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The Norris Group Real Estate News Roundup 10/21/11

Friday, October 21st, 2011

Today’s News Synopsis:

This week’s video is I Survived Real Estate 2011, which can be seen on the Norris Group website and YouTube.  The housing market is continuing to show signs of weakness according to the latest CoreLogic report.  According to the Los Angeles Times, the unemployment rate is showing signs of improvement as it decreased below 12% in September with the creation of 12,000 new jobs.

In The News:

Bloomberg - “MGIC Leads Mortgage Insurer Slump as Loss Widens on Home Borrower Defaults” (10-21-11)

“MGIC Investment Corp. (MTG) led a mortgage insurer slump after reporting a wider third-quarter loss as the cost of claims from mortgage delinquencies rose.”

Housing Wire - “Recent housing data shows only weakness: RadarLogic” (10-21-11)

“The housing market continues to be very weak and is unlikely to improve in the near term, according to the August 2011 RPX monthly housing report from New York-based Radar Logic Inc.”

NAHB - “Statement from NAHB Chairman Bob Nielsen on Senate Action to Reinstate Loan Limits” (10-21-11)

“The National Association of Home Builders commends the Senate for approving an amendment offered by Sens. Bob Menendez (D-N.J.) and Johnny Isakson (R-Ga.) that is essential to help mend the struggling housing market, provide affordable mortgages for creditworthy home buyers and move the economy forward. The 60-to-38 vote demonstrates bipartisan support for pro-housing policies that will help our industry to create jobs and spur economic growth.”

Los Angeles Times - “California’s unemployment rate dips in September” (10-21-11)

“California’s unemployment rate dipped below 12% in September, and nearly 12,000 new jobs were created.  The jobless rate fell to 11.9%, from 12.1% in August, and was the best performance since June.”

Realty Times - “Existing-Home Sales Down Again” (10-21-11)

“Existing-homes sales were unable to keep up the momentum seen in August according to recent figures from the National Association of Realtors ®.  The rate of existing-home sales was down 3.0 percent last month, though this rate is still 11.3 percent above September 2010.”

Housing Wire – “Senate votes to extend the conforming loan limits” (10-21-11)

“The Senate voted 60-38 Thursday night to reinstall the elevated conforming loan limits on mortgages guaranteed by the government.”

CNN Money - “Foreign buyers scooping up U.S. homes” (10-21-11)

“International purchases of American homes are ramping up, and a new Senate bill designed to boost the ailing real-estate market would encourage globe-trotting investors to buy even more.”

Rismedia - “Rising Rents Improve Investors Returns” (10-21-11)

“With rents rising faster than last year, the picture for residential real estate investors is getting even better than it already was as a result of once-in-a-generation prices and low interest rates, according to the founder of a leading internet platform for investors and real estate professionals.”

Realty Times - “Fixed Mortgage Rates Hold Steady” (10-21-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates relatively unchanged for the week amid mixed economic and consumer sentiment reports. Adjustable mortgage rates were mixed while fixed mortgage rates held steady remaining near their 60-year lows.”

Looking Back:

According to MDA DataQuick, 6,334 houses and condos closed escrow in Northern California during September 2010. The government estimated that the financial rescue involving Fannie Mae and Freddie Mac. Bank of America sued the FDIC for $1.75 billion. The Labor Department reported jobless claims decreased 4.8% the previous week.

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.

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The Norris Group Real Estate News Roundup 8/26/11

Friday, August 26th, 2011

Sources:
Freddie delinquencies tick up for first time in 10 months
Increased mortgage delinquencies could adversely affect RMBS: S&P
July Pending Home Sales
Ben Bernanke Provides No Relief
C.A.R sends letters to top lenders re: short sales
Gov. Jerry Brown proposes job creation plan for California

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. Bloomberg reported Ben Bernanke has still not provided any good news for the economy.  Zillow recenlty estimated that the prices of homes declined over 4% last June.  Delinquencies are still on the rise, however, foreclosures and distressed sales are decreasing.  Banks are expeted to do more short sales with houses as these are expected to sell more quickly.

In The News:

Housing Wire – “GDP growth revised down to 1% for 2Q” (8-26-11)

“Gross domestic product — or output of all goods and services — grew at an annual rate of 1% in the second quarter, compared to growth of 0.4% in the first quarter, the Commerce Department said Friday.”

Realty Times - “Foreclosures Slow but Delinquencies Rise” (8-26-11)

“A new report indicates that the number of delinquent mortgage borrowers climbed in the second quarter. That’s people who have missed at least one payment, according to the Mortgage Bankers Association (MBA).”

DS News - “California Distressed Sales Decline, Realtors Push for Streamlined Shorts” (8-26-11)

“California’s pending home sales dipped in July, as did the share of distressed property sales, according to a report released by the state’s Realtor group this week.”

