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The Norris Group Real Estate News Roundup 11/1/10

Monday, November 1st, 2010

Today’s News Synopsis:

Credit Suisse estimates Fannie Mae and Freddie Mac will have cumulative losses of $321 billion. Private mortgage servicers modified 119,585 loans in September, over 4 times as many modifications performed through HAMP. Statistics from the Federal Reserve show home equity accounted for 16.2% of net worth in the 2nd quarter.

In The News:

RecordNet.com - “Economic forecast heads south” (10-31-10)

“He previously forecast California’s unemployment rate would drop to 11 percent in 2011 and to less than 10 percent the year after. The October report now has state jobless rates remaining above 10 percent well into 2013. San Joaquin County will remain in the doldrums a while longer, with annual jobless rates hovering above 17 percent for the next two years before easing to 16.4 percent in 2013, according to the Pacific forecast.”

Market Watch – “White-collar recession, blue-collar depression” (10-30-10)

“the disparity between white-collar and blue-collar unemployment is stunning: 4.5% among college graduates versus 10.8% for those with a high-school diploma, and 14.3% for those without one.”

Daily Finance – “The Foreclosure Mess: It’s Even Worse in ‘Nonjudicial’ States” (10-30-10)

“In 23 states, before a lender can foreclose on a homeowner for defaulting on a mortgage, it must take the homeowner to court. As we’ve seen, even with judicial review that process has still been shot through with problems. But for a troubled homeowner in California, Texas and 25 other ‘nonjudicial’ states, the robo-signing scandal and foreclosure mess are even more dangerous because the lender doesn’t have to go to court to foreclose. Fraudulent paperwork can be used with impunity unless the homeowner is in bankruptcy, which is a judicial process, or unless the homeowner is represented in the foreclosure by an attorney who knows what to look for.”

Housing Wire – “SEC reminds banks to disclose impacts of mortgage repurchases, foreclosure reviews” (11-1-10)

“Major banks are struggling to get an accurate estimate on how much agency and private-label mortgage-backed securities losses they will be responsible for repaying to the purchasers of those securities, such as Fannie Mae and Freddie Mac.”

Housing Wire – “Credit Suisse projects $321 billion more losses for Fannie, Freddie” (11-1-10)

“Credit Suisse analysts estimate $321 billion in cumulative losses at Fannie Mae and Freddie Mac, based on a further 10% decline in home prices over the next year. Under that scenario, prices would flatten over in following year and experience a 3% annual appreciation going forward.”

Housing Wire – “TransUnion: delinquent mortgage roll rates highest in month after recession” (11-1-10)

“The number of delinquent mortgages that moved to a more serious status peaked the month after the recession officially ended, according to a study by TransUnion. The credit information company said the level of consumers who rolled their delinquency status to 60 days from 30 and to 90 days from 60 reached its highest point in July 2009. Nearly a quarter of those who were 30-days late on their mortgage payments in June 2009 became 60 days past due in July 2009, according to TransUnion”

Housing Wire – “Private mortgage modifications outnumber HAMP 4 to 1 in September” (11-1-10)

“Mortgage servicers modified 119,585 loans through private programs in September, more than four times the 27,840 done through the Treasury’s Home Affordable Modification Program, according to the Hope Now alliance.”

Housing Wire – “Monday Morning Cup of Coffee” (11-1-10)

“Fannie Mae directed servicers to work closely with Housing Finance Agencies across the country now that the HFAs received a total $7.6 billion in Hardest Hit Funds from the Treasury Department. The money will be used to provide temporary relief to unemployed mortgage borrowers through the HHF Unemployment Programs and delinquent borrowers through the HHF Reinstatement Programs.”

Bloomberg - “Housing Matters Little to U.S. Consumers’ Wealth: Chart of the Day” (11-1-10)

“home equity accounted for 16.2 percent of net worth at the end of the second quarter, the Fed’s data showed.”

Bloomberg - “JPMorgan Trims Biggest Mortgage Putback Estimate to $90 Billion” (11-1-10)

“JPMorgan Chase & Co. analysts lowered their estimate for the cost to sellers of repurchasing soured U.S. mortgages to as much as $90 billion from a range that went as high as $120 billion.”

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

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

Friday, October 8th, 2010

Today’s News Synopsis:

ZipRealty reports 24.2% of homes in the nation’s 26 major markets experienced experienced a price cut in September. Bank of America is postponing foreclosure sales in all 50 states. Wells Fargo has decided to continue with its foreclosures, unlike BofA, JPMorgan and Ally Financial. Credit Suisse predicts record low interest rates will boost demand for mortgage-backed securities.

In The News:

Inman - “Home-sale discounts jump 24%” (10-8-10)

“The number of homes that experienced price cuts jumped 24.2 percent in September compared to the same month last year, according to a monthly review of multiple listing service listings in 26 major markets conducted by national online brokerage ZipRealty.”

Yahoo - “How Your FICO Score is Calculated” (10-8-10)

“Payment history – How you pay your bills makes up 35% of your FICO score. It goes without saying that paying your bills on time will have a positive impact on your credit score, while paying your bills late or not at all will have a dramatically negative impact. Even paying one bill late will cause your FICO score to take a hit, so make sure you’re paying your bills on time. If you’ve made mistakes in the past and haven’t always paid your bills on time, don’t fret. If you change your ways and pay on time, your FICO score will eventually reflect that. Late payments have less of an impact on your credit score once time has passed.”

Los Angeles Times – “Bank of America widens foreclosure freeze to all 50 states” (10-8-10)

“Bank of America is halting foreclosure sales in all 50 states as the nation’s largest bank said Friday it was widening its investigation into how it handled home repossessions.”

Housing Wire – “California AG files suit in audit loan modification scam” (10-8-10)

“California Attorney General Jerry Brown has filed a $60 million lawsuit against a pair of Sacramento companies that he says used questionable computer-generated ‘forensic loan audits’ to defraud homeowners seeking to modify their mortgages.”

