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The Norris Group Real Estate News Roundup 10/24/11

Monday, October 24th, 2011

Today’s News Synopsis:

A big story in the news is changes are being made to the refinancing program to help more homeowners who are underwater.  Campbell/Inside Mortgage Finance reported the time it takes to approve a mortgage could now take up to 60 days as opposed to 30 originally.  Realty Times reported an increase in builder confidence this month.  In select states, foreclosed homes currently owned by HUD can be purchased at only a $100 down payment.

In The News:

MSNBC.com - “US announcs help for underwater homeowners” (10-24-11)

“A leading housing regulator on Monday announced changes to a government refinancing program that could help up to one million homeowners of the estimated 11 million whose homes are worth less than their mortgage.”

Housing Wire – “Clogged application process extends mortgage approval timelines” (10-24-11)

“The time it takes to approve a mortgage in the United States grew from an average of 30 days to between 45 and 60 days over the past month, according to the latest survey from Campbell/Inside Mortgage Finance.”

Bloomberg - “CMBS Underwriting Standards ‘Worrisome’ as Sales Surged, Moody’s” (10-24-11)

“Lenders loosened terms on commercial mortgages originated to be packaged into bonds during the third quarter as sales of the securities surged, according to Moody’s Investors Service.”

Realty Times - “Real Estate Outlook: Builder Confidence Rises” (10-24-11)

“Builder confidence is up for the month of October thanks to renewed buyer interest in select markets. This is the largest one-month gain since April 2010 when renewed confidence from the home buyer tax credit was in full swing.”

DS News - “HUD Offers REO Homes for $100 Down in Select States” (10-24-11)

“HUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers.  In select states, from now into October of next year, buyers need a down payment of only $100 to purchase a HUD-owned REO home.”

San Francisco Chronicle - “Fed Wants to Ensure U.S. Housing Affordability, Dudley Says” (10-24-11)

“Federal Reserve Bank of New York President William C. Dudley said the central  bank wants to keep mortgage interest rates from rising too much and may do more  to hold down borrowing costs.”

O.C. Register – “Homebuying rises in 40 ZIPs!  Yours?” (10-24-11)

“For the 22 business days ending October 6 — DataQuick’s freshest stats — the Orange County real estate market had homebuying patterns showing: 24 of O.C.’s 83 ZIP codes with gains in their respective median selling price. Overall, buyers’ prices were -3.8% vs. a year ago.”

Housing Wire - “Stephens analyst expects LPS to top 3Q earnings estimates” (10-24-11)

“Lender Processing Services (LPS: 16.55 +7.47%) should easily beat third-quarter earnings forecasts after benefiting from improved foreclosure and mortgage metrics, according to one analyst at Stephens Inc.”

Los Angeles Times - “California housing agency forcing foreclosures” (10-24-11)

“A state agency that provides low-interest mortgages is foreclosing on a small number of clients even though they are making their monthly payments, a state Senate watchdog group reported.  The California Housing Finance Agency is foreclosing on homes because their financially strapped owners temporarily rent them out and move into cheaper rental properties, the Senate Office of Oversight and Outcomes said Monday.”

Inman - “Home Affordable Refinancing Program revamped to boost refis” (10-24-11)

“In an attempt to boost participation in the Obama administration’s  mortgage refinance program, Fannie Mae and Freddie Mac will release  lenders who sign off on a refinanced loan from some legal liabilities  associated with the original loan.”

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

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The Norris Group Real Estate News Roundup 10/6/11

Thursday, October 6th, 2011

Today’s News Synopsis:

According to the Orange County Register, home prices in California dropped 6.2% year-over-year in August from last year.  However, for the whole United States home prices dropped .4% month-over-month from July to August, the first drop in prices CoreLogic has reported in four months.  Rates on a 30-year mortgage dipped below 4%, according to Bloomberg.

In The News:

Housing Wire - “3Q house prices up but Clear Capital predicts 2012 dip” (10-6-11)

“Home prices rose nationally 3.5% in the third quarter over the previous quarter, according to the latest home data index from Clear Capital.”

Bloomberg - “30-Year Mortgage Rates in U.S. Fall Below 4%” (10-6-11)

“Mortgage rates in the U.S. fell, sending longer-term borrowing costs below 4 percent for the first time on record, as stricter credit standards and the slowing economy hold back a housing rebound.”

