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The Norris Group Real Estate News Roundup 10/29/10

Friday, October 29th, 2010

Sources:
California Housing Starts Post Decline in September, CBIA Announces
September Existing-Home Sales Show Another Strong Gain
Foreclosures increase in 65% of MSAs in 3Q: RealtyTrac
Commercial Property Prices in U.S. Decline to Eight-Year Low, Moody’s Says
California Mortgage Defaults Rise in Third Quarter
Banks `Want to Sit Down’ With States to Discuss Foreclosures
Wells Fargo Will File More Foreclosure Affidavits After Lapses
NYC Judge Foreclosure Smackdown Shows Problems With Bank “Technicalities” Defense
Title insurers seek to insulate themselves from foreclosure losses
Insurers Ease on Amnesty
FICO Mortgage Score

Today’s News Synopsis:

Fannie Mae intends to end the Payment Reduction Plan. McGraw-Hill Construction (MHP: 37.65 +0.32%) expects construction starts in 2011 to increase 8%. According to a survey from the Washinton Post, 1/3 of Americans are concerned about their ability to continue making their housing payments. The U.S. economy grew at a 2 percent annual rate in the 3rd quarter.

In The News:

Inman - “Most are worried about housing payments” (10-29-10)

“More than half of Americans are worried about not having enough money to pay their mortgage or rent, according to a survey from the Washington Post released today. A third of respondents were ‘very concerned’ about their ability to make housing payments, while a fifth were ‘somewhat concerned,’ adding up to 53 percent of respondents. This contrasts to the results of similar surveys the newspaper conducted in February 2009 and December 2008.”

San Francisco Chronicle – “U.S. Economy Picked Up in Third Quarter on Consumer Spending” (10-29-10)

“The U.S. economy grew at a 2 percent annual rate in the third quarter as consumer spending climbed the most in almost four years, a sign the expansion is developing staying power. The increase in gross domestic product matched the median forecast of economists surveyed by Bloomberg News and followed a 1.7 percent gain the prior three months, Commerce Department figures showed today in Washington.”

The Sacramento Bee – “$8.3 million available in Cash for Appliances” (10-29-10)

“California’s Cash for Appliances program had about $8.3 million in rebate funds remaining as of Tuesday night.”

Housing Wire – “LPS: no defects in related foreclosures, no fee-splitting” (10-29-10)

“Lender Processing Services (LPS: 28.84 +4.87%) began reducing its foreclosure signing services back in 2008 and stands by its mortgage processing services. Further, when the firm caught a manager robo-signing foreclosure documents, the only such case it says it found, that manager was immediately dismissed and documents remediated.”

Housing Wire – “Fannie Mae retires HAMP option for mortgage payment reductions” (10-29-10)

“Fannie Mae will end its Payment Reduction Plan (PRP), a program designed to give borrowers ineligible for the Home Affordable Modification Program temporary payment relief while the servicer works toward another foreclosure alternative.”

Housing Wire – “Construction market to rise 8% in 2011: McGraw-Hill” (10-29-10)

“McGraw-Hill Construction (MHP: 37.65 +0.32%) said construction starts in 2011 are expected to advance 8% to $445.5 billion, with single-family and multifamily starts leading the way.”

Housing Wire – “Barclays Capital sees limited impact to CMBS from MERS litigation” (10-29-10)

“Barclays Capital analysts don’t expect potential lawsuits against Mortgage Electronic Registration Systems to result in any significant issue in commercial mortgage-backed securities valuations.”

Inman - “Risk and rewards in Fed’s plan” (10-29-10)

“Monetary ‘easing’ is a central bank’s standard antidote to recession, tried and effective hundreds of times here and elsewhere. The central bank cuts its cost of money and ‘injects’ reserves into banks by buying Treasurys from them with invented money. These operations ignite lending and borrowing, and we recover.”

Looking Back:

One year ago, Moody’s estimated that prices would continue to decline until Q3 of 2010. According to Freddie Mac, interest rates on 30-year fixed rate loans increased to 5.03 percent. The U.S. Census Bureau reported that the number of vacant properties rose to 18.7 million, but the homeownership rate maintained at 67.6 percent.

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

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The Norris Group Real Estate News Roundup 10/28/10

Thursday, October 28th, 2010

Today’s News Synopsis:

Research shows the national election years tend to be bad for housing. Wells Fargo said that up to 55,000 of their foreclosures had mistakes.  The 30-year mortgage rate increased to 4.23%, according to Freddie Mac.

In The News:

Wall Street Journal - “Mortgage Rate Edges Up Again, to 4.23%” (10-28-10)

“The 30-year fixed-rate mortgage averaged 4.23% for the week ended Thursday, up slightly from the prior week’s 4.21% average but down from 5.03% a year ago. Rates on 15-year fixed were at 3.66%, up from 3.64% in the previous week but down from 4.46% a year earlier.”

Inman - “New credit score tailored for lenders” (10-28-10)

“The FICO 8 Mortgage Score does a better job identifying accounts that are overdue by 90 days or more, pushing more high-risk borrowers into lower score ranges, the company says in promotional materials. The FICO 8 Mortgage Score uses the same 300-850 scoring range as the all-industry FICO score most widely used, but is better at predicting whether a borrower will default on a mortgage”

Los Angeles Times – “Foreclosure activity up across most US metro areas” (10-28-10)

“California, Nevada, Florida and Arizona remain the country’s foreclosure hotbeds, accounting for 19 of the top 20 metropolitan areas with the highest foreclosure rates between July and September, foreclosure listing firm RealtyTrac Inc. said Thursday.”

Bloomberg - “Wells Fargo Will File More Foreclosure Affidavits After Lapses” (10-28-10)

“Wells Fargo & Co., the biggest U.S. home lender, said it will file supplemental foreclosure affidavits to courts in about 55,000 proceedings after finding some statements ‘did not strictly adhere to the required procedures.’”

