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By Bruce Norris .

The Norris Group Real Estate News Roundup 5/9/13

Thursday, May 9th, 2013


Today’s News Synopsis:

Foreclosure activity was down last month to its lowest in 74 months, despite foreclosures increasing in several judicial states.  Mortgage rates increased to 3.42% and 2.61%, marking their first increase in six weeks.  At the same time, delinquency rates for mortgages also increased to 7.25%.  The National Association of Realtors reported home prices increased to their highest in 7 years.

In The News:

Mortgage Bankers Association - “Mortgage Delinquency Rates Increase, But Foreclosure Inventory Rate Down Sharply” (5-9-13)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 7.25 percent of all loans outstanding at the end of the first quarter of 2013, an increase of 16 basis points from the previous quarter, but down 15 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.”

DS News – “Foreclosure Filings Drop to 74-Month Low, Judicial State Auctions Rise” (5-9-13)

“Foreclosure activity in April fell to a 74-month low across the country, but many judicial states are experiencing rising foreclosures. Furthermore, judicial foreclosure auctions reached a 30-month high, according to RealtyTrac’s April U.S. Foreclosure Market Report.”

Bloomberg - “Mortgage Rates in U.S. Rise for First Time in Six Weeks” (5-9-13)

“Mortgage rates in the U.S. rose for the first time in six weeks after borrowing costs near all-time lows spurred demand for home loans.”

Inman - “Home prices post highest gain in more than 7 years” (5-9-13)

“The median existing single-family home price posted its highest annual gain in more than seven years in the first quarter of 2013, as market conditions for home sellers continued to improve and home sales increased, the National Association of Realtors (NAR) reported today.”

NAHB - “Builder Confidence in the 55+ Housing Market Shows Strong Growth in First Quarter” (5-9-13)

“In the first quarter of 2013, the National Association of Home Builders’ (NAHB) 55+ single-family Housing Market Index (HMI) increased 19 points on a year over year basis  to 46, which is the highest first-quarter number recorded since the inception of the index in 2008 and sixth consecutive quarter of year over year improvements.”

Housing Wire - “Fannie Mae profit soars, posts largest pre-tax quarterly income to-date” (5-9-13)

“Mortgage finance giant Fannie Mae reported first-quarter pre-tax net income of $8.1 billion on Thursday morning, compared to $7.6 billion from the previous quarter, as a result of strong credit results driven by an improving housing market and the enterprise’s resolution agreement with Bank of America.”

DS News – “Fed: 96K Foreclosure Review Checks to Be Sent to Underpaid Borrowers” (5-9-13)

“About 96,000 borrowers who received a check under the foreclosure review settlement should expect a second payment since their checks were for a lesser amount than what they should have received, the Federal Reserve announced in a statement.”

Realty Times – “Housing Recovery A Return To ‘Good Times’” (5-9-13)

“The housing recovery comes with an economic boost, more jobs and higher incomes, but it can also help create a higher level of “good times” in the neighborhood.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $88,000 on a 3 bedroom, 2 bathroom home appraised for $137,000.

 

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:

The Mortgage Bankers Association reported a 1.7% increase in mortgage applications from the previous week.  Single-family home prices increased in almost half of the cities in the U.S. with the median price increasing in 74 of 146 metropolitan areas.  The Florida Supreme Court was set to make a decision regarding fraud in foreclosure proceedings.  Fannie Mae reported they made enough profit in the first quarter and would not have to be bailed out by the Treasury or taxpayers.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 5/6/13

Monday, May 6th, 2013


Today’s News Synopsis:

According to the NAHB, the number of improving markets decreased this month to 258 compared to 273 in May.  Prices for commercial properties increased in April to their highest level, exceeding a peak reached back in 2007.  New York Attorney General Eric Schneiderman attends to sue both Bank of America and Wells Fargo for violation of the National Mortgage Settlement.

In The News:

Bloomberg - “Diminished Housing Wealth Effect Keeps Pressure on Fed” (5-5-13)

“The wealth effect from rising house prices may not be as effective as it once was in spurring the U.S. economy.  Rather than using their properties as ATM machines to boost spending, homeowners increasingly are paying down the principal and shortening the maturities of their mortgages in a move Florida banker Rob Nunziata calls ‘forced savings’.”

Realty Times – “Homeowners’, Renters’ Regrets Reveal Many Aren’t Prepared For New Home” (5-5-13)

“Three out of four Americans say it’s a good time to buy and more than two in five American renters say they are sorry they didn’t do so.”

