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The Norris Group Real Estate News Roundup 9/2/10

Thursday, September 2nd, 2010

Today’s News Synopsis:

Servicers made over 120,000 proprietary loan modifications in July, and 36,695 HAMP modifications. Pending home sales increased 5.2 percent in July, according to the NAR. MBA reports 30+ day commercial delinquencies increased to 8.22 percent in the second quarter. Freddie Mac’s weekly survey shows mortgage rates dropped again to a rate of 4.32%.

In The News:

The Press Enterprise – “New ways of viewing the housing meltdown” (9-1-10)

“At a meeting last night of the Inland Empire Investors, Norris said the federal government’s apparent agreement to allow banks to delay foreclosing on homes where the owners have ceased paying their mortgages for months on end is probably helping to hold up the economy. After all, the money that isn’t paying mortgages is going into the homeowners’ pockets and being spent on goods and services. Ironic, huhn?”

Mortgage Orb – “Proprietary Mods More Than Triple HAMP Mods” (8-31-10)

“Servicers completed more than 120,000 proprietary loan modifications in July – more than three times the number of mods completed through the federal Home Affordable Modification Program (HAMP), HOPE NOW reports. As reported by U.S. Treasury Department, servicers executed 36,695 HAMP modifications in July.”

Mortgage News Daily – “HUD Secretary Tiptoes Around Another Tax Credit, Pushes Balanced Housing Policy” (8-30-10)

“Donovan said that the dip in house sales in July was not unexpected because it would mark the end of the homebuyers’ tax credit that had been successful in spurring those sales. But, he said, the numbers were clearly worse than expected. The Secretary said, in response the Administration would be launching two additional critical tools in the next few weeks. The first will be an FHA refinancing effort to help borrowers who are underwater in their homes, the second is an emergency homeowners’ loan program to help unemployed borrowers to in their homes.”

NAR - “Pending Home Sales Rise” (9-2-10)

“The Pending Home Sales Index,* a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June, but remains 19.1 percent below July 2009 when it was 98.1. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.”

Mortgage Bankers Association – “MBA: Commercial Delinquencies Up for CMBS, Flat for Banks in Second Quarter” (9-2-10)

“Between the first quarter and second quarter 2010, the 30+ day delinquency rate on loans held in CMBS rose 1.39 percentage points to 8.22 percent. The 60+ day delinquency rate on loans held in life company portfolios decreased 0.02 percentage points to 0.29 percent. The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae rose 0.01 percentage points to 0.80 percent. The 60+ day delinquency rate on multifamily loans held or insured by Freddie Mac increased 0.03 percentage points to 0.28 percent. The 90+ day delinquency rate on loans held by FDIC-insured banks and thrifts remained unchanged at 4.26 percent. ”

Inman - “Communities get ‘First Look’ at many REOs” (9-2-10)

“Federal housing officials have reached an agreement with mortgage lenders that will give nonprofit organizations and state and local governments right of first refusal to purchase foreclosed homes in certain targeted neighborhoods. Lenders participating in the ‘National First Look Program’ represent about 75 percent of the real estate owned (REO) marketplace, the Department of Housing and Urban Development announced Wednesday.”

Housing Wire – “Weekly jobless claims down 1.25% to 472,000″ (9-2-10)

“The Department of Labor said Thursday seasonally-adjusted initial claims fell to 472,000 for the week ended Aug. 28, down from an upwardly revised 478,000 for the previous week. The consensus estimate of analysts surveyed by Briefing.com expected claims to drop to 475,000 last week.”

Housing Wire – “Freddie 30-year FRMs set record low at 4.32%” (9-2-10)

“The Freddie Mac Primary Mortgage Market Survey reported the average rate for a 30-year fixed-rate mortgage (FRM) at 4.32% with an average 0.7 origination point for the week ending Sept. 2, down from last week’s average of 4.36% and a year ago, when the average was 5.08%. This is the lowest rate the survey has recorded since its inception in 1971.”

Housing Wire – “Bernanke says stopping housing bubble was not an option” (9-2-10)

“Speaking before the Financial Crisis Inquiry Commission this morning in Washington, Federal Reserve chairman Ben Bernanke said if steps could have been taken three years ago to stop the bubble in the economy, which eventually lead to today’s recession, it would not have been a prudent decision to do so.”

Housing Wire – “OCC: lending standards loosen somewhat from year earlier” (9-2-10)

“The 2010 survey of credit underwriting practices by the Office of the Comptroller of the Currency showed 65% of banks tightened standards for commercial products and 74% tightened up retail lending. The survey measures the most-common types of credit offered by 51 of the largest national banks for the 12 months ended March 31. The value of the loans surveyed was $4 trillion, or more than 93% of all outstanding loans in the national banking system, according to the OCC.”

Housing Wire – “Serious HFA delinquencies decline in Q110: S&P” (9-2-10)

“Overall delinquency rates for HFA loans remained high, increasing 1.67% between Q409 and Q110 to 6.05%; however, seriously delinquent HFA loans decreased to 6.05% from 6.57%.”

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 9/1/10

Wednesday, September 1st, 2010

Today’s News Synopsis:

The MBA’s weekly survey shows mortgage applications increased 2.7% this week. SB1275, the foreclosure/modification bill, was rejected by congress in a 36-30 vote. Fannie Mae’s new rule regarding appraisal cutting takes effect today. Construction spending decreased 1 percent in July, according to the Commerce Department.

