The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘RadarLogic’

By Bruce Norris .

The Norris Group Real Estate News Roundup 3/25/11

Friday, March 25th, 2011

Sources:
California incomes rose 2.5% in 2010
February Existing-Home Sales Decline following Sustained Gains
New-Home Sales Hit Record Low in February
California pending home sales, distressed sales rise in February
California Housing Production Continues Decline in February, CBIA Announces
Housing raises US recession alert
U.S. Commercial Property Prices Fell for Second Straight Month in January
Stress tests suggest economy may slide back into crisis: IRA
FDIC Files Lawsuit Against Former WaMu Execs and Wives

Today’s News Synopsis:

RadarLogic claims national home prices declined 3.8% in December. California added 100,000 jobs in February. Freddie Mac completed 23,017 loan modifications in January and February. Jerry Brown’s bid to dissolve around 400 redevelopment agencies may make a come back in a compromise on tax increases.

In The News:

Los Angeles Times“California adds nearly 100,000 jobs in February” (3-25-11)

“A hiring surge led the California’s hallmark industries – high-tech, movies and tourism – generated nearly 100,000 new jobs in February and provided the surest sign yet that the state economy is on the mend. The seasonally adjusted jump in the number of people working to 96,500 was the highest monthly increase since the current record system began in 1990, state officials said.”

Housing Wire“January home prices drop to a four-year low” (3-25-11)

“RadarLogic said an oversupply of homes, high rates of mortgage defaults, tighter lending standards and a housing market riddled with foreclosures weighed down January prices. The index, which tracks home prices across 25 major markets, declined 3.8% between December and January and 3.4% year-over-year.”

Housing Wire“Freddie Mac completes 23,000 loan mods, single-family delinquency rate drops” (3-25-11)

“Freddie Mac completed 23,017 loan modifications during the first two months of 2011 and said single-family delinquencies on mortgages held or backed by the GSE dropped in February.”

DSNews - “SEC Rules Banks Must Allow Audit of Foreclosure Practices” (3-25-11)

“The NYC Pension Funds called for an audit of the banks’ practices in November and again in January to no avail, but this week the Securities and Exchange Commission (SEC) ruled that the request from the shareholders must be upheld.”

Housing Wire“Broker compensation rule captures more heat in federal court” (3-25-11)

“the final rule not only prohibits loan originators from arranging loan terms that result in higher consumer costs, the same prohibition applies to offering consumers lower cost mortgage loans to meet competition and to save the consumer money.”

Bloomberg - “California Redevelopment Agencies May Be Back in the Shadow of the Gallows” (3-25-11)

“California Governor Jerry Brown’s bid to dissolve about 400 redevelopment agencies and use their revenue for schools and local government may be resurrected in a compromise on tax increases to close the budget deficit, according to a fiscal adviser to the Senate’s top Democrat.”

Looking Back:

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.

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 2/18/11

Friday, February 18th, 2011

  

Home Construction Rises in January

January Sales and Price Report

Majority of Freddie Mac borrowers refinanced to fixed-rate loans in 4Q 

West Coast Foreclosure Sales Clime to Pre-Robo-Signing Levels 

FHA to increase mortgage insurance premiums one quarter of one point

Short-term Delinquencies Fall to Pre-Recession Levels, Loans in Foreclosure Tie All-Time Record in Latest MBA National Delinquency Survey

Testimony of John Walsh Acting Compcontroller of the Currency Before the Committee on Banking, Housing, and Urban Affairs

Big Banks Face Fines on Role of Servicers

MERS

Today’s News Synopsis:

The Federal Reserve will require borrowers who get their mortgages through a broker to receive the lowest  possible interest rate. LPS claims the national delinquency rate increased to 8.9% in January. A lawyer was held in contempt of court for helping his clients break back into their house after the foreclosure was ruled legitimate. RadarLogic said national home prices decreased 1.6% in December.

In The News:

New York Times“New Fed Rule for Mortgage Brokers” (2-17-11)

“STARTING April 1, under a new compensation rule from the Federal Reserve, borrowers who get their mortgages through brokers will most likely pay less for their services and must be offered the lowest possible interest rate and fees for which they qualify.”

Housing Wire“Fort Myers attorney indicted in mortgage fraud scheme” (2-18-11)

“A disbarred Florida attorney is facing three decades behind bars for lying on a mortgage application as part of a much larger $4.2 million scheme.”

Housing Wire“Homeowner attorney found in contempt for breaking into foreclosed home” (2-18-11)

“The Ventura County Superior Court in California found attorney Michael T. Pines in contempt of court Wednesday for helping his clients Jim and Danielle Earl break back into their home after the foreclosure was ruled legitimate.”

Housing Wire“January delinquencies decline over year-ago period: LPS” (2-18-11)

“The national delinquency rate stood at 8.9% in January, up 0.8% from the month prior, but down 18.8% over the year-ago period, according to the ‘First Look’ report from Lender Processing Services (LPS: 33.37 +0.30%).”

Housing Wire“RE/MAX: US home sales returned to positive territory in January” (2-18-11)

“the RE/MAX National Housing Report also reported a 3.6% month-over-month drop in housing inventory and a 5.6% decline in inventory on a year-over-year basis.”

Housing Wire“Critics say MERS foreclosure halt shows broken business model” (2-18-11)

“He said a New York bankruptcy judge already held that MERS cannot assign a mortgage, so Pennell explains, if they can’t make the assignment, they are not going to be able to legally assign the mortgage out of MERS and back to servicers as part of this recent change, he said.”

Housing Wire“RadarLogic home prices revert downward” (2-18-11)

“For December, RadarLogic reported a 1.6% decrease compared to the month prior, as well as a 3.6% drop compared to 2009.”

Bloomberg - “Apartment Construction Climbs in U.S. as Switch to Renting Crimps Supply” (2-18-11)

“‘There will be a spike in rents over the next one to three years,’ Parker said in an interview at the company’s U.S. headquarters in Seattle.”

Bloomberg - “Lennar Bets on Ex-Officer Housing `Party’ as Calif. Rebounds” (2-18-11)

“Emile Haddad, a former Lennar Corp. executive, sold 12,000 acres in California for a $277 million profit at the housing market’s peak four years ago. He and his partners then reacquired it at half the price in 2009. Now, Haddad says, it’s time to build.”

Looking Back:

One year ago, Freddie Mac’s weekly survey showed that mortgage rates dropped this week. 4,853 new and resale houses and condos closed escrow within a month in the Bay Area. The U.S. Treasury claimed that its foreclosure prevention program had cut mortgage payments for approximately 947,000 homeowners. S&P estimated there were approximately 947,000 houses in shadow inventory, which would take nearly 3 years to sell.

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.