California Real Estate Headline Roundup

Posts Tagged ‘Lennar Corp’

By Bruce Norris .

Mortgage Rates Below 2013 Levels

Thursday, June 26th, 2014

 

Today’s News Synopsis:

Mortgage rates decreased again and are now at levels below 2014.   30-year rates now stand at 4.14%, and 15-year rates are at 3.22%.  The number of foreclosures completed is only half of what it was before according to a recent report by the Office of the Comptroller of the Currency.  90,852 foreclosures were completed in the first quarter, down 50% for the quarter and 33.9% year-over-year.  Recent date from Trulia expects there to not be another housing bubble anytime soon due to an increasing number of undervalued homes.

In The News:

DS News“Survey: Realtors Continue to Invest in Mobile Technology” (6-26-14)

“The National Association of Realtors (NAR) set out to answer a very simple question—how much are realtors spending on new technology for their businesses? NAR conducted the 2013-2014 Realtor Technology Survey, which found that realtors continued to invest in technology for their business in 2013 and spent more than they had in previous years.”

Bloomberg“Fed Neutralized in Mortgage Bonds on Supply Slump” (6-26-14)

“The $5.4 trillion market for U.S. government-backed mortgage bonds is poised for its biggest first-half rally since 2010 as a surprising drop in supply outweighs a pullback in Federal Reserve purchases.”

Housing Wire - “OCC: Foreclosures cut by half from last year” (6-26-14)

“First-lien mortgages serviced by large national and federal savings banks are 93.1% improved in the first quarter of 2014 and foreclosures have been cut in half, according to a report released today by the Office of the Comptroller of the Currency.”

DS News - “Trulia: Undervalued Homes Squash Housing Bubble Concerns” (6-26-14)

“While persistent price gains continue to dominate headlines, homes in a majority of major markets across the country remain slightly undervalued, quashing any concerns of a rising housing bubble, according to the latest data from Trulia.”

Bloomberg - “Lennar Earnings Beat Estimates as Home Prices Increase” (6-26-14)

“Lennar Corp. (LEN), the biggest U.S. homebuilder by stock-market value, reported a quarterly profit that beat analysts estimates as the company raised its prices and delivered more properties.”

Housing Wire“It’s official: Mortgage rates lower than 2013″ (6-26-14)

“Mortgage rates officially dropped lower than last year’s levels, as rates fell due to the release of the first quarter real GDP final estimate, according to the latest Freddie Mac Primary Mortgage Market Survey.”

DS News - “Harvard: Housing Recovery Hinges on Millennial Participation” (6-26-14)

“Millennials are so hot right now. Advertisers spend sleepless nights wondering how to associate this “cool” generation with their products and services.”

Bloomberg“Treasury Begins Push to Revive U.S. Mortgage-Bond Market” (6-26-14)

“The Treasury Department will launch an initiative to revive the market for mortgage securities without government backing, a Treasury official said.”

Housing Wire - “Hensarling: SCOTUS ruling against recess appointments should apply to CFPB” (6-26-14)

“The Supreme Court fired a huge salvo on the Obama administration, unanimously rebuking the White House for making recess appointments when Congress wasn’t actually in recess.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with High Desert REIA on Thursday, July 10, 2014.

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

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

 

Looking Back:

According to the recent Mortgage Bankers Association survey, mortgage applications decreased 3% from the previous week.  The Lender Processing Services reported that the amount of foreclosures also decreased 4% from  April.  GDP saw a 2.4% increase in the first quarter, leading to a 1.8% increase in the overall economy.

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

The Norris Group Real Estate News Roundup 3/27/12

Tuesday, March 27th, 2012

Today’s News Synopsis:

According to the latest Case-Shiller index from Standard & Poors, home prices decreased in 16 metropolitan areas for the fifth month in a row in January.  After a year, consumer confidence is still at its highest level at 70.  Sales of distressed properties decreased in California, while at the same time equity sales increased last month after having been at a two month low.

In The News:

Housing Wire“Home prices drop in 16 metro areas: Case-Shiller” (3-27-12)

“Standard & Poor’s/Case-Shiller home price indices for the month of January show prices falling in most major metro areas.   The latest report shows annual price declines of 3.9% and 3.8%, respectively, for the 10- and 20-city composite indexes in the month of January.”

