The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Massachusetts’

By Bruce Norris .

The Norris Group Real Estate News Roundup 6/5/13

Wednesday, June 5th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased 11.5% from last week.  135,000 new jobs were added to the private sector last month according to a recent report by ADP.  Fannie Mae announced today their plan for making the short sale process move faster and more effectively.

In The News:

Mortgage Bankers Association - “Mortgage Applications Decrease as Rates Jump in Latest MBA Weekly Survey” (6-5-13)

“Mortgage applications decreased 11.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 31, 2013.”

DS News“Fannie Mae Announces New Effort to Streamline Short Sale Process” (6-5-13)

“In an effort to speed up the short sale process, Fannie Mae is increasing early communication with real estate agents by asking listing agents to register accepted short sale offers with the GSE.”

Realty Times - “Home Prices Hit Five Year High While Mortgage Rates Continue to be Volatile” (6-5-13)

“Home prices have hit a five year high while mortgage rates continue to be volatile at a time of year when home buying normally increases. According to the S&P/Case-Shiller index of property values, home prices increased 10.9% for the 12 month period March 2012 through March 2013.”

CNN Money - “ADP: Private sector job growth still weak” (6-5-13)

“Private sector employers added 135,000 jobs in May, according to a report by payroll-processing firm ADP.”

Bloomberg - “Fannie Shares Seen as Worthless Surging in Disconnect” (6-5-13)

“Fannie Mae and Freddie Mac shares surged to five-year highs last week, giving them a combined market value of $48 billion, about the same as BlackRock Inc., the world’s largest money manager, and Starbucks Corp., the biggest coffee-shop operator.”

Housing Wire - “Massachusetts foreclosures decline 79% as local laws stall the process” (6-5-13)

“Massachusetts foreclosure petitions fell a dramatic 79% annually in April as more banks found alternative solutions to default or simply slowed down the process to comply with new state rules.”

Realty Trac“FHA Could Lose $115 Billion” (6-5-13)

“A previously undisclosed stress test has revealed the Federal Housing Administration’s projected losses on defaulted loans could reach as high as $115 billion over 30 years, according to the Wall Street Journal.”

DS News“Survey: Views on Homeownership from Largest Ethnic Groups” (6-5-13)

“When it comes to homeownership, the three largest ethnic groups in the nation share similar visions and attitudes, according to a survey from Better Homes and Gardens Real Estate.”

Hard Money Loan Closed

Santa Monica, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $480,000 on a 2 bedroom, 3 bathroom home appraised for $745,000.

 

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.

Bruce Norris of The Norris Group will be speaking at the NSDREI 9th Anniversary Dinner Party in Oceanside on Tuesday, June 18, 2013.

Looking Back:

CoreLogic reported home prices increased 1.1% percent in April 2012 and were expected to show an increase in the month of May.  Clear Capital also reported in their May 2012 Home Data Index that home prices increased both yearly and quarterly at 0.4% quarterly and 0.1% yearly. CMBS delinquncy rates increased slightly to 0.23% in the first quarter, although for CRE mortgages the delinquency rates decreased to 0.37%.

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 1/28/13

Monday, January 28th, 2013


Today’s News Synopsis:

Pending home sales decreased 4.3% month-over-month in December.  At the same time home prices increased 0.5% month-over-month in November.  The Joint Powers of Authority rejected San Bernardino’s motion to use eminent domain as a way to deal with negative equity.

In The News:

Inman“Tight inventories weigh on prospects for 2013 growth” (1-28-13)

“Tight listing inventories are likely to constrain growth in 2013 home sales, the National Association of Realtors said in releasing a report showing that pending sales dropped 4.3 percent from November to December.”

DS News- “San Bernardino County Rejects Eminent Domain Proposal” (1-28-13)

“After much debate and consideration, an idea that had been brewing in San Bernardino County to address negative equity through the use of eminent domain was rejected Thursday by the Joint Powers Authority (JPA).”