NAHB – “Improving Markets List Includes 258 Metros in May” (5-5-13)

“The number of U.S. housing markets showing sustained improvement in three key measures fell slightly to 258 in May from 273 in April, according to the NAHB/First American Improving Markets Index (IMI), released today.”

Housing Wire - “New York AG to sue Wells Fargo and Bank of America” (5-5-13)

“New York Attorney General Eric Schneiderman announced Monday his intentions to sue Bank of America and Wells Fargo for allegedly violating terms of the National Mortgage Settlement.”

DS News - “FHFA Directs GSEs to Limit Purchases to QM Loans” (5-5-13)

“The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to limit future loan purchases to those that meet the Consumer Financial Protection Bureau’s (CFPB) criteria for “qualified mortgage”

loans.”

Bloomberg - “U.S. Commercial-Property Prices Rise Above Their ’07 Peak” (5-5-13)

“Prices for U.S. commercial property last month rose above a peak reached in 2007 as low interest rates and financing availability helped increase values, according to research firm Green Street Advisors Inc.”

Housing Wire - “LPS: Homeowner Bill of Rights slows California foreclosure sales” (5-5-13)

“The California Homeowner Bill of Rights is slowing the movement of distressed properties in the West Coast state, Lender Processing Services said in a report.”

DS News - “LPS: Rate of New Problem Loans Approaching Pre-Crisis Levels” (5-5-13)

“The rate of new loans that rolled into serious delinquency fell below 1 percent for the first time since 2007, Lender Processing Services (LPS) reported Monday.”

Hard Money Loan Closed

Fallbrook, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 3 bedroom, 1 bathroom home appraised for $225,000.

 

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.

 

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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

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.

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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.

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

Thursday, April 4th, 2013


Today’s News Synopsis:

Mortgage rates decreased this past week with 30-year rates at 3.54% and 15-year rates at 2.74%.  The NAHB reported the number of improving housing markets remained the same this month after having shown improvement for seven months straight.  More consumers are having a positive outlook on the economy with the housing recovery.

In The News:

Inman - “Mortgage rates dip from last week” (4-4-13)

“Mortgages rates slipped this week, even as the S&P 500 Index and the Dow Jones Industrial hovered around record highs.”

NAHB - “Number of Improving Housing Markets Holding Steady in April” (4-4-13)

“Following seven consecutive months of gains, the list of improving U.S. housing markets remained virtually unchanged in April, with 273 metros on the National Association of Home Builders/First American Improving Markets Index (IMI), released today.”

Bloomberg - “Investors Widen U.S. Rental Search as Home Costs Rise” (4-4-13)

“Landlords seeking the highest returns for single-family homes should hit the road as rental rates weaken in Atlanta, Phoenix and Las Vegas, where institutional investors have flooded the market.”

Housing Wire - “Residential mortgage debt may lead to tipping point in GSE takeover” (4-4-13)

“While it’s no surprise that Fannie Mae and Freddie Mac guaranteed the majority of new residential mortgage originated throughout the nation, the government-sponsored enterprises also guaranteed about half of the outstanding residential mortgage debt, the Congressional Budget Office said in its latest post.”

Realty Times – “Housing Recovery Prompts More Real Estate Agent Optimism” (4-4-13)

“If we’ve said it once, we’ll say it again: there’s nothing like boots-on-the-ground to get in-the-trenches information about the real estate market.”

Housing Wire - “Mortgage insurers respond to CFPB enforcement action” (4-4-13)

“The Consumer Financial Protection Bureau reached a deal with four major mortgage insurers, requiring the firms to pay a total of $15 million in penalties for allegedly paying kickbacks to lenders in exchange for business.”

Inman - “Report reveals best practices for real estate marketing worldwide” (4-4-13)

“Consulting firm AIM Group has released its annual real estate report that assesses real estate marketing practices around the world.”

DS News - “Fitch: High Rate of Unsuccessful Mods Threatens Asset Quality” (4-4-13)

“Servicers continue to make strides in home retention efforts, completing more than 360,000 retention actions in the fourth quarter of 2012, according to a report from Office of the Comptroller of the Currency (OCC).”

Hard Money Loan Closed

Hesperia, 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 How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

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

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

Looking Back:

209,000 jobs were added to the private sector this month, although the number of jobs was still not as much as February.  Home prices increased month-over-month in February, although this did not include distressed sales.  Mortgage applications increased 4.8% from last week, although mortgage rates continue to remain 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.

