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

Monday, February 13th, 2012

Today’s News Synopsis:

In a big story, the owners of the Empire State Building in New York plan to become their own real estate investors by raising money to allow investors to own a piece of the property.  In the series of recent bank failures, two more banks in Indiana and Illinois closes on Friday.  Gains in housing construction is expected to be lead by construction in new multifamily units.

In The News:

DS News – “Tally Rises With Two More Bank Failures” (2-13-12)

“A bank in Indiana and another in Illinois closed Friday, February 10, increasing the tally for FDIC-insured banks closed this year to nine.”

Housing Wire – “Military members may get six-figure payday for wrongful foreclosures” (2-13-12)

“Major banks will reimburse military servicemembers for any wrongful foreclosures done in the past five years.  JPMorgan Chase($37.61 -0.25%), Wells Fargo ($30.69 0.43%), Citigroup ($32.93 -0.735%), and Ally Financial ($23.50 0.14%) will resolve Servicemembers Civil Relief Act claims in connection to the wider $25 billion foreclosure settlement, U.S. Assistant Attorney General Thomas Perez said in a speech Friday.”

Bloomberg – “Multifamily Units to Lead U.S. Construction Gains” (2-13-12)

“Construction of multifamily units will lead the U.S. building industry again this year, allowing housing to contribute to growth for the first time in seven years, according to economists Michelle Meyer and Celia Chen.”

Los Angeles Times – “Consumer bureau to unveil monthly mortgage statement prototype” (2-13-12)

“The Consumer Financial Protection Bureau this week will unveil a prototype for a new monthly mortgage statement for consumers designed to clearly show important information from their servicer.”

San Francisco Chronicle – “Empire State Building Owners File $1 Billion IPO, REIT Plan” (2-13-12)

“The company that controls the Empire State Building, the landmark 102-story skyscraper in midtown Manhattan, plans to raise as much as $1 billion in an initial public offering and become a real estate investment trust.”

Housing Wire – “Mortgage servicing settlement leaves bond investors in the dark” (2-13-12)

“Members of the mortgage investor class are waiting to see if the $25 billion mortgage servicing settlement will force them to take large haircuts on mortgage securities they put their money behind.”

Bloomberg – “Foreclosure Deal May Help State Budgets” (2-13-12)

“Wisconsin (STOWI1) plans to use part of its $140 million share of the national foreclosure settlement to fill a budget hole. Missouri (STOMO1) would devote $40 million for education. Ohio (STOOH1) wants to tear down vacant homes.”

Realty Times – “Real Estate Outlook: Access to Credit” (2-13-12)

“Limited access to credit continues to plague many builders across the nation. The newly introduced Home Building Lending Improvement Act of 2012 takes aim at helping to restore the flow of credit.”

Hard Money Loan Closed

Bloomington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $69,000 on a 2 bedroom, 1 bathroom home appraised for $115,000.

California Real Estate Investor Events:

The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

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 2/9/12

Thursday, February 9th, 2012

Today’s News Synopsis:

A settlement has finally been reached in the recent rob-signing scandal between top mortgage servicers and 40 other states.  A recent ruling with MERS was upheld by the 10th Circuit Court of Appeals, allowing them to foreclose on loans that were part of a securitization trust.  DS News reported 30-year fixed mortgage rates continue to be at record lows, while at the same time fixed rates and adjustable-rate mortgages showed signs of improvement.

In The News:

Los Angeles Times – “Mortgage giants to pay $26 billion in foreclosure settlement” (2-9-12)

“Federal and state officials on Thursday announced a landmark $26-billion agreement with the nation’s five largest mortgage servicers to settle investigations involving foreclosure abuses and try to stabilize the housing market.”

Mortgage Bankers Association – “MBA Statement on Mortgage Settlement” (2-9-12)

“Said David H. Stevens, President and CEO of MBA, ‘A final agreement can play an important role stabilizing and providing certainty and confidence to the housing and mortgage markets.  With all the rumors and speculation surrounding these negotiations behind us, it is now imperative that policymakers, lenders, servicers and other stakeholders work together on policies and initiatives that will allow us to get the housing market on the road to recovery’.”