DS News“Sale of Distressed Properties Down in California, Equity Sales Up” (3-27-12)

“In California, the sale of distressed properties slowed down as equity sales picked up in February after two months of decline, the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.) reported Monday.”

Bloomberg“Bidding Wars Erupt as U.S. Supply of Homes for Sale Falls” (3-27-12)

Bidding wars, absent from most parts of the U.S. residential market since its peak in 2006, are erupting from Seattle and Silicon Valley to Miami and Washington, D.C. The inventory of homes hovers close to a six-year low, while an increase in jobs and record affordability are tempting more buyers.”

Housing Wire“FHFA sees falling mortgage rates across the board” (3-27-12)

“The average mortgage rate for the purchase of an existing home by combined lenders fell from 4.18% in January to 4.08% in February, according to a new report from the Federal Housing Finance Agency.”

DS News“CFPB Files Amiscus for Borrowers’ Right to Cancel Certain Loans” (3-27-12)

“The Consumer Financial Protection Bureau (CFPB) filed an amicus brief on behalf of borrowers for their rights to cancel home equity-loans or second mortgages if they did not receive important disclosures required by the Truth in Lending Act (TILA).”

San Francisco Chronicle“Consumer Confidence in U.S. Holds Close to One-Year High” (3-27-12)

“Confidence among U.S. consumers in March held close to the highest level in a year, underpinned by an improving labor market.  The Conference Board’s confidence index dropped to 70.2 from a revised 71.6 reading in February that was higher than initially reported, figures from the New York-based private research group showed today.”

Bloomberg“Lennar Hits Highest Since 2007 as Income Beats Estimates” (3-27-12)

“Lennar Corp. (LEN), the third-largest U.S. homebuilder by revenue, rose to its highest since September 2007 after reporting net income that beat estimates and a 33 percent increase in new home orders.”

Housing Wire“Fannie Mae finds Americans remain committed to homeownership” (3-27-12)

“Home values may be down nationwide, but the majority of Americans surveyed by Fannie Mae in the fourth quarter still prefer homeownership as opposed to renting.”

CNN Money“White House: Jobs recovery isn’t ‘statistical fluke’” (3-27-12)

“President Obama’s chief economic adviser continued to defend the strength of the latest jobs data on Tuesday, even though other economists have suggested that the economy is still in a slow recovery despite job gains.”

Housing Wire“Freddie Mac delinquency rate, loan mods remain relatively flat” (3-27-12)

“Loan modifications and the overall delinquency rate on Freddie Mac-backed mortgages remained relatively flat during February.”

Hard Money Loan Closed

Taft, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $45,000 on a 3 bedroom, 1.75 bathroom home appraised for $73,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.

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

The Norris Group Real Estate News Roundup 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.

The Norris Group Real Estate News Roundup 11/9/11

Wednesday, November 9th, 2011

Today’s News Synopsis:

According to the San Francisco Chronicle, home prices have decreased in 111 metropolitan areas from a year ago.  Housing Wire reported a decrease in both home prices and mortgage rates, leading to more people being able to afford homes.  According to latest survey from the Mortgage Bankers Association, mortgage applications increased over 10% from last week.

In The News:

Housing Wire - “IRA downgrades Ally to negative on rumors of ResCap bankruptcy” (11-9-11)

“Institutional Risk Analytics downgraded its outlook on Ally Financial (GJM: 21.2096 -2.89%) to negative following reports that suggest the lender is floating the idea of putting its Residential Capital mortgage lending subsidiary into Chapter 11 bankruptcy.”

Realty Times - “Mortgage Rates Head Lower Making Another Record” (11-9-11)

“As the financial crisis hit a high in Europe last week, here in the U.S. mortgage rates headed lower making another all time record. The potential of a Greek default held everyone’s attention even as some positive data was being released for the U.S. economy.”

San Francisco Chronicle - “Home Prices Decline in Almost Three-Fourths of U.S. Metro Areas” (11-9-11)

“Home values fell in almost three- fourths of U.S. cities in the third quarter as  a slowing economy deterred buyers.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (11-9-11)

“Mortgage applications increased 10.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 4, 2011.”

