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By Bruce Norris .

The Norris Group Real Estate News Roundup 5/17/13

Friday, May 17th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Redfin reported a strong housing market for the month of April with increases in inventory, home sales and prices.  The National Association of Realtors is in danger of experiencing losses in the next three years.

In The News:

Housing Wire - “Bid list indicates first signs of GSE risk reduction” (5-17-13)

“The Federal Housing Finance Agency plans to sell 5% of the illiquid portion of its retained portfolio assets by the end of the year, meaning the collateral Freddie Mac and Fannie Mae had before the conservatorship.”

DS News – “CoreLogic Case-Shiller Forecasts Waning Price Appreciation” (5-17-13)

“With housing prices on the rise across the nation, and double-digit increases in some markets, CoreLogic quashes any fears of another housing bubble forming any time soon.”

Bloomberg – “Wells Fargo Cites New Facts in Bid to Disband Plaintiffs” (5-17-13)

“Wells Fargo & Co. (WFC), citing “new facts,” asked a judge to revoke the class-action status he bestowed on a suit by institutional investors who claimed the bank marketed a risky securities-lending program as safe.”

Inman - “NAR could be in the red for the next 3 years” (5-17-13)

“A budget proposal for the National Association of Realtors projects the trade group will run at a loss for the next three years.”

Realty Times - “Mortgage Rates Move Higher for Second Consecutive Week” (5-17-13)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® (PMMS®), fixed-rate mortgage rates followed U.S. Treasury bond yields higher this week on signs of stronger consumer spending.”

DS News - “Redfin Reports Gains in Inventory, Sales, and Prices for April” (5-17-13)

“The housing market came out of April in a particularly strong position, according to Redfin’s latest Real-Time Price Tracker, with prices, sales, and inventory posting gains across the country.”

Housing Wire - “FHFA director nomination may be pushed to back burner” (5-17-13)

“The IRS scandal brewing in Washington D.C. may prompt Senate Republicans to put Rep. Mel Watt’s nomination to lead the FHFA on the back burner for now, analysts with Compass Point Research & Trading said this week.”

Realty Times - “Here We Go: Building Booming and Home Prices Rising” (5-17-13)

“In the first quarter of 2013 our economy grew by 2.5 percent. While some were disappointed with that figure because it fell short of the consensus estimate of 3.0 percent, it’s still a sign of better times, according to Corelogic.com.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $133,000 on a 3 bedroom, 2 bathroom home appraised for $194,000.

 

Bruce Norris of The Norris Group presented Poised to Pop: Quadrant Four Has Arrived with Chino Valley TODAY.

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Looking Back:

Jobless claims remained at 370,000 despite economists predicting they would decrease to 365,000 the previous week.  The number of people who could afford to buy a home was at its highest on record at 77.5%.  At the same time, foreclosures were at their lowest in five years.

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 4/11/13

Thursday, April 11th, 2013


Today’s News Synopsis:

Regulators for Fannie Mae said borrowers will now be able to receive new loans from the HARP program all the way through 2015.  Foreclosures in the first quarter declined 12% quarterly and 23% yearly to their lowest in six years.  Mortgage rates continue to be on the decline according to Freddie Mac.

In The News:

Housing Wire - “Freddie Mac: Fixed-mortgage rates continue to drop” (4-11-13)

“Fixed-mortgage rates inched down for the second consecutive week, aligning with weak employment reports, Freddie Mac said in its latest Primary Mortgage Market Survey.”

Bloomberg – “Fannie Mae Regulator Extends HARP Refinance Program Through 2015″ (4-11-13)

“Borrowers with mortgages backed by Fannie Mae (FNMA) or Freddie Mac (FMCC) will have until the end of 2015 to obtain new loans under the Home Affordable Refinance Program, the Federal Housing Finance Agency said today.”

DS News – “RealtyTrac: Foreclosure Activity Falls to Lowest Level Since 2007″ (4-11-13)

“Despite a monthly uptick in foreclosure starts, first quarter foreclosure activity fell to a six-year low, according to RealtyTrac’s foreclosure market report for the first quarter and March.”

