The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Justice Department’

By Bruce Norris .

Foreclosures Now at Levels Below Pre-Financial Crisis

Thursday, July 17th, 2014

Today’s News Synopsis:

HUD reported housing starts decreased 9.3% last month to 893,000.  Foreclosures decreased 19% from the last 6 months and 23% from the first half of 2013.  613,874 foreclosures were completed in the first half of 2014, putting them at levels below what they were before the financial crisis.  Freddie Mac reported mortgage rates are at level field now with 30-year rates now at 4.12% and 15-year rates at 3.23%.

In The News:

Housing Wire - “Home price stall-out spreads from lower-priced homes to higher end” (7-17-14)

“Home sales across all price points are beginning to suffer, with stale demand moving from lower-priced homes to middle- and higher-priced homes as well, according to CoreLogic’s (CLGX) MarketPulse report for July.”

NAHB“South Pushes Nationwide Housing Starts Down 9.3 Percent in June” (7-17-14)

“Nationwide housing production fell 9.3 percent to a seasonally adjusted annual rate of 893,000 units in June, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Bloomberg“Treasuries Rise on Safety Demand as U.S. Adds Russian Sanctions” (7-17-14)

“Treasuries rose, with 30-year bond yields falling to the lowest level in more than six weeks, after Russia was slapped with further sanctions linked to Ukraine, boosting demand for the perceived safety of U.S. debt.”

DS News - “Fannie and Freddie Take on Riskier Portfolios” (7-17-14)

“Newer federal regulations in the wake of the financial crisis were designed to protect taxpayers from another trillion-dollar bailout. And while these regulations have so far kept the American economy from experiencing any serious aftershocks, things could get dodgy where Fannie Mae and Freddie Mac are concerned.”

OC Housing News - “Are today’s homebuyers tomorrow’s bagholders” (7-17-14)

“Will rising mortgage rates cause house prices to crash again? It’s a valid question, and a valid concern for today’s homebuyers.  Nobody wants to be an underwater bagholder trapped in a debtor’s prison awaiting lender approval of a sale to move on with their life.”

Housing Wire - “FHFA watchdog raises concerns about nonbanks” (7-17-14)

“In the continuing aftermath of the financial crisis, the nation’s biggest banks are hemorrhaging income from their mortgage divisions.  Whether it’s due to massive settlements stemming from fraudulent pre-crisis lending practices, like the one that Bank of America announced on Tuesday, or due to shrinking mortgage originations, like JPMorgan Chase announced on Wednesday, the big banks are hurting in the mortgage business.”

Bloomberg - “Young Adults Stay at Home as U.S. Multigenerational Living Rises” (7-17-14)

“The share of young adults living with parents or other family members in the U.S. continues to grow in the aftermath of the most severe recession in the post-World War II era.  A record 57 million Americans, or 18.1 percent of the population, lived in a multigenerational household in 2012, a report released today by the Pew Research Center in Washington showed.”

DS News - “Foreclosure Activity Falls below Pre-Crisis Levels” (7-17-14)

“In an important signpost of recovery, foreclosure activity in the United States has fallen to levels not seen since before the financial crisis began, according to a report issued by RealtyTrac Thursday.”

Mortgage Professional America - “DOJ warns big banks of future lawsuits” (7-17-14)

“The Justice Department on Wednesday put big banks on notice Wednesday that failure to admit misconduct and pay stiff penalties over shoddy mortgage-bond sales would result in litigation by the government.”

Los Angeles Times - “Freddie Mac: Mortgage rates level off, 30-year loans average 4.12%” (7-17-14)

“The cost of getting a mortgage has leveled off, with Freddie Mac saying lenders were offering 30-year fixed-rate home loans this week at an average interest rate of 4.12%. That rate is little changed from the average of 4.15% over the last 10 weeks..”

