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By Bruce Norris .

The Norris Group Real Estate News Roundup 5/15/13

Wednesday, May 15th, 2013


Today’s News Synopsis:

The NAHB reported builder confidence increased three points to 44, while at the same time the number of affordable homes decreased to 73.7% from 74.9% in the first quarter.  The Mortgage Bankers Association reported a 7.3% decrease in mortgage applications from last week.  HOPE NOW reported 245,000 loan mods were completed in the first quarter, a 20% increase from the first quarter of 2012.

In The News:

NAHB - “Builder Confidence Improves in May” (5-15-13)

“Builder confidence in the market for newly built, single-family homes improved three points to a 44 reading on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for May, released today.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-15-13)

“Mortgage applications decreased 7.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 10, 2013.”

DS News - “U.S. Households Barely Out of Financial Distress in Q1″ (5-15-13)

“U.S. households experienced higher levels of financial distress in the first quarter as they faced budget constraints and a drop in the savings rate, according to the CredAbility Consumer Distress Index.”

Housing Wire - “Hope Now: 245,000 loan mods completed in 1Q” (5-15-13)

“Hope Now, a private alliance of mortgage servicers, insurers and nonprofit counselors, released data showing 245,000 homeowners benefited from permanent loan modifications in the first quarter of 2013.”

Realty Trac - “Where Are The Real Estate Buyers?” (5-15-13)

“The news on the real estate front is surely looking good. Compared with a year ago, prices are up, sales are higher, and yet more than a few people worry that today’s good news really signals little more than a short-term financial oddity.”

DS News - “Home Affordability Index Slips in Q1, but Remains Strong” (5-15-13)

“As interest rates stay low, housing affordability across the country remained strong in the first quarter but showed signs of weakening, according to data from the National Association of Home Builders (NAHB)/ Wells Fargo Housing Opportunity Index (HOI).”

Housing Wire - “Title II misses Dodd-Frank’s too big to fail goals” (5-15-13)

“A provision of Dodd-Frank designed to protect taxpayers from future bank bailouts caused a stir on Capitol Hill Wednesday.  Title II of the Dodd-Frank Act has analysts wondering if procedures designed to deal with troubled financial firms will be ineffective in curtailing excessive risk taking.”

Realty Times – “Growing Confidence About Home Prices Too Little Too Late” (5-15-13)

“Home prices have been rising for more than a year, but a majority of consumers are just getting around to expecting home prices to rise over the next year.”

DS News – “Report Examines Price Improvements by Region” (5-15-13)

“The recent rebound in residential real estate investment and housing prices is proving the old adage, ‘Real estate is local’.  While national indexes paint a picture of a recovering housing market, a closer look reveals quite a wide range of activity across the country.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $77,000 on a 2 bedroom, 1 bathroom home appraised for $127,000.

 

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA TODAY.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Chino Valley on Friday, May 17, 2013.

Looking Back:

According to NAHB, builder confidence increased this month by five points to a level of 29.  However, at the same time the amount of homes remodeled decreased in March 1%, although they were still at high levels.  The number of listed homes on sale decreased 21% from the previous year.

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 5/1/13

Wednesday, May 1st, 2013


Today’s News Synopsis:

According to the Mortgage Bankers Association, applications for mortgages increased 1.8% from last week.  Representative Mel Watt has been nominated by President Obama as the new head of the FHFA to replace Edward DeMarco.  The HARP program, set to expire on December 31, 2013, has been extended to 2015.

In The News:

Mortgage Bankers Association - “Mortgage Refinance Applications Increase in Latest MBA Weekly Survey” (5-1-13)

“Mortgage applications increased 1.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 26, 2013.”

Bloomberg – “Construction Spending Decreases on U.S. Government Slump” (5-1-13)

“Construction spending in the U.S. unexpectedly fell in March, reflecting the biggest slump in government projects in 11 years.”

Realty Times – “Home Buying Season Begins as Pending Home Sales Rise” (5-1-13)

“The home buying season has begun as pending home sales, representing signed contracts, rose during the month of March to the highest seen in three years.”

Housing Wire - “REITs make headway as new IPOs take shape: NewOak” (5-1-13)

“Real estate investment trusts picked up tremendous steam in 2012 and carried over the momentum with dozens of REITs filing for initial public offerings this yea.”