Housing Wire- “Sen. Warren spars with regulators over foreclosure review settlement” (4-11-13)

“U.S. Sen. Elizabeth Warren sparred with prudential regulators on Capitol Hill, suggesting the recent $9.3 billion independent foreclosure review settlement between regulators and mortgage servicers failed to account for how many illegal foreclosures potentially impacted American borrowers.”

CNN Money - “Jobless claims point to fewer layoffs” (4-11-13)

“Claims for unemployment benefits are on a roller coaster ride again, falling dramatically last week after rising sharply a week earlier.”

DS News - “Advocacy Groups Call for National Homeowner Bill of Rights” (4-11-13)

“The Center for Responsible Lending and the Consumers Union, two consumer advocacy organizations, are calling on national lawmakers to create a Homeowner Bill of Rights in order to prevent ‘unnecessary foreclosures’.”

Inman - “Federal budget projects $943 million bailout for FHA” (4-11-13)

“The Federal Housing Administration will likely need a $943 million taxpayer bailout in the next fiscal year to cover losses stemming from defaults on loans made both during and after the housing boom, according to a 2014 budget proposal released by the Obama administration today.”

Housing Wire - “New York ruling is credit positive for RMBS trusts” (4-11-13)

“A recent decision by a New York Appellate Court in regards to MBIA’s reps and warranties litigation against Countrywide Home Loan is credit positive for both residential mortgage-backed securities and commercial mortgage-backed securities trusts, Moody’s Investors Service said in its latest credit outlook.”

Bloomberg - “Manhattan Apartment Rents Near Peak as Gains Accelerate” (4-11-13)

“Manhattan apartment rents jumped in March at the fastest pace in six months, sending rates to within about 2 percent of their peak, as limited inventory in the sales market fueled competition among tenants.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 4 bedroom, 2 bathroom home appraised for $282,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate TODAY.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, June 1 in Orange.

Looking Back:

The Mortgage Bankers Association reported a 2.4% decrease in mortgage applications from the previous week but an increase in Commercial and multifamily mortgage origination volumes.  New data from Corelogic showed the amount of money returned from REO-to-rental properties could reach as high as $100 billion.  The FDIC was planning to offer up for auction properties in Midwest states including Indiana, Illinois, Michigan, and Wisconsin.

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 3/1/13

Friday, March 1st, 2013



Sources:

 

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Spending on construction decreased last month by 2.1%, the biggest since 2011.  Spending increased despite personal income dropping by almost $500 billion.

In The News:

Bloomberg - “Construction Spending in U.S. Unexpectedly Fell in January” (3-1-13)

“Construction spending in the U.S. unexpectedly fell in January following the biggest back-to-back gain in a year, reflecting a slump in nonresidential and government projects.”

DS News – “Personal Income Plunges in January; Spending Up” (3-1-13)

“Personal income dropped $505.5 billion, or 3.6 percent, and disposable personal income (DPI) fell $491.4 billion, or 4.0 percent, in January, the Bureau of Economic Analysis (BEA) reported Friday.”

Realty Times - “Mortgage Rates Break Holding Pattern, Move Lower” (3-1-13)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, average fixed mortgage rates moved lower after being largely unchanged over the past month, while continuing to help drive the housing recovery leading up to the spring home buying season.”

Housing Wire- “Bank of America admits to NY AG probe and other investigations” (3-1-13)

“Mortgage-backed securities continue to plague Bank of America ($11.42 0.19%), the major lender that acquired subprime giant Countrywide during the financial crisis .”

DS News - “Consumer Debt Rises in Q4, Mortgage Debt Flattens: Fed” (3-1-13)

“Mortgage debt for U.S. households was roughly unchanged quarter-over-quarter, according to the Federal Reserve Bank of New York’s Household Debt and Credit report. Mortgage debt stood at $8.03 trillion in Q4, making up the largest component of household debt.”