Bloomberg - “New York Buildings Face Storm Damage as Property Managers Plan for Irene” (8-26-11)

“Hurricane Irene may cause seriousdamage to some New York City buildings as it threatens to bring surging floodwaters and strong winds that may spur flying debris, property managers said as they prepared for the storm.”

Housing Wire – “August consumer sentiment drops to 3-year low” (8-26-11)

“Consumer sentiment in the U.S. plunged to the lowest level in three years and to one of the lowest level recorded by the Thomson Reuters/University of Michigan survey.”

Realty Times - “Mortgage Rates Follow Bond Yields Higher for the Week” (8-26-11)

“Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates moving higher from the previous week’s record lows as Treasury bond yields moved higher and other housing data showed improvement. However, the 5-year ARM did decline to 3.07 percent thereby setting a new all-time record low.

Realtor Magazine – “Banks Agree to More Short Sales” (8-26-11)

“Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.”

Housing Wire - “Zillow estimates 4.3% decline in home prices” (8-26-11)

“Standard & Poor’s is likely to report a 4.3% decline in June home prices year-over-year and a 1.2% increase from the previous month when it releases its June Case-Shiller Home Price Indices study next Tuesday, Zillow said Friday.”

Los Angeles Times - “Corporate profits increase as GDP remains sluggish” (8-26-11)

“The nation’s gross domestic product may be growing at just a crawl, but corporations aren’t doing so badly in this economy, according to data released from the Bureau of Economic Analysis.  Corporate profits increased in the second quarter, as did the amount of cash businesses had available for investments, as taxes decreased.”

DS News - “Radar Logic to Propose Plan to Address Government REOs” (8-26-11)

“Radar Logic plans to publish a response to the government’s proposal to sell pools of foreclosed homes to investors to rent.”

Bloomberg – “Bernanke Doesn’t Signal More Stimulus” (8-26-11)

“Federal Reserve Chairman Ben S. Bernanke said the central bank still has tools to stimulate a recovery that has been weaker than forecast while sticking to his view that growth will pick up.”

Looking Back:

The MBA’s second quarter survey showed the delinquency rate for mortgage loans on residential properties dropped to 9.85 percent. Freddie Mac reported that interest rates dropped AGAIN to 4.36%. According to CoreLogic, 23 percent of residential homes with mortgages were in negative equity at the end of the 2nd quarter of 2010. Barclays Capital claims existing home sales decreased 30% in July 2010.

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 5/26/11

Thursday, May 26th, 2011

Today’s News Synopsis:

An survey from Move shows 53.5% of investors expect home prices to remain the same over the next year. Freddie Mac said mortgage rates have dropped to 4.6%. According to RealtyTrac, foreclosures represent 45% of sales in California. The national Real GDP increased at an annual rate of 1.8% in the first quarter.

In The News:

NAHB - “Builders Urge Congress to Maintain Ongoing Federal Role to Ensure a Healthy Mortgage Market” (5-26-11)

“Testifying before the Senate Banking Committee, NAHB First Vice Chairman Barry Rutenberg, a home builder from Gainesville, Fla., said that absent a federal role to help reassure mortgage market investors, the cost and availability of mortgage credit would be subject to unpredictable volatility.”

Housing Wire – “Investors ready to heat up the housing market: Move Inc.” (5-26-11)

“The firm’s real estate investor survey found 22% of investors are bullish about home prices going up in the next six to 12 months, a slight uptick from prior periods. About 53.5% expect home prices to remain relatively the same.”

Housing Wire – “Jobless claims rose 2.3% last week” (5-26-11)

“The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended May 21 increased to 424,000 from 414,000 the previous week, which was revised upward by 5,000 claims.”

Office of Thrift Supervision - “OTS 11-012 – Thrift Industry Reports Seventh Consecutive Quarterly Profit” (5-26-11)

“The U.S. thrift industry posted a profit of $1.4 billion in the first quarter of 2011, the industry’s seventh consecutive quarter of profitability, the Office of Thrift Supervision (OTS) reported today.”

Los Angeles Times – “Freddie Mac: Mortgage rates still falling” (5-26-11)

“Mortgage rates fell for the sixth straight week, according to a widely watched survey of lenders, with the 30-year fixed loan at an even 4.60%, its lowest level since fall.”

CNN - “Foreclosures for sale: Big supply, low prices” (5-26-11)

“Foreclosures represent 45% of sales in California and Arizona, and 28% of all existing home sales during the first three months of 2011.”

Housing Wire – “Revised estimate for 1Q GDP growth remains 1.8%” (5-26-11)

“Real gross domestic product in the United States increased at an annual rate of 1.8% in the first quarter, based on the revised estimate released by the Commerce Department’s Bureau of Economic Analysis Wednesday.”

