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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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The Norris Group Real Estate News Roundup 1/25/11

Tuesday, January 25th, 2011

Today’s News Synopsis:

69,799 Notices of Default were recorded during the 4th quarter of 2010, according to MDA DataQuick. The Case-Schiller Index shows home prices decreased 1% during November in the nation’s top 20 metropolitan areas. University of the Pacific estimates unemployment will remain above 10% in California for 3 more years. IEmergent expects mortgage loan origination to fall below $1 trillion this year.

In The News:

MDA DataQuick – “Another Decline in California Foreclosure Activity” (12-25-10)

“A total of 69,799 Notices of Default (NoDs) were recorded at county recorders offices during the October-to-December period. That was down 16.2 percent from 83,261 for the prior quarter, and down 17.5 percent from 84,568 in fourth quarter 2009, according to San Diego-based DataQuick Information Systems.”

New York Times – “U.S. Home Prices Slump Again, Hitting New Lows” (12-25-10)

“Prices in 20 major metropolitan areas fell 1 percent in November from October, according to the Standard & Poor’s Case-Shiller Home Price Index. The index is only 3.3 percent above the low it reached in April 2009 and has fallen fell 1.6 percent from a year ago.”

Sacramento Bee – “Grim economic forecast for California, capital” (12-25-10)

“Even though job growth is picking up, unemployment will remain above 10 percent in California for three more years, according to the latest forecast from the University of the Pacific.”

Housing Wire – “Home prices on federally backed mortgages unchanged in November: FHFA” (12-25-10)

“Home prices fell 4.3% between November 2009 and November 2010. The FHFA revised the previously reported 0.7% increase in October down to a gain of 0.2%. The agency’s monthly index is calculated using purchase prices of houses backing mortgages sold to or guaranteed by Fannie Mae or Freddie Mac.”

Housing Wire – “$1 billion in mortgage help to unemployed won’t come until spring” (12-25-10)

“The Department of Housing and Urban Development will release $1 billion in mortgage assistance to the unemployed this spring, a HUD spokesman confirmed to HousingWire Tuesday, after receiving complaints from lawmakers and advocacy groups that HUD was dragging its feet.”

Housing Wire – “Mortgage loan origination to drop below $1 trillion in 2011″ (12-25-10)

“iEmergent expects mortgage loan purchase volume plus refinancings of between $903.8 billion and $990.7 billion this year.”

Housing Wire – “Moody’s says keeping Fannie, Freddie intact is lose-lose” (12-25-10)

“The Treasury Department is delaying a report on the future of the government-sponsored enterprises from the end of January until mid-February. Meanwhile, Moody’s Investors Service is throwing its hat into the ring, arguing that the current model is not only unsustainable, but against government vision.”

Housing Wire – “Housing analysts expect home price declines through 2011″ (12-25-10)

“Radar Logic made a similar assessment when it released its RPX composite price index last week, which showed a 0.3% increase in home prices from October to November. Research firm Capital Economics also forecasts a price drop. The firm predicts a 5% drop by the end of 2011.”

Housing Wire – “Ten indicted in California mortgage fraud scheme” (12-25-10)

“A newly unsealed 56-count indictment charges 10 people in California in a $20 million mortgage fraud scheme in Bakersfield, Calif., said U.S. Attorney Benjamin Wagner.”

Looking Back:

One year ago, existing home sales decreased by 16.7 percent in December. The HVCC repeal bill, named HR 1728, passed in the House of Representatvies and was waiting approval from Congress. The FDIC took over 5 more failed banks in one week. FTN Financial reported that declining home values had little effect on the nation’s economic recovery.

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 1/24/11

Monday, January 24th, 2011

Today’s News Synopsis:

The CBIA reports total building permits issued during 2010 increased 23% from 2009. Statistics from Trulia show that owning a home is cheaper than renting one in 72% of the largest cities in the United States. Commercial property values rose 0.6% in November, according to Moody’s.

