage loans, originated more than $43 million in loans for four properties.”

Housing Wire – “Foreclosure aid programs lifted by $70.1 million in NeighborWorks funds” (4-16-13)

“NeighborWorks America, a nonprofit that focuses on homeownership and aiding distressed borrowers, awarded state housing finance agencies and counseling organizations $70.1 million in funding, enough to aid roughly 193,000 troubled homeowners.”

Bloomberg - “J.C. Penney Said to Seek Ways to Split Real Estate for Cash” (4-16-13)

“J.C. Penney Co. (JCP) is exploring ways to borrow against its real estate holdings to help raise cash, two people with knowledge of the situation said.”

DS News - “Foreclosure-Prevention Scams Rise, Overall Mortgage Fraud Declines” (4-16-13)

“The Financial Crimes Enforcement Network reported a 25 percent decline in mortgage loan fraud suspicious activity reports (SARs) last year.”

Realty Times - “Silent Crime Against Homeowners: Mortgage Fraud” (4-16-13)

“Mortgage fraud is on the rise. However, these silently-perpetrated crimes are preventable.”

Housing Wire - “Housing recovery energizes agency MBS issuance: JPMorgan Chase” (4-16-13)

“The housing rebound underway is lifting home sales volume and prices, leading to a greater supply of agency mortgage-backed securities.”

DS News - “National Mortgage Default Rates Fall in March” (4-16-13)

“Mortgage default rates moved lower along with the overall national default rate in March, according to the Consumer Credit Default Indices released by S&P Dow Jones Indices and Experian.”

Realty Trac - “President’s 2014 Budget Foresees $943 FHA Bailout” (4-16-13)

“The Obama administration’s proposed fiscal budget for 2014 estimates that the cash-strapped Federal Housing Administration (FHA) will need a $943 million taxpayer bailout this year to cover losses from shaky loans the agency insured as the housing  market collapsed in 2007.”

Housing Wire – “Prudential regulators defend too-big-to-fail efforts” (4-16-13)

“Financial regulators are confident steps they took to protect the nation from too-big-to-fail banks are enough to curtail excessive risk-taking.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $58,000 on a 3 bedroom, 1 bathroom home appraised for $154,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with Chino Valley Real Estate on Friday, May 17, 2013.

Looking Back:

NAHB reported a decline in builder confidence this month, bringing it down to 25.  According to Bloomberg, prices for homes increased 1.6% last month for the first time in over a year.  Remodeling jobs on homes also increased in February to 2.89 million, marking that month the third month in a row for increased remodeling.

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

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The Norris Group Real Estate News Roundup 4/12/13

Friday, April 12th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The number of foreclosures increased 73% from January.  Both Wells Fargo and JPMorgan reported first quarter profits were some of the best on record.

In The News:

Housing Wire - “Sen. Boxer: Servicing standards fall short of settlement” (4-12-13)

“U.S. Sen. Barbara Boxer, D-Calif., sent a letter to federal officials urging them to investigate allegations that banks are not fully complying with servicing standards laid out in the National Mortgage Settlement.”

Bloomberg - “Economy Bears Turn Bulls Seeing 3% U.S. GDP Few Saw in 2012″ (4-12-13)

“Bearish forecasts for the U.S. economy are giving way to more upbeat views of the nation’s ability to weather federal spending cuts and tax increases.”

DS News – “Wells Fargo, JPMorgan Report Record Profits in Q1″ (4-12-13)

“Wells Fargo and JPMorgan Chase both pulled in record quarterly profits during the first months of 2013, according to earnings reports released Friday by both banks.”

Inman – “Mortgage rules may put chill on Canada’s spring buying season” (4-12-13)

“Home sales in the metro Montreal market fell 18 percent during the first quarter compared to a year ago, the latest evidence that new mortgage rules introduced by Canadian regulators last summer have cooled markets there.”

DS News - “California Foreclosure Starts Up 73% from January” (4-12-13)

“Foreclosure starts in California showed a huge increase since the beginning of this year, but the long-term trend still points to an overall decrease, ForeclosureRadar reported.”

Housing Wire - “Colorado bill to end dual-tracking dies in committee” (4-12-13)

“Proposed legislation designed to end the practice of dual tracking in Colorado died in committee this week.”

