The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Market Composite Index’

By Bruce Norris .

The Norris Group Real Estate News Roundup 3/28/12

Wednesday, March 28th, 2012

Today’s News Synopsis:

Conflicting reports have come out about the housing market with Standard and Poor’s reporting a 5-month decline in prices, while John Burns Real Estate Consulting actually reported an increase in home prices.  Foreclosures initiated by banks decreased 16% in the fourth quarter according to the Office of the Comptroller of the Currency.  A recent survey from the Mortgage Bankers Association showed a 2.7% decrease in mortgage applications from last week.

In The News:

DS News“Home Prices Have Been Rising for Three Months: Report” (3-27-12)

“Standard & Poor’s reported Tuesday that it’s closely watched Case-Shiller index declined in January for the fifth straight month, with both the 10-city and 20-city composite readings slipping 0.8 percent from December.  But according to John Burns Real Estate Consulting (JBREC), that’s stale news and doesn’t reflect what’s actually happening in the market right now. In fact, the independent research company says home prices are rising.”

Housing Wire“Foreclosure initiations declined in 4Q: OCC” (3-28-12)

“The number of foreclosures launched by banks and financial firms registered with the Office of the Comptroller of the Currency fell 16% in the fourth quarter to 292,173, the agency said Wednesday. Compared to levels from a year earlier the number is down 17.9%, the federal regulator said.”

DS News“Experts Expect to See Broad Improvements, Home Prices to Rise in 2013″ (3-28-12)

“The Urban Land Institute released its Real Estate Consensus Forecast Wednesday morning, and overall, the 38 real estate economists and analysts surveyed projected broad improvements for the economy.”

Bloomberg“Private Lenders Forgive Home Debt as U.S. Lenders Balk” (3-28-12)

Non-government holders of delinquent mortgages are offering more payment plans with debt forgiveness as Fannie Mae (FNMA) and Freddie Mac resist, according to the U.S. Office of the Comptroller of the Currency.”

Housing Wire“Freddie Mac economist sees housing emerging from winter dormancy” (3-28-12)

“A variety of encouraging indicators suggest the housing market is awakening, “much like the garden flora reemerging from their winter dormancy,” Frank Nothaft, Freddie Mac chief economist said Wednesday.”

Bloomberg“Subprime Bulls Trim Bets as Rally Raises 2011 Specter: Mortgages” (3-28-12)

“A rally in the mortgage securities that blew up in the crash of 2008 is leading firms to trim bets in the $1.1 trillion market for home-loan bonds without government backing after similar gains a year ago evaporated.”

Mortgage Bankers Association- “Refinance Applications Drop for Sixth Consecutive Week” (3-28-12)

“Mortgage applications decreased 2.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 23, 2012.  The Market Composite Index, a measure of mortgage loan application volume, decreased 2.7 percent on a seasonally adjusted basis from one week earlier.”

Los Angeles Times“Vegas home sales surge as cash buyers flood market” (3-28-12)

“Las Vegas-area home sales are on the mend as cash rules supreme.  The long-suffering Las Vegas housing market last month had its strongest sales for a February in six years, according to San Diego real estate research firm DataQuick.”

DS News“Little Change in Performance of Servicers, OCC Reports” (3-28-12)

“Overall, little change was reported in the performance of first-lien mortgages serviced by national and federal savings banks during the 2011 fourth quarter, but the percentage of initiated foreclosures did see a steep drop, according to the Office of Comptroller of the Currency (OCC) Mortgage Metrics report.”

Bloomberg“Redwood Sells Fifth Mortgage Bonds Since 2008 as Sales Thaw” (3-28-12)

“Redwood Trust Inc. (RWT) sold bonds tied to about $325 million of new home loans in the fifth offering of securities without government backing since the market froze in 2008, according to a person with knowledge of the transaction.”

Inman“Charting U.S. real estate desires of Canadian buyers” (3-28-12)

“Homebuyers from Ontario — Canada’s wealthiest and most populous province — were among the most active in 10 U.S. real estate markets identified as international hot spots in an Inman News report released this month.”

