California Real Estate Headline Roundup

Posts Tagged ‘Moody’s Investors’

By Bruce Norris .

The Norris Group Real Estate News Roundup 2/8/13

Friday, February 8th, 2013



Sources:

CoreLogic: Prices End 2012 with Biggest Annual Gain in Six Years
Winter Season Slows Home Price Gains
Rent Gains Soften as More Multiunit Buildings Enter Market: Trulia
List of Improving Housing Markets Expands to 259 in February; All 50 States Represented
Mortgage Applications Increase in Latest MBA Weekly Survey
Consumer confidence breaks darkness surrounding housing
Mortgage rates settle back down
MBA: Multifamily originations grew 49% in 4Q
Fannie Mae Provides $33.8B to Multifamily Sector in 2012
MBA Forecasts $254 Billion of Commercial/Multifamily Mortgage Originations in 2013, Up 11% From 2012
Carrington Mortgage Services rolls out 25-day loan closings
S&P accused of misrepresenting risks of bundled mortgages
House Democrats Ask Obama to Replace Fannie Mae Regulator
Capital Economics: Rise in Household Wealth to Boost GDP

Today’s News Synopsis:

This week’s video is a slideshow of some of the big news stories in real estate.  Capital Economics expects GDP to increase with the increase in home and equity prices.  The White House announced budget cuts they will be making, which include cuts from both defense and non-defense programs.

In The News:

DS News- “Fitch: CMBS Delinquencies Fall Again; Georgia Remains ‘Problem Spot’” (2-8-13)

“The national delinquency rate for commercial mortgage-backed securities (CMBS) began the year with another decline, marking the eighth consecutive month of decreases, according to Fitch Ratings. The rating agency, however, noted regional struggles in Georgia.”

Housing Wire“Moody’s earnings skyrocket despite credit rating scrutiny” (2-8-13)

“During a week when credit rating agencies faced increased scrutiny, Moody’s Corporation profits soared, beating market expectations.”

Inman - “Referral site for global listings grows in the US” (2-8-13)

“A Los Angeles-based referral site with more than 200,000 overseas property listings is expanding into the U.S., with exclusive partners in seven states so far.”

Housing Wire- “Schneiderman probe: Another chip in the armour of credit rating agencies?” (2-8-13)

“With the $5 billion civil suit against Standard and Poor’s Rating Services putting a target on the credit rating agency’s back, the door may have been pushed open for inspection of rival credit rating agencies.”

CNN Money - “White House details pending budget cuts” (2-8-13)

“Some 600,000 poor women and children will no longer get free milk and cheese, and some 2,100 fewer food inspections will take place if federal budget cuts expected to kick in March 1 actually take place.”

Bloomberg“Housing Slump and Canada Job Cuts Mark Slow Start to 2013″ (2-8-13)

“Canadian employers unexpectedly cut jobs in January while home builders slowed the pace of new construction to the least since 2009, suggesting a languid start to the new year for the country’s economy.”

DS News- “Capital Economics: Rise in Household Wealth to Boost GDP” (2-8-13)

“With the increase in home and equity prices, Capital Economics suggests net household wealth may be on its way to rising above pre-recession levels later this year, which will lead to a boost to GDP.”

Housing Wire“PMI’s mortgage insurance assets to be acquired” (2-8-13)

“PMI Mortgage Insurance has faced turbulent times these past few years after the mortgage insurer was pulled into receivership and then a bankruptcy proceeding by its primary regulator, the Arizona Department of Insurance.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $118,000 on a 4 bedroom, 2 bathroom home appraised for $171,000.

 

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Looking Back:

CoreLogic reported a decrease in foreclosures for the whole year in 2011 with 830,000 compared to 1.1 million in 2010.  According to Bloomberg, mishandled mortgages and foreclosures cost banks as much as $72 billion.  In other news, the Mortgage Bankers Association reported a 7.5% increase in mortgage applications.

