California Real Estate Headline Roundup

Posts Tagged ‘real estate investing’

By Bruce Norris .

Sales of Existing Homes Decrease 5% in Western States

Friday, November 21st, 2014

 

 

 

Sources:

Builder Confidence Rises Four Points in November
S&P/Experian: First mortgage default rate continues upward trend



Today’s News Synopsis:

Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video.  Predictions for the U.S. economy back in October were above expectations, having risen one percentage point.  Sales of existing homes decreased by 5% in the Western states.  The NAR reported an increase in the sale of homes priced $1 million and higher.

In The News:

DS News“Solutionstar Announces Acquisition of Title365″ (11-21-14)

“Solutionstar, a subsidiary of Texas-based Nationstar Mortgage Holdings, announced Friday it has entered into an agreement to acquire Experience 1, Inc., the holding company for Title365 and two other technology subsidiaries in a $36 million cash deal.”

OC Housing News“Existing home sales decline 5% in West despite low rates” (11-21-14)

“Ever since mortgage interest rates suddenly and unexpectedly rose from 3.5% to 4.5% in May of 2013, the market has been weak. For almost a year prices were flat while sales volumes declined.”

Mortgage Professional America - “Senators push for FHFA to stop force-placed insurance” (11-21-14)

“At a Senate Banking Committee hearing earlier this week, Federal Housing Finance Agency (FHFA) Director Mel Watt told lawmakers the agency is making progress on changes to a controversial type of homeowner’s insurance.”

DS News“Economic Forecast Exceeds October Predictions” (11-21-14)

“The long-delayed $2.7 billion mortgage servicing rights deal between Ocwen Financial (OCN) and Wells Fargo (WFC) is now dead, the companies announced late Thursday.”

Housing Wire“Housing sales inventory continues to grow in October” (11-21-14)

“The number of homes for sale continued to increase across the U.S. in October, a good sign for buyers, but mainly for those on the higher end, according to the latest data from Zillow (Z) Real Estate Markets report for October.”

Mortgage Professional America - “FDIC breaks down ability-to-repay and qualified mortgage rule” (11-21-14)

“The FDIC has released a set of instructional videos that address ability-to-repay (ATR) and qualified mortgage (QM) rule compliance.”

DS News“Report: SEC Grants Bank of America Partial Relief From Additional Sanctions in Settlement” (11-21-14)

“The U.S. Securities and Exchange Commission (SEC) agreed to partially waive the additional sanctions that could have been imposed on Bank of America following a record settlement in August over the sale of residential mortgage-backed securities, according to sources familiar with the case in a report from Bloomberg News.”

Mortgage Professional America“Million-dollar home sales on the rise” (11-21-14)

“Homes priced $1 million or higher rose in October, as did the U.S. stock market, and the correlation is not lost to the National Association of Realtors (NAR).”

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

Janet Yellen was approved by the Senate Banking Committee to be a nominee for the Federal Reserve.  Freddie Mac reported mortgage rates decreased again after having seen steady increases for two weeks.  30-year rates were at 4.22% and 15-year rates were at 3.27%.  At the same time, Fannie Mae predicted market volatility over the course of the next few months with the changes in consumer sentiment and the housing 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.

Copyright: Image from www.flickr.com/photos/sercasey/

Mortgage Rates Decrease Again and Now Stand at 3.99% and 3.17%

Thursday, November 20th, 2014

Today’s News Synopsis:

Existing home sales increased by 1.5% last month to 5.26 million.  Mortgage rates decreased again with 30-year rates now at 3.99% and 15-year rates at 3.17%.  More parents are moving in with their children as the baby boomers are growing older.

In The News:

DS News“FHFA Director Outlines GSE’s Strategic Objectives Before Senate Banking Committee” (11-20-14)

“In his first time to testify before Congress since he became director of the Federal Housing Finance Agency (FHFA) in January, Mel Watt on Wednesday outlined three main objectives that make up the 2014 Conservatorship for Fannie Mae and Freddie Mac and discussed the agency’s progress toward each in the last 10 months.”

