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The Norris Group Real Estate News Roundup 2/28/11

Monday, February 28th, 2011

Today’s News Synopsis:

MDA DataQuick reports 30.9% of all houses and condos sold in California during January were bought without a mortgage. The NAR claims pending home sales fell 2.8% in January. Approximately 25% of homeowners who sought assistance from Obama’s mortgage assistance program successfully had their payments reduced. A survey from Fannie Mae shows 19% of delinquent borrowers are considering a strategic default.

In The News:

MDA DataQuick - “Record Portion of California Homes Bought With Cash” (2-28-11)

“Last month 30.9 percent of all new and resale houses and condos sold statewide were bought without a mortgage – the highest level in at least 23 years, according to San Diego-based DataQuick Information Systems, whose statistics go back to 1988. Last month’s cash figure was up from 28.9 percent of sales in December and 28.5 percent a year earlier.”

NAR - “Pending Home Sales Decline in January” (2-28-11)

“The Pending Home Sales Index,* a forward-looking indicator, declined 2.8 percent to 88.9 based on contracts signed in January from a downwardly revised 91.5 in December. The index is 1.5 percent below the 90.3 level in January 2010 when a tax credit stimulus was in place.”

The Wall Street Journal – “Only 1 in 4 Got Mortgage Relief” (2-28-11)

“Just one in four of the 2.7 million homeowners who sought to participate in the Obama administration’s signature mortgage assistance program have succeeded in getting their monthly payments reduced.”

Housing Wire – “Fannie Mae’s mortgage portfolio, delinquency rate decline in January” (2-28-11)

“Fannie Mae’s gross mortgage portfolio dropped at a compound annualized rate of 16.4% in January, according to the latest monthly report from the government-sponsored enterprise.”

Housing Wire – “Fewer distressed borrowers consider defaulting on mortgage debt” (2-28-11)

“Only 19% of delinquent borrowers polled by Fannie in January said they are ‘seriously considering’ a strategic default. That compares to 25% in January of 2010.”

Housing Wire – “Fitch Ratings: Lack of new CMBS leads to limited master servicers” (2-28-11)

“The number of loans in commercial mortgage-backed securities handled by master servicers and rated by Fitch Ratings rose by 5.2% in 2010, although the total amount of the loans fell by 1.2% to $1.51 trillion.”

Housing Wire – “Warren Buffett sees housing recovery to start within a year” (2-28-11)

“Warren Buffett anticipates a recovery in the housing market to begin within one year and the investment guru said in his biennial letter to investors that mortgages written by his subsidiaries performed better than most of the competition through the financial crisis.”

Realty Times – “Closing Costs Explained” (2-28-11)

“Loan Origination and Points: You may have agreed to pay ‘points’ in order to get a lower interest rate. Think of this as pre-paid interest. For each point purchased, the loan rate is typically reduced by 1/8%. An origination fee is what you must pay the lender to write and process your loan. This can be up to several thousand dollars.”

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 2/23/11

Wednesday, February 23rd, 2011

Today’s News Synopsis:

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

In The News:

NAR - “Existing-Home Sales Rise Again in January” (2-23-11)

“Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 2.7 percent to a seasonally adjusted annual rate of 5.36 million in January from a downwardly revised 5.22 million in December, and are 5.3 percent above the 5.09 million level in January 2010.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (2-23-11)

“mortgage loan application volume, increased 13.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 14.8 percent compared with the previous week. The Refinance Index increased 17.8 percent from the previous week. The seasonally adjusted Purchase Index increased 5.1 percent from one week earlier.”

Inman - “New CoreLogic market reports incorporate MLS data” (2-23-11)

“CoreLogic’s Listing and Market Activity Report — the first in a series of new products the company is developing to generate revenue from the data it receives from cooperating MLSs — provides key information including updated listings, comparable sales, property valuations, days on market, price trends and inventory.”

Housing Wire – “FHA REO inventory up 47% from one year ago” (2-23-11)

“The Federal Housing Administration held 60,739 properties repossessed through foreclosure on its books as of December 2010, up 47% from the year before.”