Housing Wire – “Spring home sales largely flat: Radar Logic” (5-26-11)

“In March, the seasonal uptick in home sales was smaller than usual, with the RPX composite transaction count rising 11.5%, compared to the average 16.5% growth-spurt experienced in the month of March during the course of the past decade.”

Looking Back:

One year ago, the Commerce Department reported sales of new single-family homes rose 14.8 percent in April. Mortgage application volume increased 11.3 percent on a seasonally adjusted basis from the previous week. The NAR predicted commercial vacancy rates would increase from 16.9 percent in the first quarter of 2010 to 17.6 percent in the first quarter of 2011. According to Freddie Mac, home prices declined 1.1% in quarter 1 of 2010 compared to the same quarter 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 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 1/25/11

Tuesday, January 25th, 2011

Today’s News Synopsis:

69,799 Notices of Default were recorded during the 4th quarter of 2010, according to MDA DataQuick. The Case-Schiller Index shows home prices decreased 1% during November in the nation’s top 20 metropolitan areas. University of the Pacific estimates unemployment will remain above 10% in California for 3 more years. IEmergent expects mortgage loan origination to fall below $1 trillion this year.

In The News:

MDA DataQuick – “Another Decline in California Foreclosure Activity” (12-25-10)

“A total of 69,799 Notices of Default (NoDs) were recorded at county recorders offices during the October-to-December period. That was down 16.2 percent from 83,261 for the prior quarter, and down 17.5 percent from 84,568 in fourth quarter 2009, according to San Diego-based DataQuick Information Systems.”

New York Times – “U.S. Home Prices Slump Again, Hitting New Lows” (12-25-10)

“Prices in 20 major metropolitan areas fell 1 percent in November from October, according to the Standard & Poor’s Case-Shiller Home Price Index. The index is only 3.3 percent above the low it reached in April 2009 and has fallen fell 1.6 percent from a year ago.”

Sacramento Bee – “Grim economic forecast for California, capital” (12-25-10)

“Even though job growth is picking up, unemployment will remain above 10 percent in California for three more years, according to the latest forecast from the University of the Pacific.”

Housing Wire – “Home prices on federally backed mortgages unchanged in November: FHFA” (12-25-10)

“Home prices fell 4.3% between November 2009 and November 2010. The FHFA revised the previously reported 0.7% increase in October down to a gain of 0.2%. The agency’s monthly index is calculated using purchase prices of houses backing mortgages sold to or guaranteed by Fannie Mae or Freddie Mac.”

Housing Wire – “$1 billion in mortgage help to unemployed won’t come until spring” (12-25-10)

“The Department of Housing and Urban Development will release $1 billion in mortgage assistance to the unemployed this spring, a HUD spokesman confirmed to HousingWire Tuesday, after receiving complaints from lawmakers and advocacy groups that HUD was dragging its feet.”

Housing Wire – “Mortgage loan origination to drop below $1 trillion in 2011″ (12-25-10)

“iEmergent expects mortgage loan purchase volume plus refinancings of between $903.8 billion and $990.7 billion this year.”

Housing Wire – “Moody’s says keeping Fannie, Freddie intact is lose-lose” (12-25-10)

“The Treasury Department is delaying a report on the future of the government-sponsored enterprises from the end of January until mid-February. Meanwhile, Moody’s Investors Service is throwing its hat into the ring, arguing that the current model is not only unsustainable, but against government vision.”

Housing Wire – “Housing analysts expect home price declines through 2011″ (12-25-10)

“Radar Logic made a similar assessment when it released its RPX composite price index last week, which showed a 0.3% increase in home prices from October to November. Research firm Capital Economics also forecasts a price drop. The firm predicts a 5% drop by the end of 2011.”

Housing Wire – “Ten indicted in California mortgage fraud scheme” (12-25-10)

“A newly unsealed 56-count indictment charges 10 people in California in a $20 million mortgage fraud scheme in Bakersfield, Calif., said U.S. Attorney Benjamin Wagner.”

Looking Back:

One year ago, existing home sales decreased by 16.7 percent in December. The HVCC repeal bill, named HR 1728, passed in the House of Representatvies and was waiting approval from Congress. The FDIC took over 5 more failed banks in one week. FTN Financial reported that declining home values had little effect on the nation’s economic recovery.

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 1/7/11

Friday, January 7th, 2011

Today’s News Synopsis:

ZipRealty reports housing inventory increased 11.2% in 26 major markets from last year. Bernanke told congress he expects a moderate recovery this year. The Massachussets Supreme Court ruled against Wells Fargo in a major foreclosure case. Radar Logic claims home prices remained nearly unchanged from last year.

In The News:

Inman - “For-sale real estate inventory rises 11.2% in December” (1-7-11)

“More homeowners listed their homes for sale in December compared to the same month the year before, according to a report from national real estate brokerage ZipRealty. The number of multiple listing service listings for single-family homes and condominiums in 26 major markets rose 11.2 percent year-over-year in December, to 595,922 total.”

