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The Norris Group Real Estate News Roundup 2/3/12

Friday, February 3rd, 2012

Sources:
Real Estate Outlook: Existing-Home Sales Rise Again
CoreLogic Records 4.7% Drop in Home Prices in 2011
ADP: Private sector adds 170,000 jobs in January
Jobless rate drops to lowest level in almost three years
Unemployment rate falls to 8.3%
Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage Rates for 30-Year Fixed U.S. Loans Decline to Record-Low 3.87%
Housing construction spending hits 16-year low
Homeownership rate falls to 14-year low
Robo-Signing Settlement Update: Friday is Cutoff for States to Join
Foreclosures Draw Private Equity as U.S. Sells Homes
Report: Freddie Mac bets against homeowner refinancings
Obama administration details refinance plan for underwater borrowers
Senate joins House in effort to cut pay at Fannie Mae, Freddie Mac

Today’s News Synopsis:

This week’s video features a slide show of the news of the week in the world of real estate and other big news stories.  According to CoreLogic, prices for homes decreased 4.7% in 2011, making it the fifth year in a row home prices declined over the year.  Unemployment is at 8.3%, the lowest in three years with the addition of 243,000 new jobs added last month.

In The News:

DS News – “CoreLogic Records 4.7% Drop in Home Prices in 2011″ (2-2-12)

“Year-end data from CoreLogic shows home prices fell by 4.7 percent over 2011. It marks the fifth consecutive year the company has recorded an annual decline in residential property values.”

Housing Wire – “Unemployment rate falls to 8.3%” (2-3-12)

“The economy added 243,000 jobs in January and the unemployment rate fell to 8.3%, its lowest level since February 2009.  The Labor Department said large gains in professional and business services, leisure and hospitality, and manufacturing jobs drove the gains, which came in well above most analysts’ estimates. The rate in December was 8.5%.”

CNN Money - “Stealth jobs boom: 6 months, 2 million jobs” (2-3-12)

“Companies are saying the job market is getting better. Workers are saying it’s already kicked into high gear.  Friday’s jobs report showed a gain of 243,000 jobs. But a separate survey of households used to determine the unemployment rate shows much, much stronger job gains.”

Realty Times – “Average Mortgage Rates Ease Setting New Record Lows” (2-3-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, the average mortgage rates dropped to new all-time record lows as data on economic growth fell short of market projections. All products in the PMMS survey, except the 1-Year ARM, averaged new lows.”

Housing Wire – “Obama mortgage refinance plan accelerates equity rebuild” (2-3-12)

“One option under the most recent refinancing plan from the Obama administration would allow borrowers to not only surface from underwater but actually begin building equity in their home at a quicker pace.”

Realty Times – “Real Estate Drops But Second Home Market May See Increase” (2-3-12)

“Interest rates continue to remain low for mortgages and it looks as though the Federal Reserve will keep the rate at which banks lend to each other overnight low through 2014. The federal funds rate is expected to remain at zero to 1/4 percent for the next few years due to the depressed housing market and slow business investments.”

San Francisco Chronicle – “Mortgage rates for 30-year loans hit record low” (2-3-12)

“Rates for 30-year U.S. mortgages declined to the lowest level on record after the Obama administration announced measures to make it easier for homeowners to reduce their monthly payments by refinancing.”

Housing Wire – “Senate adds Fannie, Freddie bonus ban to Stock Act” (2-3-12)

“The Senate agreed to a resolution that would stop executive bonuses at Fannie Mae and Freddie Mac, attaching the measure to a larger congressional insider-trading bill.”

Bloomberg - “Goldman Sachs Mortgage-Backed Securities Suit Granted Class-Action Status” (2-3-12)

“A suit against Goldman Sachs Group Inc. (GS) may go forward as a class action on behalf of all investors in a $698 million mortgage-backed securities offering, a federal judge in Manhattan ruled.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $72,000 on a 2 bedroom, 2 bathroom home appraised for $120,000.