Housing Wire – “Freddie Mac finalizing major revamp of mortgage servicers” (2-23-11)

“Freddie Mac is in the final stages of changing how its 1,400 mortgage servicing companies handle its loans, and will implement a new scorecard measuring their performance. Furthermore, the government-sponsored enterprise is announcing that it will case review the way servicers treat delinquent borrowers, in order to ensure quality control.”

Housing Wire – “Bank failures hit 18-year high in 2010″ (2-23-11)

“The Federal Deposit Insurance Corp. held 884 financial institutions on its ‘Problem List’ as of the end of 2010, and the 157 insured banks that failed was the highest amount since 1992.”

Housing Wire – “MERS rights upheld in largest foreclosure state” (2-23-11)

“An appellate judge in California last week upheld the rights of the Mortgage Electronic Registration Systems to the deed of trust, giving MERS the right to foreclose, according to court documents.”

Housing Wire – “Fannie Mae to start grading mortgage servicers” (2-23-11)

“Fannie Mae will launch a new program for evaluating the performance of its mortgage servicers over the next 30 days. The Servicer Total Achievement and Rewards (STAR) program will gauge how servicers support the housing recovery and keep homeowners out of foreclosure.”

Housing Wire – “Fed economist pushes homebuyer tax credit alternative” (2-23-11)

“A Federal Reserve Bank of Cleveland research economist predicted Wednesday that the government would soon provide an alternative to the national homebuyer tax credit that expired in April.”

Bloomberg - “Existing Home Sales in U.S. Probably Fell in January From Seven-Month High” (2-22-11)

“Sales of U.S. previously owned homes probably dropped in January from a seven-month high, showing any recovery will take time to develop, economists said before a report today. Purchases decreased 1.1 percent from December to a 5.22 million annual rate, according to the median forecast of 73 economists surveyed by Bloomberg News.”

Looking Back:

The NAR predicts that the commercial real estate market will not recover until after 2011. In California, single family home sales decreased by 3 percent during January. The Standard & Poor’s index shows that national home prices increased slightly during December. 702 banks made the ‘Problem List’ for the FDIC in 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.

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The Norris Group Real Estate News Roundup 2/10/11

Thursday, February 10th, 2011

Today’s News Synopsis:

Existing home sales increased 15.4% in the 4th quarter of 2010, according to the NAR.  Housing affordability for first-time buyers increased to 69% during the final quarter of 2010, said the CAR. RealtyTrac reports foreclosure filings fell 17% year over year. Kevin Warch resigned from the Federal Reserve Board of Governors.

In The News:

NAR - “Home Price Stabilization Seen in Most Metro Areas during Fourth Quarter, Sales Up” (2-10-11)

“Total state existing-home sales, including single-family and condo, jumped 15.4 percent to a seasonally adjusted annual rate1 of 4.80 million in the fourth quarter from 4.16 million in the third quarter, but were 19.5 percent below a surge to an unsustainable cyclical peak of 5.97 million in the fourth quarter of 2009, which was driven by the initial deadline for the first-time buyer tax credit.”

CAR - “Q4 First-time Buyer Housing Affordability” (2-10-11)

“The percentage of first-time buyers who could afford to purchase an entry-level home in California rose to 69 percent in the fourth quarter of 2010, matching the record-high set in the first quarter of 2009, according to C.A.R.’s First-time Buyer Housing Affordability Index (FTB-HAI). In the third quarter of 2010, the Index was 66 percent, and was 64 percent in the fourth quarter of 2009, C.A.R. reported.”

Los Angeles Times – “Obama to outline options for future of Fannie Mae and Freddie Mac” (2-10-11)

“The Obama administration plans to give Congress three blueprints for reducing or eliminating the government’s role in guaranteeing mortgages and providing funding for home loans.”

Housing Wire – “Report: FHA should lower loan limits” (2-10-11)

“The Federal Housing Administration substantially raised its risk when it agreed to insure loans valued as high as $729,000 during the financial crisis, says a new report from the George Washington University Center for Real Estate and Urban Analysis.”