New York Times – “Bernanke Expects a ‘Moderately Stronger’ Recovery” (1-7-11)

“The Federal Reserve chairman, Ben S. Bernanke, told senators on Friday that he expected the recovery to be ‘moderately stronger’ this year. He also defended the central bank’s $600 billion program to stimulate the economy by buying government bonds, and urged Congress to put a credible plan in place to reduce the federal deficit.”

Housing Wire – “Mass. Supreme Court rules against US Bancorp, Wells Fargo in foreclosure case” (1-7-11)

“In a case that could cause many others to be reviewed, a Massachusetts Supreme Judge ruled against U.S. Bancorp (USB: 26.12 -0.65%) and Wells Fargo (WFC: 31.62 -1.65%) Friday saying the banks were not the mortgage holders when they foreclosed on two separate homes.”

Housing Wire – “Senator claims HUD help for unemployed has not reached homeowners” (1-7-11)

“Sen. Bob Casey (D-Pa.) sent a letter to Department of Housing and Urban Development Secretary Shaun Donovan, urging him and the agency to disburse funds allocated to help unemployed homeowners avoid foreclosure. As it stands, Casey claims $100 million in promised funding is now more than three months overdue.”

Housing Wire - “Unemployment falls to 9.4%” (1-7-11)

“Nonfarm payroll employment rose last month although lower than most analysts expected, and the unemployment level decreased to 9.4%, the lowest since May 2009. The Labor Department’s Bureau of Labor Statistics said the economy added 103,000 jobs in December”

Housing Wire – “Radar Logic: Stable home prices in October not market trend” (1-7-11)

“Home prices remained virtually unchanged in October of last year, increasing just 0.1% from the month prior on the RPX Composite price index released by Radar Logic Thursday. However, the firm said the monthly data does not signify a substantial stabilization across the market.”

Bloomberg - “Geithner Urged by Senators to Tackle Home-Foreclosure Process `Forcefully’” (1-7-11)

“Treasury Secretary Timothy F. Geithner and federal regulators need to fix the mortgage foreclosure process so that it doesn’t derail the economic recovery, Senator Jack Reed and 16 other senators wrote in a letter yesterday.”

Los Angeles Times – “Jerry Brown takes a hard look at Prop. 13″ (1-7-11)

“In an interview Tuesday, Brown said he did not support an increase in property taxes. But he said that much of the fallout from the measure should be undone and that he planned to propose a ‘complex reordering’ of government that would address some of the problems the measure created.”

For m ore 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 10/5/10

Tuesday, October 5th, 2010

Today’s News Synopsis:

The CAR predicts the housing market will require a more lengthy amount of time to recover. Trepp reports CMBS delinquencies increased to 9.05% last month. Zillow claims California’s 30-year mortgage rate decreased to 4.18%.

In The News:

The Press Enterprise – “Forecasters: Inland housing comeback ‘long, bumpy’” (10-5-10)

“While the housing sector has led the nation out of previous recessions, this time it will take longer for housing to revive because of an unprecedented fall in home values that was caused by a crisis in the financial market, the California Association of Realtors said in releasing its 2011 forecast.”

Housing Wire – “ABA: Bank card delinquencies on the decline” (10-5-10)

“Consumer past due balances also generally improved on home equity loans and auto loans. The report defines delinquency as an account that is 30 days overdue. The report looks at credit cards that are issued by banks. Bank card delinquencies fell 26 basis points from 3.88% to about 3.6%, below the 15-year average of just under 4%. It’s also the lowest delinquency rate since the first quarter of 2001.”

Housing Wire – “Trepp: CMBS delinquency rate tops 9% for first time in September” (10-5-10)

“The delinquency rate on commercial mortgage-backed securities surpassed 9% for the first time in September, according to analytics firm Trepp. The rate for loans more than 30-days delinquent has increased steadily the past 12 months to 9.05% last month, up from 4.36% a year ago and 13 basis points higher than 8.92% for August.”

Housing Wire – “Radar Logic sees foreclosure halts dragging down housing recovery” (10-5-10)

“In lieu of the robo-signing scandal that caused states and lenders suspending home foreclosures, many economists are evaluating how this temporary lull in the housing market will affect the economic recovery. Radar Logic analysts said Tuesday they are skeptical that the market will improve in the meantime.”

Housing Wire – “Zillow: 30-year FRMs hit record low at 4.16%” (10-5-10)

“The 30-year, fixed-mortgage rate decreased from a week earlier, setting a new record low at 4.16%, according to the Zillow Mortgage Marketplace weekly update. California’s rate decreased to 4.18% from 4.21%”

Bloomberg - “`Underwater’ Mortgages Threaten Rally in Jumbo Debt, Seer’s Weingord Says” (10-5-10)

“The rally in securities tied to the biggest U.S. home loans probably has gone too far because defaults are set to rise for properties worth less than the mortgages on them, according to hedge-fund firm Seer Capital Management LP.”