DS News- “Firm Says National Home Price Gains Are Unsustainable” (3-1-13)

“While some read recent home price gains as a sign of an improving market, Radar Logic warns the recent gains are “unsustainable” and may actually be dampening market recovery.”

Housing Wire – “Judge revives multi-billion dollar MBS dispute against banks” (3-1-13)

“The Second Circuit Court of Appeals overturned a lower court’s dismissal of a major residential mortgage-backed securities lawsuit filed against U.S. investment banks.”

Hard Money Loan Closed

Santee, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $192,000 on a 3 bedroom, 2 bathroom home appraised for $297,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IVAOR on Wednesday, March 6, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

Looking Back:

In a big week for foreclosures, RealtyTrac said 24% of all home sales in the fourth quarter of 2011 were homes in foreclosure.  In other news, a bill got passed by the Florida House of Representatives that helped speed up several foreclosure processes.  Mortgage rates were back again to their 60-year lows after dropping a little the previous week.  Unemployment claims also decreased by 2000.

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 2/22/13

Friday, February 22nd, 2013



Sources:
Builder Confidence Virtually Unchanged in February
Freddie Mac: Rental Sector Shows Growth, but Lacks Affordability
HARP hits 2 million refinances
Housing Starts Down on Typical Multifamily Volatility; Permits Hit Four-Year High
U.S. 30-Year Mortgage Rates Rise to Highest Since August
Existing-Home Sales Inch Up; Inventory at Lowest Level Since 1999
January Existing-Home Sales Hold with Steady Price Gains, Seller’s Market Developing
Zillow: 1.9M Homeowners Released from Negative Equity in 2012
Limited Mortgage Finance Role for U.S. Government Gains Support

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Zillow reported home values increased in January for the 15th month in a row to $158,100, the biggest yearly increase in seven years.  Fannie Mae predicted economic growth will continue to remain slow despite the increase in taxes and spending cuts.

In The News:

Bloomberg - “Fattened Margins Seen Shrinking 40% at Banks: Mortgages” (2-22-13)

“Record mortgage profits that drove earnings at Wells Fargo & Co. (WFC) and JPMorgan Chase & Co. (JPM) are fading as increased competition keeps the rates banks are offering on new loans near all-time lows.”

DS News – “Fitch Finds Weaknesses in Recent RMBS Transactions” (2-22-13)

“While most representation and warranty guidelines for recent residential mortgage-backed securities (RMBS) have been “substantially stronger than observed in pre-crisis transactions,” according to Fitch, the ratings agency has begun to encounter some proposals that fall short of the industry’s recently-enhanced standards.”

Realty Times - “Average 30-Year Fixed-Rate Mortgage Up a Smidgen” (2-22-13)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, the average fixed mortgage rates have changed little over the past four weeks which is helping to spur new home construction.”

Housing Wire- “Refis of underwater loans shrink Ohio’s distressed inventory” (2-22-13)

“While loan modifications continue to ease distress for a small fraction of delinquent loans in Ohio, the refinancing of current underwater loans is also decreasing the state’s inventory of troubled mortgages.”

DS News - “Home Values Post Biggest Annual Increase Since 2006; Rent Gains Slow” (2-22-13)

“Home values in January posted their biggest annual increase since July 2006, beating national gains in rent, according to a recent report from Zillow.”

Housing Wire – “California captures 40% of aid from the national mortgage settlement” (2-22-13)

“The state of California received a disproportionate share of relief dollars from the 49-state national mortgage settlement, according to data released this week.”

DS News- “Fannie Mae Projects Slow Economic Growth Amid Fiscal Policy Concerns” (2-22-13)

“Even with tax hikes and spending cuts creating a significant headwind to the economy, Fannie Mae’s Economic & Strategic Research Group is maintaining its outlook for slow and steady growth in 2013.”

