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The Norris Group Real Estate News Roundup 3/26/12

Monday, March 26th, 2012

Today’s News Synopsis:

Two more banks closed in Georgia and Illinois, bringing the total up to 15 for the year. The number of contracts signed to buy homes in the U.S. decreased slightly to 96.5% from 97% last month after being at a two-year high. The German bank Deutsche Bank is expected to pay $32.5 million in a lawsuit that they gave false information on the quality of home loans they sold.

In The News:

Housing Wire – “Bernanke discusses the long-term unemployment puzzle” (3-26-12)

“A housing recovery is dependent on more jobs, but Federal Reserve Chairman Ben Bernanke says the sustainability of recent employment growth in the economy is uncertain.”

Los Angeles Times – “Pending home sales down monthly but up yearly” (3-26-12)

“Indications that the housing market is shaky but generally improving are continuing to roll in: February’s pending home sales – which represent signed contracts for home purchases – are up over the year but down from January, according to the National Assn. of Realtors.”

DS News – “Two More Bank Failures, National Tally Now 15″ (3-26-12)

“Two banks closed over the weekend, raising the national tally of failed FDIC-insured banks to 15 so far this year. Two banks closed over the weekend, raising the national tally of failed FDIC-insured banks to 15 so far this year.”

Mortgage Bankers Association – “MBA Selects 35 Real Estate Finance Professionals for Future Leaders Program Class of 2012″ (3-26-12)

“The Mortgage Bankers Association (MBA) today announced the selection of 36 mortgage professionals into its CampusMBA’s Future Leaders Program, an executive leadership development program that delivers a comprehensive curriculum for middle- and senior-level managers.”

Bloomberg – “Deutsche Bank to Pay $32.5 Million to Settle Mortgage Suit” (3-26-12)

“Deutsche Bank AG (DBK), Germany’s biggest lender, agreed to pay $32.5 million to settle claims in U.S. litigation that it lied about the quality of home loans underlying securities it sold.”

DS News – “HousingPulse Survey Reveals More Investors Pursuing Short Sales” (3-26-12)

“Investors are making it a practice to endure through obstacles that come with the price of short sales and pursued them at a greater pace in February compared to previous months, according to the latest results of the monthly Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.”

Housing Wire – “FHA to deny mortgage backing for credit disputes above $1,000″ (3-26-12)

“Beginning April 1, potential borrowers with ongoing credit disputes totaling more than $1,000 will not be able to get a mortgage insured by the Federal Housing Administration.”

DS News – “Genworth Offers Relocation Product with Discounted Premiums” (3-26-12)

“For the first time, the U.S. Mortgage Insurance (USMI) unit of Genworth Financial is offering a relocation product with discounted mortgage insurance premiums to help credit unions target populations that tend to be in transition often such as those in the military.”

Mortgage Bankers Association – “CampusMBA Announces New Continuing Education Requirement for Certified Mortgage Banker (CMB) Designation” (3-26-12)

“CampusMBA, the award winning education division of the Mortgage Bankers Association (MBA), today announced a new Continuing Education (CE) requirement for all Commercial, Residential and Master Certified Mortgage Banker (CMB) designates. Beginning June 1, 2012, all CMB designates will now be required to complete ongoing continuing education to maintain their respective designation.”

Hard Money Loan Closed

Hawthorne, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 3 bedroom, 2 bathroom home appraised for $334,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 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.

Tags: Ben Bernanke, bruce norris, CampusMBA’s Future Leaders Program, Deutsche Bank, federal housing administration, Federal Reserve, Genworth Financial, Inside Mortgage Finance HousingPulse Tracking Survey, mortgage bankers association, National Association for Business Economics, national association of realtors, short sales, the norris group
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The Norris Group Real Estate News Roundup 3/21/12

Wednesday, March 21st, 2012

Today’s News Synopsis:

Sales of existing homes decreased 0.9% last month; although year-over-year they increased over 8%. Mortgage applications are down 7.4% from last week, although mortgage rates are increasing slightly to above 4%. In addition, the number of mortgages 30 days overdue decreased last 5% month-over-month and 14% year-over-year.

In The News:

Los Angeles Times – “Average 30-year mortgage rate edges up, above 4%, Bankrate says” (3-20-12)

“Those 30-year fixed home loans that have rates starting with a “3″ are getting harder to find. Bankrate’s running survey of average mortgage rates has edged into the 4%-plus range over the past week and was at 4.05% on Tuesday. It had spent more than three months in the once unimaginable range below 4%, Bankrate senior analyst Greg McBride said.”

