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By Bruce Norris .

The Norris Group Real Estate News Roundup 1/18/11

Tuesday, January 18th, 2011

Today’s News Synopsis:

19,528 new and resale houses and condos sold in Southern California last month, according to MDA DataQuick. LPS reports the average foreclosure in California and Nevada has been delinquent 461 days. December’s default rates for first and second mortgages were 2.93% and 1.74%.

In The News:

Dr Housing Bubble – “Financially dreaming in California” (1-16-11)

“Over half of Californians with a mortgage spend more than 30 percent of their income on housing costs. By prudent standards this is spending too much on housing. Of course housing pundits would like you to believe that this is somehow okay and justified but the massive amount of people unable to pay their mortgages in the state tells you that many are unable to support their current home”

Los Angeles Times – “Lawyer advises foreclosed clients to break back into their homes” (1-14-11)

“The 58-year-old attorney admits to breaking into homes at least half a dozen times, including one before with the Earls, leaving the clients to squat in their homes while he defends their legal right to possession. His unconventional methods have gotten him fined by a judge in San Diego, arrested in Newport Beach and threatened with contempt — and jail — in Ventura.”

Brisbane Times – “Fed eyed US housing bubble in 2005, didn’t prick” (1-15-11)

“US Federal Reserve staff and policy makers identified a housing bubble in 2005, and failed to alter a predictable path of interest-rate increases to slow down the expansion of mortgage credit, transcripts from Open Market Committee meetings that year show. Led by then-Chairman Alan Greenspan, the FOMC raised the benchmark lending rate in quarter-point increments to 4.25 per cent from 2.25 per cent at the end of December 2004.”

Market Watch – “Housing: U.S. economy’s Achilles’ heel” (1-15-11)

“CIBC World Markets chief economist Avery Shenfeld was even more pessimistic, saying he believes the weak housing sector will be a drag on consumer spending in the second half of the year. Shenfeld said he is forecasting economic growth to average 2.6% in 2011, as consumers will be forced to be cautious as home prices are declining.”

MBA DataQuick – “Southern California Home Sales End 2010 Up from November, Down from ‘09″ (1-18-11)

“Last month 19,528 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. That was up 20.5 percent from 16,208 in November, but down 12.5 percent from 22,328 in December 2009, according to DataQuick Information Systems of San Diego.”

San Francisco – “Homebuilder sentiment index unchanged in January” (1-18-11)

“The National Association of Home Builders said Tuesday that its monthly reading of builders’ sentiment was unchanged in January at 16, where it’s been since November. While it remains the highest reading since June, any reading below 50 indicates negative sentiment about the market. The index hasn’t been above that level since April 2006.”

Yahoo – “What delays a mortgage foreclosure” (1-18-11)

“according to LPS Applied Analytics, in Jacksonville, Fla. Loans in foreclosure in Florida, New Jersey, Hawaii and Maine have been delinquent more than 500 days, on average, while home loans in California and Nevada have been delinquent 461 and 427 days, respectively. In the two speediest states, Nebraska and Wyoming, loans in the foreclosure process are delinquent by an average of 358 days.”

Housing Wire – “Focused on Dodd-Frank, SIFMA sees GSE reform down the road” (1-18-11)

“Substantial reform of Fannie Mae and Freddie Mac remains one or two years away according to a conference call hosted by the Securities Industry and Financial Markets Association. The reason for this is mainly logistics. Reform of the government-sponsored enterprises will need to wait while the rest of the financial services industry begins to put forth its interpretation of the otherwise wide-reaching Dodd-Frank Act.”

Housing Wire – “Mortgage defaults decline in December” (1-18-11)

“For mortgages, the data shows a turnaround in month-on-month behavior. December’s monthly default rates for first and second mortgages stand at 2.93% and 1.74% respectively. In November mortgage defaults were on the rise, with default rates for first and second mortgages at 3.05% and 1.80% respectively.”

Housing Wire – “Fannie Mae, Freddie Mac to consider new fee structure for mortgage servicers” (1-18-11)

“Servicers are currently paid a minimum servicing fee that is part of the mortgage rate, which the FHFA said, is not ‘optimal’ for the best work on nonperforming mortgages for either the borrower or the government-sponsored enterprises. The FHFA said the new structure will improve servicing for borrowers, reduce the financial risk of the servicers and give the GSEs more flexibility when managing the loans.”