Housing Wire – “MBA economist sees home price recovery, but hurdles remain” (2-22-13)

“The Mortgage Bankers Association’s chief economist rejects the idea that today’s home price recovery and improvements in housing are the result of artificial market lifts such as legislation and federal intervention.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $74,000 on a 4 bedroom, 2 bathroom home appraised for $116,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Looking Back:

Sales of existing homes increased in January of last year for the third month in a row.  Construction jobs also increased with people’s positive outlook on the housing market and increase in remodeling projects.  In the housing market as a whole, market trends were showing signs of improvement amidst a weak market.

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 2/7/13

Thursday, February 7th, 2013


Today’s News Synopsis:

Freddie Mac reported mortgage rates showed little change this week, showing the rate of change now at levels below normal.  30-year rates remain unchanged at 3.53% and 15-year rates at 2.77%.  Consumer confidence is increasing, and more consumers are showing a more positive outlook on the economy with the increase in home sales and confidence in the job market.  Democrats are urging President Obama to remove acting director Edward DeMarco and hire a permanent director.

In The News:

Realty Times – “Mortgage Fraud Gang-of-Three Bust A Reminder Mortgage Fraud Continues” (2-7-13)

“A housing consumer protection stalwart, California Attorney General Kamala D. Harris, recently announced the arrest of three suspects charged with mortgage fraud that targeted struggling homeowners.”

Housing Wire- “Phoenix housing market rises from the ashes” (2-7-13)

“The Phoenix housing market has seen dramatic change over the past year after the sand state reached a low point in September 2011.”

Bloomberg – “Obama Urged by House Democrats to Replace Fannie Mae’s Regulator” (2-7-13)

“A group of House Democrats is urging President Barack Obama to nominate a permanent director for the Federal Housing Finance Agency to replace an acting chief they say is standing in the way of aid for struggling borrower.”

CNN Money - “Washington D.C. jobs: Ground zero for budget cuts” (2-7-13)

Washington, D.C., is ground zero for federal jobs. Which means, residents better prepare for layoffs and furloughs.  Come March 1, if Congress fails to act, the so-called “sequestration” would slash $85 billion from federal budgets through Sept. 30, part of some $1.2 trillion dollars in cuts expected over the next decade.”

Inman - “Mortgage rates settle back down” (2-7-13)

“Mortgage rates settled down this week at levels well below historic norms after surging during the last week of January.  ”

Housing Wire- “Florida Supreme Court rules on controversial foreclosure case” (2-7-13)

“A Florida homeowner lost his bid to get a voluntarily dismissed foreclosure case reinstated for the purpose of showing the initial foreclosure proceeding contained fraudulent documentation.”

Bloomberg - “PennyMac, Run by Ex-Countrywide President, Files IPO Plans” (2-7-13)

“PennyMac Financial Services Inc., the residential mortgage company founded by former Countrywide Financial Corp. President Stanford L. Kurland, filed for a public offering of as much as $287.5 million.”

Housing Wire- “Consumer confidence breaks darkness surrounding housing” (2-7-13)

“Higher home sales and growing optimism on the jobs front are further signs of a stabilizing real estate market, Fannie Mae concluded Thursday.”

DS News- “Nationstar Announces Acquisition of Equifax Settlement Services” (2-7-13)

“Nationstar Mortgage Holdings Inc., a large Texas-based residential mortgage services company, announced the acquisition of Equifax Settlement Services Holding, LLC (ESS) Thursday.”

Hard Money Loan Closed

Fontana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $193,000 on a 3 bedroom, 2 bathroom home appraised for $280,000.

 

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Looking Back:

According to DS News, the number of homeowners receiving loan modifications from HAMP reached 1 million.  In other news, more than 40 states joined in on a settlement to help homeowners in foreclosure.  Banks were beginning to help out with people in foreclosure by offering them money to sell their properties at a lower price than what was owed.