Inman - “Redfin: Feels like a bubble, but it’s not” (4-12-13)

“An informal Inman News survey of agents around the country shows many real estate professionals are experiencing market conditions that, at least on a surface level, resemble those of the housing bubble.”

DS News - “Foreclosure Timelines Are Lengthening” (4-12-13)

“Foreclosure timelines are lengthening, according to recent reports from Moody’s Investors Service and RealtyTrac.  In addition to this trend, Moody’s highlighted the importance of net present value (NPV) models in the loss mitigation process for residential mortgage-backed securities.”

Hard Money Loan Closed

Yucca Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $220,000 on a 4 bedroom, 3 bathroom home appraised for $370,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with Chino Valley Real Estate on Friday, May 17, 2013.

Looking Back:

This week saw many changes in the real estate economy.  The number of foreclosures filed was at its lowest in over four years since 2007.  Unfortunately, the number of claims of unemployment increased 13,000 the previous week to a level not experienced since January.  Mortgage rates decreased again 3.88% for 30-year loans and 3.11% for 15-year loans, the lowest on record.

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

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The Norris Group Real Estate News Roundup 3/20/13

Wednesday, March 20th, 2013


Today’s News Synopsis:

According to the latest MBA Mortgage Applications Survey, applications for mortgages decreased 7.1% from last week.  Several banks are facing a lawsuit from Freddie Mac for libor manipulation.  Morgan Stanley reported the housing market is showing some signs of improvement, but there are still some factors causing hindrances to a full recovery.

In The News:

DS News- “Average Months in Distress Extended in Judicial, Non-Judicial States” (3-20-13)

“The time properties stay in distress before going to sale has increased nearly five fold since 2003 in non-judicial states, according to CoreLogic’s March MarketPulse report.”

Bloomberg – “Freddie Mac Sues Multiple Banks Over Libor Manipulation” (3-20-13)

“Freddie Mac (FMCC) sued Bank of America Corp., UBS AG (UBSN), JPMorgan Chase & Co. (JPM) and a dozen other banks over alleged manipulation of the London interbank offered rate, saying the mortgage financier suffered substantial losses as a result of the companies’ conduct.”

Housing Wire – “Housing on track to improve, but hurdles remain: Morgan Stanley” (3-20-13)

“Strong momentum in home prices as well as housing activity gave Morgan Stanley analysts enough confidence to upgrade their home price appreciation projections to roughly 7% for 2013, according to its latest global securitized credit report..”

CNN Money - “Veteran unemployment dropped to 9.9% in 2012″ (3-20-13)

“The unemployment rate for veterans dropped last year, according to a report out Wednesday from the U.S. Bureau of Labor Statistics, but vets still lag behind non-vets in the job market.”

Realty Times - “Growing Home Equity Makes Refinancing Possible” (3-20-13)

“The Federal Reserve recently released data which shows that American homeowners’ net equity holdings in their homes has increased by nearly half a trillion dollars during the last last three months of 2012.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-20-13)

“Mortgage applications decreased 7.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 15, 2013.”

DS News - “Trulia: Owning Costs 44% Less Than Renting” (3-20-13)

“Home price gains may be outpacing increases in rent, but the cost of being a homeowner is still much less than that of being a renter, according to Trulia’s Winter 2013 Rent vs. Buy report.”

Housing Wire- “Ellie Mae: Continued LTV upswing indicates HARP traction” (3-20-13)

“Mortgages with loan-to-value ratios of 95% and above experienced a refinancing spike in February, indicating that the Home Affordable Refinancing Program continues to gain traction, Ellie Mae said in its latest origination report.”

Hard Money Loan Closed

Studio City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $765,000 on a 5 bedroom, 3.5 bathroom home appraised for $1,275,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

Looking Back:

As of the previous month, housing starts were at their highest they had been in three years as well as building permits increased.  Fannie Mae and Freddie Mac completed a total of 1.1 million loan modifications since September 2008.  The Chief Financial Officer for Taylor, Bean, and Whitaker pleaded guilty on this day for his role in a $2.9 billion mortgage fraud scheme.

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

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The Norris Group Real Estate News Roundup 3/8/13

Friday, March 8th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The unemployment rate declined to 7.7% with the addition of over 200,000 new jobs.  Of all the new jobs added, 48,000 were in the construction industry.