Housing Wire – “US lost 95,000 nonfarm payroll jobs in September” (10-8-10)

“The Labor Department’s Bureau of Labor Statistics reported federal employment cut another 159,000 jobs last month, including 77,000 temporary Census workers and 76,000 local government positons. The private sector added 64,000 jobs in September, according to the Labor Department. Economists polled by MarketWatch were forecasting about 85,000 new private-sector jobs were created last month.”

Housing Wire – “Financial radio talk-show host charged with real estate fraud” (10-8-10)

“Barbra Alexander, a local California radio show host, was charged along with two business executives for misappropriating investor funds to finance her radio talk-show, ‘MoneyDots,’ and for personal use. Alexander allegedly used her status as a radio show host on ‘MoneyDots,’ a talk-show for entrepreneurs, to lure investors into giving funds for short-term loans secured by real estate. The money went to APS Funding, a lending firm of which Alexander is also president.”

Housing Wire – “Credit Suisse analysts see record-low mortgage rates boosting MBS demand” (10-8-10)

“The record low interest rates should boost demand for mortgage-backed securities, as originators sell newly locked-in loans, according to Credit Suisse analysts.”

Housing Wire – “Wells Fargo will not join BofA in foreclosure suspension” (10-8-10)

“Wells Fargo (WFC: 25.95 -0.19%) will not suspend foreclosures and stands by the accuracy of its affidavits, Jason Menke, a spokesman for the San Francisco-based bank, told HousingWire.”

Looking Back:

One year ago, a government report showed that the Federal Reserve and the U.S. Treasury spent $1.2 trillion dollars on the U.S. mortgage market in fiscal 2009. The Department of Labor announced that the weekly unemployment claims had decreased by 33,000.  Statistics from Freddie Mac showed that mortgage rates for 30-year fixed U.S. home loans fell to 4.87 percent from 4.94 percent in the previous week. Trulia reported that U.S. home sellers had reduced their price by a total of $28.4 billion.

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

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

Thursday, October 7th, 2010

Today’s News Synopsis:

Governor Schwarzenegger signed a bill protecting homeowners, with lender approval, from deficiency judgments. 30-year mortgage rates dropped to 4.27%, said Freddie Mac. President Obama refused to sign the Interstate Recognition of Notarizations Act, which would have allowed federal and state courts to recognize notary signatures from other states. Realtytrac users will soon be able to view sales prices, sale dates, and other sorts of information on foreclosure sales.

In The News:

Inman - “Calif. short-sellers avoid deficiency judgments” (10-7-10)

“California Gov. Arnold Schwarzenegger has signed into law a bill that protects homeowners who get their lender’s approval for a short sale from deficiency judgments, but vetoed related legislation that would have extended similar protections to homeowners who have refinanced their mortgage.”

Associated Press – “Mortgage rates fall to decades-low of 4.27 pct.” (10-7-10)

“The average rate for 30-year fixed loans dropped to 4.27 percent, mortgage buyer Freddie Mac said Thursday. That’s the lowest on records dating back to 1971, and down from 4.32 percent the previous week.”

Housing Wire – “Government Oversight Chairman seeks nationwide foreclosure moratorium” (10-7-10)

“Rep. Edolphus Towns (D-NY), chairman of the House Committee on Oversight and Government Reform, called for top banks to suspend foreclosures and for New York Attorney General Andrew Cuomo to investigate foreclosure practices.”

Housing Wire - “President Obama won’t sign notary bill, sends back to Congress” (10-7-10)

“President Obama will not sign H.R. 3808, the Interstate Recognition of Notarizations Act, which would have allowed federal and state courts to recognize notary signatures from other states.”

Housing Wire – “RealtyTrac to provide pricing on previously sold foreclosures” (10-7-10)

“RealtyTrac, an online foreclosure marketplace, added a new feature that allows users to see information such as pricing on properties sold in the last nine months. The data will be available for more than 2.5 million recently sold properties. Users will be able to view sales prices, sale dates, foreclosure status of the property when it was sold, number of bedrooms, bathrooms, square footage, lot size and the year the home was built.”

Housing Wire – “FHFA faces another lawsuit over PACE program” (10-7-10)

“The Natural Resources Defense Council has sued the Federal Housing Finance Agency and the Office of the Comptroller of the Currency claiming the agencies illegally halted the Property Assessed Clean Energy program, known as PACE.”

Housing Wire – “Hope Now: Industry completes nearly 150,000 loan mods in August” (10-7-10)

“Hope Now, a private sector alliance of mortgage servicers, investors, mortgage insurers and nonprofits, said the industry completed nearly 150,000 permanent loan modifications in August, with 91% of proprietary modifications including a reduction of principal and interest.”

Housing Wire – “Weekly jobless claims down 2.4% to 445,000″ (10-7-10)

“Initial jobless claims fell 2.4% last week to 445,000, which is the lowest level in a few months and lower than most analysts’ estimates. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Oct. 2 decreased by 11,000 from the previous week’s upwardly revised figure of 456,000.”

Orange County Register – “First-time homebuyers at record high” (10-7-10)

“The leading edge of the 10- to 30-year-old age group — also known as Gen Y or echo boomers — already is emerging as a factor in the housing market, said Joel Singer. For example, the average age of first-time buyers is 30 years old, and first-time buyers now make up 46% of the the market. First-time sellers make up 47% of the market.”

Looking Back:

One year ago, John Burns Real Estate Consulting claimed home prices would likely decrease again. Both the NAR and the MBA were in favor of extending the first time home buyer tax credit. A survey from the California Association of Realtors showed that 46 percent of California Realtors used some sort of social networking website in their work.

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 9/24/10

Friday, September 24th, 2010

Today’s News Synopsis:

Attorney General Brown is interfering with Ally Financial’s mass foreclosure operation, and may force the company to cease all foreclosure activity in California. Multiple government agencies have put out statistics on home sales. Freddie Mac’s total mortgage portfolio decreased 5.2% last month. Thirty-day delinquent inventory fell to 9.22%, according to LPS. S&P predicts the current level of shadow inventory will take 40 months to clear.