In The News:

Los Angeles Times – “Estimate of mortgage interest tax deduction’s effect on federal deficit is lowered” (1-23-10)

“$88 billion less in revenue losses are now projected over the next three fiscal years — than the committee estimated early in 2010.”

CBIA - “It’s Official: 2010 is Second-lowest Year on Record for Homebuilding in California” (1-24-10)

“CBIA said just 44,601 permits were issued statewide last year for new homes, apartments, condominiums and townhomes, up 23 percent from 2009, but down 31 percent from 2008, which had held the distinction of the second-lowest total on record with 64,962 permits issued. Records began being kept in 1954 with the lowest yearly total set in 2009 with 36,421 permits issued.”

Inman - “Cheaper to buy than to rent in 72% of largest U.S. cities” (1-24-10)

“Despite the rising number of renters across the country, it is cheaper to buy a home rather than rent one in 72 percent of the 50 largest cities in the U.S., according to an index released by real estate search and marketing site Trulia.”

New York Times – “Mortgage Giants Leave Legal Bills to the Taxpayers” (1-24-10)

“Since the government took over Fannie Mae and Freddie Mac, taxpayers have spent more than $160 million defending the mortgage finance companies and their former top executives in civil lawsuits accusing them of fraud.”

Housing Wire – “Moody’s CPPI rose 0.6% for November, down 4.3% since May” (1-24-10)

“The price of commercial property rose 0.6% in November, marking the third-consecutive month of gains following sharp declines for the previous three months, according to Moody’s Investors Service.”

Housing Wire – “Campbell Surveys: Strong distressed property sales bookend robo-signing debacle” (1-24-10)

“First-time homebuyer activity remained relatively strong last month, though still near historic lows, as purchasers rushed to close transactions before interest rates rise further, according to housing industry consultancy group Campbell Surveys. In December, the firm’s HousingPulse distressed property index shows these transactions make up 47.2% of the market, up from 44.5% in November and nearly matching the 47.5% peak reached in September.”

Housing Wire – “JPMorgan: Annual homes sales must average 5.5 million to absorb liquidations” (1-24-10)

“JPMorgan Securities said existing home sales need to average about 5.5 million units a year to absorb a projected 2.25 million to 2.5 million in liquidations.”

Orange County Register – “Demand for O.C. homes jumps 10%” (1-24-10)

“Demand, the number of new pending sales over the prior month, increased by 10% in the past two weeks, adding an additional 194 homes, and now totals 2,154 pending sales. That’s virtually identical to 2009 when it posted 2,146. Last year, there were 393 additional pending sales, but everybody was poised to take advantage of the $8,000 first time home buyer tax. From here, expect demand to continue to improve as the market prepares to enter the spring market, the strongest time of the year for Orange County housing.”

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 1/3/11

Monday, January 3rd, 2011

Today’s News Synopsis:

Tom Wind of J.I. Kislak Mortgage expects refinancing activity to drop by nearly 66% in 2011. Moody’s Investor Service forecasts lower supply and higher demand for rental apartments in 2011. The 50 state attorneys general probing U.S. foreclosure practices will first settle with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial. Rick Sharga believes foreclosure activity will improve in Orange County during 2011.

In The News:

Bankrate.com – “Zero-down mortgages endure in rural areas” (1-3-11)

“borrowers must demonstrate they can afford the mortgage payments by meeting the USDA debt-to-income ratios of 29 percent for the housing payment and 41 percent for the overall debt to gross monthly income.”

Housing Wire – “J.I. Kislak expects higher purchase loan activity in 2011″ (1-3-11)

“Tom Wind, managing director of J.I. Kislak Mortgage, expects the refinancing activity to fall to $350 billion in 2011 from $1 trillion last year.”

Housing Wire – “Moody’s sees multifamily REIT credit strengthening in 2011″ (1-3-11)

“Moody’s Investors Service expects lower supply and higher demand to stoke growth in rental apartments and subsequently help the credit of multifamily real estate investment trusts.”