Housing Wire – “Federal Reserve closer to TILA final rule on appraiser coercion” (10-28-10)

“Regulation Z or TILA was enacted on July 21 as part of the Dodd-Frank bill. It forces lenders to disclose costs and terms of mortgage loans and better inform consumers. This final rule, one of the many the Fed must draft after the passage of Dodd-Frank, seeks to ensure appraiser independence much like the replacement to the final rule replacing the Home Valuation Code of Conduct for appraisers of Fannie Mae and Freddie Mac loans.”

Housing Wire – “Moody’s economist sees ample optimism in housing market” (10-28-10)

“Mark Zandi, chief economist, Moody’s Analytics said that he expects home prices to be depressed into 2012. He adds that the knock-on effect from the robo-signing debacle will be minimal.”

Housing Wire – “Mortgage delinquencies are in ‘serious trouble,’ says LPS analyst” (10-28-10)

“Kyle Lundstedt, managing director of the applied analytics division at LPS said the housing market remains in “serious trouble” as current mortgage delinquencies are above 7 million distressed homeowners.”

Orange County Register - “National election years bad for housing” (10-28-10)

“Election years (both presidential and mid-terms) seem bad for housing. When national power is at stake, U.S. home prices averaged 5.2% gains per year. Compare that to the 5.8% average gain found in non-election years since 1969. That modest performance gap is decent proof that election years aren’t so hot for housing. Just to be sure, though, I checked with the median price change for these periods, too. Again, non-election years outperformed: 6.3% annual gains vs. 5.1% for election years.”

Bloomberg - “Banks `Want to Sit Down’ With States to Discuss Foreclosures” (10-27-10)

“A 50-state task force investigating U.S. foreclosure practices may meet with lenders as early as this week, less than a month after JPMorgan Chase & Co. and Bank of America Corp. suspended some home seizures.”

Naked Capitalism – “NYC Judge Foreclosure Smackdown Shows Problems With Bank ‘Technicalities’ Defense” (10-28-10)

“A story at the New York Daily News on a foreclosure case dismissed by Judge Arthur Schack illustrates that the problems that banks are having with foreclosures, which they are characterizing as ‘technical’ or ‘paperwork’ run deeper than that. And that is before you get to the issue that we have discussed at length on this blog, namely, the failure to convey promissory notes and related liens as stipulated by the contract governing mortgage securitizations, the pooling and servicing agreement.”

Looking Back:

One year ago, according to the MBA, mortgage application volume decreased by 12.3 percent within a week. Sources confirmed that the Senate did intend to extend the home buyer tax credit with some modifications. The Commerce Department reported that the pace of new home sales decreased by 3.6 percent in September 09.

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

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The Norris Group Real Estate News Roundup 10/26/10

Tuesday, October 26th, 2010

Today’s News Synopsis:

The MBA estimates total originations in 2011 will be $400 billion less than the total for 2010. According to MDA DataQuick, 83,261 Notices of Default were recorded at California county recorder offices during the 3rd quarter. Lender Processing Services is releasing a new valuation model that brings listing and pending sale data into the equation. The FHFA claims U.S. house prices increased 0.4% in August.

In The News:

Mortgage Bankers Association – “MBA Sees Growth in Purchase Originations, Drop in Refinancing, and Weak Overall Economic Growth in 2011″ (10-26-10)

“The Mortgage Bankers Association expects to see mortgage originations fall from an estimated $1.4 trillion in 2010 to slightly under $1 trillion in 2011. The drop will be driven by a decline in refinance originations, but the industry will see an increase in purchase originations. The economy will grow at a slow pace but with no significant job growth until 2011. The increase in purchase originations will be driven by modest increases in home sales and stabilizing home prices. In contrast, MBA refinance originations are expected to fall steadily as mortgage rates gradually increase throughout 2011 and 2012.”

DQNews - “California Mortgage Defaults Rise in Third Quarter” (10-26-10)

“A total of 83,261 Notices of Default (“NODs”) were recorded at county recorder offices during the July-through-September period. That was up 18.9 percent from 70,051 in the prior quarter, and down 25.5 percent from 111,689 in third-quarter 2009, according to San Diego-based MDA DataQuick.”

Los Angeles Times – “Consumer confidence rises only slightly in October” (10-26-10)

“Americans’ confidence in the economy rose only slightly in October from September, according to a monthly survey, as they continue to grapple with job worries. The Conference Board, a private research group, said Tuesday that its Consumer Confidence Index rose to 50.2 from a revised 48.6 in September.”

CNN - “Home prices sag in August” (10-26-10)

“Home prices fell 0.2% from July after five consecutive months of gains, according to the S&P/Case-Shiller composite index of 20 metro areas. However, prices rose a modest 1.7% compared with a year earlier, the housing group reported Tuesday.”

Housing Wire – “Mortgage fraud index suggests shift toward property crime: Interthinx” (10-26-10)

“Mortgage fraud risk remained ‘essentially unchanged’ in the third quarter of 2010 compared to the second and down from a year ago, according to Interthinx’s Quarterly Mortgage Fraud Risk Index. Interthinx reported the risk index for 3Q at 144, down 0.9% from last quarter and 1.4% from the same time last year.”

Housing Wire – “U.S. declines on Transparency International corruption index” (10-26-10)

“The financial and the foreclosure crisis have contributed to the United States’ decline on a global corruption index, released by the watchdog group Transparency International. The U.S. ranked 22nd of 178 countries with a score of 7.1 on the 2010 Corruption Perceptions Index, down from 19th last year.”

Housing Wire – “New LPS valutaion model uses multiple listing services from NAR database” (10-26-10)

“Lender Processing Services (LPS: 27.59 +2.91%) unveiled a new valuation model for realtors that brings listing and pending-sale data into the equation.”

Housing Wire – “Zillow: National 30-year FRM rates remain flat week-over-week” (10-26-10)

“The 30-year, fixed-rate mortgage remained flat from last week ending at a 4.14% national average the week of Oct. 20-26, according to the Zillow Mortgage Marketplace weekly update.”