Realty Times – “Home Equity Use No Longer Home Equity Abuse” (2-9-12)

“Record numbers of refinancing homeowners have stopped using their home equity as an ATM machine for withdrawals and instead are making more deposits.”

Housing Wire – “10th Circuit upholds MERS right to foreclosure” (2-9-12)

“The 10th Circuit Court of Appeals upheld a lower court’s ruling, giving the Mortgage Electronic Registration Systems and a trustee overseeing securitized loans standing to foreclose on a mortgage pooled into a securitization trust.”

CNN Money – “Fewer young adults hold jobs than ever before” (2-9-12)

“The share of young adults with jobs has hit its lowest level since the government started keeping records just after World War II.”

Housing Wire – “Wells Fargo to start $5.3 billion foreclosure settlement relief in March” (2-9-12)

“Wells Fargo ($30.63 0%) will begin implementing the mortgage refinancing requirements under the state and federal foreclosure settlement in March.”

San Francisco Chronicle – “Consumer Comfort Index in U.S. Climbs to Highest Level in a Year” (2-9-12)

“Consumer confidence in the U.S. climbed last week to a one-year high, spurred by improving employment opportunities and a rally in the stock market.”

DS News – “Report: 30-year Fixed Rate Unchanged, Other Rates Climb” (2-9-12)

“While the 30-year fixed rate mortgage remained at a record low, data released Thursday by Freddie Mac reported other rates are steadily moving upward.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 2 bedroom, 1 bathroom home appraised for $209,000.

California Real Estate Investor Events:

The Norris Group posted a new event. The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The MBA reported mortgage applications decreased 5.5% the previous week. Zillow claimed national home prices dropped 2.6% during the 4th quarter of 2010. Bernanke and Geithner said the economy was still having trouble, but had strong hope for stable growth.

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 2/7/12

Tuesday, February 7th, 2012

Today’s News Synopsis:

According to DS News, the number of homeowners receiving loan modifications from HAMP is about to reach 1 million.  In other news, more than 40 states have joined in on a settlement to help homeowners in foreclosure.  Banks are beginning to help out with people in foreclosure by now offering them money to sell their properties at a lower price than what is owed.

In The News:

DS News – “HAMP Mods Approach 1M Mark” (2-6-12)

“More than 930,000 homeowners have received a permanent modification through the government’s Home Affordable Modification Program (HAMP), saving an estimated $10.5 billion in monthly mortgage payments, according to Treasury.”

Housing Wire – “Mortgage mods in 2011 down 40% from prior year” (2-7-12)

“More than 1 million American homeowners received permanent loan modifications from mortgage servicers in 2011, down 40% from 2010, Hope Now said Tuesday.”

San Francisco Chronicle – “Banks Paying Homeowners a Bonus to Avoid Foreclosures: Mortgages” (2-7-12)

“Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe.”

CNN Money – “Foreclosure deal has 40 states, but others balk” (2-7-12)

“More than 40 states have signed on to a draft settlement with the nation’s largest banks aimed at helping homeowners struggling with loans bigger than the value of their homes.”

Housing Wire – “Nonbank mortgage lenders required to file fraud reports” (2-7-12)

“Nonbank mortgage lenders will be required to establish anti-money laundering programs and file suspicious activity reports beginning later this year, according to rules finalized by the Financial Crimes Enforcement Network.”

Bloomberg – “States with Highest Foreclosure Rates Among Bank Deal Holdouts” (2-7-12)

California, New York, Nevada, Florida and Massachusetts are among the handful of states that haven’t signed a deal with banks over foreclosure abuses, according to state officials and two people familiar with the talks.”

