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The Norris Group Real Estate News Roundup 2/8/12

Wednesday, February 8th, 2012

Today’s News Synopsis:

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

In The News:

DS News – “Report Reveals Number of Foreclosures Down From Last Year” (2-8-12)

“A foreclosure report released by CoreLogic Wednesday revealed that the number of homes in foreclosure is decreasing nationwide. The report included monthly data on foreclosures, foreclosure inventory, and 90 plus delinquency rates.”

Bloomberg – “Faulty Loans Top $72 Billion as Banks Seek Deal With Regulators: Mortgages” (2-8-12)

“Costs from faulty mortgages and shoddy foreclosures have topped $72 billion at the biggest U.S. banks as they near a settlement of a 50-state probe into the industry’s practices.”

NAHB – “Home Builders Applaud Menendez Bill to Restore the Flow of Credit for Home Building” (2-8-12)

“The National Association of Home Builders (NAHB) today commended Sen. Robert Menendez (D-N.J.) for introducing the Home Building Lending Improvement Act of 2012 (S. 2078), legislation to help restore the flow of credit for new housing production in order to create jobs, meet rising housing demand and bolster the economic expansion.”

Realty Times – “Mortgage Rates Continue Low Despite Upbeat Economic Data” (2-8-12)

“According to Freerateupdate.com’s weekly survey of wholesale and direct lenders, mortgage rates have remained the same for another week and through another stock market rally. Current 30 year fixed mortgage rates are at 3.500%, 15 year fixed mortgage rates are at 2.875% and 5/1 adjustable mortgage rates are at 2.250%, all available with 0.7 to 1% origination fee to well qualified borrowers.”

Mortgage Bankers Association – “Refinance Activity Increases as Rates Hit Survey Lows” (2-8-12)

“Mortgage applications increased 7.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 3, 201.”

Bloomberg – “Mortgage Bonds Face Eye of Storm as Refinancings Decline: Credit Market” (2-8-12)

Investors in U.S. government-backed mortgage bonds who benefited from a decline in early payoffs by homeowners are bracing for the fallout from a loosening of refinancing rules at Fannie Mae and Freddie Mac.”

Housing Wire – “Consumers take on more debt: Federal Reserve” (2-8-12)

“Consumer credit outstanding rose 9.3% in December to $2.49 trillion, compared to $2.47 trillion in November and $2.46 trillion in October, the Federal Reserve said.”

Bloomberg – “BofA Stalls Refinance Applications as Wells Fargo Is ‘Open for Business’” (2-8-12)

“Bank of America Corp., struggling to handle mortgage refinancing after a U.S. program boosted demand, is telling some customers to wait 90 days before starting an application, said two people with knowledge of the policy.”

Housing Wire – “Multifamily permits outpace construction in 2011“ (2-8-12)

“Multifamily permits surpassed the sector’s construction rate for the last three months of 2011, while single-family construction remained flat.”

Hard Money Loan Closed

Fontana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $140,000 on a 4 bedroom, 2 bathroom home appraised for $245,000.

California Real Estate Investor Events:

The Norris Group posted a new event. The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

Fannie Mae and the MBA predicted the housing market would begin a rebound that would last until 2013, and Zandi predicted 4% gdp growth through 2012. IAS claimed national home prices fell 0.8% during the 4th quarter of 2010.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor 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 2/6/12

Monday, February 6th, 2012

Today’s News Synopsis:

According to the latest report from the U.S. Commerce Department, sales of pending existing homes increased while at the same time sales of new homes decreased all in the month of December.  According to Housing Wire, commercial and multifamily loan origination increased 13% in the fourth quarter of 2011.  NAHB reported the number of housing markets showing improvement has increased to 100.

In The News:

Bloomberg – “Foreclosure Deal Deadline Arrives” (2-5-12)

“U.S. states that balked at liability releases in a proposed $25 billion nationwide settlement over bank foreclosure practices must decide today whether its mortgage relief and reforms are worth legal claims they’ll lose.”

Housing Wire – “Multifamily mortgage originations jump 13%” (2-6-12)

“Originations of commercial and multifamily loans grew 13% year-over-year in the fourth quarter of 2011, while still declining 7% from the third quarter, an industry trade group said Monday.”

Realty Times – “Real Estate Outlook: New Home Sales and Prices Decline” (2-6-12)

“Pending existing-home sales may be up across the nation, but new home sales fell for the first the first time in three months in December. These latest figures come from the U.S. Commerce Department.”

