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Posts Tagged ‘Lender Processing Services’

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The Norris Group Real Estate News Roundup 1/20/12

Friday, January 20th, 2012

Sources:
30-year, fixed-rate mortgage hits new low
Mortgage Applications Increase in Latest MBA Weekly Survey
Builder Confidence Rises Fourth Consecutive Time in January
California December Home Sales
Vacant Foreclosures Saddle Local Communities With High Costs
Vacant Properties: Growing Number Increases Communities’ Costs and Challenges
Judge refuses to toss CalPERS suit against Moody’s, S&P
Fannie, Freddie Face Pay Cuts
Lower Pay Coming for Fannie, Freddie CEOs
Democrats push to subpoena FHFA over principal reductions
One million homeowners may get mortgage writedowns: U.S.

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.  In one big news story,  home sales increased in December 5% accroding to the National Association of Realtors.  In other news, the Lender Processing Services reported yesterday that both the rates of foreclosure and delinquencies are down from last year.  For mortgage-backed securities, the delinquncy rate remained above 9% for the whole of 2011.

In The News:

DS News – “Delinquency and Foreclosure Rates Down From a Year Ago: LPS” (1-19-12)

“Lender Processing Services (LPS) has provided the media with a sneak peek at the results of its mortgage performance data through 2011.”

Bloomberg - “U.S. Home Sales Rise 5% in December” (1-20-12)

“Sales (ETSLTOTL) of previously owned U.S. homes rose for a third month in December to the highest level since January 2011, a sign the housing market ended last year with momentumltors.”

Housing Wire – “Fitch Ratings downgrades 154 classes of Alt-A, subprime” (1-20-12)

“Fitch Ratings downgraded the ratings of 154 loan classes packaged within 52 U.S. Alt-A and subprime residential mortgage-backed securities deals.”

San Francisco Chronicle – “California ill-served by redevelopment agencies” (1-20-12)

“California’s real estate market  is in bad shape. New construction costs are high; development is slow and the  permitting process endless.  All too often, urban planners think that fresh government subsidies can  stimulate the development that heavy regulation throttles. But empty state and  local treasuries have killed off that easy out.”

Realty Times - “30-year Fixed-rate Mortgage Averages 3.88 Percent” (1-20-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® the average mortgage rates changing little amid mixed economic data. Regardless, the 30-year fixed-rate mortgage edged down slightly to 3.88 percent to a new all-time record low marking the seventh consecutive week below 4.00 percent.”

Housing Wire – “Sterne Agee lowers estimates for BofA earnings on legacy mortgage issues” (1-20-12)

“Sterne Agee lowered estimates for Bank of America’s (BAC: 6.915 -0.65%) 2012 earnings by 25%, as legal costs continue to mount for the banking giant amid increasing uncertainty in capital markets.”

Wall Street Journal - “Homeowners Stop Waiting to Spruce Up” (1-20-12)

“Americans are stepping up spending on home improvements for the first time in years, giving a small lift to the beleaguered construction sector.  Economists forecast that spending by homeowners and landlords on everything from minor sprucing up to full-scale remodeling rose modestly in 2011.”

Housing Wire – “Moody’s: CMBS delinquency rate higher than 9% through 2011″ (1-20-12)

“The delinquency rate of loans in commercial mortgage-backed securities bounced higher in December and remained above 9% all year.”

Inman - “Tug of war over mortgage rates” (1-20-12)

“The Federal Reserve may again exercise its power to drive down  mortgage rates in order to stimulate the economy, but any savings for  homebuyers may be at least partially offset by a new law that raises  Fannie Mae and Freddie Mac’s guarantee fees and diverts that money to  the Treasury.”

Hard Money Loan Closed

Chino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $240,000 on a 3 bedroom, 1 bathroom home appraised for $380,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Investors Workshops and will be interviewing Shawn Watkins on January 25, 2012.

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

Looking Back:

The Commerce Department reported housing starts decreased in December 2010. However, Fannie Mae expected housing starts to triple by 2013, and the nation’s largest home builders announced plans to increase activity by 10%. RealtyTrac claimed foreclosure starts in California decreased 33% in 2010.

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

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The Norris Group Real Estate News Roundup 1/19/12

Thursday, January 19th, 2012

Today’s News Synopsis:

Freddie Mac announced 30-year fixed mortgage rates decreased to 3.88, setting a new record low.  Housing starts over 4% decreased last month according to the Commerce Department.  The Lender Processing Services also reported that teh loan-delinquency rate also decreased 7.7% from a year ago, and the rate is now at 8.15%.