Realty Times“Mortgage Applications for FHA Loans Increase Ahead of Higher Fees” (3-28-12)

“It is not unusual for mortgage applications to increase during the spring season since more people begin to house hunt during that time. According to the U.S. Mortgage Market Index report from Mortech, Inc. and Mortgage Daily, activity for FHA loans increased 11 percent from the previous week.”

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 3 bedroom, 2 bathroom home appraised for $150,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at The Women’s Council of Realtors Victorville on Wednesday, April 11, 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.

Looking Back:

Pending home sales increased by 2.1%, according to the NAR. Interthinx claimed California’s fraud risk decreased in 2010. A cash for keys program was proposed to Congress members, but was been strongly ridiculed. California had the largest gain in construction jobs in the nation during February 2011.

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

The Norris Group Real Estate News Roundup 12/21/11

Wednesday, December 21st, 2011

Today’s News Synopsis:

The NAHB reported an increase in confidence for homebuilding for the third month in a row.  However, mortgage rates are down to a new low according to the latest survey released by the Mortgage Bankers Association.  The number of existing homes increased again last month by 4% according to NAR, and shadow inventory is continuing to remain steady.

In The News:

Mortgage Bankers AssociationMortgage Rates Drop to Another 2011 Low in Latest MBA Weekly Survey” (12-21-11)

“Mortgage applications decreased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 16, 2011.  The Market Composite Index, a measure of mortgage loan application volume, decreased 2.6 percent on a seasonally adjusted basis from one week earlier.

Realty Times - “Builder Confidence Rises in December” (12-21-11)

“Builder confidence rose in December according to the National Association of Home Builders. This is the third straight month of improved confidence.  The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) indicates this is the highest level the market has seen since May 2010.”

Housing WireShadow inventory remains unchanged at 1.6 million” (12-21-11)

“National home prices continue to be pressured by a stream of distressed properties that threaten to push prices even lower, a CoreLogic (CLGX: 12.53 -1.88%) report said Wednesday.

DS News - “Existing-Home Sales Rise in November” (12-21-11)

“Existing-home sales rose again last month, according to data released Wednesday by the National Association of Realtors (NAR).  That assessment, however, is coming off of lower sales numbers than previously thought, reflecting revisions to NAR’s data going back to 2007.”

Bloomberg - “KB Home Fourth-Quarter Profit Beats Analysts’ Estimates on Higher Revenue” (12-21-11)

“KB Home (KBH), the Los Angeles-based homebuilder that targets first-time buyers, reported a quarterly profit that beat analysts’ estimates as sales and orders rose.”

CNN Money - “Unemployment benefits extension: What’s at stake” (12-21-11)

“The long-term unemployed are running out of time.  In 11 days, a provision will expire that could cause millions of jobless Americans to lose a critical lifeline next year.  At issue is the extension of emergency federal unemployment benefits, which allow the jobless to collect benefits for up to 99 weeks. Also at stake are the extension of a payroll tax cut, and the “doc fix,” which would prevent a scheduled pay cut to Medicare physicians.”

San Francisco Chronicle - “Bernanke Money Policy Seen Successful as Savers Become Consumers” (12-21-11)

“Federal Reserve Chairman Ben S. Bernanke finally may be catching a break: His  easy-money policies are showing signs of speeding up the economic rebound three  years after he cut interest rates to zero.”

Housing Wire“Fannie nixes ‘ability to pay’ wall to HARP refinancing” (12-21-11)

“Lenders are no longer required to determine a borrower’s ability to repay a loan when underwriting mortgages for inclusion in Fannie Mae’s HARP 2.0 refinancing channel.”

The Wall Street Journal - “Demand for Rentals Drives Big Rise in Home Building” (12-21-11)

“Residential construction surged in November, sparking cautious hope that the U.S. housing market is gaining traction.  Housing starts hit a seasonally adjusted annual rate of 685,000 units, the highest level in 19 months, the Commerce Department said Tuesday.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $70,000 on a 3 bedroom, 1.5 bathroom home appraised for $117,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

Modifications to foreclosures on Freddie Mac and Fannie Mae mortgages increased more than twice as much in the third quarter of 2010, according to Housing Wire.  Shaun Donovan said he and Secretary of Energy Steven Chu were discussing plans of creating an energy scoring system for houses.  Standard and Poor’s reported levels of securities backed by mortgages were the slowest they had been since 2007, both for commercial and residential property.  NAHB stated that the driving force for the housing market were actually the smaller businesses.  CBIA announced that construction on new homes increased 21% in December 2010.

