California Real Estate Headline Roundup

Posts Tagged ‘pending homes’

By Bruce Norris .

The Norris Group Real Estate News Roundup 8/29/11

Monday, August 29th, 2011

Today’s News Synopsis:

Despite pending sales of homes decreasing in July, a report by the National Association of Realtors showed they have actually increased significantly from last year.  New home sales, however, are continuing to decline for the third month in a row, leading some to fear this will be the worst year for home sales.  Property insurance companies are also facing their worst year with the recent hurricane Irene and the increase in natural disasters in the United States this year.

In The News:

Bloomberg - Pending Sales fo Owned Homes Fell in July” (8-29-11)

“The number of contracts to purchase previously owned U.S. homes fell in July for the first time in three months, a sign that lower prices and borrowing costs aren’t luring in buyers.

Housing Wire - “HUD extends deadline for unemployed mortgage assistance” (8-29-11)

“The Department of Housing and Urban Development will begin taking applications again for a new program providing interest-free loans to unemployed borrowers struggling with their mortgage payments..”

Realty Times - “Real Estate Outlook: Affordability Remains High” (8-29-11)

“When it comes to home affordability, levels are at near record generational highs.  The National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) indicates that in today’s market ’72.6 percent of all new and existing homes sold in the second quarter of the year were affordable to families earning the national median income of $64,200′.”

DS News - “On Mortgage Defaults, UFA Says Industry Headed for Recovery” (8-29-11)

“The default risk associated with newly originated mortgages continues to improve, according to the analysts at University Financial Associates (UFA) in Ann Arbor, Michigan.”

Rismedia - “Facebook Apps for Real Estate Professionals” (8-29-11)

“Social Stage LLC has just released the first suite of Facebook Applications specifically for the real estate industry and created a landing page for it at www.SocialStage.com/real-estate. Utilizing Social Stage’s complete suite of apps, they have created suite packages designed for real estate professionals.”

Housing Wire - “FDIC: Mortgage delinquency rate drops to lowest level since 2009″ (8-29-11)

“The combined delinquency rate on mortgages held by major banks dropped to 6.68% in the second quarter, the lowest level since the third quarter of 2009, according to Federal Deposit Insurance Corp. data.”

Inman - “Worst year on record for new home sales” (8-29-11)

“Sales of new homes fell for the third straight month in July, and estimates for April, May, and June were revised down, fueling fears that this year will be the worst on record. Sales declined 0.7 percent from June, registering an annual rate of 298,000, according to data released by the U.S. Census and the Department of Housing and Urban Development.”

Los Angeles Times - “How big is your bank? Chase, Bank of America duel for No. 1 slot” (8-29-11)

“SNL Financial has compiled a list of the 50 biggest U.S. banks at the end of the second quarter, which shows Bank of America Corp. barely edging out JPMorgan Chase & Co. as the No. 1 U.S. financial institution as measured by assets.”

Realtor Magazine - “Property Insurance Industry Gets Battered by Irene” (8-29-11)

“Blizzards in the Midwest, fires in the Southwest, deadly tornadoes in the Southeast, flooding along the Mississippi, and now hurricanes — it’s been a tough year for the insurance industry. In fact, the rise in natural disasters this year has led the insurance industry to face one of its worst years on record, with Hurricane Irene damage over the weekend likely topping $7 billion alone — that would make it among the 10 costliest catastrophes in the country’s history, according to
estimates given to The New York Times by the Kinetic Analysis Corp.”

Inman - “Pending real estate sales rise in July” (8-29-11)

“Pending homes sales in July fell month-to-month for the first-time since April, but rose substantially compared to the same month a year ago, according to a report by the National Association of Realtors.”

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 7/28/11

Thursday, July 28th, 2011

Today’s News Synopsis:

The sales for existing homes increased 2.4% in June according to Bloomberg.  However, chief economist for Fannie Mae warned this does not necessarily mean a turn-around in the market.  In other news, despite a huge decrease in foreclosures in 84% of U.S. cities, there are still ten cities with high foreclosure rates and thus not indicating a positive turn in the market.