California Real Estate Investor Events:

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

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

Looking Back:

Freddie Mac reported the average rate for 30-year mortgages increased to 4.81%. The Labor Department said jobless claims declined the previous week. Freddie Mac funded $15 billion worth of multifamily transactions through its multifamily whole loan and bond guarantee business in 2010. The Treasury Department expected the government to hit the $14.29 trillion debt limit before June 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 2/2/12

Thursday, February 2nd, 2012

Today’s News Synopsis:

Mortgage rates for 30 year fixed U.S. loans are at their lowest on record at 3.87%.  In other news, unemployment claims also decreased last week as did claims for unemployment insurance.  A bill was introduced in the Senate yesterday that would change the way employees at Fannie Mae and Freddie Mac will be paid.

In The News:

Housing Wire – “Senate joins House in effort to cut pay at Fannie Mae, Freddie Mac” (2-1-12)

“A Senate bill introduced Wednesday would place employees at Fannie Mae and Freddie Mac under a federal pay scale, similar to legislation already in the works in the House.”

Inman – “Obama administration details refinance pan for underwater borrowers” (2-1-12)

“Last week, in his State of the Union address, President Obama introduced a proposal to help millions of homeowners, who are underwater on their mortgages, refinance their loans at current low rates. Today, the administration released details of the plan.”

CNN Money – “Bernanke: Fed will protect U.S. economy from Europe” (2-2-12)

“The recovery remains “frustrating slow” in the United States, and now Europe’s debt crisis is posing additional challenges, Federal Reserve Chairman Ben Bernanke told Congress Thursday.”

Bloomberg – “Mortgage Rates for 30-Year U.S. Fixed Loans Decline to a Record-Low of 3.87%” (2-2-12)

Rates for 30-year U.S. mortgages declined to the lowest level on record after the Obama administration announced measures to make it easier for homeowners to reduce their monthly payments by refinancing.”

Housing Wire – “Jobless claims decline, lower than most estimates” (2-2-12)

“The number of Americans filing initial jobless claims declined about 3% last week, coming in lower than most analysts’ estimates and staying below 400,000.”

San Francisco Chronicle – “BofA Tumbles to 5.6% Share of Mortgages as Wells Fargo Dominates” (2-2-12)

“Bank of America Corp. lost about three-quarters of its market share in U.S. home mortgages since 2007 as the firm grappled with defective loans, while Wells Fargo & Co.’s presence almost doubled, FBR Capital Markets said.”

DS News – “Claims for Unemployment Insurance Improve as January Ends” (2-2-12)

“First time claims for unemployment insurance fell 12,000 for the week ended January 28 to 367,000, reversing half of the increase of the previous week, the Department of Labor reported Thursday.”

Bloomberg – “Obama Uses Housing Crisis as Foil to Romney’s ‘Hit-Bottom’ Strategy” (2-2-12)

“The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.”

Housing Wire – “PMI Group latest mortgage insurer to give Fannie Mae short-sale authority” (2-2-12)

“Fannie Mae mortgage servicers can complete short sales and deeds in lieu of foreclosure without getting separate approval from the now bankrupt mortgage insurer The PMI Group, a change that’s expected to further reduce barriers to short sales.”

DS News – “Real Estate Professionals Feeling Brunt of Recession” (2-2-12)

“The effects of the housing crisis are widespread, but nowhere do they hit home more than in the real estate community.  Eighty-eight percent of real estate professionals in a recent survey said they have lost money since 2008 or are living off significantly less income. Many are dipping into savings to make ends meet.”

Realtor Magazine – “Rural Refinance Pilot Program Announced” (2-2-12)

“The USDA is launching the Single Family Housing Guaranteed Rural Refinance Pilot Program, which is designed to help rural home owners refinance their mortgages in order to reduce monthly payments.”

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:

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

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

Looking Back:

Mortgage application volume increased 11.3% from the previous week, according to the MBA. Fannie Mae and Freddie Mac were raising risk fees they charged lenders on loans they bought for resale to investors. HOPE NOW reported 1.76 million homeowners received a mortgage modification in 2010. Statistics from DBRS showed 50 percent of loan modifications resulted in re-default.

