California Real Estate Investing News

Posts Tagged ‘New York City’

New Repurchasing Rules Finalized By the GSEs

Tuesday, February 2nd, 2016

Today’s News Synopsis:

 

In a big news story, the GSEs have completed the final new rules for loan purchasing that will require a third party to review them.  CoreLogic reported home prices increased 6.3% year-over-year in December.  New York City is the popular place for foreign investors.

 

In The News:

DS New – “Freddie Mac Further Expands Credit Risk Sharing Initiatives” (2-1-16)

“Freddie Mac’s Structured Agency Credit Risk (STACR) series has already started 2016 with a bang, with the first transaction of the year announced last month totaling nearly $1 billion.”

Mortgage Professional America – “NCY remains top foreign investment hub” (2-2-16)

“New York City stood tall as the leading choice for foreign investors who wish to use their capital in acquiring residential and commercial properties, according to the results of the annual survey conducted by the Association of Foreign Investors in Real Estate (AFIRE) on its members.”

Housing Wire – “Fannie Mae, Freddie Mac finalize rep and warrants policies” (2-2-16)

“The Federal Housing Finance Administration announced Tuesday morning that Fannie Mae and Freddie Mac are changing their loan purchasing rules to establish an independent third-party review process for loans that trigger a repurchase request due to perceived violations of the government-sponsored enterprises’ representation and warranty framework.”

Mortgage Bankers Association – “MBA Applauds FHFA, Fannie Mae and Freddie Mac Announcement of Independent Dispute Resolution Program” (2-2-16)

“David H. Stevens, CMB, President & CEO of the Mortgage Bankers Association, released the following statement applauding FHFA, Fannie Mae and Freddie Mac on their work to finalize the independent dispute resolution program, which is the capstone of the revised representation and warranty framework.”

DS News“From Distressed to Success?  Lawmakers Demand More Info from HUD” (2-2-16)

“The critics of HUD’s distressed loan sale program are making more noise over the Department’s sales of these loans to private equity firms and investors instead of non-profits which they believe will do more to achieve the best outcomes for borrowers and stabilize the neighborhoods in which these properties are located”

Mortgage Professional America – “Mortgage loan investments gain traction” (2-2-16)

“Parkside Mortgage Trust, Inc. recently announced that it has commenced operations with the purchase of its first mortgage loan.”

Housing Wire – “CoreLogic: Home prices maintain pace, increase 6.3%” (2-2-16)

“Home prices nationwide, including distressed sales, posted similar results to last month, increasing year-over-year by 6.3% in December 2015 compared with December 2014, according to the most recent report from housing data and analytics provider, CoreLogic.”

DS News“Kentucky Amends Foreclosure Sale Rules” (2-2-16)

“In an effort to create a more uniform process in judicial foreclosure sales, the Kentucky Administrative Office of the Courts has amended the Rules of Administrative Procedure that govern the role and duties of the master commissioners of the circuit court.”

 

 

Hard Money Loan Closed

Los Angeles, California hard money loan closed. Real estate investor received loan for $390,000 on this single family property appraised for $603,000.

Los Angeles Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Orange County FIBI TONIGHT.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDIC FIBI on Thursday, February 4.

Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 with Bruce Norris in Riverside on Saturday, February 6.

Image copyright source: www.flickr.com/photos/jakerust

 

Looking Back:

Spending on construction did show a little increase at 0.4% month-over-month and 2.2% year-over-year, but overall remained relatively flat.  The Biggest obstacle to making an FHA loan was the preservation of property according to the latest from loan servicers.  New guidelines was established by HUD regarding the National Housing Trust Fund.

 

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.









New York City is World’s Most Expensive City to Live

Monday, September 21st, 2015

 

Today’s News Synopsis:

 

Borrowing by consumers increased by $19.1 billion, showing a gradual return to a healthy market for the U.S.  However, the National Association of Realtors reported existing-home sales decreased last month by 4.8% to 5.31 million.  New York City was just revealed to be the most expensive city in the world according to a recent study by UBS.

 

In The News:

Mortgage Professional America “US consumer borrowing jumps $19.1 billion” (9-21-15)

“U.S. consumer borrowing climbed to a fresh record in July, the latest evidence that the U.S. economy is on track to grow at a healthy pace in the second half of this year.”