Housing Wire – “Mass. House Democrats push FHFA on mortgage mods” (2-7-12)

“Three Massachusetts congressmen are asking the Federal Housing Finance Agency to reconsider options in loan modifications, saying the regulator hasn’t done enough to help homeowners.”

NAHB – “Builder Confidence for the 55+ Housing Market Ends Fourth Quarter on an Upswing” (2-7-12)

“Builder confidence in the 55+ housing market for single-family homes rose four points to 18 compared to the same period a year ago, according to the latest National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released today.”

CNN Money – “Government expects lending fund to turn taxpayers a profit” (2-7-12)

“An Obama administration lending program set up to funnel cash to small banks was expected to cost taxpayers $1.3 billion. Instead, it will turn a profit of $80 million.”

Housing Wire – “Prepayments on Fannie and Freddie MBS decline” (2-7-12)

“Prepayments on Fannie Mae and Freddie Mac mortgage-backed securities slowed in December and January, suggesting HARP 2.0 has yet to stimulate mass-refinancing activity, analysts said Tuesday.”

Hard Money Loan Closed

San Diego, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 2 bedroom, 2 bathroom home appraised for $160,000.

California Real Estate Investor Events:

The Norris Group posted a new event.  The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The MBA reported $110 billion in commercial and multifamily mortgages were originated in 2010. 36,500 mortgages were modified through government and proprietary programs in December 2010, according to Fitch Ratings. Altos Research announced plans to release a new, forward valuation model for real estate. S&P claimed 80% of the loan modifications that took place over the previous 3 years defaulted again within 2 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 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 1/25/12

Wednesday, January 25th, 2012

Today’s News Synopsis:

Bloomberg reported the sales of pending homes decreased 3.5% last month, and at the same time contracts for existing home sales are at the highest in 19 months.  In his latest State of the Union Address, President Barack Obama announced that he intends start a new refinance program allowing homeowners to refinance at low interest rates and therefore save almost $3,000.

In The News:

Bloomberg - “Contracts to Purchase Existing U.S. Homes Hold Near 19-Month High: Economy” (1-25-12)

“The number of Americans signing contracts to buy previously owned homes in December held near a 19-month high, showing the stabilization in the market that began in late 2011 will extend into the new year.”

DS News – “Obama Announces New Refi Program in State of the Union Address” (1-25-12)

“Despite rumors earlier in the week that President Barack Obama would announce a settlement between the state attorneys general and the nation’s top servicers in his State of the Union address, the president made no such announcement Tuesday night.  However, he did announce his intention to save millions of homeowners approximately $3,000 annually on their mortgages by allowing them to refinance at today’s low interest rates”

Housing Wire – “Wells Fargo launches pilot programs to clear LA, Atlanta housing inventory” (1-25-12)

“Wells Fargo (WFC: 30.32 -0.72%) will launch two multibillion-dollar programs this February to clear housing inventory in Los Angeles and Atlanta.”

Bloomberg – “Fed: Benchmark Rate Will Stay Low Until Late 2014″ (1-25-12)

“Federal Reserve officials said their benchmark interest rate will stay low until at least late 2014 and anticipate that unemployment will remain high and inflation ‘subdued’.”

DS News - “ISGN Enters Into $20M Line of Credit from JPMorgan” (1-25-12)

“ISGN Corporation has obtained a $20 million secured line of credit from JPMorgan Chase., the company announced Wednesday.”

NAHB - “Builders Commend White House Focus on Helping Home Owners, Seek Additional Steps to Spur Housing” (1-25-12)

“The National Association of Home Builders (NAHB) commends President Obama for offering proposals in last night’s State of the Union address to help families stay in their homes and stanch foreclosures, and is urging policymakers to take additional actions to mend the housing market and boost the economy.”

Housing Wire - “FHFA home prices fall 1.8% in November” (1-25-12)

“Home prices declined 1.8% in November from a year earlier in the latest Federal Housing Finance Agency price index.  The seasonally adjusted index rose 1% from October, when prices fell a revised 0.7% on a monthly basis.”