In The News:

Housing Wire - “Construction industry adds 48,000 jobs” (3-8-13)

“The construction industry added 48,000 jobs in February, creating a dose of optimism in a segment of the economy gutted by the 2008 housing crisis.”

DS News – “Economy Adds 236K Jobs in February; Unemployment Rate Slips” (3-8-13)

“The economy added 236,000 jobs in February and the unemployment rate slipped to 7.7. percent, its lowest level since December 2008, the Bureau of Labor Statistics reported Friday.”

Bloomberg - “Bank of America Raises Forecast for Gain in Home Prices” (3-8-13)

“U.S. home prices probably will rise 8 percent this year, up from a previous estimate of a 4.7 percent increase, according to Bank of America Corp.”

Inman- “Customized reports track construction throughout California” (3-8-13)

“The California Homebuilding Foundation (CHF) has introduced a new database it says will provide real estate professionals and researchers with more comprehensive reports on construction projects throughout California.”

DS News- “Fitch: CMBS Delinquencies Down for 9th Straight Month” (3-8-13)

“U.S. CMBS delinquencies spiraled downward for the ninth straight month in February, Fitch Ratings reported Friday.”

Housing Wire – “FHA to establish its own qualified mortgage rule: Galante” (3-8-13)

“The Federal Housing Administration is constructing its own version of the qualified mortgage rule, said FHA Commissioner Carol Galante, during the JPMorgan Chase Securitization Research conference.”

Hard Money Loan Closed

Lakewood, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $250,000 on a 3 bedroom, 1.5 bathroom home appraised for $393,000.

 

Bruce Norris and Craig Hill of The Norris Group will be hosting a one hour Hard Money Loan Webinar TODAY from 12pm-1pm.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Looking Back:

Mortgage rates continued to stay low, which is increasing the number of people who can afford to buy a home.  15-year loans hit a record low of 3.13%.  Despite this, household debt increased in the fourth quarter for the first time in four years.  Home prices decreased for the sixth month in a row last January.  A recent report stated the FHFA needs to improve the way they supervise Freddie Mac.

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

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The Norris Group Real Estate News Roundup 3/4/13

Monday, March 4th, 2013


Today’s News Synopsis:

The latest Fitch Ratings showed increased sales in home improvement confirms the economy is gaining momentum.  Fiserve also reported home prices are continuing to increase at a normal rate.  The Coalition for Sensible Housing Policy is begging the Fed to redo the rule for QRM and base it off the original QM rule.

In The News:

DS News- “Nevada AG Reveals Top Five Mortgage Fraud Complaints in 2012″ (3-4-13)

“In recognition of National Consumer Protection Week (NCPW), Nevada Attorney General Catherine Cortez Masto released a list of the top five most common mortgage fraud consumer complaints addressed by the state’s Mortgage Fraud Unit (MFU).”

Realty Times – “Lowest Priced Distressed Properties Losing ‘Bargain’ Edge” (3-4-13)

“The bargain basement fixer-upper is getting passed over for ready-to-go homes and that’s putting downward pressure on the value of the heavily discounted properties.”

Housing Wire – “JPMorgan may refinance all HARP borrowers by September: BofAML” (3-4-13)

“The potential for Home Affordable Refinance Program burnout on JPMorgan Chase serviced collateral could be reflected in slower speeds as early as the next three months, according to Bank of America Merrill Lynch.”

DS News- “Fiserv: Home Prices Growing at a ‘Normal’ Pace” (3-4-13)

“The housing market is seeing prices appreciate at a normal pace, with further growth expected in the next five years, according to Fiserv Inc.”

Bloomberg - “Securitization Lobby in Disarray After Most Directors Quit” (3-4-13)

“The main trade association for the securitization industry is in turmoil after most of the board resigned in a dispute with the group’s executive director over governance and bonuses, according to six people with knowledge of the matter.”

Housing Wire - “Housing Coalition urges Fed to rethink QRM” (3-4-13)

“The Coalition for Sensible Housing Policy (CSHP) urges prudential regulators to base the Qualified Residential Mortgage rule (QRM) on the previously released Qualified Mortgage rule (QM), according to a letter from the agency to the Federal Reserve.”