NAHB“Developer’s Sentiment About Multifamily Market Off Recent Peak, but Remains Positive” (11-20-14)

“The Multifamily Production Index (MPI), released today by the National Association of Home Builders (NAHB), reached 54 in the third quarter, four points below the previous quarter’s reading. This is the 11th consecutive quarter with a reading of 50 or above.”

Housing Wire“Existing home sales tick up 1.5% in October” (11-20-14)

“Existing-home sales rose in October for the second straight month and are now above year-over-year levels for the first time in a year, according to the National Association of Realtors.”

Mortgage Professional America“Mom and dad are moving in” (11-20-14)

“We’ve all read the reports about millennials moving in with their parents, but as these young professionals finally move out and form their own households, they may find that their baby boomer parents may soon coming knocking, according to the National Association of Realtors.”

Bloomberg“Fannie-Freddie Rise on Proposal to End U.S. Control” (11-20-14)

“Tim Johnson, the South Dakota Democrat who wrote a bill to eliminate Fannie Mae and Freddie Mac (FMCC), sat in the walnut-paneled chambers of the Senate Banking Committee yesterday and said Congress might never get rid of the two companies.”

Mortgage Bankers Association“MBA Releases White Paper on the Market for Mortgage Assets” (11-20-14)

“Today, the Mortgage Bankers Association (MBA) released a white paper analyzing the future of the real estate finance industry secondary market now that the Federal Reserve has ceased its multi-part quantitative easing (QE) regime, during which it purchased trillions of dollars of mortgage backed securities (MBS).”

DS News“CFPB Proposes to Expand Foreclosure Protections” (11-20-14)

“The Consumer Financial Protection Bureau (CFPB) proposed on Thursday an additional set of measures designed to expand foreclosure protections for mortgage borrowers.”

Housing Wire“Freddie Mac: Rates drift below 4% again” (11-20-14)

“Mortgage rates ticked back down and fell below 4%, as rates continue to fluctuate around this level, Freddie Mac’s Primary Mortgage Market Survey said.”

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

Existing-home sales decreased by 3.2% to 5.12 million units last October with the increase in home prices and decrease in both affordability and inventory.  The Mortgage Bankers Association reported mortgage applications also decreased 2.3% from the previous week.  A new deal was finalized by the CFPB that would require lenders to let home loan borrowers know of the terms before lending to them.

 

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.

Copyright: Image from www.flickr.com/photos/68751915@N05/

Housing Starts for Single-Family homes Increase 4.2%

Wednesday, November 19th, 2014

 

Today’s News Synopsis:

Housing starts for single-family homes increased 4.2% in October, although production as a whole decreased 2.8%.  Foreclosure sales decreased 36% year-over-year in the third quarter, totaling almost 108,000.  Mortgage applications showed increased this past week, up 4.9%.

In The News:

DS News“Lawmakers Ask Financial Firms for Information on Data Breaches” (11-18-14)

“Senator Elizabeth Warren (D-Massachusetts) and Congressman Elijah Cummings (D-Maryland) sent letters on Tuesday to 16 financial institutions requesting detailed information regarding data breaches and seeking information about briefings from corporate IT officials, according to an announcement on Warren’s web site.”

NAHB“Single-Family Starts Up 4.2 Percent While Overall Production Drops Slightly in October” (11-19-14)

“Single-family housing production in October reached its highest level since November 2013 while the more volatile multifamily sector brought combined nationwide starts activity down 2.8 percent to a seasonally adjusted annual rate of 1.009 million units, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Housing Wire“FHFA Director: “Significant challenges remain” for Fannie Mae and Freddie Mac” (11-19-14)

“In his first appearance before Congress as the first acting director of the Federal Housing Finance Agency, Mel Watt, started by giving an update on Fannie Mae, Freddie Mac and the Federal Home Loan Banks. He spoke before the U.S. Senate Committee on Banking, Housing, and Urban Affairs Wednesday morning.”

Mortgage Professional America“CFPB issues guidelines on Social Security disability income applicants” (11-19-14)

“The Consumer Financial Protection Bureau (CFPB) is reminding lenders not to impose illegal burdens on mortgage applicants who receive Social Security disability income.”

