The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Lender Processing Services’

« Older Entries

By Bruce Norris .

The Norris Group Real Estate News Roundup 5/22/13

Wednesday, May 22nd, 2013


Today’s News Synopsis:

Existing home sales increased 0.6% in April to a three-year high and are now at 4.97 million.  Both HUD and the Census Bureau reported builder permits increased 14.3% in April, leading to an increase in builder confidence for the month.  Mortgage applications decreased 9.8% from last week according to the Mortgage Bankers Association.

In The News:

Bloomberg - “Sales of Previously Owned U.S. Homes Rise to Three-Year High” (5-22-13)

“Sales of previously owned U.S. homes rose in April to the highest level in more than three years as housing continued to gain momentum.”

Housing Wire – “Number of Americans in foreclosure plummets: LPS” (5-22-13)

“The number of Americans in the foreclosure process plummeted by nearly 25% in the past year, according to Lender Processing Services First Look mortgage report for April.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-22-13)

“Mortgage applications decreased 9.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 17, 2013.”

DS News - “Rising Prices, Shrinking Delinquencies Reduce Future RMBS Losses” (5-22-13)

“As home values improve and servicers continue to ramp up efforts to reduce delinquent pipelines through short sales and loan modifications, the composition of RMBS loan pools outstanding should also improve, according to Moody’s most recent ResiLandscape.”

Realty Times - “Builder Confidence Rises Along With Increase in Building Permits” (5-22-13)

“Housing market improvements continue to be seen with builder confidence on the rise along with an increase in building permits.  The U.S. Census Bureau and the Department of Housing and Urban Development reported that residential building permits increased 14.3% for the month of April and was 35.8% higher than a year ago at the same time.”

Housing Wire - “Bernanke forewarns against hitting the brakes too early” (5-22-13)

“The economy is on sturdier footing than a year ago, but Ben Bernanke, chairman of the Federal Reserve, is trying to avoid squashing the current recovery.”

Realty Times – “Credit Scores Continue to Confound Consumers” (5-22-13)

“It’s just not surprising credit scores baffle 20 to 40 percent of consumers.  The Consumer Financial Credit Bureau (CFCB) recently reported credit scores sold to consumers aren’t the same as the ones lenders use – and the difference between the scores can mean the difference between a lender approving or rejecting an application for credit, including a mortgage.”

Inman – “Seller financing: an untapped resource for real estate agents” (5-22-13)

“While the residential real estate market is generally believed to be improving nationwide, some of the residual effects of the Great Recession still affect the ability of real estate agents to facilitate home sales.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $170,000 on a 4 bedroom, 2 bathroom home appraised for $250,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.

Looking Back:

The National Association of Realtors reported existing home sales increased to 4.62 million the previous month from 4.47 million in March.  At the same time, however, the number of contracts signed to buy a home decreased 8% the previous month.  Home affordability was at its highest on record at 77.5% for the quarter.

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.

Tags: , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 5/6/13

Monday, May 6th, 2013


Today’s News Synopsis:

According to the NAHB, the number of improving markets decreased this month to 258 compared to 273 in May.  Prices for commercial properties increased in April to their highest level, exceeding a peak reached back in 2007.  New York Attorney General Eric Schneiderman attends to sue both Bank of America and Wells Fargo for violation of the National Mortgage Settlement.

In The News:

Bloomberg - “Diminished Housing Wealth Effect Keeps Pressure on Fed” (5-5-13)

“The wealth effect from rising house prices may not be as effective as it once was in spurring the U.S. economy.  Rather than using their properties as ATM machines to boost spending, homeowners increasingly are paying down the principal and shortening the maturities of their mortgages in a move Florida banker Rob Nunziata calls ‘forced savings’.”

Realty Times – “Homeowners’, Renters’ Regrets Reveal Many Aren’t Prepared For New Home” (5-5-13)

“Three out of four Americans say it’s a good time to buy and more than two in five American renters say they are sorry they didn’t do so.”

NAHB – “Improving Markets List Includes 258 Metros in May” (5-5-13)

“The number of U.S. housing markets showing sustained improvement in three key measures fell slightly to 258 in May from 273 in April, according to the NAHB/First American Improving Markets Index (IMI), released today.”