In The News:

Mortgage Bankers Association – “Mortgage Applications Increase as Rates Hit New Low in MBA Weekly Survey” (9-1-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending August 27, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 2.7 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 2.3 percent compared with the previous week.”

Reuters - “Loan picture improves but troubles remain: FDIC” (9-1-10)

“The Federal Deposit Insurance Corp revealed some encouraging figures about the bank industry, saying the sector earned $21.6 billion during the quarter largely due to banks putting away less money to cover expected loan losses. During the first quarter, the industry earned $17.8 billion.”

San Francisco Chronicle – “Assembly rejects foreclosure/modification bill” (9-1-10)

“SB1275, which was rejected 36-30 late Monday, would have required lenders to provide homeowners with a fully considered loan modification decision prior to foreclosing. Unlike federal initiatives, it would have given homeowners the right to sue the lender if that process did not occur.”

Housing Wire – “Fannie’s appraisal cutting ban takes effect” (9-1-10)

“Fannie Mae’s new policy to reduce appraisal cutting takes effect today. If a lender is trying to sell the GSE a loan, they are now prohibited from changing the market value of a home on the request form. Fannie Mae said Tuesday if a loan servicer does not properly handle a troubled mortgage loan in a timely manner, it will demand compensation from the servicer for the mortgage.”

Housing Wire – “Fed buys $900 million of Treasury debt” (9-1-10)

“Dealers offered to sell the Fed $25.79 billion in debt. The three slices of debt purchased by the Fed include $131 million maturing Nov. 15, 2012; $345 million maturing Dec. 15, 2012; and $424 million maturing Jan. 31, 2013. At its meeting from earlier this month, the Federal Open Markets Committee directed the New York Fed to maintain the total face value of domestic securities held in the system open market account at about $2 trillion.”

Housing Wire – “DebtX July CRE loan value up to 79.4%” (9-1-10)

“The value of commercial loans priced by The Debt Exchange in July that collateralize commercial mortgage-backed securities rose to 79.4% of the original balance. DebtX said the value is up from 77.4% in June, marking the fourth-straight month of increases, and is higher than the 71.1% for the year-ago July. The values are based on loans priced by DebtX. In July, the company priced 57,801 CRE loans with an aggregate principle balance of $679.5 billion that collateralize 623 CMBS trusts.”

Bloomberg - “Construction Spending in U.S. Declined Twice as Much as Forecast in July” (9-1-10)

“The 1 percent drop brought spending to $805.2 billion, the lowest level in a decade, after a revised 0.8 percent drop in June that wiped out a previously estimated gain, Commerce Department figures showed today in Washington. Spending on federal government projects fell by the most in a year.”

Bloomberg - “Real Estate Premium Near Record to U.S. Bonds Signals Time to Buy Property” (9-1-10)

“Capitalization rates, a measure of real estate yields, averaged 7.22 percent in the second quarter, based on an index calculated by the National Council of Real Estate Investment Fiduciaries. That was 429 basis points, or 4.29 percentage points, higher than the yield on 10-year government bonds as of June 30, according to data compiled by Bloomberg. It’s about 475 basis points higher than Treasury yields as of yesterday.”

Looking Back:

One year ago, the NAR reported that pending home sales increased 3.2 percent in one month. The average price of homes bought with mortgages funded by Freddie Mac increased 1.7% during the 2nd quarter of 2009. A wildfire north of Los Angeles threatened more than 12,000 homes and forced the evacuation of more than 4,300 people.

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The Norris Group Real Estate News Roundup 8/27/10

Friday, August 27th, 2010

Today’s News Synopsis:

Nearly 900,000 loans that were current at the beginning of this year are now over 60 days delinquent or in foreclosure as of July. GDP growth in the U.S. slowed to an annual rate of 1.6% in the second quarter. Commercial property sales totaled $8.7 billion in July.

In The News:

Orange County Register – “Californians feeling a little rosier” (8-27-10)

“Californians are feeling a little better about the economy now, although their optimism about the future has dimmed, according to Chapman University’s August consumer confidence survey. The school’s California Composite Index of Consumer Confidence, conducted the first three weeks of August, rose to 84.2 this month from 82.7 in May — the fourth consecutive increase in the index.”

San Francisco Chronicle – “California foreclosure bill is losing steam” (8-27-10)

“SB1275 would require lenders to provide homeowners with a fully considered decision on a loan modification prior to starting foreclosure. The bill addresses what some say has become a far too common phenomenon for homeowners who are delinquent on their mortgages: While negotiating a loan modification, their lender forecloses. The proposed rules would allow the homeowner to sue if that occurs.”

Housing Wire - “Nearly 1m More Mortgages Go From Current to Delinquent: LPS” (8-26-10)

“Almost 900,000 loans that were current at the beginning of the year are at least 60 days delinquent or in foreclosure as of July, according to the July 2010 month-end report released by Lender Processing Services’(LPS). Although delinquency volume fell 2.3% month-over-month in July to 9.3%, it remains near historically elevated levels — and record high numbers of delinquent loans are still entering the system, according to LPS. The volume of delinquencies increased 1.4% year-over-year.”