CNN Money - “Federal Reserve sticks with stimulus” (5-1-13)

“No surprises here: The Federal Reserve will keep its foot on the gas pedal for the foreseeable future, in its controversial effort to stimulate the recovery.”

DS News - “Pew: Impact of Mortgage Interest Tax Deduction Varies Geographically” (5-1-13)

“As debate continues to swirl around the future of the mortgage interest tax deduction, Pew Charitable Trusts released a study revealing the geographic impact of the tax deduction.”

Bloomberg - “Obama Said to Choose Watt to Lead Fannie Mae Regulator” (5-1-13)

“President Barack Obama is scheduled to nominate Representative Mel Watt as director of the Federal Housing Finance Agency today.”

Realty Times - “HARP Re-Upped Until 2015″ (5-1-13)

“Apparently, a federal refinance program with the staying power to help 2.2 million homeowners ascend from underwater mortgages is buoyant enough to float for another two years.”

Hard Money Loan Closed

Sun City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 5 bedroom, 4 bathroom home appraised for $293,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Looking Back:

Construction on residential properties increased 0.7% in March 2012.  CoreLogic reported a 19% decrease in completed foreclosures in March, with 69,000 completed this year compared to 85,000 the previous year.  With the increase in distressed homes, prices on non distressed homes decreased for seven months straight.

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 4/17/13

Wednesday, April 17th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased 4.8% from last week.  Home builder sentiment increased by three points to 53, the highest in six years.  Bank of America posted their profit for the first quarter of 2013 at $2.6 billion.

In The News:

DS News - “Fed: ‘Problems’ with Cashing Foreclosure Settlement Checks Corrected” (4-17-13)

“Although about 50,000 checks from the recent foreclosure settlement have been cashed or deposited as of Monday, April 15, according the Federal Reserve and the Office of the Comptroller of the Currency (OCC), not all recipients were able to cash their checks.”

Housing Wire – “BofA posts 1Q profit, mortgage banking a mixed bag” (4-17-13)

“Bank of America posted a profit of $2.6 billion, or 20 cents a share, for the first quarter of 2013.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-17-13)

“Mortgage applications increased 4.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 12, 2013.”

Inman - “Trulia survey casts light on homeowner regrets” (4-17-13)

“In a nod to today’s acute inventory shortage, Trulia recently conducted  a “regrets survey,” saying in a blog post that the survey’s results are particularly relevant because the tight supply of the current market is likely to rush buyers into making purchases without doing proper due diligence.”

Bloomberg - “Student Debtors Retreat From Home Buying, NY Fed Data Show” (4-17-13)

“Student-loan borrowers under 30 are retreating from the housing and auto markets, an analysis of data by the Federal Reserve Bank of New York shows.”

Realty Times - “Home Builder Sentiment Highest in Six Years” (4-17-13)

“Although U.S. home builders are concerned about the rising costs of building materials, home builder sentiment for future sales expectations in the next six months climbed three points to 53 and is at the highest level reached in more than six years, February of 2007, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).”

Housing Wire - “Housing moves forward despite economic setbacks: Fannie Mae” (4-17-13)

“The fiscal headwinds from tax hikes and sequestration should restrain economic growth and counter the tailwinds from housing as well as the continued Federal Reserve ultra-easy monetary policy.”

Housing Wire – “HUD Secretary sounds alarm on FHA taxpayer bailout” (4-17-13)

“Members of the House Committee on Appropriations fired off questions Wednesday to Shaun Donovan, secretary of the Department of Housing and Urban Development, seeking answers to how the Federal Housing Administration will avoid a potential $943 million first-time Treasury draw.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $63,000 on a 3 bedroom, 2 bathroom home appraised for $98,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with Chino Valley Real Estate on Friday, May 17, 2013.

Looking Back:

Housing starts showed disappointing numbers the prior month with a 5.8% drop from February 2012.  The Lender Processing Services reported more short sales than foreclosures with banks agreeing to sell houses below the mortgage amount.  Housing permits increased 4.5% in March 2012, bringing them to their highest level in four years.