Housing Wire - “New York AG to sue Wells Fargo and Bank of America” (5-5-13)

“New York Attorney General Eric Schneiderman announced Monday his intentions to sue Bank of America and Wells Fargo for allegedly violating terms of the National Mortgage Settlement.”

DS News - “FHFA Directs GSEs to Limit Purchases to QM Loans” (5-5-13)

“The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to limit future loan purchases to those that meet the Consumer Financial Protection Bureau’s (CFPB) criteria for “qualified mortgage”

loans.”

Bloomberg - “U.S. Commercial-Property Prices Rise Above Their ’07 Peak” (5-5-13)

“Prices for U.S. commercial property last month rose above a peak reached in 2007 as low interest rates and financing availability helped increase values, according to research firm Green Street Advisors Inc.”

Housing Wire - “LPS: Homeowner Bill of Rights slows California foreclosure sales” (5-5-13)

“The California Homeowner Bill of Rights is slowing the movement of distressed properties in the West Coast state, Lender Processing Services said in a report.”

DS News - “LPS: Rate of New Problem Loans Approaching Pre-Crisis Levels” (5-5-13)

“The rate of new loans that rolled into serious delinquency fell below 1 percent for the first time since 2007, Lender Processing Services (LPS) reported Monday.”

Hard Money Loan Closed

Fallbrook, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 3 bedroom, 1 bathroom home appraised for $225,000.

 

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

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

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

Tags: , , , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 4/23/13

Tuesday, April 23rd, 2013


Today’s News Synopsis:

According to the FHFA, home prices continue to increase as inventory continues to decrease.  Prices decreased 0.7% month-over-month in February, although year-over-year they actually increased 7.1%.  New home sales increased 1.5% last month to 417,000, despite having decreased almost 5% in February.  CFPB Director Richard Cordray was denied his appointment to present his testimony before the Senate Banking Committee, claiming the appointment was not legal.

In The News:

Inman - “Best loan prospects may desert FHA” (4-23-13)

“It’s a catchy marketing pitch: “720 and above, don’t go gov.”And it has potentially far-reaching significance not only for large numbers of first-time and moderate-income home buyers this year, but for the dominant source of low down payment mortgages many buyers depended on during the past several years: FHA.”

Housing Wire – “FHFA: Home shortage pushing prices” (4-23-13)

“Supply shortages in some housing markets continue to place upward pressure on prices.  As a result, home prices inched upward 0.7% on a seasonally adjusted basis from January to February, according to the Federal Housing Finance Agency.”

DS News – “Non-Current Inventory Hits 5-Year Low, Slips Below 5M Mark” (4-23-13)

“The total number of outstanding mortgages in the nation fell below the 5 million mark for the first time since 2008, according to data from Lender Processing Services (LPS), Inc.”

Housing Wire - “Fannie Mae economist: Housing recovery faces rough road ahead” (4-23-13)

“The year 2012 was a turning point for housing with the sector contributing to overall economic growth for the first time in years.”

DS News - “House Financial Services Committee Refuses Cordray’s Testimony” (4-23-13)

“A day before Consumer Financial Protection Bureau director Richard Cordray testified before the Senate Committee on Banking, Housing and Urban Affairs to deliver his semi-annual report, Rep. Jeb Hensarling (R-Texas), chair of the House Committee on Financial Services—which was also slated to hear from Cordray—announced his committee cannot accept Cordray’s testimony as Cordray’s appointment is not legal.”

Housing Wire - “Census Bureau: New home sales turnaround” (4-23-13)

“New home sales made a U-turn after falling 4.6% in February to 411,000 homes sold. The sales of new single-family homes inched up 1.5% in March to 417,000 homes sold.”

DS News - “DataQuick’s REO-to-Rental Rankings Provide ZIP-Level Data” (4-23-13)

“Before deciding on an REO-to-rental investment, it’s important to understand distressed property trends on a neighborhood-level, according to DataQuick.”

Bloomberg - “Washington Faces Apartment Glut After Boom: Real Estate” (4-23-13)

“Washington is poised to be one of the only major U.S. cities with a decline in apartment rents this year after a surge in construction outpaced job growth, leaving the nation’s capital with a glut of properties.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $100,000 on a 3 bedroom, 2 bathroom home appraised for $159,000.

