The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Lender Processing Services’

By Bruce Norris .

The Norris Group Real Estate News Roundup 9/23/13

Monday, September 23rd, 2013

Today’s News Synopsis:

Home prices increased by only 0.6% month-over-month, but year-over-year they showed an increase of 8.7%.  According to the latest report from the Mortgage Bankers Association, delinquency rates for commercial and multifamily mortgages decreased 0.01% in the second quarter.  The FHFA announced they will be starting a new education program to help homeowners understand better refinancing options offered under HARP.


In The News:

Housing Wire - “Back in time: Latest RMBS deals carry past risks” (9-23-13)

“Recent residential mortgage-backed securitization deals are carrying a few structural features similar to transactions from the pre-crisis days, posing potential challenges of absolute levels of losses and timing of prepayments.”

DS News - “Home Price Growth Slower in July” (9-23-13)

“On a month-by-month basis, home prices slowed their rebound in July according to a home values report released today by Lender Processing Services LPS’s Home Pricing Index showed housing prices rose just 0.6 percent from June but were still up 8.7 percent from July of 2012.”

Mortgage Professional America - “Commercial delinquencies take a record dip” (9-23-13)

“Delinquency rates for commercial and multifamily mortgages were down in the second quarter, according to a report released Sept. 4 by the Mortgage Bankers Association.”

Housing Wire - “Homebuilders alarmed as first-time homebuyers stay sidelined” (9-23-13)

Lennar (LEN) and KB Home (KBH) will release earnings Tuesday, providing the market a glimpse at how builders are faring in a market riddled with reluctant first-time homebuyers.”

Bloomberg“U.S. Startups Freed to Solicit Funds Fight SEC Over Disclosures” (9-23-13)

“Startup companies that celebrated the passage of a U.S. law allowing them to solicit investors more openly say regulators may undercut that move by requiring detailed disclosures of their fundraising. ”

DS News - “FHFA Announces HARP Education Effort” (9-23-13)

“The Federal Housing Finance Administration (FHFA) announced a new program today that will seek to educate homeowners on potential refinancing options under the Home Affordable Refinance Program (HARP).”

Mortgage Professional America - “Federal funds to help underwater borrowers” (9-23-13)

“Thousands of underwater borrowers in the Sunshine State may be able to get an injection of federal cash to pay down their mortgage balances.”

DS News“Are we in a housing bubble? Not even close, experts say” (9-23-13)

“While some borrowers might pull out of the housing market at the sight of the slowdown in home prices, market experts are cautioning consumers not to slam on the housing brakes just yet.”

Bruce Norris will be speaking at the Big “Million Dollar” Trade Show & Landlording Conference on Thursday, September 26, 2013.

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.

Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, October 22-24, 2013

Bruce Norris will be speaking at the Financial Tactics Brunch on Thursday, October 26, 2013

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

The Norris Group Real Estate News Roundup 9/4/13

Wednesday, September 4th, 2013

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased 1.3% from last week.  In addition, the mortgage delinquency rates for multifamily housing decreased 6.72% in the second quarter.  Consumer sentiment also decreased last month after a six-year high.


In The News:

Housing Wire“Multifamily delinquency-rate decline implies strong market” (9-4-13)

“Multifamily mortgage delinquency rates dropped in the second quarter of 2013, according to a report from the Mortgage Bankers Association, further indication that the multifamily market is picking up alongside the recovery in housing. Commercial loans overall saw a decline as well.”

DS News“August Sees Decline in Consumer Sentiment” (9-4-13)

After achieving a six-year high in July, consumer confidence diminished in August—though trends still indicate an increase in consumer spending over the next year.”

CNN Money“Nasdaq: Another week, another glitch” (9-4-13)

“Starting at 11:35 a.m. on Wednesday, investors were unable to see quotes in certain Nasdaq (NDAQ) stocks for six minutes. The exchange said the cause was a brief outage in its system that disseminates stock quotes, or the prices investors are willing to pay to buy or sell stocks.”

Housing Wire“SIFMA, Chamber of Commerce jump into eminent domain fight” (9-4-13)

“Wells Fargo (WFC) gained substantial backing from the business and securitization communities in its fight against the Richmond, Calif., eminent domain plan this week.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (9-4-13)

“Mortgage applications increased 1.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 30, 2013.’”