Housing Wire – “CalHFA implements $2 billion ‘Keep Your Home California’ initiative” (2-10-11)

“California residents who are unemployed or owe more on their mortgages than what their homes are worth now have four new state programs that will help them stay in their house and current on their mortgage.”

Housing Wire – “Kevin Warsh resigns from Federal Reserve Board of Governors” (2-10-11)

“Kevin Warsh, one of the Federal Reserve Board of Governors that steered the nation through the recession, resigned Thursday after five years of service.”

Bloomberg - “U.S. Foreclosure Filings Decline for Fourth Consecutive Month” (2-10-11)

“Foreclosure filings in the U.S. fell 17 percent in January from a year earlier, the fourth straight month of declines, as legal scrutiny of lender practices slowed actions against delinquent homeowners, RealtyTrac Inc. said.”

Looking Back:

One year ago, the MBA reported that mortgage application volume decreased by 1.2 percent within a week. According to the NAHB, there were approximately 234,000 homes for sale at the end of 2009. Statistics from Zillow showed that the national median price was $186,200 in Q409 of 2009. The total number of FHA-insured single-family mortgages in default reached 531,671 in Q409 of 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.

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The Norris Group Real Estate News Roundup 2/9/11

Wednesday, February 9th, 2011

Today’s News Synopsis:

The MBA reports mortgage applications decreased 5.5% last week. Zillow claims national home prices dropped 2.6% during the 4th quarter of 2010. Bernanke and Geithner said the economy is still having trouble, but have strong hope for stable growth.

In The News:

Market Watch – “10 reasons to be bullish on housing” (2-9-11)

“housing follows jobs. Consumer confidence is close to reaching last spring’s high point, the most optimistic the U.S. has felt since 2008. And while hiring hasn’t restarted in earnest, firing has slowed to a drip.”

Mortgage Bankers Association – “Mortgage Applications Decrease as Rates Jump in Latest MBA Weekly Survey” (2-9-11)

“The Market Composite Index, a measure of mortgage loan application volume, decreased 5.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3.9 percent compared with the previous week.”

NAR - “GSE Structures Must Protect Taxpayers and Ensure Mortgage Availability, Says NAR” (2-9-11)

“The House Financial Services Subcommittee will convene today for the first hearing in a series to debate the future of the government-sponsored enterprises, Fannie Mae and Freddie Mac. NAR’s recommended plan is to restructure the entities as government-chartered, non-shareholder owned authorities that protect taxpayers and ensure continued access to affordable mortgages for consumers who are willing and able to assume the responsibilities of the American Dream of home ownership.”

CNN - “30% of mortgages are underwater” (2-9-11)

“Home prices dropped 2.6% nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey from Zillow.com.”

Housing Wire – “Bernanke: Lagging real estate drags down investments” (2-9-11)

“During his testimony, the Chairman said while unemployment remains high, evidence of a ‘self-sustaining recovery’ driven by consumer and business spending has surfaced in economic data. He added that real consumer spending grew at an annual rate of 4% in the fourth quarter.”

Housing Wire – “Academics challenge Fed to create real jobs this time around” (2-9-11)

“According to the Labor Department’s Bureau of Labor Statistics, unemployment fell to 9% in January, though many critics point out that number does not include the amount of workers who have had pay scaled back or even those who have given up looking.”

Housing Wire – “Geithner: Weak housing, unemployment stifle economic recovery” (2-9-11)

“U.S. Treasury Secretary Timothy Geithner says the nation’s economic recovery is still plagued by high unemployment and a weak housing market, but he’s confident policy makers will address the nation’s current needs by raising the debt ceiling.”

Looking Back:

One year ago, Altera Real Estate foresaw significant improvement in the Orange County real estate market. National home prices returned to 2004 levels. Forecasters from iEmergent expected approximately $580 billion in mortgage refinancing during 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 1/31/11

Monday, January 31st, 2011

Today’s News Synopsis:

Rismedia reported that new home sales increased 17.5% in December of last year.  However, the Obama Administration reported that sales were still lower than levels at the beginning of the year.  According to Bloomberg, the rate of unoccupied homes increased to 2.7%, making the number of people who own homes the lowest it’s been in 10 years.  Standard and Poor announced that home prices are still declining and most likely will continue, according to the Realty Times.