 

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

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

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

Looking Back:

According to the National Association of Realtors, more people were able to afford houses.  Home prices decreased in March 2012 with the increase in distressed properties.  Mortgage payments were also at low levels not seen in several decades.  Americans feared job losses and rising gas prices more than household debt.

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.

Tags: , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 4/10/13

Wednesday, April 10th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 4% increase in mortgage applications from last week.  The Lender Processing Services reported about 500,000 delinquent loans were repaired in February, showing an increase in the number of fixed loan mods.  Zillow reported an increase in home prices with the increase in mortgage rates.

In The News:

Housing Wire - “Mortgage applications rise as refinancing picks up” (4-10-13)

“Mortgage applications escalated 4% for the week ending April 5, recovering from a drop last week, the Mortgage Bankers Association said.”

Bloomberg – “Home Prices Seen Falling in Some Areas as Rates Increase” (4-10-13)

“Home prices are climbing too fast relative to buyer incomes, signaling that property values may fall in some U.S. cities once mortgage rates rise and reduce affordability, according to a study by Zillow Inc. (Z).”

NAHB – “FHA Reform Efforts Must Ensure Borrowers Have Access to Affordable Home Loans” (4-10-13)

“With tight mortgage lending standards preventing well-qualified home buyers from obtaining home loans and impeding the housing and economic recovery, the National Association of Home Builders (NAHB) today expressed support for congressional efforts to reform the Federal Housing Administration (FHA) but urged lawmakers to proceed in a cautious manner to avoid any disruptions to the nation’s housing finance system.”

Realty Times - “Consumers Remain Confident in Housing Market” (4-10-13)

“Fannie Mae released the March 2013 National Housing Survey which shows that consumers remain confident in the housing market even while having doubts in other areas of the economy.”

DS News - “LPS Reports a Spike in Cures, Increase in Mods in February” (4-10-13)

“Lender Processing Services (LPS) reported a spike in cure rates in February and an increase in the volume of loan modifications following decreases.”

Inman- “Inventory, prices post gains as spring buying season gets underway” (4-10-13)

“Listing inventory and median list prices posted gains from February to March, with inventory rising 2.4 percent and prices 0.5 percent, according to the latest numbers from realtor.com.”

Bloomberg - “Fannie Mae Bailout Seen Turning Profit by 2023 in Obama Budget” (4-10-13)

“Fannie Mae and Freddie Mac, the U.S.-owned mortgage-finance companies, could return billion of dollars in profits to taxpayers who bailed them out in 2008, White House budget analysts said today.”

Housing Wire - “Housing analysts push FHA reform” (4-10-13)

“Housing industry experts threw out various suggestions to the members of the Committee on Financial Services advocating for solutions under the banner of Federal Housing Administration reform.”

CNN Money - “Firms are firing less, but not hiring enough” (4-10-13)

“Far fewer Americans are getting fired or laid off these days that they were in 2009.  In fact, layoffs are back at their pre-recession lows.”

Hard Money Loan Closed

Lake Elsinore, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 4 bedroom, 2.5 bathroom home appraised for $227,000.

 

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

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

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, June 1 in Orange.

Looking Back:

Zillow reported rents were showing substantial increases over purchases, in some cities as much as 15% from the previous year.  Edward DeMarco believed if Fannie Mae and Freddie Mac forgave the principal on some troubled mortgages, it could save them $1.7 billion.  Key members of Congress introduced new bills that would extend the  Mortgage Forgiveness Debt Relief Act into 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.

Tags: , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 3/26/13

Tuesday, March 26th, 2013


Today’s News Synopsis:

Big day in the news for real estate!  Sales of new homes increased last month by 12.3% year-over-year.  The latest Case-Shiller Index showed home prices increased the most year-over-year in almost seven years by over 8% in all 20 cities included in their survey.  Shadow inventory decreased by 18% to 2.2 million according to CoreLogic.

In The News:

Bloomberg - “Home Value Highest Since ’07 as U.S. Houses Make Cash” (3-26-13)

“More American homeowners will be able to use their properties as cash machines again after real estate equity jumped last year by the most in 65 years.”

Inman - “Foreclosure inventory down 19.6% from year ago” (3-26-13)

“Foreclosure pre-sale inventory was down 19.6 percent in February from a year ago, to 1.7 million homes, according to the latest “First Look” Mortgage Report from Lender Processing Services.”