Bloomberg“Fannie-Freddie Overseer Urged to Seek Exit From Conservatorships” (11-19-14)

“The U.S. Treasury and the federal overseer for Fannie Mae and Freddie Mac (FMCC) should consider ending government control of the two companies if Congress fails to reform the housing-finance system, Senator Tim Johnson said.”

OC Housing News“Renters can acquire wealth as well as homeowners” (11-19-14)

“Over the long term, home ownership is superior to renting because homeowners fix their housing costs whereas renters pay an ever-increasing housing cost. In fact, I believe owning a home without a mortgage is the best retirement savings plan available because it provides the opportunity to permanently and dramatically lower an owner’s housing costs.”

DS News“Hensarling Re-Elected as House Financial Services Committee Chairman” (11-19-14)

“Congressman Jeb Hensarling (R-Texas) was elected to a second term as chairman of the House Financial Services Committee on Wednesday for the 114th Congress.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (11-19-14)

“Mortgage applications increased 4.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 14, 2014.  This week’s results included an adjustment for the Veterans Day holiday.”

Housing Wire“Foreclosure sales were down a solid 36% YOY in 3Q” (11-19-14)

“About 468,000 homeowners received non-foreclosure solutions from mortgage servicers in July, August and September, according to the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors known as Hope Now.”

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

JPMorgan officially reached a settlement with the Justice Department to pay $13 billion to cover faulty mortgages.  National default rates continued to remain unchanged overall as of October with the first-mortgage default rate only increasing to 1.30% from 1.28%.  8 million foreclosures were prevented following the collaboration between the private and public sectors.

 

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.

Copyright: Image from www.flickr.com/photos/wwworks/

Home Affordability for Middle Class Decreases

Tuesday, November 18th, 2014

 

Today’s News Synopsis:

The NAHB reported an increase in builder confidence by four points to 58.  Home affordability for the middle class decreased over the past year as a result of increased home prices according to Trulia.  In addition, first mortgage default rates continue to show signs of increase according to S&P/Experian, having increased 0.96% from 0.93% last month.

In The News:

NAHB“Builder Confidence Rises Four Points in November” (11-18-14)

“Builder confidence in the market for newly built single-family homes rose four points to a level of 58 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

Housing Wire“Trulia: Home affordability slips for middle class” (11-18-14)

“Home affordability continues to challenge first-time, young and middle-class buyers, with some of the warmer climes generally making for the hottest – and least affordable – housing markets.”

DS News“CoreLogic Launches Compliance Solution for Servicers” (11-18-14)

“Irvine, California-based CoreLogic, a comprehensive comprehensive data, analytics, and services provider for the real estate and financial services industries, has launched a new compliance solution designed to offer servicers a more comprehensive way to analyze their mortgage portfolios.”

Housing Wire“S&P/Experian: First mortgage default rate continues upward trend” (11-18-14)

“The first mortgage default rate marginally increased for the third consecutive month, rising to 0.96% in October, up from 0.93% in September and 1.38% a year ago, the S&P/Experian Consumer Credit Default Indices found.”

Bloomberg“U.S. Said to Pursue Charges Against More Mortgage Traders” (11-18-14)

“The U.S. government is building potential securities fraud cases against more Wall Street mortgage-bond traders after winning a conviction this year against a former Jefferies Group LLC trader, according to two people with knowledge of the investigations.”

OC Housing News“With the foreclosure crisis past, why are foreclosures rising?” (11-18-14)

“The foreclosure crisis never ended, it was merely delayed by lender can-kicking. Bankers designed policies to promote loan modification over foreclosure, specifically to drive down the reported delinquency rates. Further, HUD sold off non-performing loans to hedge funds that don’t report their delinquencies, which also lowers the reported rate.”

Realty Trac“20 Most Affordable Markets With Good Schools” (11-18-14)

“RealtyTrac analyzed school test scores for nearly 25,000 elementary  schools in more than 7,500 U.S. ZIP codes, along with home price affordability  in those same zip codes to identify the top zip codes with the ideal  combination of good schools and affordable home prices — and also with low  unemployment rates below the national average.”