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 12/17/10

Friday, December 17th, 2010

Resources:
California June Home Sales
Bay Area November Home Sales, Median Price Down from a Year Ago
CoreLogic HPI: Prices Decline for Third Straight Month
Housing Starts Rise 3.9 Percent in November
Lennar closes $300M distress fund
Geithner: National foreclosure moratorium would hurt house prices
STRATEGIC DEFAULT ON FIRST AND SECOND LIEN MORTGAGES DURING THE FINANCIAL CRISIS
Bill aims to end GSE affiliation with MERS
H.R.6460 — Transparency and Security in Mortgage Registration Act of 2010

Today’s News Synopsis:

31,403 new and resale homes and condos were sold statewide in November, according to MDA DataQuick. LPS reports the delinquency rate for loans that are 30+ days past due is 9.02%. Ben Bernanke believes we still have 4 to 5 years until the unemployment rate reaches pre-recession levels.

In The News:

DQNews - “California November Home Sales” (12-16-10)

“An estimated 31,403 new and resale houses and condos were sold statewide last month. That was down 3.9 percent from 32,669 in October, and down 12.4 percent from 35,860 for November 2009. California sales for the month of November have varied from a low of 25,578 in 2007 to a high of 60,326 in 2004, while the average is 39,987. MDA DataQuick’s statistics go back to 1988.”

CBIA - “California’s recovery might not mean a robust job market” (12-16-10)

“California added just 1,600 jobs in November, signaling that the economy could continue to recover without significant job growth. The unemployment rate remained steady at 12.4%, the Employment Development Department said Friday morning.”

Housing Wire – “Foreclosure inventories rise as delinquencies drop in November: LPS” (12-16-10)

“Lender Processing Services (LPS: 30.02 -0.03%) said the delinquency rate for loans that are 30 or more days past due, but not in foreclosure was 9.02% in November, down nearly 3% from October and down 15.6% from November 2009. Total U.S foreclosure pre-sale inventory rate was 4.08%, up 4.1% from the previous month and up 8% from the year-ago period.”

Housing Wire – “Mesirow Financial: Housing recovery to spur economic growth in 2011″ (12-16-10)

“Mesirow Financial analysts said housing has fallen so low that there’s only one way to go, but the expected level of activity in home sales and starts ‘is expected to remain closer to that associated with a recession than a recovery, well into 2012.’”

Housing Wire – “Higher loss severities on foreclosures will push servicers to short sales in 2011: Fitch” (12-16-10)

“Loss severities are expected to increase between 5% and 10% on residential mortgage-backed securities in 2011 as loss mitigation costs and foreclosure expenses go up, according to Fitch Ratings. This, analysts said, will push servicers to short sales.”

Inman - “Real estate deja vu in 2011″ (12-16-10)

“even though Federal Reserve Chairman Ben Bernanke estimates that we have four or five years until unemployment reaches pre-recession levels, that means that there will have to be some incline over the next few years. Even though this increase in employment levels may be small, it will still be a push in the positive direction.”

Looking Back:

Research from NAR shows that most small-scale, exterior home modificaitons, such as door replacements and wood deck additions, are the most profitable at resale. The Federal Reserve’s commercial/multifamily mortgage debt decreased by 0.8 percent from the second quarter 2009. Radar Logic estimates that housing will continue to have trouble in 2010, but does not believe that a second collapse will occur. According to ForeclosureRadar.com, foreclosure cancellations in California climbed 40% in November.

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.

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The Norris Group Real Estate News Roundup 12/16/10

Thursday, December 16th, 2010

Today’s News Synopsis:

6,111 new and resale houses and condos were sold in the Bay Area last month, according to MDA DataQuick. Freddie Mac reports the 30-year mortgage rate has rose again to 4.83%. Statistics from CoreLogic show home prices declined 3.93% in October from July. Three members of congress introduced a bill which may put an end to the use of MERS by GSEs.

In The News:

DQNews - “Bay Area November Home Sales, Median Price Down from a Year Ago” (12-16-10)

“A total of 6,111 new and resale houses and condos were sold in the nine-county Bay Area last month. That was down 0.2 percent from 6,122 in October and down 11.2 percent from 6,878 in November 2009, according to MDA DataQuick of San Diego.”

NAHB - “Housing Starts Rise 3.9 Percent in November” (12-16-10)

“Nationwide housing starts rose 3.9 percent in November to a seasonally adjusted annual rate of 555,000 units from an upwardly revised number in the previous month, according to newly released data from the U.S. Commerce Department. This marked the first upward movement in new-home production since August, and was entirely attributable to a nearly 7 percent gain in single-family home building.”

