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The Norris Group Real Estate News Roundup 4/28/11

Thursday, April 28th, 2011

Today’s News Synopsis:

A study from Trulia shows it is cheaper to buy than rent in 78% of the largest cities in the U.S. The NAR said pending home sales rose 5.1% in March. The Commerce Department reports housing growth fell 4.1% during the 1st quarter. A California bill drafted to end the practice of filing a foreclosure ahead of modification efforts failed this Wednesday.

In The News:

Inman - “Cheaper to buy than rent in 78% of major cities” (4-28-11)

“It is cheaper to buy a home than to rent one in 39 of the nation’s 50 largest cities, according to a quarterly report released today by real estate search and marketing site Trulia.”

San Francisco Chronicle – “Rate on 30-year fixed mortgage falls to 4.78 pct.” (4-28-11)

“Fixed mortgage rates dipped this week, with the rate on the 30-year loan staying under 5 percent and the 15-year loan falling below 4 percent. Freddie Mac says the average rate on the 30-year loan fell to 4.78 percent from 4.80 percent the previous week. It hit a 40-year low of 4.17 percent in November.”

Housing Wire – “Jobless claims rose 6% last week” (4-28-11)

“The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended April 23 rose by 25,000 to 429,000. Initial claims for the prior week were 404,000, which was revised upward a by 1,000.”

NAR - “Pending Home Sales Rise Again in March” (4-28-11)

“The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 5.1 percent to 94.1 in March from a downwardly revised 89.5 in February. The index is 11.4 percent below 106.2 in March 2010; however, activity was at elevated levels in March and April of 2010 to meet the contract deadline for the home buyer tax credit.”

NAHB - “Remodeling Market Index Reaches Highest Level in Four Years” (4-28-11)

“According to the National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI), the remodeling market is heading into recovery with an increase to 46.5 in the first quarter of 2011 from 41.5 in the fourth quarter of 2010. This marks the highest level for the RMI since the fourth quarter of 2006. An RMI below 50, however, indicates that still more remodelers report market activity is lower (compared to the prior quarter) than report it is higher.”

Housing Wire – “GDP growth slows to 1.8% in 1Q” (4-28-11)

“The Commerce Department said Thursday the seasonally adjusted gross domestic product for the first three months of 2011 rose 1.8%, roughly inline with most analysts’ estimates but down significantly from 3.1% for the fourth quarter. Growth in the housing sector fell 4.1% during the quarter after climbing at a rate of 3.3% during the final three months of 2010.”

Housing Wire - “Foreclosure bill voted down in California, fight not over” (4-28-11)

“A California bill drafted to end the practice of filing a foreclosure ahead of modification efforts failed in state committee Wednesday, but its key sponsor plans to reintroduce it.”

Orange County Register – “O.C. shopping centers 10% less vacant” (4-28-11)

“Real estate tracker Reis Inc. reports that in the first quarter 6.3% of Orange County shopping center space was vacant — tied for 7th best among 83 markets tracked nationwide. And local centers are filling up, as in the past year the Orange County vacancy rate enjoyed an 0.7 percentage point improvement — or 10% better!”

Looking Back:

One year ago, the MBA reported mortgage loan application volume decreased 2.9 percent from the previous week. The House Financial Services Committee approved a bill to increase capital reserves in the Federal Housing Administration (FHA) and reduce risks to its insurance fund. Republicans voted against the Restoring American Financial Stability Act of 2010. New HUD regulations required all new lender applicants to hold at least $1 million.

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 4/7/11

Thursday, April 7th, 2011

Today’s News Synopsis:

CoreLogic said home prices fell 6.7% in February, and Clear Capital claims home prices in the West declined 4.3% in the previous quarter. According to Freddie Mac, mortgage rates increased to 4.87% last week. Analysts are concerned that a Federal shutdown would have dramatic effects on the California economy and the FHA.

In The News:

Housing Wire – “Home prices fall for seventh straight month: CoreLogic” (4-7-11)

“According to the CoreLogic (CLGX: 18.48 -1.75%) Home Price Index, prices fell 6.7% in February compared to the same month in 2010. This follows a 5.5% year-over-year drop in January.”