Housing Wire- “U.S. home prices crawl upward” (1-28-13)

“U.S. home prices continued to inch their way up, showing a 0.5% increase from October to November, according to the latest Lender Processing Services home price index.”

Bloomberg- “Las Vegas Area Leads U.S. in Home-Construction Gains” (1-28-13)

“Las Vegas, one of the hardest-hit cities in the U.S. real estate crash, had the biggest jump in housing starts in the fourth quarter, almost doubling from a year earlier.”

Inman- “Clear Capital offers Freddie Mac valuation tools” (1-28-13)

“Two property valuation tools from mortgage giant Freddie Mac are now available to lenders and third-party resellers such as appraisal management companies, data providers and due diligence firms through real estate data and valuation firm Clear Capital.”

DS News“Massachusetts Completed Foreclosures Shrink in 2012, Starts Increase” (1-28-13)

“From 2011 to 2012, the number of completed foreclosures fell in Massachusetts, while foreclosure starts experienced a significant increase, according to a report from the Warren Group.”

Bloomberg- “Fannie Adds Bailout For Underwater Walkaways: Mortgages” (1-28-13)

“Fannie Mae (FNMA) and Freddie Mac will let some borrowers who kept up payments as their homes lost value erase their debts by giving up the properties, helping Americans escape underwater loans while adding to losses at the mortgage giants bailed out with $190 billion of taxpayer money.”

Housing Wire- “ASF 2013: Fannie Mae and Freddie Mac are here to stay” (1-28-13)

“Although the housing market has posted a shift in positive momentum, many factors within housing finance will likely remain for quite some time, and reform is not expected any time soon.”

Hard Money Loan Closed

Norwalk, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $185,000 on a 3 bedroom, 1 bathroom home appraised for $307,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 2012.

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

 

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

The Norris Group Real Estate News Roundup 8/29/12

Wednesday, August 29th, 2012

Today’s News Synopsis:

The National Association of Realtors reported pending home sales increased again in July for the 15th month in a row.  The Mortgage Bankers Association reported a 4.3% decrease in mortgage applications last week.  In another big story, over $10 billion has been provided by the largest mortgage servicers to troubled borrowers as part of a recent settlement.


In The News:

Housing Wire“Pending home sales rise for 15th straight month” (8-29-12)

“Pending home sales rose in July to the highest level since April 2010 when the homebuyer tax credit was about to close, according to the National Association of Realtors.”

Bloomberg“U.S. Lenders Provided More Than $10 Billion in Mortgage Aid” (8-29-12)

The five largest U.S. mortgage servicers say they have provided about $10.6 billion in relief to troubled borrowers under the terms of a $25 billion legal settlement over abusive foreclosure practices, according to a report released today by a court-appointed monitor.”

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (8-29-12)

“Mortgage applications decreased 4.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 24, 2012.”

DS News“Report: Homeownership at Lowest Rate in Nearly 50 Years” (8-29-12)

“Whether by choice or circumstance, it seems fewer and fewer people are sharing in the American dream.”

Inman- “Re/Max sells Chinese franchise rights” (8-29-12)

“Real estate franchisor Re/Max has sold franchise rights for China, including the mainland, Hong Kong and Macau, to an unnamed ownership group based in Hong Kong.”

DS News“Q2 GDP Growth Pegged at 1.7%, Bank Profits Drop” (8-29-12)

The U.S. economy grew in the second quarter at 1.7 percent, slightly faster than the originally estimated 1.5 percent, the Bureau of Economic Analysis reported Wednesday.”

Realty Trac“Sacramento Area Officials Look at Eminent Domain to Aid Homeowners” (8-29-12)

“Government officials in Sacramento and Elk Grove are giving a good look at the possible use of eminent  domain as a way of helping out struggling homeowners who are still making their mortgage payments despite being underwater on their loans.”