Housing Wire – “FHFA house prices up 0.4% in August, down from year-ago” (10-26-10)

“U.S. house prices increased 0.4% in August, almost regaining the 0.7% revised decrease in July, but fell more than 2% from a year ago, according to the Federal Housing Finance Agency monthly House Price Index.”

Looking Back:

One year ago, on October 9th, a judge ruled against a lender, wiping out a $461,263 mortgage debt. Goldman Sachs estimated that government interventions had sustained prices by 5 percent above what they would be. According to CAR, a total of 530,520 escrows closed in California during September 09.

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

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The Norris Group Real Estate News Roundup 9/24/10

Friday, September 24th, 2010

Today’s News Synopsis:

Attorney General Brown is interfering with Ally Financial’s mass foreclosure operation, and may force the company to cease all foreclosure activity in California. Multiple government agencies have put out statistics on home sales. Freddie Mac’s total mortgage portfolio decreased 5.2% last month. Thirty-day delinquent inventory fell to 9.22%, according to LPS. S&P predicts the current level of shadow inventory will take 40 months to clear.

In The News:

Mortgage Bankers Association – “MBA Testifies on Potential Revisions to The Home Mortgage Disclosure Act (HMDA)” (9-24-10)

“One issue the Fed must keep in mind in determining what data elements to collect is that HMDA requirements should not turn into a safe harbor of allowable credit variables to be considered when making a loan. Freezing credit models into an official sanctioned set of variables would have a deleterious impact on credit availability going forward, limiting the growth of lenders who believe they have a better idea of how to do things. For example, over the years some lenders have come to believe that credit scores are not as important as the number of times a potential borrower has been late with housing-related payments. Some lenders now will simply refuse to make a loan to a borrower who has walked away from a previous mortgage, or appears to be positioning himself or herself for such behavior.”

Office of the Attorney General – “Brown Directs Nation’s Fourth Largest Home Lender to Suspend Foreclosures Until It Proves It Is Complying with the Law” (9-24-10)

“Recent reports indicated that the head of Ally Financial’s document processing team testified he routinely approved and signed foreclosure documents without confirming they were accurate and legally sufficient, as he was required to do. This admitted misconduct raises serious doubts about whether Ally Financial’s practices provide California borrowers facing foreclosure the protections guaranteed by law. Accordingly, Brown is demanding that Ally Financial, the fourth largest home loan institution in the country, demonstrate its compliance with California law or else halt all foreclosure operations in the state. Ally Financial earlier this week suspended evictions of homeowners and foreclosure sales in 23 states”

Mortgage Bankers Association - “MBA Applauds House Passage of National Flood Insurance Program Extension” (9-24-10)

“The Mortgage Bankers Association (MBA) applauded yesterday’s passage of legislation by the House that will extend the National Flood Insurance Program (NFIP) through September 30, 2011. The bill passed the Senate Tuesday and will now go to the President for his signature. Without agreement on an extension, the program was set to expire on September 30, 2010.”

CNN - “No mortgage mods for many of the jobless” (9-24-10)

“Unemployed homeowners cannot count jobless benefits as income when applying for mortgage modifications if they have loans backed by Fannie Mae. That could greatly limit their ability to get a long-term reduction in their monthly payments.”

Los Angeles Times – “New home sales remain at record low in August” (9-24-10)

“New single-family dwellings sold at a seasonally adjusted annual rate of 288,000 units, according to the Commerce Department. That estimate was flat compared with July’s pace, which remained a record low even after being revised up. The August pace was a 28.9% decline from the same month a year earlier.”

Housing Wire – “Census Bureau: August single-family sales fall 28.9% from year earlier” (9-24-10)

“Sales of new single-family homes in August fell 28.9% from a year earlier, according to the Census Bureau and Department of Housing and Urban Development. The Census Bureau said the seasonally adjusted rate of homes sales in August was 288,000, flat with July’s revised rate and well below the 405,000 a year ago. These federal figures are based on pending contracts of home sales.”

Housing Wire – “Freddie Mac mortgage portfolio continues four-month decline” (9-24-10)

“The Freddie Mac (FRE: 0.00 N/A) total mortgage portfolio decreased at an annualized rate of 5.2% in August after a 3.9% drop in June. The portfolio hasn’t seen an increase since April. Mortgage purchases and issuance at the government-sponsored enterprise reached $29.1 billion in August, up from $28.4 billion in July and down 39% from last year. The year-to-date total has reached $236.5 billion.”

Housing Wire – “August delinquency inventory falls on highest foreclosure starts since January: LPS” (9-24-10)

“LPS reported 282,528 foreclosure starts last month, up 1% from July and 3.8% higher than the year earlier. The year-to-date foreclosure rate is now 20.4% higher than 2009. Thirty-day delinquent inventory fell to 9.22%, the lowest level in over a year. The percentage was 9.3% in July and 9.7% a year ago. The inventory of 90-day delinquent loans decreased to 8.22%, down from 8.3% in July. The percentage was 8% a year earlier.”

Housing Wire – “$460 billion shadow inventory will take 40 months to clear: S&P” (9-24-10)

“The high pace of residential mortgage defaults has flooded the shadow inventory market with $460 billion in outstanding principal balance, according to Standard & Poor’s second-quarter report on housing liquidation timelines.”

Housing Wire – “JPMorgan to offer $1.1 billion CMBS” (9-24-10)

“JPMorgan is coming to market with $1.1 billion in commercial mortgage-backed securities notes across 13 classes, according to a pre-sale report from Fitch Ratings.”

Housing Wire – “August new home sales scrape bottom, remain flat month-over-month: NAFCU” (9-24-10)

“New homes sales remained flat month-over-month in August at 288,000 annualized units, according to a report released today by the National Association of Federal Credit Unions. Sales are scraping bottom at 28.9% less than one year ago and barely above the record low of 282,000 units in May.”

Housing Wire – “HFA delinquency rate hits record high in S&P report” (9-24-10)

“Delinquencies for housing finance agency loans increased 0.62% in the second quarter to 6.67%, according to a Standard & Poor’s report released today. This is the highest percentage the firm has seen since it started tracking such data in Q2 2006 and up 1.37% from Q209.”