In The News:

Los Angeles Times - “California home sales rise in December; median price falls again” (1-18-12)

“Home sales in the Golden State rose slightly in December, boosted by a pickup in the Bay Area and investor activity in Southern California. But with foreclosures and other low-cost homes dominating the market, the median home price for the state ticked down.”

DS News – “Firms Launch $450M Program to Convert REOs Into Rentals” (1-18-12)

“Government officials are in the process of reviewing 4,000-plus recommendations for turning repossessed homes into rental properties in order to trim the REO inventory held by federal housing agencies.”

Housing Wire – “30-year, fixed-rate mortgage hits new low” (1-19-12)

“The 30-year, fixed-rate mortgage fell to 3.88% this past week, hitting a new low and marking its seventh consecutive week below 4%, Freddie Mac said Thursday.”

San Francisco Chronicle - “BofA Swings to Quarterlly Profit as Lender Builds Capital” (1-19-12)

“Bank of America Corp., the second- largest U.S. lender, swung to a fourth-quarter profit as the company sold assets and built capital faster than expected.”

Inman - “Spy some real estate savings: spyRealty” (1-19-12)

“A new discount-brokerage firm, spyRealty, has launched in New York and Massachusetts, offering homebuyers a 2 percent refund off of the purchase price of a home.”

Housing Wire – “Fitch: Principal reductions meaningfully reduce mortgage delinquencies” (1-19-12)

“Principal reductions on mortgage loans meaningfully reduce delinquencies and foreclosures, much more than current proposals, according to Fitch Ratings.”

Bloomberg - “U.S. Housing Starts Drop 4.1%” (1-19-12)

“Builders began work on fewer houses than forecast in December, capping the worst year on record for single-family home construction and signaling recovery in the industry will take time.”

FINS – “BofA Plans More Job Cuts Under ‘New BAC’” (1-19-12)

“Bank of America plans to continue cutting jobs after reporting in its year-end earnings  statement that employment fell by 5,874 in the fourth quarter and 3,836 over the year in 2011.”

CNN Money - “CPI: Inflation remains in check” (1-19-12)

“Inflation overall held steady last month, as declining gas prices balanced out higher prices for other items.  The government’s key measure of inflation, the Consumer Price Index, showed prices were virtually unchanged from November to December. It marked the second month in a row CPI has barely moved.”

Housing Wire – “U.S. loan delinquency rate down 7.7% from last year” (1-19-12)

“The delinquency rate on U.S. mortgages monitored by Lender Processing Services (LPS: 15.00 +3.52%) fell 7.7% year-over-year in December as the delinquency rate hit 8.15%.”

Mortgage Bankers Association - “CampusMBA Extends Partnership with Insurance Advisors to Offer New Live Online Workshops for Commercial/Multifamily Professionals” (1-19-12)

“CampusMBA, the award-winning education division of the Mortgage Bankers Association (MBA), today announced it has extended its partnership with Stamford, Connecticut-based Insurance Advisors LLC. Under the agreement CampusMBA, in conjunction with Insurance Advisors, will continue to offer live online workshops addressing a variety of insurance issues for commercial/multifamily real estate loans.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $105,000 on a 3 bedroom, 2 bathroom home appraised for $168,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Investors Workshops and will be interviewing Shawn Watkins on January 25, 2012.

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

Looking Back:

The Commerce Department reported housing starts decreased in December 2010. However, Fannie Mae expected housing starts to triple by 2013, and the nation’s largest home builders announced plans to increase activity by 10%.  RealtyTrac claimed foreclosure starts in California decreased 33% in 2010.

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

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The Norris Group Real Estate News Roundup 1/11/12

Wednesday, January 11th, 2012

Today’s News Synopsis:

In an updated news story, Michael J. Willimas, the Chief Executive for Fannie Mae, resigned yesterday and will step down as soon as a sucessor is found.  The latest report from the Lender Processing Services showed a decrease in home values of only 8%, and an overall slowdown in decreasing values.  The latest survey from the Mortgage Bankers Association showed an increase in mortgage applications.