Bloomberg – “Bernanke: Fed will protect U.S. economy from Europe” (2-6-12)

“The U.S. foreclosure crisis has risen to new heights.  Atlanta’s 55-story Bank of America Plaza, the tallest tower in the Southeast, is set to be sold at an open outcry auction on the steps of the Fulton County Courthouse tomorrow after landlord BentleyForbes missed mortgage payments.”

Mortgage Bankers Association – “MBA Forecasts $230 Billion of Commercial/Multifamily Mortgage Originations in 2012; $2.4 Trillion of Commercial/Multifamily Mortgage Debt Outstanding” (2-6-12)

“In its inaugural forecast of the commercial/multifamily real estate finance markets, the Mortgage Bankers Association (MBA) projects originations of commercial and multifamily mortgages will hit $230 billion in 2012, an increase of 17 percent from 2011 volumes, and continue to rise to $290 billion in 2015.”

NAHB – “List of Improving Housing Markets Expands to Nearly 100″ (2-6-12)

“The list of housing markets showing measurable improvement expanded by 29 metros in February to include a total of 98 entries on the National Association of Home Builders/First American Improving Markets Index (IMI), released today. Thirty-six states are now represented by at least one market on the list.”

Los Angeles Times – “Lawmakers push Fannie, Freddie to write-down mortgage principle” (2-6-12)

“Rep. Barney Frank and two other House Financial Services Committee Democrats on Monday pressed Edward DeMarco, the regulator of seized housing finance giants Fannie Mae and Freddie Mac, to write-down the principal on mortgages of underwater homes.”

Housing Wire – “Capital Economics: REO to rental program possibly ‘best housing fix so far’” (2-6-12)

“In a statement released Monday, Capital Economics called the REO to rental program possibly the “best housing fix so far,” calling it “possibly more significant” than President Obama’s refinancing proposals announced late last month.”

Los Angeles Times – “Consumer Confidential: Mortgage deal, Redbox service, Clint rules” (2-6-12)

“Today’s the day for state attorneys general to decide whether they want a piece of a multibillion-dollar mortgage settlement with the nation’s largest banks.”

Inman – “Texas regulator issues cease and desist order against flat-fee FSBO site” (2-6-12)

“A Texas real estate regulator is investigating a flat-fee, for-sale-by-owner site for alleged unlicensed brokerage activities in the state and has issued a cease and desist order against the company.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $150,000 on a 3 bedroom, 2 bathroom home appraised for $250,000.

California Real Estate Investor Events:

The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

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 2/1/12

Wednesday, February 1st, 2012

Today’s News Synopsis:

170,000 jobs were added to the private sector, although job growth overall was slower for the month of January as companies were hiring fewer people.  In updated news from yesterday, the home ownership rate has decreased for 7 years straight and is now at levels that have not been seen in almost 14 years.  Both mortgage rates and applications continue to stay low.

In The News:

DS News – “Robo-Signing Settlement Update: Friday is Cutoff for States to Join” (1-31-12)

“State attorneys general have until Friday to sign on to the settlement draft proposed last Monday that would resolve claims against the nation’s top five mortgage servicers surrounding documentation errors in foreclosure processing, according to the Wall Street Journal’s Ruth Simon.”

Housing Wire – “Homeownership rate falls to 14-year low” (1-31-12)

“The nation’s home ownership rate fell for the seventh year in a row, nearly touching levels unseen in 14 years.  U.S. home ownership in the fourth quarter of 2011 dropped 0.5% from the year-ago period to 66%, according to a U.S. Census Bureau report released Tuesday. The rate hasn’t dropped that low since 1997 when it was 65.7%. Since then, it steadily rose until 2005, reaching 69%.”

CNN Money – “Job growth slows in January” (2-1-12)

“Companies slowed their hiring in January, according to a report by payroll processor ADP.  The private sector added 170,000 jobs in the month, ADP said Wednesday, missing forecasts of 200,000 jobs that economists polled by Briefing.com had predicted.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-1-12)

Mortgage applications decreased 2.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 27, 2012.”

Housing Wire – “Housing construction spending hit 16-year low” (2-1-12)

“Residential construction rose on a seasonally adjusted basis in December from the year-ago period, despite yearly totals at their lowest level since 1995.”

Realty Times – “Mortgage Rates Remain Low While Mixed Reports Flourish” (2-1-12)

“After several positive housing reports released this month, the National Association of Realtor’s Pending Home Sales Index decreased 3.5% in December.  For another week, while mixed reports flourish, mortgage rates have remained low and stable according to Freerateupdate.com’s weekly survey of wholesale and direct lenders.”

Los Angeles Times – “White House details mortgage refinancing plan for homeowners” (2-1-12)

“The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.”