NAHB – “Home Builders Call on Congress to Move Forward on Housing Finance Reform” (3-26-13)

“The nation’s home builders today called on Congress to move forward on bipartisan housing finance reform to ensure that affordable housing credit can be delivered through a competitive, efficient, sound and stable system that maintains the crucial element of a federal backstop for the mortgage market.”

DS News – “CoreLogic: Shadow Inventory Falls 18% to 2.2M Homes” (3-26-13)

“In January, the number of homes still hidden in the shadows fell to 2.2 million, a 28 percent decrease from the January 2010 peak when an estimated three million housing units were in shadow inventory, data from CoreLogic.”

CNN Money - “Consumers remain wary about economy” (3-26-13)

“U.S. consumers lost confidence in the nation’s economy this month, reflecting new uncertainty following the automatic budget cuts imposed on the federal government, according to a survey released Tuesday.”

Inman - “New-home sales climb in February from a year ago” (3-26-13)

“Sales of new single-family homes showed a 12.3 percent year-over-year jump in February from a year ago, according to a monthly report from the U.S. Census Bureau released today.”

Housing Wire - “FHFA seeks to restrain force-placed insurance” (3-26-13)

“The Federal Housing Finance Agency is cracking down on certain practices related to force-placed insurance.  The regulator is essentially creating new restrictions on the insurers’ relationship with banks and mortgage servicers.”

DS News - “Case-Shiller Indices Post Strongest Gain Since 2006″ (3-26-13)

“Home prices posted their strongest year-over-year gain in almost seven years in January, according to the Case-Shiller 10- and 20-city Home Price Indices released Tuesday. Home prices rose year-over-year in all 20 of the cities in the Case-Shiller survey.”

Hard Money Loan Closed

Norwalk, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $195,000 on a 3 bedroom, 1 bathroom home appraised for $304,000.

 

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

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

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

Looking Back:

Two more banks closed in Georgia and Illinois, bringing the total up to 15 for the year.  The number of contracts signed to buy homes in the U.S. decreased slightly to 96.5% from 97% the previous month after being at a two-year high.  The German bank Deutsche Bank was expected to pay $32.5 million in a lawsuit that they gave false information on the quality of home loans they sold.

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.

Tags: , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 3/25/13

Monday, March 25th, 2013


Today’s News Synopsis:

LPS reported home prices saw a month-over-month increase in January, but they are still lower than their original peak.  Zillow reported home values are expected to increase by as much as 22% through 2017.  Bank of America Merrill Lynch said another housing bubble could occur if home prices continue to rise without leading to a reduction in unemployment.

In The News:

Bloomberg - “Payroll Growth Vaults to Higher Pace at U.S. Companies” (3-24-13)

“Companies from Ford Motor Co (F). to a California tortilla maker are stepping up hiring as the economy improves. The result, say Maury Harris of UBS Securities LLC and Allen Sinai of Decision Economics Inc.: Payroll growth is vaulting to a faster pace of about 200,000 a month, after averaging 167,000 in the second half of last year.”

Inman - “Freddie Mac makes loan data available” (3-25-13)

“Freddie Mac says it will disclose performance data on a swath of single-family loans that it purchased over a 13-year period representing about 53 percent of Freddie Mac’s total mortgage acquisitions, or 15.7 million mortgages, from Jan. 1, 1999 to Dec. 31, 2011.”

DS News – “LPS: Home Price Increases Continue into January” (3-25-13)

“National home prices continued to recover from December to January, but prices were still far below their peak, according to the Home Price Index (HPI) report from Lender Processing Services, Inc. (LPS).”

Housing Wire – “Continued QE3 may lead to another housing bubble: BofAML” (3-25-13)

“History seems to be repeating itself as rising home prices are not leading to a reduction in unemployment as quickly as market strength may indicate, possibly creating another housing bubble, said Bank of America Merrill Lynch in its latest report.”

Realty Times - “Zillow: Home Values To Grow 22 Percent Through 2017″ (3-25-13)

“Home values will grow incrementally by more than 4 percent a year and cumulatively by 22 percent over the next five years.”

DS News - “California’s Principal Reduction Program Expands Its Reach” (3-25-13)

“The Principal Reduction Program that functions under the Keep Your Home California program experienced a 47 percent increase in participation from the fourth quarter of 2011 to the fourth quarter of 2012, according to the Treasury.”

