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The Norris Group Real Estate News Roundup 7/20/11

Wednesday, July 20th, 2011

Today’s News Synopsis:

As of June, existing home sales are at their lowest they have been in seven months according to Bloomberg.  However, the prices for commercial property increased 6.3% in May according to Moody’s.  Wells Fargo was fined $85 million by the Federal Reserve for producing false information on incomes and pressuring consumers to use subprime loans who were already borrowing prime mortgages. 

In The News:

Housing Wire - “More Americans to exit homeownership” (7-20-11)

“Political deadlock mixed with terrible housing market conditions will eventually turn America into a society of renters, according to the latest Housing Market Insights report from Morgan Stanley (MS: 21.72 +3.53%).”

Bloomberg - “U.S. Existing-Home Sales Unexpectedly Declined in June to Seven-Month Low ” (7-20-11)

“Sales of previously owned U.S. homes unexpectedly declined in June to a seven-month low as the industry struggled to overcome rising unemployment and foreclosures.  Purchases dropped 0.8 percent to a 4.77 million pace, data from the National Association of Realtors showed today in Washington.”

DS News - “Distressed Properties Comprise Smalle Share of Declining Home Resales” (7-20-11)

“Foreclosures and short sales made up 30 percent of all existing-home sales in June, according to data released Wednesday by the National Association of Realtors (NAR).”

RisMedia - “Regional News: Housing Trust Funds Receives Federal Grant” (7-20-11)

“A countywide organization that promotes below-market-price housing has received a $600,000 grant from the federal government.   The San Luis Obispo County Housing Trust Fund says it will use the grant, which comes from the Treasury Department, to subsidize housing projects in the county.”

Bloomberg – “U.S. Commercial Property Prices Increased 6.3% in May, Moody’s Says” (7-20-11)

“U.S. commercial property prices increased in May for the first time in six months as a rebound in distressed real estate helped boost values, according to Moody’s Investors Service.  The Moody’s/REAL Commercial Property Price Index rose 6.3 percent from April, the largest gain since the measure began in 2000.”

Los Angeles Times - “Consumer Financial Protection Bureau gets strong support in poll” (7-20-11)

“Democrats and Republicans in Washington remain sharply split on the new Consumer Financial Protection Bureau. But a new poll from Consumers Union shows that about three-quarters of the public supports it.”

Housing Wire - “Fed fines Wells Fargo $85 million for questionable mortgages” (7-20-11)

“The Federal Reserve fined Wells Fargo (WFC: 28.70 +1.02%) $85 million and issued a cease and desist order for allegedly steering prime mortgage borrowers into subprime loans, along with falsifying income information on applications.”

The Wall Street Journal - “Investments Muddy Dirt-Bond Holders” (7-20-11)

“During the boom years, as big housing developments mushroomed throughout the country, developers worked with local governments to raise billions of dollars for roads, sewers and sidewalks through a municipal-debt security known as “dirt bonds’.”

Realty Times - “Mortgage Rates Decline as Economic Data Continues to Influence Investors” (7-20-11)

“As economic data continues to influence investors with their decisions, mortgage rates declined again last week bringing them to their lowest levels of 2011. Freerateupdate.com’s daily survey of wholesale and direct lenders show that conforming 15 year fixed mortgage rates decreased by .125% and are at 3.375%.”

DS News - “California Defaults Reach Lowest Rate in Four Years” (7-20-11)

“For the second quarter of 2011, California homes entering the foreclosure process decreased to their lowest rate in four years, according to DataQuick, a San Diego-based company
that tracks nationwide real estate activity.”

Looking Back:

The MBA reported independent mortgage bankers and subsidiaries made an average profit of $606 on each loan they originated in the first quarter of 2010. Statistics from the Commerce Department showed housing starts fell 5% from May 2010. FHA required borrowers to have at least a 580 FICO score to buy a home with a minimum 3.5 percent down payment. First and second mortgage default rates declined to 3.3% and 2.4%, according to Experian.