Housing Wire – “FHFA will pre-qualify investors for bulk REO program” (2-1-12)

“Investors who want to acquire and rent out real-estate owned properties from the Federal Housing Finance Agency can begin pre-qualifying for participation in the bulk REO rental program.”

DS News – “Mortgage and Foreclosure Complaints Quadruple in Massachusetts” (2-1-12)

“Massachusetts Attorney General Martha Coakley has seen mortgage and foreclosure-related complaints quadruple in her state over the past two years. In fact, the category now overshadows all other types of consumer complaints.”

Realtor Magazine – “Where List Prices Have Fallen the Most in a Year” (2-1-12)

“While nationally, the median list price has been on the rise the last year, increasing 5 percent year-over-year to $188,000, according to December 2011 housing data published by Realtor.com.  But home prices the past year haven’t been rising everywhere. For example, Detroit continues to face a plague of foreclosures that are bringing home values down in the area. The metro area had the biggest drop in median list prices the past year.”

Hard Money Loan Closed

Wilmington, 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 $242,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The Commerce Department said construction spending fell 2.5% from July 2011. Fiserv forecasted a 5.5% decline in home prices for 2011. According to the Treasury Department, the re-default rate for the Making Home Affordable Program averaged 20.4% after 1 year. Marcus & Millichap expected Orange County rents to rise 4.5% in 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 1/18/12

Wednesday, January 18th, 2012

Today’s News Synopsis:

According to the most recent Mortgage Bankers Association Weekly Mortgage Applications Survey, mortgage applications increased 23.1% from last week.  NAHB reported builder confidence increased this month for the fourth month in a row, having increased 4 points to 25.  The FHFA is expected to be subpoenad regarding how principle reductions would effect Fannie Mae and Freddie Mac.

In The News:

Housing Wire – “Democrats push to subpoena FHFA over principal reductions” (1-18-12)

“Democrats on the House oversight committee are pushing to subpoena the Federal Housing Finance Agency to obtain an analysis looking at what effects principal reductions would have on Fannie Mae and Freddie Mac.”

NAHB - “Builder Confidence Rises Fourth Consecutive Time in January” (1-18-12)

“Builder confidence in the market for newly built, single-family homes continued to climb for a fourth consecutive month in January, rising four points to 25 on the NAHB/Wells Fargo Housing Market Index (HMI), released today. This is the highest level the index has attained since June of 2007.”

Bloomberg - “Fannie Fees Fail to Offset Record Low Lending Rates: Mortgage” (1-18-12)

“Ben S. Bernanke’s success in pushing mortgage rates to record lows is enabling Congress to fund last month’s payroll tax cut extension by siphoning money from Fannie Mae and Freddie Mac (FMCC), while homebuyers still benefit from the cheapest borrowing costs in history.”

Housing Wire - “Longer Forbearance Option Helps Temporarily Struggling Homeowners” (1-18-12)

“The BuildFax residential remodeling index in November rose for the 25th straight month from a year earlier, exceeding levels reached during the home-equity withdrawal boom of 2004 to 2006, analysts said.”

FINS - “Goldman Cut 2,400 Jobs, Plans More” (1-18-12)

“Even the most sought-after and prestigious investment bank in the business sometimes has to retool its strategy to stay profitable.  Goldman Sachs, which had originally planned to eliminate 1,000 positions in 2011, ended up shedding 2,400, according to its fourth quarter earnings statement.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (1-18-12)

“Mortgage applications increased 23.1 percent from one week earlier (last week’s results included an adjustment for New Years Day), according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 13, 2012.”

Housing Wire – “Home prices dip again in FNC index” (1-18-12)

“U.S. home prices fell 0.4% in November from October, the fourth-straight monthly decline according to FNC’s residential price index.”

DS News - “Clayton Holdins Closes Green River Capital Acquisition” (1-18-12)

“Clayton Holdings LLC announced Wednesday it has completed its acquisition of Green River Capital. No financial details were disclosed.”

Housing Wire - “Economic standstill stalls housing recovery: IHS report” (1-18-12)

“Wage stagnation and weak consumer confidence among young adults are two factors delaying a housing recovery, according to a new report from IHS Global Insight.”

CNN Money - “Foreclosure nightmares: 3 families fight for their homes” (1-18-12)

“With more than 200,000 households receiving foreclosure notices each month, there are bound to be a few mistakes. But for some unlucky homeowners, these blunders carry some serious consequences.”

Hard Money Loan Closed

Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $375,000 on a 4 bedroom, 2 bathroom home appraised for $617,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be speaking at the Women’s Council of Realtors today.