Housing Wire – “Jobless claims dip again in April” (4-7-11)

“The number of initial jobless claims filed by unemployed Americans dropped to 382,000 during the week of April 2, down from last week’s revised figure of 392,000, according to data from the U.S. Labor Department released Thursday.”

Sacramento Bee – “Summary Box: Fixed mortgage rates inch up” (4-7-11)

“Freddie Mac said the average rate on a 30-year fixed mortgage rose to 4.87 percent from 4.86 percent the previous week. The average rate on the 15-year fixed mortgage increased to 4.10 percent from 4.09 percent.”

San Francisco Chronicle – “Federal shutdown would hit California hard” (4-7-11)

“Employees deemed essential, such as air traffic controllers, doctors at VA hospitals, border agents and military personnel, probably will remain on the job as they did during the last major shutdown in 1995. Others, such as Internal Revenue Service employees at 27 California locations, might find their offices closed on Monday.”

Housing Wire – “Analysts say FHA shutdown possible without budget consensus” (4-7-11)

“If the government were to shutdown, two important steps in the FHA origination process would be put on hold. FHA lenders may still be able to originate loans, but they would have to wait on obtaining case numbers and a mortgage insurance certificate to be issued.”

Housing Wire – “Hope Now reports a mixed-bag of results” (4-7-11)

“Hope Now, an alliance of mortgage servicers and home retention counselors who are pushing to save distressed properties, said the month of February brought mixed results with servicers reporting fewer loan modifications and falling delinquency rates. In February, the number of completed loan mods fell from 100,186 to 87,000.”

Bloomberg - “Mall Vacancies Climb to Highest in Decade as U.S. Store Closings Persist” (4-7-11)

“The vacancy rate climbed to 9.1 percent from 8.9 percent a year earlier and 8.7 percent in the fourth quarter, the research firm said in a report today. It was the highest since Reis began publishing data on regional malls in 2000.”

Housing Wire – “Home prices double-dip in West but flatten nationally: Clear Capital” (4-7-11)

“March home prices in the West declined 4.3% from the previous three months and reached a new low since 2001, according to real estate data provider Clear Capital.”

Looking Back:

One year ago, the MBA reported that 1.2 million households were lost from 2005 to 2008. Greenspan defended the fed’s lack of oversight in the subprime market claiming that consumer protection was a high priority at the time. A Fannie Mae survey showed 61 percent of homeowners and renters said the economy was on the wrong track. Fitch reported subprime RMBS delinquencies fell to 46.3% in March 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.

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The Norris Group Real Estate News Roundup 4/6/11

Wednesday, April 6th, 2011

Today’s News Synopsis:

Mortgage applications dropped 2% from last week, according to the MBA. CoreLogic has developed a tool to determine whether borrowers are overstating their income. A small business tax rule has been reversed by Congress. Borrowers will no longer be excluded from 3 of the 4 Keep Your Home California programs just because they took out a home equity line of credit or did a cash-out refinance.

In The News:

Mortgage Bankers Association – “Applications Decrease in Latest MBA Weekly Survey” (4-6-11)

“Mortgage applications decreased 2.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 1, 2011.”

MDA DataQuick – “Use of FHA Loans Declines; VA Loan Use Up from Last Year” (4-4-11)

“In February, 33.3 percent of the purchase mortgages used in those 20 metro areas were FHA-insured, down from 34.2 percent in January and 38.2 percent in February 2010, according to San Diego-based DataQuick Information Systems. Last month’s figure was the lowest since FHA loans made up 33.0% of the purchase loan market in November 2008.”

Inman - “CoreLogic tools automate income verification” (4-5-11)

“Data aggregator and analytics company CoreLogic is offering mortgage lenders free 30-day trials of its real-time income validation tool, IncomeAdvisor. IncomeAdvisor is designed to help lenders determine whether borrowers are overstating their claimed income”

Los Angeles Times – “Tax rule that would’ve hurt small business is repealed” (4-6-11)

“All businesses would have had to file tax forms for every person or company with whom they did more than $600 worth of business in a year. Small businesses protested, saying they would be buried in paperwork, so Congress is reversing course.”