Bloomberg“Fannie Mae Prepares Investors for Mortgage Risk-Sharing Bonds” (9-4-13)

“Fannie Mae, the government-controlled mortgage-finance company, is starting to prepare investors for the first transaction in which the firm would share the risk of homeowner defaults with bond buyers.”

NAHB“Shortage of Lots Slows Housing Recovery” (9-4-13)

“A shortage of buildable lots, especially in the most desirable locations, has emerged as one of the key factors holding back a more robust housing recovery, according to the latest survey on the topic conducted by the National Association of Home Builders (NAHB).”

Housing Wire“Alliance launches a new advocacy group for homeowners” (9-4-13)

“The day after Phil Bracken retired from his position as executive vice president for Wells Fargo (WFC) Home Mortgage in July 2011, he began to brainstorm the concept behind America’s Homeowner Alliance, which has now become the collective voice of the country’s 75 million existing homeowners.”

Mortgage Professional America“Strong downward trend sees foreclosures at lowest since 2007″ (9-4-13)

“A “strong downward trend” in foreclosures and delinquencies has continued, with foreclosure starts plunging to their lowest levels in six years.”

Hard Money Loan Closed

Hacienda Heights, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $240,000 on a 3 bedroom, 2 bathroom home appraised for $353,000.

 

Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop TOMORROW, September 5, 2013.

Bruce Norris will be presenting How to Make a Million in 24 Months in San Jose on Saturday, September 7, 2013.

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.

Looking Back:

Home prices grew 3.8% in July,  the highest in six years.  Construction on new homes, however, decreased month-over-month in July after showing gains for six months straight.  Freddie Mac was helping people affected by Hurricane Isaac by offering relief policies to those affected in Louisiana and Mississippi.

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

The Norris Group Real Estate News Roundup 8/27/13

Tuesday, August 27th, 2013

Today’s News Synopsis:

Home prices continue to show signs of increase according to the latest S&P/Case-Shiller Index.  Prices increased by 12.1% in 20 of the largest cities in the nation in June.  Home sales also increased last month by 3% month-over-month and 17.6% year-over-year.  In the meantime, mortgage delinquencies are continuing to show signs of decrease both by 3.96% month-over-month and 8.76% year-over-year.


In The News:

CNN Money“Home prices still surging…for now” (8-27-13)

“Home prices are still surging, but the pace of the gains has steadied as interest rates continue to rise.”

DS News“Home Sales Stage a Comeback in July” (8-27-13)

After observing a slowdown in sales throughout June—typically the peak selling month for the year—online brokerage Redfin reported a rebound in July, though other market indicators continue to cool.”

Bloomberg“America Resilient Five Years After Great Recession” (8-27-13)

“The signs of resilience are everywhere: Households continue to spend. Businesses are investing and hiring. Home sales are rebounding, and the automobile industry is surging.”

Mortgage Professional America“Delinquencies down and foreclosure stock dropping” (8-27-13)

“Delinquencies are continuing to decline, with a massive drop-off in foreclosure stock.  New data from Lender Processing Services (LPS) shows a significant drop in delinquencies.”

Realty Trac“Why Old School Mortgages Have Come Back” (8-27-13)

“After three years of debate and acrimony, the new mortgage standards which were supposed to be part of Wall Street reform are finally coming into place. The result is that mortgage shopping is about to be a new — and duller — experience.”

Inman“Ellie Mae signs big Southern lender to mortgage platform” (8-27-13)

“A retail mortgage lender that operates in Maryland, North Carolina, South Carolina and Virginia has chosen a software system from Ellie Mae to manage its mortgage originations with the aim of improving the lender’s customer service, efficiency and compliance with rules and regulations, Ellie Mae said in an announcement today.”

DS News“Report: Mortgage Industry Nets Nearly 3K Jobs Losses in Q2″ (8-27-13)

“As declining refinance volumes hurt the market for loan officers, decreasing delinquencies are also prompting the need to cut back on mortgage jobs.”

Housing Wire“Private mortgage insurers find their place” (8-27-13)

“Fewer borrowers are refinancing into Federal Housing Administration loans, allowing private mortgage insurers to pick up some of the slack.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $148,000 on a home appraised for $215,000.

 

Bruce Norris of The Norris Group will be speaking at IEIF Poised to Pop TODAY, August 27, 2013.

Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.

Bruce Norris will be presenting How to Make a Million in 24 Months in San Jose on Saturday, September 7, 2013.

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate

Looking Back:

The National Association of Realtors reported a 2.3% increase in existing-home sales the prior month and a 9.4% increase in median home prices year-over-year.  A new bill was signed into law by Governor Brown that would allow more time for homeowners to correct any code violations prior to a local agency coming in to enforce the codes.  The Commercial Real Estate market was improving at a slow but sure pace with the slow increase in jobs and loans not being as available.

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

The Norris Group Real Estate News Roundup 8/26/13

Monday, August 26th, 2013

Today’s News Synopsis:

 

Two more banks closed in Tennessee and Arizona, bringing the new total now to 20.  New home sales decreased last month by 13.4% according to the Commerce Department.  The mortgage delinquency rate also decreased to 6.41% after having increased to 6.7% the month prior.

In The News:

Housing Wire“Servicers will face regulatory pressure in lieu of lawsuits” (8-26-13)

“Mortgage-related litigation continues to haunt banks and servicers more than five years after the housing meltdown. So how will they handle it? One case at a time, or one settlement at a time, but the risks linger regardless.”

DS News“Home Prices in Texas, Colorado Hit New Highs in June” (8-26-13)

“As national home prices recover from the peak, Texas and Colorado are already busy setting new highs, data from Lender Processing Services, Inc. (LPS) revealed.”

Mortgage Professional America“New home sales plummet” (8-26-13)

“The housing market experienced one of its strongest quarters in years in Q2, with home prices continuing their upward trajectory.”

CNN Money“Fed questions keep stocks in check” (8-26-13)

“A new week has begun, and investors are asking themselves the same question: When will the Federal Reserve begin to pull back on its bond buying program”

DS News“Regulators Close Banks in Tennessee, Arizona” (8-26-13)

“The FDIC’s list of federally insured bank failures grew to 20 so far this year as two more banks collapsed.”

Bloomberg“Treasuries Rise as Investors Weigh Fed Plans After Durables Drop” (8-26-13)

“Treasuries rose after a government report showing orders for U.S. durable goods fell more than forecast last month reduced speculation the Federal Reserve will scale back its bond purchase program.”

Housing Wire“Eminent domain plans put RMBS investors at risk” (8-26-13)

“Due to a renewed interest in using the power of eminent domain to seize and restructure underwater home loans — and specific discussions involving the City of Richmond, Calif. — the securitization market and investors remain a bit shaken, analysts claim.”

DS News“Delinquency Rate Back on Downward Course After Seasonal Increase” (8-26-13)

“The national mortgage delinquency rate resumed its downward trend in July after experiencing a seasonal uptick in June, Lender Processing Services, Inc. (LPS) reported Monday.”

Hard Money Loan Closed

La Verne, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $290,000 on a 3 bedroom, 2 bathroom home appraised for $421,000.

 

Bruce Norris of The Norris Group will be speaking at IEIF Poised to Pop TOMORROW, August 27, 2013.

Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.

Bruce Norris will be presenting How to Make a Million in 24 Months in San Jose on Saturday, September 7, 2013.

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate

 

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

The Norris Group Real Estate News Roundup 8/6/13

Tuesday, August 6th, 2013


Today’s News Synopsis:

The number of available jobs increased by 29,000 last month to their highest in five years according to the Bureau of Labor Statistics.  CoreLogic reported home prices increased 11.9%, marking the 16th month in a row home prices have increased.  In the same month,the national delinquency rate increased by 10% according to the Lender Processing Services.

In The News:

Mortgage Bankers Association - “Statement of David Stevens on President Obama’s Housing Speech” (8-6-13)

“Statement by MBA President and CEO David H. Stevens Regarding President Obama’s housing finance speech,’A Better Foundation for Middle Class Homeownership’.”

HousingWire - “Bank of America to slash servicing positions” (8-6-13)

“Bank of America informed the state of Pennsylvania that it plans to slash 209 mortgage servicing-related jobs at a facility in Pittsburgh.”

DS News - “Job Openings Hit Five-Year High in June” (8-6-13)

“The number of job openings rose 29,000 in June to the highest level in five years, the Bureau of Labor Statistics (BLS) reported Tuesday in its monthly Job Openings and Labor Turnover Survey (JOLTS).”