O.C. Register - “Calif. home prices off 6.2%, 7th worst drop” (10-6-11)

“California home prices fell 6.2 percent in the year ending in August, 7th biggest drop among the states, according to new data from CoreLogic.”

NAHB - “Number of Improving Housing Markets Nearly Doubles in October” (10-6-11)

“The second edition of the National Association of Home Builders/ First American Improving Markets Index (IMI), released today, shows 23 individual housing markets now qualifying as “improving” under the new gauge’s parameters. This is nearly double the 12 housing markets that made the list last month.”

DS News - “Congress Scrutinizes Federal Housing Programs” (10-6-11)

“Several Federal housing programs came under attack during a hearing Thursday morning titled “The Obama Administration’s Response to the Housing Crisis’.”

Realty Times - “Remodeling Double-dip Offers Opportunity for Homeowners” (10-6-11)

“Remodeling is suffering a double dip in sales, not unlike the double dip in home prices, but just as it’s a good time to buy an affordable home, it’s a good time to budget for and negotiate a home improvement deal.”

Housing Wire – “Homeownership rate at lowest level in 70 years” (10-6-11)

“The U.S. homeownership rate in 2010 fell to the lowest level in 70 years, dropping to 65.1%, down from 66.2% in 2000, according to data from the Census Bureau.”

DS News – “CoreLogic Records First Drop in Home Prices in Four Months” (10-6-11)

“Home prices in the U.S. slipped 0.4 percent between July and August, CoreLogic reported Thursday. It marks the first time in four months the company’s index has recorded a decline.”

Looking Back:

One year ago, the National League of Cities expected city property-tax revenues to decrease 1.8% in 2010. The IMF believed a double-dip in real estate was possible. A new program from HUD allowed delinquent borrowers, who were unemployed or suffering from a severe medical condition, to receive up to $50,000 at a 0% interest rate. The monthly ADP National Employment Report showed the private sector lost 39,000 jobs in September 2010.

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

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The Norris Group Real Estate News Roundup 9/20/11

Tuesday, September 20th, 2011

Today’s News Synopsis:

Bloomberg reported that the number of homes being built is at a three-month low, lower than what was predicted in August.  However, NAHB reported permits for new homes increased for both single-family and multifamily housing units.  Median prices for homes in California are at their highest for 2011.  The Senate held a hearing to discuss possible solutions for dealing with foreclosures.

In The News:

DS News - “Senate Holds Hearing on Foreclosure Glut” (9-20-11)

“At a Senate hearing titled, “New Ideas to Address the Glut of Foreclosed Properties,” witnesses discussed several possible options for dealing with foreclosed properties and spurring recovery in the housing market.”

Housing Wire - “10 million more mortgages set to default” (9-20-11)

“Roughly 10.4 million mortgages, or one in five outstanding home loans in the U.S., will likely default if Congress refuses to implement new policy changes to prevent and sell more foreclosures, according to analyst Laurie Goodman from
Amherst Securities Group.”

Bloomberg - “U.S. Housing Starts Fall to Three-Month Low” (9-20-11)

“Builders began work on fewer U.S. homes than forecast in August, showing the industry remains flat on its back even as mortgage rates fall to record lows.”

O.C. Register - “Realtors forecast ‘tepid’ housing market in 2012″ (9-20-11)

“The California Association of Realtors forecast a “tepid economic recovery” in 2012, predicting that both home prices and sales will go up slightly without any great improvement in the market.”

NAHB - “NAHB: NAHB Offers New Course on Universal Design/Build” (9-20-11)

“The National Association of Home Builders (NAHB) is premiering a new course on Universal Design/Build at the Remodeling Show in Chicago. With its focus on integrating universal design principles into all types of residential construction projects, the two-day training brings cutting-edge design solutions to building and design professionals.”

Housing Wire - “MBA supports large-scale REO disposition” (9-20-11)

“Large-scale disposition of real estate-owned properties is needed to stabilize housing, according to the Mortgage Bankers Association.”

DS News - “California’s Median Home Price Hits 2011 High” (9-20-11)

“The state of California is soaking in the last rays of the calendar summer and cashing in on the last days of the traditional homebuying season, with sales soaring in August and the median home price touching on its highest reading of the year.”

NAHB - “NAHB: Balanced Approach Needed to Dispose of REO Properties, NAHB Tells Congress” (9-20-11)

“The National Association of Home Builders (NAHB) today urged the Administration and Congress to take a balanced approach in disposing of the large inventory of real estate owned (REO) properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration to avoid further disruptions to pricing and markets and to limit further losses to the two government sponsored enterprises and the FHA.”