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa THIS WEEKEND Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

Housing starts decreased by 9.9%  to 836,000 with the slowdown in construction on multifamily homes.  Earnings for Bank of America increased drastically in the second quarter by 63% to $4 billion.  Despite signs in the economy, CoreLogic said they were not expecting another housing bubble to occur soon.

 

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.

Inventory Up 9%, Home Sales Down 10%

Monday, June 16th, 2014

 

Today’s News Synopsis:

Builder confidence increased this month by four points to 49.  Citigroup and JPMorgan Chase are both facing lawsuit’s, one for fraud and the other over predatory lending.  Housing inventory increased this past month by 9.1%, while home sales decreased 10%.

In The News:

Mortgage Professional America - “Government preparing to sue Citi for fraud—report” (6-16-14)

“The Justice Department is reportedly preparing to sue Citigroup for fraud.  Citing anonymous sources, Reuters reported that the government is preparing to sue the bank on charges that it defrauded investors on billions of dollars in mortgage-backed securities shortly before the financial meltdown.”

Housing Wire - “More bad news for JPMorgan Chase” (6-16-14)

“The city of Miami has become the third city in recent weeks to sue a bank over charges of mortgage discrimination. First, the city of Providence, Rhode Island, sued Santander Bank, alleging that the lender used predatory lending practices in predominately minority neighborhoods.”

DS News - “May Inventory Up; Home Sales Down” (6-16-14)

“The housing market took an unexpected dip in May, with home sales dropping year-over-year despite a surge in new listings.”

NAHB - “Builder Confidence Rises Four Points in June” (6-16-14)

“Builder confidence in the market for newly built, single-family homes rose four points in to reach a level of 49 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today.”

DS News - “Home Price Appreciation Continues in April” (6-16-14)

“Price gains among non-distressed homes accelerated among the nation’s largest markets from March to April, according to one measure released Monday.”

Realty Trac“Real Estate: Why Millionaires Are Under Counted” (6-16-14)

“A new study says the United States leads the world in millionaires and that the number of ultra rich within our borders is increasing. Alas, the definition of  “rich” does not include real estate holdings, a strange omission and  one which means a lot of very wealthy people are not being counted.”

Mortgage Professional America - “Freddie Mac: Prospective home buyers overestimate required down payment” (6-16-14)

“Prospective home buyers consistently overestimate the size of the down payment they’ll need to finance a home, according to Freddie Mac.”

DS News - “FHFA Report to Congress Reveals Milestones, Problems” (6-16-14)

“The Federal Housing Finance Agency (FHFA) submitted its 2013 Report to Congress, which detailed findings from the agency’s examination of Fannie Mae and Freddie Mac.”

 

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $75,000 on a 3 bedroom, 2 bathroom home appraised for $129,000.

Lancaster Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside TOMORROW, June 17, 2014.

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

 

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.

Fannie and Freddie Hang in the Balance

Monday, April 28th, 2014


Today’s News Synopsis:

The sale of pending homes increased by 3.4%, the highest since May 2011.  According to the latest Home Price Index, home prices increased 0.7% in February and 7.6% year-over-year.  They are expected to continue to increase 7% this year.  Fannie Mae and Freddie Mac hang in the balance as this week  as the Senate has begun the first stages of its plan this week to wind down the GSEs.  

In The News:

Bloomberg - “Pending Sales of U.S. Existing Homes Rise Most Since 2011″ (4-28-14)

“Contracts to purchase previously owned U.S. homes climbed in March by the most in almost three years, showing residential real estate was starting to stabilize entering the spring selling season.”

Housing Wire - “Wall Street: Home price appreciation still expected to hit 7%” (4-28-14)

“Despite a weak first quarter, home prices are still expected to rise by 7% in 2014, according to Wall Street analysts.”

DS News - “Home Price Index Jumps Up in February” (4-28-14)

“Black Knight Financial Services released its Home Price Index (HPI), noting that home prices in the U.S. rose 0.7 percent for the month of February to an average of $233,000. The slight increase for the month reflects an overall yearly increase of 7.6 percent, according to the financial company.”