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 4/3/13

Wednesday, April 3rd, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 4% decrease in mortgage applications from last week.  Home prices increased 10.2% annually, the most in almost 7 years.  First-time home buyer activity increased in February and is continuing to grow with the concern of interest rates and prices increasing.

In The News:

Bloomberg - “U.S. Apartment-Rent Increases Slow Amid Construction Boom” (4-2-13)

“U.S. apartment rents increased in the first quarter at their slowest pace since late 2011 amid a wave of construction that will further test landlords’ ability to raise rates, Reis Inc. (REIS) said.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (4-3-13)

“Mortgage applications decreased 4.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 29, 2013.”

Housing Wire - “Mortgage firms turn attention to worst performing loans” (4-3-13)

“The housing recovery is providing confidence to mortgage firms to finally close the chapter on the most troubled loans.”

Inman - “Home prices post highest jump in nearly 7 years” (4-3-13)

“Home prices rose more on an annual basis in February than they have in nearly seven years, largely due to outsized price appreciation in the Western states, according to a report released today by real estate analytics firm CoreLogic.”

Bloomberg – “Americans Seize Second Chance Mortgages Post-Foreclosure” (4-3-13)

“About 7 million mortgage holders have had to leave their homes since 2007 because of foreclosure or a short sale, in which a property is sold for less than is owed, according to RealtyTrac.”

DS News - “Survey: Activity from First-Time Homebuyers Increases in February” (4-3-13)

“Interest from first-time homebuyers is steadily growing due to concerns over rising interest rates and prices, while investor interest in buying remains strong, according to results from the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.”

Housing Wire - “Soaring CMBS issuance feeds off market momentum” (4-3-13)

“The demand for higher rates on new commercial mortgage-backed securities deals has soared, leading investors to spend more on insuring against losses on commercial properties.”

DS News - “MBA: Rising Costs Lower Per-Loan Profits in Q4″ (4-3-13)

“Rising costs took a toll on per-loan profits in the fourth quarter of 2012, according to data from the Mortgage Bankers Association (MBA).”

Hard Money Loan Closed

Valley Center, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $160,000 on a 4 bedroom, 2 bathroom home appraised for $325,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Looking Back:

Both foreclosure starts and sales decreased 15% and 19% from the previous month, although the inventory of foreclosures was still at a high.  The prices of homes was expected to decrease 10% due to being uncared for a year during foreclosure investigations.  The Federal Reserve was requiring Morgan Stanley to conduct a thorough review of Saxon Mortgage Services as well as be fined for mishandled foreclosures.

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 3/27/13

Wednesday, March 27th, 2013


Today’s News Synopsis:

The National Association of Realtors reported pending home sales decreased 0.4% month-over-month in February.  According to the latest Mortgage Bankers Association survey, mortgage applications increased 7.7% from last week.

In The News:

Housing Wire - “FHFA expands suite of loan mod tools” (3-27-13)

“Servicers dealing with loans guaranteed or owned by Fannie Mae and Freddie Mac will soon be required to offer eligible distressed borrowers ways to lower their monthly payments if the homeowner shows a willingness and ability to make three on-time trial payments, the Federal Housing Finance Agency said.”

Inman - “Pending home sales slip in February” (3-27-13)

“Pending sales of existing homes dipped 0.4 percent from January to February, but remained at their second-highest level in nearly three years, according to an index maintained by the National Association of Realtors.”

Realty Times – “New Home Building Gains Momentum Despite Labor Shortages” (3-27-13)

“In keeping up with the housing recovery, new home building gained momentum in February despite a labor shortage in the trades necessary to build a home.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (3-27-13)

“Mortgage applications increased 7.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 22, 2013.”

NAHB - “NAHB Certified Aging-in-Place Specialist (CAPS) Program Hits Milestone with 5,000 Graduates” (3-27-13)

“Jeffrey Tucker, president of Tucker Building & Design LLC in Wadsworth, Ohio, recently became the 5,000th graduate of the of the National Association of Home Builders’ (NAHB) Certified Aging-in-Place Specialist (CAPS) program.”

Inman - “Fannie Mae REO specialist allegedly asked for kickbacks” (3-27-13)

“A former Fannie Mae sales associate who allegedly promised to provide listings to a real estate broker from the mortgage giant’s REO inventory in exchange for kickbacks has been indicted and charged with three counts of wire fraud.”