In The News:

Housing Wire - “White House finds home sales, foreclosure activity depressed in December” (1-31-11)

“Both the expiration of the homebuyer tax credit in the spring and the robo-signing scandal in the third quarter left their marks on the market in December,
according to the Obama administration’s most recent housing scorecard.”

Realtor Mag – “Fannie-Backed Loans to Get Costlier” (1-31-11)

“Borrowers with Fannie Mae-backed loans will face higher borrowing costs and interest rates, even if they have a perfect credit score, starting on April 1.”

Bloomberg - “Home-Vacancy Rates Rise as Ownership at 10 Year Low” (1-31-11)

“The U.S. home-vacancy rate, measuring the share of properties empty and for sale, rose to 2.7 percent in the fourth quarter as more residences stood unoccupied after being seized by banks.”

Realty Times - “Real Estate Outlook: Home Prices Decline” (1-31-11)

“The latest S&P/Case-Shiller Home Price index reveals that home prices, unfortunately, are still down and weakening.  According to Standard & Poor’s, “The 10-City Composite was down 0.4% and the 20-City Composite fell 1.6% from their November 2009 levels.”

Orange County Register - “O.C. 6th worst for construction-job losses” (1-31-11)

“Orange County construction bosses cut 5,000 jobs in the year ended in December — sixth largest regional cut in the nation, according to a study of employment trends in building industries by Associated General Contractors of America.”

Housing Wire – “CMBS market opens up on improving economic data, renewed investor demand” (1-31-11)

“Gradually improving economic data and investor’s increasing appetite for risk should boost demand for new issuance within commercial mortgage-backed securities, according to JPMorgan Securities.”

Inman - “FICOs and FHA: 2 big lenders loosen up” (1-31-11)

“Here’s some unexpected good news for anybody working to get buyers into houses, especially first-timers who don’t have much down payment cash on hand:
The door to an FHA-insured mortgage just opened a little wider.” 

Housing Wire - “Homeownership rate lowest since 1998″ (1-31-11)

“Almost 11% of all housing units are vacant all year round and the homeownership rate in America is at the lowest rate in 12 years, according to the latest data from the Census Bureau.”

The Wall Street Journal - “Home Prices Sink Further” (1-31-11)

“Home values are falling at an accelerating rate in many cities across the U.S.  The Wall Street Journal’s latest quarterly survey of housing-market conditions found that prices declined in all of the 28 major metropolitan areas tracked during the fourth quarter when compared to a year earlier.”

Rismedia - “New Home Sales Increase; Seasonality Should Drive Improvements into Spring” (1-31-11)

“New home sales increased 17.5% month-over-month in December 2010 to 329,000 units, after being flat month-over-month in November.”

Realtor Mag - “GOP Bill Attempts to End Foreclosure Program” (1-31-11)

“House Republicans called the Obama administration’s foreclosure prevention program “a colossal failure” and have introduced a bill to end it.”

Inman – “FHA extends ‘anti-flipping’ waiver” (1-31-11)

“Homebuyers relying on FHA-insured financing will still be able to buy homes that have changed hands in the last 90 days, thanks to a decision by the Federal Housing Administration to extend a temporary waiver of its “anti-flipping” rule through the end of the year.”

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

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The Norris Group Real Estate News Roundup 1/27/11

Thursday, January 27th, 2011

Today’s News Synopsis:

The NAR claims pending home sales increased 2% in December. Statistics from Freddie Mac show mortgage rates increased to 4.8% this week. According to the Labor Department, initial jobless claims climbed nearly 12.7% last week. The MLS reports sales of existing houses and condos totaled $15.5 billion in 2010.

In The News:

NAR - “Pending Home Sales Continue Uptrend” (1-27-11)

“The Pending Home Sales Index,* a forward-looking indicator, increased 2.0 percent to 93.7 based on contracts signed in December from a downwardly revised 91.9 in November. The index is 4.2 percent below the 97.8 mark in December 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.”