In The News:

Mortgage Bankers Association – “MBA Testifies on Potential Revisions to The Home Mortgage Disclosure Act (HMDA)” (9-24-10)

“One issue the Fed must keep in mind in determining what data elements to collect is that HMDA requirements should not turn into a safe harbor of allowable credit variables to be considered when making a loan. Freezing credit models into an official sanctioned set of variables would have a deleterious impact on credit availability going forward, limiting the growth of lenders who believe they have a better idea of how to do things. For example, over the years some lenders have come to believe that credit scores are not as important as the number of times a potential borrower has been late with housing-related payments. Some lenders now will simply refuse to make a loan to a borrower who has walked away from a previous mortgage, or appears to be positioning himself or herself for such behavior.”

Office of the Attorney General – “Brown Directs Nation’s Fourth Largest Home Lender to Suspend Foreclosures Until It Proves It Is Complying with the Law” (9-24-10)

“Recent reports indicated that the head of Ally Financial’s document processing team testified he routinely approved and signed foreclosure documents without confirming they were accurate and legally sufficient, as he was required to do. This admitted misconduct raises serious doubts about whether Ally Financial’s practices provide California borrowers facing foreclosure the protections guaranteed by law. Accordingly, Brown is demanding that Ally Financial, the fourth largest home loan institution in the country, demonstrate its compliance with California law or else halt all foreclosure operations in the state. Ally Financial earlier this week suspended evictions of homeowners and foreclosure sales in 23 states”

Mortgage Bankers Association - “MBA Applauds House Passage of National Flood Insurance Program Extension” (9-24-10)

“The Mortgage Bankers Association (MBA) applauded yesterday’s passage of legislation by the House that will extend the National Flood Insurance Program (NFIP) through September 30, 2011. The bill passed the Senate Tuesday and will now go to the President for his signature. Without agreement on an extension, the program was set to expire on September 30, 2010.”

CNN - “No mortgage mods for many of the jobless” (9-24-10)

“Unemployed homeowners cannot count jobless benefits as income when applying for mortgage modifications if they have loans backed by Fannie Mae. That could greatly limit their ability to get a long-term reduction in their monthly payments.”

Los Angeles Times – “New home sales remain at record low in August” (9-24-10)

“New single-family dwellings sold at a seasonally adjusted annual rate of 288,000 units, according to the Commerce Department. That estimate was flat compared with July’s pace, which remained a record low even after being revised up. The August pace was a 28.9% decline from the same month a year earlier.”

Housing Wire – “Census Bureau: August single-family sales fall 28.9% from year earlier” (9-24-10)

“Sales of new single-family homes in August fell 28.9% from a year earlier, according to the Census Bureau and Department of Housing and Urban Development. The Census Bureau said the seasonally adjusted rate of homes sales in August was 288,000, flat with July’s revised rate and well below the 405,000 a year ago. These federal figures are based on pending contracts of home sales.”

Housing Wire – “Freddie Mac mortgage portfolio continues four-month decline” (9-24-10)

“The Freddie Mac (FRE: 0.00 N/A) total mortgage portfolio decreased at an annualized rate of 5.2% in August after a 3.9% drop in June. The portfolio hasn’t seen an increase since April. Mortgage purchases and issuance at the government-sponsored enterprise reached $29.1 billion in August, up from $28.4 billion in July and down 39% from last year. The year-to-date total has reached $236.5 billion.”

Housing Wire – “August delinquency inventory falls on highest foreclosure starts since January: LPS” (9-24-10)

“LPS reported 282,528 foreclosure starts last month, up 1% from July and 3.8% higher than the year earlier. The year-to-date foreclosure rate is now 20.4% higher than 2009. Thirty-day delinquent inventory fell to 9.22%, the lowest level in over a year. The percentage was 9.3% in July and 9.7% a year ago. The inventory of 90-day delinquent loans decreased to 8.22%, down from 8.3% in July. The percentage was 8% a year earlier.”

Housing Wire – “$460 billion shadow inventory will take 40 months to clear: S&P” (9-24-10)

“The high pace of residential mortgage defaults has flooded the shadow inventory market with $460 billion in outstanding principal balance, according to Standard & Poor’s second-quarter report on housing liquidation timelines.”

Housing Wire – “JPMorgan to offer $1.1 billion CMBS” (9-24-10)

“JPMorgan is coming to market with $1.1 billion in commercial mortgage-backed securities notes across 13 classes, according to a pre-sale report from Fitch Ratings.”

Housing Wire – “August new home sales scrape bottom, remain flat month-over-month: NAFCU” (9-24-10)

“New homes sales remained flat month-over-month in August at 288,000 annualized units, according to a report released today by the National Association of Federal Credit Unions. Sales are scraping bottom at 28.9% less than one year ago and barely above the record low of 282,000 units in May.”

Housing Wire – “HFA delinquency rate hits record high in S&P report” (9-24-10)

“Delinquencies for housing finance agency loans increased 0.62% in the second quarter to 6.67%, according to a Standard & Poor’s report released today. This is the highest percentage the firm has seen since it started tracking such data in Q2 2006 and up 1.37% from Q209.”

Housing Wire – “White-collar criminals and unemployment income cut from HAMP eligibilty” (9-24-10)

“New guidelines from Fannie Mae and the Treasury Department out this week are restricting the eligible income of borrowers considered for the Home Affordable Modification Program. The mandates will also disqualify criminals convicted of certain white-collar offenses.”

Looking Back:

One year ago, research from the Construction Industry Research Board showed the number of home building permits taken in August was down 5 percent from July. The NAR reported that existing home sales decreased by 2.7 percent from July to August. A study showed that foreclosure prevention laws in California failed to significantly help home owners. The Federal Reserve intended to continue its stimulus plan and would continue to buy mortgage securities.

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 9/22/10

Wednesday, September 22nd, 2010

Today’s News Synopsis:

Mortgage loan applications decreased 1.4% this week. FHFA reports national house prices fell 0.5% in July. HAMP converted 33,342 trial modifications into permanent status last month. The Bush tax cuts may end soon.