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 1/26/12

Thursday, January 26th, 2012

Today’s News Synopsis:

New U.S. home sales declined 2.2% in December according to Bloomberg.  In other news, 30-year mortgage rates increased for the first time from their lowest recorded level, having come about after the Federal Reserve promised to keep interest rates near 0.  In a recent vote in the Senate, Obama was allowed to raise the debt ceiling to $16.4 trillion.

In The News:

Bloomberg – “Foreclosure Properties Fall to 20% of Home Buys” (1-25-12)

“Foreclosure and distressed sales fell to 20 percent of U.S. home purchases in the third quarter of last year as legal scrutiny of property seizures reduced the number of deals, according to RealtyTrac Inc.”

DS News - “Illinois AG Sues S&P” (1-26-12)

“Illinois Attorney General Lisa Madigan filed a lawsuit against Standard & Poor’s (S&P) this week alleging the ratings agency inflated ratings of mortgage-backed securities investments, an act Madigan believes stemmed the financial crisis.”

Bloomberg - “Sales of U.S. New Homes Unexpectedly Decline in December” (1-26-12)

“Sales of new U.S. homes unexpectedly declined in December for the first time in four months, capping the slowest year on record for builders.”

NAHB - “Remodeling Market Index Rises to Five-Year High” (1-26-12)

“Remodeling sentiment rose to the highest level in five years, according to the National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) for the fourth quarter of 2011. Released today, the RMI increased to 46.6 in the fourth quarter from 41.7 in the third quarter.”

Bloomberg – “30-Yr Mortgage Rates Rise From Record Low” (1-26-12)

“Rates for U.S. 30-year mortgages climbed from the lowest level on record after Federal Reserve officials pledged to keep their benchmark interest rate near zero through at least late 2014 to help bolster the economy.”

Housing Wire - “Unemployed homebuilders migrate to multifamily jobs” (1-26-12)

“Single-family housing starts plummeted in 2011, but construction workers are finding jobs anyway by migrating to multifamily projects.”

Los Angeles Times - “Recovery roadblock?  Mortgage burdens keep job seekers from moving” (1-26-12)

“In what could end up becoming a vicious cycle of economic hurt, struggling homeowners who aren’t relocating for new jobs may stymie employers’ long-range growth.  So says a report from outplacement consultancy Challenger, Gray & Christmas Inc., which finds that about 7.5% of job hunters who found new positions ended up moving to a new home for work in the latter half of 2011.”

CNN Money - “First-time unemployment claims climb” (1-26-12)

“After plunging the week before, first-time claims for unemployment benefits ticked up last week.  The Labor Department reported Thursday that 377,000 people filed for initial unemployment benefits in the week ended Jan. 21, up 21,000 from a revised reading of 356,000 claims the week before.”

San Francisco Chronicle - “Economy gains as businesses spend more, fire less” (1-26-12)

“Businesses are growing more confident in the economy, investing in more equipment and laying off fewer workers.  Government figures on manufacturing and unemployment claims released Thursday raised hopes on the eve of a report on how much the economy grew in the October-December quarter.”

Bloomberg - “Commercial Property Sales Rose to More Than $220 Billion in U.S. Last Year” (1-26-12)

“Commercial property sales rose 57 percent to more than $220 billion U.S. last year, led by retail properties and garden apartments, Real Capital Analytics Inc. said in a report today.”

Housing Wire – “Senate clears $1.2 trillion debt ceiling raise” (1-26-12)

“The Senate voted 44-52 Thursday clearing President Obama to raise the debt ceiling by $1.2 trillion.  The ceiling will go to $16.4 trillion and, according to some estimates, may be breached again around the time of the November elections.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $40,000 on a 2 bedroom, 1 bathroom home appraised for $67,000.

California Real Estate Investor Events:

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

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

Looking Back:

The MBA reported mortgage application volume fell 12.9% the week of January 21, 2011. According to the Commerce Department, new home sales dropped 7.6% year over year. $1.5 trillion in commercial debt was set to mature by 2014. A total of 58,020 loan modifications were canceled, said the Treasury Department.