Los Angeles Times – “Mortgage rates inch higher, Freddie Mac says” (1-27-11)

“The latest report from mortgage finance giant Freddie Mac says lenders were offering 30-year fixed-rate home loans at an average 4.80% this week to borrowers with solid credit and 20% down payments or home equity. That compared with 4.74% last week.”

Housing Wire – “Jobless claims rose 12.7% last week, well above estimates” (1-27-11)

“The number of people filing initial jobless claims climbed nearly 12.7% last week to 454,000, well above most analysts’ estimates. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Jan. 22 rose by 51,000 from the previous week’s 403,000″

Housing Wire – “Wallison singles out US housing policy for causing financial crisis” (1-27-11)

“Peter Wallison, one of four dissenting members of the Federal Crisis Inquiry Commission, railed against the report on the cause of the financial crisis, and named the government’s housing policy as the culprit behind the meltdown.”

Housing Wire – “Commercial mortgage-backed securities to rebound in 2011″ (1-27-11)

“Moody’s Investors Service expects CMBS issuance will grow to $37 billion in 2011, with an estimated $13 billion in the first quarter alone. Four years ago, CMBS issuance reached $230 billion. The firm also said CMBS portfolios will be larger and more diversified than previous years.”

Orange County Register – “Housing a $15.5 billion industry in 2010″ (1-27-11)

“Sales of existing houses and condos totaled $15.5 billion in 2010, up for a second straight year, the Southern California Multiple Listing Service has reported.”

Today’s News Synopsis:

One year ago, MDA DataQuick reported that 84,568 Notices of Default were recorded in California during the 4th quarter of 2009. The MBA’s weekly survey showed that mortgage application volume decreased 10.9 percent from the previous week. The Commerce Department reported that new home sales decreased by 7.6 percent last month. The Federal Reserve claimed it would stick to its plan to end the $1.25 trillion program of mortgage-debt purchases in March.

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 1/20/11

Thursday, January 20th, 2011

Today’s News Synopsis:

Statistics from MDA DataQuick show 7,178 new and resale houses and condos were sold in the Bay Area last month, and a total of 36,215 were sold statewide. The NAR reports existing home sales increased 12.3% in December. Fannie Mae announced a 45 day delay on foreclosures for borrowers receiving aid from the Hardest Hit Fund.

In The News:

MDA DataQuick – “Bay Area Housing Ends Year With Many Looking but Not Buying” (1-20-11)

“A total of 7,178 new and resale houses and condos were sold in the nine-county Bay Area last month. That was up 17.5 percent from 6,111 in November and down 8.3 percent from 7,828 in December 2009, according to San Diego-based DataQuick Information Systems.”

MDA DataQuick – “California December Home Sales” (1-20-11)

“An estimated 36,215 new and resale houses and condos were sold statewide last month. That was up 15.3 percent from 31,403 in November, and down 13.4 percent from 41,837 for December 2009. California sales for the month of December have varied from a low of 25,585 in 2007 to a high of 66,503 in 2003, while the average is 44,338. DataQuick’s statistics go back to 1988.”

NAR - “December Existing-Home Sales Jump” (1-20-11)

“Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9 percent below the 5.44 million pace in December 2009.”

Yahoo - “Rate on 30-year fixed mortgage rises to 4.74 pct.” (1-20-11)

“The average rate rose to 4.74 percent this week from 4.71 percent the previous week, Freddie Mac said Thursday. The average rate on the 15-year loan, a popular refinance option, slipped to 4.05 percent from 4.08 percent.”

Housing Wire – “Fannie Mae delays foreclosures 45 days for Hardest Hit Fund programs” (1-20-11)

“Fannie Mae directed its mortgage servicers to delay scheduled foreclosure sales 45 days for borrowers that have been approved for assistance through the Hardest Hit Fund.”

Housing Wire – “Class-action federal securities fraud cases on the rise” (1-20-11)

“Federal securities fraud class-action cases rose in the second half of 2010, according to a report prepared by the Stanford Law School in cooperation with Cornerstone Research. The report shows 104 class-action cases alleging federal securities fraud were filed in the second half of the year, up from 72 filings in the first six months of the year.”