San Francisco Chronicle - “Mortgage aid offered to those who cashed out equity” (4-6-11)

“The California Housing Finance Agency said Tuesday that people will no longer be excluded from three of the four Keep Your Home California programs just because they took out a home equity line of credit or did a cash-out refinance.”

Housing Wire – “Undercover investigation reveals mortgage scammer tactics” (4-6-11)

“Four fair housing organizations released findings Wednesday from a yearlong undercover investigation uncovering loan modification scammer-tactics victimizing homeowners.”

Looking Back:

One year ago, a Fannie Mae survey showed that approximately two-thirds of Americans still preferred to own a home. Independent mortgage bankers and subsidiaries made an average profit of $890 on each loan they originated in the fourth quarter of 2009. The National Bankruptcy Research Center claims that bankruptcies could total over 1.5 million in 2010. According to Reis Inc, rent prices declined by 1.6 percent from 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 3/30/11

Wednesday, March 30th, 2011

Today’s News Synopsis:

The NAR said vacation home sales accounted for 10% of all transactions in 2010. A new proposal may force lenders to allow short sales for delinquent homeowners. The House voted 252 to 170 end funding for HAMP. CoreLogic estimates there are 1.8 million homes in the shadow inventory.

In The News:

NAR - “Vacation- and Investment-Home Shares Hold Even in 2010″ (3-30-11)

“vacation-home sales accounted for 10 percent of transactions last year while the portion of investment sales was 17 percent, both unchanged from 2009.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-30-11)

“Mortgage applications decreased 7.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 25, 2011.”

Los Angeles Times – “Proposed settlement would force banks to allow short sales for delinquent homeowners” (3-30-11)

“Major banks may be forced to let severely delinquent homeowners sell their houses for less than the loan amounts owed as part of a broad settlement of federal and state investigations into botched foreclosure paperwork, according to government officials involved in the negotiations.”

CNN - “House votes to kill Obama mortgage plan” (3-30-11)

“The House voted 252 to 170 to stop any new funding for the Home Affordable Modification Program (HAMP). Eleven Democrats joined Republicans to defund the program.”

Housing Wire – “Job gains barely beat estimates on the long road back to pre-recession levels” (3-30-11)

“While the economy gained 201,000 private sector jobs last month, those additions are not enough to set the pace for a rapid economic or housing recovery, analysts say.”

Bloomberg - “Lenders Could Get Exemptions Under New Risk-Retention Rule” (3-30-11)

“U.S. regulators proposed exempting banks and bond issuers who meet high underwriting standards from rules requiring them to keep a stake in loans they securitize, according to a draft proposal.”

Bloomberg - “U.S. Home ‘Shadow Inventory’ Totals Nine Months of Supply, CoreLogic Says” (3-30-11)

“About 1.8 million homes that are delinquent or in foreclosure loom as additional supply for the struggling U.S. housing market, according to CoreLogic Inc.”

Housing Wire – “CBO drops estimate of TARP cost to $19 billion” (3-30-11)

“The Troubled Asset Relief Program will end up costing taxpayers $19 billion, according to the latest estimate Wednesday from the Congressional Budget Office.”

Housing Wire – “‘Too big to fail’ legacy lives on: Rosner” (3-30-11)

“government intervention in 2008 forced bank mergers and acquisitions, leaving the financial market in the control of the nation’s largest financial firms.”

Looking Back:

One year ago, national home prices decreased by 0.7 percent from the previous year. Fannie Mae and Freddie Mac estimated that mortgage rates would rise less than a quarter of a percentage point in the next three months. Interest rates on conventional 30-year FRMs increased to 5.13% in February 2010. The US Treasury Department announced it would allocate $600 million to HFA for foreclosure prevention programs in California, Florida, Arizona, Michigan and Nevada.