In The News:

Housing Wire - “LPS index shows home value declines slowing down” (1-11-12)

“The latest home price index from Lender Processing Services (LPS: 15.3001 -0.52%) shows a slight 0.8% decline in home prices in October. Early data also suggest home price declines stabilized even more in November with a slight dip of 0.5% nationally.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (1-11-12)

“Mortgage applications increased 4.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 6, 2012.  The results include an adjustment to account for the New Year’s Day holiday.”

Housing Wire – “The fight over Bernanke REO rental plan shows political divide” (1-11-12)

“Chairman Ben Bernanke’s plan to fix housing is feeding an ongoing national debate about the appropriate role of the Federal Reserve in America’s housing recovery.”

Realty Times - “Mortgage Rates Remaining Low While European Troubles Persist” (1-11-12)

“It may be a New Year, but European troubles continue to persist which is helping mortgage rates to remain low. Markets remain quiet as investors await fourth quarter earnings which will begin to be released..”

Bloomberg - “Lennar Rises After Reportign New-Home Orders Climbed 20% from Year Earlier” (1-11-12)

“Lennar Corp. (LEN), the third-largest U.S. homebuilder by revenue, rose in New York trading after reporting a 20 percent jump in new orders for the fourth quarter from a year earlier.”

Housing Wire - “FHFA disputes claims of inadequate FHLB oversight” (1-11-12)

“The Office of the Inspector General released a report Wednesday contending Federal Housing Finance Agency supervision of troubled Federal Home Loan Banks is unclear and inconsistent.”

San Francisco Chronicle – “Fed Says U.S. Economic Growth Improves While Hiring Limited” (1-11-12)

“The U.S. economic expansion improved last month across most of the country while  hiring was limited and housing remained stagnant, the central bank said.”

Bloomberg - “U.S. Property Deals May Climb to $300 Billion This Year, Real Capital Says” (1-11-12)

“U.S. commercial property deals are likely to climb 50 percent to $300 billion this year as loan maturities force asset sales and the economy grows, Real Capital Analytics Inc. said in its annual list of market predictions.”

NAHB – “Voters Place High Value on Homeownership, Oppose Policies That Make It More Difficult to Own a Home” (1-11-12)

“By an overwhelming margin, American voters strongly value homeownership and would oppose efforts to weaken or eliminate the mortgage interest deduction or diminish a federal role to help qualified home buyers obtain affordable 30-year mortgages, according to a new nationwide survey gauging likely voters’ attitudes towards homeownership and housing policy issues.”

Housing Wire – “FHFA considers paycut for new Fannie, Freddie CEOs” (1-11-12)

“The Federal Housing Finance Agency is taking into consideration what government employees are paid when determining the future compensation for the CEOs at Fannie Mae and Freddie Mac.”

San Francisco Chronicle - “Bernanke Doubles Down on Fed Bet Defied by Recession: Mortgages” (1-11-12)

“Ben S. Bernanke is signaling his willingness to double down on a three-year bet  that’s failed to revive housing, showing the extent of the Federal Reserve  chairman’s effort to wrest a recovery from the deepest recession.”

FINS - “Fannie Mae CEO Michael Williams Out” (1-11-12)

“Fannie Mae Chief Executive Michael J. Williams resigned Tuesday, saying he will depart as soon as the mortgage-finance giant’s board names a successor.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $48,000 on a 3 bedroom, 2 bathroom home appraised for $80,000.

California Real Estate Investor Events:

The Norris Group posted a new event.  Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.

The Norris Group will be at the Women’s Council of Realtors on January 18, 2012.

Looking Back:

The Charles Schwab Corp. was required to pay $119 million dollars to settle claims that they were deceptive in their YieldPlus fund.  Following the release of their earnings for 2010, Goldman Sachs made several changes to the divisions in their business, according to Housing Wire.  DSNews reported that four major banks had been asked by New York City Comptroller John C. Liu to evaluate their recent mortgage and foreclosure processes following the then recent robo-signing scandal.

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 1/6/12

Friday, January 6th, 2012

Sources:

Job Growth Accelerates
Apartment-Vacancy Rate Tumbles to 2001 Level
S&P: Home prices back to 2001 levels
November Pending Home Sales Index
Rescuing redevelopment
California high court puts redevelopment agencies out of business
2011 Migration Patterns
Fed Identifies Markets Primed for Bulk REO-to-Rental Programs
Federal Reserve System

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. DS News reported an 8.5% drop in unemployment with the addition of 200,000 new jobs.  In another big story, the Federal Reserve released a white paper showing support for a bulk-buy-to-rent program to help stabilize hard-hit markets.  New York and New Jersey are among the worst hit states for foreclosures.