Bloomberg - “U.S. Office Rent Decline Slowed in Third Quarter, Reis Says” (10-5-10)

“Actual rents paid by office tenants, known as effective rents, dropped 3.6 percent from a year earlier to an average of $22.05 a square foot, Reis said in a statement today. They were little changed from the second quarter’s $22.06 a square foot.”

Bloomberg - “Fed May Buy More Assets Buys to Spur U.S. Growth, Pimco Says” (10-5-10)

“Pimco, which runs the world’s biggest mutual fund, estimates U.S. gross domestic product growth will be in a range of 1.5 percent to 2 percent for the next year, versus 1.7 percent that the Commerce Department reported for the second quarter. Inflation will slow to a band of 0.75 percent to 1.25 percent, McCulley said in his report. The figure was 1.4 percent in August from the year before, Commerce Department data show.”

Looking Back:

One year ago, First American CoreLogic expected about 10 percent of all U.S. mortgages to adjust over the next few years. FHA planned to reduce the maximum lending amount that seniors could receive for reverse mortgages. Consumers were claiming that Wells Fargo was guilty of cutting their credit lines for no apparent reason. Whitehouse spokesman Robert Gibbs confirmed that president Obama was in favor of extending the first time home buyer tax credit.

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.

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The Norris Group Real Estate News Roundup 3/25/10

Thursday, March 25th, 2010

Today’s News Synopsis:

New rules for the HAMP program may require servicers to screen borrowers for modification after only 31 days of delinquency. ForeclosureListings.com shows that California experienced an 11.9% increase in foreclosures. Freddie Mac reports the 30-year FRM rate is currently at 4.99 percent. According to the Comptroller of the Currency,  the re-default rate for modified loans is over 50 percent.

In The News:

Los Angeles Times – “Bank of America to reduce mortgage principal for some borrowers” (3-25-10)

“Amid increasing government pressure to stem foreclosures, Bank of America Corp. said Wednesday that it would offer to erase as much as $3 billion in principal owed by thousands of severely delinquent borrowers who owe more than their homes are worth.”

Mercury News – “Citigroup agrees to modify some second mortgages” (3-25-10)

“Citigroup on Thursday became the latest lender to commit to the government’s program to modify second mortgages as a recovery in the housing market appears to be in jeopardy. With Citi on board, now four big owners of home mortgages in the U.S. have joined the program — part of the Obama administration’s $75 billion loan modification plan aimed at reducing monthly payments to help customers stay in their homes. Bank of America, Wells Fargo and JPMorgan Chase already participate.”

Inman - “Home values rise in Boston, San Diego” (3-25-10)

“Radar Logic’s monthly RPX report, based on 28 days of price-per-square-foot data, found that the price per square foot rose most in Boston (up 15.5 percent, to $187.84 per square foot) year-over-year in January, and dropped most in Las Vegas (down 21.4 percent, to $76.18 per square foot) during that period.”

Housing Wire - “Treasury to Require HAMP Servicers to Step Up Outreach Efforts” (3-25-10)

“Allison announced that servicers must pursue early intervention, pre-screening every borrower that misses two or more payments to determine eligibility for HAMP and soliciting those qualifying borrowers for HAMP participation. This change encourages servicers to reach out to the borrower as early as 31 days of delinquency when the chance for homeownership retention is best, according to a supplemental directive on the changes provided to HousingWire.”

Housing Wire – “ForeclosureListings: Texas Leads Nation in Foreclosure Gains” (3-25-10)

“The 35% increase of Texas foreclosures in February was the highest monthly gain of any state in the country, according to data from ForeclosureListings.com, an online foreclosure marketplace. Michigan had the second highest increase at 17.5%, followed by California at 11.9% and Florida at 4.7%.”

Housing Wire – “Mortgage Rates Increase as Fed MBS Purchase Program Nears End” (3-25-10)

“Freddie Mac (FRE: 1.29 +0.78%) said the average rate for a 30-year fixed-rate mortgage (FRM) was 4.99% with an average 0.6 origination point for the week ending March 25, up from last week’s average of 4.96%. A year ago, the rate average was 4.85%. The Bankrate.com survey of large banks and thrifts put the average rate for a 30-year FRM at 5.11% with an average 0.41 origination point, up from last week’s average of 5.07%, but down from last year’s average of 5.19%.”

Bloomberg - “Half of U.S. Home Loan Modifications Default Again” (3-25-10)

“More than half of U.S. borrowers who received loan modifications on delinquent mortgages defaulted again after nine months, according to a federal report. The re-default rate of loans modified in the first quarter of 2009 was 51.5 percent by the end of the year, the Office of the Comptroller of the Currency and the Office of Thrift Supervision said in a joint report today. The figure, which measures payments at least 30 days late, climbed to 57.9 percent for changes made in the prior 12 months.”