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 3/29/11

Tuesday, March 29th, 2011

Today’s News Synopsis:

The Associated General Contractors of America reports California ranked 18th in year over year economic improvement. According to LPS, Option ARM foreclosures currently represent 18.8% of foreclosure inventory. The Congressional Oversight Panel estimates HAMP will avert only 800,000 foreclosures. Statistics from S&P shows home prices decreased 3.1% year over year.

In The News:

Sign On San Diego – “California construction jobs up in February” (3-29-11)

“California added 15,500 construction jobs from January to February, far outpacing all other states. But it still ranks 18th in year-over-year improvement, according to the Associated General Contractors of America.”

CNN - “Home prices near a double dip” (3-29-11)

“January home prices fell for the sixth month in a row, edging closer to a double dip. The S&P/Case-Shiller home price index covering 20 major markets fell 3.1% year-over-year, hovering near the market’s bottom set in April 2009.”

Housing Wire – “House Democrats give Geithner plan to revamp HAMP” (3-29-11)

“the Congressional Oversight Panel estimates HAMP will avert only 800,000 foreclosures before the program ends, far short of the 3 million to 4 million originally estimated.”

Mercury News – “As gas, food prices rise, consumer confidence falls” (3-29-11)

“The Conference Board’s Consumer Confidence Index fell more than expected to 63.4 from a revised 72.0 in February. Economists expected a decline to 65.4, according to FactSet. A reading of 90 indicates a healthy economy.”

Housing Wire – “Foreclosure inventory volume outpacing actual foreclosure sales: LPS” (3-29-11)

“Another significant shift occurred in February with data showing a 23% hike in Option ARM foreclosures in the past six months. Option ARM foreclosures now make up 18.8% of the foreclosure inventory, outpacing subprime foreclosures.”

Bloomberg - “U.S. Treasury to Publicly Grade Mortgage Servicers Over Loan Modifications” (3-29-11)

“The U.S. Treasury Department plans to publicly grade mortgage servicers on how well they respond to homeowners seeking reductions in payments as the government encourages loan modifications to stem foreclosures.”

Housing Wire – “Average national mortgage rate rose in February: FHFA” (3-29-11)

“The average national contract mortgage rate for the purchase of previously occupied homes by combined lenders hit 4.79% in February, up 0.8% from the previous month, the Federal Housing Finance Agency said Tuesday.”

Housing Wire – “Regulators vote for 20% down on QRM” (3-29-11)

“Federal regulators voted in favor of the initial mortgage risk-retention proposal Tuesday. Qualified residential mortgages exempt from the rule will require a 20% down payment.”

DSNews - “House Republicans Introduce Eight Bills to Speed Wind-Down of GSEs” (3-29-11)

“The eight proposals include measures to raise guarantee fees the GSEs will charge for mortgage-backed securities they insure and to prevent the GSEs from offering any new products while they are under conservatorship or receivership.”

Looking Back:

One year ago, a study from USC showed that immigrants were more attracted to mid-size cities. Goodman claimed HAMP was bound to fail because of its failure to address negative equity. According to Realpoint, the delinquency rate among commercial mortgage-backed securities reached 6 percent within a month. First American CoreLogic estimated the average home experiencing negative equity would not obtain positive equity until late 2015.

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 3/25/11

Friday, March 25th, 2011

Sources:
California incomes rose 2.5% in 2010
February Existing-Home Sales Decline following Sustained Gains
New-Home Sales Hit Record Low in February
California pending home sales, distressed sales rise in February
California Housing Production Continues Decline in February, CBIA Announces
Housing raises US recession alert
U.S. Commercial Property Prices Fell for Second Straight Month in January
Stress tests suggest economy may slide back into crisis: IRA
FDIC Files Lawsuit Against Former WaMu Execs and Wives

Today’s News Synopsis:

RadarLogic claims national home prices declined 3.8% in December. California added 100,000 jobs in February. Freddie Mac completed 23,017 loan modifications in January and February. Jerry Brown’s bid to dissolve around 400 redevelopment agencies may make a come back in a compromise on tax increases.