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

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The Norris Group Real Estate News Roundup 7/5/11

Tuesday, July 5th, 2011

Today’s News Synopsis:

Washington Mutual and other defendants agreed to pay $208.5 million to settle a lawsuit involving money lost in the 2008 financial crisis.  RisMedia reported a decline in foreclosure sales ever since the addition of new foreclosure standards put into place during last year’s Robogate Scandal.   According to Bloomberg, credit scores have been improving, having risen 696 points in May, the most it’s been in four years. 

In The News:

Housing Wire - “Researchers forsee soft landing from jumbo loan limit drop” (7-5-11)

“Lowering the conforming loan limits in October will still leave room for the government-sponsored enterprises and the Federal Housing Administration to fulfill their housing finance missions, according to separate research notes from Capital Economics and George Washington University.”

San Francisco Chronicle - “Borrowers sue over apparent loan mod mishaps” (7-5-11)

“Campusano is one of two named plaintiffs in a proposed class-action lawsuit alleging breach of contract by Bank of America NA and subsidiary BAC Home Loans Servicing LP.  The suit, which was filed in Los Angeles federal court because BAC is located in nearby Calabasas, is among a growing number of legal complaints accusing banks of disregarding what should be binding agreements to reduce the monthly mortgage payments of troubled borrowers. ”

Bloomberg – “Best Consumer Credit Scores Since 2006 Reveal Lending Rebound Across U.S.” (7-5-11)

“The average U.S. credit score — a predictor of the likelihood lenders will be paid back — rose to 696 in May, the highest in at least four years, according to Equifax Inc., a provider of consumer-credit data.  The ratio of consumer-debt payments to incomes is the lowest since 1994, and delinquencies have dropped 30 percent in two years, Federal Reserve data show.”

RisMedia - “Foreclosure Sales Plummet inMay” (7-5-11)

“There are significantly fewer foreclosure sales today than there were before foreclosure moratoria were put into place during the Robogate scandal last fall and foreclosure sales are declining.”

Housing Wire – “Washington Mutual settles class-action case for $208.5 million” (7-5-11)

“Washington Mutual and several co-defendants settled a class-action lawsuit for $208.5 million filed by shareholders who lost money in the 2008 financial crisis.”

Inman - “Chase, Wells Fargo lead in HAFA short sales” (7-5-11)

“JPMorgan Chase and Wells Fargo are pursuing short sales more aggressively than other loan servicers participating in the government’s Home Affordable Foreclosure Alternatives (HAFA) program, according to the latest figures released by the Treasury Department.”

DS News - “Default Risk in Reverse Mortgage Sector Prompts Lender Exodus” (7-5-11)

“Reverse mortgage businesses accounted for a bigger share of mortgage-related casualties during the first half of 2011.”

The Wall Street Journal - “Moody’s Gives Banks Greek Debt Warning” (7-5-11)

“Banks rolling over some of their Greek debt into new instruments may have to take impairment charges, Moody’s Investors Service said Tuesday, in another setback for efforts to involve private
bondholders in a new international bailout.”

Housing Wire - “Fully extinguished second liens under HAMP hard to come by” (7-5-11)

“Mortgage servicers participating in the Home Affordable Modification Program fully extinguished 1,524 second lien mortgages through May, led by one servicer in particular.”

Inman - “2011 seen as ‘turning point’ for home prices” (7-5-11)

“More than half of economists, real estate experts and investment strategists polled by MacroMarkets LLC in June said they now expect national home prices to hit a
bottom sometime in 2011 and remain stable through 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 6/23/11

Thursday, June 23rd, 2011

Today’s News Synopsis:

New homes saw a decline in May of 2.1%, according to NAHB.  Mortgage rates remain at a steady low for the second week straight.  Shadow inventory is decreasing slowly, but is still high for the time being.  In other news, the House Appropriations Committee voted to cut funding for the Consumer Financial Protection Bureau. 

In The News:

Inman - “Mortgage rates hold steady again near 2011 lows” (6-23-11)

“Mortgage rates held steady this week, remaining at or near their 2011 lows for the second week in a row, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey.”