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The Norris Group Real Estate News Roundup 4/1/13

Monday, April 1st, 2013


Today’s News Synopsis:

Spending on construction increased in February by over 1%, showcasing the largest number of homes built in four years.  FHA insured loans increased 16% month-over-month with the increase in both refinancing and home purchases.  The NAHB reported more people are able to afford to buy houses now with the decrease in operating costs.

In The News:

Housing Wire - “Bank of America responds to CFPB mortgage complaint database” (4-1-13)

“Mortgage-related complaints involving Bank of America flooded the Consumer Financial Protection Bureau’s recently released public database of consumer financial complaints.”

NAHB - “Lower Operating Costs Mean New-Home Buyers Can Afford More House” (4-1-13)

“During New Homes Month in April, the National Association of Home Builders (NAHB) is showing home buyers why they can afford a higher-priced home—if it’s new construction. Using data from the Census Bureau and Department of Housing and Urban Development’s 2011 American Housing Survey, NAHB found that buyers can purchase a more expensive newer home and achieve the same annual operating costs as an older, existing home.”

DS News – “Foreclosed Properties Damage Quality of Life for Neighbors” (4-1-13)

“Since the foreclosure crisis, several studies have linked foreclosures to falling property values for neighboring homes.”

Bloomberg – “Construction Spending in U.S. Rises on Gain in Home Building” (4-1-13)

“Construction spending in the U.S. rose in February, paced by the highest level of home building in more than four years.”

Inman - “More millennials see homeownership as a good investment” (4-1-13)

“Most millennials that make more than $50,000 a year are more interested in buying homes than they were a year ago, a recent survey by homebuilder PulteGroup, Inc. found.”

Housing Wire - “FHA single-family purchases, refinances escalate” (4-1-13)

“Applications for loans insured by the Federal Housing Administration swelled 16% month-over-month due to increases in both home purchase and refinance filings, according to the agency’s latest outlook.”

Inman - “National Association of Realtors to release national MLS” (4-1-13)

“A national multiple listing service run by the National Association of Realtors should be ready by late summer, the large trade association announced today.”

Bloomberg- “Fannie Mae Profits Complicate U.S. Housing-Finance Overhaul” (4-1-13)

“The prospect of steady profits at U.S.-owned mortgage financiers Fannie Mae (FNMA) and Freddie Mac is complicating legislative efforts to shrink the federal role in securitizing home loans.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $135,000 on a 3 bedroom, 2 bathroom home appraised for $212,000.

 

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

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

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

 

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 3/18/13

Monday, March 18th, 2013


Today’s News Synopsis:

Attorney generals are demanding FHA acting director Ed DeMarco to be replaced.  Builder confidence decreased by two points to 44 according to NAHB.  Zillow predicts a 22% increase in home values by the end of 2017.

In The News:

Housing Wire- “Attorneys general call for DeMarco’s replacement” (3-18-13)

“Prominent state attorneys general are calling on Capitol Hill to remove Ed DeMarco, the acting director of the Federal Housing Finance Agency, urging for a new permanent director.”

DS News – “More than One-Third of Homes Sold Within 2 Weeks: Redfin” (3-18-13)

“More than one-third of homes were taken off the market in two weeks or less last month, Redfin revealed in its most recent monthly housing report.”

NAHB – “Builder Confidence Slips Two Notches in March” (3-18-13)

“Builder confidence in the market for newly built, single-family homes paused for a third consecutive month in March, with a two-point reduction to 44 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

Realty Times - “Fiscal Cliff Legislation Saves Tax Credits For Energy-Efficient Upgrades” (3-18-13)

“You need a scorecard to keep up with Washington’s budgetary moves these days.  When legislators kept the nation from toppling off a fiscal cliff, they left a host of key housing and mortgage related benefits intact.”

DS News - “Industry Experts Predict Price Growth into 2017″ (3-18-13)

“If projections hold out, home values will rise 22 percent cumulatively by the end of 2017, according to Zillow’s first-quarter Home Price Expectations Survey.”

Housing Wire - “Supreme Court refuses to hear Goldman Sachs RMBS case” (3-18-13)

“The U.S. Supreme Court punted on a chance to hear a case that could have a significant impact on the scope and size of residential mortgage-backed securities cases in the Second Circuit.”

DS News - “Report: Impact of Investors on REO Inventory Uneven Across Markets” (3-18-13)

“REO inventory declined at an accelerated pace in 2012 as investor activity intensified, but the impact of the reduction has been uneven across markets, according to an analysis from CoreLogic.”

Bloomberg- “Bullish Bets Jump Most Since July as Gold Rebounds: Commodities” (3-18-13)

“Investors increased wagers on a commodity rally by the most in eight months as signs of a U.S. economic recovery bolstered the outlook for demand and drove rallies in crude oil, cotton, copper and gold.”