Housing Wire – “Q2 GDP revised to annual rate of 1.6% growth, imports rose 32.4%” (8-27-10)

“Second-quarter economic growth in the US slowed to an annual rate of 1.6%, which is slightly better than what analysts were projecting but down from prior Commerce Department estimates.”

Housing Wire – “Bernanke outlines three options for additional economic stimulus” (8-27-10)

“Bernake said that the zero interest rate policy (ZIRP) is unlikely to change in the coming months. He also doesn’t see any short-term risk of deflation. However, federal economic stimulus can only drive recovery temporarily. For a sustained expansion to take hold, growth in consumer spending and business fixed investment needs to come more into focus, he said.”

Housing Wire – “Fitch expects to keep downgrading CMBS through 2012″ (8-27-10)

“Downgrades on commercial mortgage-backed securities are expected throughout the next one to two years, according to Fitch Ratings’ managing director Mary MacNeill. She said this based on the approximately 1,900 bonds, a total of $71bn, that Fitch lists with negative future outlooks.”

Housing Wire – “Commercial real estate gets boost in July from strong office demand: RCA analytics” (8-27-10)

“July was the second most active month in commercial property sales this year, according to a Real Capital Analytics (RCA) report released today. Sales totaled $7.8bn, almost double the volume of July 2009 commercial real estate (CRE) sales.”

Housing Wire – “Fannie Mae July mortgage portfolio up 4.1% from year earlier, prices two-year deal” (8-27-10)

“Fannie Mae’s mortgage portfolio through July is up 4.1% from the year ago yet down somewhat from June, and the GSE issued nearly half the mortgage-backed securities during the month than in did last July. Fannie ended July with gross holdings of nearly $812 billion. That figure stood at $770.4 billion last year and $817.8 billion in June.”

Bloomberg – “Banks Need New Capital on Housing Dip, Whitney Says” (8-27-10)

“U.S. banks need more capital to withstand a renewed drop in the housing market, according to analyst Meredith Whitney. Banks aren’t prepared for a ‘double-dip’ in housing, which ‘it looks like we are having,’ Whitney said today on Bloomberg Radio”

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The Norris Group Real Estate News Roundup 8/23/10

Monday, August 23rd, 2010

Today’s News Synopsis:

The CBIA reports 2,454 new homes and condominiums were closed statewide in June, compared to 3,848 a year earlier. A survey from Trulia shows that 68% of renters believe they will have to wait at least two years before even considering buying a home. According to HUD, 616,839 HAMP modifications have been canceled and 434,716 modifications have been made permanent since the program began. The Congressional Budget Office expects the Troubled Asset Relief Program to cost a total of $66bn.

In The News:

Daily Bulletin - “Uncertain times” (8-19-10)

“Norris said a larger number of expensive homes thrown into the mix of homes sold this year may be skewing the median price up, rather than an overall price increase in homes. Norris also said home affordability is ‘off the charts’ but it does not necessarily translate to a greater demand to buy homes. Because of the real estate crash, more people are afraid to go to the finish line with home purchases, he said.”

CBIA - “California New-Home Market Continues Struggle in June, CBIA Announces” (8-23-10)

“The monthly CBIA/Hanley Wood Market Intelligence (HWMI) New-Home Sales and Pricing Report showed that statewide new-home closings in June were off 36 percent from a year ago. During the month, 2,454 new homes and condominiums were closed across the state, compared to 3,848 a year earlier. Closings of single-family homes were down by 17 percent, while sales of townhomes were off by 57 percent and sales of condominiums were 67 percent lower than a year ago.”

Orange County Register – “Landlords pray for jobs” (8-21-10)

“I’m still concerned about future job growth and global market conditions that we don’t have control over. Unfortunately, our improvement is a condition of the housing and credit markets and reduced multifamily inventory, not significant job growth. Would-be home buyers who are no longer able to qualify to purchase a home, former home owners who lost their homes and new wage earners are sustaining our improved fundamentals. We will need consistent and sustainable job growth going forward.”

Orange County Register – “A good time to be a landlord?” (8-22-10)

“A new survey by Trulia.com shows that 1 in 4 renters say they’ll never purchase a home, and of those who will, 68% say it’ll take more than a couple of years to happen.”

Housing Wire – “Housing’s Second Leg Down” (8-23-10)

“Home prices have fallen 34% from their peak in the middle of 2006, according to Standard & Poor’s HPI data — but is that enough? Or is there further to go? How much further could we fall?”

Housing Wire – “HAMP Trial Cancelations Catching up to Permanent Modifications” (8-23-10)

“The Making Home Affordable Program (HAMP) initiated 1.3m trials as of July 2010, but is having difficulty retaining program participants through the process of making their modifications permanent. According to the July Servicer Performance Report released by the US Department of Housing and Urban Development (HUD), 616,839 modifications have been canceled while 434,716 modifications have been made permanent throughout the program’s lifetime.”

Housing Wire – “TARP Losses Recalculated to $66bn as GSE Outlook Improves” (8-23-10)

“The Congressional Budget Office (CBO) projected Friday the total cost of Troubled Asset Relief Program (TARP) over its lifetime would be $66bn. This is down from the $109bn lifetime cost projected in March. Outlays for Fannie Mae and Freddie Mac will fall from $96bn in 2009 to $41bn this year, the CBO estimates, mostly because the two entities are expected to recognize fewer losses on their mortgage investments and guarantees.”