Rismedia - “Household Debt Drops for 12 Straight Quarter” (9-20-11)

“Household debt declined by a seasonally adjusted annual rate of 0.6%, dragged lower by a 2.4% decline in mortgage debt as consumers took out fewer mortgages, paid off or had debts forgiven, the Federal Reserve reported in its voluminous flow-of-funds report.  Consumer credit outside mortgages rose by 3.4%.”

NAHB - “NAHB: Housing Starts Decline, Permits Rise in August” (9-20-11)

“Nationwide housing starts declined 5.0 percent to a seasonally adjusted annual rate of 571,000 units in August, according to figures released by the U.S. Commerce Department today.”

Looking Back:

The NAHB’s monthly survey showed builder confidence remained at the previous month’s low level. Trepp claimed that commercial real estate loans were the cause of 5 of the 6 bank failures that occurred over the weekend of September 18 and 19, 2010. FHA insured mortgages accounted for 37% of all originations in 2009, according to the Federal Financial Institutions Examination Council. In a recent survey, nearly 50% of economists claimed that economic growth in 2011 would be below the Fed’s estimated 2.5% annual pace. GMAC denied the claim that it instituted a foreclosure moratorium in 23 states.

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

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The Norris Group Real Estate News Roundup 9/9/11

Friday, September 9th, 2011

Sources:

Americans Harbor Glum Outlook for Housing and the Economy
State sees first bump in property assessments in three years
Obama Pledges to Refinance Millions of Mortgages at Today’s Rates
CBO casts doubt over Fed refinancing plan
Financial Firms ‘Disappointed’ FHFA Chose Lawsuits Over Negotiations
AG Settlement Will Not Release Banks from Securitization Liability

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 events.  This week, the Flood Insurance Reform Act of 2011 was passed this week by the Senate Banking Committee in order to make flood insurance more affordable to people in high-risk living areas.  Mortgage rates are still at an all-time low, according to Realty Times.  JP Morgan stated that they expect to decrease another 6-7% before hitting their all time low as early as 2012.

In The News:

DS News - “Fed’s Field Contacts Report on Weak Spots in Housing” (9-9-11)

“The Federal Reserve has published a new rendition of its market-gauging Beige Book, which indicates economic activity across the country is expanding at only a ‘modest pace’.”

Housing Wire - “Senate Banking Committee passes flood insurance legislation” (9-9-11)

“The Mortgage Bankers Association applauded the Senate Banking committee for passing the Flood Insurance Reform Act of 2011 this week.”

Bloomberg - “Banks May Fight Banks as Mortgage Securities Investors Try for Class Suits” (9-9-11)

“Banks including JPMorgan Chase & Co. (JPM)and Bank of America Corp. (BAC) may pay more to resolve claims over their alleged roles in the collapse of a $2.3 trillion mortgage-backed securities market if sophisticated investors are allowed to sue as a group along with less savvy ones.”

NAHB - “Statement from NAHB Chairman Bob Nielsen on President Obama’s Address to the Nation” (9-9-11)

“Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev., today issued the following statement regarding President Obama’s address to the nation last night.”

Inman - “New index tracks metros with growth in real estate prices, permits and jobs” (9-9-11)

“After enduring what has seemed like an endless string of dismal numbers reports, the housing industry is about to get some good news. Tuesday, the National Association of Home Builders (NAHB) launched the NAHB/First American Improving Markets Index (IMI), dedicated entirely to tracking metropolitan areas that have consistently shown signs of improvement.”

Realty Times - “Mortgage Rates Attain New All-Time Record Lows Again” (9-9-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates, fixed and adjustable, hitting all-time record lows amid market and employment concerns and economic uncertainty.

Bloomberg - “Bernanke Says Tighter Budgets May Hurt Recovery as Fed Considers Stimulus” (9-9-11)

“Federal Reserve Chairman Ben S. Bernanke warned that quick deficit reduction may hurt the recovery and said the central bank this month will consider steps to bolster growth and spur hiring.”

Housing Wire - “JPMorgan expects further drop in home prices” (9-9-11)

“Home prices could dip another 6% to 7%, before hitting rock bottom in early 2012, according to analysts at JPMorgan Chase (JPM: 32.08 -4.27%).”