In The News:

Bloomberg – “U.S. Office Vacancies Fell in Fourth Quarter as Economy Recovered Slowly” (1-5-12)

“U.S. office (BBREOFPY) vacancies fell in the three months through December, extending a yearlong recovery, as a dearth of new supply helped counter sluggish economic growth, Reis Inc. said in a report today.”

Housing Wire - “LPS reports mortgage delinquencies are going nowhere” (1-6-12)

“The latest mortgage monitor from Lender Processing Services (LPS: 15.82 +1.35%) shows the level of homeowners 90 days or more behind on their house payments stayed essentially flat over the second half of 2011.”

Mortgage Bankers Association - “MBA Statement on Fed’s Housing Policy White Paper “ (1-6-12)

“‘The Fed’s white paper is a thoughtful document that raises a number of very interesting issues that policymakers ought to consider as they seek to solve the ongoing ills of the housing market.  The Fed staff’s comments validate much of what we have been saying, as it relates to the balance between credit availability and consumer protection, as well as the role that Fannie Mae and Freddie Mac could play in stabilizing and revitalizing the mortgage market’.“

Realty Times - “30-year Fixed-rate Mortgage Matches All-time Record Low” (1-6-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® the average fixed mortgage rates starting the year at or near their all-time lows. The 30-year fixed averaged 3.91 percent matching its all-time record low amid recent data showing signs of improvement in the housing market and manufacturing industry.”

DS News - “Unemployment Rate Falls to 8.5%” (1-6-12)

“The nation’s unemployment rate continues to trend down. It slipped to 8.5 percent during the month of December as the economy added 200,000 new jobs, the U.S. Department of Labor said Friday morning.”

Bloomberg - “Foreclosures Worsen in New York, New Jersey as Arizona Improves” (1-6-12)

“The number of homes in the foreclosure (HOMFCLOS) pipeline is increasing in states including New York,New Jersey and Connecticut, where the process is slowed by courts, as Arizona, California and Nevada digest their backlog.”

Housing Wire - “Fitch: CMBS delinquencies down to 8.37% in December” (1-6-12)

“Delinquencies tied to commercial mortgage-backed securities experienced five-straight months of declines in 2011, but late payments on office properties are likely to challenge CMBS in 2012, Fitch Ratings said Friday.”

San Francisco Chronicle - “Apartment vacancies at decade low as rents climb” (1-6-12)

“U.S. apartment vacancies dropped to a 10-year low in the fourth quarter,  allowing for rent increases that are likely to continue this year, property  research firm Reis said.”

Bloomberg - “Obama’s Consumer Watchdog Targest Mortgage, Payday Lenders” (1-6-12)

“Richard Cordray’s appointment as director of the U.S. Consumer Financial Protection Bureau moves the new agency nearer to fulfilling its intended role as a one-stop shop for borrower safeguards.”

Housing Wire – “Veros sees slow housing recovery with 1.3% decline in home prices in 2012″ (1-6-12)

“Home prices over the next 12 months will remain relatively unchanged, with the strongest markets seeing a 4% uptick in appreciation and the weakest markets dropping by 6%, Veros Real Estate Solutions said Friday.”

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. 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 Freddie Mac, rates on 30-year FRMs fell to 4.77% the week of January 6, 2011. Altos Research reported home prices fell 1.63% in December 2010. Timothy Geithner requested from Congress to increase the national debt limit. The debt limit at that time was $14.29 trillion, and the nation’s debt level was just $335 billion short of the limit.

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 12/19/11

Monday, December 19th, 2011

Today’s News Synopsis:

Home sales increased again in November for the fifth month in a row, increasing 8% from last year.  The latest data from the Lender Processing Services showed that the number of loans delinquent at the end of last month had increased almost 3% on a monthly basis.  In another big story, homebuilder confidence increased for the third month in a row.

In The News:

Realty Times - “Real Estate Outlook: Distressed Properties’ Far Reaching Effects” (12-19-11)

“The number of distressed properties across the nation has resulted in a range of effects. Most notably, though, has been the effect on non-distressed homes in neighboring areas and communities.”