Inman - “10 metros with biggest 1-year rise in real estate list prices” (1-25-12)

“No metro areas west of El Paso, Texas, earned a spot among the top 10 U.S. hot spots with the highest year-over-year hikes in median list price during 2011. Another Texas metro, San Antonio, ranked fifth on the list, based on data provided by online real estate portal Realtor.com.”

Los Angeles Times - “Eric Schneiderman promises aggressive financial fraud probe” (1-25-12)

“New York Atty. Gen. Eric Schneiderman, who was tapped by President Obama to lead a new Financial Fraud Enforcement Task Force, promised Wednesday to move aggressively to coordinate state and local investigations into the causes of the subprime mortgage market meltdown.”

Housing Wire - “Fitch downgrades RMBS bond ratings on default risk” (1-25-12)

“The default risk on 489 bonds backed by residential mortgage-backed securities prompted Fitch Ratings to slash the bonds’ ratings this week.  The bonds are part of 291 different residential mortgage-securities deals.”

DS News – “Pending Home Sales Decline Monthly, Rise Annually” (1-25-12)

“After reaching a 19-month high in November, pending home sales declined 3.5 percent in December, according to the National Association of Realtors’ (NAR) Pending Home Sales Index.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 3 bedroom, 2 bathroom home appraised for $244,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Investors Workshops and will be interviewing Shawn Watkins today.

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

Looking Back:

69,799 Notices of Default were recorded during the 4th quarter of 2010, according to MDA DataQuick. The Case-Schiller Index showed home prices decreased 1% during November 2010 in the nation’s top 20 metropolitan areas. University of the Pacific estimated unemployment would remain above 10% in California for 3 more years. IEmergent expected mortgage loan origination to fall below $1 trillion in 2011.

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 12/01/11

Thursday, December 1st, 2011

Today’s News Synopsis:

In a big news story, Freddie Mac reported 30-year mortgage rates are still at a low 4%, even after five weeks.  Housing wire reported the number of people claiming unemployment has risen to 402,000.  Despite this, CNN Money reported more young people are being hired.  According to Bloomberg, spending on housing construction increased in October for the third month straight.

In The News:

Housing Wire - “Average time to foreclose sets new record of 631 days” (12-1-11)

“Mortgage delinquencies continued their decline in October and are nearly 30% off their January 2010 peak, but foreclosure inventories and the foreclosure process reached all-time highs during the month, according to Lender Processing
Services (LPS: 18.93 -0.16%).”

Los Angeles Times - “Freddie Mac: Mortgage rates stuck in low at 4%” (12-1-11)

“The mortgage engine seems stuck in low.  For five straight weeks, Freddie Mac’s survey of the rates offered by home lenders has averaged at or below 4% for 30-year loans.”

CNN Money - “Young workers getting hired again” (12-1-11)

“Young workers are landing jobs again.  Some 650,000 workers aged 16 to 24 found employment in the past three months, the biggest spike for that age group since the recession began, according to Labor Department statistics.”

Housing Wire - “Jobless claims edge up to 402,000″ (12-1-11)

“Jobless claims for the week ending Nov. 26 edged up as 402,000 new unemployment filings came in, an increase of 6,000 from the previous week.”

Bloomberg - “Construction Spending in U.S. Rose for Third Consecutive Month in October” (12-1-11)

“Construction spending in the U.S. rose in October for a third consecutive month on gains in housing and commercial projects like office buildings and power plants.”

Housing Wire – “FHFA begins development of new REO pilot programs” (12-1-11)

“The Federal Housing Finance Agency said it has begun to develop new pilot programs to more efficiently unload foreclosed homes held by Fannie Mae and Freddie Mac.”

Bloomberg - “BofA Joins Foreign Investors Fueling Record Ginnie-Fannie Gap in Bonds” (12-1-11)

“Home-loan securities guaranteed by Ginnie Mae are trading at about record premiums over Fannie Mae (FNMA) bonds as foreign investors target debt with the strongest backing from the U.S. and lenders including Bank of America Corp. seek notes considered the least risky by regulators.”