Bruce Norris of The Norris Group will be at the Investors Workshops and will be interviewing Shawn Watkins on January 25, 2012.

Looking Back:

19,528 new and resale houses and condos sold in Southern California the previous month, according to MDA DataQuick. LPS reported the average foreclosure in California and Nevada had been delinquent 461 days. December’s default rates for first and second mortgages were 2.93% and 1.74%.

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 1/11/12

Wednesday, January 11th, 2012

Today’s News Synopsis:

In an updated news story, Michael J. Willimas, the Chief Executive for Fannie Mae, resigned yesterday and will step down as soon as a sucessor is found.  The latest report from the Lender Processing Services showed a decrease in home values of only 8%, and an overall slowdown in decreasing values.  The latest survey from the Mortgage Bankers Association showed an increase in mortgage applications.

In The News:

Housing Wire - “LPS index shows home value declines slowing down” (1-11-12)

“The latest home price index from Lender Processing Services (LPS: 15.3001 -0.52%) shows a slight 0.8% decline in home prices in October. Early data also suggest home price declines stabilized even more in November with a slight dip of 0.5% nationally.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (1-11-12)

“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 January 6, 2012.  The results include an adjustment to account for the New Year’s Day holiday.”

Housing Wire – “The fight over Bernanke REO rental plan shows political divide” (1-11-12)

“Chairman Ben Bernanke’s plan to fix housing is feeding an ongoing national debate about the appropriate role of the Federal Reserve in America’s housing recovery.”

Realty Times - “Mortgage Rates Remaining Low While European Troubles Persist” (1-11-12)

“It may be a New Year, but European troubles continue to persist which is helping mortgage rates to remain low. Markets remain quiet as investors await fourth quarter earnings which will begin to be released..”

Bloomberg - “Lennar Rises After Reportign New-Home Orders Climbed 20% from Year Earlier” (1-11-12)

“Lennar Corp. (LEN), the third-largest U.S. homebuilder by revenue, rose in New York trading after reporting a 20 percent jump in new orders for the fourth quarter from a year earlier.”

Housing Wire - “FHFA disputes claims of inadequate FHLB oversight” (1-11-12)

“The Office of the Inspector General released a report Wednesday contending Federal Housing Finance Agency supervision of troubled Federal Home Loan Banks is unclear and inconsistent.”

San Francisco Chronicle – “Fed Says U.S. Economic Growth Improves While Hiring Limited” (1-11-12)

“The U.S. economic expansion improved last month across most of the country while  hiring was limited and housing remained stagnant, the central bank said.”

Bloomberg - “U.S. Property Deals May Climb to $300 Billion This Year, Real Capital Says” (1-11-12)

“U.S. commercial property deals are likely to climb 50 percent to $300 billion this year as loan maturities force asset sales and the economy grows, Real Capital Analytics Inc. said in its annual list of market predictions.”

NAHB – “Voters Place High Value on Homeownership, Oppose Policies That Make It More Difficult to Own a Home” (1-11-12)

“By an overwhelming margin, American voters strongly value homeownership and would oppose efforts to weaken or eliminate the mortgage interest deduction or diminish a federal role to help qualified home buyers obtain affordable 30-year mortgages, according to a new nationwide survey gauging likely voters’ attitudes towards homeownership and housing policy issues.”

Housing Wire – “FHFA considers paycut for new Fannie, Freddie CEOs” (1-11-12)

“The Federal Housing Finance Agency is taking into consideration what government employees are paid when determining the future compensation for the CEOs at Fannie Mae and Freddie Mac.”

San Francisco Chronicle - “Bernanke Doubles Down on Fed Bet Defied by Recession: Mortgages” (1-11-12)

“Ben S. Bernanke is signaling his willingness to double down on a three-year bet  that’s failed to revive housing, showing the extent of the Federal Reserve  chairman’s effort to wrest a recovery from the deepest recession.”

FINS - “Fannie Mae CEO Michael Williams Out” (1-11-12)

“Fannie Mae Chief Executive Michael J. Williams resigned Tuesday, saying he will depart as soon as the mortgage-finance giant’s board names a successor.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $48,000 on a 3 bedroom, 2 bathroom home appraised for $80,000.

California Real Estate Investor Events:

The Norris Group posted a new event.  Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.

The Norris Group will be at the Women’s Council of Realtors on January 18, 2012.

Looking Back:

The Charles Schwab Corp. was required to pay $119 million dollars to settle claims that they were deceptive in their YieldPlus fund.  Following the release of their earnings for 2010, Goldman Sachs made several changes to the divisions in their business, according to Housing Wire.  DSNews reported that four major banks had been asked by New York City Comptroller John C. Liu to evaluate their recent mortgage and foreclosure processes following the then recent robo-signing scandal.