Inman“NAR: Obama housing finance reforms ‘closely mirror’ Realtor recommendations” (8-6-13)

“The housing finance reform plan outlined today by President Obama to wind down Fannie Mae and Freddie Mac includes principles that “closely mirror” an outline the National Association of Realtors presented to the White House in 2011, NAR says.”

Bloomberg - “U.S. Commercial Property Prices Fall Amid Rising Rates” (8-6-13)

“U.S. commercial property prices fell 1 percent in July from the previous month as rising interest rates increased the cost of financing deals, according to real estate research firm Green Street Advisors Inc.”

DS News“Rapid Annual Price Gains Continue in June” (8-6-13)

“Double-digit annual increases continued in June as home prices surged 11.9 percent, CoreLogic reported Tuesday.”

Mortgage Professional America - “Spike in delinquencies is par for the course” (8-6-13)

“June’s nearly 10% spike in the national delinquency rate is nothing unusual, according to analytics firm Lender Processing Services.”

Housing Wire - “Long judicial foreclosure timelines challenge investors” (8-6-13)

“Investors in residential mortgage-backed securities will see increased carrying costs in the near future as servicers experience longer foreclosure timelines in key judicial foreclosure states, Moody’s (MCO) alleges in its latest Servicer Dashboard report.”

 

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $120,000 on a 4 bedroom, 3 bathroom home appraised for $182,000.

 

 

Bruce Norris of The Norris Group will be speaking at FIBI Thousand Oaks Poised to Pop Wednesday, August 7, 2013.

Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.

Bruce Norris will be presenting How to Make a Million in 24 Months in San Jose on Saturday, September 7, 2013.

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate

 

Looking Back:

June saw the lowest amount of HAMP trials since the program’s inception in March 2009.  NAHB listed 80 metropolitan areas out of 32 states as showing signs of improvement.  Closing costs for mortgages decreased 7.4% in the previous year with banks competing for borrowers.

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

The Norris Group Real Estate News Roundup 8/5/13

Monday, August 5th, 2013

Today’s News Synopsis:

The Mortgage Bankers Association reported the amount of mortgage credit available last month increased by 2.2% to 112.3.  Another bank closed in Florida this past week, bringing the new total of closed banks to 17.  The OCC has nearly completed mailing all of their foreclosure review checks.

In The News:

DS News“Foreclosure Review Payments Near Completion” (8-5-13)

“In its latest foreclosure review payment update, the Office of the Comptroller of the Currency (OCC) announced nearly 3 million people have cashed or deposited foreclosure review checks as of August 1.”

Housing Wire“Spike in delinquency rate broad-based: LPS” (8-5-13)

“The nearly 10% spike in the national delinquency rate reported in Lender Processing Services’ First Look at mortgage performance was based on approximately 700,000 newly 30-day delinquent loans in June, the company reported Monday morning.”

Mortgage Bankers Association“Mortgage Credit Availability Increases in July” (8-5-13)

“Mortgage credit availability increased in July according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from the AllRegs® Market Clarity® product.”

DS News“Demand for Non-Traditional, Sub-prime Loans Up” (8-5-13)

“Adding to concerns of a new housing bubble, lenders reported an increase in demand for “non-traditional” and sub-prime mortgage loans and that they’ve responded to that demand by easing standards, the Federal Reserve reported Monday in its quarterly Senior Loan Officer Opinion Survey.”

Inman“Real estate closing costs jump 6 percent” (8-5-13)

“Closing costs on a home sale excluding title insurance rose 6 percent year over year in June, averaging $2,402 on a $200,000 mortgage, according to an annual survey by financial rate comparison site Bankrate.com..”

Bloomberg“MetLife Gets $5 Billion SunTrust Real Estate Commitment” (8-5-13)

“MetLife Inc. (MET), the largest U.S. life insurer, won a commitment of as much as $5 billion from SunTrust Banks Inc. (STI) for commercial mortgage loans.”

DS News“Florida Bank Failure Raises Tally to 17″ (8-5-13)

“After nearly two months with no activity, FDIC’s list of bank failures grew by one on Friday with the closure of First Community Bank of Southwest Florida (also operating as Community Bank of Cape Coral).”