Looking Back:

Mortgage rates increased to 4.35 percent after weeks of record-breaking lows. Jobless claims fell 5.6% the previous week, according to the Labor Department. Callahan & Associates reported credit unions originated $31.4 billion in mortgages during the first 2 quarters of 2010. Statistics from Real Capital Analytics showed hotel purchases increased 136% during the first two quarters of 2010.

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

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The Norris Group Real Estate News Roundup 9/8/11

Thursday, September 8th, 2011

Today’s News Synopsis:

Fannie Mae and Freddie Mac are the largest providers for mortgage-backed securities, now issuing securities commercial properties.  Mortgage rates are now again at a new record low this week, according to Freddie Mac.  The Multifamily Production Index increased for the fourth quarter in a row, showing signs of improvement for the multifamily housing market.

In The News:

DS News - “Americans Harbor Glum Outlook for Housing and the Economy” (9-8-11)

“Americans continue to harbor a glum outlook for the housing industry and the economy at large.  According to Fannie Mae’s August National Housing Survey, August was the third month in a row that more respondents expect housing prices to decrease than increase in the next 12 months.”

Housing Wire - “Fannie and Freddie now dominate multifamily CMBS” (9-8-11)

“Fannie Mae and Freddie Mac provide a the largest portion of mortgage financing for residential properties in the United States.  And, according to a report from Standard & Poor’s, the government-sponsored enterprises now also dominate issuance of commercial mortgage-backed securities.”

Inman - “Mortgage rates break records again” (9-8-11)

“Mortgage giant Freddie Mac reports that mortgage rates set new record lows this week, as concerns over the European debt crisis and a weak U.S. employment report for August sent investors fleeing to the relative safety of Treasuries and mortgage-backed securities that fund most home loans.”

Bloomberg - “Bernanke: Fed Will Weigh Stimulus at Next Meeting” (9-8-11)

“Federal Reserve Chairman Ben S. Bernanke said policy makers will discuss the tools they could use to boost the recovery at their next meeting this month and stand ready to use them if necessary.”

Los Angeles Times - “Los Angeles area foreclosure rates decline in June” (9-8-11)

“Foreclosure rates in the Los Angeles area were down for the month of June when compared with their levels a year ago, a data firm said Thursday.  For outstanding mortgage loans in the Los Angeles area, about 2.64% were in foreclosure compared with 2.93% the year prior, according to Santa Ana-based research firm CoreLogic.”

NAHB - “Multifamily Housing Production Index Shows Ongoing Market Improvement” (9-8-11)

“The multifamily housing market continued to show improvement in the second quarter of 2011, as the Multifamily Production Index (MPI) compiled by the National Association of Home Builders (NAHB) increased for the fourth consecutive quarter.”

O.C. Register - “Foreclosure investment broker charged with fraud” (9-8-11)

“A former Seal Beach real estate broker has been booked on 34 counts of scamming elderly investors out of almost $300,000, making false claims that he bought bank-owned homes with backers’ cash, authorities alleged recently.”

Housing Wire – “CBO casts doubt over Fed refinancing plan” (9-8-11)

“A federally induced mortgage-refinancing plan would cost private bond investors $13 billion to $15 billion, while doing little to improve the overall mortgage default rate, the Congressional Budget Office said in a new report.”

DS News - “LPS Offers Alternative Valuation System” (9-8-11)

“Lender Processing Services (LPS) has released a new product that combines the objective precision of AVMs with the detailed review of BPOs.  Because AVMs do not often take property condition into account, many default servicers rely on BPOs. However, BPOs allow for a greater amount of subjectivity and can result in inconsistencies.”

CNN Money - “Unemployment filings show weak jobs picture” (9-8-11)

“More Americans filed for their first week of unemployment benefits last week, reflecting continued weakness in the job market.  The number of first-time filers for unemployment benefits rose to 414,000 in the week ended Sept. 3, the Labor Department said Thursday. The number was up 2,000 from a revised 412,000 the week before.”

Looking Back:

The California Housing Finance Agency offered 4 percent mortgages to low and moderate income homebuyers. The MBA’s weekly survey showed mortgage application volume decreased 1.5% the week of September 8, 2010. According to CoreLogic, 39.6% of the subprime loans were 60 days delinquent.

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

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The Norris Group Real Estate News Roundup 8/17/11

Wednesday, August 17th, 2011

Today’s News Synopsis:

Top story in the news is the sales of California homes dropped 11% last month from 38,975 in June to 34,695.  In other news, Housing Wire reported that a case against MERS that sparked much controversy is going to the Supreme Court.  Consumers fears of the market and unstable economy have led to a decrease in mortgage rates.