Housing Wire - “Vacant foreclosures in Ohio forming housing black hole (7-28-11)

“Every single vacant, foreclosed property in Ohio is proving to be a black hole that sucks down home prices, sits on the market for significantly longer, blights entire neighborhoods and boggles the mind through the sheer amount of REO volume.”

Bloomberg - “Existing Home Sales in U.S. Rose 2.4% in June” (7-28-11)

“The number of contracts to purchase previously owned U.S. homes unexpectedly rose in June as buyers tried to take advantage of lower prices and borrowing costs.  The 2.4 percent rise in the index of pending home resales followed an 8.2 percent May gain, the National Association of Realtors said today in Washington. Economists forecast a 2 percent drop, according to the median estimate in a Bloomberg News survey.

NAHB - “Remodeling Activity Slows Under Economic Uncertainty” (7-28-11)

“The remodeling market slipped under pressure from a sluggish economy according to the National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI), which dipped during the second quarter to 43.9 from the first quarter result of 46.5. An RMI below 50 indicates that more remodelers report market activity is lower compared to the prior quarter than report it is higher.”

DS News - “Increase in Pending Sales May Not Indicate Market Upswing” (7-28-11)

“The National Association of Realtors (NAR) released its Pending Home Sales Index Thursday, revealing an increase in pending home sales for the month of June,
marking the third of the last four months that the index has increased.”

Inman - “Trulia launches agent recommendation system” (7-28-11)

“Real estate search and marketing site Trulia today launched an agent recommendation system that incorporates endorsements from Facebook friends.”

Realty Times - “Chase, BofA Offer Modifications Without Homeowner Request” (7-28-11)

“JPMorgan Chase and Bank of America are reportedly modifying loans for borrowers who haven’t asked for help, in some cases slashing mortgage balances in half.  The two major banks were among others recently criticized for mishandling federally sanctioned mortgage modifications and slammed for botching foreclosures.”

NAHB - “Federal Proposal Could Raise Refinance Costs For Nearly 25 Million Homeowners” (7-28-11)

“Nearly 25 million homeowners across the country would face more expensive mortgages if a proposal by federal regulators goes unchanged. A proposal released by six federal agencies to implement credit risk retention provisions included in the Dodd–Frank Wall Street Reform and Consumer Protection Act would require homeowners to have at least 25 percent equity in their homes in order to qualify for a lower-rate “Qualified Residential Mortgage” (QRM) for refinancing.”

Mortgage Bankers Association - “MBA Statement on Debt Ceiling Negotiations” (7-28-11)

“‘The Mortgage Bankers Association is very concerned about the implications to the financial system of the United States if the U.S. defaults on its debt. The likely impact to the financial markets, interest rates, and to every family in America will be costly if the ceiling is not raised. We implore policymakers to act swiftly and find a workable solution, given the short time left, to take this step and not put the credit rating of the United States in jeopardy’.”

The Wall Street Journal - “UBS Is Sued for Mortgage Losses” (7-28-11)

“The federal regulator for Fannie Mae and Freddie Mac on Wednesday sued UBS AG, accusing the Swiss investment bank of costing the two mortgage giants at least $900 million by selling them shaky mortgage-backed securities during the housing market boom.”

Realtor Magazine - “Foreclosures Fall, But 10 Areas Still Hard-Hit” (7-28-11)

“During the first half of the year, foreclosures have dropped in more than 84 percent of U.S. metro areas, RealtyTrac reports. Is this a sign of a turnaround? Not quite, say analysts.”

Looking Back:

Commercial and multifamily mortgage origination increased by 35 percent in the second quarter of 2010. Mortgage application volume decreased 4.5 percent from the previous week, according to the MBA. Freddie Mac reports Americans took out $8.3 trillion in home equity during the second quarter of 2010. The number of foreclosure starts for 2010 was at 1.46m.

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.