California Real Estate Headline Roundup

Posts Tagged ‘Multiple Listing Service’

By Bruce Norris .

The Norris Group Real Estate News Roundup 3/9/12

Friday, March 9th, 2012

Sources:
One Georgia Bank Closed Friday; Tally Is Now 12
Foreclosure Sales Outpace Modifications for January
Real Estate Outlook: Pending Home Sales Trend Upward
Consumers shed debt, cut mortgage balances
Repeat foreclosures hit an all-time high in January
Reported Mortgage Fraud Filings Increased in Q3
Home price declines resilient against REO saturation: Clear Capital
Private sector adds 216,000 jobs in February
Initial Unemployment Claims Rise For Third Straight Week
Judicial Watch sues FHFA over MBS disclosures
FHA to Lower Insurance Premiums for Mortgage Refis
FHA to lower refinance premiums
Wells Fargo’s CFO Says Branches May Be Closed, Merged
BofA Makes a Deal on Side

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  The pay for the chief executives of Fannie Mae and Freddie Mac was cut this week by the FHFA.  227,000 new jobs were added in February, although the unemployment rate remains unchanged at 8.3%.  Freddie mac asked for another $146 million from the Treasury.

In The News:

Housing Wire“Government-held REO halved during robo-signing freeze” (3-9-12)

“The government cut its inventory of foreclosed homes by half in 2011.  Fannie Mae, Freddie Mac and the Department of Housing and Urban Development held roughly 150,700 REO properties as of Dec. 31, down 49% from the 296,000 at the end of 2010, according to an analysis of their collective financial statements.”

Bloomberg“Ghost of Fannie Mae Haunts Canadian Housing as Exposure Worsens: Mortgages” (3-9-12)

“The Canadian housing agency’s vulnerability to mortgage defaults has soared nine-fold in 20 years, approaching levels reached by Fannie Mae and Freddie Mac in the U.S. at the height of the housing boom. Canada Mortgage & Housing Corp. says its finances are secure unless the country plunges into deep recession for several years.”

Realty Times“Fixed-rate Mortgages Remain at or Near All-time Lows” (3-9-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® (PMMS®), fixed-rate mortgages are at or near their 60-year lows helping to drive record high homebuyer affordability. The 15-year fixed, a popular choice among refinance borrowers, averaged a new all-time record low of 3.13 percent.”

DS News - “Payrolls Up 227,000 in February; Unemployment Rate Steady” (3-9-12)

“The nation added 227,000 jobs in February – the seventh straight month of 100,000-plus payroll gains, the longest such string since 2005 – as the unemployment rate held steady at 8.3 percent, the Bureau of Labor Statistics reported Friday morning.”

San Francisco Chronicle“Apple growth helps fuel Silicon Valley office boom” (3-9-12)

“Apple is helping fuel the biggest Silicon Valley office-leasing boom since the dot-com era, as the fast-growing company waits for its futuristic new “spaceship” headquarters to land.  Office occupancy in the region rose by 2.7 million square feet last year, the most since 2000, and rents may advance 11 percent to an average $36 a square foot in 2012, according to brokerage Cassidy Turley.”

Housing Wire“FHFA axes executive pay at Fannie and Freddie” (3-9-12)

“The Federal Housing Finance Agency in its role as conservator of Fannie Mae and Freddie Mac significantly reduced the amount of pay chief executive officers at the firm will earn in the future.”

DS News“Florida MLS Requires Agents to State If Property Is Bank-Owned” (3-9-12)

“A multiple listing service (MLS) based in Palm Beach Gardens, Florida is requiring real estate agents to disclose if a property they are listing is bank-owned.”

Housing Wire“Freddie Mac to request $146 million from Treasury” (3-9-12)

“Freddie Mac requested another $146 million from the Treasury Department for the three months ended Dec. 31.  The GSE reported $619 million in net income for the fourth quarter, plus an additional $887 million in other income.”

Inman“Mortgage deduction limits: per residence, not per person” (3-9-12)

“Last week brought bad news for wealthy unmarried couples who own homes together. The U.S. Tax Court held that the $1.1 million limit on the mortgage interest deduction must be applied per residence, not per taxpayer, even where the co-owners are unmarried and file separate tax return.”

Los Angeles Times“Bank of America to reduce principal for up to 200,000 homeowners” (3-9-12)

“Home prices and sales remain fragile as foreclosure starts ticked up in January, according to the latest housing scorecard from the Obama administration.”