Housing Wire – “The CFPB just made it easier to get a mortgage in rural, underserved areas” (9-21-15)

“The Consumer Financial Protection Bureau finalized several changes to its mortgage rules to expand access to credit to small creditors, particularly in rural and underserved areas.”

Mortgage Professional America “Rising home prices lifts US household wealth” (9-21-15)

“Rising home values drove a modest increase in Americans’ household wealth to a new high of $85.7 trillion in the April-June quarter.”

Bloomberg “U.S. Stocks Rise After Selloff Amid Optimism on Domestic Growth” (9-21-15)

“U.S. stocks advanced, following a two-day selloff, as investors took an optimistic view on domestic growth amid reassuring comments from Federal Reserve policy makers.”

Mortgage Professional America “Morning Briefing: New York world’s priciest city” (9-21-15)

“New York City is the most expensive city in the world according to a new study by a Swiss-based bank. UBS looked at how much it costs to live in various cities around the globe.”

NAHB – “NAHB Study Reveals What “Green” Means to Home Buyers” (9-21-15)

“What do consumers think of green homes? And, what are the most important elements of a green-built home? Builders and other industry professionals now have an opportunity to find out what green means to home buyers with a new publication from the National Association of Home Builders (NAHB).”

Housing Wire – “Existing home sales stall in August nationwide” (9-21-15)

“Existing home sales dropped in August despite slowing price growth and a positive turnaround in the share of sales to first–time buyers, according to the National Association of Realtors.”

Mortgage Professional America “More U.S. home buyers purchasing homes without an agent” (9-21-15)

“More and more U.S. home buyers are purchasing homes without the involvement of a real estate agent, according to a study by online brokerageRedfin.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Inland Southern California Economic Forecast Conference on Thursday, October 1.

Bruce Norris of The Norris Group will be presenting his talk How to Create a $100,000 Payday Per Deal in 2015 on Thursday, October 8.

Bruce Norris of The Norris Group will be presenting Cashing in on a Boom: Investing in Quadrant 4 on Saturday, October 10.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29

 

Copyright: Image from www.flickr.com/photos/aguichard

 

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

 

The Norris Group Real Estate News Roundup 11/13/12

Tuesday, November 13th, 2012

 

Today’s News Synopsis:

CoreLogic reported the increase in home prices may be the result of increased demand for rentals.  Commercial/Multifamily Mortgage Originations decreased in the third quarter according to a recent quarterly survey by the Mortgage Bankers Association.  California and Arizona are in the lead for states that saw a decrease in mortgage delinquency rates.

In The News:

Housing Wire“CoreLogic: Rising house prices linked to rental demand” (11-13-12)

“High levels of investor activity and rising home prices put the housing market in recovery mode this year, but the real estate market for first time homebuyers is far from fully recovered, CoreLogic ($24.26 0%) said in its November MarketPulse report.”

Mortgage Bankers Association“Third Quarter Commercial/Multifamily Mortgage Originations Down 7 Percent from Q3 2011” (11-13-12)

“Commercial and multifamily mortgage origination volumes during the third quarter of 2012 were seven percent lower than during the third quarter 2011, 17 percent lower than during the second quarter of 2012 and up 15 percent year-to-date from last year’s year-to-date levels, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

Los Angeles Times“Drop in U.S. mortgage delinquency rates led by California, Arizona” (11-13-12)

“Fueled by major improvements in California and Arizona, the percentage of  homeowners nationwide who were behind on their mortgage payments dropped significantly in the three-month period ending in September compared with a year earlier, TransUnion said Tuesday.”

Bloomberg“UBS Bankers Move to Ranieri Firm to Keep Deals: Mortgages” (11-13-12)

“UBS AG (UBSN), the investment bank that’s eliminating 10,000 jobs as it retreats from fixed-income, isn’t giving up on the $550 billion commercial-mortgage bond market.”

Realty Trac“Buying Foreclosure Bargains” (11-13-12)

“Looking to buy a foreclosure bargain?  With the collapse of the U.S. real estate “bubble” in 2006, property  prices have been on an uninterrupted decline for four years, pushing some 1.5  million borrowers to the brink of foreclosure.”