Bloomberg - “JPMorgan, BofA Sued By Mass. Over Foreclosures” (12-1-11)

“JPMorgan Chase & Co. (JPM), Bank of America Corp. (BAC) and Citigroup Inc. (C) were among five banks sued by Massachusetts for “unlawful and deceptive conduct” in foreclosures, according to the state’s attorney general.”

Inman - “Two MLSs hit with civil suits after FTC actions” (12-1-11)

“Two multiple listing services in Michigan and Pennsylvania that  federal regulators had accused of  anti-competitive practices have also  become entangled in civil lawsuits seeking  millions of dollars in  damages on behalf of consumers.”

Looking Back:

Freddie Mac announced it would suspend foreclosure evictions from Dec. 20 to Jan. 3, 2011. Automatic Data Processing reported the U.S. economy added 93,000 private-sector jobs during November 2010. The Federal Reserve shared information about more than 21,000 individual transactions which provided $3 trillion in liquidity for market stabilization. According to the MBA, mortgage applications decreased 16.5% the previous week.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 11/1/11

Tuesday, November 1st, 2011

Today’s News Synopsis:

In a big news story, 14 mortgage servicers are undergoing reviews of their foreclosure processes as reuired by consent orders they signed.  Pending home sales fell another 4.6% last week according to the Realty Times.  Allied Home Mortgage Capital is facing a lawsuit by federal officials for claims of fraud.  The Commerce Department reported a slight increase on construction and manufacturing.

In The News:

Housing Wire - “Foreclosure reviews of largest servicers begins” (11-1-11)

“Independent third-party reviews of foreclosure cases at the 14 largest mortgage servicers began Tuesday.  The reviews are a requirement under consent orders signed between regulators and the servicers
such as Bank of America (BAC: 6.53 -4.39%), JPMorgan Chase (JPM: 33.14 -4.66%), Wells Fargo (WFC: 25.30 -2.35%) and Citigroup (C: 29.39 -6.96%).”

DS News - “Moody’s Cites “Strong Servicing Practices” at GMAC, Ocwen, Wells” (11-1-11)

“Mortgage servicing practices have a major impact on the performance of a portfolio, and according to Moody’s Investors Service, risk composition is diverging based on how individual servicers are dealing with borrowers.”

Realty Times - “Pending Home Sales Decline” (11-1-11)

“Housing took another hit last week with the National Association of Realtors® latest Pending Homes Sales Index report showing that contract signings fells 4.6 percent in September.”

Bloomberg - “Mortgage Bond Prices Show Refinancing Limits: Credit Markets” (11-1-11)

“The mortgage-bond market is signaling changes to refinancing rules will aid fewer homeowners who owe more than their properties’ value than was initially anticipated.  Fannie Mae’s 30-year, 5.5 percent securities have risen to the highest since Oct. 3, erasing a decline later in the month sparked by a plan to expand the Home Affordable Refinance Program.”

Los Angeles Times - “Construction spending and manufacturing growing–slightly” (11-1-11)

“Construction spending and manufacturing activity are both growing, though not by much, according to two reports Tuesday.  Builders in the U.S. spent at a seasonally adjusted annual rate of $787.2 billion in September, up 0.2% from August in the second-straight monthly increase, according to the Commerce Department.”

Housing Wire – “US files $834 million lawsuit against Allied Home Mortgage” (11-1-11)

“Federal officials filed a lawsuit Tuesday against Allied Home Mortgage Capital and two of its senior officials, seeking to recover $834 million in damages stemming from allegedly fraudulent mortgage insurance claims.”