Housing Wire – “Jobless claims drop 8.4% to 404,000″ (1-20-11)

“After rising for a few weeks, initial jobless claims fell nearly 8.4% last week to 404,000, well below analysts’ estimates and the largest decline since February.”

Bloomberg - “Sales of U.S. Existing Homes Probably Rose as Demand Struggled to Rebound” (1-20-11)

“Purchases increased 4.1 percent from the prior month to a 4.87 million annual rate, according to the median forecast of 72 economists surveyed by Bloomberg News. Other reports may show a gauge of the economy’s direction grew for a sixth month, and manufacturing expanded in the Philadelphia region in January.”

Looking Back:

One year ago, the MBA’s Market Composite Index showed that loan application volume increased by 9.1 percent. HUD reported that housing starts declined 4% in December. Regional housing inflation rose 0.2% in Southern California.

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 Holiday News Roundup

Monday, January 3rd, 2011

In The News:

Housing Wire – “Principal Real Estate Investors optimistic for economic recovery in 2011″ (12-29-10)

“Principal Real Estate Investors expects the Republican gains in Congress, stabilizing commercial real estate values, stronger corporate earnings, higher personal savings rates and the dynamics related to quantitative easing by the Federal Reserve will fuel economic growth in 2011.”

Housing Wire – “Foreclosures jump 31% in third quarter: OCC” (12-29-10)

“Large banks and thrifts foreclosed on 382,000 homes in the third quarter, a 31.2% spike from the previous quarter, according to the Office of the Comptroller of the Currency. Foreclosures increased 3.7% from a year ago, and more are coming. There are 1.2 million homes in the foreclosure process as of the end of the third quarter, up 4.5% from the previous quarter and an increase of 10.1% from a year ago.”

Housing Wire – “Jobless claims fall by 34,000 to lowest point since July 2008″ (12-29-10)

“The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 25 fell by 34,000 from the previous week’s 422,000 that was revised upward by a few thousand.”

Housing Wire – “2010 average rate for 30-year mortgage lowest since 1955: Freddie Mac” (12-30-10)

“the average rate for a 30-year, fixed mortgage rose to 4.86% for the week ending Thursday, up from 4.81% a week earlier. A year ago, the average rate was 5.14%.”

Housing Wire – “OTS pins some higher REO volume on mortgage servicers” (12-30-10)

“The Office of Thrift Supervision updated its guidelines alerting examiners to the possibility that a higher level of repossessed homes could stem from poor servicer performance as much as lax underwriting standards.”

Housing Wire – “S&P revises shadow inventory timeline upward, again” (12-30-10)

“In the last three months, an estimated liquidation timeline covering the nation’s backlog of distressed real estate actually increased, according to Standard & Poor’s. The ratings agency now estimates it will take 44 months — up 10% percent from an estimate made just three months ago and 25% annualized — to clear the so-called shadow inventory of homes in distress or foreclosure, but not yet on the resale market.”

Housing Wire – “Senate removes extended tax exemptions for REIT investments” (12-28-10)

“Lawmakers removed larger exemptions for real estate investment trust stock purchases in a bill signed by President Obama Tuesday. The House of Representatives version of the Foreign Investment in Real Property Tax Act would have extended the tax exemption for REIT stock sold from 5% to 10% ownership interest.”

Housing Wire – “Freddie Mac delinquency rate up slightly in November, Fannie rate drops” (12-28-10)

“Freddie Mac said the rate of single-family home loans more than 90-days delinquent inched up to 3.85% last month from 3.82% in October. The government-sponsored enterprise said the multifamily delinquency rate for November fell to 0.39% from 0.44% a month earlier.”

Housing Wire - “LPS: Nearly 2.2 million mortgages are more than 90 days delinquent” (12-28-10)

“Nearly 2.2 million loans are 90 days or more delinquent but not yet in foreclosure, according to LPS, a Jacksonville, Fla.-based mortgage technology and analytics firm.”

Housing Wire - “Lenders initiate 500,000 short sales through Equator in one year” (12-28-10)

“Lenders initiated more than 500,000 short sales on Equator’s automated platform in one year of operation, the technology provider said Tuesday.”