Housing Wire – “Econoday Reports Swings in Housing Starts Due To Multifamily Volatility” (8-23-10)

“July housing starts rose 1.7% to 546,000 from June’s revised figure of 537,000, which is the lowest level since October. The June revision and volatility in the multifamily component led to the monthly gain, according to Mark Rogers, senior economist at the Calif.-based research firm.”

Housing Wire – “Monday Morning Cup of Coffee” (8-23-10)

“The Office of the Comptroller of the Currency (OCC) released Friday a list of Community Reinvestment Act (CRA) performance evaluations for 39 national banks and insured federal branches of foreign banks. Of the banks, nine received an outstanding rating, 30 received a satisfactory rating and none needed to improve. None were of substantial noncompliance.”

Housing Wire – “Strengthening CRE Market Pushes Defeasance Levels Up: Moody’s” (8-23-10)

“Moody’s said loans originally secured by multi-family properties saw the highest level of defeasance during the first six months, accounting for 46% of total defeasance. Retail properties represented 22% of all defeasance for the period with lodging properties at 17%. And 61% of all defeased loans during the period had two years or less remaining on the loan. Defeasance activity is when a borrower in a commercial real estate securitization substitutes some type of capital-generating collateral – often Treasury securities – in lieu of a hard payment.”

Bloomberg - “Bernanke Must Raise Benchmark Rate 2 Points, Rajan Says” (8-23-10)

“Raghuram Rajan accurately warned central bankers in 2005 of a potential financial crisis if banks lost confidence in each other. Now the International Monetary Fund’s former chief economist says the Federal Reserve should consider raising rates, even as almost 10 percent of the U.S. workforce remains unemployed.”

Bloomberg - “Housing Slide in U.S. Threatens to Drag Economy Into Recession” (8-23-10)

“‘If foreclosures continue to mount and depress home prices, that could send the economy back into a recession,’ said Celia Chen, an economist who tracks the industry for Moody’s Analytics Inc.”

Orange County Register – “‘How to torpedo your short sale’” (8-23-10)

“Many of the lenders won’t pay past due HOA dues, and the short sale can’t be closed without bringing the HOA dues current. If you can, keep your HOA dues current or plan to bring money to close to pay for them.  Sometimes the lender will pay them, sometimes the buyer will, and sometimes we need can succesfully negotiate the amount, but late HOA dues can torpedo a short sale on your Orange County home.”

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 8/18/10

Wednesday, August 18th, 2010

Today’s News Synopsis:

HAMP’s permanent loan modifications increased 5.9% by the Bank of America, while the number of applications for mortgages increased 13%.  On the same note, according to the Mortgage Bankers Association the number fo refinancings for mortgages increased 17.1% in the previous week, while the amount of people filing for bankruptcy increased 20%.  Fannie Mae and Freddie Mac began searching for any bad loans or dishonest loan applications, while in other news Barney Frank believes Fannie Mae and Freddie Mac should no longer be allowed to operate.  However, there are no current plans for this to happen as the White House is trying to fix the problems.  Also, as the demand on homes decreases, the merging and aquisition of homebuilders may rise.  On a similar note, Veri-tax is now owned by  Blue Horizon Capital.  Finally, the Fed’s have come up with a plan to prepare for an increasing decline in the economy by using money made from securities to buy Treasuries.

In The News:

Housing Wire – “Bank of America Permanent HAMP Modifications Increase 5.9% in July” (8-18-10)

“Bank of America (BAC: 13.4305 +1.67%) pushed its total number of permanent mortgage workouts under the Home Affordable Modification Program (HAMP) to 76,300 in July, a 5.9% increase from June.”

Bloomberg - “U.S. MBA Mortgage Applications Index Rose 13% Last Week on Refinancing” (8-18-10)

“The number of mortgage applications in the U.S. increased last week, propelled by a surge in refinancing as borrowing costs hovered near record lows.  The Mortgage Bankers Association’s index rose 13 percent in the week ended Aug. 13, the Washington-based group said today. Refinancing jumped 17 percent to reach the highest level since May 2009, while purchases fell 3.4 percent.”

DSNews -“MIT Commercial Property Price Index Posts 17% Gain in Q2″ (8-18-10)

“Transaction prices of commercial properties sold by major institutional investors surged over 17 percent in the second quarter of 2010, according to an index developed and published by the Center for Real Estate at the Massachusetts Institute of Technology (MIT).”

CNBC - “Phase Out Fannie & Freddie Over Time: Rep. Frank” (8-18-10)

“Fannie Mae and Freddie Mac should be abolished but this has to be done over a period of time, Rep. Barney Frank, chairman of the House Financial Services committee, told CNBC on Tuesday.  Frank agreed that phasing out the housing behemoths would help bolster private mortgage financing, but stressed that the process would take time.”

Bloomberg - “Homebuilder Mergers Loom as `Elephant in Room,’ Citigroup Says” (8-18-10)

“Homebuilder takeovers may increase as tumbling demand for new houses and a faltering U.S. economic recovery spur companies to consolidate to gain market share, according to Citigroup Inc.”

RisMedia - “The Real Estate Book Introduces New Search Tool for House Hunters on the Go, Launches App for iPhone, iTouch, iPad” (8-18-10)

“For on-the-go home buyers, The Real Estate Book / RealEstateBook.com, the leading publisher of real estate information online and in print in North America, launches a new application that provides iPhone, iPod Touch and iPad users with access to all its listings – millions of homes for sale across the U.S. and around the world.”