Housing Wire - “FHFA continues to chip away at foreclosures” (3-27-13)

“The amount of borrowers underwater improved significantly during the tail end of last year, with the government-sponsored enterprises doing their best to prevent foreclosures.”

DS News - “New FHFA Initiative Simplifies Modification Process” (3-27-13)

“The Federal Housing Finance Agency (FHFA) introduced a new tool to help seriously delinquent borrowers avoid foreclosure.”

Hard Money Loan Closed

Gardena, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $150,000 on a 2 bedroom, 1 bathroom home appraised for $234,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

Looking Back:

According to the latest Case-Shiller index from Standard & Poors, home prices decreased in 16 metropolitan areas for the fifth month in a row in January 2012.  After a year, consumer confidence was still at its highest level at 70.  Sales of distressed properties decreased in California, while at the same time equity sales increased the previous month after having been at a two month low.

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 3/6/13

Wednesday, March 6th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased almost 15% from last week with the decrease in mortgage rates.  The Research Institute for Housing America expects immigrants will continue to contribute greatly to growth in the housing market.  In a hearing today with the U.S. Financial Services Committee, both Democrats and Republicans debated problems with the GSEs and proposed changes that need to come.

In The News:

Housing Wire - “BREAKING: AIG launches unit to invest in whole mortgages” (3-6-13)

“Insurer AIG intends to find and acquire residential whole loan mortgages as investments through a newly created business unit called Connective Mortgage Advisory Co.”

DS News – “Report: Housing Market to See Growing Demand from Immigrants” (3-6-13)

“Immigrants have been and will continue to play a large role in the housing market, according to a new report from the Research Institute for Housing America, sponsored by the Mortgage Bankers Association.”

Realty Times – “Stable Mortgage Rates Continue With Fed’s Support” (3-6-13)

“During the second day of testimony to the House Financial Services Committee, Federal Reserve Chairman Ben Bernanke defended the Fed’s low interest rate policies as providing crucial support to a still weak economy that continues to be burdened by high unemployment.”

Bloomberg - “AIG to Start Loan Investment Unit as Housing Rebounds” (3-6-13)

“American International Group Inc. (AIG), the insurer that was rescued by the U.S. government in 2008 after soured bets on mortgage securities, is building a unit to buy individual home loans amid a rebound in the housing market.”

Mortgage Bankers Association - “Mortgage Applications Increase as Rates Drop in Latest MBA Weekly Survey” (3-6-13)

“Mortgage applications increased 14.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 1, 2013.”

Housing Wire - “Experts pinpoint GSE failures, recommend changes” (3-6-13)

“Nearly five years after entering conservatorship, Fannie Mae and Freddie Mac have captured many critics – a few public supporters – and a great deal of pushback for being the last-standing vestiges of the pre-housing bust era.”

DS News - “Survey: Closing Costs, Misconceptions Keep Borrowers from HARP Refis” (3-6-13)

“Borrowers who refinance through the Home Affordable Refinance Program (HARP) save an average of $83 per week, yet there are still hundreds of thousands of borrowers who are reluctant to refinance, according to a recent commentary authored by Tom Seidenstein, VP for financial markets and policy research at Fannie Mae’s Economic and Strategic Research Group.”

Hard Money Loan Closed

Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $370,000 on a 4 bedroom, 2 bathroom home appraised for $590,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IVAOR TODAY.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

Looking Back:

In a big news story, Obama announced on this day that he would be lowering refinancing fees as part o his plan to help improve the housing market.  Repeat foreclosures were at their highest on record and represented 47% of all foreclosure starts.  Mortgage fraud also increased 20% in the third quarter to 19,934 filings.  The Bipartisan Policy Center believed the current generation is the key for the housing market despite the fact that many were struggling financially.

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 2/27/13

Wednesday, February 27th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased 3.8% from last week.  Pending homes sales increased 4.5% last month to their highest level in almost 3 years.  Federal Reserve chairman Ben Bernanke spoke to the House Committee regarding changes to QRM standards and other issues with housing.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-27-13)

“Mortgage applications decreased 3.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 22, 2013.”