In The News:

Naked Capitalism – “Latest Real Estate Time Bomb: Title of Foreclosed Properties Clouded; Wells Fargo Dumping Risk on Hapless Buyers” (9-22-10)

“there is a lot of actual and shadow residential real estate inventory in the US. The time from serious delinquency to foreclosure has lengthened considerably, due not just to crowded court dockets, but also bank/servicer disinclination to take possession (reasons include that investors take a dim view of bank real estate holdings; the bank is liable for expenses, most important real estate taxes, once it takes possession; more foreclosures would lead banks to have to write down clearly overvalued second mortgages, leading to losses and lowering bank capital levels).”

Mortgage Bankers Association – “MBA Hails Extension of National Flood Insurance Program” (9-22-10)

“Flooding is the most common natural disaster in the United States. In fact, more than five million Americans rely on the National Flood Insurance Program as their primary protection against flooding. This program has expired regularly in recent times, which has frustrated residential and commercial lenders and borrowers alike.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-22-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 17, 2010.  The Market Composite Index, a measure of mortgage loan application volume, decreased 1.4 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 22.9 percent compared with the previous week, which included the Labor Day holiday.”

Sacramento Bee – “Viewpoints: Is ‘smart growth’ law on right track? No” (9-22-10)

“Now, more than ever, the men and women out of work, construction companies that have no projects in the pipeline and local officials trying to maintain vital services are looking for a process that will bring all parties together to work toward a successful, responsible program. Unfortunately, the air board’s staff chose a path that will wreak havoc in the construction industry, prevent economic recovery, and stand as a major disincentive to future developments in our state.”

Housing Wire – “FHFA house prices slip 0.5% in July” (9-22-10)

“U.S. house prices fell 0.5% in July after increases through the second quarter, according the Federal Housing Finance Agency monthly House Price Index (HPI). The July numbers follow 1.2% drop in July, revised from a 0.3% decline.”

Housing Wire - “SEC charges 4 with fraud after failing to disclose real estate investment fund collapse” (9-22-10)

“The Securities Exchange Commission Monday charged a Minneapolis attorney and two San Francisco promoters with fraud after they failed to disclose the financial collapse of a real estate lending fund to relevant investors. Todd Duckson, Michael Bozora and Timothy Redpath allegedly raised more than $21 million from investors in the Capital Solutions Monthly Income Fund after the sole business partner defaulted on financial obligations. The fund raised approximately $74 million from 450 investors between 2004 and August 2009.”

Housing Wire – “Obama housing scorecard touts ‘advances’ in August” (9-22-10)

“The Department of Housing and Urban Development and the Treasury Department compiled data for the monthly scorecard. According to the administration, stabilizing housing prices leveled off in the past year after 30 straight months of declines. Homeowners added $95 billion in home equity in the second quarter. The scorecard did acknowledge ‘a dip’ in home sale figures in July after the expiration of the homebuyer tax credit. But since April 2009, record low mortgage rates have helped more than 7.1 million families refinance, saving more than $12.7 billion.”

Housing Wire – “Permanent HAMP mods fall 26% in August” (9-22-10)

“Servicers participating in the Home Affordable Modification Program converted 33,342 trial modifications into permanent status in August, down 26.7% from the 45,512 in July. The Treasury Department launched HAMP in March 2009 to provide incentives to servicers for the modification of loans on the verge of foreclosure. Since then, the participating servicers have provided 468,058 permanent modifications.”

Housing Wire – “Right to Rent could change the nation’s foreclosure crisis: CEPR” (9-22-10)

“The report dissects the benefits of a drafted bill, H.R. 5028, also known as The Right to Rent. Under the legislation, homeowners entering the foreclosure process would be able to occupy their homes for up to five years, while paying rent to a lender. Rent would be based on fair market price as determined by an independent appraiser and adjusted annually.”

Bloomberg - “Obama Tricks Voters as Enron Hoodwinked Public: Amity Shlaes” (9-22-10)

“Republicans want to keep the top rate at its current level while Democrats prefer to let the George W. Bush-era rate cuts expire. And some of us may even know that the tax code’s current 35 percent figure would rise to 39.6 percent if President Barack Obama gets his way.”

Looking Back:

One year ago, the Federal Housing Finance Agency announced that national home prices increased by .3% in July.  The FDIC considered borrowing money from banks to protect the insurance fund. ZipRealty reported that 25 markets displayed a reduction in home inventory from July to August.

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

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The Norris Group Real Estate News Roundup 9/17/10

Friday, September 17th, 2010

Today’s News Synopsis:

Fitch Ratings reports delinquencies on commercial real estate CDOs increased to 12.1% last month. Statistics from BarCap show GDP slowed to an annual rate of 1.6% in the 2nd quarter. I Survived Real Estate 2010 is taking place tonight. Multiple experts from different regions of the real estate industry will be speaking at the event. You can watch it live at www.isurvived2010.com

In The News:

Housing Wire – “White House appoints Warren to set up consumer protection bureau” (9-17-10)

“President Obama appointed Elizabeth Warren advisor to Secretary of the Treasury, and she will be in charge of setting up the Consumer Financial Protection Bureau. Warren was the chair of the Congressional Oversight Panel, which oversees the Treasury’s implementation of the Troubled Asset Relief Program”

Housing Wire – “CRE CDO delinquencies up slightly in August, near record-high” (9-17-10)

“Delinquencies on commercial real estate loan collateralized debt obligations rose slightly in August, up to 12.1%, according to Fitch Ratings. The agency’s CREL CDO index in July was 12% and 7.5% a year earlier. The record reached a record high of 13% in January.”

Housing Wire – “BarCap anticipates stronger GDP growth in 3Q, double dip risk receding” (9-17-10)

“In the second quarter of 2010, GDP slowed to an annual rate of 1.6%, slightly better than what analysts projected. According to BarCap, a narrowed trade deficit in July, stronger-than-expected business inventories, and moderating growth in manufacturing activity suggest more GDP growth in the third quarter.”