Housing Wire – “Ginnie Mae moves up multiple issuer deadline” (1-3-11)

“The cut-off time for issuers submitting multiple loan packages into real estate mortgage investment conduits (REMICs) was three days before the end of the month. Ginnie is now moving that up to six days before the end of the month.”

Bloomberg - “BofA Resolves Fannie Mae, Freddie Mac Loan Dispute” (1-3-11)

“Bank of America Corp., the biggest U.S. lender by assets, paid $2.8 billion to Freddie Mac and Fannie Mae after the U.S.-owned firms demanded the company buy back mortgages they said were based on faulty data.”

Bloomberg - “Foreclosure Deals to Start With Big Lenders, Iowa Says” (1-3-11)

“The 50 state attorneys general probing U.S. foreclosure practices will first settle with the five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co., Iowa Attorney General Tom Miller said. No settlements have been reached yet, Miller said in a telephone interview today. The other three are Citigroup Inc., Wells Fargo & Co. and Ally Financial Inc., said Miller, the leader of the 50-state investigation. The five have 59 percent of the market, Miller said.”

Orange County Register – “Dip in O.C. foreclosures for 2011?” (1-3-11)

“Orange County foreclosure activity has been trending downward over the course of 2010, and may continue to improve marginally over the course of 2011. There are a number of reasons for this, including an unemployment rate that is better than elsewhere in the state, and the fact that Orange County doesn’t have as much excess housing inventory as other areas in California.”

Orange County Register – “No end to high-end foreclosures eyed for ’11″ (1-3-11)

“A recent study by the State Foreclosure Prevention Working Group found that nearly 3 years into the mortgage crisis, more than 60% of homeowners with seriously delinquent loans are still not involved in any loss mitigation/loan modification activity.”

For m ore 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 11/24/10

Wednesday, November 24th, 2010

Resources:
California Housing Production Continues Decline in October, CBIA Announces
Existing-Home Sales Decline in October Following Two Monthly Gains
California home sales decline from previous month, year
Bank earnings skyrocket in 3Q as FDIC problem list nears 17-year high
Foreclosures of U.S. Homes Fell 36% After Freeze, Lender Processing Says
Shadow Inventory of Homes Rising

Today’s News Synopsis:

The FDIC’s problematic bank list grew by 31 in the 3rd quarter. New home sales decreased 8.1% in September, according to the Commerce Department. Statistics from the FHA show home prices fell 3.2% year over year. LPS reports foreclosures fell 4.4% in October.

In The News:

San Francisco Chronicle – “Mortgage rates rise to 4.40 pct. as Treasurys rise” (11-24-10)

“Freddie Mac said Wednesday that the average rate for 30-year fixed loans rose to 4.40 percent this week from 4.39 percent last week. Two weeks ago, the rate hit 4.17 percent, the lowest level on records dating back to 1971.”

Los Angeles Times – “Bank ‘problem list’ swells but industry’s condition improving, FDIC says” (11-24-10)

“The agency’s so-called problem list consisted of 860 financial institutions at the end of the quarter, two years after the financial crisis hit the nation. That’s up from 829 at the end of June, the agency said Tuesday. The latest figure amounts to about one out of eight FDIC-insured banks.”

CNN - “New home sales: Down 80% from the boom” (11-24-10)

“New home sales dropped to an annual pace of just 283,000, according to the Commerce Department. That was down 8.1% from a slow September and 28.5% from 12 months ago when the annualized sales rate was at 430,000.”

Orange County Register – “Forecast: Calif. home prices to drop 9.9%” (11-24-10)

“Real estate trackers from FiServ and Moody’s Economy.com forecast that California home prices will fall 9.9% in the year ending in June 2011 — fourth biggest drop across the nation.”

Housing Wire – “Delinquent borrowers would rather rent: Fannie Mae survey” (11-24-10)

“Half of homeowners who are delinquent on their mortgages would rather rent than buy a home, according to Fannie Mae’s third quarter national housing survey. This is the first time the rental preference has exceeded the percentage of people who would rather buy.”