Housing Wire – “White-collar criminals and unemployment income cut from HAMP eligibilty” (9-24-10)

“New guidelines from Fannie Mae and the Treasury Department out this week are restricting the eligible income of borrowers considered for the Home Affordable Modification Program. The mandates will also disqualify criminals convicted of certain white-collar offenses.”

Looking Back:

One year ago, research from the Construction Industry Research Board showed the number of home building permits taken in August was down 5 percent from July. The NAR reported that existing home sales decreased by 2.7 percent from July to August. A study showed that foreclosure prevention laws in California failed to significantly help home owners. The Federal Reserve intended to continue its stimulus plan and would continue to buy mortgage securities.

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

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The Norris Group Real Estate News Roundup 8/27/10

Friday, August 27th, 2010

Today’s News Synopsis:

Nearly 900,000 loans that were current at the beginning of this year are now over 60 days delinquent or in foreclosure as of July. GDP growth in the U.S. slowed to an annual rate of 1.6% in the second quarter. Commercial property sales totaled $8.7 billion in July.

In The News:

Orange County Register – “Californians feeling a little rosier” (8-27-10)

“Californians are feeling a little better about the economy now, although their optimism about the future has dimmed, according to Chapman University’s August consumer confidence survey. The school’s California Composite Index of Consumer Confidence, conducted the first three weeks of August, rose to 84.2 this month from 82.7 in May — the fourth consecutive increase in the index.”

San Francisco Chronicle – “California foreclosure bill is losing steam” (8-27-10)

“SB1275 would require lenders to provide homeowners with a fully considered decision on a loan modification prior to starting foreclosure. The bill addresses what some say has become a far too common phenomenon for homeowners who are delinquent on their mortgages: While negotiating a loan modification, their lender forecloses. The proposed rules would allow the homeowner to sue if that occurs.”

Housing Wire - “Nearly 1m More Mortgages Go From Current to Delinquent: LPS” (8-26-10)

“Almost 900,000 loans that were current at the beginning of the year are at least 60 days delinquent or in foreclosure as of July, according to the July 2010 month-end report released by Lender Processing Services’(LPS). Although delinquency volume fell 2.3% month-over-month in July to 9.3%, it remains near historically elevated levels — and record high numbers of delinquent loans are still entering the system, according to LPS. The volume of delinquencies increased 1.4% year-over-year.”

Housing Wire – “Q2 GDP revised to annual rate of 1.6% growth, imports rose 32.4%” (8-27-10)

“Second-quarter economic growth in the US slowed to an annual rate of 1.6%, which is slightly better than what analysts were projecting but down from prior Commerce Department estimates.”

Housing Wire – “Bernanke outlines three options for additional economic stimulus” (8-27-10)

“Bernake said that the zero interest rate policy (ZIRP) is unlikely to change in the coming months. He also doesn’t see any short-term risk of deflation. However, federal economic stimulus can only drive recovery temporarily. For a sustained expansion to take hold, growth in consumer spending and business fixed investment needs to come more into focus, he said.”

Housing Wire – “Fitch expects to keep downgrading CMBS through 2012″ (8-27-10)

“Downgrades on commercial mortgage-backed securities are expected throughout the next one to two years, according to Fitch Ratings’ managing director Mary MacNeill. She said this based on the approximately 1,900 bonds, a total of $71bn, that Fitch lists with negative future outlooks.”

Housing Wire – “Commercial real estate gets boost in July from strong office demand: RCA analytics” (8-27-10)

“July was the second most active month in commercial property sales this year, according to a Real Capital Analytics (RCA) report released today. Sales totaled $7.8bn, almost double the volume of July 2009 commercial real estate (CRE) sales.”

Housing Wire – “Fannie Mae July mortgage portfolio up 4.1% from year earlier, prices two-year deal” (8-27-10)

“Fannie Mae’s mortgage portfolio through July is up 4.1% from the year ago yet down somewhat from June, and the GSE issued nearly half the mortgage-backed securities during the month than in did last July. Fannie ended July with gross holdings of nearly $812 billion. That figure stood at $770.4 billion last year and $817.8 billion in June.”

Bloomberg – “Banks Need New Capital on Housing Dip, Whitney Says” (8-27-10)

“U.S. banks need more capital to withstand a renewed drop in the housing market, according to analyst Meredith Whitney. Banks aren’t prepared for a ‘double-dip’ in housing, which ‘it looks like we are having,’ Whitney said today on Bloomberg Radio”

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The Norris Group Real Estate News Roundup 7/28/10

Wednesday, July 28th, 2010

Today’s News Synopsis:

Commercial and multifamily mortgage origination increased by 35 percent in the second quarter. Mortgage application volume decreased 4.5 percent from last week, according to the MBA. Freddie Mac reports Americans took out $8.3 trillion in home equity during the second quarter. The current number of foreclosure starts for 2010 has reached 1.46m.

Looking Back:

Mortgage Bankers Association - “MBA: Second Quarter 2010 Commercial/Multifamily Mortgage Originations Increase Over First Quarter, But Remain Flat Over Last Year” (7-28-10)

“Second quarter 2010 commercial and multifamily mortgage loan originations were one percent higher than during the same period last year and 35 percent higher than during the first quarter, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (7-28-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 23, 2010.  The Market Composite Index, a measure of mortgage loan application volume, decreased 4.4 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 4.2 percent compared with the previous week”

Bloomberg - “Americans Tap $8.3 Billion in Home Equity, Least in a Decade” (7-28-10)

“Americans in the second quarter tapped the smallest amount of home equity in a decade, showing households are focused on repairing tattered finances. Owners took out $8.3 billion while refinancing prime home loans as borrowing costs dropped from April through June, down from $8.4 billion in the previous three months and the least in 10 years, according to a report today by McLean, Virginia-based Freddie Mac. Twenty-two percent chose to reduce loan principal, matching the third-highest rate since records began in 1985.”

