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The Norris Group Real Estate News Roundup 6/20/11

Monday, June 20th, 2011

Today’s News Synopsis:

According to a recent risk assessment released by the PMI Group, the chance of the prices of Orange County homes declining is almost 90%. According to Housing Wire, HUD is starting a new program to provide loans interest-free to borrowers who are unemployed and cannot afford to pay their mortgages. 

In The News:

Realty Times - “Real Estate Outlook: Debt Ceiling and Energy Concerns” (6-20-11)

“Energy-efficiency has broiled to the forefront of the Senate as energy and fuel costs rise across the nation.”

The Wall Street Journal - “Government Stays Glued to Mortgage Market” (6-20-11)

“A weak start to the spring housing season, which could be underscored later this week by reports on sales of new and previously owned homes, is raising the prospect that the U.S. government will dominate the mortgage market for a long time. ”

Bloomberg - “Republicans Request Details on Warren’s Role in Mortgage Foreclosure Talks” (6-20-11)

“U.S. House Republicans will press for new details on Elizabeth Warren’s role in talks to settle federal and state claims that mortgage servicers improperly processed foreclosures.”

Housing Wire - “More lawmakers join major push to reduce QRM down payment” (6-20-11)

“More lawmakers in the House of Representatives signed a second letter Friday requesting federal regulators to lower the 20% down payment on the qualified residential mortgage.”

Inman - “A slow-motion real estate recovery” (6-20-11)

“Looking for signs of an economic and housing recovery might be like watching grass grow.”

DSNews - “HUD, NeighborWorks Roll Out Emergency Program for Unemployed” (6-20-11)

“Lost income from unemployment has left many homeowners unable to make their mortgage payments and pushed them to the brink of default, some into foreclosure.”

Housing Wire - “HUD releases unemployment mortgage assistance to 27 states” (6-20-11)

“The Department of Housing and Urban Development launched a long-awaited program to provide interest-free loans to help unemployed borrowers in 27 states with their mortgage payments.”

Orange County Register - “Report: 89% chance O.C. home price decline” (6-20-11)

“There’s an 89.1% chance that Orange County home prices will be lower in two years, according to a new risk assessment by mortgage insurer PMI Group.”

DSNews - “Mortgage Servicing Litigation Jumps 88%: Report” (6-20-11)

“Litigation related to mortgage servicing surged during the first quarter, after last fall’s robo-signing issues raised questions about servicers’ procedures and garnered widespread attention from mainstream media.”

Realtor Magazine - “Foreclosures Slow as Banks Face Backlogs” (6-20-11)

Nationwide, new foreclosure cases and repossessions have dropped by a third since last fall as banks, as greater scrutiny over banks’ foreclosure procedures and more home owners fighting back in court has slowed the pace. Banks, already facing huge backlogs of foreclosures they’ve already repossessed, also may be reluctant to add on more to their inventory, experts say.”

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 6/13/11

Monday, June 13th, 2011

Today’s News Synopsis:

The Mortgage Bankers Association nominated E.J. Burke as the vice-chair elect of KeyBank Real Estate Capital and Corporate Banking Services.  According to the Wall Street Journal, fourteen banks are given an extra 30 days to correct the problems with they way they handle foreclosures.  Rismedia reported that Freddie Mac released their latest Primary Mortgage Market Survey, which showed that the job market did not grow as expected and brought fixewd and adjustable-rate mortgages to a new yearly low.

In The News:

Bloomberg - “New York, Delaware Said to Probe Trustee Banks for Mortgage Securities” (6-13-11)

“New York has broadened its probe of the U.S. mortgage industry, requesting information from at least five financial institutions that act as trustees for pools of mortgages, a person familiar with the matter said.”

CNN Money - “How the housing depression spells QE3″ (6-13-11)

The double dip in U.S. house prices is raising fears of another recession. But by one measure housing and consumer spending never bounced back in the first place. ”

RisMedia - “Obama Administration Releases May Housing Scorecard Featuring New Making Home Affordable Servicer” (6-13-11)

“The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury recently released the May edition of the Obama Administration’s Housing Scorecard. New to this month’s report are detailed assessments for the 10 largest mortgage servicers participating in the Administration’s Making Home Affordable Program, setting a new industry benchmark for disclosure on servicer assistance to struggling homeowners.”