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 1/5/12

Thursday, January 5th, 2012

Today’s News Synopsis:

In some good news for jobs, the number of unemployment claims decreased last week, while at the same time 325,000 new jobs were added in December for the private sector.  Mortgage rates start the year off at the lowest on record according to Bloomberg.  Vacancy rates for apartments are also at their lowest levels since 2001.

In The News:

Housing Wire - “Private sector adds 325,000 jobs in December” (1-5-12)

“Private sector employment grew by 325,000 jobs in December when compared to the previous month, according to the latest ADP National Employment report.”

CNN Money - “Consumer bureau: Now, it can do something” (1-5-12)

“With President Obama’s recess appointment of a new chief to run the consumer bureau, the agency can flex new powers regulating financial products from non-banks — including student loan providers, debt collectors, payday lenders, and mortgage originators and servicers.”

Wall Street Journal - “Apartment-Vacancy Rate Tumbles to 2001 Level” (1-5-12)

“The nation’s apartment-vacancy rate in the fourth quarter fell to its lowest level since late 2001 as Americans continued to favor renting homes instead of buying them.”

Housing Wire - “Jobless claims drop to 372,000 last week” (1-5-12)

“The number of Americans filing initial jobless claims declined last week, coming in lower than analysts’ estimates.  The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 31 decreased to 372,000 from 387,000 the previous week, which was revised upward 6,000.”

DS News - “Mortgage Modifications Scams Make Top Ten Scam List for 2011″ (1-5-12)

“Mortgage modification scams made the list of “Top Ten Scams of 2011,” assembled by the Better Business Bureau (BBB) Wednesday.”

Inman - “Top 10 US places with a net influx of movers” (1-5-12)

“Only Washington, D.C., and nine states — primarily in the Southwest and Mid-Atlantic regions — were labeled “inbound” by receiving a net influx (over 55 percent) of Atlas moves in 2011, according to Atlas Van Lines’ 2011 annual migration patterns report, released this month. Atlas has tracked annual Atlas shipment patterns for Canada and the U.S., by state, since 1993.”

Bloomberg - “Mortgage Rates for 30-Year Fixed U.S. Loans Match the Record Low of 3.91%” (1-5-12)

“Mortgage rates (NMCMFUS) for 30-year U.S. loans declined, matching the lowest level on record amid signs that demand for housing may be recovering.”

Bloomberg - “Wells Fargo Faces Scrutiny by Investors on Mortgage Bonds” (1-5-12)

“A bondholder group that won an $8.5 billion settlement (BAC) from Bank of America Corp. (BAC) on securities backed by soured home loans may also seek payments from Wells Fargo & Co. (WFC), the nation’s biggest mortgage lenderion.”

Housing Wire – “Fannie Mae to provide loan-level data on single-family MBS” (1-5-12)

“In a push for increased transparency, Fannie Mae plans to provide loan-level data on single-family mortgage-backed securities to help investors.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 5 bedroom, 2 bathroom home appraised for $147,000.

California Real Estate Investor Events:

The Norris Group posted a new event. The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.

Looking Back:

Altera Real Estate forecasted an increase in interest rates for 2011. Hope Now reported mortgage lenders completed nearly 1.65 million permanent loan modifications in November 2010. President Obama signed the National Credit Union Stabilization Act.

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 12/22/11

Thursday, December 22nd, 2011

Today’s News Synopsis:

DS News reported both 15-year and 30-year mortgage rates are at their lowest on record.  Foreclosures increased over 20% from last quarter despite mortgage delinquencies holding steady.  Bank of America just settled their recent lawsuit with the Justice Department over unfair lending practices.  Claims of unemployment are also at their lowest since April 2008.

In The News:

Housing Wire - “OCC: New foreclosures climb 21.1% in third quarter” (12-22-11)

“Mortgage delinquencies stabilized in the third quarter, though new foreclosures jumped 21.1% from last quarter according to the Office of the Comptroller of the Currency.”

DS News - “Mortgage Rates…How Low Can They Go?” (12-22-11)

“Mortgage interest rates continue to head south. Freddie Mac reported Thursday that the 30-year fixed-mortgage rate as well as adjustable rate products all sank to new all-time record lows this week, while the 15-year fixed rate settled in to match its historic low.”