RisMedia - “Shadow Inventory Slowly Fades” (6-23-11)

“The so-called “shadow inventory” of foreclosures—properties in the foreclosure pipeline but not yet listed on multiple listings services—slowly sank over the past year but still amount to five months’ worth of home sales. ”

NAHB - “Builders Back Reauthorization of Flood Insurance Program” (6-23-11)

“The National Association of Home Builders (NAHB) today expressed support for a five-year extension of the National Flood Insurance Program (NFIP) to ensure that the federally-backed flood insurance program remains efficient and effective in protecting flood-prone properties and creates more stability in the housing market”

The Wall Street Journal - “Jobless Claims Move Higher” (6-23-11)

“The number of people filing new claims for unemployment insurance ticked up last week in the latest sign that the U.S. labor market is sputtering amid slower economic growth.”

RisMedia – “MBA Study Shows First Quarter 2011 Mortgage Banker Production Profits Slide as Volume Drops” (6-23-11)

“Independent mortgage banks and subsidiaries made an average profit of $346 on each loan they originated in the first quarter of 2011, down from $1,082 per loan in the fourth quarter of 2010, according to the Mortgage Bankers Association’s (MBA) First Quarter 2011 Mortgage Bankers Performance Report released recently.”

Bloomberg - “Sales of U.S. New Homes Decreased in May” (6-23-11)

“Purchases of new U.S. houses fell in May for the first time in three months, showing the industry is struggling to gain momentum.”

Housing Wire - “Audit says FHFA failed to address consumers’ GSE complaints” (6-23-11)

“The Federal Housing Finance Agency mishandled consumer complaints about Freddie Mac and Fannie Mae, including complaints about possible foreclosure actions, the FHFA Office of Inspector General said in a report this week.”

Housing Wire – “House committee votes to slash CFPB funding” (6-23-11)

“The House Appropriations Committee voted Thursday to cap funding for the Consumer Financial Protection Bureau at less than half of what was originally estimated for the agency”

DS News - “Distressed Sales Drive CRE Prices Down for Fifith Month: Moody’s” (6-23-11)

“Commercial real estate prices (CRE) in the U.S. declined in April by 3.7 percent, according to a new report from Moody’s Investors Service.”

NAHB - “New-Home Sales Decline 2.1 Percent in May, Holding Above First Quarter Average” (6-23-11)

“Sales of newly built, single-family homes declined 2.1 percent to a seasonally adjusted annual rate of 319,000 units in May, according to figures released by the U.S. Commerce Department today.”

Looking Back:

One year ago, new home sales decreased by 33 percent in May 2010. The MBA’s weekly survey showed mortgage applications decreased by 5.9 percent the previous week. The Franchise Tax Board announced 80% of the credits for first-time home buyers program in California had been applied for. Borrowers who strategically defaulted were banned from obtaining new mortgages backed by Fannie Mae for seven years from the date of 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 6/22/11

Wednesday, June 22nd, 2011

Today’s News Synopsis:

Susan McFarland was just named the new CFO for Fannie Mae, according to Housing Wire.  Sales of existing homes decreased 3.8%, while home prices actually increased a slight .8%.  They rose slightly despite having fallen 5.7% back in April.  There was also an increase in the sale of pending homes for the first time in 17 months.

In The News:

Housing Wire - “Fannie Mae names McFarland CFO” (6-22-11)

“Fannie Mae named Susan McFarland executive vice president and chief financial officer.  She replaces David Johnson, who had been head of the government-sponsored enterprise since soon after the feds put Fannie in conservatorship. Johnson announced plans to resign in November. Deputy CFO David Hisey served in the interim.”

Bloomberg - “U.S. Commercial-Property Index Falls to Record on Distressed Properties” (6-22-11)

“U.S. commercial property prices fell in April as sales of distressed assets made up a large share of transactions, according to Moody’s Investors Service. ”

The Wall Street Journal - “Home Resales Slide 3.8%” (6-22-11)

“The housing slump has reined in Americans’ once-insatiable appetite for bigger and better homes.  The trend can be seen in the latest report on sales of existing, or previously owned, homes for May, released Tuesday by the National Association of Realtors. Overall, the report showed that sales of existing homes fell 3.8% in May, underscoring the weakness of the spring selling season and the uneven nature of the housing recovery”

Inman - “Opposition to QRM proposal picks up steam” (6-22-11)

“The campaign to shoot down a proposal by federal regulators that lenders be required to retain at least 5 percent of the risk on mortgages they securitize when borrowers make down payments of less than 20 percent continues to pick up steam.”