Bloomberg - “Bernanke: Housing Hinges on Refinancing” (11-1-11)

“Fed policy makers, who start a two-day meeting today, are considering buying mortgage-backed securities to push down borrowing costs and help homeowners refinance their debt.  That would reduce monthly payments, freeing up cash for other purchases that could spur the economy and reduce unemployment, Fed Governor Daniel Tarullo said Oct. 20″

Housing Wire - “Sharga: Several more years with nearly 1M foreclosures per year” (11-1-11)

“The housing market faces several more years with 800,000 to 1 million new foreclosed properties per year, according to Rick Sharga, an executive vice president with Carrington Mortgage Services.”

Looking Back:

Credit Suisse estimated Fannie Mae and Freddie Mac would have cumulative losses of $321 billion. Private mortgage servicers modified 119,585 loans in September 2010, over 4 times as many modifications performed through HAMP. Statistics from the Federal Reserve showed home equity accounted for 16.2% of net worth in the 2nd quarter 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 event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 10/19/11

Wednesday, October 19th, 2011

Today’s News Synopsis:

A big story in the news is construction on homes has increased 15% as of last month according to NAHB.  The Mortgage Bankers Association released their latest survey showing that mortgage applications decreased week-over-week.  A new bill is being introduced putting new standards on issuing a government-backed mortgage, this time considering energy costs.

In The News:

Mortgage Bankers Association – “$68.8 Billion of Total Multifamily Lending in 2010; a 31 Percent Increase from 2009″ (10-19-11)

“In 2010, 2,548 different multifamily lenders provided a total of $68.8 billion in mortgage financing for apartment buildings with five or more units, according to a report from the Mortgage Bankers Association (MBA). The 2010 dollar volume
represents a 31 percent increase from 2009 levels. Just one percent of the lenders accounted for 51 percent of the dollar volume, while three-quarters of the lenders made five or fewer loans over the course of the year.”

Bloomberg - “U.S.Banks See Rising Investor-Refund Demands” (10-19-11)

“Bank of America Corp. (BAC) and JPMorgan Chase & Co. (JPM) reported more demands from investors to repurchase faulty mortgages made after 2008, when the banks said they upgraded their standards to curb defaults.”

Housing Wire - “Citigroup to refund investors $285 million for mortgage-related CDO” (10-19-11)

“A Citigroup (C: 30.66 +2.61%) broker-dealer subsidiary sold investors on a $1 billion collateralized debt obligation tied to the housing market, while betting the CDO would default, according to the Securities and Exchange Commission.”

San Francisco Chronicle - “Morgan Stanley earns $2.2 billion, stock rises” (10-19-11)

“Morgan Stanley emerged from the tumultuous third quarter in better shape than  most of its Wall Street rivals.  While other banks reported declines in trading and advisory revenue, Morgan  Stanley increased its income from advising companies on deals and trading for  its clients. The New York investment bank said Wednesday it earned $2.2 billion  in the period, but that also included a big accounting gain.”

Realty Times - “Mortgage Applications Increase as Low Mortgage Rates Remain Steady” (10-19-11)

“As markets changed directions this past week with stocks moving higher, pressure was put on mortgage rates as MBS prices suffered. In the end, Freerateupdate.com’s survey of wholesale and direct lenders show that mortgage rates remained the same regardless of market volatility.”

NAHB - “Housing Starts Rise 15 Percent in September” (10-19-11)

“Nationwide housing starts rose 15 percent to a seasonally adjusted annual rate of 658,000 units in September, marking the strongest pace of residential construction since April of 2010, according to figures released by the U.S. Commerce Department today. The gain was largely attributed to a sharp increase on the multifamily side, which has been trending upward due to increased demand for rental apartments.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (10-19-11)

“Mortgage applications decreased 14.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 14, 2011, which included the Columbus Day holiday.”

Housing Wire - “New bill to include borrower energy costs in mortgage underwriting” (10-19-11)

“A bill introduced Wednesday would force lenders to consider a borrower’s expected energy costs when underwriting a government-backed mortgage.”