Housing Wire – “LPS: Mortgages entering foreclosure fell 4.4% in October” (11-24-10)

“The company said another 263,000 loans entered the foreclosure process last month, which is down 4.4% from September. LPS said the total inventory of foreclosures includes 2.1 million loans with another 2.2 million loans more than 90-days delinquent but not yet in the process.”

Housing Wire – “Mortgage interest rates increase in two nonagency surveys” (11-24-10)

“Mortgage rates fell in two weekly surveys. The Bankrate national mortgage survey reported the interest rate for a 30-year fixed-rate mortgage at 4.58%, down from 4.62% a week prior, while a survey from LendingTree.com reported the rate at 4.55%.”

Housing Wire – “Jobless claims down 7.7% to lowest level in two years” (11-24-10)

“Initial jobless claims fell 7.7% last week to 407,000, which is the lowest level in two years and well below most analyst estimates. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Nov. 20 fell by 34,000 from the previous week’s figure of 441,000, which was revised upward a few thousand.”

Housing Wire – “Nation has 8.6-month glut of new homes on market, Census Bureau says” (11-24-10)

“New home sales dropped to an annualized rate of 283,000 in October, leaving 202,000 new homes (8.6 months worth) on the market, according to a report released Wednesday by the Census Bureau and the Department of Housing and Urban Development. New home sales are down 8.1% from September and 28.5% from October 2009.”

Bloomberg - “U.S. Home Prices Fell 3.2% in Third Quarter, FHFA Says” (11-24-10)

“U.S. home prices fell 3.2 percent in the third quarter from a year earlier as demand weakened without federal tax credits, the Federal Housing Finance Agency said.”

Looking Back:

One year ago, the CIRB reported that homebuilders pulled 6 percent fewer permits in October. American banks decreased lending by 2.8 percent in the third quarter 09. The FOMC suspected that the economy would take 5 years to return to an acceptable rate of growth.  According to First American CoreLogic, 23 percent of all US homes were less valuable than the mortgages owed on them.

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 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 11/22/10

Monday, November 22nd, 2010

Today’s News Synopsis:

According to CoreLogic, shadow inventory levels increased to 2.1 million units in August. TransUnion reports mortgage delinquency rates fell to 6.7%. Data from Campbell Surveys shows the current foreclosure problems are significantly delaying closings.

In The News:

Orange County Register - “Calif. ranked 3rd best U.S. home market” (11-20-10)

“Tops on the list for year-over-year price gains for all transactions — distressed sales, included — was New York (up 2.67 percent) then North Dakota (a 1.73 percent gain.) After California came Nebraska (+.78 percent), and Virginia (+.77 percent).”

Inman - “Lenders scoring lower on customer satisfaction” (11-22-10)

“Customer satisfaction with mortgage originators is on the decline as the time from loan application to approval has grown to 27.5 days, up from 20 days last year, according to a study by J.D. Power and Associates.”

Wall Street Journal – “Shadow Inventory of Homes Rising” (11-22-10)

“The ‘shadow inventory’ of unlisted bank-owned homes and potential foreclosures increased to 2.1 million units in August, up 10% from one year earlier, according to new estimates from CoreLogic, a real-estate research firm.”

Housing Wire - “Investors eye opportunities in distressed properties and loans” (11-22-10)

“Market indications, not just living on rumors of a billion dollar Pimco fund for distressed loans and properties, are such that global investors are also looking more at the U.S. According to a global distressed property monitor from the Royal Institute of Chartered Surveyors, investor interest in distressed sales is now double that of a year ago.”

Housing Wire – “Moody’s: CRE prices rose 4.3% in Sept. to highest since May” (11-22-10)

“Commercial real estate property prices increased for the first time since May with a 4.3% gain for September, according to Moody’s Investors Service.”