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 2/1/13

Friday, February 1st, 2013



Sources:
Tight inventories weigh on prospects for 2013 growth
U.S. home prices crawl upward
U.S. Home Vacancies Fell in 4th Quarter From Prior Year
U.S. Mortgage Rates Rise With 30-Year Highest in 4 Months
Economy Adds Another 157,000 Jobs; Rate Up to 7.9%
Q4 GDP Falls for First Time Since Recession Ended
San Bernardino County Rejects Eminent Domain Proposal
Housing Recovery Hit by Low Inventory
FHA to hike premiums on mortgages
LPS Resolves ‘Robo-Signing’ Allegations in $127M Multistate Settlement

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The Labor Department reported 157,000 jobs were added last month, showing an increase in jobs but slower rate month-over-month when 196,000 jobs were added in December.  The multifamily market has showed tremendous progress across the nation with the housing crisis and stronger economic climate.

In The News:

CNN Money- “Jobs report: Steady hiring continues” (2-1-13)

“The jobs recovery continued to crawl forward at a slow pace in January, and there’s little hope it will pick up any time soon.  The U.S. economy added 157,000 jobs in January, according to a Labor Department report released Friday. That’s slower growth than in December, when employers hired 196,000 workers.”

Housing Wire – “RBS: 10-year Treasury yield will grow despite bond-buying strategy” (2-1-13)

“The 10-year Treasury yield rose by 2% this week, its highest level since the Federal Reserve announced the continuation of an open-ended third round of quantitative easing on Sept. 13.”

DS News- “Report: Foreclosure Inventory Down Nearly 20% from Year Ago” (2-1-13)

“In December, the number of homes in some stage of the foreclosure process continued to shrink, and fewer homes were lost to foreclosure, according to the National Foreclosure Report from Corelogic.”

Housing Wire- “NRLB decision brings out CFPB opponents” (2-1-13)

“Opponents of the Consumer Financial Protection Bureau introduced legislation this week that would prevent the CFPB from enforcing or implementing regulations without a constitutionally confirmed director in place.”

Realty Times - “Mortgage Rates Trending Higher” (2-1-13)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, mortgage rates continuing to trend higher amid a growing economy led in part by the recovering housing market.”

Inman – “IRS provides guidance on HAMP principle reductions” (2-1-13)

“The Home Affordable Modification Program (HAMP) was established a few years ago by the Departments of the Treasury and Housing and Urban Development to help homeowners who are underwater avoid foreclosure.”

DS News- “Multifamily Sector to Remain Strong with a Few Hiccups in Some Markets” (2-1-13)

“The recent housing crisis and the broader economic climate have led to a strong multifamily housing market nationwide. Marcus & Millichap Real Estate Investment Services’ recently released National Apartment Report promises another year of expansion in the multifamily market as ‘the alignment of powerful demographic and economic trends continues to fortify nationwide apartment performance’.”

Housing Wire – “Lawmakers request more transparency in foreclosure settlement” (2-1-13)

“In an attempt to boost transparency, two lawmakers requested documents related to the $8.5 billion foreclosure settlement intended to compensate homeowners who allegedly experienced improper foreclosures.”

Hard Money Loan Closed

Winchester, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $195,000 on a 5 bedroom, 3 bathroom home appraised for $289,000.

 

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Looking Back:

170,000 jobs were added to the private sector, although job growth overall was slower for the month of January as companies were hiring fewer people.  In updated news from the previous day, the home ownership rate decreased for 7 years straight and was at levels that had not been seen in almost 14 years.  Both mortgage rates and applications continued to stay low.

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 1/25/13

Friday, January 25th, 2013



Sources:
Home Values See Largest Annual Gain Since 2006
Home sales slip nationally in December as inventory drops
Fitch: U.S. RMBS Delinquencies Improve in Q4
Home prices maintain upward trajectory
LPS: Foreclosure Inventory, Delinquency Rates Decrease from Year Ago
Mortgage rates on rise, Freddie Mac says; 30-year fixed at 3.42%
Housing likely to contribute to 2013 GDP
U.S. Bank Deposits Drop Most Since 9/11 Terror Attacks
Fannie Mae: Slow Economic Growth May Be the Near-Term Norm
SEC nomination reawakens RMBS fraud debate
Research Points to Strong Multifamily Sector This Year

Today’s News Synopsis:

This week’s video is a slideshow of some of the big news stories in real estate.  Mary Jo White was nominated by President Barack Obama to lead the Securities and Exchange Commission, but her nomination has brought back up the issue of mortgage fraud as several wonder how she will handle it.  New home sales dropped unexpectedly in December by 7.3%.