In The News:

Los Angeles Times – “California adds nearly 100,000 jobs in February” (3-25-11)

“A hiring surge led the California’s hallmark industries – high-tech, movies and tourism – generated nearly 100,000 new jobs in February and provided the surest sign yet that the state economy is on the mend. The seasonally adjusted jump in the number of people working to 96,500 was the highest monthly increase since the current record system began in 1990, state officials said.”

Housing Wire – “January home prices drop to a four-year low” (3-25-11)

“RadarLogic said an oversupply of homes, high rates of mortgage defaults, tighter lending standards and a housing market riddled with foreclosures weighed down January prices. The index, which tracks home prices across 25 major markets, declined 3.8% between December and January and 3.4% year-over-year.”

Housing Wire – “Freddie Mac completes 23,000 loan mods, single-family delinquency rate drops” (3-25-11)

“Freddie Mac completed 23,017 loan modifications during the first two months of 2011 and said single-family delinquencies on mortgages held or backed by the GSE dropped in February.”

DSNews - “SEC Rules Banks Must Allow Audit of Foreclosure Practices” (3-25-11)

“The NYC Pension Funds called for an audit of the banks’ practices in November and again in January to no avail, but this week the Securities and Exchange Commission (SEC) ruled that the request from the shareholders must be upheld.”

Housing Wire – “Broker compensation rule captures more heat in federal court” (3-25-11)

“the final rule not only prohibits loan originators from arranging loan terms that result in higher consumer costs, the same prohibition applies to offering consumers lower cost mortgage loans to meet competition and to save the consumer money.”

Bloomberg - “California Redevelopment Agencies May Be Back in the Shadow of the Gallows” (3-25-11)

“California Governor Jerry Brown’s bid to dissolve about 400 redevelopment agencies and use their revenue for schools and local government may be resurrected in a compromise on tax increases to close the budget deficit, according to a fiscal adviser to the Senate’s top Democrat.”

Looking Back:

New rules for the HAMP program may require servicers to screen borrowers for modification after only 31 days of delinquency. ForeclosureListings.com shows that California experienced an 11.9% increase in foreclosures. Freddie Mac reports the 30-year FRM rate is currently at 4.99 percent. According to the Comptroller of the Currency,  the re-default rate for modified loans is over 50 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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The Norris Group Real Estate News Roundup 3/10/11

Thursday, March 10th, 2011

Today’s News Synopsis:

RealtyTrac reports foreclosure notices decreased 14% in January. The House of Representatives voted to end FHA’s Short Refi program. According to a Zillow survey, 51% of Americans said the housing crisis has not affected their overall willingness to buy a home. The U.S. government posted the largest monthly deficit ever last month.

In The News:

USA Today – “Foreclosure activity slows sharply in February” (3-10-11)

“Some 255,101 properties received at least one foreclosure-related notice in February, down 14% from January and down 27% from the same month last year, foreclosure listing firm RealtyTrac said Thursday.”

NAHB - “Optimistic Outlook for Multifamily Development, NAHB Indices Show” (3-10-11)

“The Multifamily Production Index (MPI), which tracks developer sentiment about new construction on a scale of 1 to 100, is at 40.8 –up more than 5 full points since the previous quarter and the highest number since the fourth quarter of 2006. The MPI component tracking developers’ perception of market-rate rental properties is at 51.7 – the first time this component of the index has been above 50 since the second quarter of 2007.”

Mercury News – “Mortgage rates: Average on 30-year fixed loans ticks up to 4.88 percent” (3-10-11)

“Freddie Mac says the average rate on a 30-year fixed mortgage ticked up to 4.88 percent from 4.87 percent the previous week. It hit a 40-year low of 4.17 percent in November.”

Housing Wire – “House votes to end FHA Short Refi” (3-10-11)

“The House of Representatives voted Thursday to terminate the Federal Housing Administration’s Short Refi program. The House Financial Services Committee cleared the bill, H.R. 830, last week. The House voted 256 to 171 to kill the program.”

Housing Wire – “Zillow accommodates growing pool of renters” (3-10-11)

“Although 51% of survey respondents said the housing crisis has not affected their overall willingness to buy a home, 33% said they would be more likely to rent their next home than buy. In January, 30% of Americans surveyed said they would rent a home the next time around.”