Housing Wire – “GSE Foreclosure Starts Start Coming Faster in 2010″ (7-28-10)

“The June 2010 Mortgage Monitor data provided by Lender Processing Services (LPS) Applied Analytics shows that the spike in foreclosure starts is greatest at 6+ months of delinquency. Analysts have suggested that this may be occurring due to the recent increase in HAMP cancellations. Total foreclosure starts for 2010 are at 1.46m, compared to 1.68m for the same period in 2009 and 1.25m in 2008, to be sure, but the rate at which the starts increase during 1H10 is at the fastest pace LPS Applied Analytics has seen.”

Housing Wire – “Cash-In Refinancing Nears Record High in Q210: Freddie Mac” (7-28-10)

“According to separate monthly volume reports from April to June, Freddie Mac’s total refinance volume was $54.6bn during Q210, down nearly 60% from $134.5bn during Q209.”

Orange County Register – “Foreclosures still a drag on housing” (7-28-10)

“Foreclosures and sales of bank-owned homes have not yet peaked and will continue to hold down U.S. home prices and sales, an analyst for commercial data firm CoStar Group said. And weakness in housing will impact retail sales and the overall economy, added Norm Miller, CoStar’s vice president of analytics. Miller said that housing has not necessarily hit bottom yet, but the bottom is near.”

Realty Times – “Either a Lender or a Borrower Be” (7-28-10)

“Money in self-directed IRAs can be loaned out to any person who is not a ‘disqualified person.’ While this means that you cannot loan yourself or other related disqualified persons money from your self-directed IRA, you can loan the money to anyone else. Loans can be secured by real estate, mobile homes, equipment or anything you like. If you are really a trusting soul, you can even make a loan from your IRA unsecured”

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 7/26/10

Monday, July 26th, 2010

Today’s News Synopsis:

The Commerce Department new home sales increased 23.6% last month. Statistics from LPS show show 9.39% of all loans were delinquent by more than 30 days. The national vacancy rate on multifamily properties  decreased to 7.8%, according to BarCap. A survey from Campbell Survey suggests that home prices will continue to fall.

In The News:

CNN - “New home sales rebound 24%” (7-26-10)

“New home sales increased 23.6% to a seasonally adjusted annual rate of 330,000 last month, up from an downwardly revised 267,000 in May, the Commerce Department reported Monday. Sales year-over-year fell 16.7%.”

CBIA - “Housing Starts Rise Again in June, CBIA Announces” (7-26-10)

“According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 4,238 total housing units in June, up 19 percent from the same month a year ago and up 34 percent from May. It was the largest monthly total since December of 2008 when 4,658 total permits had been issued. Permits for single-family homes totaled 2,628, down 9 percent from June 2009 but up 33 percent from the previous month, while multifamily permits totaled 1,610, up 140 percent from a year ago and up 35 percent from May.”

Wall Street Journal – “Mortgage Delinquencies Fall in June, Still Near Record Highs” (7-26-10)

“Some 9.39% of all loans were 30 days or more past due, down from 9.54% in May, according to LPS Applied Analytics, which tracks loan data. An additional 3.69% of mortgages were in some stage of foreclosure, down from 3.72% in May and the record high of 3.81% in March.”

Housing Wire – “Multifamily Rental Demand Catching up to Supply: BarCap” (7-26-10)

“The multifamily net absorption rate, or the amount of space leased after deducting the amount of supply, increased by more than 46,000 units in Q210, the highest increase in 10 years, according to BarCap. The national vacancy rate on multifamily properties also decreased to 7.8% from 8% over the same time”

Housing Wire – “As FHA Mortgage Volume Increases From 2009, Serious Delinquencies Spike” (7-26-10)

“The rate of seriously delinquent mortgages backed by the Federal Housing Administration (FHA) declined slightly from May to June, but the gross number of mortgages that are either 90 or more days past due or in foreclosure increased 35% year-over-year. According to the FHA June single-family operations report, the total volume of mortgage in-force increased more than 24% to 6.4m in June compared to the same month one year ago. The total value of unpaid FHA mortgages was $865.5bn in June, up 30.3% from $663.8bn one year ago and up 3.3% from $837.8bn in May.”

Housing Wire - “The New Math Surrounding HAMP Doesn’t Add Up” (7-26-10)

“There is no other way to say this: we’re being lied to. Willfully. Anyone who managed to read headlines around the U.S. Treasury’s latest HAMP report card last week would likely have thought the program a huge success –- with more than one media outlet trumpeting impossibly miniscule re-default rates among permanent HAMP mods. At HW, we chose not to run with the HAMP redefault numbers except to note that Treasury officials had added them into the latest report card. And this choice was made with purpose: we knew these numbers were fake. Nobody gets a 1.7% redefault rate 6 months after modification –- not even Uncle Sam”

Housing Wire – “Campbell Survey: Housing Prices Drop in June and Will Continue to Fall” (7-26-10)

“A 32% plummet in new home sales in May correlates with a drop in overall homebuyer activity, although updated data out today from the Census Bureau shows a nearly 24% surge in new home sales in June.”

Housing Wire – “Monday Morning Cup of Coffee” (7-26-10)

“The Federal Deposit Insurance Corp. (FDIC) took receivership of seven banks last week with a combined cost to the Deposit Insurance Fund (DIF) of $468.2m. It brings the total closings in 2010 to 103 banks. At this time last year, there were 64 closings. Bank failures in 2009 took until October to pass 100.”

Housing Wire – “MIT-Harvard Study: Foreclosure drops house value by 27%” (7-26-10)

“A foreclosure reduces the value of a house by 27%, on average, and accounts for a much steeper price drop than other forced sales, according to a study by an Massachusetts Institute of Technology (MIT) economist and two Harvard University researchers. In comparison, when a house is sold after the death of an owner, the price drops 5% to 7% on average. When an owner declares bankruptcy, the value sinks 3%, according to the report.”