In The News:

Housing Wire – “California home sales decline 11% in July” (8-17-11)

“California home sales fell 11% in July with 34,695 homes sold last month compared to 38,975 in June, real estate data firm DataQuick said Wednesday.“

Inman - “MLSs, Realtor associations pitch in $7.5M for patent license” (8-17-11)

“Multiple listing services and Realtor associations now have blanket protection from legal claims by a company that holds several patents on location-based Internet search techniques, after the National Association of Realtors raised $7.5 million in licensing fees by Tuesday’s deadline.”

Bloomberg - “Fortress Joins LBO Firms Seeking Real Estate Funds as Fees Under Pressure” (8-17-11)

“Fortress Investment Group LLC (FIG), Colony Capital LLC and Starwood Capital Group LLC are among a record number of private-equity firms raising real estate funds, according to people familiar with the process, driving down fees in a business reeling from earlier losses.”

Realty Times - “Mortgage Rates Sink Lower With Unsteady Markets” (8-17-11)

“Another active week occurred with mortgage rates sinking lower as uneasiness continues to create unsteady markets. Concerns over economic stress around the globe has markets reacting unpredictably each day of the week and have resulted in sliding mortgage ratesrket.”

DS News - “HUD Offers Discounted REOs to Storm Victims” (8-17-11)

“HUD has announced it will sell almost 90 REO properties to public housing authorities in central Alabama and Joplin, Missouri — areas suffering the impact of this spring’s tornadoes.”

NAHB - “NAHB Applauds EPA Decision on ELGs” (8-17-11)

“The Environmental Protection Agency’s decision today to reconsider the imposition of a nationwide cap on how much sediment can be part of the stormwater draining from a construction site is a nod to the importance of sound science – and a big victory for home buyers, according to the National Association of Home Builders (NAHB).”

Housing Wire - “Case against MERS reaches Supreme Court” (8-17-11)

“A controversial case challenging the ability of Mortgage Electronic Registration Systems to foreclose on a California man was filed with the Supreme Court Monday, making it the first major MERS case to reach the nation’s highest court.”

Mortgage Bankers Association - “Refinance Applications Increase in Latest MBA Weekly Survey” (8-17-11)

“Mortgage applications increased 4.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 12, 2011.”

CNN Money - “Fed dissenters speak out” (8-17-11)

“Three Federal Reserve officials are starting to speak out about why they disagree with Chairman Ben Bernanke on the central bank’s latest policy move.  The Federal Reserve decided last Tuesday to leave interest rates exceptionally low until at least 2013 — a dramatic move considering the Fed doesn’t typically give hints, let alone outright time frames, for monetary policy that far in advance.”

Realtor Magazine – “Borrowers Opt for Shorter Loan Terms” (8-17-11)

“Record-reaching low interest rates have prompted more home owners to shorten the terms of their mortgages. Thirty-four percent of refinancers changed their loan to a 20- or 15-year mortgage during the first quarter — the highest level in seven years, Freddie Mac reports.”

Looking Back:

Statistics from MDA DataQuick showed 18,946 new and resale homes were sold in Southern California in July 2010. Frank Nothaft of Freddie Mac announced that refinancing activity had accounted for over 80% of conventional loan activity. National housing starts increased by 7.1 percent in July 2010, according to the NAHB. The MBA expressed concerns that recent policy changes restricting seller concessions went too far and would damage the industry.

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 8/11/11

Thursday, August 11th, 2011

Today’s News Synopsis:

A top story in the news is mortgage rates for 30-year mortgages are at the lowest they have been in 9 months.  Housing Wire reported that foreclosures are also at a new low, the lowest they have been in almost 4 years.  The California Association of Realtors released data showing that more people, 51%, have been able to afford single-family homes in California with the decrease in prices. 

In The News:

Housing Wire - “Foreclosure activity falls to 44-month low“ (8-11-11)

“Foreclosure activity fell 35% in July compared to last year, hitting a 44-month low, according to foreclosure data firm RealtyTrac.  The number of foreclosure filings – which includes default notices, auctions and bank repossessions – hit 212,764 in July, down 4% from June.”

DS News - “Integrated Asset Services Shows 2% Price Increase in Second Quarter” (8-11-11)

“Housing prices increased 2 percent over the second quarter of 2011, according to the IAS360 House Price Index compiled by Integrated Asset Servicers, LLC (IAS).  In contrast to the previous quarter, prices rose in all four of the U.S. Census regions.”