DS News“July Home Sales Up in Massachusetts As Prices Stay Flat “ (8-29-12)

“Sales of single-family homes in the Bay State continued their steady rise in July, The Warren Group reported Tuesday.”

Inman“Survey: Buyers think market is shifting against them” (8-29-12)

“A survey of 982 prospective buyers in 19 markets by tech-based brokerage Redfin shows an increasing conviction that home prices are on the rise, and a growing reluctance to get into multiple-offer situations.”

Hard Money Loan Closed

Palmdale, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $77,000 on a 5 bedroom, 3 bathroom home appraised for $123,000.

 

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum tomorrow, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Real Estate Investors Association on Tuesday, September 11, 2012.

Looking Back:

Despite pending sales of homes decreasing in July 2011, a report by the National Association of Realtors showed they actually increased significantly from the prior year.  New home sales, however, continued to decline for the third month in a row, leading some to fear it would be the worst year for home sales.  Property insurance companies were also facing their worst year with the recent hurricane Irene and the increase in natural disasters in the United States that year.

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 2/21/12

Tuesday, February 21st, 2012

Today’s News Synopsis:

The Lender Processing Services said delinquency rates fell last month, but at the same time the economy saw an increase in foreclosures.  Real Estate Brokerage firm Grubb & Ellis Co. filed for Chapter 11 bankruptcy and will sell their assets to Newmark Knight Frank’s parent company BGC Partners Inc.  In other news, Fannie Mae and Freddie Mac regulators want to create a new mortgage-backed securities market while giving Fannie and Freddie fewer privileges.

In The News:

DS News“Bank and Non-Profit Unite to Provide Homes to Service Members” (2-21-12)

“Operation Homefront, a non-profit which assists families of service members, partnered with Chase to place at least 100 Wounded Warriors, military, and veteran families into permanent residences this year through the Homes on the Homefront programn.

Los Angeles Times“Grubb & Ellis Co. assets sold in Chapter 11 bankruptcy” (2-21-12)

“Venerable commercial real estate brokerage Grubb & Ellis Co. will sell its assets to the parent company of rival Newmark Knight Frank as part of a prepackaged bankruptcy, the firms said Tuesday.”

Housing Wire“Delinquency rate falls in January but foreclosure starts rise: LPS” (2-21-12)

“The delinquency rate on U.S. mortgages monitored by Lender Processing Services ($22.72 0%) fell in January but foreclosure starts rose.”

Realty Times“CFPB Proposes New Form For Mortgage Statements” (2-21-12)

“CFPB will affect real estate financing in matters ranging from disclosures to underwriting to appraisal practices. And that’s just the real estate part. CFPB will also have its hand in the business of credit card companies, credit reporting agencies, automobile financing, payday lenders, and many others.”

DS News“Apraisal Service Delivers 1 Million Reports” (2-21-12)

“a la mode announced February 16 that its DataCourier service reached a milestone of one million appraisal reports delivered since September 1, 2011, the time new Uniform Appraisal Dataset (UAD) requirements went into effect.”

Housing Wire“FHFA submits plan to build new secondary mortgage market” (2-21-12)

“Federal Housing Finance Agency Acting Director Edward DeMarco sent a plan to Congress on how to fix the nation’s mortgage finance market. His solution is to build a completely new infrastructure for the secondary market while contracting activities at the government-sponsored enterprises, Fannie Mae and Freddie Mac.”

Bloomberg“Seizures Threatened in Massachusetts With Naked Loans Challenge: Mortgages” (2-21-12)

“The highest court in Massachusetts is poised to rule as soon as this month on a foreclosure case that could lead to a surge in claims from home owners seeking to overturn seizures.”

Los Angeles Times“Housing regulator wants Congress to shrink Fannie Mae, Freddie Mac” (2-21-12)

“The regulator for Fannie Mae and Freddie Mac wants to gradually shrink the seized housing finance giants and create a new market for mortgage-backed securities to help the private sector to replace them.”