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

The Norris Group Real Estate News Roundup 12/14/11

Wednesday, December 14th, 2011

Today’s News Synopsis:

In a big news story, mortgage applications are up 4.1% according to the most recent MBA Weekly Survey.  Home sales in Southern California increased last month from October and from the same time a year ago according to Housing Wire.  In other news, mortgage fraud is the highest in California despite mortgage activity being down in the third quarter.

In The News:

Mortgage Bankers Association - “Refinance Applications Increase as Rates Drop to 2011 Lows in Latest MBA Weekly Survey” (12-14-11)

“Mortgage applications increased 4.1 percent from one week earlier, driven by a surge in refinance applications, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 9, 2011.”

Housing Wire - “California ranks No. 1 for mortgage fraud” (12-14-11)

“Mortgage fraud activity slowed overall in the third quarter, but California ranks first in home loan fraud, with the state seeing as much as $204.2 million in losses on deceptive mortgage activity.”

Los Angeles Times - “New signs of trouble for Goldman Sachs” (12-14-11)

“Goldman Sachs, the once-mighty king of Wall Street, appears to be losing employees, market share and the confidence of investors.  One of the most outspoken Wall Street analysts. Richard Bove, announced this week that he is cutting his outlook for Goldman’s fourth-quarter earnings by 66%, estimating that the bank will earn 79 cents a share.”

San Francisco Chronicle - “U.S. Stock-Index Futures Rise; S&P 500 May Snap Two-Day Decline” (12-14-11)

“U.S. stock-index futures rose, indicating the Standard & Poor’s 500 Index will snap a two-day decline, amid mounting optimism that the world’s largest economy will remain insulated from the euro-area debt crisis.”

Housing Wire - “Foreign homebuyers clicking on depressed US housing markets” (12-14-11)

“Foreigners looking to purchase homes in the U.S. are increasing their online search activity for bargains, as sliding home prices continue to attract investors from around the globe — especially Canada.”

Hard Money Loan Closed

Rancho Cucamonga, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 3 bedroom, 2 bathroom home appraised for $315,000.

In The News:

Bloomberg - “Morgan Stanley Real-Estate Fund Said Likely to Win New Deadline” (12-14-11)

“Morgan Stanley’s (MS) $4.7 billion real-estate fund, known as MSREF VII, will probably win approval to extend the deadline for finding new investments into 2013, aperson familiar with the discussions said.”

Housing Wire - “SoCal home sales rise on declining prices” (12-14-11)

“The number of homes sold in Southern California rose modestly last month from both October and a year earlier as investors and first-time buyers targeted homes priced below $400,000.”

Bloomberg - “San Francisco Bay Area Home Prices Fall as Distressed-Property Sales Gain” (12-14-11)

“San Francisco Bay Area home pricesfell 4.3 percent last month from a year earlier as distressed properties made up a greater share of sales, DataQuick said.”

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

Robo-signing took an effect on foreclosures in the Western states, which decreased almost 40%.  Oustanding debt on commercial/mulitfamily mortgages decreased 1.3% in the third quarter of 2010.  In the first half of 2010, suspicious activity reports for mortgage fraud increased 7% from one earlier.

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

The Norris Group Real Estate News Roundup 11/23/11

Wednesday, November 23rd, 2011

Sources:

LPS “First Look” Mortgage Report: October Month-End Data Shows an Increase in Foreclosures
Bureau of Economic Analysis National Income and Product Accounts
FDIC’s list of problem banks shrinks
Mortgage Servicers Make Progress to Fix Flawed Foreclosures
Freddie Mac Bulletin
Obama signs extension for higher FHA loan limits
Realtors hike dues to play politics
California attorney general’s office subpoenas Fannie, Freddie

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events.  In the world of mortgages, mortgage rates and applications are both down according to the most recent Primary Mortgage Market Survey.  Mores stores are preparing for Black Friday by opening even earlier than usual and lowering more prices.

In The News:

Housing WireMortgage rates edge down, ARMs reach new lows” (11-23-11)

“Mortgage rates declined this past week, with adjustable-rate mortgages hitting new lows, according to Freddie Mac’s latest Primary Mortgage Market Survey.