DSNews - “Private Investment Firm Acquires Veri-tax” (8-18-10)

“Blue Horizon Capital, a private investment firm based in Los Angeles, California, acquired Tustin, California-headquartered Veri-tax LLC late last month.  A provider of tax verification and fraud management solutions for the mortgage lending and consumer credit industry, Veri-tax clients include two of the nation’s top four banks, as well as a slew of other lenders, originators, and financial institutions.”

Wall Street Journal - “Banks Face Fight Over Mortgage-Loan Buybacks” (8-18-10)

“While mortgage delinquencies are easing, banks are facing a new round of losses from loans made just before the financial crisis, and the fight to keep them off their balance sheets is intensifying.  Leading the charge to make originators repurchase their loans are Fannie Mae and Freddie Mac, the two government-owned finance agencies that guaranteed the mortgages. The firms are sorting through delinquent loans for signs of any violations of the representations and warranties, known as “reps and warranties.” In essence, they are looking for lies made by borrowers or lenders in loan applications.”

DSNews - ”Industry Stakeholders Descend on Washington to Debate GSE Reform” (8-18-10)

“Will Fannie Mae and Freddie Mac still be here in three years? Or will they be replaced by a new federal mortgage agency? Will the government begin a grand exodus from the housing market and leave the American Dream to the private sector?”

Orange County Register - “Realogy CEO Takes Part in U.S. Government Conference on the Future of Housing Finance” (8-18-10)

“Lenders seized fewer homes in July for a third straight month, repossessing nearly 10% fewer homes than in June.  Meanwhile, default notices filed against homeowners who have missed three or more house payments increased 9% last month from June’s levels.”

DSNews - “Rapidly Rising Inventory, Home Price Pressures in Store: Altos Research” (8-18-10)

“Real estate data provider Altos Research says its newest housing market report confirms what the company has been saying for some time: the mini “boom” of this spring was created by seasonal demand, with some extra help from the federal homebuyer tax credits.”

Housing Wire – “Falling Housing Prices Drag Down Consumer Spending for 3rd Straight Month: Deloitte” (8-18-10)

“The Deloitte Consumer Spending Index, which tracks consumer cash flow to predict future spending, declined for the third straight month in July due to weaknesses in the post-tax credit housing market.”

DSNews - “TransUnion: Mortgage Delinquencies Drop for Second Straight Quarter” (8-18-10)

“The national mortgage loan delinquency rate – measuring the ratio of borrowers 60 or more days behind on their home loan payments – fell again in the second quarter of 2010, suggesting the credit conditions in the housing sector have begun to stabilize, according to TransUnion.”

RisMedia - “Builders Shrink Homes to Fit Buyers’ Newly Modest Tastes” (8-18-10)

“Realogy Corporation, a global provider of real estate and relocation services, announced that its chief executive officer Richard A. Smith traveled to Washington, D.C., today to participate in the Conference on the Future of Housing Finance. The invitation-only event is being hosted by Secretary of the Treasury Timothy Geithner and Secretary of Housing and Urban Development (HUD) Shaun Donovan.”

“The Fed’s move to begin buying long-term Treasuries with proceeds from maturing mortgage-backed securities opens up the possibility of quantitative easing if the economy declines further, according to Deutsche Bank.”

CNBC - “Call for Careful Overhaul of US Mortgage Lending” (8-18-10)

“The US does not intend to wind down completely Fannie Mae and Freddie Mac, the large government-sponsored mortgage companies that are eating up billions of taxpayer dollars, given the fragile state of the housing market.”

CNBC - “White House Taking Steps to Fix Fannie and Feddie” (8-18-10)

WebCPA - Bankruptcy Filings Jump 20 Percent (8-18-10)

“Bankruptcy filings rose 20 percent in the 12-month period ending June 30, 2010, the highest number of bankruptcy filings for any period since many of the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 took effect.”
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 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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The Norris Group Real Estate News Roundup 8/9/10

Monday, August 9th, 2010

Today’s News Synopsis:

The percentage of American single-family homes with mortgages in negative equity decreased by 1.8% from the first to second quarter.  Freddie Mac is requesting $1.8 billion in federal aid after a $6 billion loss in the second quarter. Freddie Mac’s single-family inventory rose by 84.2% and its multifamily inventory doubled from last year. PIMCO fears the U.S. may be entering a period of deflation, and JPMorgan Chase expressed concerns that our financial system may crash in 2015.

In The News:

MSNBC - “Fewer U.S. homeowners have ‘underwater mortgages’” (8-9-10)

“The percentage of American single-family homes with mortgages in negative equity fell to 21.5 percent in the second quarter from 23.3 percent in the first quarter and 23 percent a year ago, according to the Zillow Real Estate Market Reports.”

Los Angeles Times – “Freddie Mac requests $1.8 billion in aid after loss” (8-9-10)

“Government-controlled mortgage buyer Freddie Mac is asking for $1.8 billion in additional federal aid after posting a larger loss in the second quarter. Freddie Mac said Monday it lost $6 billion, or $1.85 per share, in the April-to-June period. That takes into account $1.3 billion in dividends paid to the Treasury Department. It compares with a loss of $840 million, or 26 cents a share, in the second quarter a year ago.”