Housing Wire – “Existing home sales dip 0.9% in February” (3-21-12)

“Existing home sales fell 0.9% in February from January but rose 8.8% from a year earlier, according to the National Association of Realtors.”

Mortgage Bankers Association – “Interest Rates Highest Since December, Applications Decrease in Latest MBA Weekly Survey” (3-21-12)

“Mortgage applications decreased 7.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 16, 2012.”

Realty Times – “Bank Mortgage Refinance Rates At Risk of Increasing” (3-21-12)

“Now that headlines out of Europe have calmed down, the focus has been on the economy here in the U.S. Although there are some mixed signals coming out of data reports, investor confidence is evident in the direction that markets are moving.”

San Francisco Chronicle – “Treasuries Rebound a 2nd Day as U.S. Equities Fall on Housing” (3-21-12)

“Treasury 10-year notes rose for a second day, while U.S. stocks retreated, amid concern that the American housing market is struggling to recover. The Dollar Index and commodities were little changed.”

DS News – “Zillow Survey: Prices Projected to Fall This Year, Rise in 2013″ (3-21-12)

“Home prices are projected to fall 0.7 percent this year, a more negative expectation than the 0.2 percent decline economists previously anticipated, according to the March 2012 Zillow Home Price Expectations Survey.”

Housing Wire – “Buying cheaper than renting in nearly 100 major U.S. markets: Trulia” (3-21-12)

“Buying is more affordable than renting in 98 out of the nation’s 100 largest metropolitan areas — even in New York, Los Angeles and Boston, according to real estate company Trulia’s rent vs. buy index.”

CNN Money – “Stocks: More housing data on tap” (3-21-12)

“U.S. stocks were poised to move higher Wednesday, as investors pushed aside worries of a cooling Chinese economy ahead of more U.S. housing market data.”

Housing Wire – “LPS: Mortgage deliquencies decline in February” (3-21-12)

“Mortgages at least 30 days past due dropped 5% in February from a month earlier and declined 14% from February 2011″

CNN Money – “Buyout season is back for private equity” (3-21-12)

“The private equity buyout market is back! A combination of the hot stock market and interest rates near all-time lows has created the perfect conditions for many public companies to put “for sale” signs up in hopes of enticing private equity attention.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $118,000 on a 3 bedroom, 2 bathroom home appraised for $188,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Bigger Pockets REI Summit on Friday, March 23, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 2012.

Looking Back:

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

Tags: bankrate, bruce norris, Home Price Expectations Survey, Lender Processing Services, mortgage bankers association, mortgage delinquencies, national association of realtors, the norris group, treasury, trulia, Weekly Mortgage Applications Survey, zillow
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The Norris Group Real Estate News Roundup 3/14/12

Wednesday, March 14th, 2012

Today’s News Synopsis:

In February, home sales increased in Southern California 8.4% year-over-year, while home prices also increased year-over-year for the first time in 18 months. According to the lastest survey by the Mortgage Bankers Association, mortgage applications decreased 2.4% from last week. Stress tests administered by the Fed to 19 banks showed 15 of them would continue to survive even in weak economic conditions.

In The News:

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-14-12)

“Mortgage applications decreased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 9, 2012.”

DS News – “New York Reaches $25M Settlement Over MERS Actions” (3-14-12)

“New York Attorney General Eric Schneiderman secured $25 million from three of the nation’s top servicing shops after filing a lawsuit early last month regarding foreclosures he says were improperly processed through Mortgage Electronic Registration System (MERS).”

Bloomberg - “Southern California Home Sales Jump” (3-14-12)

“Southern California home sales jumped 8.4 percent last month from a year earlier as a record number of investors made purchases, according to DataQuick.”

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Debt Outstanding Flat in 4th Quarter; Down 0.6 percent in 2011″ (3-14-12)

“The level of commercial/multifamily mortgage debt outstanding was essentially unchanged in the fourth quarter of 2011, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA). On a year-over-year basis, the amount of mortgage debt outstanding at the end of 2011 was $14 billion lower than at the end of 2010, a decline of 0.6 percent.”

Housing Wire - “Home prices rise for first time in 18 months: RE/MAX” (3-14-12)

“For the first time in 18 months, home prices increased year-over-year in February, a turnaround that RE/MAX said signifies a ‘very active selling season’.”