In The News:

Housing Wire- “Freddie Mac monthly purchases drop by nearly half” (1-25-13)

“Freddie Mac bought $33.6 billion worth of mortgages and mortgage-related securities in November, down almost 50% from $62.5 billion purchases in November.”

Bloomberg – “U.S. New-Home Sales Drop Blemishes Best Year Since 2009″ (1-25-13)

“Purchases of new U.S. homes unexpectedly decreased in December, a temporary blemish as the industry wrapped up its best year since 2009 to emerge as a bright spot for the economy.”

DS News- “Agents Report Strong Homebuyer Traffic Despite Winter Season” (1-25-13)

“Winter weather did not slow down the housing market’s momentum, with homebuyer traffic still going strong in December, according to survey results from Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.”

Housing Wire- “Cloudy future for REO-to-rental asset class” (1-25-13)

“While the single-family/real estate-owned rentals could grow in the short term — absorbing excess inventory through shadow inventory pipeline — the long-term outlook remains cloudy.”

Realty Times - “Fixed Mortgage Rates Move Higher” (1-25-13)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, fixed mortgage rates moved higher from the previous week.”

Inman – “Alleged scam site shut down after Realtor investigations” (1-25-13)

“A site that had allegedly been posting false complaints about Realtors and then offering to remove them in exchange for money has been shut down, according to the National Association of Realtors.”

Housing Wire- “SEC nomination reawakens RMBS fraud debate” (1-25-13)

“President Barack Obama officially nominated Mary Jo White, a white-collar prosecutor with significant Wall Street experience, to lead the Securities and Exchange Commission Thursday.”

DS News – “Research Points to Strong Multifamily Sector This Year” (1-25-13)

“The industry seems to agree the multifamily housing market is recovering well and will continue to show positive signs this year.”

Hard Money Loan Closed

Winchester, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $195,000 on a 5 bedroom, 3 bathroom home appraised for $289,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 2012.

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Looking Back:

Bloomberg reported the sales of pending homes decreased 3.5% the previous month, and at the same time contracts for existing home sales were at the highest in 19 months.  In his latest State of the Union Address, President Barack Obama announced that he intended to start a new refinance program allowing homeowners to refinance at low interest rates and therefore save almost $3,000.

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 1/11/13

Friday, January 11th, 2013



Sources:
List of Improving Housing Markets Expands to 242 in January
About 43% of Americans expect home prices to rise
Mortgage Daily: Mortgage Business Closings Finish 2012 at 82
Fannie, Freddie short sales hit record high
2012 a banner year for housing affordability, industry group says
BofA Earmarks $11.7 Billion to Cap Fannie Mae’s Claims
Ten banks to pay $8.5 billion to settle foreclosure abuse review
IRS will accept tax returns starting Jan. 30
CFPB Releases Long-Awaited Qualified Mortgage Rule

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The delinquency rate for commercial mortgage-backed securities decreased below 8% for the seventh month in a row.  Wells Fargo saw a 24% increase in their profits with the increase in lending.

In The News:

DS News – “CMBS Delinquency Rate Falls for 7 Straight Months: Fitch” (1-11-13)

“The delinquency rate for commercial mortgage-backed securities (CMBS) managed to slip below 8 percent before the close of 2012, while the multifamily sector led with the biggest decline for the year, Fitch Ratings reported Friday.”

Housing Wire- “Mortgage bonds bring record profits to Federal Reserve” (1-11-13)

“The Federal Reserve paid the federal government a record $88.9 billion in 2012, compared to $75.4 billion last year, reaping gains from Treasury bonds and mortgage-backed securities purchased to spur economic growth and drive interest rates lower.”