Housing Wire – “Flooded with Housing Inventory, Freddie REO Sales Surge Despite Foreclosure Alternatives” (8-9-10)

“Year-over-year, Freddie’s single-family portfolio increased 84.2% and the multifamily portfolio doubled. Monday morning’s quarterly results reveal a 655% increase in forbearance agreements, where distressed homeowners simply get more time to begin paying back the mortgage. These forbearance agreements numbered 21,673 at the end of the first half of 2010, up from 2,869 at the end of the first half of 2009.”

Housing Wire - “The Scope: JP Morgan Estimates Nearly 9m Mortgages Eligible for New FHA Refinancing” (8-9-10)

“There is $870bn worth of underwater mortgages that could be eligible for the new Federal Housing Administration (FHA) short refinance program announced last week, according to JPMorgan. Additionally, there could be as many as 8.9m loans eligible for the program, worth an aggregate balance of $2.3trn, which includes underwater borrowers and mortgages eligible for the Home Affordable Modification Program (HAMP).”

Housing Wire – “Zillow Sees 3.6% Dip in US Home Prices as More Underwater Mortgages Come up for Air” (8-9-10)

“For the 14th consecutive quarter, national US home values declined 3.2% year-over-year during Q210, according to a quarterly market report produced by real estate listing website Zillow. The average sales price for residential properties was $182,500 during the quarter, down 0.6% from the Q110 price of $183,700. In Q210, 21.5% of mortgage properties were in negative equity positions, compared with 23.3% in Q110.”

Housing Wire – “PIMCO: US On Verge of Turning Japanese?” (8-9-10)

“The US may be nearing a long period of limited growth with the risk of deflation that would bring the nation’s economy very close to that of Japan during the 1990s, according to investment-management firm PIMCO.”

Housing Wire – “Monday Morning Cup of Coffee” (8-9-10)

“Federal Reserve chairman Ben Bernanke said there are options to re-shape US housing finance that don’t involve government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. ‘There are a variety of organizational forms that might replace Fannie Mae and Freddie Mac that could likely provide mortgage credit without the systemic risks associated with these institutions in the past,’ Bernanke said in a July 23 letter to Ohio Democrat Rep. Marcy Kaptur, according to reports by multiple media reports.”

Bloomberg - “Crash of 2015 Won’t Wait for Regulators to Rein in Wall Street” (8-9-10)

“The financial system experiences a crisis ‘every five to seven years,’ JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon told the Financial Crisis Inquiry Commission in January. By that measure, the next crash could come by 2015 — years before new banking reforms are in place. Many of the measures ordered by Congress and global regulators, aimed at cushioning the financial system in future crises, are years away from being implemented. The Basel Committee on Banking Supervision plans to give the world’s banks until 2018 to comply with limits on how much they can borrow.”

Orange County Register – “Real estate loss hammers Calif. pensions” (8-9-10)

“The $200 billion California Public Employees’ Retirement System (CalPERS) earned 11.4 percent return in the year ended June 30 — despite losing 37.1% on its real estate bets through March 31. The $130 billion California State Teachers’ Retirement System (CalSTRS) was up 12.3 percent in the same year after losing 12.4% on its property holdings.”

Orange County Register – “Unsold homes up 57% this year” (8-9-10)

“The number of homes for sale on the Orange County housing market has mushroomed to 11,414 in the 30 days ending last Thursday. That’s up 57% since ‘inventory’ began a steady rise at the start of the year, according to the latest report by Altera’s Steven Thomas.”

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 8/3/10

Tuesday, August 3rd, 2010

Today’s News Synopsis

According to the NAR, pending home sales declined 2.6 percent in June. Data from the Southern California Multiple Listing Service shows that 25 percent of home sold in Orange County are sold for less than the owner in June went for less than the seller owed on the mortgage. Zillow reports the average 30-year mortgage rate decreased to 4.28 percent from last week. 84 percent of buyers begin searching for homes online.

In The News:

NAR - “Pending Home Sales Ease in Post-Tax Credit Market” (8-3-10)

“The Pending Home Sales Index,* a forward-looking indicator, declined 2.6 percent to 75.7 based on contracts signed in June from an upwardly revised level of 77.7 in May, and is 18.6 percent below June 2009 when it was 93.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.”

Orange County Register – “Short sales top 700 in June” (8-3-10)

“One out of every four homes sold in Orange County in June went for less than the seller owed on the mortgage, according to the latest figures from the Southern California Multiple Listing Service. Thanks to falling home prices, about 14% to 19% of all O.C. homeowners owe more for their homes than they’re worth. In a short sale, lenders eat the difference between the amount paid and the amount owed.”

Housing Wire – “Zillow: Rate on 30-Year-Mortgage Drops to Record Low Week-to-Week” (8-3-10)

“The 30-year fixed-mortgage rate (FRM) dropped week-to-week nationally averaging 4.28%, according to Zillow Mortgage Marketplace’s weekly update. This is down 0.1% and a new record low according to their data. Last week’s averages remained steady.”