DS News - “Report: Rise in Home Improvement Sales Confirms Recovery” (3-4-13)

“Increased profits at home improvement outlets underscore Fitch Ratings’ view that the housing recovery is in its early stages, the ratings agency said in a release.”

Bloomberg- “‘Investor’s Revenge’ Depresses CMBS Values, Deutsche Bank Says” (3-4-13)

“Wall Street banks struggled to unload commercial-mortgage bonds last month as $10 billion in new deals swamped investors.  JPMorgan Chase & Co. last week issued securities ranked BBB-, the lowest investment-grade level, to yield 390 basis points more than the benchmark swap rate, according to data compiled by Bloomberg.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $65,000 on a 3 bedroom, 2 bathroom home appraised for $115,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IVAOR on Wednesday, March 6, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

 

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

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The Norris Group Real Estate News Roundup 2/26/13

Tuesday, February 26th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 1.7% decrease in mortgage applications from last week.  New home sales increased last month 15.6%, while home prices also increased at the fastest pace in almost seven years.  The FHFA reported mortgage rates are ever so slightly increasing again with 30-year rates now at 3.35%.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-25-13)

“Mortgage applications decreased 1.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 15, 2013.”

DS News – “Case-Shiller Indices Show Fastest Gain in 6 Years” (2-26-13)

“Home prices rose at their fastest pace since July 2006, according to Standard and Poor’s Case-Shiller 10- and 20-city Home Price Indices.”

Bloomberg - “New-Home Sales in U.S. Surge to Highest Level Since 2008″ (2-26-13)

“Purchases of new homes surged in January by the most in two decades and consumer confidence jumped this month, signs of a rebound in U.S. economic growth at the start of 2013.”

CNN Money - “Bernanke: Spending cuts add ‘significant’ burden to recovery” (2-26-13)

“Automatic budget cuts set to go into effect this week will slow the already sluggish U.S. economy even further, Federal Reserve Chairman Ben Bernanke warned senators Tuesday.”

Housing Wire - “FHFA: Mortgage rates edge back up” (2-26-13)

“The Federal Housing Finance Agency reported Tuesday that the national average contract mortgage rate for the purchase of a previously occupied home – an index for ARM loans – edged back up to 3.35% in January from 3.29% in December.”

Bloomberg - “JPMorgan Mortgage, Community Units to Lose Up to 19,000 Jobs” (2-26-13)

“JPMorgan Chase & Co. (JPM), the biggest U.S. bank, plans to reduce headcount by as many as 19,000 people in its mortgage and community banking businesses through 2014 as Chief Executive Officer Jamie Dimon cuts expenses.”

DS News- “Think Tank Promotes Limited Government Role in Housing Finance” (2-26-13)

“The Bipartisan Policy Center calls for a new housing finance system with a continued but severely limited role for the federal government.”

Housing Wire- “FDIC-insured institutions post $34.7 billion in 4Q earnings” (2-26-13)

“Banks and financial firms insured by the Federal Deposit Insurance Corp. posted earnings of $34.7 billion in the fourth quarter of 2012, a $9.3 billion rise from a profit of $25.3 billion a year earlier.”

Inman - “RPR partners with Fannie Mae on short sales” (2-26-13)

“Realtors Property Resource, a subsidiary of the National Association of Realtors, has formed a strategic partnership with mortgage giant Fannie Mae focused on closing short sales more efficiently.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $230,000 on a 3 bedroom, 2 bathroom home appraised for $351,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF TODAY.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

 

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

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The Norris Group Real Estate News Roundup 2/12/13

Tuesday, February 12th, 2013


Today’s News Synopsis:

Goldman Sachs reported that despite activity in the housing market showing tremendous signs of growth last year, employment was not as fortunate as jobs were at levels close to what they were after the housing bubble burst.  According to TransUnion, mortgage delinquency rates decreased for the fourth quarter in a row by almost 14%.  Rates decreased to 5.19% from 5.41%.  After much research, CoreLogic concluded that under the new and impending rules for qualified mortgages, almost 60% of loans written today would not qualify.

In The News:

Housing Wire – “Mortgage delinquency rate drops nearly 14%: TransUnion” (2-12-13)

“The national mortgage delinquency rate declined for the fourth consecutive quarter, decreasing from 5.41% in the third quarter of 2012 to 5.19% in the fourth quarter of 2012, a credit reporting agency said Tuesday.”