Bloomberg - “Lennar Will Start Second Distressed Fund After First $650 Million Venture” (11-9-11)

“Lennar Corp. (LEN), the third-largest U.S. homebuilder by revenue, expects to close a $650 million private-equity fund for its distressed real estate unit this year and start a second fund in 2012, the Miami-based company said.”

DS News - “Fannie Mae Requests $7.8B From Taxpayers to Cover Q3 Deficit” (11-9-11)

“The nation’s largest mortgage company says it lost $5.1 billion during the third quarter of this year.  That combined with a $2.5 billion dividend payment to Treasury for past bailout money left Fannie Mae with a net worth deficit of $7.8 billion at the end of September.”

Realty Times - “More Markets Show Signs of Improving” (11-9-11)

“The last few months have shown marked improvement in certain key markets across the country. This report comes fro the National Association of Home Builders/First American Improving Markets Index (IMI).”

Housing Wire - “Monthly mortgage payment almost 40% cheaper than 2006″ (11-9-11)

“Housing affordability improved dramatically because of declines in both prices and mortgage interest rates, according to David Stiff, chief economist at Fiserv (FISV: 57.06 -3.40%).”

Looking Back:

An opinion survey from the Federal Reserve showed demand for commercial and industrial loans decreased in the third quarter of 2010. Budd Bugatch claimed housing fell to 2.22% of nominal GDP in the 3rd quarter of 2010. Foreclosure inventory increased 1.1% in September 2010, according to LPS.

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

The Norris Group Real Estate News Roundup 3/24/11

Thursday, March 24th, 2011

Today’s News Synopsis:

Freddie Mac said mortgage rates increased to 4.81% last week. The Federal Bureau of Economic Analysis reports California income levels rose 2.5% in 2010. Jobless claims fell 1.3% last week, according to the Labor Department. Freddie Mac told servicers managing its loans to stop foreclosing in MERS’ name.

In The News:

San Francisco Chronicle“Rate on 30-year fixed mortgage rises to 4.81 pct.” (3-24-11)

“Freddie Mac said Thursday the average rate on the 30-year fixed mortgage rose to 4.81 percent from 4.76 percent the previous week. It hit a 40-year low of 4.17 percent in November.”

The Sacramento Bee“California incomes rose 2.5% in 2010″ (3-24-11)

“Californias’ incomes rose 2.5 percent in 2010, a year after the state’s first year-to-year decline in personal income since World War II, the federal Bureau of Economic Analysis reported Wednesday. The bureau said 2010 income statewide was more than $1.6 trillion, up from 2009′s $1.56 trillion and a return to 2008 levels.”

Bloomberg - “Wells Fargo Chief Sees Home-Equity Losses as Top Concern, Bernstein Says” (3-24-11)

“Wells Fargo & Co. (WFC) Chief Executive Officer John Stumpf said home-equity losses remain his ‘top concern’ because unemployment in the U.S. is still high, according to Sanford C. Bernstein & Co.”

Orange County Register“FBI informant charged in Lennar stock scam” (3-24-11)

“An ex-con turned fraud crusader accused of defaming homebuilder Lennar Corp. and its chief Orange County-based executive was accused in federal court Thursday of using his status as an FBI informant to get insider information used in his stock trades.”

Housing Wire“New CoreLogic tool automates the decision-making in loan mods” (3-24-11)

“CoreLogic says the tool allows servicers to bypass manual loan modification calculations by submitting borrower profiles through IntelliMods, which is designed to determine a borrower’s loan modification eligibility.”

Housing Wire“Jobless claims fall for second week in a row” (3-24-11)

“The number of initial jobless claims filed by unemployed Americans fell 1.3% last week to 382,000 claims submitted on a seasonally adjusted basis, the Labor Department said Thursday morning.”

Housing Wire“Freddie Mac tells servicers not to foreclose in MERS name” (3-24-11)

“Freddie Mac told servicers managing its loans this week that they can no longer foreclose in the name of Mortgage Electronic Registration Systems.”

Looking Back:

One year ago, CBIA reported that 3,404 building permits were pulled in February. Governor Schwarzenegger is expected to sign the $10,000 home buyer tax credit bill soon. According to the Commerce Department, home sales fell 2.2 percent last month. UCLA does not expect to see a second dip in economic performance.

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.