Orange County Register - “O.C. home sales run 31% below average” (6-13-11)

“Orange County homebuying continues to run well below historical trends, plummeting 18% from a year ago as a slow spring shopping season had to compete with a tax-incentive-fueled market of 2010.”

Housing Wire - “Distressed sales account for 62.5% of Orlando-area home sales” (6-13-11)

“Sales of distressed properties continues to dominate the market in the Orlando, Fla., area this year, according to a local trade association.”

RisMedia - “Mortgage Rates Move Lower Featuring Weak Jobs Report” (6-13-11)

“Freddie Mac (OTC: FMCC) recently released the results of its Primary Mortgage Market Survey® (PMMS®), which showed weaker than expected job growth in May pushing both fixed and adjustable-rate mortgages to new lows for the year.”

The Wall Street Journal - “Banks Get 30 More Days to Fix Foreclosure Practices” (6-13-11)

“U.S. bank regulators said they will give 14 financial institutions an additional 30 days to submit plans to fix problems with their home-foreclosure practices, allowing more time to complete a broader settlement with state and federal agencies.”

Realty Times - “Real Estate Outlook: The American Dream” (6-13-11)

“According to the National Association of Home Builders (NAHB), owning your home still remains ‘essential to the American Dream’.”

Inman - “Late to peak, Portland real estate market still mired in downturn” (6-13-11)

“While housing markets around the country were sinking several years ago, Portland, Ore., was a holdout, relatively speaking. It has, unfortunately, made up for lost time.”

Mortgage Bankers Association - “MBA Announces Nomination of E. J. Burke as 2012 Vice Chair-Elect” (6-13-11)

“The Mortgage Bankers Association (MBA) today announced the nomination of E. J. Burke, Executive Vice President and Group Head of KeyBank Real Estate Capital and Corporate Banking Services, to be its Vice Chair-Elect.”

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 1/10/11

Monday, January 10th, 2011

Today’s News Synopsis:

According to the Federal Reserve Board, the amount of net income reserve banks took in was 34% higher than the previous year.  The Federal Reserve Board, in turn, made a profit of $78.4 last year, the largest profit it has made in several years.  The recent ruling by the Massachusetts Supreme Court is not expected to change foreclosure practices drastically but rather opens the door to allow trustees to hold mortgages.

In The News:

Housing Wire - “Massachusetts Ibanez ruling sets stage for mortgage ownership remedy” (1-10-11)

“Banking analysts said the Massachusetts Supreme Court ruling last week will not significantly impact foreclosure practices but instead clears a path to establish securitization trustees as holder of a mortgage.”

Inman - “Short-sale incentives revamped again” (1-10-11)

“Loan servicers participating in the Obama administration’s short-sale incentive program are being given more freedom to pay off second-lien holders, but will be held to stricter timelines for approving or rejecting short sales and forbidden from deducting vendor expenses from commissions paid to real estate brokers.”

Realty Times - “Real Estate Outlook: Federal Reserve Promoting Recovery” (1-10-11)

“Deflation fears are gradually receding. Last year’s Federal Reserve action to buy $600 billion worth of Treasury Bonds was an attempt to spur recovery and keep long-term interest rates low.
It appears that board members are now mildly optimistic about 2011.”

The Orange County Register - “O.C. homes for sale at 8-month low” (1-10-11)

“Orange County property owners continue to pull homes off the market. Whether it’s seasonal — or a reaction to sluggish homebuying — remains to be seen!”

Housing Wire - “GSE mortgage securities boost record Federal Reserve payment to Treasury” (1-10-11)

“The Federal Reserve Board reported that the Reserve Banks took in $80.9 billion in net income during 2010, up 34% from the year before because of larger returns on government-sponsored entity securities.”

The Wall Street Journal - “Market for Vacation Homes Is on the Rise” (1-10-11)

“Sales in many vacation communities across the U.S. soared last year to levels not seen since boom times, driven by deep discounts, cash purchases and buyers’ rising stock portfolios.”

Los Angeles Times - “Federal Reserve posted record profit of $78.4 billion last year” (1-10-11)

“The Federal Reserve announced Monday it made a record $78.4 billion profit in 2010 as the central bank’s unprecedented intervention into the financial system continued
to produce a side benefit to the federal government.”

Housing Wire - “Capital Markets Cooperative and Bank of Internet form strategic alliance” (1-10-11)

“Capital Markets Cooperative and Bank of Internet entered into a strategic alliance to offer CMC clients specialized jumbo loan products.”