Housing Wire - “Credit Suisse: Faster principal payments equal less default risk” (3-25-13)

“Always current mortgage borrowers who aggressively tackle their mortgage debts are less likely to default in many cases, creating a significant indicator of ‘reduced credit risk’ for investors in non-agency residential mortgage-backed securities, Credit Suisse analysts claim in a new report.”

DS News - “Rep and Warranty, Servicing Costs Remain Elevated in Q4: KBW” (3-25-13)

“Representation and warranty costs remained elevated in the fourth quarter among top originators, though new and outstanding repurchase claims were mixed for large mortgage companies, according to a recent analysis from Keefe, Bruyette & Woods, Inc (KBW).”

Bloomberg- “Debt Flagged by Fed Bought by Funds Copying 2007: Credit Markets” (3-25-13)

“Money managers from Ares Management LLC to Onex Corp. (OCX) are borrowing at the fastest pace in six years to buy the type of speculative-grade loans that federal bank regulators warned last week is becoming riskier.”

Hard Money Loan Closed

Valley Center, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $164,000 on a 3 bedroom, 2 bathroom home appraised for $265,000.

 

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

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

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

 

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.

Tags: , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 3/7/13

Thursday, March 7th, 2013


Today’s News Synopsis:

Jobless claims decreased by 7,000 to 340,000 last week according to the Labor Department.  Freddie Mac reported mortgage rates continue to remain unchanged at 3.52%.  The worth of homes increased by $1.17 trillion in the fourth quarter by the highest in five years.

In The News:

Bloomberg - “U.S. Mortgage Rates Little Changed With 30-Year at 3.52%” (3-7-13)

“U.S. mortgage rates were little changed, keeping borrowing costs close to record lows after home prices rose the most in almost seven years.”

DS News – “Firm Grip on Foreclosure Inventory Continues in Judicial States” (3-7-13)

“Although rates for foreclosure starts and sales remain volatile, one underlying trend continues: foreclosure inventory in judicial states is still three times higher than that of non-judicial states, according to Lender Processing Services (LPS).”

Realty Times – “Banks Foreclosed on Hundreds of Military Veterans – In Violation of Federal Law” (3-7-13)

“A report released this week revealed that hundreds of military veterans were wrongfully foreclosed on by some of the nation’s largest banks – in direct violation of federal law.”

Housing Wire - “Consumer outlook on economy, housing diverge: Fannie Mae” (3-7-13)

“Consumers are living in a bipolar world, where optimism about housing is on the rise even as Americans remain wary of the economy as a whole.”

DS News - “Initial Unemployment Claims Slip Again” (3-7-13)

“Initial unemployment insurance claims fell 7,000 for the week ending March 2, closing the week at an advance estimate of 340,000, the Labor Department reported Thursday.”

Bloomberg - “Household Worth in U.S. Rises by $1.17 Trillion on Housing” (3-7-13)

“Household wealth in the U.S. climbed in the fourth quarter to the highest level in five years, propelled by a gain in home prices that is helping repair family finances.”

Housing Wire - “Falling foreclosures keep national housing supply tight” (3-7-13)

“National housing inventory remains at a traditional low, leading to healthy demand and pushing prices higher. And there is good reason for it: fewer foreclosures on the market prevent a bottoming out.”

Hard Money Loan Closed

Cabazon, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $35,000 on a 3 bedroom, 2 bathroom home appraised for $59,000.

 

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

Bruce Norris and Craig Hill of The Norris Group will be hosting a one hour Hard Money Loan Webinar TOMORROW.

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

Looking Back:

Apartments were the driving force for economic recovery as more and more people were choosing to live there.  On a monthly basis, mortgage applications increased in January 2012, although on a weekly basis they actually decreased from the previous week.  216,000 new jobs were added to the private sector in February 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.

Tags: , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 2/28/13

Thursday, February 28th, 2013


Today’s News Synopsis:

Unemployment claims decreased drastically last week to 344,000 from 366,000.  30-year mortgage rates decreased for the first time in over a month and are now at 3.51%.  The number of homes in foreclosure decreased 21% from last year.