DS News- “Fannie Mae Announces Tool to Escalate Short Sale Process” (2-12-13)

“Real estate professionals who find themselves stuck in the short sale process can turn to a recently expanded tool from Fannie Mae.”

Bloomberg - “Funds Cite CMBS Top Bet After Subprime Gains: Mortgages” (2-12-13)

“Hedge funds seeking the hottest trade of 2013 are turning to skyscrapers, shopping malls and hotels after last year’s rebound in residential real-estate drove the industry’s best gains.”

Housing Wire - “Job growth in housing lingers near post-bubble lows” (2-12-13)

“Housing activity as a whole showed strong signs of improvement in 2012. However, employment within the industry remained close to post-bubble lows, according to a research report from Goldman Sachs.”

DS News - “CoreLogic: QM, QRM Rules Remove 60% of Loans, but 90% of the Risk” (2-12-13)

“About 60 percent of loans written today would not be acceptable under the finalized rules for a qualified mortgage (QM) and the anticipated rules for a qualified residential mortgage (QRM), according to new research from CoreLogic.”

Inman - “Mortgage banker to lead Hispanic real estate trade group” (2-12-13)

“A real estate trade troup focused on serving the Hispanic community has chosen a mortgage banker as its president-elect: Jason Madiedo, president and CEO of Las Vegas-based Venta Financial Group.”

Housing Wire – “About 27% of refinancing borrowers choose shorter loan terms” (2-12-13)

“About 27% of borrowers that refinanced an existing mortgage in the final quarter of 2012 chose to shorten their loan term, while 69% of borrowers kept the same term as the loan that they paid off, according to a report from Freddie Mac.”

DS News- “California Cities Post Highest Single-Family Rent Increases” (2-12-13)

“California cities claimed seven spots on a top 10 list of cities experiencing the highest rental price increases for three-bedroom, single-family homes.”

Bloomberg - “Manhattan New Condos Raise Prices Monthly as Demand Soars” (2-12-13)

“Manhattan condo developers, in a construction revival after the credit crisis, are raising prices on their unbuilt units as often as twice a month as buyers return from the housing slump to find there’s little on the market.”

Housing Wire- “JPMorgan delays issue of jumbo RMBS” (2-12-13)

“JPMorgan Chase  ($49.23 0.5708%) is said to be delayed in bringing its first private-label residential securitization to market post-recession.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $139,000 on a 3 bedroom, 2 bathroom home appraised for $200,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

 

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

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The Norris Group Real Estate News Roundup 2/4/13

Monday, February 4th, 2013


Today’s News Synopsis:

Today is a big news day for the multifamily market.  $33.8 billion was provided to the multifamily sector by Fannie Mae last year.  The Mortgage Bankers Association reported mortgage originations for the multifamily market increased 49% throughout last year, and they predict they will continue to grow 11% to $254 billion this year.

In The News:

Housing Wire – “MBA: Multifamily originations grew 49% in 4Q” (2-4-13)

“Multifamily mortgage originations grew 49% over last year during the fourth quarter as commercial originations overall soared above 2011 levels, the Mortgage Bankers Association said in a new report Monday.”

DS News- “Fannie Mae Provides $33.8B to Multifamily Sector in 2012″ (2-4-13)

“Fannie Mae maintained its position as the largest source for multifamily financing in 2012 after providing $33.8 billion to the sector.”

Mortgage Bankers Association - “MBA Forecasts $254 Billion of Commercial/Multifamily Mortgage Originations in 2013, Up 11% From 2012″ (2-4-13)

“In its second annual forecast of the commercial/multifamily real estate finance markets, the Mortgage Bankers Association (MBA) projects originations of commercial and multifamily mortgages will grow to $254 billion in 2013, an increase of 11 percent from 2012 volumes, and continue to rise to $289 billion in 2015.”

Bloomberg- “Housing Packs Punch for U.S. Growth in 2013 and Beyond” (2-4-13)

“The housing rebound is broadening to other parts of the U.S. economy and will likely lend impetus to growth through 2013 and beyond.”