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-23-11)

“Mortgage applications decreased 1.2 percent from one week earlier (which included the Veterans Day holiday), according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 18, 2011.”

Bloomberg - “Friday Deals Show Stores Bowing to Buyers” (11-23-11)

“Every Black Friday, there’s a staring contest between retailers and shoppers over price. This year, the stores may have blinked first.  Chains such as Toys “R” Us Inc. and Gap Inc. (GPS) are opening earlier and offering more markdowns than ever on the day after Thanksgiving, said Mary Delk, a director at Deloitte Consulting.”

DS News - “Investors Increase Market Share, Especially in Distressed Sector” (11-23-11)

“Investors are making up an increasing share of home purchase transactions, especially in the distressed sector, according to a HousingPulse Tracking Survey released Tuesday by Campbell Surveys and Inside Mortgage Finance.”

CNN Money - “First-time unemployment filings edge higher” (11-23-11)

“The number of Americans filing for first-time unemployment benefits crept back up last week, after easing to a 7-month low in the previous week, but remained below a key threshold for gauging the job market.”

Housing Wire“S&P: 45 months to clear shadow inventory” (11-23-11)

“Changing default and liquidation rates in various regions prompted Standard & Poor’s Ratings Services to reduce its projection of how many months it will take to clear the nation’s shadow inventory.”

DS News - “Mortgage Insurer PMI Files Bankruptcy” (11-23-11)

“The PMI Group, Inc. says it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code.”

Housing Wire“Freddie Mac single-family delinquency rate edges up in October” (11-23-11)

“Government-sponsored enterprise Freddie Mac reported Wednesday that its single-family seriously delinquent rate edged up in October, hitting 3.54%, compared to 3.51% in September.”

Looking Back:

One year ago, the NAR reported that existing-home sales increased by 10.1 percent in October 2010. Statistics showed that California workers, who earned the national median income, could afford 59.1 percent of the new and existing homes during the 3rd quarter of 2009. Multifamily lenders provided $88 billion in new financing for apartment buildings with 5 or more units during 2008.

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 8/25/11

Thursday, August 25th, 2011

Today’s News Synopsis:

Mortgage rates went up a little today to 4.22% after being at their lowest in 50 years.  Government Sponsored Enterprises, specifically Fannie Mae and Freddie Mac, are expected to receive less money from the government, almost $35 billion less according to DS News.  The market is not looking good for both commercial real estate and homebuilders as both the sale of new homes are expected to be at their lowest since the 60′s and commercial real estate is being effected by a weak economy.

In The News:

Bloomberg -Mortgage Rates for 30-Year U.S. Loans Rise From Half-Century Low to 4.22%” (8-25-11)

“Mortgage rates in the U.S. rose for the first time in four weeks, pushing borrowing costs up from the lowest in more than half a century as a faltering economy holds back home purchases.

Housing Wire - “Freddie delinquencies tick up for first time in 10 months” (8-25-11)

“The Freddie Mac delinquency rate increased 1 basis point in July to 3.51%, the first increase since November.”

DS News - “Government to Spend Significantly Less on GSEs This Year” (8-25-11)

“In its August 2011 Budget and Economic Outlook update, the Congressional Budget Office (CBO) predicts the government will spend $35 billion less on Fannie Mae and Freddie Mac in 2011 than in 2010.”

Rismedia - “Mortgage Applications Decrease; Purchase Index Lowest in 15 Years” (8-25-11)

“Mortgage applications decreased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 19, 2011.”

O.C. Register - “Analyst: Homebuilders face growing challenges” (8-25-11)

“Recent statistics point to weakening marketing conditions for the homebuilding industry.  This week’s new home sales report by the US Census Bureau showed that new home sales ran at a seasonally adjusted rate of 298,000 in July — down 0.7% from June yet up 6.8% from a year ago. Still, the industry is on pace for slowest annual sales since 1963.”

Inman - “REO, preforclosure properties selling at a larger discount” (8-25-11)

“The share of bank-owned homes and homes in some stage  of foreclosure dropped 5 percent from the first quarter to the second  quarter, falling from 36 percent to 31 percent, but was up from 24 percent in second-quarter 2010, according to a report released today by foreclosure data  provider RealtyTrac.”