Inman - “Keller Williams Rolling out New Platform for all its agents” (1-10-11)

“Keller Williams Realty will provide its agents with what the real estate franchisor says will be the first system capable of handling lead management, contact management, marketing and transaction management on a single, integrated platform.”

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 12/21/10

Tuesday, December 21st, 2010

Today’s News Synopsis:

Modifications to foreclosures on Freddie Mac and Fannie Mae mortgages increased more than twice as much in the third quarter, according to Housing Wire.  Shaun Donovan said he and Secretary of Energy Steven Chu are discussing plans of creating an energy scoring system for houses.  Standard and Poor’s reported levels of securities backed by mortgages are the slowest they have been since 2007, both for commercial and residential property.  NAHB stated that the driving force for the housing market are actually the smaller businesses.  CBIA announced that construction on new homes increased 21% this month.

In The News:

Realty Times - “Curb Appeal Projects Remain Cost-Effective” (12-21-10)

“Buyers are hit hard by first impressions, and sellers take advantage of this fact, aiming to amp up their curb appeal.  This is, after all, where they get the most bang for their buck. According to the latest Remodeling Cost vs. Value Report, the National Association of REALTORS® (NAR) reports that “nine of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects.” These exterior projects are outperforming their remodeling counterparts.”

Housing Wire - “Fannie Mae, Freddie Mac foreclosures double modifications in 3Q” (12-21-10)

“Servicers started 339,000 foreclosures on Fannie Mae and Freddie Mac mortgages in the third quarter, more than double the 146,507 modifications completed, according to data from the Federal Housing Finance Agency.”

Inman - “‘Energy Score’ Worries for America’s Houses?” (12-21-10)

“Most houses come with no stickers, no ratings and no disclosures about how big a fuel guzzler the property is, and how that might compare with other houses on a rating scale.Donovan said he and Secretary of Energy Steven Chu were already working on plans to create what he called “a simple scoring system for housing” that could be reduced to grade levels or numerical scales — say one to 100 or A to F, like back in high school — that would be absolutely clear, authoritative and available to anybody considering buying a house.”

Realty Times - “2010 NAR Profile Can Help Agents to Find Buyers and Sellers” (12-21-10)

“We have noted that The 2010 National Association of Realtors® Profile of Home Buyers and Sellers contains valuable information for sellers and their agents as to how buyers find the homes that they ultimately buy. The profile also contains valuable and interesting information as to how both buyers and sellers find the agents that they ultimately use.”

Housing Wire – “Structured finance downgrades, defaults slow as 2010 ends: S&P” (12-21-10)

“November downgrades and defaults on residential and commercial mortgage-backed securities slowed to levels not seen since 2007, according to a report from Standard & Poor’s.”

San Francisco Chronicle - “Wells Fargo Agrees to Modify California ARM loans” (12-21-10)

“Wells Fargo Bank has agreed to make $2 billion in loan modifications for California homeowners with risky pay-option, adjustable-rate mortgages that Wells purchased from other banks, and to pay $32 million to 15,000 borrowers who had similar loans and lost their homes to foreclosure, according to an agreement with the California attorney general’s office.”

NAHB - “NAHB Report Finds Small Builders are the Mainstay of the Nation’s Housing Industry” (12-21-10)

“Small home builders are the mainstay of the nation’s housing industry, including a sizable number of self-employed mom-and-pop operations, according to a new study by economists at the
National Association of Home Builders.”

CBIA - “New-Home Construction in California Up 21 Percent in November, CBIA Announces” (12-21-10)

“California homebuilders pulled permits for 21 percent more homes in November when compared to the same month a year ago, but it wont be enough to keep the state from seeing the second-lowest number of housing starts on record, the California Building Industry Association announced today.”

The Orange County Register - “South Coast Homebuying Up 4% Over Year” (12-21-10)

“For calendar month November – DataQuick’s freshest stats — South Coast homebuying patterns showed:

  • 142 homes were bought in the region in the period – +4% vs. a year ago.
  • Countywide, it was -11% vs. a year earlier.
  • The sales-weighted average of median price changes in South Coast ZIPs was -38% vs. a year ago.
  • Price change in all Orange County beach towns ran +9% vs. a year ago.
  • Countywide, it was +1% vs. a year earlier.”

Mercury News - “Clean House: Tips for Paying Down your Mortgage” (12-21-10)

“Don’t let your biggest debt run your life. There are ways to trim your monthly costs that will move you closer to a mortgage-free retirement.”