In The News:

CNN Money – “Jobless claims fall sharply” (2-28-13)

“First-time claims for unemployment benefits fell sharply last week, according to a government report that showed an unexpected improvement in the labor market.”

Bloomberg – “U.S. Mortgage Rates Drop, With 30-Year Fixed at 3.51%” (2-28-13)

“U.S. mortgage rates for 30-year fixed loans fell for the first time in six weeks, decreasing borrowing costs as home-price gains accelerated.”

Housing Wire - “Freddie Mac $11 billion annual net income shows improving housing market” (2-28-13)

“Mortgage giant Freddie Mac reported net income of $11 billion for 2012, compared to a net loss of $5.3 billion a year earlier, as a result of the housing market turning a corner and the firm working to minimize legacy losses.”

DS News - “Foreclosure Inventory Shrinks 21% from Year Ago” (2-28-13)

“While still at an elevated level, foreclosure inventory is fading and has fallen for 15 straight months as of January 2013, CoreLogic reported Thursday.”

Bloomberg - “FHA Hits Brakes on Housing With Budget Cuts: Mortgages” (2-28-13)

“U.S. spending cuts scheduled to kick in tomorrow will constrain the availability of Federal Housing Administration mortgages that account for about a quarter of originations, threatening its role in the year-long housing recovery.”

DS News- “Delinquencies, Foreclosures See Downward Trend in January: LPS” (2-28-13)

“Lender Processing Services, Inc. (LPS) offered an early look at mortgage performance in January 2013 and reported a downward trend for mortgage delinquencies and foreclosures.”

Housing Wire- “LPS: Home prices could skyrocket 35% without affecting affordability” (2-28-13)

“Home prices could rise 35% without stretching affordability, said Raj Dosaj, vice president of the behavioral library and home price index at LPS Applied Analytics.”

Bloomberg - “Builders Find Investors Eager to Finance Housing Growth” (2-28-13)

“Joel Shine, chief executive officer of Woodside Homes, raised $228 million in a debt and equity recapitalization in October, two years after the Salt Lake City- based builder exited bankruptcy.”

Hard Money Loan Closed

Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $455,000 on a 4 bedroom, 2.5 bathroom home appraised for $725,000.

 

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

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

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

Looking Back:

The recent Case Shiller Home Price Index showed new lows for the year ended 2011 with home prices being at their lowest since 2006.  The FHFA reported mortgage rates increased slightly to 4.25% the previous month.  Secretary of HUD Shaun Donovan was questioned about the true number of people really hurt by mishandled 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.

Tags: , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 2/25/13

Monday, February 25th, 2013


Today’s News Synopsis:

Faith Schwartz, former executive director of HOPE NOW, has just been appointed as CoreLogic’s SVP of government solutions.  LPS reported home prices increased 5.8% year-over-year in December.

In The News:

Bloomberg – “Bernanke’s Stimulus Spurring U.S. Employment in Housing” (2-24-13)

“Federal Reserve Chairman Ben S. Bernanke has something to tout before Congress in hearings this week: job growth in the auto and housing industries.”

Housing Wire – “LPS: December home prices rose 5.8% annually” (2-25-13)

“Home prices in the U.S. edged up 5.8% year-over-year in December as the average home price rose to $207,000, Lender Processing Services said in its latest Home Price Index.”

DS News- “Survey Profiles Population of Single-Family Renters” (2-25-13)

“The fast-growing population of single-family renters is more likely to dwell in their home for longer periods of time compared to multifamily occupants, which suggests demand for single-family rentals offers greater stability than multifamily demand, according to a new survey from Premier Property Management Group.”

Housing Wire - “Bipartisan housing commission wants GSE dominance erased” (2-25-13)

“In many respects, our housing system is outdated and not equipped to keep pace with today’s demands and the challenges of the imminent future, the Bipartisan Policy Center’s Housing Commission (BPC) wrote in a report released Monday.”

DS News - “Mortgage Daily Ranks 10 Largest Servicers in Q4″ (2-25-13)

“Wells Fargo kept its place as the largest servicer in the fourth quarter, according to a ranking from Mortgage Daily, while Ocwen made its way to No. 6, a spot previously held by Residential Capital in the third quarter.”