Housing Wire“FHA mortgage insurance premiums won’t be going down in 2015″ (11-18-14)

“Despite the Federal Housing Administration showing improvement in its financial house, it’s unlikely FHA mortgage insurance premiums will be going down in 2015.”

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

Builder confidence continued to remain unaltered at 54 according to the National Association of Home Builders.  Home prices increased quarterly to their highest since the beginning of the housing recovery with the increase in home sales and decrease in foreclosures.  JPMorgan Chase had just reached a $4.5 billion deal with over 21 investors to settle claims over residential mortgage-backed securities.

 

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.

Copyright: Image from www.flickr.com/photos/wwworks/

Supreme Court to Hear Two Cases from Bank of America

Monday, November 17th, 2014

Today’s News Synopsis:

In a big news story, the Supreme Court has agreed to hear two cases from Bank of America regarding underwater mortgages.  California is expected to add over 10,000 construction jobs to the economy by the end of this year.  Mel Watt of the FHFA will be speaking in front of the Senate Banking Committee on Wednesday to testify about expanding credit.

In The News:

Los Angeles Times“Short-sellers in limbo waiting for mortgage forgiveness tax relief” (11-16-14)

“David Foster, who sold his condo in Chicago last month, isn’t plugged in to Capitol Hill’s political games. But he has banked the financial future of his family on Congress accomplishing at least one thing during the post-election session: renewing the expired Mortgage Forgiveness Debt Relief Act so that he and his wife and three young children aren’t crushed by taxes next year on the $100,000 his lender agreed to cancel as part of a short sale.”

Housing Wire“Bank of America mortgage cases go to the Supreme Court” (11-17-14)

“The nation’s highest court is taking on the burning issue of underwater mortgages, agreeing Monday to hear not one but two cases brought by Bank of America (BAC).”

DS News“Report: FHA’s MMI Fund Has Grown By $21 Billion Over Last Two Years” (11-17-14)

“In a survey conducted as part of The Collingwood Group’s Mortgage Industry Outlook Report for October 2014 released on Monday, the majority of mortgage industry professionals who were surveyed said they did not expect business conditions to be drastically different in the next six months.”

Mortgage Professional America“FHFA’s Watt to go before Senate Banking Committee” (11-17-14)

“Mel Watt, director of the Federal Housing Finance Agency (FHFA), will testify in front of the Senate Banking Committee this Wednesday. The appearance will be one of the first times that Watt, a former Democratic lawmaker, has been before Congress as the director of the FHFA since he took over the job in January.”

Housing Wire“MBA: Independent mortgage bankers most closely regulated of all” (11-17-14)

“With a few players in the mortgage space having made unfortunate headlines in the last couple of months, some are worried that it may make borrowers gun shy about independent mortgage bankers and nonbank firms.”

Bloomberg“FHA Insurance Fund is Back in the Black, Actuarial Report Shows” (11-17-14)

“The U.S. government’s mortgage insurance fund posted its first positive balance in two years after boosting premiums and cutting losses on loans.  The Federal Housing Administration is projecting a value of $4.8 billion for fiscal 2014, according to an independent analysis released by the agency today.”

Mortgage Professional America“California forecasted to add more than 10,000 construction positions by end of year” (11-17-14)

“Firming home prices in markets across the country contributed to a slight dip in nationwide housing affordability in the third quarter of 2014, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today.”

DS News“Survey: Most Industry Professionals Expect Business to Change Little in Next Six Months” (11-17-14)

“In a survey conducted as part of The Collingwood Group’s Mortgage Industry Outlook Report for October 2014 released on Monday, the majority of mortgage industry professionals who were surveyed said they did not expect business conditions to be drastically different in the next six months.”

Housing Wire“Freddie Mac: 5 game-changing predictions for 2015″ (11-17-14)

“The housing market is about to turn a corner into the new year, and according to Freddie Mac, the U.S. economy is well poised to sustain about a 3% growth rate for 2015.”

Mortgage Professional America“Homeownership unaffordable for most Americans” (11-17-14)

“Although the economy has slighly improved from last year, stagnant wages are still weighing on consumers. A median-income household can only afford a median-priced home in 10 of the 25 largest U.S. metropolitan areas, according to a new Interest.com report.”

