California Real Estate Headline Roundup

Posts Tagged ‘MEGA Data’

By Bruce Norris .

The Norris Group Real Estate News Roundup 8/5/11

Friday, August 5th, 2011

Sources:
Homeownership Rate Drops to 13-Year Low
June Pending Home Sales Rise
Mortgage Applications Increase, But Still Low in Latest MBA Weekly Survey
Job growth slows and layoffs rise to 16-month high, reports say
Home prices edge up in June, but fail to meet 2010 levels
Mortgage Rates Drop to Lowest of the Year
Senate steps toward new mortgage servicing standard
Key US markets with “pending” signs of life
House legislation would launch FDIC investigation
RealtyTrac Tool Provides Targeted Lists of Defaults, Auctions, and REOs
Investors charge ahead with another reps and warranties case against BofA
S&P: Trouble Ahead for PMI Mortage Insurance Co.

Today’s News Synopsis:

This week’s video gives the news of the week in the world of real estate and other big events. PMI Mortgage Insurance Co. has suffered severe financial losses and therefore may have to cut back on writing insurance policies.  DS News reported the unemployment rate is now at 9.1%.  Bank of America has reached a settlement with HUD to give loan modifications to 57,000 borrowers whose loans were not handled properly.

In The News:

Bloomberg- “Debt Restructuring Would Spur Growth: Reinhart” (8-5-11)

“A restructuring of U.S. household debt, including debt forgiveness for low-income Americans, would be most effective in speeding economic growth, said Carmen Reinhart, a senior fellow at the Peterson Institute for International Economics in Washington.”

Housing Wire“HAMP mortgage mods reaching permanent status faster” (8-5-11)

“Homeowners who entered into a Home Affordable Modification Program trial within the last year were transferred into a permanent workout almost two months faster than those who entered the program earlier.”

DS News“Unemployment Rate Slips to 9.1%” (8-5-11)

“After heading higher for three straight months, the nation’s unemployment rate declined to 9.1 percent in July, down from 9.2 percent in June, according to figures released Friday by the U.S. Department of Labor. The economy added 117,000 jobs last month.”

Inman - “Private mortgage insurers face uncertainty” (8-5-11)

“Cracks are again appearing in the foundations of the private mortgage insurance business, as companies that insure home loans with down payments of less than 20 percent for Fannie Mae and Freddie Mac face rising claims and continue to struggle for market share against government-backed FHA and VA programs.”

Realty Times - “Consumers, real estate pros tap shift to rentals” (8-5-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates dropping sharply amid falling bond yields and signs of a weaker than expected economy.”

Los Angeles Times - “Construction employment hits 15-month high in July” (8-5-11)

“Another reason to not declare the end of the world as we know it, yet: Construction employment climbed last month, hitting a 15-month high, according to the Associated General Contractors of America.”

Housing Wire - “Obama administration July housing scorecard sends mixed signals” (8-5-11)

“The nation’s housing market experienced an uptick in home prices this summer, but remains constrained by declines in home values in foreclosures and distressed real estate, the Obama Administration said in its July Housing Scorecard report.”

San Francisco Chronicle - “Is The Housing Bubble Over?” (8-5-11)

“For most parts of the U.S., the housing bubble peaked in 1996 and prices have steadily declined ever since. The amount of decline has varied by city and state, driven by several factors such as job losses, demographics and the magnitude of run-up in prices.”

Realtor Magazine“S&P: Trouble Ahead for PMI Mortage Insurance Co.” (8-5-11)

“PMI warned that it may have to stop writing insurance policies in 16 states due to the company’s severe financial losses.  On Thursday, Standard & Poor’s downgraded the PMI Group and its subsidiary PMI Mortgage Insurance Co.’s credit and financial strength rating, giving it a negative outlook due to the company’s steep losses in recent months.”

DS News“BofA to Pursue Loss Mitigation Under HUD Settlement” (8-5-11)

“Bank of America and the Department of Housing and Urban Development (HUD) have reached a settlement regarding 57,000 delinquent government-issued mortgages serviced by the bank.”

Looking Back:

Freddie Mac reported 30-year fixed mortgage rates fell below 4.5%. Home prices increased 8.1% from this time in 2009, according to Clear Capital. Statistics from the Department of Labor showed initial unemployment insurance claims rose 19,000 the previous week.

