The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘mortgage bankers association’

« Older Entries

By Bruce Norris .

The Norris Group Real Estate News Roundup 5/22/13

Wednesday, May 22nd, 2013


Today’s News Synopsis:

Existing home sales increased 0.6% in April to a three-year high and are now at 4.97 million.  Both HUD and the Census Bureau reported builder permits increased 14.3% in April, leading to an increase in builder confidence for the month.  Mortgage applications decreased 9.8% from last week according to the Mortgage Bankers Association.

In The News:

Bloomberg - “Sales of Previously Owned U.S. Homes Rise to Three-Year High” (5-22-13)

“Sales of previously owned U.S. homes rose in April to the highest level in more than three years as housing continued to gain momentum.”

Housing Wire – “Number of Americans in foreclosure plummets: LPS” (5-22-13)

“The number of Americans in the foreclosure process plummeted by nearly 25% in the past year, according to Lender Processing Services First Look mortgage report for April.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-22-13)

“Mortgage applications decreased 9.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 17, 2013.”

DS News - “Rising Prices, Shrinking Delinquencies Reduce Future RMBS Losses” (5-22-13)

“As home values improve and servicers continue to ramp up efforts to reduce delinquent pipelines through short sales and loan modifications, the composition of RMBS loan pools outstanding should also improve, according to Moody’s most recent ResiLandscape.”

Realty Times - “Builder Confidence Rises Along With Increase in Building Permits” (5-22-13)

“Housing market improvements continue to be seen with builder confidence on the rise along with an increase in building permits.  The U.S. Census Bureau and the Department of Housing and Urban Development reported that residential building permits increased 14.3% for the month of April and was 35.8% higher than a year ago at the same time.”

Housing Wire - “Bernanke forewarns against hitting the brakes too early” (5-22-13)

“The economy is on sturdier footing than a year ago, but Ben Bernanke, chairman of the Federal Reserve, is trying to avoid squashing the current recovery.”

Realty Times – “Credit Scores Continue to Confound Consumers” (5-22-13)

“It’s just not surprising credit scores baffle 20 to 40 percent of consumers.  The Consumer Financial Credit Bureau (CFCB) recently reported credit scores sold to consumers aren’t the same as the ones lenders use – and the difference between the scores can mean the difference between a lender approving or rejecting an application for credit, including a mortgage.”

Inman – “Seller financing: an untapped resource for real estate agents” (5-22-13)

“While the residential real estate market is generally believed to be improving nationwide, some of the residual effects of the Great Recession still affect the ability of real estate agents to facilitate home sales.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $170,000 on a 4 bedroom, 2 bathroom home appraised for $250,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.

Looking Back:

The National Association of Realtors reported existing home sales increased to 4.62 million the previous month from 4.47 million in March.  At the same time, however, the number of contracts signed to buy a home decreased 8% the previous month.  Home affordability was at its highest on record at 77.5% for the quarter.

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.

Tags: , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 5/20/13

Monday, May 20th, 2013


Today’s News Synopsis:

The OCC announced that as of May 16 over 2.4 million foreclosure review checks valued at $2.2 billion have been cashed.  The Center for Responsible Lending expressed objection to H.R. 1077 (Consumer Mortgage Choice Act) citing it would force borrowers to take out more expensive loans and lead to higher loan costs and fees.  The NAHREP said immigration could be a big contributing factor to helping the housing market grow.

In The News:

Housing Wire - “Housing will reaccelerate economic growth: Fannie Mae” (5-20-13)

“The year’s solid economic start faded late in the first quarter, but the recent setback is a temporary one, analysts claim.”

DS News – “OCC: More than 2.4M Foreclosure Review Checks Cashed” (5-20-13)

“In its most recent update on the status of foreclosure review checks, the Office of the Comptroller of the Currency (OCC) announced more than 2.4 million checks valued at $2.2 billion have been cashed or deposited as of May 16.”

Housing Wire – “Housing begins to directly contribute to economy” (5-20-13)

“The housing sector may finally become a direct and meaningful contributor to U.S. economic growth in 2013 and beyond, according to NewOak CEO and Co-Founder Ron D’Vari.”

