The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Michigan’

By Bruce Norris .

The Norris Group Real Estate News Roundup 4/2/12

Monday, April 2nd, 2012

Today’s News Synopsis:

The number of bank closures is now up to 16 with the recent closure of a bank in Michigan.  Hope Now reported a 20% decrease in private mortgage modifications last month.  JP Morgan is facing a lawsuit from Ambac for mishandled loans.

In The News:

Housing Wire“Ambac sues JPMorgan over $200 million in RMBS claims” (4-2-12)

“Bond insurer Ambac Financial filed its second mortgage bond suit against Bear, Stearns & Co. and EMC Mortgage, which are now part of JPMorgan Chase ($46.15 0.17%). All three entities are accused of packaging, underwriting and selling poorly underwritten loans for securitization, leaving Ambac on the hook for insuring the losses.”

DS News“Michigan Bank Closes, Raising Tally to 16″ (4-2-12)

“State regulators closed Fidelity Bank of Dearborn, Michigan over the weekend, the first bank in Michigan to fail and the 16th in the nation to go dark.”

Realty Times“Real Estate Outlook: Labor Market Improvements” (4-2-12)

“The health and recovery of the real estate market is closely related to the health of the labor market. This much has been seen since the beginning of the recession and continues today.”

Housing Wire“Fitch: Recent Redwood RMBS deals solid” (4-2-12)

“Only one borrower out of 1,800 newly originated prime loans backing Fitch-rated U.S. residential mortgage-backed securities is delinquent, the ratings giant said.”

Bloomberg“Biggest Bond Traders See Worst Over for Treasuries” (4-2-12)

The worst is over for the $10 trillion U.S. Treasury market following the biggest quarterly rout since 2010, say Wall Street’s largest bond trading firms.

Housing Wire“Private mortgage modifications drop 20% in February” (4-2-12)

“Mortgage servicers completed 20% fewer modifications through private programs in February than the month before, according to the Hope Now alliance.”

Realty Times“Home Builders Offer Housing Finance Reform” (4-2-12)

“The National Association of Home Builders (NAHB) isn’t waiting for politicos in Washington D.C. to revamp the federal government’s housing finance system.”

DS News- “J.P. Morgan Announces Sale of Securities Backed by NPL” (4-2-12)

“J.P. Morgan recently announced the issuance of $132 million in commercial mortgage-backed securities (CMBS) backed by non-performing commercial real estate loans.”

CNN Money“‘Hidden spending’ makes government bigger” (4-2-12)

“Which costs the federal government more: a $2,100 check from Uncle Sam or a tax break worth $2,100?  The answer is they cost the same.”

Housing Wire“Principal write-downs looming, KBW downplays moral hazard” (4-2-12)

“Principal write-downs on Fannie Mae and Freddie Mac loans are more likely to become a reality and are less of a moral hazard than some might imagine, according to analysts with investment bank Keefe, Bruyette & Woods($18.13 -0.37%).”

NAHB“Creativity and Cost-Savings Measures Reflected in Top New Home Design Trends” (4-2-12)

“The home building industry celebrates New Homes Month in April by sharing the hottest design trends that will be seen in new homes in 2012. New home buyers will be able to take advantage of emerging market trends that incorporate creative use of materials, layouts and features that provide maximum utility and beauty while being cost-conscious at the same time.”

Housing Wire“Residential construction flat in February” (4-2-12)

“Residential construction spending changed little in February from January but rose 4.6% from February 2011.  The seasonally adjusted annual rate, as reported by the Census Bureau, fell $4 million in February to $253.5 billion. The Commerce Department revised the January rate downward to $253.5 billion from $260.6 billion”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $105,000 on a 3 bedroom, 2 bathroom home appraised for $166,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at The Women’s Council of Realtors Victorville on Wednesday, April 11, 2012.