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

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.

Copyright: Image from www.flickr.com/photos/agroffman/

Mortgage rates continue to remain low

Thursday, November 13th, 2014

 

 

 

Sources:

Repeat Foreclosure Percentage Increases to Tie All-Time High
Optimism about housing gradually improving



Today’s News Synopsis:

Mortgage rates continue to remain low with 30-year rates at 4.01% and 15-year rates at 3.20%.  The Mortgage Bankers Association reported new home purchase applications increased last month 8%.  Home affordability declined in the third quarter at 61.8% according to the NAHB.

In The News:

Bloomberg“Regulators to Curb Financial Risks at U.S. Servicers” (11-13-14)

“Regulators are preparing rules to curb financial risks of expanding nonbank mortgage companies after investigating homeowner complaints that include improper foreclosures and unauthorized fees.”

Housing Wire - “Freddie Mac: Mortgage rates remain near yearly lows” (11-13-14)

“Mortgage rates barely waivered from last week’s levels, with the 30-year mortgage rate staying around 4% for the last several weeks, Freddie Mac’s Primary Mortgage Market Survey revealed.”

Mortgage Bankers Association - “Applications for New Home Purchases Increased in October” (11-13-14)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for October 2014 shows mortgage applications for new home purchases increased by 8 percent relative to the previous month.”

DS News - “Florida Posts Highest REO Total for October” (11-13-14)

“Maryland may have overtaken Florida for the nation’s highest foreclosure rate of any state in October, but Florida still led all states by far in bank repossessions (REOs) for the month, according to RealtyTrac’s October 2014 U.S. Foreclosure Market Report released Thursday.”

NAHB - “Housing Affordability Slightly Lower in Third Quarter” (11-13-14)

“Firming home prices in markets across the country contributed to a slight dip in nationwide housing affordability in the third quarter of 2014, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today.”

Los Angeles Times“Bay Area home prices cool off just a bit” (11-13-14)

“Maybe, just maybe, there are limits to what people will pay to live near San Francisco Bay.  Red-hot home prices in the Bay Area are showing signs of pleateauing, according to new figures out Thursday.”

Housing Wire“Massive MSR deal between Wells Fargo and Ocwen is officially dead” (11-13-14)

“The long-delayed $2.7 billion mortgage servicing rights deal between Ocwen Financial (OCN) and Wells Fargo (WFC) is now dead, the companies announced late Thursday.”

DS News“Report: Job Openings Decline While Hires, Separations Increase” (11-13-14)

“The number of job openings in the country declined slightly from August to September, while the number of hires and separations both increased, according to the September 2014 Job Openings and Labor Turnover report released by the U.S. Bureau of Labor Statistics on Thursday.”

Mortgage Professional America“CFPB fines Franklin Loan Corp. for giving employees illegal bonuses” (11-13-14)

“The Consumer Financial Protection Bureau (CFPB) has ordered a California mortgage lender, Franklin Loan Corp., to pay $730,000 for giving its employees illegal bonuses for steering consumers into loans with higher interest rates.”

 

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

The Mortgage Bankers Association reported a 1.8 decrease in mortgage applications from the previous week.  The U.S. budget deficit was smaller for the start of 2014 as a result of spending cuts and the partial government shutdown.  Reform for the GSEs became a central focus in Capitol Hill in the wake of mid-term elections.

 

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.

Copyright: Image from www.flickr.com/photos/nikcname/

MBA Reports Drop in Mortgage Applications by 0.9%

Wednesday, November 12th, 2014

 

Today’s News Synopsis:

Big day for mortgages.  The amount of mortgage credit available decreased last month as a result of cuts to real estate programs.   The Mortgage Bankers Association also reported a drop in mortgage applications from last week by 0.9%.  A recent report from Pew Charitable Trusts showed that most major cities in the U.S. are still struggling to recover from the recession and are having difficulty getting revenue back to where it was before the recession.

In The News:

Bloomberg“Cities Struggle to Recover From U.S. Recession, Pew Says” (11-11-14)

“Most big U.S. cities have struggled to restore revenue to pre-recession peaks amid lagging property-tax receipts and cuts in state and federal funds, according to a report from the Pew Charitable Trusts.”