Bloomberg - “U.S. Small-Business Aid May Create $300 Billion of `Junk’ Loans” (7-26-10)

“The U.S. Senate may vote this week on a bill to funnel $30 billion of capital to community banks, whose business customers typically are small firms. Banks could leverage the sum to make $300 billion in loans that create jobs, according to a Senate summary. That could more than double the commercial and industrial loans at eligible banks as of the first quarter, according to data compiled by KBW Inc.”

Orange County Register – “Owners rush to sell O.C. homes” (7-26-10)

“Orange County housing inventory grew by the largest amount so far this year, adding an additional 418 homes in the past two weeks and now totals 11,235. The market has not breached the 11,000 mark since the beginning of April 2009. Last year at this time the inventory was at 8,895 homes, 2,340 fewer than today. The inventory has not stopped growing at all this year as more and more pent up homeowners have opted to place their homes on the market at unrealistic levels.”

Orange County Register – “O.C. distressed homes up 35%” (7-26-10)

“Last year at this time, there were 2,616 distressed homes on the market, 841 fewer than today. The number of foreclosures within the active listing inventory increased by 35 homes in the past two weeks from 578 to 613 … Short sales, where a homeowner attempts to sell a home for less than the total outstanding loans against a home, requiring lender approval, increased by 115 homes over the past two weeks and now total 2,844.”

Looking Back:

One year ago, the quarterly homeownership rate was 67.3 percent. The average rate on 30-year fixed mortgages was 5.2 percent. The state Senate approved a budget package that was believed to be capable of closing the state’s $26.3 billion deficit.

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The Norris Group Real Estate News Roundup 7/6/10

Tuesday, July 6th, 2010

Today’s News Synopsis:

According to Lender Processing Services, the national mortgage delinquency rate increased to 9.2% in May. Reis reports national office vacancies increased by 0.1 percent in the second quarter to 17.4 percent. The former CEO of Irvine Co. believes the housing and commercial real estate market will be rocky for the next year or two due to the volume of underwater loans. The former secretary of labor under President Clinton, Robert Reich, believes the U.S. economy will have a very slow recovery, and may experience a double dip.

In The News:

Yahoo - “Mortgage rates scream buy, but who is listening?” (7-3-10)

“Under normal circumstances, 4.58 percent would be irresistible. A decade ago, if you’d told David Christensen, owner of Mountain Lake Mortgage in Lakeside, Mont., that rates would drop this low, he wouldn’t have believed you. And if rates did somehow fall this far, he never thought he would lack for customers, as he does now. Yet both have come true. Christensen argues that mortgage lending standards have tightened so much since the financial crisis that many people with decent but not-stellar credit can’t qualify. Lenders are demanding stronger credit scores and higher down payments or home equity.”

Robert Reich – “Slouching Toward a Double Dip or a Lousy Recovery at Best” (7-3-10)

“In June the nation added fewer jobs than necessary merely to keep up with population growth (private hiring rose by 83,000 after adding only 33,000 jobs in May). The typical workweek declined. Average earnings dropped. Home sales are down. Retail sales are down. Factory orders in May suffered their biggest tumble since March of last year. ”

Housing Wire – “National Mortgage Delinquency Rate Swells to 9.2% in May: LPS” (7-6-10)

“The national mortgage delinquency rate grew to 9.2% in May, up 2.3% from a month earlier and 7.9% from a year earlier, according to the latest report from mortgage performance data and analytics provider Lender Processing Services (LPS: 31.41 -0.16%).”

Bloomberg - “Profit Upgrades Clash With El-Erian’s Fading Recovery” (7-6-10)

“Analysts are raising earnings estimates for U.S. companies at the fastest rate since at least 2004 just as stocks post the biggest losses in 16 months on concern that the economy will sink back into a recession. Profit for Standard & Poor’s 500 Index companies will jump 34 percent in 2010, compared with a projected gain of 27 percent on March 29, according to more than 8,000 estimates compiled by Bloomberg. The revision, the most during any quarter in at least six years, came as lower-than-forecast home sales, manufacturing and private-sector job growth sent the benchmark gauge for American equities down 16 percent since April 23.”

Bloomberg - “Office Vacancy Rate in U.S. Climbs to 17-Year High, Reis Says” (7-6-10)

“Office vacancies in the U.S. rose to the highest level since 1993 in the second quarter as the sluggish economic recovery damps demand from corporate tenants, Reis Inc. said in a report. The vacancy rate climbed to 17.4 percent from 16 percent a year earlier and 17.3 percent in the first quarter, the New York-based research company said today in a statement. Effective rents, the amount tenants actually pay landlords, fell 5.7 percent from a year earlier and 0.9 percent from the previous three months, according to Reis.”

Bloomberg - “Property Bonds Slump Most Since ’09 on Slowdown: Credit Markets” (7-6-10)

“Bonds sold by real-estate companies are performing the worst compared with the rest of the market since March 2009 on concern the slowing economic recovery will cause more defaults. Yield premiums of bonds sold by real-estate investment trusts, shopping-mall owners and office landlords widened 9 basis points, or 0.09 percentage point, more than those on other debt in June, and continued to rise this month, according to Bank of America Merrill Lynch indexes.”

Orange County Register – “Adjustable mortgages back in fashion?” (7-6-10)

“DataQuick reports that 10% of Orange County home buyers who financed their home purchases in May used some sort of adjustable mortgage — the highest level of variable-loan use since August 2008. The bottom for adjustable-loan use was April and May of 2009, when just 2.4% of financed deals had variable financing.”

Orange County Register – “Real estate outlook ‘rocky’ for 2 years” (7-6-10)

“The former CEO and vice chairman of the Irvine Co. says that the outlook for housing and commercial real estate will be rocky for the next year or two because of the volume of underwater loans.”

Housing Wire – “CMBS Delinquency Rate Triples From a Year Ago, Passes 7%: Realpoint” (7-6-10)

“Delinquencies in commercial mortgage-backed securities (CMBS) in the US reached 7.2% in May from 6.9% in April, and more than triple the rate a year ago, according to the analytics firm Realpoint. Realpoint tracks delinquency data on nearly $800bn of CMBS pools for the monthly reports. In May, the total delinquent unpaid balance for these loans reached $57.3bn, a $2.9bn increase from the previous month.”