Housing Wire – “Securitization investors plan increased activity in 2011: survey” (3-10-11)

“Principia said 70% of investors and issuers said they plan to increase involvement in the ABS markets over the next year, with 50% expecting to ramp up activity in the next six months.”

Housing Wire – “Jobless claims rose 7% last week to 397,000″ (3-10-11)

“Initial jobless claims rose 7% last week, moving away from the nearly three-year low of the prior week although remaining lower than 400,000 once again. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended March 5 increased by 26,000 to 397,000.”

Housing Wire – “Mortgage modifications down 9% in January: Hope Now” (3-10-11)

“Mortgage servicers, investors and insurers participating in the Hope Now alliance completed 101,000 permanent modifications in January, down 9% from the month before. Of those that were completed, 73,000 were proprietary modifications, nearly three times the 27,957 done through the government’s Home Affordable Modification Program.”

Housing Wire – “Two mortgage trade groups suing Fed over loan originator compensation” (3-10-11)

“The National Association of Independent Housing Professionals sued the Fed for its final rule on loan originator compensation and yield spread premium disclosure under Regulation Z. The NAIHP states the rule will put mortgage brokers ‘at a significant and a permanent competitive disadvantage and will stifle competition in the mortgage lending industry to the detriment of consumers.’”

Bloomberg - “U.S. Posts a Record $222.5 Billion Monthly Budget Shortfall” (3-10-11)

“The U.S. government, facing a record annual fiscal shortfall and a congressional impasse over financing, posted the largest monthly deficit ever in February, reflecting increased spending. The gap totaled $222.5 billion last month compared with a $220.9 billion shortfall in February 2010, according to the Treasury Department”

Bloomberg - “Home Remodeling to Rebound in U.S. as Rising Confidence Spurs Renovations” (3-10-11)

“Spending on remodeling probably will rise 9.2 percent to $125.1 billion in the first quarter from $114.6 billion a year earlier, according to Harvard University’s Joint Center for Housing Studies. A 13 percent increase forecast for April through June would be the largest jump in five years, a report by the Cambridge, Massachusetts-based center shows.”

Looking Back:

One year ago, the MBA reported that mortgage loan application volume had increased by 0.5 percent. The percent of first-time buyers increased to 47 percent in 2009. FHFA was sued over attempts to secure records of political contributions from Fannie Mae and Freddie Mac. John Burns claimed that the real estate market was still in bad shape.

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 3/3/11

Thursday, March 3rd, 2011

Today’s News Synopsis:

Freddie Mac reports mortgage rates have dropped again, and are now at 4.87%. Jobless claims decreased 5% last week, according to the Labor Department. California lawmakers are supporting a bill that would prevent servicers from foreclosing on borrowers in the process of applying for a loan modification. The House Financial Services Committee may end FHA’s short refi program.

In The News:

The Modesto Bee – “Mortgage deduction under renewed scrutiny” (3-3-11)

“There’s a hallowed rule in U.S. housing policy: If you own a home, you get a tax deduction on your mortgage interest. But there’s also a growing push to sacrifice this sacred cow, and the reasons are disparate. Some people argue that the policy should be changed because it doesn’t really encourage homeownership like it’s supposed to. Others say the government shouldn’t be encouraging homeownership anyway.”

San Francisco Chronicle - “Mortgage Rates in U.S. Drop for Third Week, Freddie Mac Says” (3-3-11)

“The average rate for a 30-year fixed loan fell to 4.87 percent in the week ended today from 4.95 percent a week ago, according to Freddie Mac. The average 15-year rate was 4.15 percent, down from 4.22 percent, the McLean, Virginia-based mortgage-finance company said in a statement.”

Housing Wire – “Jobless claims fell another 5% last week” (3-3-11)

“Initial jobless claims fell another 5% last week coming in lower than most analysts’ estimates and remaining below 400,000.”