Mortgage Professional America“Credit availability tightens” (11-12-14)

“Mortgage credit availability dropped last month, but mostly due to the elimination of programs strictly geared to real estate-owned properties, according to new data from the Mortgage Bankers Association.”

Mortgage Bankers Association - “Mortgage Applications Decrease Slightly in Latest MBA Weekly Survey” (11-12-14)

“Mortgage applications decreased 0.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 7, 2014.”

OC Housing News - “Realtors predict rising home sales and rising mortgage rates” (11-12-14)

“A project manager is concerned with time, quality and price, and in any project it’s only possible to get two of the three. To obtain high quality work quickly, the price will be high; to obtain high quality work and a good price, it will take longer; and to finish the job quickly for a low price, quality will suffer. It isn’t possible to maximize all three.”

Inman“Zillow agrees to hold off Trulia acquisition until at least February” (11-12-14)

“Zillow has agreed not to close its pending acquisition of Trulia before Feb. 1 as the Federal Trade Commission continues its review of the deal.  The FTC has been studying how a Zillow-Trulia merger could impact competition, and made second requests for information from the companies in early September.”

Mortgage Professional America - “Big bank axes 1,000 mortgage jobs” (11-12-14)

“The nation’s largest bank is cutting even more mortgage jobs.  JPMorgan Chase is planning to cut 3,000 more jobs than it had originally forecast, according to a New York Post article.”

Bloomberg“Bank of America Won’t Loosen Mortgage Standards, CEO Says” (11-12-14)

“Bank of America Corp., which paid more in legal settlements tied to the U.S. housing collapse than any other company, will avoid easing mortgage standards even as regulators seek to expand lending, Chief Executive Officer Brian T. Moynihan said.”

DS News“Nationstar Taps Raman for CEO of Subsidiary” (11-12-14)

“Lewisville, Texas-based Nationstar Mortgage Holdings Inc. has announced the hiring or Kal Raman, a leading technology executive, as CEO of the company’s wholly-owned subsidiary, Solutionstar.”

 

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

The Mortgage Bankers Association reported an increase in mortgage credit availability in the month of October, up 0.7% to 111.5.  More borrowers were choosing short-term loans through Freddie Mac with now 37% choosing this alternative, up from 5%.  mREIT earnings in the third quarter did not match estimates predicted, with book values decreasing to between 1% and 3%.

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.

 

Value of Homes Slowly Improving with 3.35% Increase Year-Over-Year

Tuesday, November 11th, 2014

 

Today’s News Synopsis:

Repeat foreclosures increased 2% month-over-month, bringing them to a total of 53% of all foreclosure starts in September.  Consumer optimism regarding the housing market is slowly starting to improve according to the latest Fannie Mae survey.  The value of homes is also continuing to slowly improve according to Quicken Loans, having increased 3.35% year-over-year in October.

In The News:

Housing Wire - “Real estate lands spot on S&P Indices” (11-11-14)

“After almost 16 years of absolutely no changes, the S&P Dow Jones Indices announced it is updating its select sector indices to accommodate a new and growing asset class: the real estate sector.”

Mortgage Professional America - “More refinancers are cashing out equity — but will they trend continue?” (11-11-14)

“More borrowers are refinancing to tap their homes’ equity, according to new data from Freddie Mac.  Borrowers cashed out about $8 billion in home equity through refinancing in the third quarter, according to Freddie’s latest refinancing report.”

OC Housing News - “Pressure will mount to lower FHA insurance fees to revive home sales” (11-11-14)

“I believe the FHA will come under intense pressure to lower the FHA insurance fees in order to increase home sales to first-time homebuyers. So why do I believe that? I recently noted that first-time homebuyer participation rates hit a three-decade low, a major problem for the long-term health of the housing market.”