Mortgage Professional America - “DOJ, Citi to discuss multibillion-dollar settlement” (4-28-14)

“The Justice Department and Citigroup will meet next month to negotiate what could be a multibillion-dollar settlement over shoddy mortgage-backed securities.”

Housing Wire - “Supreme Court agrees to consider case on rescinding mortgage loans” (4-28-14)

“The U.S. Supreme Court agreed to consider a case involving a provision of the Truth in Lending Act that allows borrowers to void their mortgage loans.”

Realty Trac - “The Boyko Question: ‘Show Me The Note?’ Muddles Financial Waters” (4-28-14)

“Five years ago a conservative federal judge in a conservative state stopped 14 foreclosure actions with a very simple demand for lenders: Show me the note.”

Bloomberg - “Fannie-Freddie Fate Hangs on Senate Action This Week: Mortgages” (4-28-14)

“A U.S. Senate plan for Fannie Mae (FNMA) and Freddie Mac, the most thorough yet for winding down the two mortgage financiers, faces a first test this week with its authors making last-minute changes to gather more support.”

DS News - “Freddie Mac Report Shows Declining Portfolio Size” (4-28-14)

“Freddie Mac’s mortgage portfolio has declined in each of the first three months of this year with the fastest annualized decline in March, according to the GSE’s latest monthly volume summary. Freddie’s mortgage portfolio declined at an annualized rate of 2.9 percent in March.”

 

Hard Money Loan Closed

Hemet, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $99,000 on a 3 bedroom, 2 bathroom home appraised for $147,000.

Hemet Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

 

 

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.

Housing Seeing Higher Mortgage Rates and Unaffordable Prices

Friday, April 4th, 2014

 

Today’s News Synopsis:

This week’s video is a slideshow of highlights from the news of the week.  The unemployment rate remains virtually unchanged as only 192,000 jobs were added last month, below expectations.  A recent study by Zillow showed more homes now are unaffordable.  One-third of homes for sale are the most unaffordable in history, as well as over half the homes in large metropolitan areas.  A new study by the Harvard Joint Center for Housing Studies showed the overtaking of Fannie and Freddie could result in higher mortgage rates.

In The News:

Housing Wire - “Near-stagnation March jobs report leaves unemployment rate unchanged” (4-4-14)

“Employers added 192,000 jobs in March, according to the Bureau of Labor Statistic, missing expectations with near-stagnation level job creation.”

Mortgage Professional America - “Fannie,Freddie overhaul could mean higher rates: study” (4-4-14)

“A planned overhaul of Fannie Mae and Freddie Mac could send mortgage rates climbing for homeowners with weaker credit, according to a new study.”

Bloomberg - “Wall Street Engineers Awaken CDOs in Real Estate Deals” (4-4-14)

“Wall Street’s financial engineers are getting creative again.  Commercial real-estate investor H/2 Capital Partners bundled a hodge podge of its holdings — from bonds tied to skyscrapers and malls to junk-rated bank loans — into about $400 million of securities.”

Housing Wire - “Wall Street getting hungrier for private-label MBS?” (4-4-14)

“Wall Street is getting hungrier for private-label mortgage-backed securities, if the Federal Reserve’s quarterly survey of senior credit officers is accurate.”

CNN Money“Holder: U.S. probing high frequency trading” (4-4-14)

“The Justice Department is investigating whether high frequency trading violates insider trading laws, Attorney General Eric Holder said Friday.”

Inman - “Zillow plays to win” (4-4-14)

“Zillow stock is trading at $91 a share with a staggering market cap of $3.56 billion, more than double the valuation of its closest competitor, Trulia ($1.29 billion), dwarfing Move ($460.5 million) and Re/Max ($339.5 million), and gunning for Realogy with a $6.43 billion valuation.”

Housing Wire - “1 in 3 homes is unaffordable and a bubble is forming” (4-4-14)

“More than half the homes currently on the market in seven major American metros are currently unaffordable for local residents, and one-third of homes for sale are unaffordable by historic standards.”