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

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 1/27/12

Friday, January 27th, 2012

Sources:
Foreclosure Properties Fall to 20% of Home Buys
Loan Modifications Are on the Decline: Moody’s
First-time unemployment claims climb
American economy not healthy yet, but it’s healing
Pending Home Sales Decline Monthly, Rise Annually
Contracts to Purchase Existing U.S. Homes Hold Near 19-Month High: Economy
FHFA home prices fall 1.8% in November
Sales of U.S. New Homes Unexpectedly Decline in December
30-Year Mortgage Rates Rise From Record Low
Fed: Benchmark Rate Will Stay Low Until ’14
California Home Foreclosure Notices Decline 12% as Lenders Change Policies
First Three Bank Failures of 2012 to Cost FDIC $244M
Illinois AG Sues S&P
Eric Schneiderman promises aggressive financial fraud probe
Two banks signal they may join mortgage deal
Senate clears $1.2 trillion debt ceiling raise
Obama Announces New Refi Program in State of the Union Address
Wells Fargo launches pilot programs to clear LA, Atlanta housing inventory
FHFA: Principal reduction would cost Fannie, Freddie $100 billion
Programmers Size Up Bank Borrowers With Algorithms Rather Than FICO Scores

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  The Commerce Department said the growth rate for the gross domestic product was averaged to be 2.8% in the last quarter of 2011.  LPS reported a 30 year-over-year decrease in new loan originations in November.  At the same time, loan delinquencies also decreased 25% last month.  In other news, Freddie Mac reported an increase in the average mortgage rate.

In The News:

Bloomberg - “D.R. Horton Reports First-Quarter Profit as Homebuilding Revenue Increases” (1-27-12)

“D.R. Horton Inc. (DHI), the largest U.S. homebuilder by volume, reported first-quarter profit that beat analyst estimates after a year-earlier loss as revenue from home sales rose.”

Housing Wire - “New originations drop 30%, loan delinquencies decline” (1-27-12)

“Low interest rates are spurring some activity in the mortgage market, but opportunities for borrowers with low credit scores are limited, according to the latest Mortgage Monitor Report from LPS Applied Analytics.  New loan originations, overall, fell 30% year-over-year in November, with LPS reporting 537,720 originations in November, compared to 724,364 in December 2010. The report did not include new origination amounts for December 2011.”

CNN Money - “SEC to step up scrutiny of private equity firms” (1-27-12)

“The private equity world is struggling to stay in the shadows.  It’s harder to do so with Republican presidential contender Mitt Romney getting criticized for his private equity roots. If that weren’t enough, the Securities and Exchange Commission says it plans to step up scrutiny of the industry as well.”

Realty Times - “Mortgage Rates Reverse Course on Positive Housing Data” (1-27-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® the average mortgage rates climbed as the housing market ended 2011 on a high note.”

San Francisco Chronicle“Unexpected dip in U.S. new home sales in December” (1-27-12)

“Sales of new U.S. homes unexpectedly declined in December for the first time in four months, capping the slowest year on record for builders.”

DS News - “Michigan, Ohio Lawmakers Propose Large-Scale Demolition” (1-27-12)

“With vacant and deteriorating properties taking a toll on communities throughout Ohio and Michigan, lawmakers from the two states are proposing large-scale demolition as a means of easing the burden of these problematic properties.”

Housing Wire“GDP growth rate of 2.8% for 4Q” (1-27-12)

“Higher readings on private inventory investment, consumer spending and and residential investment led the Commerce Department to estimate the gross domestic product growth rate at 2.8% for the final three months of 2011.”

DS News - “Administration Revamps HAMP to Reach More Borrowers” (1-27-12)

“The Obama administration has announced changes to its flagship foreclosure prevention initiative – the Home Affordable Modification Program (HAMP) – which officials say will expand its reach to more distressed homeowners.”

Housing Wire“January consumer sentiment posts 11-month high” (1-27-12)

“Consumer sentiment climbed to an index level of 75 in January, the best reading of the Thomson Reuters/University of Michigan survey in nearly a year.”