Inman - “NAHREP: Immigration reform would boost housing” (5-20-13)

“Proposed immigration reform could pump more than half a trillion dollars into the U.S. economy by paving the way for about 3 million Hispanics to buy homes over a five-year period, according to an estimate released by the National Association of Hispanic Real Estate Professionals (NAHREP).”

DS News - “CRL Warns Against Consumer Mortgage Choice Act” (5-20-13)

“The Center for Responsible Lending (CRL) again voiced its opposition to legislation that would amend the Truth in Lending Act (TILA) to exclude certain factors when calculating points and fees for determining qualified mortgage (QM) eligibility.”

Housing Wire - “Investors should strike on agency MBS, but remain cautious: BofAML” (5-20-13)

“The lull in April’s volatility proved to be the calm before the storm, particularly in agency mortgage-backed securities, analysts suggested.”

DS News - “MBA Proposes ‘Up-Front Risk Sharing’ Concept for Mortgage Market” (5-20-13)

“The Mortgage Bankers Association (MBA) shared a proposal that it says would bring private capital back into the mortgage market while decreasing costs for taxpayers and borrowers.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $106,000 on a 3 bedroom, 2 bathroom home appraised for $154,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.

 

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.

Tags: , , , , , , , , , , ,
Posted in News | No Comments »

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.

Tags: , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 5/8/13

Wednesday, May 8th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 7% increase in mortgage applications from last week.  Freddie Mac reported their net income for the latest quarter was their second largest, and they will now pay $7 billion to the Treasury Department.  According to TransUnion, delinquency rates showed their biggest improvement since 1992.

In The News:

Housing Wire - “Suspicious loan activity reports shrink first time in a decade” (5-8-13)

“The number of suspicious activity reports from banks citing possible loan fraud decreased by 29% last year, the first drop in 16 years.”

DS News – “Trulia: Job Growth Aids Asking Home Prices, Creates New Households” (5-8-13)

“Asking home prices posted the strongest gains in cities where job growth was also solid, according to Trulia.”

Bloomberg - “Freddie Mac to Pay Treasury $7 Billion on Quarterly Profit” (5-8-13)

“Freddie Mac, the U.S.-owned mortgage-finance company, will pay $7 billion to the Treasury Department after reporting the second-largest quarterly net incomein the company’s history..”

DS News - “TransUnion: Delinquency Rate Sees Biggest Improvement Since 1992″ (5-8-13)

“The national mortgage delinquency rate recorded its biggest improvement since the credit bureau began keeping track in 1992, TransUnion reported Wednesday.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (5-8-13)

“Mortgage applications increased 7.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 3, 2013.”

Housing Wire - “California Homeowner Bill of Rights blocks BofA foreclosure” (5-8-13)

“A California man successfully halted a foreclosure sale on his property using the newly minted California Homeowner Bill of Rights to obtain a court injunction against two foreclosing parties: Bank of America and its ReconTrust Co. subsidiary.”

DS News – “Home Prices on Path to Stabilization This Year” (5-8-13)

“After coming to a “turning point” last year, the housing market is now stabilizing, according to Clear Capital’s monthly Home Data Index,. This year, Clear Capital expects price gains to slow.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $65,000 on a 2 bedroom, 1 bathroom home appraised for $120,000.

 

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.

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:

Home prices increased 0.6% from February to March as a result of inventory decreasing.  More people were able to afford homes on this day with payments on conventional mortgages representing 12% of median-family income.  Shaun Donovan made an announcement today that refinancing should be made easier for homeowners.

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.

Tags: , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

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.

Tags: , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 4/30/13

Tuesday, April 30th, 2013


Today’s News Synopsis:

The latest S&P/Case-Shiller Index showed home prices in 20 U.S. cities increased 9.3% year-over-year to their highest since May 2006.  At the same time, homeowner ship rate was at 65% in the first quarter, its lowest since 1995.  A case was just dismissed against MERS in Cleveland County, Oklahoma.