 

Hard Money Loan Closed

Carson, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $170,000 on a 2 bedroom, 1 bathroom home appraised for $343,000.

Carson Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

 

Looking Back:

Mortgage rates decreased this past week with 30-year rates at 3.54% and 15-year rates at 2.74%.  The NAHB reported the number of improving housing markets remained the same this month after having shown improvement for seven months straight.  More consumers had a positive outlook on the economy with the housing recovery.

 

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.

 

Sources:

The Norris Group Real Estate News Roundup 2/10/14

Monday, February 10th, 2014

 

Today’s News Synopsis:

In a big news story, the Justice Department is being sued in regards to their recent settlement with JPMorgan Chase, claiming the settlement was way too lenient for the agency’s years of illegal conduct.  Freddie Mac reached $1 billion in the number of bond securities sold, matching two sales done previously last year.  In addition, Freddie Mac along with Fannie Mae also reached another milestone in completing 3 million HARP refinancings.

In The News:

DS News - “Freddie Mac Sells $1 Billion of Securities” (2-10-14)

“Freddie Mac sold $1 billion of securities, offering bonds whose buyers share in the risk from homeowner defaults. The government-controlled mortgage-finance company’s offer, tied to $32.4 billion of loans, nearly matched the size of two previous sales in 2013.”

Inman - “New Pennsylvania law will affect many real estate transactions” (2-10-14)

“Under a new Pennsylvania law that will affect many real estate transactions, property owners who get behind on their taxes on one property will have a lien slapped against all their other properties in that county.”

Housing Wire“How confident are Americans in getting a mortgage” (2-10-14)

“More Americans surveyed now believe it would be easy for them to get a mortgage, according to Fannie Mae’s January 2014 national survey of consumer attitudes in housing.”

Mortgage Professional America - “Justice Department sued over JPMorgan settlement” (2-10-14)

“A nonprofit group is suing the Justice Department over the agency’s historic $13bn settlement with JPMorgan Chase.”

CNN Money - “Regulators fear more bad mortgage practices” (2-10-14)

“You may have gotten a mortgage through the local branch of one of the megabanks, but did you know there’s a good chance your bank turned around and sold the rights to service your loan to somebody else?.”

DS News - “CFPB Launches New Reporting Tool” (2-10-14)

“The Consumer Financial Protection Bureau (CFPB) unveiled a new tool Friday aimed at making Home Mortgage Disclosure Act (HMDA) data more user-friendly. In a report released the same day, the CFPB said it collected HMDA data from 7,400 financial institutions in 2012 on 18.7 million loan applications.”

CNN Money - “Barclays investigating data theft” (2-10-14)

“Barclays is investigating the possible leak of thousands of documents that contain customer information, the latest in a series of blows in to the U.K.-based bank.”

DS News - “FHFA Announces HARP Milestone” (2-10-14)

“In a report released Monday, the Federal Housing Finance Agency (FHFA) announced Fannie Mae and Freddie Mac have reached the milestone of three million refinances under the Home Affordable Refinance Program (HARP).”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 4 bedroom, 2 bathroom home appraised for $181,000.

 

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with Moreno Valley Realtors on Thursday, February 13, 2014.

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with Inland Empire Escrow on Thursday, February 27, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

 

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

The Norris Group Real Estate News Roundup 11/19/13

Tuesday, November 19th, 2013

Today’s News Synopsis:

JPMorgan has officially reached a settlement with the Justice Department to pay $13 billion to cover faulty mortgages.  National default rates continue to remain unchanged overall as of October with the first-mortgage default rate only increasing to 1.30% from 1.28%.  8 million foreclosures were prevented following the recent collaboration between the private and public sectors.