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 1/9/12

Monday, January 9th, 2012

Today’s News Synopsis:

The prices of homes in the U.S. declines last November by 4.3% according to CoreLogic.  On a positive note, the sales of homes, both new and existing, increased for the year according to HUD.  The Mortgage Bankers Association reported a 3.7% decrease in mortgage applications.

In The News:

Housing Wire – “Home prices decline 4.3% in November: CoreLogic” (1-9-12)

“Home prices nationwide fell 4.3% year-over-year in the month of November, according to analytics firm CoreLogic (CLGX: 12.79 +1.35%) in its November Home Price Index.”

Bloomberg - “Countrywide Sued by U.K. Banks ‘Looking for Someone to Blame’ on Mortgage” (1-9-12)

“Suninder Sandha bought his luxury apartment in Coleorton Hall, a 19th century country mansion near Leicester in central England, using a 1.2 million-pound loan ($1.86 million) from Barclays Plc (BARC) in 2005.”

Realty Times - “Real Estate Outlook: Mortgage Applications Down” (1-9-12)

“Mortgage applications took their own vacation this holiday season, falling during the final two week span of the year.  They were down by 3.7 percent from the first half of the month according to the latest release from the Mortgage Bankers Association.”

Housing Wire – “Fed governor calls for new housing regulatory regime” (1-9-12)

“The number of Americans filing initial jobless claims declined last week, coming in lower than analysts’ estimates. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 31 decreased to 372,000 from 387,000 the previous week, which was revised upward 6,000.”

NAHB - “List of Improving Housing Markets Nearly Doubles in January” (1-9-12)

“The number of housing markets showing measurable improvement nearly doubled in January with the addition of 40 new metros to the National Association of Home Builders/First American Improving Markets Index (IMI), released today.  The IMI now boasts 76 improving markets, up from 41 in December, with 31 states and the District of Columbia represented by at least one entry.”

Housing Wire - “December employment gains boost CRE demand as firms expand” (1-9-12)

“Jobs growth in 2011 increased full-time office employment by 327,000 jobs, giving the commercial real estate segment a slight boost, according to a new report from Marcus & Millichap Real Estate Services.”

DS News - “Fed: Enforcement Actions, Monetary Penalties Necessary for Servicers” (1-9-12)

“Standing before the Association of American Law Schools in Washington D.C., Sunday, Federal Reserve Governor Sarah Bloom Raskin discussed the importance of enforcement in the mortgage servicing industry and argued that monetary penalties are an important part of that enforcement.”

Bloomberg – “Fannie Rating Faces Cut as Lawmakers Siphon Funds, BofA Says” (1-9-12)

“The odds of credit rating downgrades on the bonds of Fannie Mae (FNMA) and Freddie Mac (FMCC) rose after lawmakers tapped the government-supported mortgage companies to pay for last month’s extension of a payroll tax cut, according to Bank of America Corp.”

Housing Wire – “Home sales rise as prices hit historic lows in December” (1-9-12)

“New and existing-home sales increased year-over-year in December, while home prices continued to plummet, hitting levels of affordability not experienced since 1971, the Obama Administration said Monday.”

Hard Money Loan Closed

Compton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $110,000 on a 3 bedroom, 1 bathroom home appraised for $218,000.

California Real Estate Investor Events:

The Norris Group posted a new event. The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.

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 1/4/12

Wednesday, January 4th, 2012

Today’s News Synopsis:

In a big news story, pending home sales are on the rise, being at their highest level in almost two years according to the National Association of Realtors.  The Bureau of Labor Statistics reported a decrease in unemployment for the month of November.  Mortgage applications also decreased during the holidays according to the Mortgage Bankers Association.

In The News:

DS News – “Serious Delinquencies Decline, Foreclosure Rates Steady” (1-3-12)

“Serious delinquencies are on the decline, while foreclosures have steadied at 5.5 percent, according to recent data from Foreclosure-Response.org, a joint venture of the Local Initiatives Support Corporation, the Urban Institute, and the Center for Housing Policy.”

Housing Wire - “Unemployment rate drops in most metro areas in November” (1-4-12)

“The majority of U.S. metropolitan areas reported lower unemployment rates in November with 351 of the 372 localities seeing a decline from a year earlier.  The Bureau of Labor Statistics said unemployment rose in 16 areas and remained the same in five, according to nonseasonally adjusted figures released Wednesday.”