Housing Wire - “Home sales up for fifth-straight month” (12-19-11)

“November home sales in the 53 largest metro areas rose 8.1% from last year, the fifth-straight month of increases from a year earlier, according to the real estate network RE/MAX.“

Los Angeles Times - “4 House members got Countrywide VIP loans, Rep. Darrell Issa says” (12-19-11)

“Four current House members received special VIP loans from Countrywide Financial Corp., and their names have been forwarded to the Ethics Committee for possible action, Rep. Darell Issa (R-Vista) said.”

DS News - “Delinquencies on the Rise as Loans Languish in Pipeline” (12-19-11)

“Lender Processing Services (LPS) has released new data detailing mortgage performance at November month-end. The most troubling statistic shows a nearly 3 percent month-over-month increase in the number of loans 30 or more days past due but not yet in foreclosure.”

NAHB - “Builder Confidence Rises for the Third Consecutive Month” (12-19-11)

“Builder confidence in the market for newly built, single-family homes edged up two points from a downwardly revised number to 21 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for December, released today. This marks a third consecutive month in which builder confidence has improved, and brings the index to its highest point since May of 2010.”

Bloomberg - “Industrial Property Delinquencies Hit 22-Year High, Standard & Poor’s Says” (12-19-11)

“Delinquencies on industrial-property loans that were packaged into commercial mortgage-backed securities rose to a 22-year high amid a decline in rental income from warehouses, Standard & Poor’s said.”

Housing Wire – “Home remodeling activity continues record rise: BuildFax” (12-19-11)

“The BuildFax residential remodeling index reached a record high in October, extending its 23-month climb another month, as homeowners opt to stay put and remodel rather than buy a new home.”

DS News – “Year’s Failed-Bank Tally Rises to 92 with Closings in Arizona and Florida” (12-19-11)

“Following a month without a single bank failure, state and federal regulators stepped in over the weekend to seize community-based lenders in Arizona and Florida after losses pushed the institutions’ capital levels below acceptable thresholds.”

Bloomberg - “Single-Family Home Building Headed for Worst Year on Record” (12-19-11)

“More than two years after the U.S. recession ended in June 2009, construction of single-family homes is heading for its worst year on record.  The CHART OF THE DAY shows that while total housing starts bottomed in 2009, construction of one-family houses will probably post a new low this year at around 419,100, about 11 percent less than in 2010, according to Bloomberg News calculations.”

Inman – “NAR to release revised home-sale stats” (12-19-11)

“The National Association of Realtors on Wednesday will issue revised estimates for existing-home sales going back five years, saying the formula it had been using to adjust the sales data it collects from multiple listing services had drifted out of whack and was overestimating sales.”

Hard Money Loan Closed

Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $36,000 on a 3 bedroom, 2 bathroom home appraised for $62,000.

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.

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 12/16/11

Friday, December 16th, 2011

Sources:

New jobless claims drop to lowest level since 2008
California unemployment falls for 4th straight month in November
Mortgage Rates for 30-Year U.S. Loans Fall to 3.94% as Record Low Matched
SoCal home sales rise on declining prices
California November Home Sales
S.E.C. Sues 6 Former Top Fannie and Freddie Executives
FHFA extends loan data implementation deadline for GSEs
Attorney General Expect to Reach Settlement Before Christmas
FDIC Announces Settlement With Washington Mutual Directors and Officers
Foreign homebuyers clicking on depressed US housing markets
Realtors: We overcounted Hoem Sales for Five Years

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. In a top story, six former Fannie Mae and Freddie Mac top executives have been accused by the SEC of fraud involving securites.  The world’s largest banks are also being downgraded by Fitch, banks including Bank of America, Morgan Stanley, and Goldman Sachs.

In The News:

Los Angeles Times - “SEC accuses former Fannie Mae, Freddie Mac bosses of fraud” (12-16-11)

“Six former top executives of housing finance giants Fannie Mae and Freddie Mac were accused of securities fraud Friday by federal regulators for allegedly misleading investors about the size of the companies’ risky subprime mortgage holdings.  30-year fixed mortgage rates are at an all-time low of 3.94%.”

Realty Times – “30-Year Fixed-Rate Mortgage Matches All-Time Record Low at 3.94 Percent” (12-16-11)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® (PMMS®), the average fixed mortgage rates at or near their all-time lows. The 30-year fixed matched the average all-time record low of 3.94 percent, and a new all-time record low was set for the 15-year fixed, both previously set in the October 6, 2011 Freddie Mac PMMS.“

San Francisco Chronicle - “Moratorium leads to dip in foreclosure filings” (12-16-11)

“U.S. foreclosure filings fell last month as delinquent homeowners got a holiday  break, RealtyTrac reported.  A total of 224,394 properties received notices of default, auction or  repossession, down 14 percent from a year earlier, the data seller said Thursday.”