Housing Wire – “Government guarantee expected for one-third of MBS in 2011″ (12-15-10)

“Government-backed bond issuer Ginnie Mae’s share of mortgage-backed securities issuance should reach 32% in 2011, continuing a steady growth seen after the financial crisis of 2008, Deutsche Bank analysts said.”

Housing Wire – “Jobless claims down slightly to 420,000″ (12-16-10)

“The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 11 fell by 3,000 from the previous week’s upwardly revised figure of 423,000.”

Housing Wire – “Freddie Mac: mortgage interest rates rose again last week” (12-16-10)

“The government-sponsored enterprise said its primary mortgage market survey showed the average rate for a 30-year, fixed mortgage rose to 4.83% for the week ending Thursday from 4.61% a week earlier. The rate is now at the highest level since May. The average rate for a 15-year, fixed mortgage increased to 4.17% from 3.96% the prior week, according to the Freddie Mac survey.”

Housing Wire – “Home prices down for third straight month: CoreLogic” (12-16-10)

“Home prices declined 3.93% in October from the previous three months, the third straight report of declines as any hope for a recovery in early 2011 begins to fade, according to data from CoreLogic (CLGX: 18.26 +1.00%).”

Housing Wire – “Bill aims to end GSE affiliation with MERS” (12-16-10)

“Three congressional representatives recently introduced a bill into the House that would gradually phase out the use of Mortgage Electronic Registration Systems, commonly called MERs, within the government-sponsored enterprises as well as Ginnie Mae.”

Housing Wire – “Foreclosure inventories rise as delinquencies drop in November: LPS” (12-16-10)

“Lender Processing Services (LPS: 30.03 -0.23%) said the delinquency rate for loans that are 30 or more days past due, but not in foreclosure was 9.02% in November, down nearly 3% from October and down 15.6% from November 2009.”

Bloomberg - “Builders Probably Began Work on More U.S. Houses Following October Plunge” (12-16-10)

“Housing starts climbed 6 percent to a 550,000 annual rate, according to the median estimate of 76 economists surveyed by Bloomberg News. Work slumped in October to the slowest pace since April 2009’s record low. Building permits, a proxy of future construction, may have also increased.”

Bloomberg - “Banks Push Fed to Curb Borrowers’ Right to Rescind Mortgages” (12-16-10)

“Mortgage firms are pressing the Federal Reserve to curb homeowners’ right to invalidate loans based on flawed documents — a right consumer groups say is one of the few weapons borrowers have to battle unfair lending.”

Bloomberg - “U.S. Foreclosure Filings Drop to Two-Year Low Amid Lender Delays” (12-16-10)

“A total of 262,339 U.S. properties received default or auction notices or were seized in November, down 21 percent from October and 14 percent from a year earlier, RealtyTrac said in a report today. Those were the biggest monthly and annual declines since the Irvine, California-based data company began reports in January 2005. One in every 492 households got a filing.”

Looking Back:

One year ago, the Wall Street Journal reported that people were increasingly willing to abandon mortgage payments for becoming renters. Housing starts climbed almost 9%. The FDIC offered some reprieve from securities accounting rules for the next year. The Bureau of statistics released their real earnings report stating that average hourly earnings fell by .5%.

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.

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The Norris Group Real Estate News Roundup 12/15/10

Wednesday, December 15th, 2010

Today’s News Synopsis:

16,208 new and resale houses and condos sold in Southern California in November. The NAR claims 9 of the 10 most cost-effective home repair projects in terms of value recouped are exterior replacement projects. Keefe, Bruyette & Woods expects revenue from multifamily real estate investment trusts to grow at an annual rate of 4.6% in 2011. Investor confidence in U.S. commercial property is the highest since 2007, according to Bank of America.

In The News:

NAHB - “Builder Confidence Remains Flat in December” (12-15-10)

“Builder confidence in the market for newly built, single-family homes remained unchanged in December from the previous month at 16 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

MDA DataQuick – “Southland Home Sales Dip; Prices Change Little” (12-15-10)

“A total of 16,208 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 3.2 percent from 16,744 sales in October, and down 15.5 percent from 19,181 in November 2009, according to MDA DataQuick of San Diego.”