Housing Wire – “California lawmakers revive bill that would kill dual-track foreclosures” (3-3-11)

“Two California lawmakers are moving ahead with a bill that would prevent servicers in the Golden State from foreclosing on homes when the borrower is in the process of applying for a loan modification.”

Housing Wire - “House committee votes to end FHA Short Refi” (3-3-11)

“The House Financial Services Committee voted Thursday to end two new programs that would provide assistance to troubled homeowners. If passed, one bill will end the Federal Housing Administration’s Short Refi program, which assists underwater homeowners with new FHA-insured loans.”

Housing Wire – “Home refinancings through HARP up 30% in fourth quarter” (3-3-11)

“The number of loan refinancings processed through the government’s Home Affordable Refinance Program grew by 30% in the fourth quarter, according to the Federal Housing Finance Agency.”

Looking Back:

Bruce Norris estimated that lenders may lose up to $2.1 to 3.8 trillion before all the bad loans are taken off their books. According to the MBA, mortgage application volume increased from last week. The FHFA reports that Orange County home values increased by 6.38 percent in 2009. Last year, nearly 1,400 lawsuits were filed against lenders by homeowners in foreclosure.

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 2/7/11

Monday, February 7th, 2011

Today’s News Synopsis:

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

In The News:

Mortgage Bankers Association – “MBA: Strong Fourth Quarter Drives 2010 Commercial/Multifamily Mortgage Bankers Originations 36 Percent Above 2009 Levels” (2-7-11)

“Mortgage bankers originated $110 billion of commercial and multifamily mortgages during 2010 – an increase of 36 percent from 2009″

Mortgage Bankers Association – “MBA: Only 11 Percent of $1.4 trillion of Non-Bank Commercial/Multifamily Mortgage Debt Set to Mature in 2011″ (2-7-11)

“Of the $1.4 trillion balance of outstanding commercial/multifamily mortgages held by non-bank investors, only 11 percent of the total ($155 billion) will mature in 2011, and 9 percent ($125 billion) in 2012″

Press Enterprise – “Surveys project Gen Y’s impact on for-sale and rental housing” (2-7-11)

“Gen Y forms a large consumer group–even a bit larger than the Baby Boomers, according to a report published by Meyers LLC, an Orange County based real estate research company. Meyers cites a report by the Marcus and Millichap commercial brokerage that 20-to-34 year olds constituted a 65 percent share of job gains in 2010.”

Washington Post – “Republicans call for swift action to weaken Fannie and Freddie” (2-7-11)

“Republicans unveiled a four-point outline of how they want to overhaul the nation’s troubled mortgage system, including shrinking the number of mortgages owned by the troubled companies.”

Housing Wire - “Mortgage modifications drop 57% from 2009 peak: Fitch” (2-7-11)

“Servicers modified 36,500 mortgages through government and proprietary programs in December 2010, down 57% from the peak of 86,500 in April 2009, according to Fitch Ratings.”

Housing Wire – “Altos unveils forward-looking valuation model” (2-7-11)

“The AltosEvaluate forward valuation modeling forecasts changes in a property’s sale price three, six, or 12 months into the future based on the strength or weakness of any local real estate market.”

Housing Wire - “BarCap reveals a new mess in mortgage servicing: Remittance reports” (2-7-11)

“For modified loans, remittance reports are not specifying the exact amount of forgiveness, forbearance and the recapitalization of principal. But they are added to the cash flows, confusing investors who can only see a hole of information between the beginning and ending loan balance.”

Housing Wire – “Fannie Mae multifamily funding drops 14% in 2010″ (2-7-11)

“Fannie Mae financing for multifamily properties in 2010 dropped 14% compared to 2009, with substantial decreases in funding to manufactured housing communities and senior housing.”

Housing Wire – “S&P: Loan mods fail to keep distressed borrowers afloat” (2-7-11)

“The New York-based rating agency said 80% of the loans cured by a modification in the time period stretching from 2007 to 2010 defaulted again within 24 months.”

Housing Wire – “FDIC will base insurance charges to banks on risk, not deposits” (2-7-11)

“Banks that take more risk with their investments will be forced to pay more in insurance costs to the Federal Deposit Insurance Corp., according to rules finalized on Monday.”