CNN Money - “Fitch downgrades world’s largest banks” (12-16-11)

“The ratings firm Fitch downgraded a cluster of the world’s largest banks Thursday, pointing to trading challenges facing international markets.  The banks included Bank of America (BAC, Fortune 500), Morgan Stanley (MS, Fortune 500) and Goldman Sachs (GS, Fortune 500), as well as Europe’s Barclays, Societe Generale and BNP Paribas.”

Housing Wire - “Fed officials testify on European liquidity injections” (12-16-11)

“Steven Kamin, acting director of the division of international finance for the Federal Reserve, said in prepared congressional testimony that swap transactions to help Europe “present no exchange rate or interest rate risk to the Fed.”

Los Angeles Times – “California unemployment falls for 4th straight month in November” (12-16-11)

“California employers added 6,600 new jobs in November, driving the monthly unemployment rate down to 11.3%, its lowest level since the depths of the recession in June 2009.  The decline from October’s jobless rate of 11.7% marked the fourth consecutive month that the Golden State has generated jobs as it gradually replaces some of the 1.3 million lost in the worst economic downturn in half a century, the California Employment Development Department reported.”

Housing Wire – “Nevada AG sues LPS, alleging mishandled mortgage documentation” (12-16-11)

“Nevada Attorney General Catherine Cortez Masto filed suit against Lender Processing Services (LPS: 15.83 -8.71%) for allegedly falsify foreclosure documents with the state.”

DS News - “Mortgage Debt in the U.S. Continues to Diminish” (12-16-11)

“The ongoing turmoil still gripping housing markets across the country has manifested itself in the Federal Reserve’s macro assessment of household wealth and capital flow.”

Housing Wire - “MBIA moves to limit CMBS exposure” (12-16-11)

“Bond insurer MBIA (MBIA: 0.00 N/A) signed a deal this week to commute $20 billion of its insured exposure to shield the company from future risks on volatile commercial mortgage-backed securities.”

Hard Money Loan Closed

Compton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 4 bedroom, 2 bathroom home appraised for $238,000.

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:

6,111 new and resale houses and condos were sold in the Bay Area in November 2010, according to MDA DataQuick. Freddie Mac reported the 30-year mortgage rate rose to 4.83%. Statistics from CoreLogic show home prices declined 3.93% in October from July 2010. Three members of congress introduced a bill which would possibly put an end to the use of MERS by GSEs.

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 12/13/11

Tuesday, December 13th, 2011

Today’s News Synopsis:

DS News reported optimism in the housing market as housing prices are showing signs of reaching their lowest and stabilizing despite continuing price declines.  According to Housing Wire, a settlement was reached between Morgan Stanley and MBIA regarding credit default swaps.  In addition, the Realty Times reported housing will play a big part in the upcoming 2012 election.

In The News:

Realty Times – “Housing to Be Key Factor in 2012 Election” (12-13-11)

“HouseLogic, the consumer website for the National Association of Realtors® has released the results from their latest survey. They found that when it comes to the upcoming 2012 election, jobs and housing are at the forefront of voters’ minds.”

Housing Wire - “Morgan Stanley and MBIA reach settlement over CDS” (12-13-11)

“Morgan Stanley (MS: 15.74 +2.34%) said Tuesday that it has reached a comprehensive settlement with MBIA (MBI: 11.52 +1.05%) over credit default swaps that better positions the firm for Basel III compliance by resolving outstanding legacy exposures.”

DS News - “Prices Decline Slightly But Show Signs of Stabilizing” (12-13-11)

“While home values are continuing to decline, they are beginning to stabilize as the market nears the bottom, according to the Zillow Real Estate Market Report, released Tuesday.”

Bloomberg - “Mortgage Bonds Rally as Fed Backstop Seen” (12-13-11)

“Relative yields on mortgage-backed securities that guide new loan rates fell to the lowest in five months as investors wager the Federal Reserve is on standby to expand its holdings if the U.S. economy or Europe’s sovereign debt crisis worsens.”

San Francisco Chronicle - “Real estate recovery likely to be slow” (12-13-11)

“Fair warning to U.S. real estate  players: Resign yourselves to “a slowing grind-it-out recovery” in 2012, as  “enduring economic doldrums” continue to weigh heavily on the market.”