NAR - “Home Owners Recoup More with Exterior Replacement Projects, REALTORS® Report” (12-15-10)

“Nine of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects. The steel entry door replacement remained the project that returned the most money, with an estimated 102.1 percent of cost recouped upon resale; it is also the only project in this year’s report that is expected to return more than the cost. The midrange garage door replacement, a new addition to the report this year, is expected to recoup 83.9 percent of costs. Both projects are small investments that cost little more than $1,200 each, on average”

Housing Wire – “KBW: Sunny days ahead for multifamily REITs” (12-15-10)

“Revenue brought in by multifamily real estate investment trusts is expected to grow at an annualized rate of 4.6% in 2011, according to an outlook released by investment bank Keefe, Bruyette & Woods. That estimate is up from the firm’s previous estimate of 3.6% released in early December.”

Housing Wire – “New CRA rule gives banks credit for work in high-foreclosure areas” (12-15-10)

“The rule changes the definition of ‘community development’ in CRA regulations to include loans, investments and services in areas targeted by the Department of Housing and Urban Development’s Neighborhood Stabilization Program. According to the final rule, high levels of foreclosures are expected into 2012 and beyond, which will continue to effect low- and moderate-income areas.”

Bloomberg - “Real Estate Avoids `Catastrophe’ With Yields at ’07 Levels: Credit Markets” (12-15-10)

“Investor confidence in U.S. commercial property is the highest since the 2007 market peak, a sentiment reflected in bonds of real-estate companies that own everything from New York skyscrapers to California strip malls. Yields on debt issued by real-estate investment trusts average 210 basis points more than Treasuries, the least since Nov. 12, 2007, according to Bank of America Merrill Lynch index data.”

Looking Back:

One year ago, home sales decreased by 13.3 percent in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange County. The Federal Reserve planned to leave interest rates at the record low. Research from Trulia and RealtyTrac showed that 43% of U.S. adults would consider buying foreclosed property. A survey from JBREC showed that 57 percent of home builders expected to receive more revenue in 2010 than 2009.

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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 10/22/10

Friday, October 22nd, 2010

Today’s News Synopsis:

33,176 houses and condos were sold in California during September, said MDA DataQuick. Clear Capital claims home prices have dropped 6% in the last 2 months. The serious delinquency rate for Fannie Mae and Freddie Mac was 4.35% in August.

In The News:

DQNews - “California September Home Sales” (10-22-10)

“An estimated 33,176 new and resale houses and condos were sold statewide last month. That was down 3.1 percent from 34,239 in August, and down 17.5 percent from 40,216 for September 2009. California sales for the month of September have varied from a low of 24,460 in 2007 to a high of 68,114 in 2005, while the average is 44,310. MDA DataQuick’s statistics go back to 1988.”

Yahoo - “U.S. foreclosure mess chills investors, clouds market” (10-22-10)

“Investors who have been snapping up foreclosed homes are backing off in the wake of the U.S. foreclosure fiasco, driven by sagging inventory and fears over legal title, and some economists say the trend could hurt the overall housing market.”

Housing Wire – “Clear Capital: Home price drop sudden and dramatic” (10-22-10)

“Clear Capital said a 6%, two-month decline in home prices represents a magnitude and speed not seen since March 2009.”

Housing Wire- “Financial system trust down with Dodd-Frank dissatisfaction” (10-22-10)

“The survey found trust index to be 25% for the third quarter of 2010, a 1% drop from from the all-time high in June. The Financial Trust Index is a quarterly survey conducted by Social Science Research Solutions, a branch of AUS and ICR/International Communications Research. The results come from 1,005 phone interviews nationwide.”

Housing Wire – “FHFA: GSE serious delinquency rate drops 68 bps in August from peak” (10-22-10)

“The combined serious delinquency rate at Fannie Mae and Freddie Mac was 4.35% in August, down 10 basis points from the previous month and 68 bps from the peak in February, according to a report from the Federal Housing Finance Agency.”

Inman - “Yahoo Real Estate still No. 1″ (10-22-10)

“Market share between the two sites remained virtually unchanged. Yahoo Real Estate captured 5.87 percent of traffic to real estate category websites in September while Realtor.com’s market share was 5.76 percent.”

Looking Back:

One year ago, WSJ reported that home inventories across the nation had decreased. Home prices fell .3 percent from July to August 09. A survey from Point2 Technologies revealed that real estate agents and brokers were less confident in the market than they were in August.

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 10/21/10

Thursday, October 21st, 2010

Today’s News Synopsis:

According to MDA DataQuick, 6,334 houses and condos closed escrow in Northern California during September. The government estimates that the financial rescue involving Fannie Mae and Freddie Mac. Bank of America is suing the FDIC for $1.75 billion. The Labor Department reports jobless claims decreased 4.8% last week.