RisMedia - “Existing-Home Sales Decline in May with Market Constraints, Temporary Conditions” (6-22-11)

“Existing-home sales were down in May as temporary factors and financing problems weighed on the market, according to the National Association of REALTORS.”

Housing Wire - “US home prices increase a scant 0.8% in April: FHFA” (6-22-11)

“U.S. home prices rose a scant 0.8% between March and April, the Federal Housing Finance Agency said in its latest home price index report.”

DS News - “Shadows Shrink on More Distressed Sales and Fewer Delinquencies” (6-22-11)

“The shadow inventory of repossessed and soon-to-be repossessed homes not yet visible to the market has been trimmed, according to new data released by CoreLogic Wednesday.”

The Orange County Register - “Calif. sees 1st gain in pending deals in 1 1/2 years” (6-22-11)

“Pending home sales — the number of housing deals going into contract — increased in California in May for the first time in 17 months, the California Association of Realtors reported.”

Bloomberg - “U.S. Home Prices Fell 5.7% in April From Years Earlier as Housing Struggles” (6-22-11)

“U.S. home prices fell 5.7 percent in April from a year earlier, signaling the housing market is struggling to recover as foreclosures weigh down values.”

Looking Back:

The level of commercial/multifamily mortgage debt outstanding decreased to $3.31 trillion in the first quarter of 2010. The NAR reports existing home sales decreased by 2.2 percent in May of 2010. California home sales increased 1.2 percent in May 2010. An amendment to the Wall Street Reform Bill being debated on the day of June 22nd in Congress would eliminate the hotly contested Home Valuation Code of Conduct.

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 6/21/11

Tuesday, June 21st, 2011

Today’s News Synopsis:

Housing Wire reported that JP Morgan is expected to pay$153.6 in a settlement regarding misleading information with mortgage security transactions.  Bloomberg reported that the price of existing homes decreased in May to the lowest they have been in six months.  According to DS News, Moody’s Investors Service’s Delinquency Tracker recently showed that loan delinquency rates dropped four points to 9.18%.

In The News:

Inman – “Real estate sales stumble again in May” (6-21-11)

“After slipping in April, existing-home sales fell again in May compared to the month before, according to the latest monthly report from the National Association of Realtors.”

Housing Wire - “JPMorgan to pay $153.6 million to settle SEC charges in CDO deal” (6-21-11)

“JPMorgan Securities (JPM: 40.91 +1.06%) will pay $153.6 million to settle Securities and Exchange Commission charges that it misled investors in a complex mortgage securities transaction just as the housing market began to tank, the SEC said Tuesday. ”

Bloomberg - “Existing-Home Sales in U.S. Fell in May to Six-Month Low, May Be at Bottom” (6-21-11)

“Sales of existing U.S. homes decreased in May to the lowest level in six months, a sign that the housing market is lagging other parts of the economy.”

DS News - “Moody’s U.S. CMBS Loan Delinquencies Slip to 9.18%” (6-21-11)

“The delinquency rate on loans included in commercial mortgage-backed securities (CMBS) transactions fell four basis points in May to 9.18 percent, according to Moody’s Investors Service’s Delinquency Tracker (DQT), which tracks all loans in U.S. conduit and fusion deals with a current balance greater than zero.”

Inman – “FHA interest payoffs debate pits NAR vs. MBA” (6-21-11)

“It’s an issue that bubbled up on Capitol Hill last week and pits Realtors against mortgage bankers: the Federal Housing Administration’s long-standing policy of forcing borrowers to pay a full month’s worth of interest at closing when they pay off their loans anytime before the end of the month.  An influential senator, Ben Cardin, D-Md., is sponsoring legislation that would require FHA to charge only per diem interest on prepayments of loans.”

Housing Wire - “Former TBW exec sentenced to 40 months in prison” (6-21-11)

“Paul Allen, former CEO of the failed mortgage lender Taylor, Bean & Whitaker, was sentenced to 40 months in prison for his role in a $2.9 billion fraud scheme orchestrated by his boss and TBW Chairman Lee Farkas.”