Bloomberg - “Prepare to Pay 15% Less for New U.S. Homes: Chart of the Day” (3-25-10)

“New-home prices may have to tumble 15 percent in the U.S. before sales start to rebound, according to Michael Panzner, an author and financial blogger. ”

Looking Back:

One year ago, The MBA reported a 32 percent increase in mortgage applications from the previous season. One in five homeowners owed more on their mortgage than their house was worth. The Federal Reserve began purchasing long-term treasuries. New home sales in the U.S. increased by 4.7 percent within a month.

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The Norris Group Real Estate News Roundup 2/18/10

Thursday, February 18th, 2010

Today’s News Synopsis:

Freddie Mac’s weekly survey shows that mortgage rates dropped this week. According to MDA DataQuick, 4,853 new and resale houses and condos closed escrow last month in the Bay Area. The U.S. Treasury claims that its foreclosure prevention program has cut mortgage payments for approximately 947,000 homeowners. S&P estimates there are approximately 947,000 houses in shadow inventory, which will take nearly 3 years to sell.

In The News:

Market Watch – “Mortgage rates drop” (2-18-10)

“Mortgage rates fell again this week, with the 30-year fixed-rate mortgage dropping to an average 4.93%, according to Freddie Mac’s weekly survey of conforming rates, released on Thursday.”

DQNews - “Bay Area home sales fall; median price up from last year, down from December” (2-18-10)

“A total of 4,853 new and resale houses and condos closed escrow in the nine-county Bay Area last month. That was down 38.0 percent from 7,828 sales in December and down 3.9 percent from 5,050 sales in January 2009, according to MDA DataQuick of San Diego.”

Wall Street Journal – “More Households Benefit From Loan-Mod Program” (2-18-10)

“The U.S. Treasury said its foreclosure-prevention program has cut mortgage payments for about 947,000 households, at least temporarily.”

Inman - “S&P: Shadow inventory to grow” (2-18-10)

“Lenders are likely to add at least 1.75 million homes to their real estate owned (REO) property rolls that will take nearly three years to sell and put pressure on home prices, according to a new report from Standard & Poor’s Financial Services LLC.”

Housing Wire – “California Leads States In HAMP Mortgage Modifications” (2-18-10)

“The Treasury launched HAMP in March 2009 to provide capped incentives to servicers for the modification of loans on the verge of foreclosure. Nationwide, more than 116,000 permanent modifications took place through January, up from 66,000 modifications in December. There are more than 830,000 active trial modifications currently under the program. California led all states with more than 191,000 permanent and active trial modifications through January, according to the Treasury.”

Housing Wire – “House Prices Swing Up to Close 2009, Still Down from 2008″ (2-18-10)

“Radar Logic’s monthly Residential Property Index (RPX), a composite HPI of 25 major US markets, increased 0.2% from November 17 to December 17. It’s the first November to December increase the index has experienced since 2004. Prices increased 1.5% from October to November.”

Bloomberg - “Fed Officials Set Goal of ‘Eventual’ Exit From Housing Finance” (2-18-10)

“Central bankers are planning to eventually remove $1.43 trillion of housing debt from the balance sheet after critics such as Stanford University economist John Taylor accused them of straying beyond monetary policy. Philadelphia Fed President Charles Plosser said yesterday that the Fed’s purchases of housing debt expose it to demands from politicians to support other industries.”

Looking Back:

One year ago, the Commerce Department reported that housing construction decreased by 16.8 percent in January. The MBA’s weekly survey showed that mortgage application volume had increased. CAR statistics showed that 59 percent of the California population could afford a home.

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The Norris Group Real Estate News Roundup 1/21/10

Thursday, January 21st, 2010

Today’s News Synopsis:

MDA DataQuick reports that 7,828 new and resale houses and condos were sold in the Bay Area during December. According to OCC, seriously delinquent loans of 60 or more days increased to 6.2 percent of the servicing portfolio. Radar Logic’s study of 25 metropolitan markets shows that home sales increased by 46.7%. Freddie Mac’s weekly survey shows that mortgage rates on 30-year U.S. loans fall to 4.99%.

In The News:

DQNews - “Bay Area December home sales strongest in three years” (1-21-10)

“A total of 7,828 new and resale houses and condos were sold in the nine-county region last month. That was up 13.8 percent from 6,878 in November, and up 13.6 percent from 6,889 for December 2008, according to MDA DataQuick of San Diego.”