Hard Money Loan Closed

Fontana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $140,000 on a 4 bedroom, 2 bathroom home appraised for $245,000.

In The News:

Housing Wire – “Optimism rises among small businesses” (12-13-11)

“Small businesses grew more confident again in November, though optimism remains well below the pre-recession average.  The National Federation of Independent Business reported an increase to 92 in its optimism index, up from 90.8 in October. That’s still lower than the 100 score the index averaged before 2008.”

DS News – “Attorneys General Expect to Reach Settlement Before Christmas” (12-13-11)

“The state attorneys general and the nation’s five largest mortgage servicers have been supposedly close to a settlement for quite some time. The latest estimate, according to the Des Moines Register is that they are likely to reach a settlement before Christmas.”

Wall Street Journal - “Home Bargains Abound, But Willing Lenders Are Rare Breed” (12-13-11)

“Faced with finicky lenders, would-be home buyers are increasingly turning to Dad, Grandma or rich Uncle Barton—even perfect strangers they met online. While these solutions are understandable, given the abundant bargains on the market, they also present significant risks.”

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:

22.5% of all mortgages were underwater in the 3rd quarter of 2010, according to CoreLogic. The FHA extended deadlines for condo projects seeking to renew their mortgage insurance. Altera Real Estate reported demand for O.C. homes decreased by 12%.

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 12/02/11

Friday, December 2nd, 2011

Sources:

Young workers getting hired again
Jobless claims edge up to 402,000
Case-Shiller Puts Home Prices 3.9% Below Last Year
Pending Sales of Existing U.S. Hoems Exceed Forecasts With 10.4% Increase
NAR expects some commercial real estate growth next year
Construction Spending in U.S. Rose for Third Consecutive Month in October
30-Year Mortgage Rates Increase to 4%
Average time to foreclose sets new record of 631 days
Citigroup’s $285 million SEC settlement rejected
Central banks join forces to ease debt crisis
PMI Insurance

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.  In a big news story, unemployment decreased to 8.6%, the lowest it has been since March 2009.  The number of homes in foreclosure also set a record at over 2 million.  In Massachusetts, Ally Financial has stopped buying home loans after the biggest mortgage lenders in the state were accused of conducting illegal foreclosure practices.

In The News:

Housing Wire – “REO investors squeezing out owner-occupants” (12-02-11)

“Owner-occupancy rates of real estate owned sales are plummeting as investors who recognize their economic value are taking advantage of bulk transactions, a trend that nonprofits and trade groups are closely monitoring.“

Bloomberg - “Ally Financial Halts Mortgage Purchases in Massachusetts After State Sues” (12-02-11)

“Ally Financial Inc.’s GMAC Mortgage unit stopped buying home loans in Massachusetts after the state accused the five biggest mortgage lenders of conducting illegal foreclosures.”

Inman - “Record number of homes in foreclosure” (12-02-11)

“The foreclosure pipeline has never been more crammed, with lenders attempting to push 2.2 million homes through the process as of the end of October, according to a monthly report issued today by Lender Processing Services Inc.”

DS News – “OCC Investigates Foreclosures of 5,000 Military Members” (12-02-11)

“The Office of the Comptroller of the Currency (OCC) launched an investigation into the possible wrongful foreclosures of about 5,000 military members by 10 of the nation’s largest banks.”

Los Angeles Times - “Jobless rate falls to 8.6%, sending mixed message on economy” (12-02-11)

“The U.S. jobless rate fell sharply last month to its lowest level since March 2009 as employers stepped up their hiring in the latest sign of a steadily improving economy.”

Housing Wire – “California real estate execs arrested in alleged foreclosure scam” (12-02-11)

“Authorities arrested three top officers at Stockton, Calif., real estate company who allegedly took in steep fees without performing loan modifications.”

San Francisco Chronicle - “Property managers busy as rental market surges” (12-02-11)

“Just as the U.S. housing boom gave birth to such home buyer websites as Zillow and Redfin, services for rental properties are thriving following a surge in  foreclosures and stiffening of mortgage standards. Membership in the National  Association of Residential Property Managers has almost doubled in five years to  a record 3,400 members, according to the trade group.”