Bloomberg - “MetLife Pushes Reverse Mortgages as Wells Fargo, Bank of America Retreat” (6-21-11)

“MetLife Inc. (MET), the biggest U.S. life insurer, is poised to become the No. 1 reverse-mortgage lender as Wells Fargo & Co. (WFC) and Bank of America Corp. (BAC) leave the market.”

DS News - “Distress Claims Smaller Share of Dwindling Existing-Home Sales” (6-21-11)

“Distressed properties accounted for just 31 percent of existing-home sales in May, the National Association of Realtors (NAR) reported Tuesday.”

The Sacramento Bee - “Pending home sales in state rise for first time in year and a half” (6-21-11)

“California pending home sales rose in May, posting the first year-over-year increase in 18 months, the California Association of Realtors said today.”

Orange County Register - “Home price bottom expected in 2013″ (6-21-11)

“The housing market is going to take a long time to recover, and home prices could continue dropping into 2013, experts told reporters and other industry insiders at a recently concluded real estate writers conference.”

Looking Back:

Since March 2009, 436,000 people had dropped out of the mortgage modification program. A survey from Grant Thornton LLP showed that 45% of bankers expected economic conditions to improve over the next 6 months following June 21, 2010. According to CoreLogic, national housing prices increased 2.6% in April 2010 compared to April 2009. Analyst Meredith Whitney believed the U.S. housing market would experience a second recession.

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 4/20/11

Wednesday, April 20th, 2011

Today’s News Synopsis:

Mortgage application volume rose 5.3%, according to the MBA. The NAR said existing home sales increased 3.7%. Economists from CSU Fullerton believe O.C. home prices will rise by less than 5% this year.

In The News:

Bloomberg - “Meyer Interview About U.S. Housing Market” (4-20-11)

“Michelle Meyer, a senior economist at Bank of America Merrill Lynch, talks about the outlook for the U.S. housing market. Sales of U.S. previously owned homes rose in March as a mounting supply of properties in or near foreclosure lured investors.”

Mortgage Bankers Association – “Press Release – Weekly Application Survey” (4-20-11)

“mortgage loan application volume, increased 5.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 5.9 percent compared with the previous week. The Refinance Index increased 2.7 percent from the previous week.”

NAR - “Existing-Home Sales Rise in March” (4-20-11)

“Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 3.7 percent to a seasonally adjusted annual rate of 5.10 million in March from an upwardly revised 4.92 million in February, but are 6.3 percent below the 5.44 million pace in March 2010. Sales were at elevated levels from March through June of 2010 in response to the home buyer tax credit.”

Orange County Register – “CSUF: O.C. home prices to rise by less than 5%” (4-20-11)

“Business School economists at California State University, Fullerton, are sticking to their earlier forecast that Orange County home prices won’t gain much ground this year.”

DSNews - “Moody’s: Commercial Real Estate Prices Just 0.8% Above Cycle Low” (4-20-11)

“commercial real estate (CRE) prices as measured by the Moody’s/REAL Commercial Property Price Index (CPPI) fell 3.3 percent at the national level in February. The index is down 4.9 percent from 12 months earlier and only 0.8 percent above its post-peak low set in August 2010.”

Looking Back:

One year ago, 81,054 Notices of Default were recorded at county recorder offices during the January-to-March period in California. Marcus & Millichap Real Estate Investment Services claimed that the gap between monthly rents and mortgage payments was at its lowest level in almost 20 years. Cushman & Wakefield estimated the commercial real estate market would take the longest to recover. HAMP completed 230,000 permanent modifications over 12 months.

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 3/22/11

Tuesday, March 22nd, 2011

Today’s News Synopsis:

The CBIA reports home production has dropped 41% from last year. MacroMarkets believes a double dip in housing prices may soon occur. Fannie Mae said mortgage applications decreased by 7.9% in January. U.S. home prices fell 3.9% year over year, according to FHFA.

In The News:

Housing Wire – “Cleveland Fed president says housing remains weak link in recovery” (3-22-11)

“Sandra Pianalto, president of the Federal Reserve Bank of Cleveland, says the housing sector remains one of the most ‘unforgiving aspects’ of the recession.”