CNN Money - “Mortgage probe unveiled as foreclosure talks loom” (1-27-12)

“President Obama’s latest probe into the mortgage meltdown will have more power than past efforts, and federal officials say it won’t derail a possible $20 billion settlement for underwater and foreclosed homeowners.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 3 bedroom, 1 bathroom home appraised for $135,000.

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 NAR claimed pending home sales increased 2% in December 2010. Statistics from Freddie Mac showed mortgage rates increased to 4.8% the week of January 22, 2011. According to the Labor Department, initial jobless claims climbed nearly 12.7% the previous week. The MLS reported sales of existing houses and condos totaled $15.5 billion in 2010.

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

The Norris Group Real Estate News Roundup 1/13/12

Friday, January 13th, 2012

Sources:

Loan Mods and Delinquencies Rise in November: HOPE NOW
Foreclosures fall to lowest level since 2007
Mortgage Applications Increase in Latest MBA Weekly Survey
Zillow: Home values in November back at 2003 levels
Fed governor calls for new housing regulatory regime
The fight over Bernanke REO rental plan shows political divide
FED FOCUS-Fed treads new path with US housing push
Fannie Mae CEO Williams Resigns

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events.  Consumer sentiment is at its highest level in 8 months, which is now at 74.  According to DS News, Michigan is really going after people who committ mortgage fraud by passing a law that makes it a felony to committ.  Mortgage rages continue to be at their lowest on record.

In The News:

Housing Wire - “Foreclosure starts drop across the West Coast” (1-13-12)

“Foreclosure starts across the West Coast plummeted in December as California, Nevada and Washington reported double-digit declines in new mortgages entering the process, according to ForeclosureRadar.”

Bloomberg - “Housing Recovery to Give U.S. Economy Modest Push in ’12, Fannie Mae Says” (1-13-12)

“Home sales and construction will improve this year, contributing “modestly” to economic expansion after acting as a drag on growth since 2006, according to a Fannie Mae (FNMA) forecast released today.”

Realty Times - Mortgage Rates Continue Trend of Record-Breaking Lows” (1-13-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, it showed mortgage rates easing to new all-time record lows for all products covered in the survey helping to keep homebuyer affordability high.

San Francisco Chronicle - “Billionaire Paulson Persists With Rebounding Property:Mortgages” (1-13-12)

“Mortgage securities are drawing buyers after tumbling last year and handing  billionaire hedge fund manager John Paulson his first loss in the bond market.”

Housing Wire - “Jobs growth points to potential recovery in housing” (1-13-12)

“The housing market remains in the trenches, but underlying fundamentals show a recovery is possible as long as employment continues to tick up, Capital Economics said Friday.”

FINS - “JP Morgan to Hire in 2012″ (1-13-12)

“Despite a weak second half and continued market volatility last year, JPMorgan added 20,300 employees and intends to keep hiring in certain areas in 2012.”

San Francisco Chronicle - “RealtyTrac: Home seizures may jump 25% this year” (1-13-12)

“Banks may seize more than 1 million U.S. homes this year after legal scrutiny of  their foreclosure practices slowed actions against delinquent property owners in  2011, RealtyTrac said.”

CNN Money - “Europe braces for S&P downgrades” (1-13-12)

“European officials and investors were on alert Friday following reports that several eurozone countries were about to be downgraded by rating agency Standard & Poor’s.”

Housing Wire - “Consumer sentiment hits 8-month high” (1-13-12)

“A preliminary January reading of consumer sentiment rose to 74, the highest level of the Thomson Reuters/University of Michigan index since May.”

Bloomberg - “Attorneys General Discuss Mortgage Probes as Bank Talks Drag On” (1-13-12)

“About a dozen state attorneys general met this week to discuss their mortgage investigations and how they might work together as settlement talks with banks over foreclosures drag on, three people familiar with the matter said.”

DS News - “New Michigan Laws Make Mortgage Fraud a Felony” (1-13-12)

“Michigan is taking a strong stand on mortgage fraud. New state laws that went into effect at the start of the year have redefined mortgage fraud in the eyes of the law and are defining strict consequences for perpetrators.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $67,000 on a 3 bedroom, 2 bathroom home appraised for $111,000.