Housing Wire – “Backlog on failed HAMP trials grows 22% since July” (12-28-10)

“The largest servicers participating in the Home Affordable Modification Program have not taken action on 266,136 delinquent mortgages that have either been canceled out of loan modification trials or never qualified for one as of October. This backlog has increased 22% since the 218,246 reported in July.”

Housing Wire – “Consumer advocates claim new Fed rule encourages reverse mortgage predators” (12-28-10)

“The Fed filed the rule with the Federal Register on Sept. 24. The rule was designed to actually give consumers more disclosures on reverse mortgage paperwork, using simple language to highlight the basic features and risks. But the organizations, which include the Center for Responsible Lending, and the National Consumer Law Center, among others, say that the rule goes beyond the Fed’s authority and undermines the still-forming Consumer Financial Protection Bureau.”

Housing Wire – “Housing price declines increase strategic default risk” (12-28-10)

“Home prices are expected to drop another 20% before hitting bottom, according to economists at A. Gary Shilling & Co., raising the risk that 40% of borrowers will walk away from their home in a strategic default.”

NAR - “Pending Home Sales Continue Recovery, Gradual Improvement Seen in 2011″ (12-28-10)

“The Pending Home Sales Index,* a forward-looking indicator, rose 3.5 percent to 92.2 based on contracts signed in November from a downwardly revised 89.1 in October. The index is 5.0 percent below a reading of 97.0 in November 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months”

Orange County Register – “O.C. home sales taking 58% longer” (12-28-10)

“It would take 4.64 months for buyers to gobble up all homes for sale at the current pace vs. 2.93 months a year ago — that’s a 58% increase in theoretical selling time in 2010. Homes listed for under a million bucks have a market time of 4.14 months vs. 2.37 months a year ago — that’s a 74% increase in selling time.”

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The Norris Group Real Estate News Roundup 12/15/10

Wednesday, December 15th, 2010

Today’s News Synopsis:

16,208 new and resale houses and condos sold in Southern California in November. The NAR claims 9 of the 10 most cost-effective home repair projects in terms of value recouped are exterior replacement projects. Keefe, Bruyette & Woods expects revenue from multifamily real estate investment trusts to grow at an annual rate of 4.6% in 2011. Investor confidence in U.S. commercial property is the highest since 2007, according to Bank of America.

In The News:

NAHB - “Builder Confidence Remains Flat in December” (12-15-10)

“Builder confidence in the market for newly built, single-family homes remained unchanged in December from the previous month at 16 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

MDA DataQuick – “Southland Home Sales Dip; Prices Change Little” (12-15-10)

“A total of 16,208 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 3.2 percent from 16,744 sales in October, and down 15.5 percent from 19,181 in November 2009, according to MDA DataQuick of San Diego.”

NAR - “Home Owners Recoup More with Exterior Replacement Projects, REALTORS® Report” (12-15-10)

“Nine of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects. The steel entry door replacement remained the project that returned the most money, with an estimated 102.1 percent of cost recouped upon resale; it is also the only project in this year’s report that is expected to return more than the cost. The midrange garage door replacement, a new addition to the report this year, is expected to recoup 83.9 percent of costs. Both projects are small investments that cost little more than $1,200 each, on average”

Housing Wire – “KBW: Sunny days ahead for multifamily REITs” (12-15-10)

“Revenue brought in by multifamily real estate investment trusts is expected to grow at an annualized rate of 4.6% in 2011, according to an outlook released by investment bank Keefe, Bruyette & Woods. That estimate is up from the firm’s previous estimate of 3.6% released in early December.”

Housing Wire – “New CRA rule gives banks credit for work in high-foreclosure areas” (12-15-10)

“The rule changes the definition of ‘community development’ in CRA regulations to include loans, investments and services in areas targeted by the Department of Housing and Urban Development’s Neighborhood Stabilization Program. According to the final rule, high levels of foreclosures are expected into 2012 and beyond, which will continue to effect low- and moderate-income areas.”