Realty Times - “Current Mortgage Rates Intact After Jobs Report” (3-14-12)

“FHA mortgage rates remained the same this week with FHA 30 year fixed mortgage rates at 3.250%, FHA 15 year fixed mortgage rates at 2.750% and FHA 5/1 adjustable mortgage rates at 2.750%.”

Housing Wire - “Mortgage bankers throw weight behind GSE refi bill” (3-14-12)

“Sen. Al Franken, D-Minn., got a boost to a bill he introduced last month that could eliminate repurchase risk for banks choosing to refinance Fannie Mae and Freddie Mac mortgages.”

DS News – “Fed’s Stress Test Shows 15 out 0f 19 Banks Would Weather Storms” (3-14-12)

“If extremely severe economic conditions were to fall upon the U.S., 15 of the 19 banks tested by the Fed’s stress scenario projections are said to be able to survive and continue to lend.”

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 4 bedroom, 2 bathroom home appraised for $142,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Real Estate Rewind at NORCALREIA tomorrow, March 15, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors today.

Looking Back:

FHA extended HARP until June 30, 2012. The Supreme Court of New York ruled in favor of MERS, confirming it’s ability to foreclose on a mortgage and assign it. An attorney general accused Meredian Financial of tricking homeowners into believing it was their current mortgage company and took fees for refinancing services that never transpired. California home values decreased 4.25% for the year ended January, according to MDA DataQuick.

Tags: bruce norris, DataQuick, Eric Schneiderman, fannie mae, FHA, freddie mac, MERS, mortgage bankers association, mortgage rates, multifamily mortgage debt, New York, ReMax, southern california, the norris group, Weekly Mortgage Applications Survey
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The Norris Group Real Estate News Roundup 3/12/12

Monday, March 12th, 2012

Today’s News Synopsis:

In a big story, a $25 billion settlement was filed today regarding robo-signing, a settlement that could increase short sales. Another bank closed in Illinois, bringing the total now to 13. In an attempt to get mortgage settlers to act more quickly when settling mortgage write-downs, they will be given higher credit on their principal reductions.

In The News:

San Francisco Chronicle - “Four States Hit Hardest By Housing Now Lead U.S. Jobs Recovery” (3-10-12)

“Arizona, California, Florida and Nevada — the states that were most hurt in the real estate collapse over the past five years — are now leading the U.S. labor market expansion.”

DS News – “Number of Failed Rises to 13 After Illinois Bank Closing” (3-12-12)

“State regulators closed New City Bank of Chicago, Illinois March 9, raising the national tally for closed FDIC-insured banks to 13 so far this year.”

Housing Wire – “U.S. subprime RMBS performance weakens on soft home prices” (3-12-12)

“Declining home prices weakened the performance of U.S. subprime residential mortgage-backed securities collateral over the past three years, Fitch Ratings said.”

Reality Times - “Property Real Estate Outlook: Mortgage Applications Decline Again” (3-12-12)

“Mortgage activity slowed again last week. This is the fourth consecutive week of declines. Activity was down 1.2 percent from the week before. The Mortgage Bankers Association reports that refinance activity was down 2.0 percent.”

Inman – “Robo-signing settlement may boost short sales” (3-12-12)

“The government’s $25 billion settlement with the nation’s five biggest mortgage servicers over so-called “robo-signing” practices could boost short sales, as loan servicers will receive credit when they approve sales that include forgiveness of a portion of underwater homeowners’ debt.”

DS News – “BofA to Offer Principal Reductions of More Than $100k” (3-12-12)

“Some Bank of America borrowers may be in for principal reductions in amounts exceeding $100,000, according to the latest developments in the settlement the bank and four other large servicers made with state and federal regulators.”

Housing Wire- “Homebuilder spring selling season off to solid start” (3-12-12)

“The homebuilder spring selling season just started, but reports from the field confirm that sales activity in communities are materializing in a way not seen in years, Barclays Capital said.”

Housing Wire – “Servicers urged to act quickly in mortgage settlement write-downs” (3-12-12)

“Mortgage servicers will get credited for more principal reduction than is actually provided over the next 12 months in an apparent attempt to get servicers to act quickly, according to the mortgage servicing settlement.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $61,000 on a 3 bedroom, 2 bathroom home appraised for $102,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Evening with the Leaders of the real estate industry tomorrow, March 13, 2012.

Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 2012.