Realty Times- “30-Year Fixed-Rate Mortgage Averages 3.40 Percent” (1-11-13)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, fixed mortgage rates moved higher following December’s employment report.”

Housing Wire- “Housing recovery lifts insurers commercial mortgage investments” (1-11-13)

“The performance of insurance companies’ commercial mortgage investments posted gains as losses declined and risk levels mitigated on improving real estate fundamentals.”

Bloomberg- “Wells Fargo Profit Rises as Bank Boosts Lending” (1-11-13)

“Wells Fargo & Co. (WFC), the largest U.S. home lender, reported a 24 percent rise in fourth-quarter earnings as the bank extended more credit. The shares slipped as margins narrowed and mortgage applications waned.”

Inman – “Zillow and Century 21 renew marketing agreement” (1-11-13)

“Century 21 Real Estate will continue providing listings to Zillow.com in return for perks intended to help the franchisor’s agents generate more business, the companies said in announcing the renewal of a 2010 marketing agreement.”

Housing Wire- “Qualified mortgage begins to take shape” (1-11-13)

“The Consumer Financial Protection Bureau’s definition of a qualified mortgage is beginning to give the lending industry some idea of what loans will be considered safe in the new lending environment.”

DS News – “Keystone Asset Management Partners with RealtyPilot” (1-11-13)

“Keystone Asset Management Inc. announced a partnership with RealtyPilot, LLC.”

Hard Money Loan Closed

Menifee, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $118,000 on a 3 bedroom, 2.5 bathroom home appraised for $185,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association on Thursday, January 17, 2013

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Buena Park Apartment Owners Association on Wednesday, January 23, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association at the Scottish Rite Center on Thursday, January 24, 2013.

Looking Back:

In an updated news story, Michael J. Willimas, the Chief Executive for Fannie Mae, resigned and was required to step down as soon as a successor was found.  The latest report from the Lender Processing Services showed a decrease in home values of only 8%, and an overall slowdown in decreasing values.  The latest survey from the Mortgage Bankers Association showed an increase in mortgage applications.

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 12/21/12

Friday, December 21st, 2012



Sources:
Missouri Bank Closing Raises 2012 Tally to 51
Real Estate Outlook: RealtyTrac’s November Foreclosure Report
Builder Confidence Continues Improving in December
Prices Continue to Climb in November: RE/MAX
Groups Gather to Assist New York Homeowners Impacted by Sandy
California foreclosure inventory shrinks on short sales, loan mods

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video. Home values increased for the first time since 2006 according to Zillow.  Personal income also increased 0.6% last month.

In The News:

Housing Wire- “Housing recovery crosses halfway mark: Trulia” (12-21-12)

“The housing industry is 51% back to normal, according to a Trulia ($16.12 -0.13%) assessment of key housing statistics.”

DS News- “Zillow: Home Values to See First Annual Cumulative Gain Since 2006″ (12-21-12)

“After five years of cumulative losses, home values will finally post their first annual gain, according to data from Zillow.”

Realty Times- “Mortgage Rates Mixed, 30-Year Fixed Averages 3.37 Percent” (12-21-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, fixed mortgage rates were mixed following data reports on inflation and the housing construction market. The 30-year fixed moved up averaging 3.37 percent, while the 15-year fixed eased to 2.65 percent, both remaining near their record lows.”

Housing Wire – “LPS: 7.12% of U.S. loans are delinquent” (12-21-12)

“Mortgage delinquencies ticked up in November even though the nation continued to experience declining distressed inventory levels and fewer delinquencies year-over-year, according to data firm Lender Processing Services.”

DS News- “Personal Income Jumps In November” (12-21-12)

“Personal income jumped 0.6 percent in November—twice what economists forecast—improving $85.8 billion, while spending rose a hefty 0.4 percent, the Bureau of Economic Analysis (BEA) reported Friday. The growth in spending matched economists’ forecasts.”

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Scottish Rite Center in San Diego on Tuesday, December 11, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IRCA Los Angeles on Wednesday, January 2, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley on Tuesday, January 8, 2012.

