The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘MarketWatch’

By Bruce Norris .

The Norris Group Real Estate News Roundup 4/17/12

Tuesday, April 17th, 2012

Today’s News Synopsis:

Housing starts showed disappointing numbers last month with a 5.8% drop from February.  The Lender Processing Services reported more short sales than foreclosures with banks agreeing to sell houses below the mortgage amount.  Housing permits increased 4.5% last month, bringing them to their highest level in four years.

In The News:

Bloomberg“Short Sales Surpass Foreclosures as Banks Agree to Deals” (4-17-12)

“he number of U.S. home short sales surpassed foreclosure deals for the first time as banks became more agreeable to selling houses for less than the amount owed on their mortgages, according to Lender Processing Services Inc. (LPS).”

Housing Wire“Housing starts fall 5.8%, disappointing analyst estimates” (4-17-12)

“Starts on new homes fell 5.8% in March to 654,000 units, compared to 694,000 in February, the government said Tuesday.  Analysts surveyed by MarketWatch anticipated stronger home construction levels of 703,000 starts for March, but activity levels remained well below that point.”

Inman“Top 10 metros with greatest drop in for-sale inventory” (4-17-12)

“U.S. housing market trends tracked by Realtor.com show a trifecta of promise: a shrinking number of homes on the market, fresher inventory, and an increase in median list price.”

DS News“Housing Permits Hit New Four Year High; Starts Sputter” (4-17-12)

“Housing permits surged another 4.5 percent in March to a seasonally adjusted annual rate of 747,000, the highest level since September 2008, the Census Bureau and Department of Housing and Urban Development reported jointly Tuesday.”

San Francisco Chronicle“Calif. drops property tax deduction campaign” (4-17-12)

“On the eve of tax-filing deadline, the Franchise Tax Board abandoned its campaign to get California property owners not to deduct a portion of their real estatetaxes.”

Housing Wire“U.S. Bancorp sees 28% profit jump as mortgage unit numbers improve” (4-17-12)

“U.S. Bancorp  ($31.16 0%) saw its profit rise 28% in the first quarter of 2012 as the bank reported new commercial real estate lending and $25.1 billion in mortgage and other retail loan originations.

DS News“Moody’s Ranks Subprime Servicers Based on Cash Flow” (4-17-12)

“Based on a metric devised by Moody’s, GMAC, SLS, and American Home performed better compared to other subprime servicers in terms of cash collected relative to losses on delinquent loans.”

Bloomberg“Morgan Stanley Signs Lease to Expand at 1 New York Plaza Tower” (4-17-12)

“Morgan Stanley, the sixth-largest U.S. bank by assets, signed a lease for almost 1.2 million square feet (111,480 square meters) of space at Brookfield Office Properties Inc. (BPO)’s 1 New York Plaza in lower Manhattan.”

Housing Wire“Goldman Sachs 1Q net income falls 23%, still beats estimates” (4-17-12)

“Goldman Sachs ($117.93 0.2%) reported a first-quarter profit of $2.11 billion, or $3.92 a share, a 23% drop from a year earlier when the firm earned $2.74 billion, but still beating analysts’ estimates.”

Hard Money Loan Closed

Taft, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $54,000 on a 5 bedroom, 2 bathroom home appraised for $88,000.

California Real Estate Investor Events:

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

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at Dublin on Wednesday, May 02, 2012.

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

The Norris Group Real Estate News Roundup 1/28/11

Friday, January 28th, 2011

Resources:

JPMorgan: Annual homes sales must average 5.5 million to absorb liquidations

It’s Official: 2010 is Second-lowest Year on Record for Homebuilding in California 

Ten indicted in California mortgage fraud scheme 

New-home sales increase in December 

Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage rates inch higher, Freddie Mac says

GOP introduces bill to eliminate HAMP

Today’s News Synopsis:

The Commerce Department said GDP growth increased 3.2% in the 4th quarter of 2010. Freddie Mac reports 30-year mortgage  rates averaged 4.8% this week. A representative of the Federal Reserve Bank of New York expects the foreclosure process to continue to weaken the economy for the rest of the year.

In The News:

NAHB - “Remodelers Expect Market Gains During 2011″ (1-28-11)

“The latest National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) edged up to 41.5 in the fourth quarter of 2010, compared to 40.8 in the third quarter. An RMI below 50 indicates that more remodelers say market activity is lower compared to the prior quarter than report it is higher. The RMI has been running below 50 since the final quarter of 2005.”

Housing Wire“NY Fed official sees foreclosure procees weighing down home prices, construction” (1-28-11)

“While many economists are forecasting continued recovery in 2011, one official at the Federal Reserve Bank of New York expects the foreclosure process to remain a drag on the overall economy.”

Housing Wire“GDP growth accelerates in 4Q” (1-28-11)

“The Commerce Department said GDP growth rose an inflation-adjusted 3.2% in the final three months of 2010, up from 2.6% growth for the third quarter. Analysts surveyed by Econoday projected fourth-quarter GDP growth of 3.5% with a range of estimates between 2.9% and 5.4%. Economists polled by MarketWatch were also expecting GDP growth of 3.5% for the quarter.”

Housing Wire - “Trepp sees correlation in CMBS payoffs, what’s owed investors” (1-28-11)

“Trepp broke down the eventual fate of the $30.2 billion in CMBS loans that were due to pay off in 2010. It found ‘a tight correlation between a loan’s debt yield and the likelihood that a loan would pay off.’ Analysts found that 28% of the loans with yields of 8% or less managed to pay off. That increased to 43% of loans with debt yields between 8% and 10%, and ballooned to 75% of loans with debt yield higher than 14%.”

Bloomberg - “Mozilo Predicted U.S. Housing Collapse as Fed Overlooked Risk” (1-28-11)

“Former Countrywide Financial Corp. Chief Executive Officer Angelo Mozilo warned as early as 2004 of a possible housing-market collapse while the Federal Reserve overlooked the threat a year later, according to documents released by the Financial Crisis Inquiry Commission.”

Realty Times“Bond Yields Rise and So Do Mortgage Rates” (1-28-11)

“30-year fixed-rate mortgage (FRM) averaged 4.80 percent with an average 0.7 point for the week ending January 27, 2011, up from last week when it averaged 4.74 percent. Last year at this time, the 30-year FRM averaged 4.98 percent.”

Realty Times - “Property Rights of Unmarried Couples” (1-28-11)

“When a married couple gets divorced, the distribution of their marital property is governed by Domestic Relations law. But, what happens if unmarried property owners call it quits?”

Looking Back:

One year ago, the 30-year fixed-rate mortgage fell by 0.01 percent from the previous week. Research from RealtyTrac showed that California and Florida accounted for 17 of the nation’s 20 worst housing markets. The Federal Reserve declared that the U.S. economywas in recovery.

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.