Housing Wire – “Fannie Launches Distressed Borrower Education Site” (8-3-10)

“Fannie Mae today is launching a borrower-facing outreach site designed to educate distressed homeowners on potential retention strategies and foreclosure alternatives. The online education resource — available in both English and Spanish — offers calculators to demonstrate to borrowers the mechanics of refinance, repayment, forbearance and modification options. It also offers information on Fannie’s Deed-For-Lease program, which allows borrowers to become renters in the same property after pursing deed-in-lieu of foreclosure.”

Bloomberg - “Banks `Throw in Towel’ to Add Most Mortgage Bonds in 18 Months” (8-3-10)

“The biggest banks are adding government-backed mortgage bonds at the fastest pace in 18 months, breaking with an unusual pattern in which they shunned the debt as their loan portfolios shrank during the economic slump, according to Barclays Plc. Large U.S. commercial banks added $51.4 billion of so- called agency mortgage-backed securities in the two weeks ended July 21, according to the latest data released by the Federal Reserve.”

Orange County Register – “Does unemployment pay mean no loan?” (8-3-10)

“No, you will not not qualify because you filed for unemployment insurance last year, or the year before. We are getting fairly used to seeing income streams in which our clients may have been unemployed for part of the previous two years. While we cannot use the unemployment income (**asterisk alert** : keep reading for when we can use this income) your receiving it does not disqualify you from qualifying. We will need to show a two year history of employment so if you were unemployed for three months we will need to show employment going back at least 27 months.”

Realty Times - “Staging a Photo Ready Home” (8-3-10)

“Your home’s first impression may not be one that is face to face with a prospective buyer. In today’s world, 84 percent (National Association of Realtors) of home buyers start their search online. That’s an impressive figure, and one that means your home needs to make a strong virtual impression.”

Realty Times – “California Law To Require Carbon Monoxide Detectors” (8-3-10)

“On May 7, 2010, California Governor Arnold Schwarzenegger signed into law Senate Bill 183 (Lowenthal), a bill that will require the placement of carbon monoxide detectors in all California dwelling units. The bill also requires that the presence or absence of these devices must be disclosed when residential real estate is transferred.”

Looking Back:

One year ago, construction spending increased by 0.3 percent within one month. The chief economist of the CAR predicted the housing market had not bottomed. Fannie Mae issuance of mortgage-backed securities jumped 44% in June 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 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 7/26/10

Monday, July 26th, 2010

Today’s News Synopsis:

The Commerce Department new home sales increased 23.6% last month. Statistics from LPS show show 9.39% of all loans were delinquent by more than 30 days. The national vacancy rate on multifamily properties  decreased to 7.8%, according to BarCap. A survey from Campbell Survey suggests that home prices will continue to fall.

In The News:

CNN - “New home sales rebound 24%” (7-26-10)

“New home sales increased 23.6% to a seasonally adjusted annual rate of 330,000 last month, up from an downwardly revised 267,000 in May, the Commerce Department reported Monday. Sales year-over-year fell 16.7%.”

CBIA - “Housing Starts Rise Again in June, CBIA Announces” (7-26-10)

“According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 4,238 total housing units in June, up 19 percent from the same month a year ago and up 34 percent from May. It was the largest monthly total since December of 2008 when 4,658 total permits had been issued. Permits for single-family homes totaled 2,628, down 9 percent from June 2009 but up 33 percent from the previous month, while multifamily permits totaled 1,610, up 140 percent from a year ago and up 35 percent from May.”

Wall Street Journal – “Mortgage Delinquencies Fall in June, Still Near Record Highs” (7-26-10)

“Some 9.39% of all loans were 30 days or more past due, down from 9.54% in May, according to LPS Applied Analytics, which tracks loan data. An additional 3.69% of mortgages were in some stage of foreclosure, down from 3.72% in May and the record high of 3.81% in March.”

Housing Wire – “Multifamily Rental Demand Catching up to Supply: BarCap” (7-26-10)

“The multifamily net absorption rate, or the amount of space leased after deducting the amount of supply, increased by more than 46,000 units in Q210, the highest increase in 10 years, according to BarCap. The national vacancy rate on multifamily properties also decreased to 7.8% from 8% over the same time”

Housing Wire – “As FHA Mortgage Volume Increases From 2009, Serious Delinquencies Spike” (7-26-10)

“The rate of seriously delinquent mortgages backed by the Federal Housing Administration (FHA) declined slightly from May to June, but the gross number of mortgages that are either 90 or more days past due or in foreclosure increased 35% year-over-year. According to the FHA June single-family operations report, the total volume of mortgage in-force increased more than 24% to 6.4m in June compared to the same month one year ago. The total value of unpaid FHA mortgages was $865.5bn in June, up 30.3% from $663.8bn one year ago and up 3.3% from $837.8bn in May.”

Housing Wire - “The New Math Surrounding HAMP Doesn’t Add Up” (7-26-10)

“There is no other way to say this: we’re being lied to. Willfully. Anyone who managed to read headlines around the U.S. Treasury’s latest HAMP report card last week would likely have thought the program a huge success –- with more than one media outlet trumpeting impossibly miniscule re-default rates among permanent HAMP mods. At HW, we chose not to run with the HAMP redefault numbers except to note that Treasury officials had added them into the latest report card. And this choice was made with purpose: we knew these numbers were fake. Nobody gets a 1.7% redefault rate 6 months after modification –- not even Uncle Sam”

Housing Wire – “Campbell Survey: Housing Prices Drop in June and Will Continue to Fall” (7-26-10)

“A 32% plummet in new home sales in May correlates with a drop in overall homebuyer activity, although updated data out today from the Census Bureau shows a nearly 24% surge in new home sales in June.”