Bloomberg - “Foreclosures May Push U.S. Housing Rebound to 2013″ (12-22-11)

“Prices for resold homes are down 31 percent since the July 2006 peak, based on the S&P/Case-Shiller Index that tracks 20 major metropolitan areas.“

CNN Money - “BofA settles unfair lending claims for $335 million” (12-22-11)

“The Justice Department announced a $335 million settlement with Bank of America Wednesday over discriminatory lending practice at Countrywide Financial.”

Housing Wire - “Jobless claims down to lowest level since April 2008″ (12-22-11)

“The number of initial jobless claims fell further last week to the lowest level in more than three years. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 17 declined by 4,000 to 364,000 from 368,000 the previous week, which was revised upward 2,000.”

Los Angeles Times - “Key consumer confidence index up for fourth straight month” (12-22-11)

“A leading consumer confidence index rose in December, the fourth straight monthly increase, but the stalemate in Washington over extending the payroll tax cut could cut into those gains.  Consumers were much more positive about the overall economic prospects this month compared to November, according to the latest Thomson Reuters/University of Michigan Survey of Consumers released Thursday.”

NAHB- “Statement from NAHB Chairman Bob Nielsen on Debate to Extend and Pay for Payroll Tax Deduction” (12-22-11)

“Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev., today issued a statement on a congressional plan to pay for extending an expiring payroll tax cut by raising fees charged by Fannie Mae and Freddie Mac.”

Inman - “Zillow: US home values to drop about $681B in 2011″ (12-22-11)

“The value of overall homes nationwide has likely dropped just over $681 billion this year, according to property search and valuation site Zillow.”

Housing Wire - “Fitch: US could lose AAA rating by end of 2013″ (12-22-11)

“The United States could lose its AAA sovereign debt rating by the end of 2013 if policymakers fail to make inroads in cutting the federal deficit in the next year and a half, Fitch Ratings said Thursday.”

Hard Money Loan Closed

Norwalk, 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 $205,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

According to Veros, San Diego home prices were expected to rise 3.5% in 2011.  November 2010 saw an increase in home sales since decreasing significantly in July 2010.  In other news, fewer people were applying for mortgages most likely due to higher rates.  Fannie Mae expected home prices to decline in 2011, although they expected the sale of new homes to decrease and existing sales to increase.  The Obama administration believed the recent robo-signing had resulted in a decrease in foreclosures.

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 12/08/11

Thursday, December 8th, 2011

Today’s News Synopsis:

According to Housing Wire, unemployment claims are at their lowest they have been since February.  Mortgage rates are down to 4%, leading to an increase in home-purchase loans, according to the Los Angeles Times.  The Realty Times reported a postponement in foreclosure evictions by the Feds until 2012.

In The News:

Housing Wire - “Jobless claims drop to lowest level since February” (12-8-11)

“The number of people filing initial jobless claims last week dropped to the lowest level since February.  The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 3 decreased by 23,000 to 381,000 from 404,000 the previous week, which was revised upward 2,000.”

Mortgage Bankers Association - “MBA: Third Quarter Mortgage Banker Production Profits Improved with Higher Origination Volumes and Favorable Secondary Gains” (12-8-11)

“Independent mortgage banks and subsidiaries made an average profit of $1,263 on each loan they originated in the third quarter of 2011, up from $575 per loan in the second quarter of 2011, according to the Mortgage Bankers Association’s
(MBA) Third Quarter 2011 Mortgage Bankers Performance Report released today.”

Realty Times - “Feds, Banks Postpone Foreclosure Evictions Until 2012″ (12-8-11)

“Government agencies and mortgage lenders have a little something to temporarily ease your  holiday blues if you are a homeowner facing foreclosure — the existing roof over your head until after the New Year.”

Los Angeles Times - “With mortgages at 4%, demand for home-purchase loans rises” (12-8-11)

“With 30-year mortgage rates still averaging a rock-bottom 4%, applications to purchase homes rose after Thanksgiving to the highest level in four months.  Freddie Mac’s weekly report on home lender offerings, released Thursday, showed the typical rate for a 30-year loan at 3.99%, the sixth straight week at or slightly below 4%.  Last year at this time, the 30-year fixed loan averaged 4.61%.”