Hard Money Loan Closed

Palmdale, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $94,000 on a 2 bedroom, 2 bathroom home appraised for $145,000.

 

Bruce Norris of The Norris Group will be speaking at FIBI Thousand Oaks Poised to Pop Wednesday, August 7, 2013.

Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.

Bruce Norris will be presenting How to Make a Million in 24 Months in San Jose on Saturday, September 7, 2013.

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.

 

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

The Norris Group Real Estate News Roundup 7/29/13

Monday, July 29th, 2013

Today’s News Synopsis:

Pending home sales decreased 0.4% last month with the increase in mortgage rates.  The FHFA announced that by the end of this year they hope to use risk-sharing transactions to return private capital to the mortgage finance system.  According to the latest Lender Processing Services report, home prices saw a 1.3% increase, marking the third month in a row to show an increase in prices.

In The News:

Bloomberg“Pending Sales of Previously Owned U.S. Homes Decline 0.4%” (7-29-13)

“Fewer Americans signed contracts in June to buy previously owned homes, showing rising mortgage rates are beginning to restrain the housing market.”

Housing Wire“GSE offering puts g-fee hikes into question” (7-29-13)

“One of the Federal Housing Finance Agency’s priorities for 2013 is to bring private capital back into the mortgage finance system through risk-sharing transactions.”

CNN Money“Tax reform secrecy plan blasted” (7-29-13)

“A Senate committee’s decision to keep tax reform proposals secret for 50 years has drawn strong objections and and calls for transparency from a diverse array of tax, business and advocacy groups.”

DS News“LPS: Largest States, Metros Post Monthly Improvements in May” (7-29-13)

“From April to May, home prices rose 1.3 percent, with Nevada leading month-over-month growth, according to Lender Processing Services (LPS).”

Inman“Survey confirms homebuyers willing to pay premium to be near preferred schools” (7-29-13)

“Three out of 5 homebuyers surveyed by realtor.com said school attendance boundaries would be a factor in choosing a home, and most of that group said they’d be willing to go above budget or give up amenities to have their children go to their school of choice.”

Housing Wire“Carrington builds purchase mortgage market, offers USDA loans” (7-29-13)

“Carrington Mortgage Services is now offering United States Department of Agricultural Rural Development (USDA) loans through its retail and wholesale channels.”

Bloomberg“Realogy Seeks to Lower Loan Costs as Housing Recovers” (7-29-13)

“Realogy Holdings Corp. (RLGY), the most indebted U.S. real-estate services company, will seek to negotiate a lower interest rate on its most senior debt obligations next year.”

DS News“Survey: Most California Investors Opting to Hold Rather than Flip” (7-29-13)

“A survey from the California Association of Realtors (C.A.R.) revealed preferences and strategies of a typical California investor.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $560,000 on a 3 bedroom, 2 bathroom home appraised for $863,000.

 

Bruce Norris of The Norris Group will be speaking at FIBI Thousand Oaks Poised to Pop Wednesday, August 7, 2013.

Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.

Bruce Norris will be presenting How to Make a Million in 24 Months in San Jose on Saturday, September 7, 2013.

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.

 

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

The Norris Group Real Estate News Roundup 7/25/13

Thursday, July 25th, 2013

 

Today’s News Synopsis:

Jobless claims increased by 7,000 to 343,000 this past week.  Mortgage rates fell again and are at their lowest in three weeks with 30-year rates at 4.31% and 15-year rates at 3.39%.  Some good news: Five markets in the U.S. have fully recovered, bringing the total for recovered homes now to 19.

In The News:

Housing Wire“CoreLogic revenue grows on acquisitions, lending services” (7-25-13)

“CoreLogic posted significant financial results for the second quarter, lifted by its expanding mortgage origination services and data/analytics segments.”

DS News“Report: Five More Markets Reach Full Recovery in April” (7-25-13)

“Housing markets across the country continue to show improvement. Five more markets joined the list of fully recovered housing markets across the country, bringing the number to 19 as of the end of April, according to this month’s Homes.com Rebound Report released Wednesday.”

Mortgage Professional America - “Cash purchases down as market normalizes” (7-25-13)

“The percentage of all-cash and institutional investor purchases was down in June from one year ago, according to a recent report.”