Housing Wire – “Mortgage delinquency rate tumbles 3.5% in 3Q: TransUnion” (11-22-10)

“The national mortgage delinquency rate fell 3.5% from the second to the third quarter to a rate of 6.7%, according to a report released Monday by TransUnion. This is the largest quarterly drop the firm witnessed since the fourth quarter of 2006. The rate still remains 3% higher than the third quarter of 2009, however.”

Housing Wire - “Foreclosure mess scares off homebuyers: Campbell/Inside Mortgage Finance” (11-22-10)

“Servicing problems disrupted both short sales and REO sales. Survey results show that 24% of closings scheduled for October were delayed or canceled due to issues with short sales, while 12% were delayed or canceled due to REO title issues.”

Bloomberg - “Mortgage Documentation Failures Extend Past Securitizations, Cantor Says” (11-22-10)

“In some cases faulty files are lowering loan prices or extending the time it takes to complete sales, said Jason Kopcak, the head of whole-loan trading at the New York-based broker. Residential and commercial mortgages owned by banks looking to sell often lack the papers required by buyers, including documents needed to foreclose, Kopcak said.”

Orange County Register – “O.C. homes: 4th costliest vs. income” (11-22-10)

“FiServ’s recent home-price outlook contained intriguing stats on 212 markets and the relationship between the median selling price of homes (for second quarter 2010) in major metropolitan areas across the nation and the local household median incomes from 2009.”

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor 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 200 podcasts in our free investor radio archive.

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

Wednesday, November 10th, 2010

Today’s News Synopsis:

A lack of cooperation between big banks and investors is causing the California foreclosure program to be delayed. The FDIC approved a proposal that would base fees on banks’ liabilities rather than their domestic deposits. Zillow expects home values to continue to depreciate through the end of the year. The National Commission on Fiscal Responsibility and Reform suggested limiting mortgage interest rate deductions on taxes.

In The News:

Los Angeles Times – “California foreclosure aid fund swells, but banks hesitate” (11-10-10)

“Federal funding for a California plan that helps borrowers facing foreclosure has snowballed to $2 billion, enough to potentially help more than 100,000 homeowners. But the program lacks formal agreements with the nation’s largest banks and investors, and their cooperation is needed to make the proposed effort broadly successful.”

San Francisco Chronicle – “FDIC OKs plan to overhaul insurance fund payments” (11-10-10)

“The FDIC board Tuesday approved two proposals for overhauling assessments for its deposit insurance fund, including one that would base the fees on banks’ liabilities rather than their domestic deposits. The fee proposal, a response to the Dodd-Frank financial-regulation law, would increase assessments on banks with more than $10 billion in assets.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (11-10-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 5, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 5.8 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 5.4 percent compared with the previous week.”

Housing Wire - “Obama commission considers mortgage interest tax deduction limits” (11-10-10)

“The National Commission on Fiscal Responsibility and Reform, proposed limiting the mortgage interest rate deduction on taxes, one of the primary incentives for owning a home.”

Housing Wire – “Delinquencies in CMBS rose to 8.39% in October” (11-10-10)

“Moody’s Investors Service said the number of delinquencies in commercial mortgage-backed securities rose to 8.39% in October, as the rate continues to slow but remains elevated.”

Housing Wire – “Hands-off Fed to give consumer protection bureau $500 million” (11-10-10)

“The Consumer Financial Protection Bureau will require $500 million in funding from the Federal Reserve, which will take no part in the decision making at the new regulatory giant, said Sandra Braunstein, director of the consumer and community affairs division at the Fed.”

Housing Wire – “Zillow: Home price depreciation to worsen market into 2011″ (11-10-10)

“Predictions for the fourth quarter housing market continue to dim as Zillow’s third quarter market report released Wednesday suggests further house price depreciation through the end of the year. September home prices depreciated 0.4% from August and 4.3% from one year a go to a national average of $179,900, according to the report.”

Bloomberg - “Foreclosure Probe on `Fast Track,’ Iowa AG Miller Says” (11-10-10)

“The investigation by attorneys general in 50 U.S. states into banks’ foreclosure practices is on ‘a fast track’ and any resolution might involve multiple settlements, Iowa Attorney General Tom Miller said.”