Bloomberg - “REITs Seek to Lure Pension-Fund Money From Private Equity” (2-7-11)

“The National Association of REITs found that a portfolio 30 percent invested in commercial property shares delivered a higher return relative to one more heavily tilted toward private-equity funds, based on a study to be published today on the group’s website.”

Housing Wire - “U.S. Homeowners in Foreclosure Process Were 507 Days Late Paying” (2-7-11)

“U.S. homeowners in the foreclosure process were an average of 507 days late on payments at the end of last year as lenders handled a record rate of mortgage delinquencies, Lender Processing Services Inc. said today.”

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 2/2/11

Wednesday, February 2nd, 2011

Today’s News Synopsis:

Mortgage application volume increased 11.3% from last week, according to the MBA. Fannie Mae and Freddie Mac are raising risk fees they charge lenders on loans they buy for resale to investors. HOPE NOW reports 1.76 million homeowners received a mortgage modification in 2010. Statistics from DBRS show 50 percent of loan modifications result in re-default.

In The News:

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (2-2-11)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 28, 2011. The Market Composite Index, a measure of mortgage loan application volume, increased 11.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 13.2 percent compared with the previous week.”

USA Today – “Costs for home mortgages rise as Fannie, Freddie hike fees” (2-2-11)

“For the first time since 2009, Fannie Mae and Freddie Mac are raising risk fees they charge lenders on loans they buy for resale to investors. The mortgage giants are also adding risk fees to more loans extended to people with stellar credit. To avoid a fee or to get a discount, most borrowers will need FICO scores of 740 or better and down payments of 25% or more. Lenders could absorb the cost, but most are expected to add it to loan costs within days, if they haven’t already, says Cameron Findlay, LendingTree economist.”

Los Angeles Times – “Agency warns banks of foreclosure protection for military personnel” (2-2-11)

“The new Consumer Financial Protection Bureau warned banks not to violate laws that protect active-duty military personnel from home foreclosures and high interest rates.”

Housing Wire – “Dow Jones closes above 12,000 for first time since 2008″ (2-1-11)

“The Dow Jones Industrial Average closed up 148.23 points at 12,040.16, the first time it ended a trading above 12,000 since just before the financial crisis in June 2008.”

Housing Wire – “Mortgage modifications increase 42% in 2010: Hope Now” (2-2-11)

“Roughly 1.76 million homeowners received a modification on their mortgage in 2010, a 42% increase from the year before, according to the Hope Now alliance of servicers, investors, insurers and nonprofit counselors.”

Housing Wire – “Private sector added 187,000 jobs in January” (2-2-11)

“The private sector added 187,000 jobs in January, led mostly by gains in small business, especially in the service industry, according to the ADP National Employment Report.”

Housing Wire – “DBRS finds half of mortgage modifications redefault” (2-2-11)

“When a mortgage servicer modifies the loan of a distressed homeowner, chances are 50-50 that they’ll redefault, according to a 2010 review of the sector from credit rating agency DBRS.”

Housing Wire – “CMBS takes a beating as delinquencies reach record high” (2-2-11)

“Commercial mortgage-backed securities delinquencies hit a record high, as the cumulative total jumped 20 basis points. According to a securitization report by Barclays Capital, 9.1% of all CMBS loans were 60 days or more delinquent as of Jan. 31.”

Orange County Register – “Dana Point homes take half a year to sell” (2-2-11)

“The newest ‘market time’ of Dana Point – Thomas’ math that tracks theoretical time it would take to sell all listed homes at the pace of new escrows opened — is 6.46 months. That is +11% (or roughly 19 days) in a year.”

Looking Back:

One year ago, the NAR’s index  showed that pending home sales increased by 1 percent in December. Commercial and multifamily mortgage loan originations increased by 15 percent during the 4th quarter of 2009.  The FHA reported that borrower delinquencies increased by 6.5 percent from the previous year. Fannie Mae was offering a 3.5 percent discount to all people who buy REO properties.

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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