Housing Wire“Wells Fargo tops MBA’s commercial/multifamily servicer list” (8-25-11)

“Wells Fargo (WFC: 24.76 +1.35%) ranks first among master and primary servicers for its handling of $442.9 billion in commercial/multifamily loans tied to commercial mortgage-backed securities, collateralized debt obligations and other
asset-backed securities, the Mortgage Bankers Association said Thursday.”

Los Angeles Times - “Gov. Jerry Brown proposes job creation plan for California” (8-25-11)

“Gov. Jerry Brown wants to expand a hiring tax credit and provide tax relief to businesses that buy manufacturing equipment, while getting rid of a loophole that voters supported in elections in 2010.”

Realtor Magazine - “Foreclosures Sell for Up to 40% Less” (8-25-11)

“Foreclosures made up about one-third of all home sales during the spring quarter (April to June), and sales were about six times the percentage of foreclosures in a healthy housing market, RealtyTrac Inc. reports.”

Housing Wire“Commercial real estate outlook turns grim” (8-25-11)

“Just as the commercial real estate sector showed signs of recovery, analysts now forecast a renewed struggle as the economy slumps.”

Looking Back:

One year ago, the MBA’s weekly survey showed that mortgage loan application volume increased by 4.9%. The Commerce Department reported new homes sales decreased 12.4% in July 2010. According to Zillow, most Western states experienced a decrease in 20-year mortgage rates the prior week. California’s 30-year rate decreased to 4.30%.

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 8/24/11

Wednesday, August 24th, 2011

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications are at their lowest level in 15 years.  Members of Vintage East Condominium Association sued JPMorgan Chase & Co in order to take back a property they said JP Morgan was taking too long to foreclose on.  Rents are still on the rise as they continued to increase in July for the 11th straight month.

In The News:

DS News - Prices of Homes Backing GSE Mortgages Fell 0.6% in Second Quarter” (8-24-11)

“Home prices in the U.S. were 0.6 percent lower in the second quarter than in the first quarter of 2011, according to the Federal Housing Finance Agency (FHFA).”

Bloomberg - “Homeowner Associations in Need of Cash Sue to Force Foreclosures” (8-24-11)

“Members of the Vintage East Condominium Association in Miami Beach got tired of waiting for JPMorgan Chase & Co. (JPM) to foreclose on unit 9, so they sued the bank in February to take control of the property.”

Housing Wire - “Moody’s: CMBS delinquencies up to 9.24% in July” (8-24-11)

“The delinquency rate on home loans within commercial mortgage-backed securities rose 22 basis points to 9.24% in July, according to Moody’s Investors Service.  The rate stayed higher than 9% each month this year. For July 2010, the
delinquency rate was 7.89%.”

Mortgage Bankers Association - “Mortgage Applications Decrease with Purchase Index at Lowest Level Since 1996″ (8-24-11)

“Mortgage applications decreased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 19, 2011.”

O.C. Register - “SoCal rents up 11th straight month” (8-24-11)

“The landlord-vs.-renter battle over price stayed on the owners’ side last month as SoCal rents rose for the 11th consecutive month in July. That’s according to a measurement inside the latest regional Consumer Price Index.  According the the Bureau of Labor Statistics, rents in Southern California rose at an annual rate of 1.4% in July.”

Rismedia - “Housing Affordability Hovers Near Record Level as Some Markets Begin to Stabilize” (8-24-11)

“Nationwide housing affordability during the second quarter of 2011 hovered for the 10th consecutive quarter near its highest level in the more than 20 years it has been measured, according to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) data released recently.”

San Francisco Chronicle - “New-home sales fell for 3rd straight month in July” (8-24-11)

“Sales of new homes fell for the third straight month in July, a sign that  housing remains a drag on the economy. If the current pace continues, 2011 would  be the worst year for new-home sales in decades.”

CNN Money - “Foreclosure Settlement: Spat among the states” (8-24-11)

“A deal to help victims of improper foreclosures has been slow going, in large part because of infighting among state attorneys general over giving banks a free pass from future lawsuits.”