Fortune- “New Jersey warns foreclsoure fiends” (12-21-10)

“The state’s Supreme Court ordered the biggest lenders to prove they are acting lawfully in processing foreclosures.”

Looking Back:

PMI Insurance Group predicted that 2010 would produce a moderate increase in economic production. According to John Burns Real Estate Consulting, real estate investor activity exceeded 2005 levels. Moody’s reported that commercial real estate values had decreased by 36 percent from 2008. A total of 140 banks were seized 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 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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The Norris Group Real Estate News Roundup 3/3/10

Wednesday, March 3rd, 2010

Today’s News Synopsis:

Bruce Norris estimated that lenders may lose up to $2.1 to 3.8 trillion before all the bad loans are taken off their books. According to the MBA, mortgage application volume increased from last week. The FHFA reports that Orange County home values increased by 6.38 percent in 2009. Last year, nearly 1,400 lawsuits were filed against lenders by homeowners in foreclosure.

In The News:

Press Enterprise – “Loan losses from home foreclosures could more than double” (3-3-10)

“Lenders who already have realized $1.5 trillion in losses due to home foreclosures could see their losses mount to an estimated $2.1 trillion to $3.8 trillion before all the bad loans are wiped off their books, a Riverside real estate expert told a gathering over the weekend. Bruce Norris, a real estate analyst, investor and principal of the Riverside-based Norris Group, told more than 400 real estate brokers and investors meeting in Costa Mesa Saturday that he had compiled these figures from data and estimates he obtained from ForeclosureRadar.com, Bloomberg Financial, Goldman Sachs, the International Monetary Fund, RGE Monitor and T2Partners.”

Mortgage Bankers Association – “Mortgage Refinance Applications Increase in Latest MBA Weekly Survey” (3-3-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 26, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 14.6 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 15.5 percent compared with the previous week.”

Orange County Register – “O.C.: Hottest U.S. housing market?” (3-3-10)

“Orange County home values — by one FHFA index that derives values from purchase records — rose 6.38% in 2009. That’s tops among the 25 major U.S. markets tracked by this methodology. Yes, O.C. is No. 1! We’re followed by Denver (+5.48%); Houston (+3.71%); and Pittsburgh (+3.26%).”

Sign On San Diego – “Hefty tax bill may hit those who lost home” (3-3-10)

“With less than six weeks before taxes are due, an estimated 16,000 former homeowners statewide will owe $15 million in extra income taxes this year and $29 million through 2012.”

Mercury News – “Increasing numbers of Californians are suing lenders to avoid foreclosures” (3-3-10)

“In the last five years, the number of foreclosure lawsuits filed in federal court in California has ballooned — like an exploding adjustable-rate mortgage — from only 29 statewide in 2005 to nearly 1,400 last year.”

Housing Wire – “Winter Weather Slows Residential Real Estate Growth: Beige Book” (3-3-10)

“In the January Beige Book, all but two Fed districts reported increased activity or improved conditions, with Philadelphia and Richmond seeing mixed results. Residential real estate markets remained weak or softened further in the New York, Atlanta, and Chicago districts and there was little change in the San Francisco district, the Federal Reserve Board said.”

Orange County Register – “Why loan mods & short sales take so long” (3-3-10)

“Hard to collect all necessary documents from borrower/owner. This may be because the banks never seem to receive the documents until they’ve been faxed in 5 or 6 times. It may be because it takes the borrower/owner or agent some time to respond to requests for documents.”

Inman - “90% of agents down on HAMP” (3-3-10)

“A mere 10 percent of real estate agents think the Obama administration’s Home Affordable Modification Program (HAMP) is reducing foreclosures in their market, according to a survey released Wednesday by real estate media and marketing provider Homes and Land. The company’s Market Pulse Survey Report asked more than 100,000 real estate agents nationwide to participate in a 10-question survey to gauge the state of housing in local markets. Nearly 5,800 agents responded; 51 percent had been a Realtor for more than 10 years. The company conducted the survey in February.”

Looking Back:

One year ago, Citigroup developed a plan which allowed unemployed homeowners to decrease their monthly payment to a minimum of $500. The NAR reported that home sales decreased by 7.7 percent within a month’s time. Bernanke claimed that the federal government needed to increase its fiscal involvement in the banking system. The government launched its $1 trillion TALF program.

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