Inman - “New CoreLogic exec to help build relationships with government” (2-25-13)

“Real estate information and technology company CoreLogic has appointed the former executive director of Hope Now, a nonprofit alliance between mortgage companies, housing counseling agencies, trade associations, Fannie Mae, Freddie Mac, and others, as its senior vice president of government solutions.”

DS News- “NAHB Stresses Need for Appraisal Reform” (2-25-13)

“As regulatory institutions begin to provide some clarity to the mortgage market, the National Association of Home Builders insists the market still lacks confidence and is badly in need of a sound and functional appraisal system.”

Housing Wire- “NABE: Economic uncertainties remain, with one exception” (2-25-13)

“While gross domestic product is expected to be negatively impacted by all the uncertainty surrounding the nation’s impending debt ceiling debate and the risk of sequestration, the housing sector is expected to continue its upward trajectory, the National Association for Business Economics (NABE) said.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 3 bedroom, 1 bathroom home appraised for $127,000.

 

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

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

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

 

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

Tags: , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 2/19/13

Tuesday, February 19th, 2013


Today’s News Synopsis:

According to the NAHB, builder confidence remains approximately the same, having decreased only one point to 46.  Freddie Mac reported over one-third of households for the multifamily sector are rentals, the highest since 1997.  However, for many in the economy today rental prices are still beyond what they can afford.  The number of loans refinanced through the HARP Refinance Program reached 2 million.

In The News:

Realty Trac – “Washington, D.C. Watch: Low Inventory Pushes D.C. Housing Prices Up” (2-18-13)

“In the Washington, D.C. region real estate is hot. According to MRIS, inventory is tight as fewer and fewer homes are going on the market.”

NAHB – “Builder Confidence Virtually Unchanged in February” (2-19-13)

“Builder confidence in the market for newly built, single-family homes was virtually unchanged in February with a one-point decline to 46 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

DS News- “FNC: Foreclosure Market Stabilizing as Home Values Rise” (2-19-13)

“With the ongoing housing market recovery, the foreclosure market is also stabilizing and foreclosure prices are bottoming out, according to a report from FNC Inc.”

Bloomberg - “Brookfield Says U.S. Home Rebound Just Begun” (2-19-13)

“Brookfield Residential Properties Inc., the second-best performing home-building stock in the Americas over the past year, said the recovery in U.S. housing is only just starting to add to earnings.”

Inman - “RealtyTrac launches brokerage network” (2-19-13)

“Online foreclosure marketplace RealtyTrac launched a brokerage network today the company says will provide partners with exclusive leads, market insight and media exposure.”

DS News - “Freddie Mac: Rental Affordability Lacking Amid Growth in Multifamily Sector” (2-19-13)

“In a blog post, a Freddie Mac executive revealed more than one-third of U.S. households are renters, the largest share since 1997, yet adequate, affordable rental housing is still out of reach for many.”

CNN Money - “Office Depot and OfficeMax shares soar on merger chatter” (2-19-13)

“Shares of rival office supply chains Office Depot and OfficeMax soared in early trading Tuesday following widespread reports that the two companies are in merger talks.”

Inman - “LPS signs off on another robo-signing settlement” (2-19-13)

“Real estate information and technology company Lender Processing Services Inc. has agreed to pay $35 million to resolve criminal fraud allegations in connection with a six-year scheme involving more than 1 million fraudulently signed mortgage documents, the U.S. Department of Justice said.”

Housing Wire – “Judge dismisses Florida taxation case against GSEs” (2-19-13)

“U.S. District Judge Virginia Hernandez Covington tossed out a proposed class action suit filed by the Hernando County Circuit Clerk, located about 60 miles north of Tampa, against both Fannie Mae and Freddie Mac.”

DS News- “Report: Obstacles to Policies that Encourage Low-Priced Housing” (2-19-13)

“Inclusionary housing policies—those which either require or encourage developers to provide low-priced housing within market-rate developments—have largely survived the recent housing downturn.”

Housing Wire- “HARP hits 2 million refinances” (2-19-13)

“Fannie Mae and Freddie Mac reached a milestone in refinancing more than 2 million loans through the Home Affordable Refinance Program, according to the Federal Housing Finance Agency.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $210,000 on a 4 bedroom, 2 bathroom home appraised for $346,000.

 

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

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

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

 

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

Tags: , , , , , , , , , , , , , , ,
Posted in News | No Comments »

« Older Entries