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

The Norris Group Real Estate News Roundup 10/18/11

Tuesday, October 18th, 2011

Today’s News Synopsis:

According to Bloomberg News, mortgage defaults were up by 26% in the third quarter.  Fannie Mae and Freddie Macs’ foreclosure attorney network programs will be going through changes by order of the FHFA.  Foreclosure filings were up in August for the third quarter according to the Los Angeles Times, and the sale of short sale properties could help increase housing prices.

In The News:

Bloomberg“California Mortgage Defaults Rise 26%” (10-18-11)

“Mortgage defaults in California rose 26 percent in the third quarter from the previous three months as lenders began working through a backlog of delinquent loans after a nationwide delay, according to DataQuick.”

Housing Wire - “Moody’s: CMBS delinquencies up to 9.36% in September” (10-18-11)

“The delinquency rate of loans in commercial mortgage-backed securities rose in September while total issuance fell as more seasoned loans left CMBS than new deals came into the sector, according to Moody’s Investors
Service.”

DS News - “Fannie Mae and Freddie Mac to Do Away With Attorney Networks” (10-18-11)

“The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to transition away from their current foreclosure attorney network programs, and move to a system where mortgage servicers will select law firms based on minimum qualifications and uniform criteria.”

Inman - “Companies offer real estate rewards programs” (10-18-11)

“Real estate franchisor Re/Max LLC has rolled out a  loyalty program for agents and clients.  The program, Re/Max Rewards, is powered by loyalty platform provider Next Jump.”

Los Angeles Times - “Number of Californians entering foreclosure jumps in third quarter” (10-18-11)

“A big August surge in foreclosure actions by Bank of America and Bank of New York sent the number of California homeowners entering foreclosure to levels not seen in a year.  The third-quarter jump in notices of default, the first formal step in the foreclosure process, came after such filings had dropped to a three-year low earlier this year. Defaults were up 25.9% from the prior quarter, according to according to San Diego-based DataQuick, a real estate information service.”

Bloomberg - “Home Short Sales Rise in ‘Dramatic Shift’ That May Boost U.S. House Prices” (10-18-11)

“U.S. home prices may get a boost from an unlikely source: a pickup in sales of properties in default before they reach the stage where they are repossessed by the bank and sold.  There has been a “dramatic shift” in banks’ willingness to sell a property for less than the mortgage balance to avoid foreclosing, said Ron Peltier, chairman and chief executive officer of HomeServices of America Inc., the second-biggest U.S. residential brokerage”

San Francisco Chronicle - “The new normal: Higher bank fees are here to stay” (10-18-11)

“The latest third-quarter earnings reports from this week confirm that banks are  struggling to make money the old-fashioned way, by lending money to consumers  and businesses. The main reason: interest rates are at historic lows. That makes  it harder for banks to charge high rates on loans.”

Housing Wire“Buyer of invalid foreclosure loses appeal to clear property title” (10-18-11)

“A man who bought a house that turned out to be an invalid foreclosure cannot sue the previous homeowner over his clouded title because the bank foreclosed before receiving an actual mortgage assignment, the Massachusetts Supreme
Judicial Court said Tuesday.”

Bloomberg - “Homebuilders Rise Most in Two Years as Sentiment Index Unexpectedly Climbs” (10-18-11)

“U.S. homebuilders rose the most in two years after an index of developer sentiment unexpectedly increased to its highest level since May 2010, spurring optimism that demand for new houses may be improving.”

DS News - “States and Servicers Consider New Proposal for Aiding Those Underwater” (10-18-11)

“Help for underwater homeowners has reportedly moved from principal writedowns to refinancing in settlement negotiations between state attorneys general and the nation’s five largest mortgage servicers.”

Looking Back:

A Rasmussen survey found that 31% of homeowners expected their home prices to fall over the next year, while 50% expected their home values to increase over the next 5. According to the NAHB, builder confidence increased for the first time in 5 months in October 2010. The Federal Reserve Bank of New York reported over 66% of small businesses experienced declines in sales and revenue during the first half of 2010. Robert Curran believed demand for housing would not return any earlier than late winter of 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 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.