Realtor Magazine - “Mortgage Rates Continue to Hover at Record Lows” (12-02-11)

“Averages on fixed-mortgage rates continued to hover near historic lows for the week, while adjustable-rate mortgages inched down slightly to reach new record lows, Freddie Mac reports in its weekly mortgage market survey.”

Looking Back:

The NAR reported pending home sales increased 10.4% in October 2010. According to RealtyTrac, foreclosure sales decreased 25% in the 3rd quarter of 2010. Statistics from the Labor Department showed jobless claims rose 6.3% the previous week. Greg Lippmann of LibreMax Capital predicted national home prices would drop another 10%.

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

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The Norris Group Real Estate News Roundup 12/01/11

Thursday, December 1st, 2011

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Looking Back:

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

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

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The Norris Group Real Estate News Roundup 11/18/11

Friday, November 18th, 2011

Sources:

As More Markets Stabilize, Housing Affordability Nears Record Levels for 10th Consecutive Quarter
Delinquencies Decrease, Foreclosures Rise in Latest MBA Mortgage Delinquency Survey
Hope Now servicers complete 5 million loan modifications since 2007
Southern California Home Prices Fall 4.8%
NAR overestimated home sales
Gradual Recovery for Housing and the Economy Expected in 2012
AIG Resists Concessions to Banks for Obama Refinancing Plan
Selling Guide Announcement SElL-2011-12
FHA Reserves Sink Further Below Legal limit Amid Talk of Bailout

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.  According to the Los Angeles Times, the unemployment rate in California dropped to almost 12% in October.  Lawmakers are pushing to increase the size of loans issued by FHA.  Housing Wire reported a slight decrease in mortgage delinquencies in the month of October.

In The News:

Housing Wire – “Obama signs extension for higher FHA loan limits” (11-18-11)

“President Obama signed into law a government spending bill Friday morning effectively reinstalling higher conforming loan limits for the Federal Housing Administration through the end of 2013.“

Realty Times - “30-Year Fixed-Rate Averages at or Below 4 Percent for 3rd Consecutive Week” (11-18-11)

“Freddie Mac (OTC: FMCC) released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates changing little and remaining at or near 4.00 percent for the past three weeks amid positive economic and consumer confidence data.”

NAHB - “Home Builders Applaud Congress for Restoring Higher FHA Loan Limits” (11-18-11)

“The National Association of Home Builders (NAHB) today applauded Congress for reinstating for another two years the higher conforming loan limits for the Federal Housing Administration (FHA), noting that this is an important step to help mend the struggling housing market.”

Wall Street Journal - “Congress Increases the Ceiling on Size of Mortgages” (11-18-11)

“U.S. lawmakers moved Thursday to increase the maximum size of loans that can be guaranteed by the Federal Housing Administration.”

O.C. Register - “U.S. home sales, pricing at 5-month lows” (11-18-11)

“One index of U.S. homebuying shows sales activity and pricing at five-month lows.  The national homebuying index from DataQuick and its analysts at DQNews attempts to give a weekly snapshot into most-recent trends, using “not modeled” home sales counts and median selling prices. This math — we’ve dubbed it the “DQ98″ — tracks on a weekly basis the freshest homebuying patterns in 98 out of the 100 largest U.S. markets (sorry, Louisville and Wichita!) to compile a national benchmark.”

Housing Wire - “Foreclosure inventory rises in October: LPS” (11-18-11)

“Mortgage delinquencies declined slightly to 7.93% in October from the previous month, according to the Lender Processing Services (LPS: 17.88 +0.11%) first look at the monthly statistics in its loan-level database of nearly 40 million mortgages.”

Los Angeles Times – “California unemployment rate edges downward in October” (11-18-11)

“California’s unemployment rate fell by two-tenths of a percentage point to 11.7% in October as the state created 25,700 new jobs, the Employment Development Department reported. The agency also reported Friday that it had revised job growth in September upward, to 39,200, from about 12,000.”

Housing Wire – “Supreme Court to hear fair housing case that could impact mortgage industry” (11-18-11)

“A fair housing case headed to the Supreme Court could have direct and indirect impacts on mortgage lending and regulatory enforcement.”

Looking Back:

Delinquencies on residential properties dropped 9.13% in the third quarter of 2010, according to the MBA. MDA DataQuick’s monthly statistics released showed that 6,122 new and resale houses and condos closed escrow in the Bay Area. The CBIA reported California housing affordability increased 1.7% in the 3rd quarter of 2010. Jobless claims increased by 2,000, said the Labor 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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