In The News:

MDA DataQuick – “Bay Area September Home Sales Second-Lowest in 19 years” (10-21-10)

“A total of 6,334 new and resale houses and condos closed escrow in the nine-county Bay Area last month, down 5.4 percent from 6,698 in August and down 19.6 percent from 7,879 in September 2009, according to MDA DataQuick of San Diego.”

Associated Press – “Tab for Fannie, Freddie could soar to $259B” (10-21-10)

“The government spelled out Thursday just how much the most expensive rescue of the financial crisis will end up costing taxpayers — as much as $259 billion for mortgage buyers Fannie Mae and Freddie Mac.”

Housing Wire – “Moody’s analysts don’t see mortgage ownership as an issue for RMBS” (10-21-10)

“Moody’s Investors Service said mortgage ownership in trust shouldn’t be an issue within the residential mortgage-backed securities space as delayed foreclosures become more of a risk for the housing market.”

Housing Wire – “HUD Secretary: Foreclosure problems not ‘systemic’” (10-21-10)

“Department of Housing and Urban Development Secretary Shaun Donovan said recent foreclosure problems at some mortgage servicers are not ‘systemic issues.’ Donovan spoke after a meeting among regulators who will review foreclosure processes among the major servicers. Bank of America (BAC: 11.38 -3.15%), JPMorgan Chase (JPM: 37.678 -1.11%) and Ally Financial (GJM: 22.22 +0.45%) suspended foreclosures in 23 states after admitting employees signed affidavits without reviewing documents or having a notary present.”

Housing Wire – “Credit unions originated high-quality mortgages in 2010 in QMS survey” (10-21-10)

“Credit unions are originating the highest quality mortgage loans so far this year, according to survey results released Wednesday by Quality Mortgage Services. According to the data, nearly 50% of loans originated by credit unions were rated ‘excellent,’ meaning their loans had few to no defects.”

Housing Wire – “BofA sues FDIC to recover $1.75 billion for TBW investors” (10-21-10)

“Bank of America (BAC: 11.39 -3.06%) filed suit against the Federal Deposit Insurance Corp. to recover $1.75 billion for Ocala Funding investors allegedly swindled by Colonial Bank, Platinum Community Bank and Taylor, Bean & Whitaker.”

Housing Wire – “Jobless claims fall nearly 5% to 452,000″ (10-21-10)

“Initial jobless claims fell 4.8% last week to 452,000, which is roughly inline with analysts’ estimates but still too high to indicate much change in the job market. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Oct. 16 decreased by 23,000 from the previous week’s revised figure of 475,000 that was up sharply from the 462,000 previously reported.”

Housing Wire – “Freddie Mac: 30-year fixed mortgage rate up for first time in five weeks” (10-21-10)

“The average rate on a 30-year fixed-rate mortgage increased for the first time in five weeks to 4.21% with an average 0.8 point for the week ending Oct. 21, according to the weekly Freddie Mac market survey.”

Bloomberg - “General Growth Plan Approval Resolves Biggest U.S. Real Estate Bankruptcy” (10-21-10)

“General Growth Properties Inc., the second-largest mall owner in the U.S., won court approval of the last stage of its restructuring, a year and a half after filing the biggest real estate bankruptcy in U.S. history.”

Looking Back:

One year ago, the MBA reported that mortgage applications decreased by 13.7 percent on a seasonally adjusted basis from the previous week. According to Altos Research, asking prices increased by 1.5 percent in Los Angeles. The Federal Reserve believed that commercial real estate would not begin to recover for at least 9 more months. Lehman announced that it intended to begin funding home loans again.

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 10/19/10

Tuesday, October 19th, 2010

Today’s News Synopsis:

18,091 new and resale homes were sold in Southern California, said MDA DataQuick. Moody’s reports commercial real estate prices fell 3.3% from last month. A survey from American Strategies and Myers Research shows 77% of adults consider buying a home to be a good financial decision in general.

In The News:

DQNews - “Southern California Home Sales Drop Again, Median Price Edges Up” (10-19-10)

“A total of 18,091 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in September. That was down 2.4 percent from 18,541 in August, and down 16.0 percent from 21,539 for September 2009, according to MDA DataQuick of San Diego.”