Bloomberg - “General Growth Rises on First Day After Bankruptcy Exit; Plans Dividend” (11-10-10)

“General Growth Properties Inc., the company that exited the largest U.S. real estate bankruptcy yesterday, rose 6.7 percent in New York in its first day of trading as solely a mall landlord.”

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 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 11/2/10

Tuesday, November 2nd, 2010

Today’s News Synopsis:

Homeownership rates remained unchanged at 66.9% in the 3rd quarter, according to the Census Bureau. The 30 day delinquency rate on Fannie Mae mortgages fell to 4.7% in August. Zillow claims the 30-year mortgage rate remained at 4.14% last week.

In The News:

Contra Costa Times – “Homeownership stays at lowest level in a decade” (11-2-10)

“The percentage of households that owned their homes was unchanged at 66.9 percent in the July-September quarter, the Census Bureau said Tuesday. That’s the same as the April-June quarter. ”

Sacramento Bee – “California expects mortgage-aid program to begin in weeks” (11-2-10)

“Struggling California homeowners will have to wait several more weeks for the start of a $1.83 billion government aid program that will pay down loan balances and provide monthly cash assistance.”

Housing Wire – “Moody’s downgrades 10 regional banks after Fed dollars dwindle” (11-2-10)

“Moody’s Investors Service downgraded deposit ratings on 10 large, regional banks because of reduced levels of support from the federal government, if the banks should fail. Five of the banks are in the top 20 of mortgage originators in the county.”

Housing Wire – “Radian earns $112 million in 3Q on declining mortgage defaults” (11-2-10)

“Mortgage insurer Radian Group (RDN: 8.56 +14.90%) earned $112.2 million in the third quarter, or 84 cents a share as mortgage defaults saw a double-digit drop from a year ago.”

Housing Wire – “Fannie Mae, Freddie Mac mortgage delinquencies continue to fall” (11-2-10)

“The 30-plus day delinquent mortgage rate on Fannie Mae’s book fell to 4.7% in August, the latest month of available data, down 12 basis points from the previous month, according to its monthly summary. For Fannie, it’s the sixth straight month of declines.”

Housing Wire – “Zillow: National rates for 30-year FRMs unchanged, East Coast states fluctuate” (11-2-10)

“The 30-year, fixed-rate mortgage remained steady from the two weeks past, ending at a 4.14% national average, according to the Zillow Mortgage Marketplace weekly update.”

Bloomberg - “JPMorgan Is Said to Be Investigated Over Disclosures in Subprime CDO Deals” (11-2-10)

“JPMorgan Chase & Co. is the subject of an investigation to determine if it failed to tell investors in a financial product linked to subprime mortgages that hedge fund Magnetar Capital helped select the underlying assets before betting against them, a person familiar with the matter said.”

Bloomberg - “Roubini Says Advanced Economies to Show Anemic Growth” (11-2-10)

“Nouriel Roubini, the New York University professor who predicted the global financial crisis, said another ‘disaster’ will happen if U.S. house prices fall again and prime mortgage defaults increase.”

Looking Back:

One year ago, the NAR’s Pending Home Sales Index increased by 6.1 percent within a month. The Mortgage Bankers Association reported that mortgage bankers and subsidiaries made an average profit of $1,358 per loan. The Housing Financial Services Committee approved of an amendment that would terminate the HVCC. The total number of bank failures in 2009 reached 115.

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 10/28/10

Thursday, October 28th, 2010

Today’s News Synopsis:

Research shows the national election years tend to be bad for housing. Wells Fargo said that up to 55,000 of their foreclosures had mistakes.  The 30-year mortgage rate increased to 4.23%, according to Freddie Mac.