Inman“Should lockboxes be mandatory?” (11-13-12)

“The National Association of Realtors is considering whether multiple listing services and Realtor associations will be allowed to require that their members pay for some services that are now considered optional, such as lockboxes.”

Los Angeles Times“Housing market in Southern California makes October gains” (11-13-12)

“Southern California’s housing market accelerated in October as home sales spiked with more buyers looking to move into pricier homes.”

Bloomberg“NYC Real Estate Will Rebound After Sandy, Executives Say” (11-13-12)

“New York City’s commercial-property market will rebound from Hurricane Sandy as it has from previous disasters, according to local real estate executives.”

Housing Wire“Redwood bringing sixth jumbo RMBS in fourth quarter” (11-13-12)

“The sixth residential-mortgage backed securities deal of the year from Redwood Trust ($15.42 -0.08%) is expected to close in the fourth quarter.  Fitch Ratings pre-rated the transaction.”

DS News“Deutsche Bank, Goldman Sachs Lose Bid for Securities Suit Dismissal” (11-13-12)

“Two more banks have lost in their attempts to dismiss claims of misconduct in sale of mortgage-backed securities (MBS) to Fannie Mae and Freddie Mac.”

Hard Money Loan Closed

La Mirada, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $214,000 on a 3 bedroom, 2 bathroom home appraised for $346,000.

 

The Norris Group and numerous real estate professionals converge for a good cause and networking for Give BIG Riverside today.

Bruce Norris of The Norris Group will be at the Investors Workshops at the Doubletree Hotel in Orange on Wednesday, November 28, 2012.

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at the El Camino Country Club in Riverside on Sunday, December 2, 2012.

 

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

The Norris Group Real Estate News Roundup 4/23/12

Monday, April 23rd, 2012

Today’s News Synopsis:

According to the National Association of Realtors, more people are able to afford houses.  Home prices decreased in March with the increase in distressed properties.  Mortgage payments are also at low levels not seen in several decades.  Americans fear job losses and rising gas prices more than household debt.

In The News:

Housing Wire“Americans more secure with debt, fear job losses” (4-23-12)

“Americans today are more secure with their debt levels and net worth, but fear job losses and escalating gas prices, according to Bankrate.”

Realty Times“Real Estate Outlook: Affordability High” (4-23-12)

“Housing affordability is still at a record high, according to the National Association of Realtors (NAR). It is at the highest level since record keeping began in 1970. This is based on the relationship between median home price, median family income and average mortgage interest rate.”

DS News“Survey: High Share of Distressed Properties Keeps Prices Down” (4-23-12)

“Inventory is shrinking and traffic for homebuyers seems to be increasing, but according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, home prices were down in March.”

CNN Money“Mortgage payments at lowest level in decades” (4-23-12)

“For today’s homebuyers, the weight of the monthly mortgage bill is the lightest it’s been in decades.  Put 20% down on a median-priced ($154,400) existing home, and your payment will come to $616 a month, only 12.1% of the median U.S. family income.”

Housing Wire“FDIC expects healthy deposit insurance fund by 2018” (4-23-12)

“The Federal Deposit Insurance Corp. board expects bank failures to cost the fund $12 billion over the next five years, down from $88 billion in losses between 2008 and 2011.”

Inman“Proxio signs up more brokerages” (4-23-12)

“Global marketing and networking platform operator Proxio Inc. has signed San Francisco-based brokerage Pacific Union International to its roster of affiliates.”

Bloomberg“D.R. Horton Beats Estimates as Builder’s Home Sales Rise” (4-23-12)

“D.R. Horton Inc. (DHI), the largest U.S. homebuilder by volume, beat analysts’ earnings estimates as it increased sales in the second quarter.”

Housing Wire“Freddie directs servicers to use Hardest Hit Fund in short sales” (4-23-12)

“Freddie Mac wants mortgage servicers to use funds from an underutilized federal program to help homeowners through short sales and other foreclosure alternatives.