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 8/2/11

Tuesday, August 2nd, 2011

Today’s News Synopsis:

Bill H.R. 2056 was recently passed by the House of Representatives to look into failing banks and see if the Federal Deposit Insurance Corp’s regulations are actually hurting the economy.  RealtyTrac has come out with a new tool that will allow users to go through their database of foreclosed homes more quickly and create their own list of distressed, foreclosed, and bank-owned homes.  Realty Times reported an increase in pending homes for June, making it the second month in a row to see an increase.

In The News:

Housing Wire - “House legislation would launch FDIC investigation” (8-2-11)

“The U.S. House of Representatives passed a bill in recent days that would allow authorities to study the causes of high level bank failures and to determine whether “overzealous” Federal Deposit Insurance Corp. regulatory actions are stifling economic activity by constricting bank lending.”

DS News“RealtyTrac Tool Proveds Targeted Lists of Defaults, Auctions, and REOs” (8-2-11)

“RealtyTrac on Tuesday unveiled its new bulk foreclosure data search and download tool, known as MEGA Data.  This new product gives users the ability to sift through RealtyTrac’s database of more than 2 million foreclosure records to create targeted lists of distressed homeowners, scheduled foreclosure auctions, and bank-owned properties.”

Bloomberg - “Radian Jumps as Mortgage Insurer Swings to Profit, Has Fewer Delinquencies” (8-2-11)

“Radian Group Inc. (RDN), the second-largest U.S. mortgage insurer, climbed the most in 16 months after the company swung to a profit on derivative gains and said there was a drop in delinquencies on home loans.”

San Francisco Chronicle - “Key US markets with “pending” signs of life” (8-2-11)

“Certainly, some parts of the U.S. are looking pretty doomed right now, with massive foreclosures, property values tanked, construction halted, and unemployment up. But that is not the whole picture. Other parts of the country are doing relatively well– San Francisco among them– or are at least showing signs of improvement. And we can believe this ray of hope, at least a little bit, because it’s backed by actual data.”

Realty Times - “June Pending Home Sales Rise” (8-2-11)

“For the second consecutive month, pending home sales figures have increased. According to the National Association of Realtors® (NAR) all regions are showing “strong double-digit” gains over last June and the index itself was up 2.4 percent for the month.”

Housing Wire“Smaller banks push for mortgage servicing standards exemption” (8-2-11)

“Smaller banks are pushing rulemakers for an exemption to the upcoming mortgage servicing standards, claiming recent problems in the industry are almost entirely restricted to the larger firms.”

Inman - “Re/Max ranks first among buyers, sellers in JD Power survey” (8-2-11)

“Home sellers surveyed by JD Power and Associates expressed greater satisfaction with the way their properties were marketed than a year ago. But frustrated buyers seem to be blaming agents for problems that interfered with them closing a deal.”

Mortgage Bankers Association - “MBA Files Comment on Proposed Risk Retention/Qualified Residential Mortgage Rule” (8-2-11)

“On Monday, the Mortgage Bankers Association (MBA) filed a comment letter with six federal regulators in response to proposed credit risk retention regulations implementing section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.” 

DS News - “Witnesses Express Concerns at Hearing on National Servicing Standards” (8-2-11)

“At a U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing Tuesday, industry leaders voiced opinions on the creation of national mortgage standards.  While there was support for national standards on the grounds that it would protect homeowners and improve customer experience, witnesses expressed a variety of concerns.”

Rismedia - “Alliance to Save Energy Hails 25-30% Advance in 2012 Energy Code for New & Renovatede Residential, Commercial Buildings” (8-2-11)

“The Alliance to Save Energy recently hailed a newly released model building energy code upgrade that will improve energy use in commercial and residential buildings in the United States by as much as 30%.”

Looking Back:

Alan Greenspan expressed concern that a decrease in home prices might cause the U.S. to slip back into recession. The Census Bureau estimated the homeownership rate would fall to 62% in 2012. Moody’s reported strategic delinquencies were falling on jumbo mortgages. Construction spending remained relatively flat with just a 0.1 percent increase the previous month.

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.