DS News - “REOs: Where Are They Now?” (10-19-11)

“In 2006, just as the housing bubble popped, over 355,000 properties proceeded through a foreclosure auction. CoreLogic’s data show that approximately 34 percent (122,000) were successfully bid on by an investor. The remaining 66 percent (233,000) went back to the banks as REO properties.”

Looking Back:

18,091 new and resale homes were sold in Southern California, said MDA DataQuick. Moody’s reported commercial real estate prices fell 3.3% from the previous month. A survey from American Strategies and Myers Research showed 77% of adults considered buying a home to be a good financial decision in general.

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

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The Norris Group Real Estate News Roundup 9/27/11

Tuesday, September 27th, 2011

Today’s News Synopsis:

In a big story in the news, U.S. home prices fell 4.1% in July from a year ago, which was actually less than what was predicted.  CoreLogic reported a decrease in shadow inventory, leading distressed  properties to out weigh new delinquent properties.  According to the Los Angeles Times, consumer confidence is still at a low.

In The News:

DS News - “Distressed Dispositions Outpace New Delinquencies as Shadows Shrink” (9-27-11)

“The industry’s shadows are shrinking, according to CoreLogic. The residential shadow inventory of unlisted REOs and soon-to-be REOs stood at 1.6 million units as of July 2011, based on the analytics firm’s calculations.”

Bloomberg - “Home Prices in U.S. Cities Fall 4.1%” (9-27-11)

“Home prices in the U.S. declined less than forecast in July from a year earlier, a sign bank delays in processing foreclosures may have temporarily slowed the slump in real-estate values.”

Realty Times - “New Requirements for Landlords Who Deny on the Basis of Credit Score” (9-27-11)

“Landlords and their agents need to be aware of how they may be affected by new requirements imposed upon them by the Fair Credit Reporting Act (FCRA). This is because the FCRA has been amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).”

Los Angeles Time - “Consumer confidence remains poor, Conference Board says” (9-27-11)

“After plunging in August, consumer confidence remained poor in September as Americans continued to worry that renewed economic troubles would limit their future earnings, the Conference Board reported Tuesday.”

Housing Wire - “FHFA: Mortgage rates drop for fifth straight month” (9-27-11)

“The average interest rate on mortgages sold to the government-sponsored enterprises in August averaged 4.56%, a drop of 1 basis point from the previous month, according to the Federal Housing Finance Agency.”

CNN Money - “U.S. agency chided in mortgage buyback deal” (9-27-11)

“The federal government’s mortgage finance regulatory agency did a poor job of making sure taxpayers got top dollar in selling $2.87 billion in bad mortgages back to Bank of America last year, an inspector general’s report said Tuesday.”

Housing Wire – “Gulf remains between AGs, banks in robo-signing talks” (9-27-11)

“Two attorneys general met with the largest mortgage servicers Friday in another effort to settle an investigation into the robo-signing case, but a deal remains elusive nearly one year later.”

Inman - “California hits ZipRealty with $17M wage suit” (9-27-11)

“ZipRealty  Inc. violated California labor law during a four-year period by failing to pay  hundreds of real estate agents the state’s minimum wage of $8 an hour  and premiums for overtime, the state’s labor commissioner alleges in a  lawsuit seeking more than $17 million in back wages, damages and  penalties.”

San Francisco Chronicle - “Credit Markets Driving Up Buyout Costs, Private-Equity Firms Say” (9-27-11)

“Private-equity deals are becoming more expensive as the reluctance of banks and  investors to lend drives up the cost of borrowing, industry executives said  today.”

Realtor Magazine - “Foreclosure Lawsuits Skyrocket” (9-27-11)

“An uptick in court cases challenging the foreclosure process sent the Mortgage Litigation Index in the second quarter to its highest level on record, dating to 2007.  Foreclosure litigation—which involves rulings in favor of borrowers or cases against rescue firms—jumped two-thirds in the second quarter (April 1 to June 30) compared to the first quarter of the year, according to the Mortgage Litigation Index, which monitors mortgage-related legal actions covered by MortgageDaily.com”

Looking Back:

California air-quality regulators adopted 10- and 25-year targets for reducing greenhouse gases. Fannie Mae was developing a loan forbearance program for military families. Nearly 33% of Americans had credit scores below 620. John Burns predicted that sales of distressed properties would peak in 2011 at 2.3 million transactions.