Housing Wire – “Lack of Inventory hinders top real estate markets” (2-27-13)

“Higher priced homes are typically a strong indicator of the overall health of a real estate market and, according to Pro Teck Valuation Services, these homes are leading the recovery currently.”

DS News - “January Pending Home Sales Rise to Highest Level in Nearly 3 Years” (2-27-13)

“The National Association of Realtors’ (NAR) Pending Home Sales Index (PHSI) rose 4.5 percent to 105.9 in January, its highest level in almost three years, NAR reported Wednesday.”

Realty Times - “Housing Market Healing With Stable Mortgage Rates” (2-27-13)

“With a housing recovery that is gaining momentum, the importance of where mortgage rates are now and where they will be heading becomes a significant factor..”

Housing Wire - “Bernanke tackles risk in housing” (2-27-13)

“Federal Reserve Chairman Ben Bernanke testified before the House Committee on Financial Services tackling housing issues, while identifying a need for the timely release of qualified residential mortgage standards.”

DS News- “Survey: Price Gap for Damaged REOs, Non-Distressed Homes Widens” (2-27-13)

“The price gap between non-distressed properties and prices for damaged REOs is widening, according to results from the January Campbell/Inside Mortgage Finance HousingPulse Tracking survey.”

Housing Wire- “Freddie Mac calls 2012 a golden year for multifamily” (2-27-13)

“Freddie Mac announced it posted a record $28.8 billion in multifamily business volume in 2012. That volume includes both loan purchase and bond guarantees.”

Realty Times - “Hefty National Home Price Gains May Not Reach Double Digits” (2-27-13)

“Healthy home price gains in three national indexes reveal a housing market that continues to pull the economy out of the doldrums.”

Hard Money Loan Closed

Oceanside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $155,000 on a 3 bedroom, 2 bathroom home appraised for $250,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach TOMORROW.

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IVAOR on Wednesday, March 6, 2013.

Looking Back:

Sales of existing homes increased in January of last year for the third month in a row. Construction jobs also increased with people’s positive outlook on the housing market and increase in remodeling projects. In the housing market as a whole, market trends were showing signs of improvement amidst a weak market.

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 12/05/12

Wednesday, December 5th, 2012

Today’s News Synopsis:

According to the latest MBA Weekly Mortgage Applications Survey, mortgage applications increased 4.5% from last week.  Foreclosure starts decreased 21.9% in October as a result the National Mortgage Settlement.  It is expected Freddie Mac will be demanded repurchases on mortgage loans from 2004 and 2005.

In The News:

Realty Times- “Consumers Sign More Purchase Contracts While Mortgage Rates Remain Low” (12-5-12)

“The promising news about the housing market is that it is moving ahead in the right direction, even after the busy summer period has ended.”

Housing Wire- “LPS: Foreclosure starts drop 21.9% on mortgage servicing settlement” (12-5-12)

“The National Mortgage Settlement and provisions it outlined for mortgage servicers may have accounted for a steep 21.9% drop in foreclosure starts in October, according to Lender Processing Services‘ Mortgage Monitor.”

Mortgage Bankers Association- “Mortgage Applications Increase in Latest MBA Weekly Survey” (12-5-12)

“Mortgage applications increased 4.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 30, 2012.  Last week’s results included an adjustment for the Thanksgiving holiday.”

DS News- “Sources Reveal Freddie Mac Will Demand Buybacks on Older Mortgages” (12-5-12)

“Freddie Mac will ramp up repurchase demands with intentions to begin demanding putbacks on mortgage loans made in 2004 and 2005, according to statements made by U.S. Bancorp CEO Richard Davis at the Goldman Sachs Financial Services conference and reported on the Dow Jones Newswires.”

Bloomberg – “Mortgage-Bond Issuance in U.S. More Than Triples to $7.4 Billion” (12-5-12)

“Issuance of U.S. home-loan bonds without government backing has more than tripled this year to $7.4 billion, according to Deutsche Bank AG, as debt created before the housing slump rallies.”

Realty Times- “Fiscal Cliff to Stall Otherwise Healthy Housing Recovery” (12-5-12)

“The strongest housing market since the peak of the housing boom is expected to pick up steam, but could be stalled by the so-called ‘fiscal cliff’.”