In The News:

NAHB - “Home Builders Seek Legislative Fix for Soaring Flood Insurance Premium Rates” (11-19-13)

“The National Association of Home Builders (NAHB) called on Congress today to take steps to resolve unintended consequences of the Biggert-Waters Flood Insurance Act that are resulting in huge premium spikes for many home owners and impacting the sale, construction and remodeling of homes across the nation.”

Los Angeles Times - “JPMorgan reaches historic $13-billion settlement with Justice, states” (11-19-13)

“JPMorgan Chase & Co. will pay a record $13 billion to resolve allegations that it sold faulty mortgage investments that fueled the 2008 financial crisis, Justice Department and state officials said.”

DS News - “Private-Public Collaberation Results in 8M Foreclosure Preventions” (11-19-13)

“Collaboration between the private and public sectors has resulted in 8 million non-foreclosure solutions completed for at-risk families since 2007, according to HOPE NOW, a voluntary alliance of mortgage servicers, investors, mortgage insurers, and nonprofit housing counselors.”

Housing Wire - “CBO: FHA reform bill could save government $514M” (11-19-13)

“The Senate-proposed Federal Housing Administration Solvency Act could reduce federal discretionary spending by $514 million over a four-year period of time, while forcing the FHA to build up to a 3% capital ratio, the Congressional Budget Office said Tuesday.”

NAHB - “Developers’ Sentiment About Multifamily Market Off Recent Peak, but Remains Positive” (11-19-13)

“The Multifamily Production Index (MPI), released today by the National Association of Home Builders (NAHB), reached 54 in the third quarter, seven points lower than a spike in the second quarter but the seventh consecutive reading above 50.”

Mortgage Professional America - “Report: Cordray won’t exempt small lenders from new rule” (11-19-13)

“An upcoming rule that will require simplified mortgage paperwork won’t include an exemption for small lenders, according to a Bloomberg report.”

Housing Wire - “National default rates held steady in October” (11-19-13)

“Mortgage defaults remained flat in October with the first-mortgage default rate increasing slightly to 1.30% from 1.28% in September, the latest S&P/Experian Consumer Credit Default Indices report reveals.”

Inman - “Realtor.com: Buyer demand continues into October, pushing up prices on scarce inventory” (11-18-13)

“An analysis of listings data released today by realtor.com suggests that homes continued to turn over quickly in October, in defiance of seasonal patterns and in spite of price increases driven by inventory shortages in many markets.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $195,000 on a 4 bedroom, 2 bathroom home appraised for $320,000.

 

 

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at Camp Pendleton in San Diego on Sunday, December 8, 2013.

Bruce Norris of The Norris Group will be at the SDCIA Holiday Christmas Party on Tuesday, December 10, 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.

The Norris Group Real Estate News Roundup 9/14/12

Friday, September 14th, 2012



Sources:

Real Estate Outlook: Pending Home Sales Rise
Mortgage Applications Increase in Latest MBA Weekly Survey
Buying beats renting in all 100 largest U.S. metros
Isaac Pushes Up 1st Time Unemployment Claims
Home price gains drive drop in underwater mortgages
Senators Introduce Refi Bill to Expand HARP, C.A.R. Expresses Support
U.S. credit rating hinges on Congress – Moody’s
FHFA drafting white paper on Fannie, Freddie reform
California lawmaker introduces bill to stop eminent domain nationally

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  Bank of America has reached a settlement with the Justice Department regarding loan discrimination by the bank.  The delinquency rate for commercial mortgage-backed securities decreased again for the fourth month in a row to 8.37%.

In The News:

DS News“BofA Reaches Settlement to Resolve Disability Discrimination Suit “ (9-14-12)

“The Justice Department announced Thursday that it has reached a settlement with Bank of America over allegations of loan discrimination against disability income recipients.”

Housing Wire“Fitch: CMBS delinquency rate dips for fourth straight month” (9-14-12)

“The percentage of delinquent loans tied to commercial mortgage-backed securities declined for the fourth straight month in August, according to Fitch Ratings.”