California Real Estate Investor Events:

The Norris Group will be at the Women’s Council of Realtors on January 18, 2012.

The Norris Group will be at the Investors Workshops with Shawn Watkins on January 25, 2012.

Looking Back:

Top News Stories: Several sources reported that the number of foreclosures were expected to increase in 2011.  Bloomberg expected them to rise almost 20%.  In other news, mortgage rates declined for the second week in a row according to Freddie Mac. Corelogic reported that home prices continued to decline.  On a positive note, however, John Burns said this did not stop consumers from wanting to purchase homes.

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

The Norris Group Real Estate News Roundup 12/01/11

Thursday, December 1st, 2011

Today’s News Synopsis:

In a big news story, Freddie Mac reported 30-year mortgage rates are still at a low 4%, even after five weeks.  Housing wire reported the number of people claiming unemployment has risen to 402,000.  Despite this, CNN Money reported more young people are being hired.  According to Bloomberg, spending on housing construction increased in October for the third month straight.

In The News:

Housing Wire - “Average time to foreclose sets new record of 631 days” (12-1-11)

“Mortgage delinquencies continued their decline in October and are nearly 30% off their January 2010 peak, but foreclosure inventories and the foreclosure process reached all-time highs during the month, according to Lender Processing
Services (LPS: 18.93 -0.16%).”

Los Angeles Times - “Freddie Mac: Mortgage rates stuck in low at 4%” (12-1-11)

“The mortgage engine seems stuck in low.  For five straight weeks, Freddie Mac’s survey of the rates offered by home lenders has averaged at or below 4% for 30-year loans.”

CNN Money - “Young workers getting hired again” (12-1-11)

“Young workers are landing jobs again.  Some 650,000 workers aged 16 to 24 found employment in the past three months, the biggest spike for that age group since the recession began, according to Labor Department statistics.”

Housing Wire - “Jobless claims edge up to 402,000″ (12-1-11)

“Jobless claims for the week ending Nov. 26 edged up as 402,000 new unemployment filings came in, an increase of 6,000 from the previous week.”

Bloomberg - “Construction Spending in U.S. Rose for Third Consecutive Month in October” (12-1-11)

“Construction spending in the U.S. rose in October for a third consecutive month on gains in housing and commercial projects like office buildings and power plants.”

Housing Wire“FHFA begins development of new REO pilot programs” (12-1-11)

“The Federal Housing Finance Agency said it has begun to develop new pilot programs to more efficiently unload foreclosed homes held by Fannie Mae and Freddie Mac.”

Bloomberg - “BofA Joins Foreign Investors Fueling Record Ginnie-Fannie Gap in Bonds” (12-1-11)

“Home-loan securities guaranteed by Ginnie Mae are trading at about record premiums over Fannie Mae (FNMA) bonds as foreign investors target debt with the strongest backing from the U.S. and lenders including Bank of America Corp. seek notes considered the least risky by regulators.”

Bloomberg - “JPMorgan, BofA Sued By Mass. Over Foreclosures” (12-1-11)

“JPMorgan Chase & Co. (JPM), Bank of America Corp. (BAC) and Citigroup Inc. (C) were among five banks sued by Massachusetts for “unlawful and deceptive conduct” in foreclosures, according to the state’s attorney general.”

Inman - “Two MLSs hit with civil suits after FTC actions” (12-1-11)

“Two multiple listing services in Michigan and Pennsylvania that  federal regulators had accused of  anti-competitive practices have also  become entangled in civil lawsuits seeking  millions of dollars in  damages on behalf of consumers.”

Looking Back:

Freddie Mac announced it would suspend foreclosure evictions from Dec. 20 to Jan. 3, 2011. Automatic Data Processing reported the U.S. economy added 93,000 private-sector jobs during November 2010. The Federal Reserve shared information about more than 21,000 individual transactions which provided $3 trillion in liquidity for market stabilization. According to the MBA, mortgage applications decreased 16.5% 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 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.