Housing Wire- “Citi mortgage portfolio loss reserves remain intact” (12-5-12)

“While selling of delinquent mortgages slowed in the second half of 2011 and 2012 for Citigroup ($36.96 2.67%), overall mortgage sales picked up in the third quarter of this year, reflecting the markets more constructive outlook of sustainability for the housing recovery, according to chief financial officer John Gerspach of the bank.”

Mortgage Bankers Association- “MBA White Paper Examines Future Role of the GSEs in Multifamily Housing Finance” (12-5-12)

“The Mortgage Bankers Association (MBA) released a white paper today that underscores the importance of multifamily rental housing and examines the role of the Government Sponsored Enterprises (Fannie Mae and Freddie Mac, or “the GSEs”) in multifamily housing finance going forward.”

CNN Money- “There’s a home price recovery… but it’s really, really slow” (12-5-12)

“Nearly two-thirds of the nation’s housing markets will see price declines for the year through next June, according to analytics firm Fiserv (FISV).  Overall, the gains will be just 0.3%.”

Hard Money Loan Closed

Lake Elsinore, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $86,000 on a 2 bedroom, 1 bathroom home appraised for $135,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Scottish Rite Center in San Diego on Tuesday, December 11, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IRCA Los Angeles on Wednesday, January 2, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley on Tuesday, January 8, 2012.

Looking Back:

According to the FHA and the latest Case-Shiller Index, home prices decreased for the third quarter.  In other news, Housing Wire reported a downgrade in JPMorgan Chase commercial mortgage securities by Fitch Ratings.  Recent data released by the Labor Department showed unemployment benefits in the last four years cost $434 billion.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor 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 11/28/12

Wednesday, November 28th, 2012

Today’s News Synopsis:

New home sales decreased 03% last month, but for the year they showed tremendous improvement at a 17.2% increase.  Fiserv reported they expect home prices to increase and continue increasing into 2017.  The Mortgage Bankers Association reported mortgage applications decreased 0.9% last week.

In The News:

Bloomberg- “Sales of New U.S. Homes Fell 0.3% in October” (11-28-12)

“Purchases of new U.S. homes unexpectedly declined in October, showing limited progress in the housing market recovery.”

Realty Times- “Housing Recovery Depends On Continuation of Low Mortgage Rates” (11-28-12)

“There are multiple aspects to the housing recovery that are taking place. While each individual sector of the industry is showing improvement, there is one common factor among all of them and that is the entire housing recovery depends on the continuation of low mortgage rates.”

Mortgage Bankers Associations – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-28-12)

“Mortgage applications decreased 0.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 23, 2012.  This week’s results include an adjustment for the Thanksgiving holiday.”

Inman- “New-home sales up 17.2 percent from a year ago” (11-28-12)

“Sales of new single-family homes dipped 0.3 percent from September to October but were up 17.2 percent from a year ago, the U.S. Census Bureau reported today.”

DS News- “Multifamily Sector Will Remain Tight Despite Slow Decline in Vacancies” (11-28-12)

“The multifamily sector may not see much of a decrease in its vacancy rate over the next year, but the market is still considered to be tight and there’s still room for growth, according to a report from National Association of Realtors (NAR).”

Realty Trac- “On the Road to Homeownership: Dealing With A Shortage of Supply” (11-28-12)

“All the signs are there that say to us “Buy Now!” Historically low interest rates hovering in the mid-3’s for a 30-year fixed rate mortgage, and the high-2’s for a 15-year fixed.”

DS News- “Fiserv Projects Home Price Growth into 2017 “ (11-28-12)

“The latest numbers from the Fiserv Case-Shiller Indexes show that the housing market may finally be on solid footing again.”

Bloomberg- “U.S. Said to Weigh Tightening Rules for Foreign Lenders” (11-28-12)

“U.S. units of foreign lenders including Deutsche Bank AG (DBK) may be required by regulators to comply with tougher capital rules that some banks sought to skirt, three people with knowledge of the discussions said.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $225,000 on a 2 bedroom, 1 bathroom home appraised for $435,000.

 

Bruce Norris of The Norris Group will be at the Investors Workshops at the Doubletree Hotel in Orange today.

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at the El Camino Country Club in Riverside on Sunday, December 2, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Scottish Rite Center in San Diego on Tuesday, December 11, 2012.

