California Real Estate Headline Roundup

Posts Tagged ‘Pew Research Center’

By Bruce Norris .

The Norris Group Real Estate News Roundup 11/14/11

Monday, November 14th, 2011

Today’s News Synopsis:

Prices of homes have declined across the nation 28.3% since June 2006, according to the latest LPS home price index.  According to Housing Wire, more people were hired in the mortgage industry than were laid off in the third quarter.  According to Inman, NAR recently admitted overestimating the number of homes sold.

In The News:

DS News - “LPS: Prices Are 28.3% Below Peak in Mid-2006″ (11-14-11)

“National home prices have been on the decline since June 2006 with a few bursts of increases, which Lender Processing Services  (LPS) attributes to seasonal trends. Overall, prices have declined 28.3 percent since their peak in June 2006, according to LPS’ home price index.”

Realty Times - “Real Estate Outlook: Wealth Gap Related to Housing” (11-14-11)

“Housing has always been linked to wealth in one fashion or another, but now the latest indicators from the Pew Research Center show that housing has been one of the prime reasons for ‘divergent wealth trends’.”

Bloomberg - “Home Prices in U.S. May Droop 8%, Pimco’s Simon Says: Tom Keene” (11-14-11)

“U.S. home prices will probably decline an additional 6 percent to 8 percent before bottoming, Pacific Investment Management Co.’s Scott Simon said.”

O.C. Register - “Pending housing deals up in October” (11-14-11)

“The latest Orange County home inventory report from Steve Thomas of ReportsOnHousing.com says that as of Nov. 10  …’Demand, the number of new pending sales over the prior month, continues to bounce around the 2,900 level since mid-September. In the past two weeks it increased by 60 homes and now totals 2,914. … There are 244 additional pending sales this year compared to last year at this time, 8% stronger. This will of course translate to an increase in year over year sales at the end of the year’.”

Realtor Magazine - “Meausured Improvement in Commercial Sectors Expected” (11-14-11)

“Despite sluggish economic growth and continuing concerns over high unemployment and the struggling housing market, the modest but steady improvement in commercial real estate in 2011 is expected to continue into 2012 and 2013, analysts told REALTORS® yesterday.”

Housing Wire - “Mortgage hirings outpace layoffs in 3Q” (11-14-11)

“Hirings in the mortgage industry outpaced layoffs in the third quarter, according to a new report compiled by MortgageDaily.  Total layoffs for the period hit 2,502, compared to 5,404 layoffs in the second quarter. ”

Inman - “NAR acknowledges overestimating home sales” (11-14-11)

“Potential problems with NAR’s benchmarking methodology were first reported by the blog Calculated Risk in January, and further detailed in a report by analysts with CoreLogic that concluded NAR may have overstated home sales by 15 to 20 percent.”

Housing Wire“BofA mired in billions of mortgage litigation” (11-14-11)

“Bank of America (BAC: 6.025 -2.98%) more than tripled its litigation expenses resolving mortgage problems from Merrill Lynch and Countrywide Financial Corp. in 2011, but they appear to be making at least some progress.”

DS News - “California Expands Its Homeowner Relief Program” (11-14-11)

“California’s Keep Your Home California program is relaxing some of its eligibility restrictions and increasing the amount of assistance it provides struggling homeowners.”

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 4/12/11

Tuesday, April 12th, 2011

Today’s News Synopsis:

81 percent of respondents to a Pew Research Center’s survey believe housing is the best investment a person can make. California foreclosure sales increased 35.1% in March, according to ForeclosureRadar. Altos Research claims home sale inventory rose 2.97% last month. HUD is being sued over a rule requiring a property heir to pay the full mortgage balance to keep the home, even if it exceeds the value of the property.

In The News:

Mortgage Bankers Association“Weekly Applications Survey” (4-12-11)

“Mortgage applications decreased 6.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 8, 2011. ”

Housing Wire“Investors eager, but hold no great expectations for economic growth” (4-12-11)

“Investors are jumping back into the market and reducing their cash holdings even as the overall economic outlook suggests the world economy is facing ‘below-trend growth’ and ‘above trend’ inflation, according to the Bank of America Merrill Lynch (BAC: 13.525 +0.26%) Survey of Fund Managers for April.”

Housing Wire“HUD halts foreclosures on reverse mortgage spouses” (4-12-11)

“The Department of Housing and Urban Development directed its reverse mortgage lenders and servicers to halt foreclosures on the borrower’s spouse, according to a letter sent out last week. The American Association of Retired Persons sued HUD in March on behalf of three spouses of reverse mortgage borrowers. HUD changed a previous policy from 1989, changed in 2008, that said than an heir, which includes a surviving spouse, must pay the full mortgage balance to keep the home, even if it exceeds the value of the property.”

Reuters - “Housing still best investment despite downturn: study” (4-12-11)

“The survey by the Pew Research Center’s Social and Demographic Trends project found that 81 percent of respondents see housing as the best investment a person can make, despite a slump in prices that has knocked nearly a third off home values since 2006.”

MSN - “Some real estate agents feeling spring chill” (4-12-11)

“Spring typically is the year’s busiest season for residential real estate, but this year some normally upbeat sales agents are showing signs of nervousness as they confront sluggish growth and tough lending standards.”

DSNews - “Self-Evident Truth in Market Variables: Longer Foreclosure Timelines” (4-12-11)

“in California foreclosure sales in March increased 35.1 percent on a month-over-month basis, but rose just 10.5 percent on a daily average basis. Nevada foreclosure sales, however, bounced back strongly after falling in February, rising 109.5 percent even on a daily average basis.”