OCC - “OCC and OTS Mortgage Metrics Report” (1-21-10)

“Overall, mortgage performance continued to decline as a result of continuing adverse economic conditions including rising unemployment and loss in home values. The percentage of current and performing mortgages fell to 87.2 percent of the servicing portfolio. Seriously delinquent mortgages— loans 60 or more days past due and loans to delinquent bankrupt borrowers—rose to 6.2 percent of the servicing portfolio. Foreclosures in process increased to 3.2 percent, while new foreclosure actions remained steady for the third consecutive quarter at 369,209. Of particular note, delinquencies among prime mortgages, the largest category of mortgages, continued to climb. The percentage of prime mortgages that were seriously delinquent in the third quarter was 3.6 percent, up 19.6 percent from the second quarter and more than double the percentage of a year ago.”

Housing Wire – “BarCap Expects ‘Little Bite’ from FHA Underwriting Changes” (1-21-10)

“Recently-announced underwriting changes to the Federal Housing Administration’s (FHA) mortgage insurance program might be ‘all bark, little bite’ according to commentary Thursday by Barclays Capital (BarCap) researchers. The FHA changes include increases in the mortgage insurance premium, increased downpayment for low FICO borrowers, reduced ability to roll closing costs into the loan and increased lender recourse to FHA lenders.”

Housing Wire – “Radar Logic Says Housing Market is Poised for Recovery” (1-21-10)

“Residential real estate showed some signs of life in November, according to Radar Logic’s monthly Residential Property Index (RPX). November home sales volume increased year-over-year in all of the 25 metropolitan markets the RPX report covers. Sales volume increased 46.7% year-over-year and 1.5% month-over-month.”

Housing Wire – “PNC Posts $2.4bn Gain, 61 Permanent HAMP Mods in 2009″ (1-21-10)

“The PNC Financial Services Group (PNC: 55.70 -5.26%) reported a Q409 net income of $1.1bn, or $2.17 per diluted common share, an increase from the $559m gain in Q309. The company’s net income for the year reached $2.4bn, or $4.36 per diluted common share, compared to $914m, or $2.44 per share, in 2008.”

Housing Wire – “Investors Ask Fed for $1.4bn of TALF Loans to Buy Legacy CMBS” (1-21-10)

“The Federal Reserve Bank of New York on Wednesday received requests for $1.45bn of government loans to buy securities backed by commercial mortgages.”

Bloomberg - “BlackRock Proposes New Consumer Bankruptcy Option” (1-21-10)

“Consumers need a new type of bankruptcy that would better aid homeowners and be fairer for mortgage-bond investors than the existing U.S. loan-modification program, BlackRock Inc. Vice Chairman Barbara Novick said. BlackRock, the world’s largest asset manager, proposes creating a bankruptcy option under which terms of a consumer’s mortgage can be eased, though only after other debts are eliminated, Novick said in a telephone interview. Judges would need to follow a formulaic approach, she said.”

Bloomberg - “Homebuilders Turn to Private Equity for Financing” (1-21-10)

“More than 40 U.S. homebuilders have teamed up with private equity firms to acquire and complete unfinished subdivisions as banks cut construction lending. The investments will pay off for the builders and their investors if the prices are low enough and the locations are in areas where demand is recovering, said Megan McGrath, a home building industry analyst at Barclays Capital Inc. in New York.”

Bloomberg - “Bank Failures Should Destroy CEOs, Buffett Tells Fox” (1-21-10)

“President Barack Obama’s proposal to regulate banks should include a requirement that chief executive officers and their spouses forfeit their assets when companies fail, billionaire Warren Buffett said on Fox Business Network.”

Bloomberg - “Mortgage Rates on 30-Year U.S. Loans Fall to 4.99%” (1-21-10)

“Mortgage rates in the U.S. dropped for a third week, lowering borrowing costs for consumers and supporting government efforts to boost the housing market. The rate for 30-year fixed U.S. home loans fell to 4.99 percent for the week ended today from 5.06 percent, mortgage finance company Freddie Mac said in a statement today. The average 15-year rate declined to 4.4 percent from 4.45 percent, according to the McLean, Virginia-based company.”

Bloomberg - “U.S. Life Insurers May Face More Real Estate Losses” (1-21-10)

“U.S. life insurers, a group led by MetLife Inc. and Prudential Financial Inc., may face $15 billion in additional commercial real estate losses, most of which will be recognized in the next two years, Fitch Ratings said.”

Looking Back:

One year ago, the NAHB reported that builder confidence had decreased to a record low. Dataquick reported that foreclosures represented more than half of all sales.  Research from the Construction Industry Research Board showed that Orange County governments issued 3,156 building permits to homebuilders in 2008.

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The Norris Group Real Estate News Roundup 12/17/09

Thursday, December 17th, 2009

Today’s News Synopsis:

Research from NAR shows that most small-scale, exterior home modificaitons, such as door replacements and wood deck additions, are the most profitable at resale. The Federal Reserve’s commercial/multifamily mortgage debt decreased by 0.8 percent from the second quarter 2009. Radar Logic estimates that housing will continue to have trouble in 2010, but does not believe that a second collapse will occur. According to ForeclosureRadar.com, foreclosure cancellations in California climbed 40% in November.