Tags: Arizona, Bank of America, Barclays Capital, bruce norris, California, FDIC, fitch ratings, Florida, HUD, Illinois, Justice Department, KB Home, mortgage bankers association, mortgage servicers, Nevada, New City Bank of Chicago, PulteGroup, robo-signing, the norris group
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The Norris Group Real Estate News Roundup 3/7/12

Wednesday, March 7th, 2012

Today’s News Synopsis:

Apartments are the driving force for economic recovery right now as more and more people are choosing to live here. On a monthly basis, mortgage applications increased in January, although on a weekly basis they actually decreased from last week. 216,000 new jobs were added to the private sector last month.

In The News:

DS News – “When Excluding Distressed Sales, Home Prices Show Monthly Gain” (3-7-12)

“While prices declined on a year-over-year basis in January, a month-over-month gain was seen for January 2012 when excluding distressed sales, according to CoreLogic’s January Home Price Index (HPI).”

Housing Wire – “FHFA, Freddie faulted for overlooking mortgage servicers” (3-7-12)

“Freddie Mac and the Federal Housing Finance Agency did not implement stronger oversight of mortgage servicers when they had the chance, according to an FHFA Office of Inspector General report.”

Bloomberg – “Apts Driving Commercial-Property Recovery” (3-7-12)

“Demand for U.S. apartment buildings is surging as the homeownership rate hovers near the lowest level since 1998 and government-supported mortgage companies provide record levels of financing for apartment properties.”

Realty Times – “FHA Mortgage Applications Increase While FHA Mortgage Rates Remain Low” (3-7-12)

“FHA mortgage applications increased in January while FHA mortgage rates continued to remain low. According to FHA’s Single Family Outlook report, FHA purchase applications increased 7.5% which was 11.1% higher than last year.”

Inman – “LeaseRunner updates suite of paperless tools” (3-7-12)

“As the home rental market rises, a consequence of the foreclosure crisis that has led to a glut of vacant homes across the U.S., services to fill those homes with renters are ramping up. LeaseRunner, a company founded in 2011 that digitizes the rental process for property managers and renters, has launched a streamlined version of its service.”

Bloomberg – “Wells Fargo Branches May Be Closed, Merged” (3-7-12)

“Wells Fargo & Co. (WFC), the most valuable U.S. lender, may close or consolidate branches as it examines ways to trim costs, according to its chief financial officer. Wells Fargo could shut branches near each other or move some wealth-management or mortgage employees into those offices, Timothy Sloan said today at a New York investor conference.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-7-12)

“Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 2, 2012.”

CNN Money – “Private sector adds 216,000 jobs in February” (3-7-12)

“Hiring in the private sector picked up in February, according to a report released Wednesday by payroll processor ADP. Private employers added 216,000 jobs in the month, ADP said, roughly in line with forecasts for 218,000 jobs gained.”

Mortgage Bankers Association – “Commercial/Multifamily Mortgage Delinquencies Down; Best Performing Bank Loans During Recession” (3-7-12)

“Commercial and multifamily mortgage delinquency rates declined during the fourth quarter of 2011, and an analysis of data from the Federal Deposit Insurance Corporation (FDIC) shows that commercial and multifamily mortgages have fared better through the credit crunch and recession than any other major type of loan held by banks and thrifts, according to two reports released today by the Mortgage Bankers Association (MBA).”

CNN Money – “‘End bank payday lending now,’ consumer groups urge” (3-7-12)

“Some of the nation’s biggest banks are offering short-term loans with sky-high fees that consumer groups say are just as predatory as payday loans.”

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 3 bedroom, 2 bathroom home appraised for $150,000.

California Real Estate Investor Events:

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 2012.

Looking Back:

Results from an NAHB survey showed builders expected homes to average 2,152 square feet by 2015. Lockhart, from the Atlanta Fed, expected the economy to grow up to 4% by 2013. FNC Inc said over 25% of foreclosed properties liquidated in 2008 and 2009 sold at more than a 40% discount. Bank regulators were attempting to push new rules that would require lenders to offer borrowers more principal write-downs.

Tags: bruce norris, commercial, CoreLogic, FDIC, Federal Housing Finance Agency, FHA, freddie mac, home-price index, jobs, LeaseRunner, mortgage applications, mortgage bankers association, mortgage delinquency rates, multifamily, payday loans, private sector, Single Family Outlook report, the norris group, Weekly Mortgage Applications Survey, Wells Fargo
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The Norris Group Real Estate News Roundup 2/29/12

Wednesday, February 29th, 2012

Today’s News Synopsis:

According to the latest survey from the Mortgage Bankers Association, mortgage applications decreased 0.3% from last week. GDP increased 3% in the fourth quarter, according to the Commerce Department. Prices for condos bottomed out after Morgan Stanley decreased their prices by almost 40%.