Housing Wire“Mortgage industry workforce plummets 51% since 2006″ (4-12-11)

“The number of employees in the mortgage industry declined 51% between February 2006 and February 2011, which equates to a loss of 257,000 jobs. February 2006 marked the peak of employment in this sector at 505,000 individuals.”

Housing Wire“Fannie, Freddie lenders to submit electronic appraisals in June” (4-12-11)

“Fannie Mae and Freddie Mac notified lenders Wednesday that a new system will be available June 27 giving lenders the ability to upload appraisals electronically.”

Housing Wire“Housing inventory rises for spring selling season: Altos” (4-12-11)

“Home sale inventory was up 2.97% in March and up 6.83% over the three months ended in March, according to the Altos Research 10-City Composite Index.”

Orange County Register - “Who has too much power in America?” (4-12-11)

“A new Gallup Poll shows Americans think that lobbyists, major corporations, banks, and the federal government have too much power, while state and local governments, the legal system, organized religion, and the military have the right amount of power or too little of it.”

Looking Back:

One year ago, distressed home sales in Orange County were selling 34 percent under the typical market place. Fiserv estimated that home prices would not return to the past peak levels until 2025.

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 9/16/10

Thursday, September 16th, 2010

Today’s News Synopsis:

According to MDA DataQuick, 6,698 houses and condos closed escrow in the Bay Area last month. Also, 34,239 houses and condos were sold statewide. BarCap expects that of all the subprime mortgages still current and originated in 2005, 70% will default.

In The News:

CBIA - “An Updated, Upgraded Deck Made Easy With Composites” (9-16-10)

“According to a recent study by the Joint Center for Housing Studies at Harvard University, remodeling spending is expected to increase on an annual basis by the end of the year with growth accelerating to the double-digits in the first quarter of 2011. Fueled by increased confidence in the economy, more homeowners are investing in their homes again.”

MDA DataQuick“California August Home Sales” (9-16-10)

“An estimated 34,239 new and resale houses and condos were sold statewide last month. That was down 2.7 percent from 35,202 in July, and down 14.0 percent from 39,811 for August 2009. California sales for the month of July have varied from a low of 29,764 in 1992 to a peak of 73,285 in 2005, while the average is 48,805. MDA DataQuick’s statistics go back to 1988.”

MDA DataQuick“Bay Area Home Sales Drop to 1992 Level; Median Price Slips Again” (9-16-10)

“A total of 6,698 new and resale houses and condos closed escrow in the nine-county Bay Area last month, down 1.1 percent from 6,773 in July and down 10.9 percent from 7,518 in August 2009, according to MDA DataQuick of San Diego.”

MBA - “MBA Report: Give FHA More Resources and Authority to Strengthen Program” (9-16-10)

“The Federal Housing Authority (FHA) commissioner should be granted the resources to better manage the agency through the current housing market crisis and to allow the agency to continue to thrive when the market recovers, according to new report from the Mortgage Bankers Association. Increasing resources for staffing and technology are among the 12 recommendations to improve the FHA and the Government National Mortgage Association (Ginnie Mae) by the MBA’s Council on the Future of FHA and Ginnie Mae. Convened in November 2009, the council consists of senior executives from 27 companies, representing both large national lenders and small independent mortgage bankers.”

CNN - “Foreclosure rates hold steady” (9-16-10)

“The number of homeowners falling enough behind on their loans to attract initial notices of default was down 30% in August, RealtyTrac said Thursday. Eventually, that should translate into fewer people losing their homes.”

San Diego Union Tribune“Most oppose walking away from mortgage” (9-16-10)

“A majority of Americans believe it is ‘unacceptable’ for homeowners to stop paying mortgage payments and walk away from their homes, says a Pew Research Center survey. Of the 2,967 adults surveyed during the second half of May, 59 percent said they believed it was wrong for a homeowner to stop making mortgage payments and surrender their home to a lender. Still, 19 percent said it was OK to walk away while another 17 percent said it depended on the homeowner’s circumstances.”

Housing Wire“CoreLogic sees distressed housing sales rising in coming months” (9-16-10)

“CoreLogic (CLGX: 18.29 -0.76%) said tax credit-induced sales helped push distressed sales to a seven-month low in June, but the share of distressed sales is expected to bounce back in coming months, according to the firm’s inaugural U.S. Housing and Mortgage Trends report. The bi-monthly report will track housing sales, valuation, negative equity and foreclosure activity. In June, the distressed sale share fell to 24% of overall sales, down from a peak of 35% in early 2009, according to CoreLogic.”

Housing Wire“Mission Capital principal: Banks stoke the economy with distressed sales” (9-16-10)

“Activity has dramatically picked up since the fourth quarter of 2008. This is in large part due to speculation on the part of funds and high net worth individuals in loan assets, as well as in the stock and debt of the underlying financial institutions. As banks have become more healthy and their financial projections more visible, they have stoked the economy by simultaneously lending and selling distressed loans at a discount. This creates a virtuous cycle of investment activity in that investors are investing in credit-impaired assets, rehabilitating them and then refinancing right-sized debt.”

Housing Wire“BarCap estimates more subprime defaults from troubled vintages” (9-16-10)

“BarCap analysts are predicting high default rates on still-current subprime mortgages originated between 2005 and 2007. Of those subprime mortgages still current and originated in 2005, 70% are expected to default. In 2006, the expected default rate for current subprime is 89%, and 84% of current subprime from the 2007 vintage.”

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 170 podcasts in our free investor radio archive.