Bloomberg - “Real Estate Avoids `Catastrophe’ With Yields at ’07 Levels: Credit Markets” (12-15-10)

“Investor confidence in U.S. commercial property is the highest since the 2007 market peak, a sentiment reflected in bonds of real-estate companies that own everything from New York skyscrapers to California strip malls. Yields on debt issued by real-estate investment trusts average 210 basis points more than Treasuries, the least since Nov. 12, 2007, according to Bank of America Merrill Lynch index data.”

Looking Back:

One year ago, home sales decreased by 13.3 percent in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange County. The Federal Reserve planned to leave interest rates at the record low. Research from Trulia and RealtyTrac showed that 43% of U.S. adults would consider buying foreclosed property. A survey from JBREC showed that 57 percent of home builders expected to receive more revenue in 2010 than 2009.

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The Norris Group Real Estate News Roundup 12/02/10

Thursday, December 2nd, 2010

Today’s News Synopsis:

The NAR reports pending home sales increased 10.4% in October. According to RealtyTrac, foreclosure sales decreased 25% in the 3rd quarter. Statistics from the Labor Department show jobless claims rose 6.3% last week. Greg Lippmann of LibreMax Capital predicts national home prices will drop another 10%.

In The News:

NAR - “Strong Rebound in Pending Home Sales” (12-2-10)

“The Pending Home Sales Index,* a forward-looking indicator, rose 10.4 percent to 89.3 based on contracts signed in October from 80.9 in September. The index remains 20.5 percent below a surge to a cyclical peak of 112.4 in October 2009, which was the highest level since May 2006 when it hit 112.6.”

San Francisco Chronicle – “Mortgage rates rise to 4.46 pct. as economy lifts” (12-2-10)

“Freddie Mac said Thursday that the average rate for 30-year fixed loans rose to 4.46 percent from 4.40 percent last week. Three weeks ago, the rate hit 4.17 percent, the lowest level on records dating back to 1971.”

Los Angeles Times – “Sales of foreclosed and distressed properties fall 25% in third quarter” (12-2-10)

“Irvine-based RealtyTrac, a company that publishes listings of foreclosed properties online, said in a report Wednesday that sales of U.S. properties in some stage of foreclosure dropped 25% in the third quarter from the previous quarter and 31% from the third quarter of 2009.”

Housing Wire – “Jobless claims continue bouncing around with 6.3% rise last week” (12-2-10)

“Initial jobless claims rose 6.3% last week to 436,000 after coming in at the lowest level in two years the prior week. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Nov. 27 increased by 26,000 from the previous week’s figure of 410,000, which was revised slightly upward.”

Wall Street Journal – “Banks in Talks to End Bond Probe” (12-2-10)

“Banks churned out more than $1 trillion of CDOs. They often created them at the request of investors who made bets against the deals. Some banks made their own bearish bets. Such bets paid off when the mortgage market crashed, though financial firms also suffered steep losses from CDOs stuck on their books.”

Housing Wire – “Basel 3 rules approved, banks still have years to comply” (12-2-10)

“banks have years to comply with key elements in the rules. For instance, a bank must hold a minimum Tier 1 capital ratio of 4.5% by 2013 and 6% by 2015. A bank’s minimum capital conservation buffer – a fund the bank can draw on in times of economic stress – must reach 0.625% by 2016 and 2.5% by Jan. 1, 2019.”

Housing Wire – “Fed data shows 60% of TALF loans repaid” (12-1-10)

“Federal Reserve data released Wednesday show more than 60% of the $71 billion lent through the Troubled Asset-Backed Securities Loan Facility has been repaid.”

Bloomberg - “Home Prices to Drop 10%, LibreMax’s Lippmann Says” (12-2-10)

“U.S. home prices will drop an additional 10 percent, according to Greg Lippmann, a founder of hedge fund LibreMax Capital LLC and former Deutsche Bank AG trader who gained fame for his bets against subprime-mortgage securities.”

Looking Back:

One year ago, the MBA’s weekly survey showed that mortgage applications increased by 2.1 percent from the previous week. Trepp reported that overall delinquency rates for commercial mortgage-backed securities increased to 5.65 percent. According to ADP Employer Services, 169,000 jobs were cut in one month.

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 200 podcasts in our free investor radio archive.

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