DS News“Ohio Spends $75M to Demolish Neighborhood Blight” (2-21-12)

“Ohio Attorney General Mike DeWine will use a portion of Ohio’s $335 million reward from the recent national settlement with the nation’s largest servicers for property demolition.

Housing Wire“Fitch downgrades CMBS, including bond holding Credit Suisse US HQ” (2-21-12)

“The lagging performance of certain commercial and multifamily properties, including one containing the Credit Suisse ($27.67 0.77%) headquarters in Manhattan, prompted Fitch Ratings to downgrade nine classes of mortgage-backed securities.”

Hard Money Loan Closed

Compton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 4 bedroom, 2 bathroom home appraised for $238,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Riverside Escrow Association today, February 21, 2012.

The Norris Group posted a news event.  Bruce Norris of The Norris Group will be at the Real Estate Rewind at FIBI Long Beach on February 23, 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 2/7/12

Tuesday, February 7th, 2012

Today’s News Synopsis:

According to DS News, the number of homeowners receiving loan modifications from HAMP is about to reach 1 million.  In other news, more than 40 states have joined in on a settlement to help homeowners in foreclosure.  Banks are beginning to help out with people in foreclosure by now offering them money to sell their properties at a lower price than what is owed.

In The News:

DS News“HAMP Mods Approach 1M Mark” (2-6-12)

“More than 930,000 homeowners have received a permanent modification through the government’s Home Affordable Modification Program (HAMP), saving an estimated $10.5 billion in monthly mortgage payments, according to Treasury.”

Housing Wire“Mortgage mods in 2011 down 40% from prior year” (2-7-12)

“More than 1 million American homeowners received permanent loan modifications from mortgage servicers in 2011, down 40% from 2010, Hope Now said Tuesday.”

San Francisco Chronicle“Banks Paying Homeowners a Bonus to Avoid Foreclosures: Mortgages” (2-7-12)

“Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe.”

CNN Money“Foreclosure deal has 40 states, but others balk” (2-7-12)

“More than 40 states have signed on to a draft settlement with the nation’s largest banks aimed at helping homeowners struggling with loans bigger than the value of their homes.”

Housing Wire“Nonbank mortgage lenders required to file fraud reports” (2-7-12)

“Nonbank mortgage lenders will be required to establish anti-money laundering programs and file suspicious activity reports beginning later this year, according to rules finalized by the Financial Crimes Enforcement Network.”

Bloomberg“States with Highest Foreclosure Rates Among Bank Deal Holdouts” (2-7-12)

California, New York, Nevada, Florida and Massachusetts are among the handful of states that haven’t signed a deal with banks over foreclosure abuses, according to state officials and two people familiar with the talks.”

Housing Wire“Mass. House Democrats push FHFA on mortgage mods” (2-7-12)

“Three Massachusetts congressmen are asking the Federal Housing Finance Agency to reconsider options in loan modifications, saying the regulator hasn’t done enough to help homeowners.”

NAHB“Builder Confidence for the 55+ Housing Market Ends Fourth Quarter on an Upswing” (2-7-12)

“Builder confidence in the 55+ housing market for single-family homes rose four points to 18 compared to the same period a year ago, according to the latest National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released today.”

CNN Money“Government expects lending fund to turn taxpayers a profit” (2-7-12)

“An Obama administration lending program set up to funnel cash to small banks was expected to cost taxpayers $1.3 billion. Instead, it will turn a profit of $80 million.”

Housing Wire“Prepayments on Fannie and Freddie MBS decline” (2-7-12)

“Prepayments on Fannie Mae and Freddie Mac mortgage-backed securities slowed in December and January, suggesting HARP 2.0 has yet to stimulate mass-refinancing activity, analysts said Tuesday.”

Hard Money Loan Closed

San Diego, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 2 bedroom, 2 bathroom home appraised for $160,000.