In The News:

NAR - “Exterior Remodeling Proves Best Bang for Your Buck, Realtors® Report” (12-17-09)

“Despite a slow market and a slight decrease in the resale value of most remodeling projects, Realtors® report that the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates by Realtors® who completed a recent survey. On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80 percent of project costs upon resale. A steel entry door replacement – a new addition to this year’s list – recouped 128.9 percent of costs, followed by upscale fiber-cement sliding replacements at 83.6 percent. Wood deck additions recouped 80.6 percent of costs.”

Mortgage Bankers Association – “MBA Study Shows Narrowing in Profit Margins For Independent Mortgage Bankers and Subsidiaries” (12-17-09)

“Independent mortgage bankers and subsidiaries made an average profit of $902 on each loan they originated in the third quarter of 2009, according to the Mortgage Bankers Association (MBA).  This profit marks a decrease from the second quarter of 2009 when profits averaged $1,358 per loan, according to the MBA’s most recent Quarterly Mortgage Bankers Performance Report. This report measures the performance of independent mortgage bankers and subsidiaries of banks, thrifts and hedge funds.”

Mortgage Bankers Association – “MBA Analysis: GSEs Increase Multifamily Mortgage Holdings; Banks Decrease Construction Loans and Increase Commercial/Multifamily Mortgages in Third Quarter 2009″ (12-17-09)

“The $3.43 trillion in commercial/multifamily mortgage debt outstanding recorded by the Federal Reserve was a decrease of $28 billion or 0.8 percent from the second quarter 2009.  Multifamily mortgage debt outstanding dropped to $912 billion, a decrease of $1 billion or 0.1 percent from second quarter. The level of commercial/multifamily mortgage debt outstanding decreased in the third quarter, to $3.43 trillion, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data.”

Housing Wire – “Housing Won’t Collapse in 2010, says Radar Logic” (12-17-09)

“The US housing market could be in for some serious trouble in 2010, but predictions of a second collapse are ‘exaggerated,’ according to a report from Radar Logic, a real estate data and analytics company. Housing values could significantly recover in the spring of 2010 as low prices attract a blend of owner-occupiers and investors.”

Housing Wire – “Total Mortgage Has Record Origination Year” (12-17-09)

“Total Mortgage Services said it expects to originate a company-record $750m in mortgages in 2009. It’s a 67% increase from 2008’s level of $450m in originated loans for the Milford, Conn.-based lender, which originates mortgages in more than 20 states. Total Mortgage credits low interest rates for the boost in both purchase and refinance activity.”

Housing Wire – “Foreclosure Cancellations Rise 40% in California” (12-17-09)

“Foreclosure cancellations in California climbed 40% in November, according to a monthly report from ForeclosureRadar.com, which tracks foreclosures in California. Analysts adjusted the numbers to account for November’s four fewer filing days. Average daily foreclosure filings declined only 1%. Notice of trustee sales declined 13.4%, and the amount of real estate owned (REO) property increased 2.4%. Sales to third parties increased 8% on a daily average basis.”

Bloomberg – “Luxury-Home Owners in U.S. Use ‘Short Sales’ as Defaults Rise” (12-17-09)

“Homeowners with mortgages of more than $1 million are defaulting at almost twice the U.S. rate and some are turning to so-called short sales to unload properties as stock-market losses and pay cuts squeeze wealthy borrowers.”

Bloomberg - “General Growth Considering ‘Indications of Interest’” (12-17-09)

“General Growth Properties Inc., the mall owner seeking to emerge from bankruptcy next year, will consider all offers for the company and may sell shares to the public to raise capital. General Growth won permission this week from a bankruptcy judge to restructure about $10.25 billion in debt at some of its properties. The Chicago-based company is trying to restructure $3 billion of additional secured debt, it said today in a statement. ”

Bloomberg - “U.S. Mortgage Rates Rise to 4.94%, Freddie Mac Says” (12-17-09)

“Mortgage rates for fixed 30-year U.S. home loans rose for a second consecutive week after hitting a record low this month. The rate for the week ended today increased to 4.94 percent from 4.81 percent. It set a record low 4.71 percent in the week ended Dec. 3. The average 15-year rate was 4.38 percent, the McLean, Virginia-based company said today in a statement.”

Looking Back:

One year ago, Lawrence Yun of the NAR estimated that commercial real estate would be damaged by job losses. CAR expected home prices to increase by 12 percent in 2008. Delinquencies for homes increased to 4.6 percent during the third quarter. The MBA reported that mortgage loan application volume increased during the week of December 12, 2008.

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