Bloomberg“U.S. Mortgage Rates Fall as Homebuying Gains” (7-25-13)

“U.S. 30-year mortgage rates fell to the lowest in three weeks, reducing borrowing costs for homebuyers as the residential-property market strengthens.”

DS News“LPS: Delinquency Rate Sees Abrupt Increase in June” (7-25-13)

“After five months of declines, the national mortgage delinquency rate reversed course in June, according to data from Lender Processing Services (LPS).”

NAHB“Remodeler Confidence Rebounds in Second Quarter” (7-25-13)

“Confidence in the remodeling market rebounded in the second quarter of 2013 with the Remodeling Market Index (RMI) rising six points to 55, according to the National Association of Home Builders (NAHB).”

Mortgage Bankers Association - “MBA Reaffirms Originations Outlook for Second Half of 2013, Lowers Outlook for US Economy” (7-25-13)

“The Mortgage Bankers Association (MBA) today reaffirmed its outlook for mortgage originations in the second half of 2013 but lowered its forecast for US economic growth.”

Bloomberg - “Freddie Mac May get Risk-Sharing Notes Rated as Lessons Learned” (7-25-13)

“Freddie Mac may seek credit ratings in the next offering of the firm’s new securities sharing its mortgage-default risks with investors, as it learns from the first issue and plans for another later this year.”

DS News“First-Time Unemployment Claims Increase” (7-25-13)

“The Department of Labor reported Thursday that advance initial unemployment figures for the week ending July 20 totaled 343,000, an increase of 7,000 over the previous week’s revised tally.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $124,000 on a 3 bedroom, 1 bathroom home appraised for $178,000.

 

Bruce Norris of The Norris Group will be speaking at FIBI Thousand Oaks Poised to Pop Wednesday, August 7, 2013.

Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.

Bruce Norris will be presenting How to Make a Million in 24 Months in San Jose on Saturday, September 7, 2013.

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.

 

Looking Back:

New home sales decreased to 350,000 in June and were at their lowest in five months.  Mortgage applications increased 0.9% from the previous week according to the Mortgage Bankers Association.  Senator Jef Merkley just submitted a plan to help underwater homeowners by having the government buy up to 8 million underwater mortgages and refinance them to decrease their rates.

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

The Norris Group Real Estate News Roundup 6/25/13

Tuesday, June 25th, 2013


Today’s News Synopsis:

Home prices increased in April by 12.1% year-over-year, exceeding expectations.  The national delinquency rate stood at 6.08% in May, the lowest since May 2008.  At the same time, foreclosure inventory also decreased to 3.05%, the lowest since March 2009.  A new bill was drafted to replace Fannie Mae and Freddie Mac with the single Federal Mortgage Insurance Corp and to help improve the secondary mortgage market.

In The News:

Bloomberg - “Consumers to Factories Point to Durable U.S. Expansion: Economy” (6-25-13)

“Consumers and companies are starting to act as if the U.S. economic expansion is here to stay.  Purchases of new homes jumped in May to a five-year high, while business investment plans improved for a third straight month, figures from the Commerce Department showed today in Washington.”

Housing Wire“Senators launch bill to boost secondary mortgage market” (6-25-13)

“A bipartisan group of senators took a stand against the existing government-sponsored enterprises this week.  Their strategy—drafting a bill to replace Fannie Mae and Freddie Mac with a single government guarantor, known as the Federal Mortgage Insurance Corp.”

DS News - “FHFA’s Home Price Index Records Annual Gain of 7.4%” (6-25-13)

“The Federal Housing Finance Agency (FHFA) reported a 0.7 percent increase in its House Price Index (HPI) from March to April.”

Inman - “California Realtors warning sellers about pocket listings” (6-25-13)

“The California Association of Realtors has published a “Q-and-A” on pocket listings for Realtors to distribute to their clients and the news media titled ‘The Pros and Cons of Off-MLS Listings: What Consumers and Real Estate Agents Should Know’.”

CNN Money - “Recent college grads face 36% ‘mal-employment’ rate” (6-25-13)

“More than a third of recent college grads with jobs are working in positions that don’t require a degree.  Economists call that figure the “mal-employment” rate, and right now it tops 36% for college-educated workers under the age of 25, according to figures crunched by Andrew Sum, director of the Center for Labor Market Studies at Northeastern University.”