DS News - “Mortgage Contracting Services Appoints Assistant Vice President” (8-24-11)

“Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation, inspections, and REO property maintenance, announced Wednesday the addition of Anthony Calabrese as assistant vice president.”

San Francisco Chronicle - “U.S. Banks Facing Main Street Squeeze as Economy Saps Earnings” (8-24-11)

“Two U.S. Treasury secretaries and Federal Reserve Chairman Ben S. Bernanke  provided capital and cheap loans to banks during the last three years to help  fuel an economic revival. It hasn’t worked out.”

Looking Back:

Existing home sales experienced a dramatic decrease of 27.2 percent in July 2010, according to the NAR. Housing production decreased by 10 percent in June 2010.  CAR reported California home sales decreased 20.8 percent in July 2010. Statistics from the California Employment Development Department showed that 7,100 jobs were lost from July 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.

The Norris Group Real Estate News Roundup 8/3/11

Wednesday, August 3rd, 2011

Today’s News Synopsis

The Wall Street Journal reported that the number of homes for sale decreased significantly in several cities, but unfortunately inventory is at its lowest in five years.  According to the latest Mortgage Bankers Association survey, mortgage applications increased 7.1% from last week, although still not at levels they have been in the past.  Los Angeles Times reported layoffs are at the highest they have been in 16 months in the midst of a slow job market. 

In The News:

Housing Wire - “Ally Financial mortgage buyback claims surpass $1 billion” (8-3-11)

“Ally Financial (GJM: 23.38 +0.56%) reported more than $1 billion in outstanding claims for the bank to repurchase troubled mortgages from investors in the second quarter, up 28% from the previous period.”

Bloomberg - “BofA Seeks Separate Home Foreclosure Deal” (8-3-11)

“Bank of America Corp. (BAC) has held settlement negotiations with some states over home foreclosures separately from talks with a larger group of state and federal officials, two people familiar with the matter said.”

DS News - “Five Star Institute and Fannie Mae Partner for Short Sale Program” (8-3-11)

“The Five Star Institute, a mortgage industry group based in Dallas, Texas, announced a partnership with Fannie Mae to educate real estate agents on Fannie Mae’s Short Sale Assistance Desk (SSAD).”

The Wall Street Journal - “Home Listings Fall but Woes Persist” (8-3-11)

“The number of homes listed for sale declined sharply in a number of U.S. cities during the second quarter, offering glimmers of hope that some housing markets are starting to recover.  At the end of June, nearly 2.34 million homes were listed for sale on multiple-listing services in more than 900 metro areas, the lowest level for that time of year since at least 2007, according to Realtor.com. In some cases, inventory levels are at their lowest levels since the housing downturn began five years ago”

Mortgage Bankers Association - “Mortgage Applications Increase, But Still Low in Latest MBA Weekly Survey” (8-3-11)

“Mortgage applications increased 7.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 29, 2011.  ”

Los Angeles Times - “Job growth slows and layoffs rise to 16-month high, reports say” (8-3-11)

“Companies with fewer than 50 employees added 58,000 jobs nationwide last month, while businesses with 50 to 500 workers hired 47,000 people, according to the study. Only 9,000 new positions were at large firms with more than 500 staffers.”

Housing Wire - “Home prices edge up in June, but fail to meet 2010 levels”  (8-3-11)

“Home prices in the United States edged up a slight 0.7% between May and June, making it the third consecutive month-over-month jump in prices. However the value of homes in some core areas saw heavy declines.”

Los Angeles Times - “Senate delays hearing for consumer agency nominee Richard Cordray” (8-3-11)

“This week’s scheduled confirmation hearing for Richard Cordray, the nominee to head the Consumer Financial Protection Bureau, has been delayed until September as senators left early for their August recess.”

Realtor Magazine - “Real Estate OK in Debt Deal But Risks Remain” (8-3-11)

“The debt ceiling agreement signed into law on August 2 has no direct impact on real estate tax rules or spending provisions, but the industry isn’t out of the woods yet, because the deal includes authority that could make it easier for Congress to make tax law changes in the months ahead.”

CNN Money - “What about us? Responsible homeowners left out in the cold” (8-3-11)

“Consider it yet another cruel irony of the housing bust: While hundreds of thousands of mortgage borrowers have been able to squat in their homes without making a single mortgage payment in months or even years, many responsible homeowners who have good credit and consistently meet their monthly obligations haven’t been able to refinance in order to avoid losing their homes.”