Mortgage Bankers Association - “Mortgage Applications Decrease Over Two Week Holiday Period” (1-4-12)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the weeks ending December 23, 2011 and December 30, 2011.”

Realty Times - “Pending Sales Rise” (1-4-12)

“According to the latest report from the National Association of Realtors Pending Homes Sales Index, pending home sales are at the highest level in 19 months.”

CNN Money - “Manhattan home prices fall in final months of  2011″ (1-4-12)

“Despite a number of multi-million dollar home sales, including a record-setting $88 million penthouse deal in December, Manhattan real estate prices fell significantly during the final months of 2011.”

San Francisco Chronicle - “BofA Loses Ruling Against MBIA in Fight Over Mortgage Loans” (1-4-12)

“Bank of America Corp. lost a ruling in a court fight against MBIA Inc. that will  help the bond insurer as it tries to recover losses on home loans made by the  bank’s Countrywide Financial unit.”

Housing Wire - “Obama to make recess appointment for CFPB head” (1-4-12)

“President Barack Obama will install Richard Cordray later Wednesday as director of the Consumer Financial Protection Bureau, according to White House Communications Director Dan Pfeiffer.”

Wall Street Journal - “General Growth Starts Year With a Gamble” (1-4-12)

“After a tumultuous first year as chief executive of General Growth Properties Inc., Sandeep Mathrani is about to make perhaps his boldest move yet: The shopping-mall owner later this month is set to spin off 30 of its weaker malls as a separate company.”

Inman - “Re/Max LLC sues North Carolina brokerage over red, white and blue signage” (1-4-12)

“Denver-based global franchisor Re/Max LLC    is suing a North Carolina brokerage for alleged trademark infringement and unfair competition.”

Housing Wire – “Multifamily delinquency rate in CMBS falls to 15.6% in December” (1-4-12)

“Despite projections showing increased demand for apartments will spur multifamily growth in 2012, analysts viewing December data on commercial mortgage-backed securities say multifamily loans are the worst performing mortgages.”

Hard Money Loan Closed

Carson, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $200,000 on a 3 bedroom, 2 bathroom home appraised for $325,000.

California Real Estate Investor Events:

The Norris Group posted a new event.  The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.

Looking Back:

Nearly 5% of Freddie Mac’s single-family mortgages were seriously delinquent. The FOMC chose to keep the federal funds target rate between 0 to 0.25%. Office buildings added 2.5 million square feet of occupied space in the 4th quarter of 2010, according to REIS. The U.S. Bureau of Labor Statistics reports jobless rates rose in 49% of all U.S. metro areas.

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 12/21/11

Wednesday, December 21st, 2011

Today’s News Synopsis:

The NAHB reported an increase in confidence for homebuilding for the third month in a row.  However, mortgage rates are down to a new low according to the latest survey released by the Mortgage Bankers Association.  The number of existing homes increased again last month by 4% according to NAR, and shadow inventory is continuing to remain steady.

In The News:

Mortgage Bankers Association – “Mortgage Rates Drop to Another 2011 Low in Latest MBA Weekly Survey” (12-21-11)

“Mortgage applications decreased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 16, 2011.  The Market Composite Index, a measure of mortgage loan application volume, decreased 2.6 percent on a seasonally adjusted basis from one week earlier.”

Realty Times - “Builder Confidence Rises in December” (12-21-11)

“Builder confidence rose in December according to the National Association of Home Builders. This is the third straight month of improved confidence.  The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) indicates this is the highest level the market has seen since May 2010.”

Housing Wire – “Shadow inventory remains unchanged at 1.6 million” (12-21-11)

“National home prices continue to be pressured by a stream of distressed properties that threaten to push prices even lower, a CoreLogic (CLGX: 12.53 -1.88%) report said Wednesday.“

DS News - “Existing-Home Sales Rise in November” (12-21-11)

“Existing-home sales rose again last month, according to data released Wednesday by the National Association of Realtors (NAR).  That assessment, however, is coming off of lower sales numbers than previously thought, reflecting revisions to NAR’s data going back to 2007.”

Bloomberg - “KB Home Fourth-Quarter Profit Beats Analysts’ Estimates on Higher Revenue” (12-21-11)

“KB Home (KBH), the Los Angeles-based homebuilder that targets first-time buyers, reported a quarterly profit that beat analysts’ estimates as sales and orders rose.”

CNN Money - “Unemployment benefits extension: What’s at stake” (12-21-11)

“The long-term unemployed are running out of time.  In 11 days, a provision will expire that could cause millions of jobless Americans to lose a critical lifeline next year.  At issue is the extension of emergency federal unemployment benefits, which allow the jobless to collect benefits for up to 99 weeks. Also at stake are the extension of a payroll tax cut, and the “doc fix,” which would prevent a scheduled pay cut to Medicare physicians.”