In The News:

CNN Money – “Fewer banks in trouble” (2-28-12)

“The number of banks at risk of failing fell in the fourth quarter, marking the third straight quarterly decline, according to a government report issued Tuesday. The Federal Deposit Insurance Corp. also said banks posted the largest loan balance increase in four years. The uptick was modest, at 1.8%, with most of the increase stemming from business loans.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-29-12)

“Mortgage applications decreased 0.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 24, 2012. This week’s results are adjusted for the Presidents Day holiday.”

Housing Wire – “4Q GDP growth revised higher to 3%” (2-29-12)

“Gross domestic product grew at an annual rate of 3% in the fourth quarter, the Commerce Department said Wednesday. In January, the Bureau of Economic Analysis estimated the measure of the economy’s output of goods and services rose at a rate of 2.8% for the fourth quarter”

DS News – “Fannie Mae Reports Quarterly and Yearly Losses” (2-29-12)

“Fannie Mae reported a net loss of $2.4 billion in the fourth quarter of 2011 on Wednesday, compared to a loss of $5.1 billion for the previous quarter.”

Housing Wire – “Fannie Mae cut business ties with BofA first, GSE claims” (2-29-12)

“Fannie Mae initiated a reduction in its mortgage business with Bank of America ($8.12 0.08%), not the other way around, according to an executive at the government-sponsored enterprise.”

CNN Money – “Uncle Sam wants you to rent out its foreclosed homes” (2-29-12)

“Want to become a landlord in one of the nation’s hardest-hit foreclosure neighborhoods? Well, Uncle Sam has a deal for you. Fannie Mae will offer up nearly 2,500 distressed properties in eight locations to investors who are willing to buy them in bulk and rent them out for a set number of years.”

Realty Times – “Housing Reports Show Improvement as Low Mortgage Rates Continue” (2-29-12)

“Housing reports continue to show improvement at the same time that low mortgage rates continue to remain intact. The current housing market conditions are favorable for consumers who wish to purchase and finance a home under very affordable circumstances.”

San Francisco Chronicle – “Condos Bottom With Morgan Stanley Pairing Loan Losses: Mortgages” (2-29-12)

“Morgan Stanley is finding the bottom in the U.S. condominium market. The bank, which ended up as an owner of the largest luxury condominium project in the U.S. Northwest with other lenders after the developer defaulted on loans made at the height of the housing boom, cut prices by about 40 percent to jumpstart sales and reduce mortgage losses.”

Housing Wire – “Bernanke says lack of down payment, job concerns hurt housing” (2-29-12)

“Federal Reserve Chairman Ben Bernanke suggested that affordable housing prices and low interest rates are not enticements for potential buyers lacking down payments and job security.”

Housing Wire – “Beige Book shows modest residential real estate growth” (2-29-12)

“All 12 Federal Reserve districts noticed modest economic growth in January and early February as the residential real estate market noted a modest uptick in activity.”

Realtor Magazine – “Rich Stay Put Longer When in Foreclosure, Study Says” (2-29-12)

“An analysis by The Wall Street Journal finds that banks take longer to evict once-wealthy home owners who live in expensive homes but stop making their payments than defaulting home owners who live in more modest homes.”

Hard Money Loan Closed

Reseda, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 3 bedroom, 2 bathroom home appraised for $351,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 2012.

Tags: Bank of America, bruce norris, Bureau of Economic Analysis, Commerce Department, Econoday, fannie mae, Federal Deposit Insurance Corp., Federal Reserve, morgan stanley, mortgage bankers association, the norris group, Weekly Mortgage Applications Survey
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The Norris Group Real Estate News Roundup 2/23/12

Thursday, February 23rd, 2012

Today’s News Synopsis:

In a big news story, 30-year mortgage rates are increasing slightly once again after being at an all-time low. The number of people filing unemployment claims is at its lowest in four years. The fourth quarter of 2011 saw a decrease in home prices overall, but an increase in prices for 27 states plus Washington D.C.

In The News:

DS News – “After Hitting Record Low, 30-Year Fixed Rate Inches Up” (2-23-12)

“After hitting near record lows last week, the 30-year fixed-rate mortgage moved up for the first time in three weeks, according to the Primary Mortgage Market Survey from Freddie Mac.”