Realty Times - “J.D. Power: Satisfaction Comparable Among Real Estate Companies” (8-11-11)

“Both home buyers and home sellers rated RE/MAX highest in J.D. Power’s customer satisfaction report, but not by much, thanks to stiff buyers’ market competition.  Small margins separate the top real estate companies from the many runners up in both the home buyer satisfaction and home seller satisfaction segments of J.D. Power s “2011 Home Buyer/Seller Study”.”

NAHB - “55+ Builders More Optimistic About Multifamily Rentals than New Home Sales” (8-11-11)

“Builders in the 55+ housing market are significantly more optimistic about production and demand for multifamily rental units than they are for sales of single-family homes or multifamily condos, according to the latest 55+ Housing Market Indices that are compiled quarterly by the National Association of Home Builders (NAHB).”

Housing Wire – “Jobless claims hover around 400,000 for third week” (8-11-11)

“Initial jobless last week remained essentially flat with the prior week, hovering around 400,000 for the third week in a row.  The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Aug. 6 decreased by 7,000 to 395,000 from a slightly revised 402,000 the previous week.”

Bloomberg - “30-Year Mortgage Rates Fall to 9-Month Low” (8-11-11)

“Mortgage rates for 30-year loans in the U.S. declined to a nine-month low as concern grew that the nation’s economy is slowing.  The average rate for a 30-year fixed loan dropped to 4.32 percent in the week ended today from 4.39 percent, according to Freddie Mac. The average 15-year fixed-loan rate fell to 3.5 percent, the lowest on record, from 3.54 percent, the McLean, Virginia-based mortgage-finance company said in a statement.”

Los Angeles Times - “Housing affordability up in California with home price decline” (8-11-11)

“Housing affordability increased in California in the second quarter as prices dropped from the same period a year earlier, a real estate group said Thursday.  Fifty-one percent of California households could afford a single-family home priced at the median, according to the California Assn. of Realtors.”

Rismedia - “Second Quarter Metro Area Prices Mixed with Little Change, State Sales Down” (8-11-11)

“Median existing-home prices declined modestly in the second quarter with 27 percent of metropolitan areas experiencing price gains from a year ago, while state home sales declined from the second quarter of 2010, according to the latest quarterly report by the National Association of REALTORS.”

DS News - “BofA Sells Pool of Servicing Rights to Fannie Mae” (8-11-11)

“Bank of America has sold the servicing rights of 400,000 home loans to Fannie Mae, according to the Wall Street Journal.  According to the Journal, the unpaid principal balance on the loans is $73 billion.   The loans were sold at a price of $500 million.”

San Francisco Chronicle - “S.F. apartment rent rises as vacancy rates fall” (8-11-11)

“Apartment hunting in San Francisco has turned into a competitive sport with hopeful renters swarming open houses and experiencing more rejections than contestants on ‘Survivor’.”

Looking Back:

The MBA’s weekly survey showed mortgage application volume increased by 0.6 percent. The Obama Administration provided the Treasury Department and HUD with $3 billion for aiding homeowners. The NAR reported that most U.S. metro areas experienced a decrease in home prices during the second quarter, and distressed homes accounted for 32 percent of second quarter sales in 2010.

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

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The Norris Group Real Estate News Roundup 8/9/11

Tuesday, August 9th, 2011

Today’s News Synopsis:

Bloomberg reported that Goldman Sachs will possibly be facing a lawsuit from three big organizations, Fannie Mae, Freddie Mac, and AIG, regarding securities related to mortgages.  The recent Housing Scorecard for July showed a slight improvement in home prices but continued negativity for foreclosures and distressed homes.  Obama received a request from Realogy Corp. to hold a White House Summit on housing.   

In The News:

Housing Wire - “Rise in REO value cuts Freddie Mac holding expenses by 90%” (8-9-11)

“Freddie Mac reported $27 million in expenses for maintaining and reselling houses repossessed through foreclosure in the second quarter, a mere fraction of the $257 million the previous period.”

DS News - “The Future of Mortgage Interest Deduction Remains Unstable” (8-9-11)

“After much hype about the possibility of an elimination of the mortgage interest deduction (MID) as part of the debt ceiling agreement, the August 2 agreement included no such provision.  However, the new law does call for major deficit reductions – $2.4 trillion total – to go into place over the next several years.”