Hard Money Loan Closed

Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $170,000 on a 2 bedroom, 1.5 bathroom home appraised for $304,000.

 

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

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

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

 

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 3/14/13

Thursday, March 14th, 2013


Today’s News Synopsis:

30-year mortgage rates are up again at a six-month high at 3.63% following a strong growth in employment.  The number of foreclosures filed last month decreased 25% year-over-year, although month-over-month they saw a slight 2% increase.  Unemployment claims decreased again by 10,000 to 332,000 according to the Labor Department.

In The News:

Housing Wire- “February foreclosure filings plummet 25%” (3-14-13)

“Foreclosure filings plummeted 25% from year earlier levels in February even as filings edged up 2% from the previous month, RealtyTrac said Thursday.”

Bloomberg – “U.S. 30-Year Mortgage Rates Rise to a Six-Month High” (3-14-13)

“U.S. mortgage rates for 30-year loans rose to a six-month high after stronger-than-expected employment growth drove up yields for the government securities that guide home loans.”

DS News – “First-Time and Continuing Jobless Claims Fall Again” (3-14-13)

“First-time claims for unemployment insurance fell 10,000 to 332,000 for the week ending March 9, the Labor Department reported Thursday.”

Realty Times - “Real Estate Agent Confidence Up On 2013 Housing Market” (3-14-13)

“There’s nothing like boots on the ground to get down to earth information about the real estate market – especially during a housing recovery.”

NAHB - “Regulatory Burdens on Small Business Hurt Housing, Economy, Builders Tell Congress” (3-14-13)

“Federal agencies are circumventing the intent and the letter of a law to make the regulatory process more cost effective and less burdensome for small businesses, the National Association of Home Builders (NAHB) told Congress today.”

CNN Money - “IRS has $917 million in unclaimed 2009 tax refunds” (3-14-13)

“Taxpayers who haven’t filed 2009 tax returns are missing out on federal tax refunds totaling $917 million, the IRS announced Thursday.”

DS News - “HOPE NOW: 7.3M Foreclosure Prevention Actions Completed Since 2009″ (3-14-13)

“In January, servicers completed about 78,400 modifications, bringing the total since 2007 to 6.15 million, according to data from HOPE NOW, an alliance of mortgage servicers, investors, mortgage insurers and nonprofit counselors.”

Inman - “Flat-fee vs. commission debate set for public forum” (3-14-13)

“Like many fee-for-service brokers, Daniel Desmond isn’t afraid to say what he thinks about the traditional, commission-based compensation model for brokers: that it’s baloney.”

Hard Money Loan Closed

Winchester, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $140,000 on a 3 bedroom, 2 bathroom home appraised for $217,000.

 

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

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

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

Looking Back:

In February 2012, 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 the previous week.  Stress tests administered by the Fed to 19 banks showed 15 of them would continue to survive even in weak economic conditions.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 2/6/13

Wednesday, February 6th, 2013


Today’s News Synopsis:

According to NAHB’s latest Improving Market Index, the number of improving markets increased to 259, marking the sixth month in a row to show an increase.  The Mortgage Bankers Association reported mortgage applications increased 3.4% from last week.  Standard & Poor’s is facing a lawsuit from the Federal Government for not disclosing the credit risks behind some of their mortgage-backed securities.

In The News:

Inman – “S&P accused of misrepresenting risks of bundled mortgages” (2-5-13)

“The federal government has filed a lawsuit against a prominent credit ratings agency, alleging the agency issued inflated ratings that misrepresented the true credit risks of mortgage-backed securities in the boom years leading up to the financial crisis and subsequently cost investors billions.”

Housing Wire- “Private mortgage market sidelined by housing agency dominance” (2-6-13)

“A lack of clarity about the future of federal housing agencies has kept private capital on the sidelines of the mortgage finance system, U.S. lawmakers warned Wednesday.”

Bloomberg – “Republicans Seek FHA Changes as Prelude to Housing Overhaul” (2-6-13)

“Republican lawmakers say they will seek changes at the financially troubled Federal Housing Administration as a first step toward a broader overhaul of the U.S. government role in housing finance.”

NAHB- “List of Improving Housing Markets Expands to 259 in February; All 50 States Represented” (2-6-13)

“The number of improving housing markets continued to expand for a sixth consecutive month to a total of 259 metropolitan areas on the National Association of Home Builders/First American Improving Markets Index (IMI) for February, released today.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (2-6-13)

“Mortgage applications increased 3.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 1, 2013.  Last week’s results included an adjustment for the Martin Luther King holiday.”