Bloomberg“Goldman Sachs Arranges $1.15 Billion Loan for Dubai Parks” (11-11-14)

“Goldman Sachs Group Inc. arranged a 4.2 billion-dirham ($1.15 billion) loan for Dubai Parks & Resorts to fund the development of a theme park in the emirate.  The deal has been underwritten by the New York-based bank, Abu Dhabi Commercial Bank PJSC (ADCB), Commercial Bank International PSC, Emirates NBD PJSC (EMIRATES), and Noor Bank, Dubai Parks & Resorts said today in a statement.”

Realty Trac“The Coming ‘Big Shift’ In Housing” (11-11-14)

“In the next 20 years, a seismic shift will take place in residential real estate. Increasingly, America’s aging baby boomer population (born from 1946 to 1964) will begin to downsize and sell their homes.”

Mortgage Professional America - “Optimism about housing gradually improving” (11-11-14)

“Americans’ optimism about the housing market is still improving, although gradually, according to the latest housing survey from Fannie Mae. That optimism may drive further housing market gains in 2015.”

Housing Wire“Quicken Loans: Home values continue growing but slowly” (11-11-14)

“Quicken Loans’ October 2014 home value index shows home values continuing to climb nationally, and in the majority of metro areas.  Home values increased 2.03% from September to October 2014 and climbed 3.35% since October 2013.”

DS News“Repeat Foreclosure Percentage Increases to Tie All-Time High” (11-11-14)

“The percentage of September’s foreclosure starts that were repeat foreclosures rose by two percentage points month-over-month to account for 53 percent of foreclosure starts, tying the highest percentage for a single month, according to Black Knight Financial Services’ September 2014 Mortgage Monitor.”

 

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

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.

Copyright: Image from www.flickr.com/photos/106574022@N04

Bank of America and US Bancorp to Pay $60 Million in Settlement Over Faulty Mortgages

Monday, November 10th, 2014

 


Today’s News Synopsis:

Bank of America and US Bancorp have been accused of holding back information on faulty MBS loans and have been required to pay $69 million dollars in a settlement.  Although millennials are having a harder time purchasing homes due to tighter inventory and having a harder time receiving credit, they still make up 60% of first-time homebuyers and are expected to be the top demographic to purchase a home next year.  Economic and housing activity returned to normal levels in 59 out of the 350 metropolitan areas in the nation.

In The News:

Los Angeles Times - “FHA squeezing loans for condos despite surging demand” (11-9-14)

“Call it the condo conundrum: Demand for condominium units is rising in many urban areas nationwide, according to new real estate industry estimates, yet mortgage financing is getting squeezed for entry-level condo buyers by a key federal agency.”

Housing Wire - “Millennials still grapply with first-time homebuying” (11-10-14)

“Realtors from across the country gathered today to discuss the effects of changing homebuyer demographics on the housing market during the Realtor University Richard J. Rosenthal Center for Real Estate Studies forum at the 2014 Realtors Conference & Expo.”

Bloomberg“Predictors of ’29 Crash See 65% Chance of 2014 Recession” (11-10-14)

“The Jerome Levy Forecasting Center, based in Mount Kisco, New York, and run by Jerome’s grandson David, is again more worried than its peers. Its half-dozen analysts attach a 65 percent probability of a worldwide recession forcing a contraction in the U.S. by the end of next year.”

Housing Wire - “Homebuilders: Just one in six housing markets back to normal” (11-10-14)

“Markets in 59 of the roughly 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the third quarter of 2014, according to the National Association of Home Builders/First American Leading Markets Index.”

DS News“Institutional Investors, All-Cash Buyers Enjoy Larger Average Discounts” (11-10-14)

“All-cash buyers and institutional investors were able to purchase residential homes at a larger discount rate from the average market value at the time of purchase than the average rate for all U.S. homebuyers in the third quarter, according to RealtyTrac’s U.S. Institutional Investors & Cash Sales Report for Q3 2014.”

Realty Trac“Are Car Loans The Next Lending Boondoggle?” (11-10-14)

“Car loans are easy to get but mortgages are tight, at least according to a lot of chatter and complaint. But how can that be when money is money, home values are generally rising and unless you own a rare model collectible cars are a depreciating asset?”

Mortgage Professional America - “HUD issues long-delayed HECM assessment” (11-10-14)

“The Department of Housing and Urban Development (HUD) has issued the long-delayed HECM (Home Equity Conversion Mortgage) Financial Assessment and Property Charge Guide this morning.”