Bloomberg - “Goldman Sachs Says AIG, Fannie, Freddie Threatened to Sue Over Mortgages” (8-9-11)

“Goldman Sachs Group Inc. (GS) said American International Group Inc. (AIG), Fannie Mae and Freddie Mac are among companies that have threatened to take legal action
against the firm over mortgage-related securities.”

Rismedia - “July Housing Scorecard Shows Home Improvement” (8-9-11)

“U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury recently released the July edition of the Obama Administration’s Housing Scorecard—a comprehensive report on the nation’s housing market.  The latest housing data offer continued mixed signals as home prices improved slightly but showed continued strain from foreclosures and distressed homes.”

Inman - “Realogy calls for White House housing summit” (8-9-11)

“Realogy Corp. has sent a formal request to President Obama calling for a ‘White House Summit on Housing’.”

Los Angeles Times - “Feds sue Goldman Sachs over credit union losses” (8-9-11)

“Federal regulators have filed the fourth in a series of about 10 planned lawsuits against banks that sold questionable mortgage-related securities to big credit unions that subsequently failed.”

Housing Wire – “CitiMortgage rebuilds executive team for global push” (8-9-11)

“CitiMortgage, the home loan origination and servicing division of Citigroup (C: 31.82 +13.85%), restructured its lineup of executives and is planning how to spread its Global Mortgage Community
to various regions beyond the U.S.”

CNN Money - “Housing recovery slips out of sight” (8-9-11)

“Any glimmer of hope that the housing market will stage a recovery in the upcoming months has vanished, thanks to the recent spate of bad economic news that has been making headlines over the past several weeks.”

NAHB - “NAHB Announced Call for Entries for the 2012 National Sales & Marketing Awards” (8-9-11)

“New home sales and marketing professionals are encouraged to submit entries for the 2012 National Sales and Marketing Awards, sponsored by the National Association of Home Builders (NAHB)
National Sales and Marketing Council.”

Rismedia - “Second Quarter Commercial/Multifamily Mortgage Lending Up 107 Percent” (8-9-11)

“Second quarter 2011 commercial and multifamily mortgage loan originations were 107 percent higher than during the same period last year and 52 percent higher than the revised figures for the first quarter of 2011, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

Looking Back:

The percentage of American single-family homes with mortgages in negative equity decreased by 1.8% from the first to second quarter of 2010.  Freddie Mac requested $1.8 billion in federal aid after a $6 billion loss in the second quarter of 2010. Freddie Mac’s single-family inventory rose by 84.2% and its multifamily inventory doubled from 2009. PIMCO feared the U.S. would be entering a period of deflation, and JPMorgan Chase expressed concerns that our financial system may crash in 2015.

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 8/1/11

Monday, August 1st, 2011

Today’s News Synopsis:

DS News reported home ownership rates are at the lowest they have been in 13 years.  NAHB Chairman Bob Nielsen released his statement today regarding an agreement on the debt ceiling.  Housing Wire reported the Senate Banking Committee will be meeting tomorrow to discuss changes to mortgage servicing standards. 

In The News:

Housing Wire – “Senate steps toward new mortgage servicing standard”  (8-1-11)

“The Senate Banking Committee will hold a hearing Tuesday to develop a new national mortgage servicing standard.  In January, federal regulators announced a new initiative to develop a set of servicing standards following weaknesses in the process that arose last year.”

NAHB - “Statement from NAHB Chairman Bob Nielsen on Debt Ceiling Agreement” (8-1-11)

“‘The National Association of Home Builders appreciates the hard work by the White House and Republican and Democratic congressional leaders to craft a bipartisan compromise to resolve the debt ceiling crisis. We urge Congress to move quickly to pass this agreement. It will help to put our nation’s fiscal house in order and provide greater certainty to the business community so they can start hiring again and get our economy on firmer footing.’“

DS News - “Survey Finds REOs and Short Sales Are Major Causes of Legal Disputes” (8-1-11)

“Short-sale disputes were designated as the most significant legal issue facing real estate professionals, according to the recent National Association of Realtors’ 2011 Legal Scan: Legal Issues Facing Real-Estate Professionals. REO-related issues also ranked high on NAR’s Scan.”

Inman - “Tight supply drives up real estate prices in Toronto area” (8-1-11)

“Greater Toronto area home prices accelerated during the second quarter as buyers grappled with a tight supply of residential properties for sale. The heightened competition between buyers has created a seller’s market, leading to multiple offers and pushing the median sales price up 10 percent, to $405,000 (about $424,000 in U.S. dollars), in June.”