Realty Time - “High Home Prices In Towns Producing Super Bowl Teams” (2-4-13)

“There’s a strong correlation between high home prices and towns that produce Super Bowl teams.  RealEstate.com says among the 10 National Football League (NFL) teams that have appeared in the Super Bowl most often, seven are from cities with high median home prices, compared to the national median home price.”

NAHB – “NAHB Competition Winners Design Home for Wounded War Veteran” (2-4-13)

“Four teams came together to take on one assignment: design a home that would best meet the needs of a wounded hero.The National Association of Home Builders (NAHB) Design Committee announced the winning team of its first-ever live design competition held during the International Builders’ Show (IBS) last month in Las Vegas. The competition focused on designing a home for Laura Sellinger, a U.S. Air Force veteran who sustained a traumatic brain injury while serving in Iraq.”

Bloomberg- “JPMorgan Joins Rental Rush For Wealthy Clients: Mortgages” (2-4-13)

“JPMorgan Chase & Co. (JPM) is giving its wealthiest clients the chance to invest in the single-family rental market after other investments linked to the U.S. housing recovery jumped in value.”

Housing Wire- “Nationstar to raise money to buy more MSRs” (2-4-13)

“Mortgage servicer Nationstar Mortgage Holdings ($36.86 0.16%) unofficially confirmed it has plans to continue growing its mortgage servicing portfolio when it announced Monday that the company and its Nationstar Capital Corp. subsidiary plan to sell $400 million in senior notes due in 2021.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $77,000 on a 2 bedroom, 1 bathroom home appraised for $120,000.

 

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

 

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

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The Norris Group Real Estate News Roundup 1/16/13

Wednesday, January 16th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 15.2% increase in mortgage applications last week.  21 people have been arrested on charges of unemployment fraud totaling $5 million.  JPMorgan reported a 53% increase in earnings with the increase in mortgage fees.

In The News:

Inman – “Coldwell Banker partners with Videolicious” (1-16-13)

“In a new relationship that it says could grow, franchising giant Coldwell Banker Real Estate LLC has announced it will provide a customized version of the Videolicious automated video creation platform to 1,000 agents who have demonstrated a desire to grow their business through video.”

Mortgage Bankers Association- “Mortgage Applications Increase in Latest MBA Weekly Survey” (1-16-13)

“Mortgage applications increased 15.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 11, 2013.”

DS News- “Bankruptcy Appellate Panel Rejects Split-the-Note Theory” (1-16-13)

“A three-panel judge representing the United States Bankruptcy Appellate Panel of the Tenth Circuit sided with Mortgage Electronic Registration Systems, Inc. (MERS) in a case involving a split-the-note theory.”

Bloomberg- “Goldman, Morgan Stanley Set $557 Million Fed Mortgage Accord” (1-16-13)

“Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS) agreed to offer a $557 million package of cash and other assistance for mortgage borrowers to settle a federal probe into allegations that the banks improperly seized homes.”

Housing Wire- “Refinancing application speeds likely to decline” (1-16-13)

“Combined January refinancing application speeds are expected to decline by 8% for conventional 30-year mortgage rates and 15-year mortgage rates, analysts with Bank of America Merrill Lynch ($11.52 -0.035%) said.”

CNN Money – “21 people charged in unemployment fraud scheme” (1-16-13)

“Three people were arrested in California Tuesday for collecting fraudulent unemployment and disability benefits. To date, a total of 21 people have been charged in the $5 million scheme.”

Housing Wire- “Genworth to protect MI business through reorganization” (1-16-13)

“Genworth Financial Inc. ($8.87 0.735%) announced a bold plan to reduce the risk of its U.S. mortgage insurance subsidiary facing a potential default or capital shortfall in the future.”

Bloomberg- “JPMorgan Reports 53% Earnings Increase as Mortgage Fees Rise” (1-16-13)

“JPMorgan Chase & Co. (JPM), the largest U.S. bank by assets, said fourth-quarter profit rose 53 percent, beating analysts’ estimates as mortgage revenue more than doubled and the lender set aside less for future losses.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $175,000 on a 4 bedroom, 3 bathroom home appraised for $272,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association on Thursday, January 17, 2013

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Buena Park Apartment Owners Association on Wednesday, January 23, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association at the Scottish Rite Center on Thursday, January 24, 2013.

 

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

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