In The News:

DS News - “Baby Boomers Plagued by Mortgage Debt as They Enter Retirement” (4-30-13)

“As the Baby Boomer generation heads into retirement, many are plagued with debt, and mortgage debt is their most common financial hardship, according to a study released Monday by Securian Financial Group, a St. Paul, Minnesota-based financial services firm.”

Housing Wire – “FHFA gears up for single GSE securitization platform” (4-30-13)

“A key objective of the Federal Housing Finance Agency is to execute various risk transfer transactions aimed at reducing the enterprises’ footprint in housing finance.”

Realty Times – “New Homes Price Increases Projected To Outstrip Resales” (4-30-13)

“Is this a good time to sell your home? Could be. Especially if you plan to buy a new home.  New home prices are increasing faster than resales, a trend expected to continue for months to come, according to Brad Hunter, chief economist for Metrostudy.”

Bloomberg - “U.S. Homeownership Rate Falls to Lowest Since 1995″ (4-30-13)

“The U.S. homeownership rate fell to the lowest in almost 18 years, reflecting rising demand for rentals and investor purchases in the housing market.”

Mortgage Bankers Association - “Q1 2013 Commercial/Multifamily Mortgage Bankers Originations Up 9% from Q1 2012″ (4-30-13)

“First quarter 2013 commercial and multifamily mortgage loan originations were nine percent higher than during the same period last year and 36 percent lower than the fourth quarter of 2012, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

Bloomberg - “Mortgage Reform Likely to Pass House in ’13, Garrett Says” (4-30-13)

“The U.S. House of Representatives is likely to pass a bill this year to reduce the influence of the government-backed Federal Housing Administration, Fannie Mae and Freddie Mac, Representative Scott Garrett said today.”

DS News - “Completed Foreclosures Rise in March, Foreclosure Inventory Falls” (4-30-13)

“The number of residential properties lost to foreclosure increased from February to March, while foreclosure inventory was down from month and year ago levels, according to data from CoreLogic.”

Bloomberg - “Home Prices in 20 U.S. Cities Climb by Most Since May 2006″ (4-30-13)

“Residential real-estate prices increased in February by the most since May 2006, showing the U.S. housing market is strengthening.”

Housing Wire – “Another MERS county recording-fee suit dismissed” (4-30-13)

“County commissioners in Cleveland County, Okla., became the latest plaintiffs to see a recorder-fee lawsuit filed against the Mortgage Electronic Registration Systems dismissed by a judge.”

Hard Money Loan Closed

Apple Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $64,000 on a 3 bedroom, 2 bathroom home appraised for $100,000.

 

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:

The number of closed banks was at 22 with the closure of five more banks the previous Friday.  The home ownership rate was at its lowest in 15 years at 65.5%, while at the exact same time the number of families renting was at its highest in 15 years, showing that more people were renting than buying.  The decision to allow principal reduction on mortgages provided by Fannie Mae and Freddie Mac was postponed by the FHFA.

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.

Tags: , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 4/25/13

Thursday, April 25th, 2013


Today’s News Synopsis:

Mortgage rates decreased again for the fourth week with 30-year rates now at 3.4% and 15-year at 2.61%, a new low.  Unemployment claims decreased by 16,000 to 339,000, putting them at their lowest in five years.  The NAHB is seeking help from Congress to maintain support for important housing incentives.

In The News:

Housing Wire - “Unconventional servicing platforms entice investors, hurdles remain” (4-25-13)

“Nonbank mortgage servicers are increasingly using securitization to access the capital needed to fund purchases of servicing assets, increasing both the size and complexity of servicer advance transactions, Standard & Poor’s said in its latest report.”

Bloomberg – “U.S. Mortgage Rates Fall With 15-Year at Lowest on Record” (4-25-13)

“Mortgage rates in the U.S. fell for a fourth week, with the 15-year average hitting a record low, helping to strengthen the housing recovery.”