Looking Back:

One year ago, a study of 3.5 million mortgages nationwide found that in June loan servicers held 32,000 foreclosure sales. Vacancy rates for rental properties increased to 5.3% in the first quarter of 2009.

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 6/3/10

Thursday, June 3rd, 2010

Today’s News Synopsis:

Stats from Freddie Mac show the average rate for 30-year FRMs increased to 4.79 percent. Moody’s Investor Service reports commercial property values are down 42% from the peak in 2007. According to Trulia, many areas in the United States are now becoming cheaper to rent than own in. The US Department of Labor (DOL) received 10,000 fewer initial unemployment claims in the week ending May 29 than the previous week.

In The News:

Time - “The ‘Free Rent’ Approach: When Homeowners Just Stop Paying their Mortgages” (6-1-10)

“The average borrower in foreclosure has been delinquent for 438 days before actually being evicted, up from 251 days in January 2008, according to LPS Applied Analytics”

Los Angeles Times – “A foreclosure fix” (6-2-10)

“Banks foreclosed on almost 200,000 homes in California last year, and this year’s toll is expected to be even higher. State lawmakers have tried to encourage banks to do more loan modifications that help both sides, keeping borrowers in their homes while cutting lenders’ losses. Yet homeowner advocates say a serious problem remains. Overwhelmed and disorganized, lenders continue to foreclose on borrowers who are in the process of negotiating new loan terms. At a time when the market is flooded with repossessed properties, that’s just inexcusable.”

Mortgage Bankers Association – “Mortgage Refinance Applications Increase Slightly, Purchase Applications Decline Further in Latest MBA Weekly Survey” (6-2-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 28, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 0.9 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 0.3 percent compared with the previous week.”

NAR - “Pending Home Sales Surge Continuing” (6-2-10)

“The Pending Home Sales Index,* a forward-looking indicator, rose 6.0 percent to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6. That follows gains of 7.1 percent in March and 8.3 percent in February.”

Orange County Register – “O.C. buyers grab 56% more new homes” (6-2-10)

“Buyers signed contracts to purchase 523 new homes in Orange County during this year’s winter quarter. That’s the highest number of sales contracts for any quarter since the spring of 2008.”

Orange County Register – “Realtors fight to expand loan protections” (6-2-10)

“At issue is a proposal that would forbid lenders from seeking unpaid portions of a refinanced mortgage after a home goes through foreclosure. Currently lenders can’t do that if the loan was issued at the time the home was purchased. In a law dating to the 1930s, the homeowner’s liability is limited to the amount the lender recovers from the property at a foreclosure sale — even if that’s less than the amount owed.”

Orange County Register – “Really? Problem banks list grows to 775″ (6-2-10)

“BAD DEBT: The FDIC’s confidential list of ‘problem’ banks grew to 775 in the first quarter, with U.S. banks collapsing amid losses on residential and commercial real estate loans. EXTEND AND PRETEND: At least 25% of commercial real estate loans are doomed to foreclosure, experts in Arizona say. Another 50% could go either way.”

Mercury News – “Mortgage rates up from yearly lows, Freddie Mac says” (6-3-10)

“Rates on 30-year fixed mortgages ticked up this week from the lowest level of the year. Freddie Mac said Thursday that the average rate rose to 4.79 percent, up from 4.78 percent last week. A year ago, the rate averaged 5.29 percent.”

Wall Street Journal – “Looking for Lending” (6-3-10)

“Compared to peak prices in October 2007, commercial property values are down 42%, according to Moody’s Investors Service Inc. Price index reports compiled by Moody’s and Real Capital Analytics Inc. show that as of March 2010, the cost of industrial and office space fell 32% in the last two years. Retail space also plummeted 28%.”

Housing Wire – “REIT Activity Picks Up in 2010 After Five Year Doldrum” (6-3-10)

“In 2005, publicly traded US REITs completed 6,351 acquisitions and 2,812 dispositions, compared to 360 acquisitions and 994 dispositions in 2009. The largest decrease in acquisitions was in the retail/other sector, which declined from 1,720 in 2005 to 65 in 2009, a decrease of 96.2%. The healthcare also saw a deep decline. In that sector, there were 103 acquisitions in 2009, compared to 402 in 2005, a drop of 74.4%.”

Housing Wire – “In Some Cities, Trulia Finds It’s Now Cheaper to Rent than Own” (6-3-10)

“The top areas where house prices worked out to be more expensive than renting were New York, Seattle, Portland, and San Francisco. Omaha, Neb., Oklahoma City, Okla., and Kansas City, Mo. also cracked the top-10 list.”

Housing Wire – “Jobless Claims Ease Ahead of May Unemployment Data” (6-3-10)

“The US Department of Labor (DOL) received 10,000 fewer initial unemployment claims in the week ending May 29 than the previous week, on a seasonally adjusted basis. The news of fewer initial claims arrives a day ahead of officially updated unemployment rate figures. Economists anticipate the fragile recovery added 55,000 jobs to private sector employment and 700,000 to total non-farm payrolls in May.”

Housing Wire – “May House Prices Show Highest Increase Since 2006″ (6-3-10)

“House prices climbed 6.8% in May 2010 from last year, the largest yearly increase since July 2006, according to a report from real estate data provider Clear Capital. In June 2009, Clear Capital reported a 19.3% drop in May house prices, a ‘far cry’ from the increase shown in this report a year later, said Alex Villacorta, senior statistician at Clear Capital. The rolling quarter-over-quarter number, which measures houses prices against those three months ago showed a 1.8% decline, an improvement from the 5% drop in April.”