CNN - “Housing starts jump to 5-month high” (10-19-10)

“Housing starts, or the number of new homes being built, rose 0.3% to a seasonally adjusted annual rate of 610,000 in September, up from a revised 608,000 in August, the Commerce Department said.”

Housing Wire – “Barclays estimates banks face $85 billion in mortgage reps and warranties” (10-19-10)

“Barclays Capital estimates over the next five to seven years, banks may end up paying $85 billion in claims, which would result in another $75 billion of more losses to come. Analysts, though, admit the math is ‘highly subjective’ and included many assumptions, and because the claims would be paid out over time, risks of concentrated damage to balance sheets are relatively low.”

Housing Wire – “FDIC seeks long-term changes to Deposit Insurance Fund” (10-19-10)

“The board of directors for the Federal Deposit Insurance Corp. voted Tuesday to propose a long-term management plan for the Deposit Insurance Fund, which provides monetary insurance to FDIC banks in the event of failure. The two main goals of such a plan, which is required under the Dodd-Frank Wall Street Reform and Consumer Protection Act, are to maintain a positive fund balance as well as keep future assessment rates consistent for banks.”

Housing Wire – “KBW: Two-thirds of investors oppose FASB accounting proposal” (10-19-10)

“One of the key changes in the proposal would require banks to report the estimated fair value of most loans on their books alongside the current cost accounting valuations. According to the survey of 62 U.S. institutional investors, only one in five favor the proposed changes.”

Housing Wire – “Fitch: 2006, 2007 subprime RMBS prices improving” (10-19-10)

“Subprime prices within two of the most-maligned vintages of residential mortgage-backed securities are showing signs of stabilizing, according Fitch Ratings. The agency’s total market price index for the RMBS sector through September was 9.85, which is nearly flat with the previous three months, according to analysts. But Fitch said RMBS prices from the beleaguered 2006 and 2007 vintages improved last month, climbing 15% and 10%.”

Bloomberg - “Commercial Property Prices in U.S. Decline to Eight-Year Low, Moody’s Says” (10-19-10)

“The Moody’s/REAL Commercial Property Price Index fell 3.3 percent from the prior month to surpass the post-crash low in October 2009, the company said in a statement today. The measure is 45 percent below its October 2007 peak and is at its lowest since June 2002.”

Inman - “Homeownership losing its appeal?” (10-19-10)

“American Strategies and Myers Research & Strategic Services LLC conducted the 2010 Housing Opportunity Pulse Survey on behalf of the National Association of Realtors, interviewing 1,209 adults by telephone Sept. 12-17, 2010. A quarter were renters and 70 percent were homeowners. Overall, 77 percent of respondents said they thought buying a home was a good financial decision in general; 16 percent said it was not a good decision; and 6 percent said they didn’t know.”

Looking Back:

Gov. Arnold Schwarzenegger signed SB 94, which prevents prohibits any person from collecting an advance fee from a consumer for loan modification. According to Campbell Surveys, the national average home price rose 6% from August to September. MetroStudy anticipates a total of 562,000 housing starts in 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 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 9/16/10

Thursday, September 16th, 2010

Today’s News Synopsis:

According to MDA DataQuick, 6,698 houses and condos closed escrow in the Bay Area last month. Also, 34,239 houses and condos were sold statewide. BarCap expects that of all the subprime mortgages still current and originated in 2005, 70% will default.

In The News:

CBIA - “An Updated, Upgraded Deck Made Easy With Composites” (9-16-10)

“According to a recent study by the Joint Center for Housing Studies at Harvard University, remodeling spending is expected to increase on an annual basis by the end of the year with growth accelerating to the double-digits in the first quarter of 2011. Fueled by increased confidence in the economy, more homeowners are investing in their homes again.”

MDA DataQuick – “California August Home Sales” (9-16-10)

“An estimated 34,239 new and resale houses and condos were sold statewide last month. That was down 2.7 percent from 35,202 in July, and down 14.0 percent from 39,811 for August 2009. California sales for the month of July have varied from a low of 29,764 in 1992 to a peak of 73,285 in 2005, while the average is 48,805. MDA DataQuick’s statistics go back to 1988.”

MDA DataQuick – “Bay Area Home Sales Drop to 1992 Level; Median Price Slips Again” (9-16-10)

“A total of 6,698 new and resale houses and condos closed escrow in the nine-county Bay Area last month, down 1.1 percent from 6,773 in July and down 10.9 percent from 7,518 in August 2009, according to MDA DataQuick of San Diego.”