Looking Back:

The NAHB reported an increase in confidence for homebuilding for the third month in a row.  However, mortgage rates were down to a new low according to the latest survey released by the Mortgage Bankers Association.  The number of existing homes increased again the previous month by 4% according to NAR, and shadow inventory is continuing to remain steady.

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 12/07/12

Friday, December 7th, 2012



Sources:
Foreclosures down in October as housing market continues healing
Real Estate Outlook: Existing-Home Sales Increase
Construction Spending in U.S. Increases More Than Forecast
Home prices show biggest jump in 6 years in October
Mortgage Applications Increase in Latest MBA Weekly Survey
RealtyTrac: Short Sales, Pre-Foreclosure Sales Increase in Q3
Freddie Mac says typical 30-year mortgage rate up a hair at 3.34%
Freddie Mac’s Serious Delinquency Rate Slips to Three-Year Low
Fannie, Freddie halt foreclosures for the holidays
NJCC Selected to Buy 399 Distressed Loans Through HUD Program
FDIC-Insured Banks Improve Earnings in Q3, ‘Problem’ List Shrinks
“Unemployment Rate Drops to 4-Year Low, 146K Jobs Added”

Today’s News Synopsis:

This week’s video is a slideshow of the real estate news of the week.  The unemployment rate decreased to 7.7% with the addition of 146,000 new jobs and is now at its lowest since December 2008.  NAHB reported the list of improving markets increased by 76 and is now at 201.

In The News:

DS News- “Unemployment Rate Drops to 4-Year Low, 146K Jobs Added” (12-7-12)

“Superstorm Sandy blew a hole in not in the nation’s labor market but economists’ crystal balls as the economy added 146,000 jobs and the unemployment rate fell to 7.7 percent, the lowest level since December 2008, the Bureau of Labor Statistics reported Friday.”

Realty Times- “Mortgage Rates Calm, Near Record Lows” (12-7-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, fixed mortgage rates showed little change and remained near their record lows helping to keep homebuyer affordability high and attractive to those looking to refinance.”

Housing Wire- “HARP refinancing narrows among big lenders” (12-7-12)

“The available pool of eligible mortgages that qualify for the Home Affordable Refinance Program refinancing continued to narrow among the big lenders — Bank of America ($10.57 0.11%), JPMorgan Chase ($42.19 0.72%), Citigroup ($37.51 0.49%) and Wells Fargo ($33.08 -0.065%) — according to the Royal Bank of Scotland’s December prepayment report.”

DS News- “NAHB: List of Improving Markets Hits 201, Up by 76″ (12-7-12)

“The number of new improving markets observed by the National Association of Home Builders (NAHB) skyrocketed in December, according to a release from the group.”

Inman- “Housing recovery hinges on mortgage supply” (12-7-12)

“Markets are very quiet despite the usual first-week-of-month flood of new data.  In the last week the 10-year T-note has not traded above 1.63 percent nor below 1.58 percent, and mortgages are holding just below 3.5 percent depending on borrower and property.”

DS News – “CMBS Delinquency Rate Down to Two-Year Low: Fitch” (12-7-12)

“A “surge” in new issuances brought down the CMBS delinquency rate in November to a two-year low, according to the latest CMBS delinquency report from Fitch Ratings.”

Housing Wire- “Obama scorecard reveals more housing improvement” (12-7-12)

“More than 1.3 million homeowner assistance actions have taken place through the Making Home Affordable Program.”

Hard Money Loan Closed

Redlands, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 3 bedroom, 2 bathroom home appraised for $322,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Scottish Rite Center in San Diego on Tuesday, December 11, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IRCA Los Angeles on Wednesday, January 2, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley on Tuesday, January 8, 2012.

Looking Back:

According to the latest survey released by the Mortgage Bankers Association, mortgage applications increased 12.8% from the previous week.  In the whole world, home prices did not show any signs of change in the third quarter.  TransUnion forecasted mortgage delinquencies would decrease almost 7% by this 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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