Housing Wire- “First RMBS putback decision clears path for litigants” (2-6-13)

“At first glance, a judge’s decision ordering Flagstar Bancorp to pay Assured Guaranty $90.1 million in damages and fees to cover representation and warranty issues stemming from insured residential mortgage-backed securities transactions seems somewhat minor.”

Realty Times - “Volatile Markets Cause Concern for Mortgage Rates” (2-6-13)

“This past week had rate watchers frequently monitoring pricing as volatile markets caused concern for mortgage rates.  Stocks took off while MBS prices were hurt by the multiple end of month economic reports that were released. Housing reports were also mixed, yet still showing a housing recovery.”

Housing Wire- “Mortgage bond investors told to prepare for sustained refinancings” (2-6-13)

“The Mortgage Bankers Association announced its refinance index grew 4% this past week. It’s an announcement that should come as no surprise to mortgage bond investors, as concerns mount on the possible three-year non-agency MBS rally reaching the beginning of the end.”

DS News- “Foreclosure Process Among Top Legislative Priorities for Florida Realtors” (2-6-13)

“Realtors in Florida are no stranger to the economic impact of foreclosures. So, it’s no surprise that the Florida Realtors addressed the state’s judicial foreclosure process in its list of five legislative priorities for 2013.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $320,000 on a 3 bedroom, 2 bathroom home appraised for $460,000.

 

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Looking Back:

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

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 2/4/13

Monday, February 4th, 2013


Today’s News Synopsis:

Today is a big news day for the multifamily market.  $33.8 billion was provided to the multifamily sector by Fannie Mae last year.  The Mortgage Bankers Association reported mortgage originations for the multifamily market increased 49% throughout last year, and they predict they will continue to grow 11% to $254 billion this year.

In The News:

Housing Wire – “MBA: Multifamily originations grew 49% in 4Q” (2-4-13)

“Multifamily mortgage originations grew 49% over last year during the fourth quarter as commercial originations overall soared above 2011 levels, the Mortgage Bankers Association said in a new report Monday.”

DS News- “Fannie Mae Provides $33.8B to Multifamily Sector in 2012″ (2-4-13)

“Fannie Mae maintained its position as the largest source for multifamily financing in 2012 after providing $33.8 billion to the sector.”

Mortgage Bankers Association - “MBA Forecasts $254 Billion of Commercial/Multifamily Mortgage Originations in 2013, Up 11% From 2012″ (2-4-13)

“In its second annual forecast of the commercial/multifamily real estate finance markets, the Mortgage Bankers Association (MBA) projects originations of commercial and multifamily mortgages will grow to $254 billion in 2013, an increase of 11 percent from 2012 volumes, and continue to rise to $289 billion in 2015.”

Bloomberg- “Housing Packs Punch for U.S. Growth in 2013 and Beyond” (2-4-13)

“The housing rebound is broadening to other parts of the U.S. economy and will likely lend impetus to growth through 2013 and beyond.”

Realty Time - “High Home Prices In Towns Producing Super Bowl Teams” (2-4-13)

“There’s a strong correlation between high home prices and towns that produce Super Bowl teams.  RealEstate.com says among the 10 National Football League (NFL) teams that have appeared in the Super Bowl most often, seven are from cities with high median home prices, compared to the national median home price.”

NAHB – “NAHB Competition Winners Design Home for Wounded War Veteran” (2-4-13)

“Four teams came together to take on one assignment: design a home that would best meet the needs of a wounded hero.The National Association of Home Builders (NAHB) Design Committee announced the winning team of its first-ever live design competition held during the International Builders’ Show (IBS) last month in Las Vegas. The competition focused on designing a home for Laura Sellinger, a U.S. Air Force veteran who sustained a traumatic brain injury while serving in Iraq.”

Bloomberg- “JPMorgan Joins Rental Rush For Wealthy Clients: Mortgages” (2-4-13)

“JPMorgan Chase & Co. (JPM) is giving its wealthiest clients the chance to invest in the single-family rental market after other investments linked to the U.S. housing recovery jumped in value.”

Housing Wire- “Nationstar to raise money to buy more MSRs” (2-4-13)

“Mortgage servicer Nationstar Mortgage Holdings ($36.86 0.16%) unofficially confirmed it has plans to continue growing its mortgage servicing portfolio when it announced Monday that the company and its Nationstar Capital Corp. subsidiary plan to sell $400 million in senior notes due in 2021.”

Hard Money Loan Closed

Riverside, 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 $120,000.

 

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 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.

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