CNN Money – “Jobless claims stick at nearly four-year low” (2-23-12)

“First-time claims for unemployment benefits were unchanged — at a relatively low level — last week, in another sign of strength for the U.S. economy.”

Housing Wire – “HUD mortgage servicer scorecard due in 2Q” (2-23-12)

“The Department of Housing and Urban Development will release its mortgage-servicing scorecard during the second quarter of this year, according to a senior department official.”

Bloomberg – “JPMorgan Places $72B Bet on Homeowners” (2-23-12)

“JPMorgan Chase & Co. (JPM) has more than tripled its holdings of mortgage securities without U.S. government guarantees to $72 billion as the nation’s biggest bank bets on borrowers from outside the country it calls home.”

CNN Money – “Million-dollar foreclosures rise as rich walk away” (2-23-12)

“Five years after the housing bubble burst, America’s wealthiest families are now losing their homes to foreclosure at a faster rate than the rest of the country — and many of them are doing so voluntarily.”

Wall Street Journal – “Sears Is Having a Sale: Property and Stores Available” (2-23-12)

“Sears is holding a sale, and not just in the Kenmore appliance section. The struggling department-store giant has announced a plan to sell 11 store locations to General Growth Properties for $270 million.”

Housing Wire – “MBA: Rising rental costs may drive home sales up” (2-23-12)

“Home sales could turn out sunnier than expected this spring based on data coming out of the rental market, according to economists at the Mortgage Bankers Association.”

DS News – “Home Prices Decline Q4, but for 27 States Plus D.C., Prices Rose” (2-23-12)

“The Federal Housing Finance Agency (FHFA) released a report showing U.S. home prices fell slightly in the fourth quarter of 2011, but overall, 12 states plus the District of Columbia saw prices increase, according to the seasonally adjusted purchase-only house price index (HPI).”

Inman – “Redfin: Sellers lose in dual agency” (2-23-12)

“Homes sell at a greater discount from their listing price when the same agent represents both the buyer and seller as a “dual agent,” according to an analysis of 230,000 home sales in 22 markets around the country by technology-based real estate brokerage Redfin.”

Looking Back:

The NAR said existing home sales rose 2.7% in January 2011. The FHA’s REO inventory increased 47% year over year. A California judge upheld the rights of the Mortgage Electronic Registration Systems to the trust deed, granting MERS the right to foreclose. A Federal Reserve economist predicted the government would soon provide an alternative to the national homebuyer tax credit.

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:

Bruce Norris of The Norris Group will be at the Real Estate Rewind at FIBI Long Beach today, February 23, 2012.

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Coference on March 8, 2012.

Tags: bruce norris, FHA, FHFA, foreclosure, freddie mac, house price index, HUD, JPMorgan Chase, labor department, mortgage bankers association, Primary Mortgage Market Survey, Redfin, Sears, the norris group, unemployment
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The Norris Group Real Estate News Roundup 2/22/12

Wednesday, February 22nd, 2012

Today’s News Synopsis:

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

In The News:

Housing Wire – “New homebuilders claim marketing edge over foreclosures” (2-22-12)

“Foreclosures are giving homebuilders a run for their money when it comes to pricing, but builders still maintain a marketing edge by promising affordable, new homes equipped with the latest technology.”

DS News – “January Home Sales Up Again” (2-22-12)

“Existing-home sales rose in January for the third time in the last four months, according to the National Association of Realtors (NAR).”

Bloomberg – “Construction Jobs Rebound as U.S. Homeowners Increase Remodeling Projects” (2-22-12)

“Construction hiring is picking up as Americans invest in renovating their homes amid signs that the worst of the housing-market declines may be over.”

Housing Wire – “FHA to announce premium changes soon” (2-22-12)

“The Federal Housing Administration will announce additional premium changes to its mortgage business and streamlined refinance programs in the coming days. FHA Acting Commissioner Carol Galante said in a speech at the Mortgage Bankers Association servicing conference in Orlando, Fla., Wednesday that the changes are on their way.”

DS News – “Market Report Shows Positive Trend But Weak Market Conditions” (2-22-12)

“HomveValueForecast.com (HVF) released a report on housing market trends, which highlighted two main findings: most Core Based Statistical Areas (CBSAs) markets are in the weak or soft category, but the majority of CBSAs had more positive than negative market trends.”