Bloomberg - “Consumers Resist Smart Meters After $3.4 Billion Stimulus Push” (9-17-10)

“G&E Corp., Cisco Systems Inc. and General Electric Co. are all betting that energy-monitoring devices will catch on in homes. Convincing consumers that they’re a good thing is turning out to be a tough sell. Power companies have traditionally relied on workers walking house to house to monitor electricity use. Smart meters are designed to give utilities a real-time picture of electricity consumption, eventually allowing them to create pricing plans that will encourage conservation during peak hours. About 43 percent of U.S. homes will have the new meters by 2014, up from 14 percent at the end of last year, according to Dallas-based market researcher Parks Associates.”

Bloomberg - “Small Business Can’t Get Loans From Bailed-Out Banks in U.S.” (9-17-10)

“Chip Besse figured he could hire a dozen people once he got a $1.1 million small-business loan. Wells Fargo & Co. turned him down. U.S. taxpayers helped the San Francisco-based bank weather the 2008 financial crisis with a $25 billion loan and $9.5 billion of debt guarantees. By July 2009, when Besse wanted to buy and expand a Colorado snowmobile-rental business, Wells Fargo wasn’t sharing the wealth, he said.”

Orange County Register – “Real estate job placements improving” (9-17-10)

“The UC Irvine Center for Real Estate reports that it’s having an easier time finding jobs for its students, a possible sign of improvement in the real estate jobs market. Both large banks, like Wells Fargo and Bank of America, and emerging businesses are hiring, center officials said. There’s also increased interest on the part of full-time employers, summer employers, people interested in interns and people interested in mentorships.”

Orange County Register – “Irvine woman sues over loan mod ‘hoax’” (9-17-10)

“An Irvine homeowner is suing a large national mortgage servicing company, saying they perpetrated a ‘loan modification hoax’ and committed fraud by promising but never granting her a permanent home loan modification.”

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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191-TNG Radio – Mike Novak-Smith 9-11-10

Monday, September 13th, 2010

Mike-Novak-Smith

Mike Novak-Smith

REO Agent


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September 17th, 2010, The Norris Group returns with its award winning event I Survived Real Estate 2010. The Norris Group has assembled an incredible line up of industry experts to discuss the state of REO from the inside. Topics will include regulatory intervention and aftermath, bulk buying, myths and facts, and opportunities emerging for real estate professionals. 100 percent of the proceeds support the Orange County affiliate of Susan G. Komen for the Cure. This event would not be possible without generous help from the following platinum partners: Foreclosure Radar and Sean O’Toole, the San Diego Creative Real Estate Investors Association and Bill Tan, Investors Workshops and Shawn Watkins and Angel Bronsgeest, Invest Club for Women and Iris Veneracion and Bobby Alexander, Claudia Buys Houses, The Business Press, Frye Wiles, MVT Productions, and White House Catering.

This week Bruce is joined by Mike Novak-Smith. Mike has been a household name in the REO business since the 90s. He has gained national recognition for his work in the REO industry.

The first REO Mike ever closed was in January of 1991. RT Resolution Trust Corporation was the first REO client he ever had. That company took care of the failed savings and loans assets from the 80s. He thought using that company was a good idea because he sensed a changed in the market at that time. Resolution Trust called and offered him listings that no one else was interested in, and Mike believed he could handle them.

Mike reads a lot and he pays attention to the market. He viewed REOs as a way to survive every month. He knew that if he got 2.5 percent of the deals on the market, then he could make the house and car payment. Once he started doing it, he liked it, because it was more like a business than chasing deals. The audition for the business was hard, but once you have experience, its much less stressful.

There are a few surprises for agents wanting to get into the REO business. First, you have to do a lot of work. Second, you have to put out a lot of money to get properties sold. Third, you get treated rather harshly, because the people you work with are busy and they don’t have time to sugar coat their messages to you. A lot of people can’t wait to be an REO agent, until they become one. You have to be a superior skill level to do REO work in comparison to retail work. It is a very competitive business. If you make a mistake, there are 100 people who want your place.

In the 90s, the peak years for Mike were from 96 to 98. Mike had been in the business for a few years prior to 91 doing retail jobs. All the way through January, 2004, he had a lot of REO deals. From 04 to 05, he did not have any REO deals.

In 2003, Mike closed 110 REO deals. When the REO deals started drying up, Mike was one of the last people his clients were using. When the REO deals came back in 2005, he had 3 REOs within the first month.

Most of the people that Mike knew from the 90s have moved onto bigger things. If they did well during that time period, then they probably moved up to corporate positions.

In the 90s, much of Mike’s inventory consisted of new 4 bedroom, 3 bath houses. Mike gets a lot of new homes as well. He even gets homes that haven’t finished construction.

Currently, Mike’s business is somewhat unpredictable. He might have a several week period where he gets a large number of REO deals, but then the following week he will get zero. This could be a function of the trustee sales changing their bid prices.

The people REO brokers work with do not entirely know the policies of their employees. You hear a lot of rumors, but the only people who really know, are the ones working at the top of the business. Mike occasionally receives calls from corporate leaders in which they ask for his opinion on certain policy changes. Mike does not believe that anyone has complete control over policy changes, because the government makes frequent policy changes as well.

At the peak of this cycle, Mike had over 900 files, and maybe 600 active files in the MLS. Currently, properties spend months in preparation before being listed. Once they are listed, they usually sell fairly quickly.

Properties now require a bit of time before they become vacant. Occupants understand now that they can get money to move out. The magic number for convincing an occupant to move out tends to be between $2,000 to $4,000. Some of these occupants have severe financial problems, but for many of them, its just a game.

The length of time it takes for a property to become an REO after delinquency is 15-18 months. When the property actually goes into foreclosure, the renting tenants are often surprised. Mike advises renters to get their rental property from a broker who manages rentals. Don’t try to just rent a house off of CraigsList. Quite frequently, people will begin renting a house and end up in foreclosure two months later. Bruce was once personally asked by his own potential tenants if he had a loan on the rental house and if it was current. These renters had obviously had this experience in the past.