Housing Wire – “Elizabeth Warren aims to cut regulatory costs for community banks” (3-22-11)

“Elizabeth Warren, the special adviser to the Treasury Department, told an audience of community bankers Tuesday that the Consumer Financial Protection Bureau she is working to construct will look to cut regulatory costs for smaller financial institutions.”

CBIA - “California Housing Production Continues Decline in February, CBIA Announces” (3-22-11)

“According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 2,088 total housing units in February, down 41 percent from the same month a year ago and down 26 percent from January. Permits for single-family homes totaled 1,204, down 34 percent from February 2010 and down 26 percent from the previous month, while multifamily permits totaled 884, down 48 percent from a year ago and down 24 percent from January.”

Housing Wire – “Housing double dip could be coming: MacroMarkets” (3-22-11)

“A double-dip in housing could arrive this year with national home prices only 1% away from a new ‘post-crash low,’ MacroMarkets said in its March 2011 Home Price Expectation Survey.”

Housing Wire – “Fannie Mae expects home sales to remain soft through spring season” (3-22-11)

“Home sales are expected to remain soft in the near term after mortgage applications fell 7.9% in January and another 3.3% in February, Fannie Mae said in its March Economic Outlook report.”

Bloomberg - “U.S. Commercial Property Prices Fell for Second Straight Month in January” (3-22-11)

“The Moody’s/REAL Commercial Property Price Index slumped 1.2 percent from the previous month and 4.3 percent from a year earlier. It’s up 4.2 percent from an eight-year low in August, Moody’s said in a statement today.”

Bloomberg - “Home Prices in U.S. Declined 3.9% in January From Year Earlier, FHFA Says” (3-22-11)

“U.S. home prices fell 3.9 percent in January from a year earlier as the housing market struggled to recover from the worst crash in seven decades, according to the Federal Housing Finance Agency.”

Housing Wire – “Federal Reserve’s balance sheet grows on MBS, Treasury securities” (3-22-11)

“At Dec. 31, the Fed reported total assets of $2.43 trillion, up $193 billion from 2009, the Federal Reserve said in its consolidated 2010 financial report released Tuesday. The expanded balance sheet includes an $86 billion increase in mortgage-backed securities acquired from government-sponsored enterprises and federal agencies.”

Housing Wire – “HUD updates Chinese drywall remediation guidance” (3-22-11)

“The Department of Housing and Urban Development and the Consumer Product Safety Commission recently released an updated version of their guidance on Chinese drywall remediation. The change comes after a study by Sandia National Laboratories found there were no correlating hazardous effects.”

Looking Back:

The total number of failed banks so far in 2010 has now reached 37. Geithner suggests that government officials listen more to harmed families and businesses than to large financial institutions while considering a financial overhaul bill. Lennar is investing over $3 billion into distressed real estate assets. California will offer about $3.1 billion in taxable debt sales this week.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor 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 3/21/11

Monday, March 21st, 2011

Today’s News Synopsis:

Existing home sales dropped 9.6%, according to the NAR. A San Joaquin County investor pleaded guilty to rigging foreclosure auctions, and is now facing a federal prison sentence and $1 million in fines. LPS claims the current mortgage delinquency rate is 8.8%.

In The News:

NAR - “February Existing-Home Sales Decline following Sustained Gains” (3-21-11)

“Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 9.6 percent to a seasonally adjusted annual rate of 4.88 million in February from an upwardly revised 5.40 million in January, and are 2.8 percent below the 5.02 million pace in February 2010.”

Housing Wire – “California pending home sales spike in February” (3-21-11)

“The California Association of Realtors’ Pending Home Sales Index rose 20.6% in February to 112.1 from 93 in January. The index uses 2008 housing market activity as a baseline because it represents a more normal level of purchases and sales. An index reading of 100 corresponds with activity in 2008.”

Recordnet.com – “Guilty plea in home auction rigging” (3-21-11)

“A San Joaquin County investor pleaded guilty Friday in federal court to charges he illegally rigged bids with others at home foreclosure auctions in Stockton, the U.S. Attorney’s Office in Sacramento reported. Gregory L. Jackson is the sixth defendant so far to plead guilty in the federal probe. He faces a federal prison sentence and $1 million in fines under terms of the negotiated plea deal.”