Mortgage Bankers Association – “MBA and EverFi Providing Financial Literacy Education to 10,000 American Consumers” (4-25-13)

“The Mortgage Bankers Association (MBA) today announced that the initial stage of its partnership with EverFi, the nation’s leading education technology company, will provide interactive, web-based financial literacy education to more than 10,000 Americans across the United States as part of the Association’s Financial Fitness USA program.”

DS News - “Zillow: Home Price Growth Moderates in Q1″ (4-25-13)

“After “months of robust and largely unsustainable annual home value appreciation,” the national housing market finally showed signs of moderation in this year’s first quarter, Zillow reported Thursday.”

NAHB - “Remodeler Confidence Dips in First Quarter 2013″ (4-25-13)

“Remodelers’ confidence in the market dipped in the first quarter of 2013 when the Remodeling Market Index (RMI) fell six points to 49, according to the National Association of Home Builders (NAHB).”

Bloomberg - “Deutsche Bank Must Face Los Angeles Slumlord Claim Suit” (4-25-13)

“Deutsche Bank AG (DBK) must face a lawsuit by Los Angeles claiming the bank let foreclosed properties in low-income neighborhoods fall into disrepair and illegally evicted tenants to sell foreclosed buildings.”

DS News - “First-Time Jobless Claims Drop, Continuing Claims at 5-Year Low” (4-25-13)

“First-time claims for unemployment insurance dropped for only the second time in the last six weeks, falling 16,000 to 339,000 for the week ending April 20, the Labor Department reported Thursday.”

Housing Wire - “NAHB calls on Congress to support housing tax incentives” (4-25-13)

“The National Association of Home Builders called on Congress Thursday to maintain its support for vital housing incentives in order to meet the nation’s growing need for affordable rental housing and homeownership opportunities.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $700,000 on a 3 bedroom, 2 bathroom home appraised for $110,000.

 

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:

Today was a big day for mortgages.  The Mortgage Bankers Association reported a decrease in mortgage applications by 3.8% even though rates continued to stay low.  Freddie Mac’s mortgage portfolio also showed a decrease of 2.9%.  Realty Times believed troubles in Europe were one of the things keeping mortgage rates steady.

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.

Tags: , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 4/24/13

Wednesday, April 24th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased by 0.2% from last week.  HUD is consolidating their Office of Multifamily Programs down to 10 sites, which is expected to help the organization saved $45 million.  The NAHB reported both single and multifamily housing starts are expected to increase into the double-digits this year, although growth is still not expected to reach its full potential.

In The News:

DS News - “Bay State Home Sales Decline in March While Prices Rise” (4-24-13)

“While other states spent March gearing up for a busy spring season, Massachusetts saw a decline in sales throughout the month, the Boston-based Warren Group reported.”

Bloomberg – “Federal Reserve Has Fueled Housing Rebound, Pimco’s Cudzil Says” (4-24-13)

“The Federal Reserve’s debt buying has helped housing both by holding down borrowing costs for home buyers and pushing investors to purchase properties instead of bonds, Pacific Investment Management Co.’s Michael Cudzil said.”

Realty Times – “Home Sales, Housing Starts Hit Short-Term Snags” (4-24-13)

“Home sales slipped in March at a time when a seasonal upswing takes hold and the immediate future of housing starts is clouded with rising material costs, and both a labor and easily developed land shortage.”

Housing Wire - “Sequester creates cracks in HUD’s structure” (4-24-13)

“The U.S. Department of Housing and Urban Development is downsizing by consolidating its Office of Multifamily Programs into 10 sites, the agency announced Wednesday.”

NAHB - “Housing Recovery Continues but Headwinds Remain” (4-24-13)

“Buoyed by rising home prices throughout much of the nation, both single-family and multifamily housing starts are expected to post double-digit gains over last year in 2013. However, headwinds continue to hold back even stronger growth as the housing recovery evolves, according to economists at NAHB’s Spring 2013 Construction Forecast Conference Webinar.”

Housing Wire - “Experts pitch solutions for private capital comeback” (4-24-13)

“Mortgage investment experts — who have been sidelined since the housing collapse in 2008 — took a stand Wednesday, claiming they’re ready to get back into the private capital game.”