Los Angeles Times – “Foreclosure errors continue, survey says” (2-22-12)

“Big financial institutions continue to foreclose on troubled borrowers in error — either while a homeowner is awaiting a loan modification or because of fees incorrectly added to the seizure — according to a national survey of attorneys representing borrowers.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-21-12)

“Mortgage applications decreased 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 February 17, 2012.”

CNN Money – “Fannie, Freddie legal fees: $110 million and counting” (2-22-12)

“A watchdog agency said Wednesday that the legal tab for former leaders of mortgage finance giants Fannie Mae and Freddie Mac is at least $110 million.”

DS News – “New Platform to Help Servicers Manage Loans in Default” (2-22-12)

“CoreLogic announced a default servicing platform for the mortgage industry created to simplify the way servicers manage loans through all stages of the default lifecycle.”

Housing Wire – “Wells Fargo pays employee incentives for mortgage workouts” (2-22-12)

“Wells Fargo ($30.96 0%) installed an incentive program that pays its single-point-of-contact employees more if they reach some sort of workout in lieu of foreclosure.”

Looking Back:

One year ago, a Survey from Harris Interactive showed 70% of Americans aspired to homeownership. According to S&P/Case-Shiller, national home prices fell 4.1% in the 4th quarter of 2010. FNC Residential seemed to confirm this saying home prices fell 2.2% in December 2010. CB Richard Ellis Group expected office rents to increase in 2011.

Hard Money Loan Closed

Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $36,000 on a 3 bedroom, 2 bathroom home appraised for $62,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Real Estate Rewind at FIBI Long Beach on February 23, 2012.

The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Coference on March 8, 2012.

Tags: bruce norris, Core Based Statistical Areas, CoreLogic, fannie mae, federal housing administration, foreclosure, freddie mac, HomveValueForecast, mortgage bankers association, national association of realtors, the norris group, Wells Fargo
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The Norris Group Real Estate News Roundup 2/16/12

Thursday, February 16th, 2012

Today’s News Synopsis:

The Mortgage Bankers Association reported a decline in delinquency rates for one-to four unit residential property mortgage loans. Claims for unemployment insurance also decreased to the lowest level since March 2008. However, the market did see the highest level increase since October 2008 in housing starts for the month of January.

In The News:

Los Angeles Times – “U.S. foreclosure filings decline in January” (2-15-12)

“Foreclosure activity in the U.S. in January declined 19% from a year earlier, according to a report by RealtyTrac of Irvine.”

Mortgage Bankers Association – “Delinquencies and Foreclosures Decline in Latest MBA Mortgage Delinquency Survey” (2-16-12)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 7.58 percent of all loans outstanding as of the end of the fourth quarter of 2011, a decrease of 41 basis points from the third quarter of 2011, and a decrease of 67 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.”

DS News – “Initial and Continuing Claims for Unemployment Fall Again” (2-16-12)

“First-time claims for unemployment insurance fell 13,000 for the week ended February 11 to 348,000, hitting their lowest level since March 2008, the Department of Labor reported Thursday.”

Housing Wire – “Housing starts up to 699,000 in January” (2-16-12)

“Housing starts rose 1.5% in January, according to Commerce Department data, to the highest level since October 2008. On a seasonally adjusted basis, starts increased to 699,000 from 689,000 for December, which was revised upward by 32,000.”

Bloomberg – “Mortgage Rates for 30-Year U.S. Fixed Loans Unchanged at Record-Low 3.87%” (2-16-12)

“Rates for 30-year U.S. mortgages held at the lowest level on record as fewer Americans sought loans to buy homes. The average rate for a 30-year fixed loan was unchanged in the week ended today at 3.87 percent, the lowest in records dating to 1971 and the third straight week at that level, Freddie Mac (FMCC) said in a statement.”

NAHB – “Housing Affordability Reaches Record Level as Tight Credit Conditions Impede Housing Market” (2-16-12)

“Nationwide housing affordability, as measured by the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), rose to a record level during the fourth quarter of 2011, while prospective home buyers continued to feel the constraints of tighter credit standards and a soft economy.”

Housing Wire – “Health of community banks improves, Bernanke says” (2-16-12)

“Federal Reserve Chairman Ben Bernanke said community banks are improving. The long maligned sector has accounted for a majority of bank failures since the 2008 financial crisis. Of the 392 bank failures between January 2008 and September 2011, 326 were community banks, according to the Federal Deposit Insurance Corp.”

San Francisco Chronicle – “New U.S. Housing Construction Exceeds Forecast in January” (2-16-12)

“Builders broke ground on more homes than forecast in January, helped by warmer weather and adding to signs the U.S. residential real estate market is stabilizing.”