In The News:

Wall Street Journal - “Mortgage Rate Edges Up Again, to 4.23%” (10-28-10)

“The 30-year fixed-rate mortgage averaged 4.23% for the week ended Thursday, up slightly from the prior week’s 4.21% average but down from 5.03% a year ago. Rates on 15-year fixed were at 3.66%, up from 3.64% in the previous week but down from 4.46% a year earlier.”

Inman - “New credit score tailored for lenders” (10-28-10)

“The FICO 8 Mortgage Score does a better job identifying accounts that are overdue by 90 days or more, pushing more high-risk borrowers into lower score ranges, the company says in promotional materials. The FICO 8 Mortgage Score uses the same 300-850 scoring range as the all-industry FICO score most widely used, but is better at predicting whether a borrower will default on a mortgage”

Los Angeles Times – “Foreclosure activity up across most US metro areas” (10-28-10)

“California, Nevada, Florida and Arizona remain the country’s foreclosure hotbeds, accounting for 19 of the top 20 metropolitan areas with the highest foreclosure rates between July and September, foreclosure listing firm RealtyTrac Inc. said Thursday.”

Bloomberg - “Wells Fargo Will File More Foreclosure Affidavits After Lapses” (10-28-10)

“Wells Fargo & Co., the biggest U.S. home lender, said it will file supplemental foreclosure affidavits to courts in about 55,000 proceedings after finding some statements ‘did not strictly adhere to the required procedures.’”

Housing Wire – “Federal Reserve closer to TILA final rule on appraiser coercion” (10-28-10)

“Regulation Z or TILA was enacted on July 21 as part of the Dodd-Frank bill. It forces lenders to disclose costs and terms of mortgage loans and better inform consumers. This final rule, one of the many the Fed must draft after the passage of Dodd-Frank, seeks to ensure appraiser independence much like the replacement to the final rule replacing the Home Valuation Code of Conduct for appraisers of Fannie Mae and Freddie Mac loans.”

Housing Wire – “Moody’s economist sees ample optimism in housing market” (10-28-10)

“Mark Zandi, chief economist, Moody’s Analytics said that he expects home prices to be depressed into 2012. He adds that the knock-on effect from the robo-signing debacle will be minimal.”

Housing Wire – “Mortgage delinquencies are in ‘serious trouble,’ says LPS analyst” (10-28-10)

“Kyle Lundstedt, managing director of the applied analytics division at LPS said the housing market remains in “serious trouble” as current mortgage delinquencies are above 7 million distressed homeowners.”

Orange County Register - “National election years bad for housing” (10-28-10)

“Election years (both presidential and mid-terms) seem bad for housing. When national power is at stake, U.S. home prices averaged 5.2% gains per year. Compare that to the 5.8% average gain found in non-election years since 1969. That modest performance gap is decent proof that election years aren’t so hot for housing. Just to be sure, though, I checked with the median price change for these periods, too. Again, non-election years outperformed: 6.3% annual gains vs. 5.1% for election years.”

Bloomberg - “Banks `Want to Sit Down’ With States to Discuss Foreclosures” (10-27-10)

“A 50-state task force investigating U.S. foreclosure practices may meet with lenders as early as this week, less than a month after JPMorgan Chase & Co. and Bank of America Corp. suspended some home seizures.”

Naked Capitalism – “NYC Judge Foreclosure Smackdown Shows Problems With Bank ‘Technicalities’ Defense” (10-28-10)

“A story at the New York Daily News on a foreclosure case dismissed by Judge Arthur Schack illustrates that the problems that banks are having with foreclosures, which they are characterizing as ‘technical’ or ‘paperwork’ run deeper than that. And that is before you get to the issue that we have discussed at length on this blog, namely, the failure to convey promissory notes and related liens as stipulated by the contract governing mortgage securitizations, the pooling and servicing agreement.”

Looking Back:

One year ago, according to the MBA, mortgage application volume decreased by 12.3 percent within a week. Sources confirmed that the Senate did intend to extend the home buyer tax credit with some modifications. The Commerce Department reported that the pace of new home sales decreased by 3.6 percent in September 09.