San Francisco Chronicle“New York City Rent Limits Left Intact by U.S. Supreme Court” (4-23-12)

“The U.S. Supreme Court rejected a challenge to New York City’s decades-old rent-stabilization system, leaving intact rules capping prices on almost a million units in one of the country’s most expensive cities.”

Hard Money Loan Closed

Banning, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $58,000 on a 3 bedroom, 1 bathroom home appraised for $95,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at Dublin on Wednesday, May 02, 2012.

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

The Norris Group Real Estate News Roundup 3/30/12

Friday, March 30th, 2012

Sources:
Two More Bank Failures, National Tally Now at 15
Pending home sales down monthly but up yearly
Case-Shiller Indexes Down for Fifth Straight Month
Home prices drop in 16 metro areas: Case-Shiller
Consumer Confidence in U.S. Holds Close to One-Year High
Sales of Distressed Properties Down in California, Equity Sales Up
Home Prices Have Been Rising for Three Months: Report
Mortgage Applications for FHA Loans Increase Ahead of Higher Fees
Foreclosure initiations declined in 4Q: OCC
Mortgage Rates for 30-Year U.S. Loans Fall From Five-Month High
Fourth-quarter GDP grows 3%
Initial Unemployment Claims Drop To New Four Year Low
CoreLogic: Number of Completed Foreclosures Down For February
Deutsche Bank to Pay $32.5 Million to Settle Mortgage Suit
Fannie Mae finds Americans remain committed to homeownership

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  With the upswing in the housing market, 30-year fixed mortgage rates decreased this week after being at a five-month high.  Goldman Sachs, who made bets on the housing market and thus survived the subprime mortgage crisis, is taking advantage of the improving real estate market by purchasing home-loan bonds.

In The News:

Housing Wire“NY judge throws out investor lawsuit against BofA, Countrywide” (3-29-12)

“A New York state judge threw out a lawsuit filed by a group of mortgage bond investors against subprime mortgage lender Countrywide Home Loans and Bank of America ($9.45 -0.085%).”

Bloomberg“Goldman Bets on Property Rebound With New Fund: Mortgages” (3-30-12)

“Goldman Sachs Group Inc. (GS), which survived the subprime mortgage crisis by making bets on a housing decline, is raising money for a new fund that will buy home-loan bonds to benefit from an improving real-estate market.”

DS News“Spending Growth Outpace Income in February; Savings Rate Declines” (3-30-12)

“Consumer spending grew 0.8 percent in February, the Bureau of Economic Analysis reported Friday, fueling expectations for a stronger first quarter economic surge than economists had forecast. Personal spending grew faster than the 0.6 percent market consensus.”

San Francisco Chronicle“Mortgage rates fall as housing market picks up” (3-30-12)

Mortgage rates for 30-year U.S. loans fell from an almost five-month high, lowering borrowing costs as the housing market gains strengthThe average rate for a 30-year mortgage declined to 3.99 percent in the week ended Thursday, from 4.08 percent, which was the highest since Oct. 27, according to Freddie Mac.

Housing Wire“Consumer sentiment hits 13-month high in March” (3-30-12)

“Consumer sentiment improved in March, approaching a level not seen in more than a year.  The Thomson Reuters/University of Michigan index rose to a final reading of 76.2, up from a mid-March mark of 74.3 and 75.3 in February. It’s the highest index reading since 77.5 in February 2011.”

DS News“Preventing ‘Moral Hazzard’ Issue for Principal Reduction” (3-30-12)

“They say foreclosure harms everyone – the lenders, the borrowers, and even the neighbors. While avoiding foreclosure has been established as an unwavering goal for the benefit of everyone, the question that is creating tension between policy makers, advocacy groups, and analysts is how to best prevent foreclosure.”

Inman“Foreclosure rates down in most markets” (3-30-12)

“Foreclosure rates are lower than they were a year ago in 61 of the nation’s 100 largest housing markets, according to a new analysis of loan data by CoreLogic.”

Bloomberg“CIM, Macklowe to Build Tallest New York Residential Tower” (3-30-12)

“CIM Group and developer Harry Macklowe are planning to build a Manhattan residential tower that would be the tallest in New York City.