Most asset managers now communicate through proprietary websites. Offers come in electronically through email. There is not a lot of verbal communication, and fax machines aren’t being used either.

Asset managers have the power to take offers when the asking price is normal, but when an offer is unusual, then the offer must be taken to the next level.

When Mike gets a listing, he often gets the property directly from the lender, but there are also many properties that are outsourced to other companies. Some lenders have received too many REOs for their own labor force, so they have to outsource their work. Outsourcers typically use the same system as the lender.

Mike gets paid back 99 percent of the time if he follows the lenders standards. You cannot do all the work yourself. You must have staff to take on the work load of an REO agent. As an REO broker, you wear many hats, and accountant is one of them.

In 2007, lenders were openly admitting that they would list their properties with the highest broker opinion. Bruce believed that was the perfect system to fail. Lenders have now become more willing to listen to reasonable BPOs, and they often ask for multiple price opinions. Many BPOs today are being performed by inexperienced brokers who will do the work for cheap. Mike thinks this is unwise. When BPOs are done by experienced brokers, the price opinions usually come out fairly similar.

Short sales are becoming more popular right now. Mike closed a couple short sales last year, and he is doing more right now.  He does not prefer short sale deals, because those deals can often take more time than they are worth. Bruce is confounded by the length of time required to do a short sale. Short sales should not take six months to finish. The last short sale Mike finished took six weeks to close. Many short sales involve PMI companies, loan investors, servicers, and possibly an HOA law suit. You have to get all the people involved in the deal to take a loss, and that negotiation takes some time.

There is no compensation for an REO broker until he finishes the short sale. Someone getting into the short sale business could be six months away from a check for every deal they work with. If the broker cannot get someone to help with the paper work, then that short sale is not worth the time.

Mike sees REO levels increasing in 2011. These REOs will come from failed loan modifications and state programs. Short sales will probably increase as well. In the 90s, short sales were very popular, but loan servicers and investors eventually realized that it was easier just to foreclose, because then they could control the process.

Right now, if an inexperience broker attempts to perform a short sale, they often take up to six months to get the deal done. When this happens, the loan servicer will choose to have an REO.

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.

Thank you for being a Gold Sponsor for I Survived Real Estate 2010: Adrenaline Athletics, Benton Investment Group, Community RE-Invest Group, Delmae Properties, Elite Auctions, Entrust California, Everlast Photography, Inland Empire Investors Forum, Keystone CPA, Landwood Title, Las Brisas Escrow, Leivas Financial Services, Mike Cantu, North San Diego Real Estate Investors Association, Northern California Real Estate Investors Association, Personal Real Estate Investor Magazine, Realty 411 Magazine, San Jose Real Estate Investor Association, Rick and LeeAnne Rossiter, San Jose Real Estate Investor Association, Starz Photography, Summit Solutions, Tony Alvarez, Wealth Point, and Westin South Coast Plaza.

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

Friday, September 10th, 2010

Sources:
http://www.mortgageorb.com/e107_plugins/content/content.php?content.6632
http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-189
http://blogs.wsj.com/economics/2010/09/09/irs-needs-strategy-to-recoup-home-buyer-tax-credit/
http://realtytimes.com/rtpages/20100907_political.htm
http://www.dsnews.com/articles/shadow-inventory-shrinks-for-fifth-consecutive-month-barclays-2010-09-03
http://www.dsnews.com/articles/real-estate-investment-firm-acquires-stake-in-760m-fdic-loan-portfolio-2010-09-07
http://online.wsj.com/public/resources/documents/retro-HOUSINGM08.html
http://realtytimes.com/rtpages/20100907_political.htm
http://jan.ocregister.com/2010/09/05/more-people-leave-california-than-arrive/44597/
http://www.siteselection.com/issues/2010/jul/North-American/
http://www.housingwire.com/2010/09/07/bank-deposit-balances-shrink-for-first-time-since-92

Today’s News Synopsis:

Real Capital Analytics reports distressed commercial properties rose $5.1 billion in July. President Barack Obama appointed Austan Goolsbee as leader of the Council of Economic Advisors. Mortgage servicers completed 65% more permanent modifications on Fannie Mae and Freddie Mac loans through HAMP in the 2nd quarter. According to Harris Trifon, average losses on loans packaged into U.S. CMBS totaled $501 million last month.

In The News:

Housing Wire – “Troubled commercial loans may be near the peak: Real Capital” (9-10-10)

“Distressed commercial properties increased $5.1 billion in July, the lowest addition since October 2008, according to the research firm Real Capital Analytics. The July additions were also less than half the monthly average for all of 2009 and through 2010 so far. The total amount of distressed commercial loans stands at $189.1 billion.”

Housing Wire – “Obama names Goolsbee leader of Council of Economic Advisors” (9-10-10)

“President Barack Obama announced today the appointment of Austan Goolsbee as leader of the Council of Economic Advisors. He will be one of four principal members of the team who’s duties include finding ways to add more jobs to the economy and lower the unemployment rate.”

Housing Wire - “Securities industry takes a beating in 2Q” (9-10-10)

“Issuance of mortgage-related securities in the second quarter totaled $356.5 billion; down 8.4% from the first quarter and 45.7% from the year earlier. Issuance from the government sponsored entities Fannie Mae and Freddie Mac still dominate the space with Ginnie Mae.”

Housing Wire - “CMBS delinquencies pass 8% despite record loan mods” (9-10-10)

“Special servicers modified a record $2.1 billion in loans backing commercial mortgage-backed securities (CMBS) in August, but delinquencies continue to grow, according to the credit-rating agency Fitch Ratings. The delinquency rate on CMBS loans reached 8.48%, a 23 basis point increase from July. There were $3.1 billion in new delinquencies, driven mostly by five loans recent defaults of loans worth more than $100 million.”