Housing Wire – “Monday Morning Cup of Coffee” (7-26-10)

“The Federal Deposit Insurance Corp. (FDIC) took receivership of seven banks last week with a combined cost to the Deposit Insurance Fund (DIF) of $468.2m. It brings the total closings in 2010 to 103 banks. At this time last year, there were 64 closings. Bank failures in 2009 took until October to pass 100.”

Housing Wire – “MIT-Harvard Study: Foreclosure drops house value by 27%” (7-26-10)

“A foreclosure reduces the value of a house by 27%, on average, and accounts for a much steeper price drop than other forced sales, according to a study by an Massachusetts Institute of Technology (MIT) economist and two Harvard University researchers. In comparison, when a house is sold after the death of an owner, the price drops 5% to 7% on average. When an owner declares bankruptcy, the value sinks 3%, according to the report.”

Bloomberg - “U.S. Small-Business Aid May Create $300 Billion of `Junk’ Loans” (7-26-10)

“The U.S. Senate may vote this week on a bill to funnel $30 billion of capital to community banks, whose business customers typically are small firms. Banks could leverage the sum to make $300 billion in loans that create jobs, according to a Senate summary. That could more than double the commercial and industrial loans at eligible banks as of the first quarter, according to data compiled by KBW Inc.”

Orange County Register – “Owners rush to sell O.C. homes” (7-26-10)

“Orange County housing inventory grew by the largest amount so far this year, adding an additional 418 homes in the past two weeks and now totals 11,235. The market has not breached the 11,000 mark since the beginning of April 2009. Last year at this time the inventory was at 8,895 homes, 2,340 fewer than today. The inventory has not stopped growing at all this year as more and more pent up homeowners have opted to place their homes on the market at unrealistic levels.”

Orange County Register – “O.C. distressed homes up 35%” (7-26-10)

“Last year at this time, there were 2,616 distressed homes on the market, 841 fewer than today. The number of foreclosures within the active listing inventory increased by 35 homes in the past two weeks from 578 to 613 … Short sales, where a homeowner attempts to sell a home for less than the total outstanding loans against a home, requiring lender approval, increased by 115 homes over the past two weeks and now total 2,844.”

Looking Back:

One year ago, the quarterly homeownership rate was 67.3 percent. The average rate on 30-year fixed mortgages was 5.2 percent. The state Senate approved a budget package that was believed to be capable of closing the state’s $26.3 billion deficit.

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The Norris Group Real Estate News Roundup 7/22/10

Thursday, July 22nd, 2010

Today’s News Synopsis:

CAR reports California home sales decreased 4.2 percent in June. Statistics from the NAR show existing home sales 5.1 percent in June. Ascension Capital Group predicts total bankruptcy filings will top 1.63m in 2010, and increase nearly 10% in 2011. Eight million homeowners are currently not paying their mortgage.

In The News:

CAR - “June sales and price report” (7-22-10)

“Home sales decreased 4.2 percent in June in California compared with the same period a year ago, while the median price of an existing home rose 13.6 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.”

NAR - “Existing-Home Sales Slow in June but Remain Above Year-Ago Levels” (7-22-10)

“Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.”

Housing Wire – “Servicers Dissect HAMP, Short Sales at Loss Mit Conference” (7-22-10)

“While Home Affordable Modification Program (HAMP) often gets a bad rap in the press, panelists at the loss mitigation conference in Dallas Thursday were less inclined to call the program a failure although they pointed to some weaknesses.”

Housing Wire - “HUD to Probe Claims of Mortgage Discrimination” (7-22-10)

“The US Department of Housing and Urban Development (HUD) announced Wednesday that it will launch a series of investigations to determine if the lending practices used by certain mortgage lenders violated the Fair Housing Act. Questions arose after the New York Times published an article demonstrating that firms may have illegally denied mortgages to expectant mothers and families experiencing short-term disability.”

Housing Wire – “Bankruptcy Creates Many Problems in Mortgage Loss Mit” (7-22-10)

“Total bankruptcy filings are projected to top 1.63m in 2010, and increase nearly 10% and nearly 9% in 2011 and 2012, respectively, according John Griggs, chief operating officer of Fort Worth-based Ascension Capital Group. Griggs said the rate of bankruptcy filings closely follows rates of foreclosure, unemployment and strategic default. Ascension projects unemployment will remain high through the end of 2010, then flatten out and reduce and hover around 8% by late 2011 or early 2012.”

Inman – “Record low rates spur refis but not sales” (7-22-10)

“The survey showed 30-year fixed-rate loans averaging 4.56 percent with 0.7 point, essentially unchanged from last week’s 4.57 percent reading, but down from 5.2 percent a year ago and a new low in records dating to 1971. The 15-year fixed-rate mortgage also hit a low in records dating to 1991, falling from 4.06 percent last week to 4.03 percent with an average 0.7 point. At this time a year ago, those loans averaged 4.68 percent.”

Inman - “A view on 62% homeownership” (7-22-10)

“Eight million homeowners are currently not paying their mortgage, and we believe 6 million of them will lose their home to the bank in the next two years. This will reduce the homeownership rate to 62 percent”

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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