Orange County Register – “‘Normal’ new-home market is 3-5 years off” (3-19-21)

“We decided to add Southern California (especially the O.C. market) into our business plan since we believe this market has bottomed. In today’s home building market, there is an imbalance between used and new homes in Orange County as a limited amount of new homes have been built over the last five years.”

Orange County Register – “Demand for O.C. homes at 7-month high” (3-21-11)

“Demand, the number of new pending sales over the past month, increased by 225 in just two weeks and now totals 2,982. At the beginning of the year, demand was at 1,856 pending sales. Since then, it has increased by 61%. Last year at this time there were 288 additional pending sales, propped up by the $8,000 first time homebuyer tax credit.”

Housing Wire – “Mortgage delinquency rate drops 18.4% annually: LPS” (3-21-11)

“Out of the 40 million loans evaluated by LPS last month, 8.8% qualified as delinquent (30 days or more overdue). That delinquency rate is down 1.2% from January and 18.4% from February 2010.”

Housing Wire – “Stress tests suggest economy may slide back into crisis: IRA” (3-21-11)

“Recent stress tests conducted by the Federal Reserve suggest the banking industry and economy ‘may be sliding back into crisis’ because of deflation in the housing sector, according to a new report from Institutional Risk Analytics.”

Housing Wire – “Moody’s expects temporary GSE exemption from mortgage risk rules” (3-21-11)

“Analysts at Moody’s Investors Service said Monday regulators may exempt Fannie Mae and Freddie Mac from upcoming mortgage risk retention rules – at least temporarily.”

Housing Wire – “Distressed property sales decline on foreclosure issues facing servicers” (3-21-11)

“Overall, investors stepped up their homebuying game last month even as distressed property sales fell, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The report shows the HousingPulse Distressed Property Index — a barometer of distressed home sales — fell to 47.3% in February from 49.6% in January.”

Bloomberg – “Treasury to Sell Mortgage-Backed Holdings at Up to $10 Billion Per Month” (3-21-11)

“The U.S. Treasury Department plans to wind down its $142 billion portfolio of mortgage bonds guaranteed by Fannie Mae and Freddie Mac by selling as much as $10 billion per month.”

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 2/22/11

Tuesday, February 22nd, 2011

Today’s News Synopsis:

A Survey from Harris Interactive shows 70% of Americans aspire to homeownership. According to S&P/Case-Shiller, national home prices fell 4.1% in the 4th quarter of 2010. FNC Residential seems to confirm this saying home prices fell 2.2% in December. CB Richard Ellis Group expects office rents to increase this year.

In The News:

Ventura County Star – “Apartments can be good investment as more people rent” (2-19-11)

“While construction in Ventura County has taken a significant hit since the downturn began, shedding about 7,700 jobs from June 2007 to June 2010, the pain has been uneven. Single-family homes have been hit hard and condominiums even harder, said Dawn Dyer, president of Dyer Sheehan Group, a Ventura real estate consulting firm.”

Los Angeles Times – “Homeownership loses its luster” (2-19-11)

“Two-thirds of Americans still see a home purchase as a safe investment, but that’s down from 83% in 2003, according to a study by Fannie Mae. Homeownership has fallen to 66.5% of the adult population, down from 69.2% in 2004. A Harris Interactive polls says 70% of Americans aspire to homeownership, down from 77% a year ago.”

San Francisco Chronicle – “Consumer Confidence Index hits 3-year high” (2-22-11)

“The Conference Board says its Consumer Confidence Index climbed to 70.4 this month, up from a revised 64.8 in January, hitting its highest level since February 2008. It was the index’s fifth consecutive monthly increase. The figure topped economists’ expectations of a reading of 65, according to FactSet.”

CNN - “Home prices near 2009 lows — and may fall more” (2-22-11)

“National home prices fell 4.1% during the last three months of 2010, compared with 12 months earlier, according to the latest report from the S&P/Case-Shiller home price index, a closely watched indicator of market trends. They were down 1.9% compared with three months earlier.”