MBA - “MBA Report: Give FHA More Resources and Authority to Strengthen Program” (9-16-10)

“The Federal Housing Authority (FHA) commissioner should be granted the resources to better manage the agency through the current housing market crisis and to allow the agency to continue to thrive when the market recovers, according to new report from the Mortgage Bankers Association. Increasing resources for staffing and technology are among the 12 recommendations to improve the FHA and the Government National Mortgage Association (Ginnie Mae) by the MBA’s Council on the Future of FHA and Ginnie Mae. Convened in November 2009, the council consists of senior executives from 27 companies, representing both large national lenders and small independent mortgage bankers.”

CNN - “Foreclosure rates hold steady” (9-16-10)

“The number of homeowners falling enough behind on their loans to attract initial notices of default was down 30% in August, RealtyTrac said Thursday. Eventually, that should translate into fewer people losing their homes.”

San Diego Union Tribune – “Most oppose walking away from mortgage” (9-16-10)

“A majority of Americans believe it is ‘unacceptable’ for homeowners to stop paying mortgage payments and walk away from their homes, says a Pew Research Center survey. Of the 2,967 adults surveyed during the second half of May, 59 percent said they believed it was wrong for a homeowner to stop making mortgage payments and surrender their home to a lender. Still, 19 percent said it was OK to walk away while another 17 percent said it depended on the homeowner’s circumstances.”

Housing Wire – “CoreLogic sees distressed housing sales rising in coming months” (9-16-10)

“CoreLogic (CLGX: 18.29 -0.76%) said tax credit-induced sales helped push distressed sales to a seven-month low in June, but the share of distressed sales is expected to bounce back in coming months, according to the firm’s inaugural U.S. Housing and Mortgage Trends report. The bi-monthly report will track housing sales, valuation, negative equity and foreclosure activity. In June, the distressed sale share fell to 24% of overall sales, down from a peak of 35% in early 2009, according to CoreLogic.”

Housing Wire – “Mission Capital principal: Banks stoke the economy with distressed sales” (9-16-10)

“Activity has dramatically picked up since the fourth quarter of 2008. This is in large part due to speculation on the part of funds and high net worth individuals in loan assets, as well as in the stock and debt of the underlying financial institutions. As banks have become more healthy and their financial projections more visible, they have stoked the economy by simultaneously lending and selling distressed loans at a discount. This creates a virtuous cycle of investment activity in that investors are investing in credit-impaired assets, rehabilitating them and then refinancing right-sized debt.”

Housing Wire – “BarCap estimates more subprime defaults from troubled vintages” (9-16-10)

“BarCap analysts are predicting high default rates on still-current subprime mortgages originated between 2005 and 2007. Of those subprime mortgages still current and originated in 2005, 70% are expected to default. In 2006, the expected default rate for current subprime is 89%, and 84% of current subprime from the 2007 vintage.”

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 8/17/10

Tuesday, August 17th, 2010

Today’s News Synopsis:

Statistics from MDA DataQuick show 18,946 new and resale homes were sold in Southern California in July. Frank Nothaft of Freddie Mac announced that refinancing activity has accounted for over 80% of conventional loan activity. National housing starts increased by 7.1 percent last month, according to the NAHB. The MBA expressed concerns that recent policy changes restricting seller concessions went too far and may damage the industry.

In The News:

DQNews - “Southern California Home Sales and Median Price Dip in July” (8-17-10)

“A total of 18,946 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in July. That was down 20.6 percent from 23,871 in June, and down 21.4 percent from 24,104 for July 2009, according to MDA DataQuick of San Diego.”

NAHB - “Housing Starts Rise 1.7 Percent in July” (8-17-10)

“Nationwide housing starts inched up 1.7 percent to a seasonally adjusted annual rate of 546,000 units in July from a downwardly revised figure in the previous month, according to U.S. Commerce Department figures released today. The gain occurred entirely on the multifamily side, with single-family housing production falling 4.2 percent to 432,000 units.”

Housing Wire – “MBA Prefers FHA Seller Concessions Lowered to 4%” (8-17-10)

“In a letter to the US Department of Housing and Urban Development (HUD), the MBA said its members urge the federal agency ‘to ensure policies do not reach too far and needlessly discourage home buying at a time when the housing market is still fragile.’ Last month, HUD announced possible policy changes within the Federal Housing Administration (FHA) aimed at boosting capital reserves. The changes include reducing the limit on seller concessions to 3% from 6%; using a FICO credit score of 500 as a minimum for consideration in FHA programs; and lowering the maximum loan-to-value to 90% for all borrowers with credit scores less than 580.”