Hard Money Loan Closed

Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $48,000 on a 4 bedroom, 2 bathroom home appraised for $81,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Evening with the Leaders of the Real Estate Industry on March 13, 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

Looking Back:

Mortgage applications increased 15.5% the previous week, according to the MBA. UCLA economists predicted California’s unemployment rate would remain above 10% until 2013. Freddie Mac’s level of REO properties grew 145.7% over the past two years. Obama threatened to veto bills terminating the Federal Housing Administration’s Short Refi and the Department of Housing and Urban Development’s Emergency Homeowner Loan Program.

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.

The Norris Group Real Estate News Roundup 8/3/10

Tuesday, August 3rd, 2010

Today’s News Synopsis

According to the NAR, pending home sales declined 2.6 percent in June. Data from the Southern California Multiple Listing Service shows that 25 percent of home sold in Orange County are sold for less than the owner in June went for less than the seller owed on the mortgage. Zillow reports the average 30-year mortgage rate decreased to 4.28 percent from last week. 84 percent of buyers begin searching for homes online.

In The News:

NAR - “Pending Home Sales Ease in Post-Tax Credit Market” (8-3-10)

“The Pending Home Sales Index,* a forward-looking indicator, declined 2.6 percent to 75.7 based on contracts signed in June from an upwardly revised level of 77.7 in May, and is 18.6 percent below June 2009 when it was 93.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.”

Orange County Register“Short sales top 700 in June” (8-3-10)

“One out of every four homes sold in Orange County in June went for less than the seller owed on the mortgage, according to the latest figures from the Southern California Multiple Listing Service. Thanks to falling home prices, about 14% to 19% of all O.C. homeowners owe more for their homes than they’re worth. In a short sale, lenders eat the difference between the amount paid and the amount owed.”

Housing Wire“Zillow: Rate on 30-Year-Mortgage Drops to Record Low Week-to-Week” (8-3-10)

“The 30-year fixed-mortgage rate (FRM) dropped week-to-week nationally averaging 4.28%, according to Zillow Mortgage Marketplace’s weekly update. This is down 0.1% and a new record low according to their data. Last week’s averages remained steady.”

Housing Wire“Fannie Launches Distressed Borrower Education Site” (8-3-10)

“Fannie Mae today is launching a borrower-facing outreach site designed to educate distressed homeowners on potential retention strategies and foreclosure alternatives. The online education resource — available in both English and Spanish — offers calculators to demonstrate to borrowers the mechanics of refinance, repayment, forbearance and modification options. It also offers information on Fannie’s Deed-For-Lease program, which allows borrowers to become renters in the same property after pursing deed-in-lieu of foreclosure.”

Bloomberg - “Banks `Throw in Towel’ to Add Most Mortgage Bonds in 18 Months” (8-3-10)

“The biggest banks are adding government-backed mortgage bonds at the fastest pace in 18 months, breaking with an unusual pattern in which they shunned the debt as their loan portfolios shrank during the economic slump, according to Barclays Plc. Large U.S. commercial banks added $51.4 billion of so- called agency mortgage-backed securities in the two weeks ended July 21, according to the latest data released by the Federal Reserve.”

Orange County Register“Does unemployment pay mean no loan?” (8-3-10)

“No, you will not not qualify because you filed for unemployment insurance last year, or the year before. We are getting fairly used to seeing income streams in which our clients may have been unemployed for part of the previous two years. While we cannot use the unemployment income (**asterisk alert** : keep reading for when we can use this income) your receiving it does not disqualify you from qualifying. We will need to show a two year history of employment so if you were unemployed for three months we will need to show employment going back at least 27 months.”

Realty Times - “Staging a Photo Ready Home” (8-3-10)

“Your home’s first impression may not be one that is face to face with a prospective buyer. In today’s world, 84 percent (National Association of Realtors) of home buyers start their search online. That’s an impressive figure, and one that means your home needs to make a strong virtual impression.”

Realty Times“California Law To Require Carbon Monoxide Detectors” (8-3-10)

“On May 7, 2010, California Governor Arnold Schwarzenegger signed into law Senate Bill 183 (Lowenthal), a bill that will require the placement of carbon monoxide detectors in all California dwelling units. The bill also requires that the presence or absence of these devices must be disclosed when residential real estate is transferred.”