San Francisco Chronicle - “Plummeting Income From Investments Shaves U.S. Household Cash” (12-8-11)

“The housing market collapse, historically low interest rates and corporations  stingy with dividends helped cut the median household income in two of every  three U.S. counties, the U.S. Census Bureau reported today.”

Housing Wire – “MGIC says delinquent loan inventory declined in November” (12-8-11)

“Mortgage insurer MGIC Corp. (MTG: 3.43 -4.72%) saw its pool of delinquent insured loans drop from 179,824 mortgages at the beginning of November to 175,691 by the end of the month.”

NAHB - “Index Shows Continued Improvement for Apartment and Condominium Market” (12-8-11)

“The Multifamily Production Index (MPI), a leading indicator for the multifamily market, released by the National Association of Home Builders (NAHB) today showed continued improvement for the fifth consecutive quarter for the apartment and condominium housing market.”

DS News - “Cordray Fails to Win Approval from Senate for Top CFPB Post” (12-8-11)

“The Consumer Financial Protection Bureau (CFPB) is still headless.  Senators had scheduled a confirmation vote Thursday morning for Richard Cordray – President Obama’s pick to lead the newly formed watchdog agency. Republicans, though, blocked the process before lawmakers could even get to a final vote.”

Looking Back:

One year ago, The MBA’s weekly survey showed mortgage applications decreased 22.8 percent. Morgan Stanley predicted U.S. home prices would decline as much as 11% by 2012, while Douglas Yearley of Toll Brother expected home sales to increase in 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 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 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 11/10/11

Thursday, November 10th, 2011

Sources:

Past-Due Mortgages Up for First Time Since 2009: Report
Poll: 42% want less government in housing
Foreclosure Filings Rise 7%
Senate wants changes to Fannie, Freddie executive pay
Fannie Mae Requests $7.8B From Taxpayers to Cover Q3 Deficit
California Home Prices and Home Values: Zillow Home Value Index
Home Prices Decline in Almost Three-Fourths of U.S. Metro Areas
Mortgage rates dip slightly

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.  Foreclosure filings increased 7% last month, the highest they have been in seven months.  Housing Wire reported a slight decrease in mortgage rates of slightly less than 4%.  Unemployment claims are at the lowest levels they have been since April, a good sign for the economy.

In The News:

Housing Wire - “Mortgage rates dip slightly” (11-10-11)

“The nation’s average mortgage rates changed little from last week amid a mix of economic data reports, Freddie Mac said Thursday.  The results of Freddie’s Primary Mortgage Market Survey revealed that the 30-year, fixed-rate mortgage averaged 3.99%, dropping below 4% for the second time this year.“

Bloomberg – “Foreclosure Filings in U.S. Rise 7%” (11-10-11)

“U.S. foreclosure filings rose 7 percent in October to a seven-month high as lenders started to speed up action against delinquent borrowers after a yearlong review into documentation, according to RealtyTrac Inc.”

NAHB - “Builder Confidence Declines in Third Quarter for 55+ Housing Market” (11-10-11)

“Builder confidence in the 55+ housing market for single-family homes fell three points to 12 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.”

Los Angeles Times - “New unemployment claims fall again in positive sign for job growth” (11-10-11)

“The number of people who filed for unemployment benefits last week dropped again to 390,000, the lowest level since April, continuing a trend that bodes well for job growth.  The number of initial jobless claims was down 10,000 from the previous week’s revised figure of 400,000, the Labor Department reported Thursday. The initial figure for two weeks ago was 397,000, but was revised upward.”

Housing Wire - “New law pushes Vegas off top of foreclosure list” (11-10-11)

“Las Vegas is no longer the top foreclosure city in the country. A new Nevada law that went into effect in October caused many mortgage servicers to pause the foreclosure process, knocking Vegas off the spot it held held for 22 consecutive
months, RealtyTrac said in a report Thursday.”