Looking Back:

In a big news story, the sale of new homes in the U.S. increased 1.3% for the month of October 2011.  The number of problem banks on the FDIC list continued to decrease for the second straight quarter.  According to Housing Wire, the New York Federal Reserve reported a decline in mortgage debt in the third quarter of 2011.

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 11/14/12

Wednesday, November 14th, 2012

 

Today’s News Synopsis:

According to the latest housing summary, the total amount of for-sale inventory in the United States is at 1.76 million as of October, the lowest in history.  The Mortgage Bankers Association reported a 12.6% increase in mortgage applications last week.  In another big story, 30,000 borrowers were approved for a total of $4.75 billion in principal reductions from Bank of America.

In The News:

Realtor- “October 2012 Real Estate Data” (11-14-12)

“The total US for-sale inventory of single family homes, condos, townhomes and co-ops remained at historic lows, with 1.76 million units for sale in October 2012, down -17.00% compared to a year ago.”

Mortgage Bankers Association- “Mortgage Applications Increase in Latest MBA Weekly Survey” (11-14-12)

“Mortgage applications increased 12.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 9, 2012.”

Housing Wire- “Connecticut lawmakers argue against FHFA g-fee hikes” (11-14-12)

“Connecticut lawmakers sent a letter to the Federal Housing Finance Agency warning a proposed hike to guarantee fees on mortgages acquired by Fannie Mae and Freddie Mac will increase the cost of homeownership.”

Realty Times- “Keeping Mortgage Rates Low Spurs Housing Market Recovery” (11-14-12)

“The housing market has returned to life this year as improvements continue to be seen in a variety of sectors. With the third quarter behind us, consumer attitudes have changed for the better as shown by the Thomson Reuters/University of Michigan preliminary reading of consumer sentiment which came in at 84.9, the highest level in five years.”

CNN Money- “Nearly 50 million Americans in poverty under alternate measure” (11-14-12)

“There were nearly 50 million Americans living in poverty in 2011, under an alternative measure released by the Census Bureau Wednesday.”

DS News- “FDIC to Close Last Temporary Satellite Office” (11-14-12)

“FDIC put a date on the closure of the last of its satellite offices established in the wake of the financial crash.”

Housing Wire- “Housing recovery under way, but lending still too tight: FOMC” (11-14-12)

“A housing recovery appears to be under way in the U.S., but the market has yet to fully recover with lending still too tight and the rapid pace of refinancings creating backlogs, the Federal Open Market Committee said in its latest meeting minutes.”

Bloomberg- “KKR to Develop Housing Community in Oil-Rich North Dakota” (11-14-12)

“KKR & Co. (KKR), the buyout firm that started a real estate unit last year, plans to develop a housing community in Williston, North Dakota, to meet demand from an influx of workers in the state’s booming oil industry.”

Housing Wire- “BofA offers 30,000 borrowers $4.75 billion in principal reductions” (11-14-12)

“Bank of America ($9.14 -0.19%) approved 30,000 mortgage customers for principal reductions on first-lien mortgages with a total value of $4.75 billion as part of its consumer-relief mandate under the national mortgage servicing settlement program.”

DS News- “California Dual-Tracking Ban Leads to Spike in Cancelled Foreclosures” (11-14-12)

“A specific provision in California’s Homeowner Bill of Rights may have led to a surge in foreclosure cancellations, according to a report from ForeclosureRadar.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $72,000 on a 4 bedroom, 2 bathroom home appraised for $128,000.

 

Bruce Norris of The Norris Group will be at the Investors Workshops at the Doubletree Hotel in Orange on Wednesday, November 28, 2012.

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at the El Camino Country Club in Riverside on Sunday, December 2, 2012.

Bruce Norris of The Norris Group will be presenting the 7 Profit Centers for 2012 and Beyond with SDCIA at the Scottish Rite Center in San Diego on Tuesday, December 11, 2012.

Looking Back:

Prices of homes declined across the nation 28.3% since June 2006, according to the latest LPS home price index.  According to Housing Wire, more people were hired in the mortgage industry than were laid off in the third quarter of 2011.  According to Inman, NAR had recently admitted overestimating the number of homes sold.

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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