Housing Wire“Census Bureau: New home sales continue to take off” (6-25-13)

“New home sales continue to climb, rising to 476,000 completed transactions in May, according to government data.  When evaluating single-family homes specifically, sales inched up 2.1% in May, above the revised April rate of 466,000 units.”

Bloomberg“U.S. Housing Prices Increased More Than Forecast in April” (6-25-13)

“Home prices climbed more than forecast in the 12 months through April, rising by the most in more than seven years and showing further strength in the U.S. housing market.”

DS News - “Delinquency, Foreclosure Rates Decrease to Post-Crisis Lows in May” (6-25-13)

“The national delinquency rate and foreclosure inventory rate each fell to post-crisis lows in May, Lender Processing Services (LPS) reported Tuesday.”

Mortgage Professional America - “CFPB accused of violating Dodd-Frank” (6-25-13)

“A business group has accused the CFPB of violating the Dodd-Frank Act in its information requests.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $162,000 on a 3 bedroom, 2 bathroom home appraised for $250,000.

 

Bruce Norris of The Norris Group will be speaking at California Comeback 2: Fast, Furious, and Dangerous in Ontario on Saturday, July 13, 2013.

Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, July 16-18, 2013.

Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.

Looking Back:

In a big news story, new home sales were at 369,000 the previous month, the highest they had been in two years as prices continued to increase.  Prices for commercial real estate property decreased in April in almost every sector.  Pending home sales also decreased 5.5% in April according to the National Association of Realtors.  HousingPulse claimed the increase in home prices may have been related to the decrease in inventory.

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

The Norris Group Real Estate News Roundup 6/24/13

Monday, June 24th, 2013


Today’s News Synopsis:

According to the Lender Processing Services, home prices increased in every one of the largest states in the U.S, having gone up 1.5%.  Homes sold to foreign buyers decreased by 17% and now stand at $68.2 billion.  This news comes with the slowdown in the economy in both Europe and Asia.  Last month also saw a a decrease in investor activity according to the Campbell/Inside Mortgage Finance HousingPulse Tracking survey.

In The News:

CNN Money - “2014: When the economy finally takes off” (6-24-13)

“When will America’s economy finally start limping along?  2014.  That’s what a growing number of economists are predicting.”

Housing Wire“LPS: US home prices continue to climb” (6-24-13)

“Every one of the 20 largest U.S. states experienced rising home prices from March to April with values edging up 1.5%, Lender Processing Services said Monday when releasing its U.S. Home Price Index.”

Bloomberg“Sales of U.S. Homes to Foregin Buyers Decline 17 Percent” (6-24-13)

“U.S. home purchases by international buyers fell 17 percent, to an estimated $68.2 billion, as economic growth slowed in Europe and Asia, the National Association of Realtors said.”

DS News - “Labor Shortage in Homebuilding Could Dampen Recovery” (6-24-13)

“Fitch has added its voice to the chorus of those concerned about homebuilding industry’s labor shortage and the effects it may have on new housing growth.”

Housing Wire“Supreme Court to hear case tangentially related to CFPB director post” (6-24-13)

“The U.S. Supreme Court agreed to review an appellate court case that invalidated several of President Obama’s recess appointments to the National Labor Relations Board.”

Bloomberg - “Fed Monetary Course Hard to Undo for Bernanke Successor: Economy” (6-24-13)

“The Federal Reserve under Chairman Ben S. Bernanke has committed itself to a monetary strategy for this year and beyond that will be difficult to undo under a new chairman.”

Housing Wire - “Fed hits investors with MBS game changer” (6-24-13)

“Ben Bernanke and the Federal Reserve seem a bit more hawkish about tapering the Fed’s bond-buying program — a development that would be a major game changer for securitized products.”

DS News - “Investor Activity Falls Sharply in May” (6-24-13)

“As prices rise, investors are having a harder time justifying housing market purchases, according to a recent Campbell/Inside Mortgage Finance HousingPulse Tracking survey.”

Hard Money Loan Closed

Temecula, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $175,000 on a 3 bedroom, 2 bathroom home appraised for $260,000.

 

Bruce Norris of The Norris Group will be speaking at California Comeback 2: Fast, Furious, and Dangerous in Ontario on Saturday, July 13, 2013.

Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, July 16-18, 2013.

Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 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.