San Francisco Chronicle - “Bernanke Money Policy Seen Successful as Savers Become Consumers” (12-21-11)

“Federal Reserve Chairman Ben S. Bernanke finally may be catching a break: His  easy-money policies are showing signs of speeding up the economic rebound three  years after he cut interest rates to zero.”

Housing Wire – “Fannie nixes ‘ability to pay’ wall to HARP refinancing” (12-21-11)

“Lenders are no longer required to determine a borrower’s ability to repay a loan when underwriting mortgages for inclusion in Fannie Mae’s HARP 2.0 refinancing channel.”

The Wall Street Journal - “Demand for Rentals Drives Big Rise in Home Building” (12-21-11)

“Residential construction surged in November, sparking cautious hope that the U.S. housing market is gaining traction.  Housing starts hit a seasonally adjusted annual rate of 685,000 units, the highest level in 19 months, the Commerce Department said Tuesday.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $70,000 on a 3 bedroom, 1.5 bathroom home appraised for $117,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

Modifications to foreclosures on Freddie Mac and Fannie Mae mortgages increased more than twice as much in the third quarter of 2010, according to Housing Wire.  Shaun Donovan said he and Secretary of Energy Steven Chu were discussing plans of creating an energy scoring system for houses.  Standard and Poor’s reported levels of securities backed by mortgages were the slowest they had been since 2007, both for commercial and residential property.  NAHB stated that the driving force for the housing market were actually the smaller businesses.  CBIA announced that construction on new homes increased 21% in December 2010.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor 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 12/20/11

Tuesday, December 20th, 2011

Today’s News Synopsis:

According to CNN Money, the number of new homes being built increased 9.3% last month from October and over 20% from this time last year, putting housing starts at their highest levels.  Zillow predicted home prices would continue to declien through 2013, according to Bloomberg.  Housing Wire reported an increase in mortgage debt last month in every U.S. region.

In The News:

Bloomberg – “Fannie Mae, Freddie Mac Sued by California Attorney General” (12-20-11)

“Fannie Mae (FNMA) and Freddie Mac were accused in a lawsuit by California Attorney General Kamala Harris of hindering her probe into mortgage lending and foreclosure practices.”

Mortgage Bankers Association - “MBA Urges House to Vote Down Payroll Tax Extension” (12-19-11)

“The Mortgage Bankers Association (MBA) today urged members of the U.S. House of Representatives to vote against the Senate-passed bill that would extend the payroll tax holiday for two months by adding an additional tax on most
homebuyers for the next ten years.”

Realty Times - “HOA Files Suit against Dissenting Homeowner” (12-20-11)

“While it is not common, it certainly is not unheard of for a homeowner to sue the association over some issue or another.  But what about the association suing a homeowner?  Maybe it’s one of those “only in California” things; but, yes, it has happened in California.  (Country Side Villas Homeowners Association v. Susan Ivie, California Court of Appeal, Sixth Appellate District) The results are instructive.”

Housing Wire – “Mortgage debt jumps in every US region in November” (12-20-11)

“Americans increased their mortgage debt in November and default rates rose to 2.17%, according to the latest Standard & Poor’s/Experian indices.“

DS News - “StreetLinks Unveils Liquidation Valuation Solution for Distressed Assets” (12-20-11)

“StreetLinks Lender Solutions, an Indiana-based provider of valuation services, has announced the launch of StreetLinks LVR, a new liquidation valuation report developed for mortgage servicers and asset management firms which is compliant with the Uniform Standards of Professional Appraisal Practice (USPAP).”

Los Angeles Times - “Stocks surge on good economic data from U.S., Europe” (12-20-11)

“Stock markets rose around the globe after a handful of surprisingly good reports about the U.S. and European economies.  The Dow Jones industrial average was recently up 269.43 points, or 2.29%, to 12035.69. The broader Standard & Poor’s 500 index was up 2.4%, or 29.01 points, to 1234.24 in early trading.”

Bloomberg - “U.S. Home Prices to Fall in 2012: Zillow” (12-20-11)

“U.S. home prices will continue to decline through late 2012 or early 2013 as negative equity and weak job growth hinder a real estate recovery, according to a survey by Zillow Inc.”

CNN Money - “Home building spikes higher” (12-20-11)

“Home building spiked up in November to the strongest level in almost two years, as record-low mortgage rates and a surge in apartment and condo construction lifted activity.  Housing starts shot up to an annual rate of 685,000 in the month, up 9.3% from October and 24.3% higher than a year earlier.”