DS News - “Commentary: DeMarco Disappoints with New Streamlined Mod Program” (4-24-13)

“Starting July 1, large numbers of non-paying borrowers will have the opportunity to modify existing mortgages through a more streamlined process.”

Mortgage Bankers Association - “Mortgage Applications Increase Slightly in Latest MBA Weekly Survey” (4-24-13)

“Mortgage applications increased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 19, 2013.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $1300,000 on a 3 bedroom, 2 bathroom home appraised for $210,000.

 

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:

The FHFA reported a 0.3% increase in home prices for February 2012.  At the same time, home sales decreased 7.1% the previous month to their lowest in over a year.  March also saw a decrease in the mortgage delinquency rate by 8.8% according to the Lender Processing Services.

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.

Tags: , , , , , , , , , , , ,
Posted in News | No Comments »

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.

Tags: , , , , , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 4/10/13

Wednesday, April 10th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 4% increase in mortgage applications from last week.  The Lender Processing Services reported about 500,000 delinquent loans were repaired in February, showing an increase in the number of fixed loan mods.  Zillow reported an increase in home prices with the increase in mortgage rates.

In The News:

Housing Wire - “Mortgage applications rise as refinancing picks up” (4-10-13)

“Mortgage applications escalated 4% for the week ending April 5, recovering from a drop last week, the Mortgage Bankers Association said.”

Bloomberg – “Home Prices Seen Falling in Some Areas as Rates Increase” (4-10-13)

“Home prices are climbing too fast relative to buyer incomes, signaling that property values may fall in some U.S. cities once mortgage rates rise and reduce affordability, according to a study by Zillow Inc. (Z).”

NAHB – “FHA Reform Efforts Must Ensure Borrowers Have Access to Affordable Home Loans” (4-10-13)

“With tight mortgage lending standards preventing well-qualified home buyers from obtaining home loans and impeding the housing and economic recovery, the National Association of Home Builders (NAHB) today expressed support for congressional efforts to reform the Federal Housing Administration (FHA) but urged lawmakers to proceed in a cautious manner to avoid any disruptions to the nation’s housing finance system.”

Realty Times - “Consumers Remain Confident in Housing Market” (4-10-13)

“Fannie Mae released the March 2013 National Housing Survey which shows that consumers remain confident in the housing market even while having doubts in other areas of the economy.”

DS News - “LPS Reports a Spike in Cures, Increase in Mods in February” (4-10-13)

“Lender Processing Services (LPS) reported a spike in cure rates in February and an increase in the volume of loan modifications following decreases.”

Inman- “Inventory, prices post gains as spring buying season gets underway” (4-10-13)

“Listing inventory and median list prices posted gains from February to March, with inventory rising 2.4 percent and prices 0.5 percent, according to the latest numbers from realtor.com.”

Bloomberg - “Fannie Mae Bailout Seen Turning Profit by 2023 in Obama Budget” (4-10-13)

“Fannie Mae and Freddie Mac, the U.S.-owned mortgage-finance companies, could return billion of dollars in profits to taxpayers who bailed them out in 2008, White House budget analysts said today.”

Housing Wire - “Housing analysts push FHA reform” (4-10-13)

“Housing industry experts threw out various suggestions to the members of the Committee on Financial Services advocating for solutions under the banner of Federal Housing Administration reform.”

CNN Money - “Firms are firing less, but not hiring enough” (4-10-13)

“Far fewer Americans are getting fired or laid off these days that they were in 2009.  In fact, layoffs are back at their pre-recession lows.”

Hard Money Loan Closed

Lake Elsinore, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 4 bedroom, 2.5 bathroom home appraised for $227,000.

 

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.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, June 1 in Orange.

Looking Back:

Zillow reported rents were showing substantial increases over purchases, in some cities as much as 15% from the previous year.  Edward DeMarco believed if Fannie Mae and Freddie Mac forgave the principal on some troubled mortgages, it could save them $1.7 billion.  Key members of Congress introduced new bills that would extend the  Mortgage Forgiveness Debt Relief Act into 2014.

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.

Tags: , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

« Older Entries