Housing Wire – “HAMP modifications on Fannie, Freddie loans up 65% in 2Q” (9-10-10)

“Mortgage servicers completed 88,551 permanent modifications on Fannie Mae and Freddie Mac loans through the Home Affordable Modification Program (HAMP) in the second quarter, a 65% increase from the previous quarter, according to a report from the Federal Housing Finance Agency.”

Housing Wire - “Moody’s: banks to write off another $286 billion in loans through 2011″ (9-10-10)

“Moody’s Investors Service expects continued trouble in the domestic banking industry with another $286 billion of loan losses yet to hit the books. Earlier this week, analysts said U.S. banks rated by Moody’s have incurred $476 billion of charge offs since 2008.”

Housing Wire – “ACUMA holds high expectations for credit union mortgage originations” (9-10-10)

“The American Credit Union Mortgage Association expects mortgage volumes for this year to rise above the $90 billion in originations its members completed in 2009.”

Bloomberg – “Commercial Property Losses Mount as Loan Servicers Triage Real Estate Debt” (9-10-10)

“Average losses on loans packaged into U.S. commercial mortgage-backed securities totaled $501 million in August compared with $245 million in April, according to Harris Trifon, a Deutsche Bank analyst in New York who based the estimate on a three-month average. In August 2009, the number was $41 million.”

Inman - “‘Just let housing go’” (9-10-10)

“The Fed’s Beige Book said the obvious: ‘Continued growth … mid-July through the end of August, but with widespread signs of a deceleration.’ Not double-dip, not yet. In the absence of fearful dippers buying bonds, the 10-year T-note rose to a one-month high 2.8 percent, although doing no particular damage to mortgage rates, still near 4.5 percent. The new rage: ‘Just let housing go.’ These people do not seem to remember the benefits of letting Lehman go, the simple life without banks and their deposits.”

Today’s News Synopsis:

One year ago, the Federal Reserve announced the economy was stabilizing. U.S. homebuyers paid 3.3 percent less than listing price in July 2009. Bankruptcy filings increased 22% year over year. Foreclosure filings in the U.S. exceeded 300,000 for sixth straight months.

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The Norris Group Real Estate News Roundup 9/3/10

Friday, September 3rd, 2010

Today’s News Synopsis:

Fannie Mae will fine loan servicers who take too long to complete foreclosures after a borrower fails to qualify for a modification. The total value of all California properties fell 1.8% this year to $4.4 trillion. The Labor Department reports the federal employment got rid of 121,000 jobs in August.

In The News:

Housing Wire – “Most GSE capital reductions due to single-family credit guarantee” (9-3-10)

“The first Conservator’s Report on the Enterprises’ Financial Condition from the Federal Housing Finance Agency showed the single-family credit guarantee programs accounted for 73% of the capital reduction. Although declines in housing prices and prolonged economic weakness have hurt credit performance of traditional mortgages, as well, the FHFA said.”

Inman - “Fannie cracks the foreclosure whip” (9-3-10)

“Fannie Mae says it will begin fining loan servicers who take too long to complete foreclosures once it’s been determined that delinquent borrowers don’t qualify for a loan modification or other alternatives like short sales”

Los Angeles Times – “Value of California’s properties falls 1.8% to $4.4 trillion” (9-3-10)

“The value of all types of properties fell 1.8% this year to $4.4 trillion, the California Board of Equalization reported Thursday. The total value fell 2.4% last year.”

Housing Wire - “Another homebuyer tax credit won’t solve economic crisis” (9-3-10)

“Whether a policy is deemed a success or not depends on what it intends to achieve. If the Obama administration hoped that the first homebuyer tax credit, which ran from January 2009 to April this year, would provide a temporary kick to home sales, then let’s break out the ticker tape. Over this period, total home sales increased by 27%, from an annualized 4.9 million to 6.2 million. Of course, not all of these extra sales were due to the tax credit; some homes were brought without the credit while others would have been purchased regardless. Nonetheless, the credit did temporarily boost sales.”

Housing Wire – “August nonfarm payrolls shed 54,000 jobs” (9-3-10)

“Nonfarm payroll employment for August came in below analysts’ estimates, as 54,000 jobs were lost during the month, and the unemployment level rose slightly to 9.6%. The Labor Department’s Bureau of Labor Statistics reported federal employment shed another 121,000 jobs in August, including 114,000 temporary Census workers many of whom continue to trudge back to the ranks of the unemployed.”

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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190-TNG Radio – Peter Wayman 9-4-10

Friday, September 3rd, 2010

Andrew-Waite

Peter Wayman

Senior REO Sales Director for Freddie Mac


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September 17th, 2010, The Norris Group returns with its award winning event I Survived Real Estate 2010. The Norris Group has assembled an incredible line up of industry experts to discuss the state of REO from the inside. Topics will include regulatory intervention and aftermath, bulk buying, myths and facts, and opportunities emerging for real estate professionals. 100 percent of the proceeds support the Orange County affiliate of Susan G. Komen for the Cure. This event would not be possible without generous help from the following platinum partners: Foreclosure Radar and Sean O’Toole, the San Diego Creative Real Estate Investors Association and Bill Tan, Investors Workshops and Shawn Watkins and Angel Bronsgeest, Invest Club for Women and Iris Veneracion and Bobby Alexander, Claudia Buys Houses, The Business Press, Frye Wiles, MVT Productions, and White House Catering.

This week Bruce is joined by Peter Wayman. Peter is the Senior REO Sales Director for Freddie Mac. He oversees the design of sales strategies and how those strategies are applied across the REO portfolio. His group oversees the retail sales process, auctions and investor sales. Peter is responsible for the Affordable Housing Strategy: selling homes to organizations engaged in neighborhood stabilization. Peter came to Freddie Mac with 32 years of executive relocation experience. In that position, he has won national awards and is in the hall of fame.

The major product offered by the relocation industry has been the purchase of the transferee’s home. Peter is accustomed to valuing and selling on a cost plus basis. He does not have to foreclose and evict transferees, but he does have to call executives of companies and tell them the value of their homes. The relocation industry operates globally.