Realty Times - “Real Estate Outlook: Mixed Bag” (8-1-11)

“This week’s housing news is again mixed amid reports of declining housing starts and positive monthly home price movement.”

Housing Wire - “Fannie Mae unwind slows down” (8-1-11)

“Mortgage securitization business at Fannie Mae got a little smaller in June, according to the monthly survey from the government-sponsored enterprise, but the rate at which Fannie Mae business contracts is slowing down.”

DS News - “Homeownership Rate Drops to 13-Year Low” (8-1-11)

“The nation’s housing crisis has forced unprecedented numbers of homeowners out of their homes, made for a difficult homebuying environment, and tainted many Americans’ ideal of owning a home. These factors are taking their toll on homeownership in this country.”

Realtor Magazine – “Neighbors, Agents Team Up to Boost Home Values” (8-1-11)

“In the metro Atlanta area, home values have dropped by about one-third in five years. To prevent values from dropping any further, home owners are teaming up to hold neighborhood clean-ups and working with real estate professionals to promote open houses.”

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 7/19/11

Tuesday, July 19th, 2011

Today’s News Synopsis:

In a big storym, the construction of new homes increased 14.6% in the month of June.  Unfortunately, mortgages are down to a new low in four years with a 19% decrease in the second quarter.  A new law, SB 458, was signed into law on Friday and will bring changes to short sales. 

In The News:

Los Angeles Times - “California foreclosure starts fall to lowest level in four years” (7-19-11)

“The number of Californians entering foreclosure dropped steeply in the second quarter to hit its lowest level since 2007, a sign the foreclosure crisis in the Golden State could be easing amid a more stable housing market and increased scrutiny from regulators.”

Realty Times - “Top Remodeling Projects” (7-19-11)

“Remodeling Magazine’s latest Cost Versus Value Report 2010-2011 has been released and it revealed that the recent declines in housing are having substantial effects on the remodeling market.”

DS News - “California Law Offers Deficiency Protections to Short Sellers” (7-19-11)

“A new California law bars junior lien holders from pursuing borrowers to collect outstanding loan balances after a short sale has been completed.”

NAHB - “Housing Production Regains Some Strength in June” (7-19-11)

“Nationwide housing starts rose 14.6 percent to a seasonally adjusted annual rate of 629,000 units in June, according to figures released by the U.S. Commerce Department today. This was the best pace of housing production since the beginning of the year, and was attributable to significant gains registered in both the single-family and multifamily segments as well as every region of the country.”

Bloomberg - “California Mortgage Defaults Decline 19% to Lowest Level in Four Years” (7-19-11)

“Home-mortgage defaults in California fell 19 percent in the second quarter from a year earlier to the lowest in four years as lenders changed foreclosure policies and price declines slowed, according to DataQuick.”

RisMedia - “RE/MAX Reports Inventories are Sinking” (7-19-11)

“Inventories in 53 markets surveyed last month by RE/MAX are down nearly fifteen percent from a year ago, when the tax credit boom was winding down, another indication that housing markets have recovered from the tax credit-induced sales boom and the bust that followed it.”

Housing Wire - “More firms bet on incoming wave of REO” (7-19-11)

“The past few weeks of acquisitions and deals among REO asset managers shows more bets are being made that a long-awaited supply of these properties may finally be hitting the market.”

Bloomberg - “Office Prices in California’s Subprime Center Leapfrog Real Estate Rebound” (7-19-11)

“Investors are bidding up prices for top-tier office buildings in Orange County, California, even as vacancies stand at almost 20 percent after the collapse of the
subprime-mortgage industry that once made the region its home.”

Housing Wire - “Moody’s: CMBS delinquency rate falls to 9.02% for June” (7-19-11)

“The rate of delinquent loans in commercial mortgage-backed securities declined in June but remains higher than 9%, as it has for all of 2011, according to Moody’s Investors Service.”

DS News - “Bank of America to Scale Back Servicing Portfolio” (7-19-11)

“Bank of America says it is looking to downsize its mortgage servicing portfolio.”

Looking Back:

The NAHB reported that builder confidence in the singe-family home market decreased to the lowest point in a year. Builders began work on 580,000 houses the previous month, according to the Commerce Department. A survey from REMAX showed that existing home sales increased in June 2010 by 5.6% in comparison to the same month in 2009. The Bay Area lost more than 10,000 jobs in June of 2010.

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

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