Housing Wire - “Fannie says housing ends year on high note, but risks remain” (12-20-11)

“The housing market is ending 2011 on a high note with sales activity edging up in the fourth quarter, stronger employment data in November and economic growth of 2.5% for the fourth quarter, Fannie Mae said Tuesday.”

DS News - “Florida Supreme Court Terminates State Mediation Program” (12-20-11)

“Florida’s mandatory foreclosure mediation program has come to an end.  State Supreme Court Chief Justice Charles Canady issued an order this week stating that no new cases may be referred to mediators as part of the court-run initiative and citing the program’s lack of success in resolving foreclosure disputes between lenders and borrowers.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $92,000 on a 3 bedroom, 2 bathroom home appraised for $153,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

Bank of America Merrill Lynch stated that house owners may have to default their underwater mortgages in order to take care of their debt.  In October 2009, pending home sale prices rose 10.4%, according to Realty Times.   Prices on commercial property rose for the second month in a row in 2010 according to Moody’s Investors Service and were expected to continue to fluctuate, according to Moody’s Investors Service.  According to the National Association of Home Builders/Wells Fargo Housing Market Index, consumer cofidence in newly-built houses declined 4 points from November 2010 in the West.   In other news, Moody’s Investors Service reported that prices of commercial property increased 1.3% in October 2010.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor 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 12/15/11

Thursday, December 15th, 2011

Today’s News Synopsis:

In a big news story, 30-year mortgages decreased to below 4%, matching with the lowest ever recorded.  Housing Wire reported an improvement in housing prices for the whole year, despite a month-over-month decrease in prices.  Unemployment claims decreased to 366,000, the lowest on record since May 2008.

In The News:

Mortgage Bankers Association – “Three of Four Major Investor Groups Increased Commercial/Multifamily Mortgage Investments During The Third Quarter “ (12-15-11)

“The level of commercial/multifamily mortgage debt outstanding was essentially unchanged in the third quarter of 2011, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA).”

Housing Wire - “California home sales show year-over-year improvements” (12-15-11)

“Home sales in the San Francisco area edged up in November over year-ago figures, although they dipped from October. Statewide, sales across California also declined month-over-month, but showed an increase from year-ago figures, DataQuick said.”

Bloomberg – “Mortgage Rates for 30-Year U.S. Loans Fall to 3.94% as Record Low Matched” (12-15-11)

“Mortgage rates for 30-year U.S. loans declined, matching the lowest level on record, as the European debt crisis drove investors to the relative safety of Treasury bonds.”

Los Angeles Times - “New jobless claims drop to lowest level since 2008″ (12-15-11)

“Initial claims for unemployment insurance dropped to 366,000 last week, the lowest level since May of 2008, in another sign that the job market is making a significant improvement.  ”

Housing Wire – “FHFA extends loan data implementation deadline for GSEs” (12-14-11)

“The Federal Housing Finance Agency extended the deadline for changes to how lenders will submit mortgages to Fannie Mae and Freddie Mac.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 3 bedroom, 2 bathroom home appraised for $244,000.

In The News:

Wall Street Journal - “Related Switches Condos to Rentals” (12-15-11)

“For at least three years, Related Cos. had been planning for the 151 apartments on the highest floors of its new apartment tower in Midtown to be condominiums, sitting atop 663 rental units in the building’s first 50 stories.  Now, with construction finishing up on the final apartments in the bulky 63-story MiMA building on 42nd Street and 10th Avenue, the developer is changing course. Related is putting all of the formerly for-sale apartments up for rent, aiming at the high-end with rents of more than $20,000 a month for a three-bedroom unit.”

Housing Wire – “Wells Fargo, Citi top Fannie list of mortgage servicers” (12-15-11)

“Wells Fargo (WFC: 25.86 0.00%) and Citigroup (C: 26.21 +0.61%) continue on pace to score high marks for foreclosure prevention in 2011, according to Fannie Mae.”

CNN Money - “Foreclosures fall, but outlook isn’t bright” (12-15-11)

“Foreclosure filings may have fallen in November but the number of homes scheduled for bank auctions grew significantly, indicating that a new wave of foreclosures are set to take place in the New Year.”

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

16,208 new and resale houses and condos sold in Southern California in November 2010. The NAR claimed 9 of the 10 most cost-effective home repair projects in terms of value recouped were exterior replacement projects. Keefe, Bruyette & Woods expected revenue from multifamily real estate investment trusts to grow at an annual rate of 4.6% in 2011. Investor confidence in U.S. commercial property is the highest since 2007, according to Bank of America.

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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