DS News - “Shadow Inventory Lurks Behind Recent Price Gains” (11-10-11)

“Home prices rose 4 percent during the third quarter, according to the latest IAS360 House Price Index from Integrated Asset Services. The index also posted a 0.4 percent gain from the beginning of the year and a 0.6 percent gain from the third quarter of last year.”

Los Angeles Times - “Falling prices mean rising affordability, California Realtors say” (11-10-11)

“Call it the silver lining of falling home prices.  With low interest rates and cheaper housing throughout the Golden State, the percentage of homebuyers who could afford to purchase a home increased in the third quarter, a real estate group said Thursday.”

Housing Wire – “Three more mortgage servicers change foreclosures” (11-10-11)

“Three mortgage servicers agreed with the New York Department of Financial Services to make procedural changes similar to those of the consent orders signed by much larger institutions earlier in the year.”

Looking Back:

A lack of cooperation between big banks and investors caused the California foreclosure program to be delayed. The FDIC approved a proposal that would base fees on banks’ liabilities rather than their domestic deposits. Zillow expected home values to continue to depreciate through the end of 2010. The National Commission on Fiscal Responsibility and Reform suggested limiting mortgage interest rate deductions on taxes.

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 11/3/11

Thursday, November 3rd, 2011

Today’s News Synopsis:

Mortgage rates continue to stay at low levels with 30-year fixed rate mortgages at only 4%.  Freddie Mac is asking for $6 billion from the Treasury Department’s Treasury cash lifeline after reporting a loss of $4.4 billion in the third quarter.  Unemployment claims fell below 400,000 last week, showing slight improvement in the market.

In The News:

Housing Wire - “Fannie says consumer spending rise not enough to spur home sales” (11-3-11)

“Consumer spending picked up in the third quarter, but housing and other big-ticket items failed to recapture American dollars during the three months ended Sept. 30, Fannie Mae said Thursday.”

Inman - “Mortgage rates stay in the basement” (11-3-11)

“Mortgage rates sagged this week as ongoing concerns about the European debt crisis had investors fleeing to the relative safety of mortgage-backed securities that fund most U.S. home loans.”

Mortgage Bankers Association - “Third Quarter Commercial/Multifamily Mortgage Originations Up 98 Percent from Last Year, 10 Percent from Last Quarter” (11-3-11)

“Third quarter 2011 commercial and multifamily mortgage loan originations were 98 percent higher than during the same period last year and 10 percent higher than the second quarter of 2011, according to the Mortgage Bankers Association’s
(MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

Bloomberg - “Freddie Mac Seeks $6 Billion From U.S. Treasury as Quarterly Loss Widens” (11-3-11)

“Freddie Mac, one of two mortgage-finance companies under U.S. conservatorship, reported a $4.4 billion loss for the third quarter and said it will seek $6 billion from the U.S. Treasury Department.”

DS News - “Senators Wish to Make HARP Available to High-Equity Borrowers” (11-3-11)

“While the newly revised Home Affordable Refinance Program (HARP) includes several provisions aimed at widening the program’s reach, Sens. Barbara Boxer (D-California) and Johnny Isakson (R-Georgia) are asking the Obama administration to broaden the program even more – allowing it to reach homeowners with higher equity in their homes.”

Los Angeles Times - “Weekly jobless claims drop below 400,000″ (11-3-11)

“The number of people filing new claims for unemployment benefits dipped below 400,000 last week, a key move that indicates the job market is improving.  The 397,000 initial claims were down 9,000 from the previous week, the Labor Department said Thursday. The figure has hovered near 400,000 for several weeks. The average over the last month has been 404,500.”

Housing Wire – “Obama housing scorecard provides mixed picture of recovery” (11-3-11)

“New housing data from the Obama administration underscores the housing market’s fragility.  The Obama administration’s October Housing Scorecard Report reveals September new home sales rose to 26,100, down from 26,300 the same month a year earlier, but up from August’s total of 24,700.”