Looking Back:

According to the NAR, pending home sales declined 2.6 percent in June 2010. Data from the Southern California Multiple Listing Service showed that 25 percent of homes sold in Orange County were sold for less than the owner in June 2010 owed on the mortgage. Zillow reported the average 30-year mortgage rate decreased to 4.28 percent from the previous week. 84 percent of buyers began searching for homes online.

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 1/12/11

Wednesday, January 12th, 2011

Today’s News Synopsis:

According to CoreLogic, in November the price of homes fell once again for the fourth month in a row.  Moody’s Investor Services reported a 79% increase in delinquncies for commercial mortgage-backed securities.  The Mortgage Banker’s Association also reported that applications for mortgage refinancing increased this week 2.2%.  Mortgage News Daily gave an update that the conventional 30-year fixed mortgage increased again to 4.875%.

In The News:

DS News - “LRES Deploys DepotPoint Technology to Manage REO Sales Demand” (1-12-11)

LRES Corporation, a provider of valuations and asset management for the mortgage, banking, and real estate industries, now uses TrackPoint REO technology to
facilitate real estate-owned transactions on behalf of its clients.”

Housing Wire - “CMBS delinquencies rose 79% in 2010: Moody’s” (1-12-11)

“The number of delinquencies within the conduit/fusion space of commercial mortgage-backed securities rose 79% in 2010, ending December at 8.79% up from 4.9% a year earlier,
according to Moody’s Investors Service.”

Inman - “Chase loss mitigator convicted of soliciting bribe” (1-12-11)

“A former Chase Bank loss mitigation specialist faces up to 95 years in prison after being convicted of alerting a borrower — who’d fallen behind on payments on seven properties –
of a possible criminal mortgage fraud investigation.”

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

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 7, 2011.  The Market Composite Index, a measure of mortgage loan application volume, increased 2.2 percent on a seasonally adjusted basis from one week earlier.”

Housing Wire – “Mortgage investors urge servicers to cap delinquent loans handled per employee” (1-12-11)

“The Association of Mortgage Investors released a white paper Wednesday on how to improve the servicing industry and recommended capping the amount of seriously delinquent loans each
employee handles at between 100 and 150.”

Inman“Prices down 4 months in a row” (1-12-11)

“U.S. home prices declined for a fourth consecutive month in November, falling 5.07 percent from a year ago, according to a home-price index compiled by mortgage data aggregator CoreLogic.”

RisMedia - “Rental Resurgence: Owner of Vacation Rentals Optiminstic About their Rental Business in 2011, According to New HomeAway Report” (1-12-11)

“As leisure travel continues to rebound, owners of vacation rentals are expressing optimism about their bookings in 2011. In fact, HomeAway, Inc.—one of the world’s leading online vacation rental marketplaces—finds in its latest “HomeAway Vacation Rental Marketplace Report” that eight of 10 vacation rental owners anticipate their rental business this year will be stronger or about the same as it was in 2010.”

Mortgage News Daily - “Mortgage Rates: 4.875% is Best Execution. 4.75% Buydown is Expensive” (1-12-11)

“Yesterday we informed you that the best execution conventional 30 year fixed mortgage rate had fallen to 4.75%. Well it moved back up to 4.875% today.”

CNN Money - “Economy grows at moderate pace” (1-12-11)

“Economic growth continued to expand moderately over the past few weeks, the Federal Reserve said Wednesday.”

Bloomberg - “Fannie Regulator Asked by Lawmakers to Justify Bofa,  Ally Deals” (1-12-11)

“Fannie Mae’s regulator should provide information on whether $3.3 billion in settlements with Bank of America Corp. and Ally Financial Inc. over faulty mortgages were fair deals for taxpayers, U.S. lawmakers said.”

Looking Back:

The Federal Reserve made $46.1 billion in 2009. The MBA predicted that mortgage originations would decline by 39 percent in 2010. According to Integrated Asset Services, national home prices fell by 0.3 percent in November of 2009. FHA reported that foreclosure starts on mortgages from Fannie Mae and Freddie Mac decreased by 15 percent from the second quarter to the third 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.