Housing Wire – “Fannie Mae Sees Housing Activity Flat in 2H” (8-17-10)

“The GSE also said continued uncertainty and a slower-than-normal recovery points to overall GDP growth of 2.5% for the rest of the year. In July, analysts at Fannie Mae’s economics and mortgage market analysis group projected growth of 2.8%, which was down from a June estimate of 3.2%. The agency expects the low, 30-year, fixed-rate mortgages to boost refinance activity but not result in any sort of refinance boom. The current average rate of 4.5% is expected to remain throughout 2010.”

Housing Wire – “John Burns: GSE Renting Options Will Increase Demand and Limit Supply” (8-17-10)

“The government should create an apartment real estate investment trust (REIT) to rent out foreclosed properties — a method that would avoid flooding the housing market with foreclosed properties, a real estate consultant said as President Obama’s ‘Future of Housing Finance Conference’ kicked off Tuesday. John Burns, CEO of John Burns Real Estate Consulting, said the government-created REIT would be self-sustaining via rental fees. The government-sponsored enterprises, Fannie Mae and Freddie Mac, would hire outside property-management firms to manage the rental properties, Burns said.”

Housing Wire – “Refinancing Accounts for 80% of Loan Activity over Last 2 Months: Nothaft” (8-17-10)

“Over the last two months, refinancing activity has accounted for more than 80% of all conventional loan activity, said Frank Nothaft, chief economist at Freddie Mac. In a Featured Perspectives report out Monday, Nothaft said Freddie Mac and Fannie Mae have purchased 1.4m refinance loans, including nearly 200,000 loans that have gone through the Home Affordable Refinance Program (HARP).”

Housing Wire – “Bank of America Merrill Lynch: Bearish Sentiment Eases” (8-17-10)

“BofAML, a unit of Bank of America, said the bearish sentiment for the global economic outlook and corporate earnings has eased. The most recent data show 5% of survey respondents expect the global economy will improve in the next year. In July, 12% percent of respondents predicted the world economy would deteriorate, BofAML said. But recession fears seem to have subsided, as 78% of fund managers surveyed last week don’t expect a double-dip recession. Still, 73% continue to see ‘below-trend growth and inflation.’”

Housing Wire – “TransUnion: Housing Begins to Stabilize as Delinquent Loans Fall in Q210″ (8-17-10)

“National mortgage loan delinquency rates for loans delinquent 60 days or more fell for the second quarter in a row to 6.67%, according to TransUnion’s quarterly trend analysis released Tuesday; a sign the housing sector is beginning to stabilize. The 1.48% drop in Q210 follows an 18.52% drop in Q110 for loans delinquent 60 days or more. Delinquent loans accounted for 6.77% of the all loans in Q110. The current delinquency rate is still up 14.8% from the same quarter last year when the rate was 5.81%.”

Housing Wire – “Private Sector Modifications Increase 10% in June” (8-17-10)

“The housing industry conducted 123,000 permanent modifications through private programs in June, a 10% increase from the 112,000 done in May, according to Hope Now, a private sector alliance of mortgage servicers, investors, insurers and nonprofit counselors.”

Housing Wire – “Bankrate: Loan Closing Costs Jump 36.6% Year-Over-Year” (8-17-10)

“The average origination and third-party fees on a $200,000 mortgage increased 36.6% to $3,741 from last year’s average of $2,739, according to Bankrate’s annual mortgage fee survey. Lender origination fees increased to $1,463, or 22.8%, in 2010 from $1,192 in 2009, while the average total third-party fees rose 47.2%, to $2,277 from the year-ago average of $1,547.”

Housing Wire – “Homebuyer Demand All But a ‘Standstill’: Altos Research” (8-17-10)

“The average national house price was $474,946 in July, according to the Altos 10-city composite price index. The index fell ‘significantly’ from its high in the summer of last year, when buyers were taking advantage of the homebuyer tax credit. It has declined for the past 11 months. The tax credit expired in April.”

Bloomberg - “Home Depot Profit Tops Analysts’ Estimates as Sales Increase” (8-17-10)

“Net income increased 6.8 percent to $1.19 billion, or 72 cents a share, in the quarter ended Aug. 1, from $1.12 billion, or 66 cents, a year earlier, Atlanta-based Home Depot said today in a statement. Analysts projected 71 cents, the average of 23 estimates in a Bloomberg survey.”

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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