Bloomberg“Mortgage-Bond Spreads Fall to Record Low as Fed Starts Buying” (9-14-12)

“A measure of relative yields on Fannie Mae and Freddie Mac mortgage securities that guide U.S. home-loan rates tumbled to the lowest on record after the Federal Reserve said it will expand its holdings with monthly purchases of $40 billion of government-backed housing debt.”

Realty Times“Favorable Mortgage Rates Help Housing Market Confidence” (9-14-12)

“While conditions continue to show signs of improvement, favorable mortgage rates are helping housing market confidence amongst consumers. According to Fannie Mae’s National Housing Survey for August, 35% of survey participants expect home prices to rise over the next year.”

CNN Money“Who are the unbanked?” (9-14-12)

“Nearly 10 million households across the country are living without a bank account. And in some states, these residents make up a big slice of the population.”

DS News“Administration Finds Servicers Better at Implementing Mods “ (9-14-12)

“The continuation of improvements in the housing sector and servicer performance were a key focus in the Obama Administraton’s housing scorecard and Making Home Affordable Program report.”

Housing Wire“QE3 may nudge more home sales to investors” (9-14-12)

“The latest stimulus from the Federal Reserve may spur more home sales, just not to the intended buyers.”

Realty Times- “The List Of Improving Housing Markets Is Increasing ” (9-14-12)

“If you’ve been keeping a list, then, just like Santa, you’d better check it twice–not for who’s naughty or nice–but rather which real estate markets are improving. According to the National Association of Home Builders (NAHB), ‘the number of improving housing markets across the country rose to 99 in September’.”

Hard Money Loan Closed

San Diego, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $102,000 on a 3 bedroom, 2 bathroom home appraised for $185,000.

 

Bruce Norris of The Norris Group will be at the InvestClub for Women in Los Angeles Tuesday, September 18, 2012.

Bruce Norris of The Norris Group will be at the InvestClub for Women in Orange County Wednesday, September 19, 2012.

Bruce Norris of The Norris Group will be at the Real Wealth Game Changers Expo in Costa Mesa Friday-Sunday, September 28-30, 2012

Looking Back:

The Los Angeles Times reported the sale of homes rose in August 2011, despite a continuing decrease in prices.  According to the latest MBA weekly survey released the previous week, the number of mortgage applications increased 6.3%.  A Senate subcommittee feared risks and negative results in Obama’s plan for refinancing millions of underwater borrowers.

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 7/24/12

Tuesday, July 24th, 2012

Today’s News Synopsis:

Zillow reported a 0.2% year-over-year increase for home values in the second quarter, the first year-over-year increase seen since 2007.  Home prices increased 0.8% in May according to the FHFA.  Despite price increases, Radar Logic expressed concerns there still could be declines seen in the second half of this year.


In The News:

DS News“Prices Up, but 2nd Half of 2012 Could See Declines: Radar Logic” (7-24-12)

“Radar Logic’s composite to measure home prices may show monthly and yearly gains, but contrary to other reports, the analytics company argues that the increases don’t mean prices have hit bottom.”

Housing Wire“FHFA home prices rise 0.8% in May” (7-24-12)

U.S. home prices for the 12-month period ending in May rose 3.7% over last year, the Federal Housing Finance Agency said in its latest monthly House Price Index.”

Bloomberg“Home Values Post First Year-Over-Year Increase Since 2007″ (7-24-12)

“Home values posted their first year- over-year increase since 2007 in the second quarter as the U.S. property market began to lift off a bottom, Zillow Inc. (Z) said.”

Realty Times“Mortgages: What’s Happened While You Were Away? “ (7-24-12)

“Over the summer, spending more leisure time outdoors takes top priority. Keeping up with the news slips down the list, or off it completely. Kind of makes this an ideal time for the government to slip in unpleasant things, doesn’t it?.”

Inman“Decline in REOs blamed for sagging California home sales” (7-24-12)

The California Association of Realtors says inventory shortages dented pending home sales in June, as lenders signed off on more short sales but had fewer “real estate owned” properties, or REOs, to market.”