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 10/21/10

Thursday, October 21st, 2010

Today’s News Synopsis:

According to MDA DataQuick, 6,334 houses and condos closed escrow in Northern California during September. The government estimates that the financial rescue involving Fannie Mae and Freddie Mac. Bank of America is suing the FDIC for $1.75 billion. The Labor Department reports jobless claims decreased 4.8% last week.

In The News:

MDA DataQuick – “Bay Area September Home Sales Second-Lowest in 19 years” (10-21-10)

“A total of 6,334 new and resale houses and condos closed escrow in the nine-county Bay Area last month, down 5.4 percent from 6,698 in August and down 19.6 percent from 7,879 in September 2009, according to MDA DataQuick of San Diego.”

Associated Press – “Tab for Fannie, Freddie could soar to $259B” (10-21-10)

“The government spelled out Thursday just how much the most expensive rescue of the financial crisis will end up costing taxpayers — as much as $259 billion for mortgage buyers Fannie Mae and Freddie Mac.”

Housing Wire – “Moody’s analysts don’t see mortgage ownership as an issue for RMBS” (10-21-10)

“Moody’s Investors Service said mortgage ownership in trust shouldn’t be an issue within the residential mortgage-backed securities space as delayed foreclosures become more of a risk for the housing market.”

Housing Wire – “HUD Secretary: Foreclosure problems not ‘systemic’” (10-21-10)

“Department of Housing and Urban Development Secretary Shaun Donovan said recent foreclosure problems at some mortgage servicers are not ‘systemic issues.’ Donovan spoke after a meeting among regulators who will review foreclosure processes among the major servicers. Bank of America (BAC: 11.38 -3.15%), JPMorgan Chase (JPM: 37.678 -1.11%) and Ally Financial (GJM: 22.22 +0.45%) suspended foreclosures in 23 states after admitting employees signed affidavits without reviewing documents or having a notary present.”

Housing Wire – “Credit unions originated high-quality mortgages in 2010 in QMS survey” (10-21-10)

“Credit unions are originating the highest quality mortgage loans so far this year, according to survey results released Wednesday by Quality Mortgage Services. According to the data, nearly 50% of loans originated by credit unions were rated ‘excellent,’ meaning their loans had few to no defects.”

Housing Wire – “BofA sues FDIC to recover $1.75 billion for TBW investors” (10-21-10)

“Bank of America (BAC: 11.39 -3.06%) filed suit against the Federal Deposit Insurance Corp. to recover $1.75 billion for Ocala Funding investors allegedly swindled by Colonial Bank, Platinum Community Bank and Taylor, Bean & Whitaker.”

Housing Wire – “Jobless claims fall nearly 5% to 452,000″ (10-21-10)

“Initial jobless claims fell 4.8% last week to 452,000, which is roughly inline with analysts’ estimates but still too high to indicate much change in the job market. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Oct. 16 decreased by 23,000 from the previous week’s revised figure of 475,000 that was up sharply from the 462,000 previously reported.”

Housing Wire – “Freddie Mac: 30-year fixed mortgage rate up for first time in five weeks” (10-21-10)

“The average rate on a 30-year fixed-rate mortgage increased for the first time in five weeks to 4.21% with an average 0.8 point for the week ending Oct. 21, according to the weekly Freddie Mac market survey.”

Bloomberg - “General Growth Plan Approval Resolves Biggest U.S. Real Estate Bankruptcy” (10-21-10)

“General Growth Properties Inc., the second-largest mall owner in the U.S., won court approval of the last stage of its restructuring, a year and a half after filing the biggest real estate bankruptcy in U.S. history.”

Looking Back:

One year ago, the MBA reported that mortgage applications decreased by 13.7 percent on a seasonally adjusted basis from the previous week. According to Altos Research, asking prices increased by 1.5 percent in Los Angeles. The Federal Reserve believed that commercial real estate would not begin to recover for at least 9 more months. Lehman announced that it intended to begin funding home loans again.

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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