Housing Wire“States with double-digit unemployment now down to three” (3-30-12)

“Three states held double-digit unemployment rates in February, down from nine one year ago, according to the latest Bureau of Labor Statistics data.”

Inman“Sales of second homes soar to highest level since 2005” (3-30-12)

“Sales of second homes, which include vacation and investment homes, soared in 2011 to their highest market share since the height of the housing boom, according to an annual report from the National Association of Realtors.”

Housing Wire“Mortgage insurance business slightly higher in February” (3-30-12)

“Members of trade group Mortgage Insurance Companies of America wrote $5.4 billion of primary new insurance in February, up from $5 billion in January and $4.2 billion from February 2011, the group reported on Friday..”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $138,000 on a 3 bedroom, 2 bathroom home appraised for $220,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at The Women’s Council of Realtors Victorville on Wednesday, April 11, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.

Looking Back:

The NAR said vacation home sales accounted for 10% of all transactions in 2010. A new proposal  forced lenders to allow short sales for delinquent homeowners. The House voted 252 to 170 to end funding for HAMP. CoreLogic estimated there were 1.8 million homes in the shadow inventory.

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

The Norris Group Real Estate News Roundup 11/22/11

Tuesday, November 22nd, 2011

Today’s News Synopsis:

Bloomberg news and Los Angeles Times reported the economy grew less than expected in the third quarter, indicatinga slight increase in growth.  The FHA reported a slight decrease in mortgage rates sold to GSEs.  According to CNN, fewer banks are in danger of failing, marking the second quarter in a row for the number of banks to be reduced.

In The News:

Housing Wire “Banks dark on previous work with foreclosure reviewers” (11-22-11)

“The Office of the Comptroller of the Currency posted the actual engagement letters Tuesday between the major mortgage servicers and their third-party consultants hired to perform reviews of foreclosures that took place over the past two years.”

DS News “Judge Permits Delaware and New York to Intervene in BofA Settlement” (11-22-11)

“A judge ruled Friday to allow the Delaware and New York attorneys general to pursue litigation in Bank of America’s $8.5 billion settlement with major investors.”

Bloomberg – “Mortgage Servicers Make Progress Fixing Invalid, Flawed U.S. Foreclosures” (11-22-11)

“Banks and mortgage servicers are making progress in improving their processes and reaching out to homeowners hurt by invalid or flawed foreclosures, the Office of the U.S. Comptroller of the Currency reported.”

Inman “Better Homes and Gardens Real Estae enters NYC market” (11-22-11)

“Franchise network Better Homes and Gardens Real Estate has entered the New York City market with the addition of a Staten Island brokerage, the network announced today.”

Los Angeles Times – “GDP revised downward; corporate profits up” (11-22-11)

“The U.S. economy grew more slowly than previously thought in the three months ending Oct. 31, the Bureau of Economic Analysis said, revising the nation’s third-quarter gross domestic product downward to growth of 2% from its previous estimate of 2.5%.”

Housing Wire“FHFA mortgage interest rates fall slightly” (11-22-11)

“The average interest rate on mortgages sold to the government-sponsored enterprises fell 20 basis points to 4.36% in October, the Federal Housing Finance Agency said.”

Bloomberg “U.S. Is Set for Fourth-Quarter Growth Pickup on Lower Inventories: Economy” (11-22-11)

“The economy in the U.S. expanded less than previously estimated in the third quarter, reflecting a drop in inventories that points to a pickup in growth as 2011 comes to a close.”

CNN Money “FDIC’s list of problem banks shrinks” (11-22-11)

“The number of banks at risk of failing fell in the third quarter, marking the second straight quarterly decline, according to a government report issued Tuesday.”

Housing Wire – “Investor buying spurred by demand for rentals” (11-22-11)

“Investors looking for yield are acquiring more low-priced homes to fill growing rental demand, according to the latest HousingPulse Tracking Survey from Campbell/Inside Mortgage Finance.”

Looking Back:

According to CoreLogic, shadow inventory levels increased to 2.1 million units in August 2010. TransUnion reports mortgage delinquency rates fell to 6.7%. Data from Campbell Surveys showsed the current foreclosure problems were significantly delaying closings.

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.