DS News“DataQuick: Foreclosure Activity Down in California” (7-24-12)

“Following promising reports of increased sales in California’s Southland Empire, analytics company DataQuick issued another release revealing that foreclosure activity is down in the state.”

Bloomberg“Student Loan Debt Tied to U.S. Home Sales Lag, Soss Says” (7-24-12)

“U.S. student loan debt totaling more than $900 billion may be hurting home sales, said Neal Soss, chief economist at Credit Suisse in New York.”

Inman“As home prices rise, foreign interest in U.S. real estate flags” (7-24-12)

“A decline in the international share of overall house hunters in the second quarter indicates that rising U.S. home prices may be putting off foreign buyers, according to a report from real estate search and marketing site Trulia.”

Housing Wire“Congress probes DOJ involvement in St. Paul disparate impact case” (7-24-12)

A House subcommittee is investigating what the Justice Department said to St. Paul, Minn. officials before the city withdrew its defense against a housing discrimination case from the Supreme Court.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $88,000 on a 4 bedroom, 2 bathroom home appraised for $140,000.

 

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

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

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Los Angeles Real Estate Investors Association in Orange County Tuesday, September 11, 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.

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

Monday, March 12th, 2012

Today’s News Synopsis:

In a big story, a $25 billion settlement was filed today regarding robo-signing, a settlement that could increase short sales.  Another bank closed in Illinois, bringing the total now to 13.  In an attempt to get mortgage settlers to act more quickly when settling mortgage write-downs, they will be given higher credit on their principal reductions.

In The News:

San Francisco Chronicle - “Four States Hit Hardest By Housing Now Lead U.S. Jobs Recovery” (3-10-12)

“Arizona, California, Florida and Nevada — the states that were most hurt in the real estate collapse over the past five years — are now leading the U.S. labor market expansion.”

DS News“Number of Failed Rises to 13 After Illinois Bank Closing” (3-12-12)

“State regulators closed New City Bank of Chicago, Illinois March 9, raising the national tally for closed FDIC-insured banks to 13 so far this year.

Housing Wire“U.S. subprime RMBS performance weakens on soft home prices” (3-12-12)

“Declining home prices weakened the performance of U.S. subprime residential mortgage-backed securities collateral over the past three years, Fitch Ratings said.”

Reality Times - “Property Real Estate Outlook: Mortgage Applications Decline Again” (3-12-12)

“Mortgage activity slowed again last week. This is the fourth consecutive week of declines. Activity was down 1.2 percent from the week before. The Mortgage Bankers Association reports that refinance activity was down 2.0 percent.”

Inman“Robo-signing settlement may boost short sales” (3-12-12)

“The government’s $25 billion settlement with the nation’s five biggest mortgage servicers over so-called “robo-signing” practices could boost short sales, as loan servicers will receive credit when they approve sales that include forgiveness of a portion of underwater homeowners’ debt.”

DS News“BofA to Offer Principal Reductions of More Than $100k” (3-12-12)

“Some Bank of America borrowers may be in for principal reductions in amounts exceeding $100,000, according to the latest developments in the settlement the bank and four other large servicers made with state and federal regulators.”

Housing Wire- “Homebuilder spring selling season off to solid start” (3-12-12)

“The homebuilder spring selling season just started, but reports from the field confirm that sales activity in communities are materializing in a way not seen in years, Barclays Capital said.”

Housing Wire“Servicers urged to act quickly in mortgage settlement write-downs” (3-12-12)

“Mortgage servicers will get credited for more principal reduction than is actually provided over the next 12 months in an apparent attempt to get servicers to act quickly, according to the mortgage servicing settlement.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $61,000 on a 3 bedroom, 2 bathroom home appraised for $102,000.

California Real Estate Investor Events:

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the Evening with the Leaders of the real estate industry tomorrow, March 13, 2012.

Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 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.

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.