Freddie Mac’s primary method for selling homes is to put them in the hands of great brokers. Also, special incentives are offered to owner occupants to encourage purchasing. Freddie Mac’s focus is to make home buying possible, and to do that by positioning their homes fairly for owner occupants. To effectively use this strategy, homes must be conditioned for financing, buyer’s closing costs must be addressed, and home warrantee programs are offered as well. Freddie is biased towards getting owner occupants into homes.

History shows that if an owner occupant lives in a house, their occupancy improves their neighborhood. Freddie Mac is concerned with neighborhood stabilization. When owner occupants invest their money into a house, they connect more with the community and have more pride in their community.

In 2009, Freddie Mac ended the year with 71% of its homes going to owner occupants. This year, we are slightly under that percentage. We are in a prime selling season now, and Freddie Mac is finishing one of their special programs for owner occupants.

The ratio of 70:30 for owner occupants to other types of owners is considered acceptable by Freddie Mac. Freddie realizes that some of their properties are not currently suitable for occupants. Freddie puts the Neighborhood Stabilization funds into the hands of an NSP grantee for properties in bad condition. The NSP grantee uses the funds to renovate the home, add green energy options to it, and then sell it to an affordable buyer. These homes often receive $30,000 in renovations, which is not something that many private investors can do. Most of these funds are targeting extremely hard hit areas and some homes are even being considered for tear down.

Not all investors do a bad job of renovating properties, but Freddie Mac has to deal with a wide scope of investors. Freddie Mac considers responsible investors to be a viable option for getting rid of inventory.

NSP funds are delivered from a city or county. The largest portions of the funds come from the federal government, but state governments, land banks, and non-profit associations are also engaged in neighborhood stabilization. Freddie Mac is open to working with all of these companies.

Companies with NSP funds have an advantage when looking for properties owned by Freddie Mac. Freddie Mac uses an NCST (National Community Stabilization Trust), which provides access to grantees with NSP funds. The NCST works with a large number of grantees and servicers. It creates an interchange which shows all of the servicer’s properties on a google-type map. The grantees may then look to see if there are properties being offered in their designated census tracks for neighborhood stabilization. They then immediately have the opportunity to ask the servicer for a home’s price. All of this happens during the pre-list phase of moving REO inventory, so grantees have the opportunity to view properties while Freddie Mac is still valuing the properties.

Some cities have had trouble spending their funds for damaged properties. This may be due to the difference in reaction time when compared to a private investor. Some of the NSP-1 funds had to be committed as of today, but there are also NSP-2 and NSP-3 funds. Each grantee takes a different approach on assembling their programs. Some of them got started more quickly than others.

Freddie Mac has been heavily involved in the modification process and in foreclosure alternatives. Peter believes those two tools are becoming much more effective, because the servicers and Freddie Mac are developing more effective automation. Also, staff training has improved, and the real estate community is becoming more educated. All of these things have helped make modifications and foreclosure alternatives more effective.

Banks are beginning to address serious delinquencies. At the end of the 4th quarter of 2009, serious delinquencies peaked at 4.13 percent of all mortgages. This percentage has been coming down for 5 months in a row.

We are also seeing the REO inventory increasing. In January 2009, we had 21,000 REO homes, and in January 2010, we had 45,000. At the end of July 1st, we had 62,000 REOs. That 62,000 represents inventory in redemption, eviction, pre-list, listed, sold and going into closing. Generally speaking, over 50 percent of REO inventory is in redemption, eviction, and pre-list. That number is currently closer to 55 percent.

Peter believes it has been proven that losses are lessened by modifications. The sooner you address the problem, the lower the costs are in the process. A foreclosure should be considered a last resort.

Modifications had a 60 percent failure rate. Peter believes that as the modification process has gone to using written verification and careful coaching, the failure rate has gone down.

In September, Peter will be a part of the I Survived Real Estate 2010 panel. He will be speaking in front of about 400 eager investors, who will be trying to figure out how to get their share of Freddie Mac’s properties, and possibly even get a chance at a bulk purchase.

Peter is very excited to work with this charity program. Freddie Mac has to be primarily concerned with getting rid of properties at the lowest cost to the tax payer. Freddie Mac has discovered that nothing works better than listing properties with a great real estate broker, exposing it to the entire market, having a property priced and conditioned right, and allowing that exposure to drive a retail sale within 90 to 120 days. This focus tends to work extremely well. There are some assets that do not sell within that time frame. When assests don’t sell well, Freddie Mac turns to ballroom auctions and online auctions, and finally to bulk sales for investors. Investor bulk sales are not perceived as having the highest potential recovery rate. Less than 0.5 percent goes through bulk investor sales. Freddie Mac is currently developing a better strategy for bulk sales. There should be more bulk sale activity in the future.

Some states have different real estate problems, and there are some problems that necessitate different solutions. In Florida, Freddie Mac has a waver on REO condo requirements, so Florida condos make great candidates for bulk sales. Properties with Chinese drywall, low values, no insurance options, no occupancy certificates, or environmental problems will be more likely to end up in a bulk sale. Lots of investors contact Freddie Mac asking to buy all the $200,000 properties in California and Arizona. Peter responds to those investors saying, “You mean all those properties that I get multiple offers on within the first two weeks of being listed on the market?” Freddie Mac does not need investors to buy those 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.

Thank you for being a Gold Sponsor for I Survived Real Estate 2010: Adrenaline Athletics, Benton Investment Group, Community RE-Invest Group, Delmae Properties, Elite Auctions, Entrust California, Everlast Photography, Inland Empire Investors Forum, Keystone CPA, Landwood Title, Las Brisas Escrow, Leivas Financial Services, Mike Cantu, North San Diego Real Estate Investors Association, Northern California Real Estate Investors Association, Personal Real Estate Investor Magazine, Realty 411 Magazine, San Jose Real Estate Investor Association, Rick and LeeAnne Rossiter, San Jose Real Estate Investor Association, Starz Photography, Summit Solutions, Tony Alvarez, Wealth Point, and Westin South Coast Plaza.

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