Housing Wire – “Fitch Solutions subprime credit default swap prices highest since October 2008″ (2-22-11)

“Analysts said the firm’s index for subprime swaps rose 5.2% in January on top of increases the prior two months, including a 7.2% gain in December. Fitch said the 2004 and 2007 vintages performed well last month with returns of more than 7% although constant default rates average 20% higher for the swaps from 2007.”

Housing Wire – “Moody’s finds commercial real estate eluding recovery” (2-22-11)

“After three consecutive months of increases, commercial real estate prices fell 0.9% in December, according to Moody’s Investors Service.”

Housing Wire - “Foreclosure sales weigh down home prices in 23 markets” (2-22-11)

“Home prices in 23 U.S. metropolitan areas fell 2.2% in December, the largest one-month drop for fiscal 2010, and a sign that foreclosed properties continue to weigh down home values across the nation, the FNC Residential Price Index revealed Monday.”

Bloomberg – “U.S. Office Rent Growth to Be ‘Modest’ in 2011, CB Richard Says” (2-22-11)

“U.S. office rents will increase for the first time in three years in 2011, with growth ‘modest and limited to key markets’ before a recovery accelerates in 2012, according to CB Richard Ellis Group Inc.”

Looking Back:

One year ago, Moody’s reported that commercial property prices increased by 4.1 percent in December. A survey showed that 87 percent of homebuilders expected to lose money due to the new FHA guidelines. Short sales accounted for 15.9% of home purchases in January 2010. Janet Yellen predicted the U.S. economy would perform below potential throughout this year and the next.

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 1/27/11

Thursday, January 27th, 2011

Today’s News Synopsis:

The NAR claims pending home sales increased 2% in December. Statistics from Freddie Mac show mortgage rates increased to 4.8% this week. According to the Labor Department, initial jobless claims climbed nearly 12.7% last week. The MLS reports sales of existing houses and condos totaled $15.5 billion in 2010.

In The News:

NAR - “Pending Home Sales Continue Uptrend” (1-27-11)

“The Pending Home Sales Index,* a forward-looking indicator, increased 2.0 percent to 93.7 based on contracts signed in December from a downwardly revised 91.9 in November. The index is 4.2 percent below the 97.8 mark in December 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.”

Los Angeles Times – “Mortgage rates inch higher, Freddie Mac says” (1-27-11)

“The latest report from mortgage finance giant Freddie Mac says lenders were offering 30-year fixed-rate home loans at an average 4.80% this week to borrowers with solid credit and 20% down payments or home equity. That compared with 4.74% last week.”

Housing Wire – “Jobless claims rose 12.7% last week, well above estimates” (1-27-11)

“The number of people filing initial jobless claims climbed nearly 12.7% last week to 454,000, well above most analysts’ estimates. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Jan. 22 rose by 51,000 from the previous week’s 403,000″

Housing Wire – “Wallison singles out US housing policy for causing financial crisis” (1-27-11)

“Peter Wallison, one of four dissenting members of the Federal Crisis Inquiry Commission, railed against the report on the cause of the financial crisis, and named the government’s housing policy as the culprit behind the meltdown.”

Housing Wire – “Commercial mortgage-backed securities to rebound in 2011″ (1-27-11)

“Moody’s Investors Service expects CMBS issuance will grow to $37 billion in 2011, with an estimated $13 billion in the first quarter alone. Four years ago, CMBS issuance reached $230 billion. The firm also said CMBS portfolios will be larger and more diversified than previous years.”

Orange County Register – “Housing a $15.5 billion industry in 2010″ (1-27-11)

“Sales of existing houses and condos totaled $15.5 billion in 2010, up for a second straight year, the Southern California Multiple Listing Service has reported.”

Today’s News Synopsis:

One year ago, MDA DataQuick reported that 84,568 Notices of Default were recorded in California during the 4th quarter of 2009. The MBA’s weekly survey showed that mortgage application volume decreased 10.9 percent from the previous week. The Commerce Department reported that new home sales decreased by 7.6 percent last month. The Federal Reserve claimed it would stick to its plan to end the $1.25 trillion program of mortgage-debt purchases in March.

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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