Looking Back:

One year ago, construction spending increased by 0.3 percent within one month. The chief economist of the CAR predicted the housing market had not bottomed. Fannie Mae issuance of mortgage-backed securities jumped 44% in June 2009.

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

The Norris Group Real Estate News Roundup 6/29/10

Tuesday, June 29th, 2010

Today’s News Synopsis:

Standard & Poor claims U.S. home prices rose 0.8 percent in April. According to the MBA, independent mortgage bankers and subsidiaries made an average profit of $1,135 on each loan they originated in 2009.  Congress is still debating over legislation that would eliminate the HVCC in 90 days if passed. The House voted 409-5 to extend the closing deadline for the tax credit to Sept. 30.

In The News:

Los Angeles Times“Home prices rise in 20 major cities as buyers rush to obtain tax credit” (6-29-10)

“Prices rose 3.8% in April compared with April 2009 and were up 0.8% from March, when the data aren’t adjusted for seasonal fluctuations, according to the Standard & Poor’s/Case-Shiller index of 20 metropolitan areas. California cities continued to appreciate, according to the nonseasonally adjusted index, with Los Angeles and San Diego up 0.7% in April and San Francisco up 2.2%.”

Mortgage Bankers AssociationProduction Profits Rebounded in 2009, According to MBA Study of Independent Mortgage Bankers and Subsidiaries” (6-29-10)

Independent mortgage bankers and subsidiaries made an average profit of $1,135 on each loan they originated in 2009, compared to $305 per loan in 2008, according to the Mortgage Bankers Association (MBA)’s Annual 2009 Mortgage Bankers Production Survey released today.”

Housing WireSenator Yanks Financial Reform Support Due to Last Minute Bank Tax Change” (6-29-10)

“Senator Brown sent a letter to sponsors Sen Christopher Dodd (D-CT) and Rep Barney Frank (D-MA) citing the addition of a $19bn bank tax included in the House, but not the Senate versions, as the reason for pulling support. The bill reconciled late last week.”

Housing Wire“Amendment to Eliminate HVCC Still Alive in Financial Reform Bill” (6-29-10)

“An amendment to the Wall Street Reform Bill that would eliminate the Home Valuation Code of Conduct (HVCC) survived congressional debates last week, according to one representative’s office. A congressional conference last week took place to reconcile both versions of the House and Senate financial reform bills. As it stands now, the HVCC would be eliminated 90 days after the bill is signed.”

Bloomberg - “Volcker Rule May Give Goldman, Citigroup Until 2022 to Comply” (6-29-10)

“Goldman Sachs Group Inc. and Citigroup Inc. are among U.S. banks that may have as long as a dozen years to cut stakes in in-house hedge funds and private- equity units under a regulatory revamp agreed to last week. Rules curbing banks’ investments in their own funds would take effect 15 months to two years after a law is passed, according to the bill. Banks would have two years to comply, with the potential for three one-year extensions after that.”

Bloomberg - “U.S. House Extends Closing Deadline for Homebuyer Tax Credit” (6-29-10)

“The U.S. House of Representatives voted to give homebuyers who qualified for a federal tax credit more time to settle on their pending purchases. The House voted 409-5 to extend the deadline for closing home purchases to Sept. 30. The program initially required borrowers who signed contracts before April 30 to complete paperwork by July 1 to get a tax credit of as much as $8,000.”

Orange County Register“O.C. brokers raking in more cash” (6-29-10)

“Dollars earned by brokers from Orange County home sales jumped 27.3% in May over broker revenues generated the same month a year ago. It was the first May in five years in which broker revenues increased from year-earlier levels, according to new data from the Southern California Multiple Listing Service.”

Orange County Register“1 in 4 transactions a short sale” (6-29-10)

“Of the 2,778 homes sold through the MLS, 672 or 24.2% of them were so-called ‘short sales.’ By comparison, homes seized by lenders through foreclosure accounted for 13% of all May sales, or one out of every eight. Altogether, ‘distressed sales’ accounted for almost 40% of all homes sold through the MLS in May.”

Looking Back:

One year ago, the House of Representatives passed legislation that required new homes to be built 30 percent more energy efficient than mandated in the 2006 International Energy Conservation Code. The federal regulator for Fannie Mae and Freddie Mac claimed that home prices were bottoming.

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.