Reuters - “Housing could be key to stronger U.S. rebound” (11-3-11)

“For the U.S. economy, it all comes back to the housing market.  A fresh emphasis on healing the housing sector by officials at the Federal Reserve, in the Obama administration and in state capitals reflects the view that a healthier real estate market would go a long way in strengthening the economy.”

Inman – “Home prices poised to end the year in the red” (11-3-11)

“Despite a seasonal bump, home prices are poised to end the year in  the red, according to a report from data and valuation firm Clear Capital,  released Thursday.”

Looking Back:

Freddie Mac reported a smaller loss for the months of July to September 2010 while also asking for more federal aid of about $100 million.  42% of Freddie Mac’s 16,000 loan modifications had gone back into default.  The LPS report for data collected in September 2010 showed that the amount of time homes remaining in foreclosure was increasing.  The Mortgage Bankers Association released their latest survey showing an increase in mortgage applications and a decrease in refinance applications.  Meanwhile, the Federal Reserve planned to purchase by the end of the second quarter of 2010 $16 billion worth of Treasury securities.  In the House of Financial Services Committee, 13 of the 42 democrats retires or were not re-elected, while the recent election also showed there could be a new attorney general in 17 states by 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 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 10/27/11

Thursday, October 27th, 2011

Today’s News Synopsis:

In today’s news, the pending sales for existing homes fell 4.6& in the U.S., according to Bloomberg.  Mortgage rates are holding steady at their lowest recorded in almost 60 years.  Last week the number of people filing for unemployment decreased to 402,000, although the number of unemployed is still high.

In The News:

Bloomberg - “Pending Sales of U.S. Existing Homes Fall 4.6%” (10-27-11)

“The number of contracts to purchase previously owned U.S. homes unexpectedly fell in September as lower prices and borrowing costs failed to support demand.”

Housing Wire – “GDP growth 2.5% in third quarter” (10-27-11)

“Real gross domestic product grew at an annual rate of 2.5% in the third quarter when compared to the previous three months, the Commerce Department said Thursday.”

NAHB - “Remodeling Activity Remains Slow Under Current Economic Conditions” (10-27-11)

“The current state of the national economy continues to affect the remodeling industry, according to the latest National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI). The index dropped to 41.7 in the third quarter from 43.9 in the second quarter, after having reached a four-year high of 46.5 in the first quarter. An RMI below 50 indicates that more remodelers report that market activity is declining than report that it is increasing.”

Los Angeles Times – “Weekly jobless claims dip to 402,000 but still are high” (10-27-11)

“New jobless claims dipped last week to 402,000, another somewhat encouraging sign for the still-troubled economy — though still too high to make a dent in the unemployment rate.”

Housing Wire – “Republican blueprints mortgage market without Fannie, Freddie” (10-27-11)

“Rep. Scott Garrett (R-N.J.) proposed his idea of a future mortgage market Thursday, one with new underwriting standards and transparency but without Fannie Mae, Freddie Mac or the upcoming risk-retention rule.”

DS News - “Fixed Mortgage Rates Show Little Movement” (10-27-11)

“Fixed mortgage rates showed little change for the second consecutive week amid mixed consumer confidence and housing data, and remain near their 60-year lows.”

CNN Money – “Small banks still stuck in federal bailout” (10-27-11)

“Hundreds of struggling small community banks could be stuck in the federal government’s much-maligned bank bailout program, a watchdog agency warned in a report released Thursday.”

DS News - “Delaware AG Sues MERS” (10-27-11)

“Delaware Attorney General Beau Biden filed suit Thursday against MERSCORP and its subsidiary, Mortgage Electronic Registration Systems (MERS). Biden charges MERSCORP with violating Delaware’s Deceptive Trade Practices Act.”

Inman - “Redfin raises $14.8M in new funding” (10-27-11)

“Technology-based real estate brokerage Redfin has raised $14.8 million in a new round of funding the company’s chief executive officer says will help it expand and weather seasonal ups and downs.”

Looking Back:

The MBA’s weekly survey showed mortgage application volume increased 3.2% the week of October 27, 2010. Mortgage bankers estimated the housing market would not recover until 2012 at least. HUD reported only 24,000 houses sold in September 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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