The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘New York Federal Reserve’

By Bruce Norris .

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

Monday, November 28th, 2011

Today’s News Synopsis:

In a big news story, the sale of new homes in the U.S. increased 1.3% for the month of October.  The number of problem banks on the FDIC list is continuing to decrease for the second straight quarter.  According to Housing Wire, the New York Federal Reserve reported a decline in mortgage debt in the third quarter.

In The News:

Realty Times - “Real Estate Outlook: Existing-Home Sales Improve” (11-28-11)

“Amidst turmoil in the stock market and continued crisis in both our own and European debts, the latest figures from the National Association of Realtors show that existing-home sales improved slightly in October.”

Housing Wire - “Mortgage debt falls in third quarter, NY Fed says” (11-28-11)

“Consumer indebtedness dropped by 0.6% in the third quarter as mortgage balances and credit card limits continued to decline, according to a report by the New York Federal Reserve.”

Wall Street Journal“Stronger Lure for Prospective Home Buyers” (11-28-11)

“Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities.”

CNN Money - “Citigroup’s $285 million SEC settlement rejected” (11-28-11)

“A judge rejected a proposed $285 million mortgage securities fraud settlement between Citigroup and the Securities and Exchange Commission on Monday, saying the deal was ‘neither fair, nor reasonable, nor adequate, nor in the public interest’.”

San Francisco Chronicle - “Sales of new homes up in October, but prices fall” (11-28-11)

“Americans bought slightly more new homes in October, a hopeful sign for the  troubled housing market. But the median sales price fell to its lowest level of  the year, and the overall sales pace is trailing last year’s — the worst in half  a century.”

Housing Wire“NAR expects some commercial real estate growth next year” (11-28-11)

“The commercial real estate segment could experience some growth in 2012, the National Association of Realtors said Monday.  Still, the association and market analysts remain cautiously optimistic with the
economic crisis in Europe, as well as political wrangling and a bleak jobs picture remaining a top concern domestically.”

DS News - “FDIC’s ‘Problem Bank List’ Contracts for Second Consecutive Quarter” (11-28-11)

“Bad real estate loans from the boom years of the last decade have forced 412 FDIC-insured lenders to shutter their operations since 2008.  No institution’s balance sheet has been fully insulated from the downturn in the real estate markets, but data released by the FDIC suggests those lenders who’ve survived thus far are now finding their way out of the storm.”

DS News - “RealtyTrac Secures Capital Investmenr from Renovo Capital” (11-28-11)

“RealtyTrac said Monday that it has obtained “a substantial capital investment” from Renovo Capital LLC through the private equity firm’s Renwood Opportunities 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 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.

The Norris Group Real Estate News Roundup 8/15/11

Monday, August 15th, 2011

Today’s News Synopsis:

The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released new data today showing the confidence in building new homes has remained at 15 for the second month in a row.  The sale of homes in Southern California decreased 4.5% year over year last month due to buyers being more cautious about purchasing.  Delinquencies are at their lowest since the end of the recession two years ago.

In The News:

CNN Money - Household debt falls slightly” (8-15-11)

“Consumer borrowing fell slightly in the second quarter, as Americans shed more of their debt.  A new report released Monday by the New York Federal Reserve — which looks at mortgages, home equity lines, credit cards, auto loans and student debt held by consumers nationwide — found that total consumer debt fell to $11.4 trillion in the second quarter of this year.”

NAHB - “Builder Confidence Unchanged in August” (8-15-11)

“Builder confidence in the market for newly built, single-family homes held unchanged at a low level of 15 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for August, released today.”

Realty Times - “Real Estate Outlook: Median Prices Declined Second Quarter” (8-15-11)

“Amidst debt talks, the National Association of Realtors® (NAR) has released their latest median existing-home price figures. According to the NAR, prices fell slightly in the second quarter of 2011. Partially to blame, according to Lawrence Yun, NAR chief economist, were foreclosures which ‘can artificially depress median prices’.”

DS News - “National Delinquencies Register Greatest Drop Since Recession End” (8-15-11)

“TransUnion recorded the largest percentage drop in delinquencies since the end of the recession two years ago. According to TransUnion, mortgage delinquencies improved 5.98 percent during the quarter.”

Housing Wire“Mortgage broker pleads guilty; Cincinnati RE agent indicted” (8-15-11)

“A Minneapolis mortgage broker pleaded guilty for his role in a $20 million mortgage fraud scheme and a Cincinnati real estate agent was indicted in an unrelated mortgage fraud, according to the U.S. Attorney’s Offices in each state.”

Bloomberg“Southern California Home Sales Drop 4.5% as Buyers Hold Off on Purchases” (8-15-11)

“Home sales in Southern California fell 4.5 percent last month from a year earlier as mortgages were hard to obtain and the U.S. debt crisis rattled some high- end buyers, according to DataQuick.” 

Rismedia - “Market Concerns Produce New Record Low Mortgage Rates” (8-15-11)

“Freddie Mac (OTC: FMCC) recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates continuing to decline with the 30-year fixed averaging 4.32 percent marking a new low for 2011, and the 15-year fixed, 5-year ARM, and 1-year ARM averaging new all-time record lows this week.”

Housing Wire - “Two REITs still on track for new RMBS issuance in 2011″ (8-15-11)

“Two real estate investment trusts are weathering recent economic challenges and remain on track to issue three new residential mortgage-backed securities deals in the back half of 2011.  Redwood Trust (RWT: 12.60 +2.86%), the only private investor to issue an RMBS deal since credit markets locked up in 2008, said two new deals announced months ago are still on track to get to market this year”

DS News - “Capital Shortfall Could Impede New Business for PMI Mortgage” (8-15-11)

“PMI Group Inc. says its primary subsidiary PMI Mortgage Insurance Co. could be forced to stop issuing new mortgage insurance policies.  The company alerted investors of the possibility that its business could come to a halt last week, at the same time it reported a company-wide net loss of $134.8 million for the second quarter. That follows a net loss of $126.8 million the previous quarter”

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.