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

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The Norris Group Real Estate News Roundup 9/13/11

Tuesday, September 13th, 2011

Today’s News Synopsis:

According to Housingwire, Freddie Mac just completed a new modification option they will make available at the beginning of October that will allow mortgage servicers to more closely evaluate those eligible for the HAMP program.  Bloomberg reported the number of people who owed more than the worth of their property decreased, but this was due to the increase in foreclosures the second quarter.  Foreclosures are especially seeing increases in the western states.

In The News:

Bloomberg - “U.S. Homeowners ‘Underwater’ on Mortgages Drop as Foreclosures Increase” (9-13-11)

“The number of U.S. homeowners who owe more than their property is worth slipped in the second quarter as more residences were lost to foreclosure, according to a report today from CoreLogic Inc. (CLGX).”

Housing Wire – “Freddie Mac finalizes new modification option” (9-13-11)

“Freddie Mac finalized requirements for a new modification option that will be made available to qualified borrowers on Oct. 1.”

DS News - “Fannie Mae Opens Sacramento Mortgage Help Center” (9-13-11)

“Fannie Mae last week opened a mortgage help center in Sacramento, California, to provide free education and counseling services to struggling local homeowners with Fannie Mae-owned mortgages.”

Inman - “Foreclosure starts surge in Western states” (9-13-11)

“Foreclosure starts jumped by double digits from July to August in four out of five Western states tracked by ForeclosureRadar, reversing what had been a declining trend over the past several months, the company said.”

Los Angeles Times - “FDIC approves ruling requiring ‘living wills’ for largest banks” (9-13-11)

“The Federal Deposit Insurance Corp. on Tuesday approved a rule requiring the nation’s largest banks to submit “living wills” to help regulators shut them down in an orderly way if they are seized on the brink of failure.”

Housing Wire – “JPMorgan Chase brings $1 billion CMBS to market” (9-13-11)

“JPMorgan Chase (JPM: 32.49 +0.22%) is coming to market with $1 billion of commercial mortgage-backed securities to the market containing 44 loans on 209 properties, according to the pre-sale report from credit rating agency
Morningstar.”

DS News - “Government Guarantees Called Into Question at Senate Hearing” (9-13-11)

“The Senate Banking Committee held a hearing Tuesday on housing finance reform, the first of three housing-related hearings on the agenda this week. The issue of government guarantees for mortgages came under fire.”

Bloomberg - “Morgan Stanley’s Multi Gets $1.2 Billion Loan Package, New Chief Executive” (9-13-11)

“Multi Corp. BV, the European mall developer that’s 85 percent owned by a Morgan Stanley (MS) fund, named a new chief executive officer as it announced a new 850 million-euro ($1.16 billion) financing package.”

Realtor Magazine - “Home Sale Delays from Irene Still Plague East Coast” (9-13-11)

“Closings on thousands of homes under contract from North Carolina to New York City are being delayed, put on hold in the aftermath of Hurricane Irene. Banks and lenders are requesting new inspections of homes that are currently sold, wanting to ensure the homes in Hurricane Irene’s path were not damaged and are still at the value they were originally appraised at.”

Inman – “Startup rolls out ‘apartment matching engine’” (9-13-11)

“Apartment hunters and technology aficionados, take note: Vertical Brands, a San Francisco-based startup, this week officially launched what it claims is the “first online apartment matching engine.”

Looking Back:

Many predictions were being made regarding the economy and the housing market. Most of the articles had an overall positive outlook on the economy, while most had a negative outlook for the housing market. New delinquencies decreased 8.5% in August 2010. As far as September 2010, the FDIC said 119 banks failed so far.

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

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

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.

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