California Real Estate Investor Events:

The Norris Group posted a new event.  The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The MBA reported $110 billion in commercial and multifamily mortgages were originated in 2010. 36,500 mortgages were modified through government and proprietary programs in December 2010, according to Fitch Ratings. Altos Research announced plans to release a new, forward valuation model for real estate. S&P claimed 80% of the loan modifications that took place over the previous 3 years defaulted again within 2 years.

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 2/1/12

Wednesday, February 1st, 2012

Today’s News Synopsis:

170,000 jobs were added to the private sector, although job growth overall was slower for the month of January as companies were hiring fewer people.  In updated news from yesterday, the home ownership rate has decreased for 7 years straight and is now at levels that have not been seen in almost 14 years.  Both mortgage rates and applications continue to stay low.

In The News:

DS News“Robo-Signing Settlement Update: Friday is Cutoff for States to Join” (1-31-12)

“State attorneys general have until Friday to sign on to the settlement draft proposed last Monday that would resolve claims against the nation’s top five mortgage servicers surrounding documentation errors in foreclosure processing, according to the Wall Street Journal’s Ruth Simon.”

Housing Wire“Homeownership rate falls to 14-year low” (1-31-12)

“The nation’s home ownership rate fell for the seventh year in a row, nearly touching levels unseen in 14 years.  U.S. home ownership in the fourth quarter of 2011 dropped 0.5% from the year-ago period to 66%, according to a U.S. Census Bureau report released Tuesday. The rate hasn’t dropped that low since 1997 when it was 65.7%. Since then, it steadily rose until 2005, reaching 69%.”

CNN Money“Job growth slows in January” (2-1-12)

“Companies slowed their hiring in January, according to a report by payroll processor ADP.  The private sector added 170,000 jobs in the month, ADP said Wednesday, missing forecasts of 200,000 jobs that economists polled by Briefing.com had predicted.”

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-1-12)

Mortgage applications decreased 2.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 27, 2012.”

Housing Wire“Housing construction spending hit 16-year low” (2-1-12)

“Residential construction rose on a seasonally adjusted basis in December from the year-ago period, despite yearly totals at their lowest level since 1995.”

Realty Times“Mortgage Rates Remain Low While Mixed Reports Flourish” (2-1-12)

“After several positive housing reports released this month, the National Association of Realtor’s Pending Home Sales Index decreased 3.5% in December.  For another week, while mixed reports flourish, mortgage rates have remained low and stable according to Freerateupdate.com’s weekly survey of wholesale and direct lenders.”

Los Angeles Times“White House details mortgage refinancing plan for homeowners” (2-1-12)

“The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.”

Housing Wire“FHFA will pre-qualify investors for bulk REO program” (2-1-12)

“Investors who want to acquire and rent out real-estate owned properties from the Federal Housing Finance Agency can begin pre-qualifying for participation in the bulk REO rental program.”

DS News“Mortgage and Foreclosure Complaints Quadruple in Massachusetts” (2-1-12)

“Massachusetts Attorney General Martha Coakley has seen mortgage and foreclosure-related complaints quadruple in her state over the past two years. In fact, the category now overshadows all other types of consumer complaints.”

Realtor Magazine“Where List Prices Have Fallen the Most in a Year” (2-1-12)

“While nationally, the median list price has been on the rise the last year, increasing 5 percent year-over-year to $188,000, according to December 2011 housing data published by Realtor.com.  But home prices the past year haven’t been rising everywhere. For example, Detroit continues to face a plague of foreclosures that are bringing home values down in the area. The metro area had the biggest drop in median list prices the past year.”

Hard Money Loan Closed

Wilmington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $150,000 on a 2 bedroom, 1 bathroom home appraised for $242,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The Commerce Department said construction spending fell 2.5% from July 2011. Fiserv forecasted a 5.5% decline in home prices for 2011. According to the Treasury Department, the re-default rate for the Making Home Affordable Program averaged 20.4% after 1 year. Marcus & Millichap expected Orange County rents to rise 4.5% in 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.