Realty Times – “Refinances Increase as Low Mortgage Rates Remain Consistent” (2-16-12)

“Current mortgage rates have become dependent on news from here and around the world that influences market changes according to investor sentiment.”

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 will be holding their monthly REO Boot Camp, February 14-16, 2012.

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

Looking Back:

The Commerce Department said home construction rose 14.5% in January 2011. Mortgage delinquencies decreased 6.41% in the 4th quarter of 2011, according to TransUnion. The FOMC voted to keep rates between 0 to 0.25%.

Tags: Ben Bernanke, bruce norris, Commerce Department, delinquencies, Department of Labor, Federal Deposit Insurance Corp., Federal Reserve, foreclosures, freddie mac, housing starts, mortgage bankers association, NAHB, National Delinquency Survey, refinances, the norris group, unemployment, Wells Fargo Housing Opportunity Index
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The Norris Group Real Estate News Roundup 2/15/12

Wednesday, February 15th, 2012

Today’s News Synopsis:

In a big news story, for the fifth month in a row there was an increase in builder confidence for single-family homes. In other news, according to the Mortgage Bankers Association applications for mortgages decreased 1% from last week. For anyone wanting to submit a foreclosure review, they now have until July 31 as opposed to the original date of April 30.

In The News:

NAHB – “Builder Confidence Increases for Fifth Consecutive Month in February” (2-15-12)

“Home builder confidence in the market for new single-family homes increased for the fifth consecutive month in February, rising from 25 to 29 on the NAHB/Wells Fargo Housing Market Index (HMI) released today. It is the highest level the index has reached in more than four years.”

Mortgage Bankers Association – “Purchase Applications Decrease in Latest MBA Weekly Survey” (2-15-12)

“Mortgage applications decreased 1.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 10, 2012.”

Housing Wire – “Deadline for foreclosure review submission extended” (2-15-12)

“Borrowers seeking review of their foreclosures under the federal banking agencies’ independent probe have until July 31 to submit their requests.”

Bloomberg – “Big Long is New Big Short as Bass Joins Subprime Bet: Mortgages” (2-15-12)

“Investors who made some of the biggest profits from the 2007 bust in U.S. mortgages are once again in agreement. This time, they’re going long. Hedge fund manager Kyle Bass, who made $500 million betting against subprime debt in the crash, is raising a fund to buy home loan securities.”

Los Angeles Times – “Hot Property near-misses: ‘Atlas Shrugged’ home, golf-view site” (2-15-12)

“Every week, some celebrity-connected or luxury properties of note just don’t quite make it into the Hot Property column.”

DS News – “Obama Proposes Extending Tax Waiver on Mortgage Debt Forgiveness” (2-15-12)

“Obama’s FY2013 budget proposal includes an extension of the Mortgage Forgiveness Debt Relief Act of 2007. The Act ensures that homeowners who received principal reductions or other forms of debt forgiveness on their primary residences do not have to pay taxes on the amount forgiven.”

Housing Wire – “Southern California home sales inch higher, prices dip lower” (2-15-12)

“January home sales in Southern California inched higher while prices fell — a trend occurring in other parts of the U.S. across the nation — as traditional buyers retreated and investors snapped up homes at a record level.”

San Francisco Chronicle – “Citigroup pays $158M to settle mortgage fraud” (2-15-12)

“Citigroup has agreed to pay $158.3 million to settle claims that its mortgage unit duped the U.S. government into insuring risky mortgage loans for over six years.”

Hard Money Loan Closed

San Diego, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $141,000 on a 4 bedroom, 2 bathroom home appraised for $235,000.

California Real Estate Investor Events:

The Norris Group will be holding their monthly REO Boot Camp, February 14-16, 2012.

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

Looking Back:

Statistics from MDA Dataquick showed 4,458 new and resale houses and condos sold in Southern California in January 2011. The CAR reports California home sales rose 5% in January 2011. CoreLogic claimed national home sales fell 12% year over year. FHA intended to raise its mortgage premiums by 1/4 of a point.

Tags: Bank of America, bruce norris, Citigroup, DataQuick, Federal Reserve, hedge fund, Independent Foreclosure Review, JPMorgan Chase, Kyle Bass, mortgage bankers association, Mortgage Forgiveness Debt Relief Act, NAHB, Office of the Comptroller of the Currency, the norris group, Weekly Mortgage Applications Survey, Wells Fargo
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