Housing Wire – “Delayed Mortgage Liquidation Hikes Risk of RMBS Write-Downs” (6-3-10)

“The back-loading of defaults draws out liquidation timelines, impacting the expected losses to senior tranches of residential mortgage-backed securities (RMBS), according to Toronto-based credit rating agency DBRS. And in some cases, this raises the occurrence of write-downs by one-third, or 33%. Distressed loans move from 30 to 60 to 90-days delinquent and then follow the foreclosure timeline set forth in the appropriate state before entering REO status. Following this process, loans are liquidated from the RMBS trust.”

Housing Wire – “California Set to Vote on Foreclosure Mediation Bill” (6-3-10)

“Assembly Bill 1639 was introduced by a trio of Democratic members of the assemby — Pedro Nava (Santa Barbra), Ted Lieu (Torrance) and speaker emeritus Karen Bass (Los Angeles). If passed, the bill would establish the Facilitated Mortgage Workout (FMW) program. Through it, lenders are required to meet with borrowers to develop a modification plan before foreclosure. The loan must have originated before Jan. 1, 2009, and the home must be occupied by the borrower as a principal residence. The principal balance on the mortgage cannot exceed $729,750.”

Looking Back:

One year ago, MBA statistics showed that mortgage application volume decreased by 16 percent within one week. J.P. Morgan Chase, Goldman Sachs and American Express owed the government $38.4 billion. The FHA loan limit was raised to nearly $730,000 in Orange County, and was accepting 3.5% down on purchases.

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 6/1/10

Tuesday, June 1st, 2010

Today’s News Synopsis:

The head of CoreLogic believes the real estate market has bottomed.  According to the Commerce Department, construction spending increased 2.7 percent last month. LPS reports the number of loans 90 or more days past due — including pre-sale foreclosure — declined by nearly 3% to just over 4.07m from nearly 4.19m in March. According to Altera Real Estate, housing demand has dropped by 17%.

In The News:

New York Times – “Owners Stop Paying Mortgages, and Stop Fretting” (5-31-10)

“A growing number of the people whose homes are in foreclosure are refusing to slink away in shame. They are fashioning a sort of homemade mortgage modification, one that brings their payments all the way down to zero. They use the money they save to get back on their feet or just get by. This type of modification does not beg for a lender’s permission but is delivered as an ultimatum: Force me out if you can. Any moral qualms are overshadowed by a conviction that the banks created the crisis by snookering homeowners with loans that got them in over their heads.”

Contra Costa Times – “Ponzi scheme cases on rise in Bay Area” (5-29-10)

“Ponzi and similar financial frauds have grown by half nationwide over the past few years. The Peter-to-pay-Paul schemes, in which investor money is used to pay off other investors, turn up more often now largely because the economy sapped the capital needed to keep them afloat, said Bill Denny, who prosecuted Alameda County’s case against Moreland. Nationally, the number of FBI investigations has risen from 389 in 2007 to 651 last year, said agency spokesman Bill Carter. Agents assigned to such cases have risen from 55 to 85.”

Orange County Register – “Real estate giant: Housing’s hit bottom” (5-29-10)

“Values have improved. Investors are back in the market, and they’ve picked up some low-value properties. That may be good. It may be bad. But it means we have hit bottom.”

Sign on San Diego – “Economy strengthens behind building, manufacturing” (6-1-10)

“The economic recovery gained strength on the biggest rise in construction spending in nearly a decade and the 10th straight month of expansion for the manufacturing sector. Temporary government incentives fueled most of the construction spending increases in April. Industry spending rose 2.7 percent with gains in all major sectors, the Commerce Department said Tuesday.”

Los Angeles Times – “Bill would aid depositors at failed IndyMac Bank” (6-1-10)

“About 8,800 IndyMac depositors lost a total of nearly $266 million because Congress didn’t raise the FDIC insurance limit to $250,000 until later that year. A bill introduced Thursday by Reps. David Dreier (R-San Dimas) and Jane Harman (D-Venice) would retroactively extend the $250,000 ceiling to deposits at banks that failed beginning Jan. 1, 2008. The largest of those by far was IndyMac.”

Housing Wire – “More than 7m Distressed Loans Weigh on Early Signs of Housing Stabilization” (6-1-10)

“Early signs of stabilization in delinquent and foreclosure inventories were overshadowed by an elevated pool of more than 7m distressed loans by the end of April, according to the latest mortgage report by Lender Processing Services (LPS: 33.60 -0.71%). The year-over-year growths in delinquent and foreclosure volumes have leveled off in recent months, with the number of loans 90 or more days past due — including pre-sale foreclosure — declining by nearly 3% to just over 4.07m from nearly 4.19m in March, according to the report.”

Orange County Register – “Demand for O.C. homes tumbles 17%” (6-1-10)

“Only time will tell, but the Orange County housing market has gone over a speed bump and has slowed considerably. … Over the past month, housing demand has dropped by 17%. Demand, the number of new pending sales over the prior month, decreased by 676. After dropping 5% a couple of weeks ago, the dip in demand has gained a bit of momentum. This could be the result of the end of the tax credit, with first time home buyers rushing to purchase with the end of the tax credit on April 30th of last month.”

Orange County Register – “Bank price on some homes: ‘Unrealistic’” (6-1-10)

“Foreclosures have increased from 375 at the beinning of the year to 533 today, a 42% increase. Short sales have increased from 2,180 to 2,458, a 13% increase. There have been more foreclosures to hit the market thus far this year, but there are reports from the trenches that many banks have placed some of their foreclosed homes on the market at unrealistic levels and are not moving. Do not get me wrong, distressed sales are still on fire. It’s like going from scorching 105-degree temperatures to 95 degrees, still hot.”

Inman - “3 responses to seller objections” (6-1-10)

“currently there are 10 months of inventory on the market in your price range and location. This means that you have a 10 percent chance of selling this month. The probability that you will not sell is 90 percent.”

Looking Back:

One year ago, the U.S. Department of Housing and Urban Development (HUD) announced that first-time homebuyers using FHA-approved lenders could get an advance on the $8,000 tax credit created by the stimulus package. Orange County home sales increased by 14 percent from 2008 to 2009. TransUnion.com said the number of borrowers at least two months behind on their mortgage increased to 5.22 percent.

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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