Housing Wire“Report: NYDFS Superintendent Ben Lawsky to step down in 2015″ (11-10-14)

“Start spreading the news — Benjamin Lawsky is reportedly leaving the New York Department of Financial Services.  Reports say that Lawsky, who has held the position of superintendent of the NYDFS since May 2011, will step down in early 2015 to take up his first position in the private sector after a career in the public sector.”

DS News“Banks Agree to Multi-Million Dollar Settlement Over Faulty MBS” (11-10-14)

“Two of the country’s biggest banks have agreed to pay tens of millions of dollars to settle a suit claiming they failed to protect investors of mortgage-backed securities (MBS) in the wake of the subprime crash.”

 

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

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.

Copyright: Image from www.flickr.com/photos/proimos and www.flickr.com/photos/shankbone

New Jobs Below Expectations at 412,000

Friday, November 7th, 2014

 

 

 

Sources:

Construction spending declines for second month
Five States Account for 44 Percent of 12-Month Foreclosure Sum in September



Today’s News Synopsis:

Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video.  American’s opinions about the housing market remained mixed in October despite consumer confidence showing signs of increase.  The number of new jobs added last month was below expectations at only 214,000.  Banks have become more cautious about making loans for residential, although they are becoming less strict on commercial real estate.

In The News:

Housing Wire - “House Financial Committee head says FHFA’s Watt on wrong track” (11-7-14)

“Federal Housing Finance Agency Director Mel Watt announced his plans to change some of the housing finance industry lending standards to expand the credit box, and the chairman of the House Financial Services Committee is sounding a warning Watt may be looking at going a bridge too far.”

DS News“Consumer Confidence Growing, But Attitudes Toward Housing Remain Mixed” (11-7-14)

“Despite growing economic confidence, Americans’ housing sentiment remained mixed in October, according to survey findings from Fannie Mae.  Forty percent of American consumers polled in Fannie’s latest National Housing Survey said they believe the economy is on the right track at the moment, flat from September’s survey but up 13 percentage points over the past year.”

Bloomberg“JPMorgan Sees 3,000 More Job Cuts in Card, Mortgage Units” (11-7-14)

“JPMorgan Chase & Co. (JPM), the biggest U.S. bank, said it’s on track to eliminate 3,000 more jobs this year than previously forecast in its mortgage and credit-card divisions.”

Housing Wire - “October job creation misses expectations with just 214K added” (11-7-14)

“Total nonfarm payroll employment rose by 214,000 in October, below analyst expectations of 235,000, and the unemployment rate edged down to 5.8%, according to the Bureau of Labor Statistics.”

OC Housing News - “The 6 most unusual and bearish features of the housing recovery” (11-7-14)

“Wouldn’t a durable housing recovery based on improving fundamentals be hard to deny? A real recovery would be characterized by resurging new home construction and steady gains in sales and prices commensurate with strong job growth and rising incomes.”

Mortgage Professional America - “Fed survey shows banks still guarded about residential, but not CRE” (11-7-14)

“Since the housing crisis, the focus on high-quality loans has led to a tight credit market, especially among banks. The group has developed stricter standards in an effort to avoid recreating the scenario following the bust, when they had to repurchase tens of billions of dollars of bad mortgages they sold.”

Housing Wire - “Here’s why Wells Fargo believes in Nationstar” (11-7-14)

“Nationstar Mortgage Holdings (NSM) took a beating Thursday, dropping more than 20% after posting declining revenue for the third quarter.”

DS News“Hunoval Firm Accepted for Membership in USFN” (11-7-14)

“The Hunoval Law Firm, PLLC, a default and settlement services firm that serves North Carolina, South Carolina, and Virginia, recently announced it has been accepted for membership in USFN – America’s Mortgage Banking Attorneys.”

Mortgage Professional America - “TILA: It may take Houdini himself for lenders to escape with victory in rescission dispute” (11-7-14)

“However strange the facts may sound, Jesinoski v. Countrywide Home Loans presents a scenario that has come up all too often in the aftermath of the financial crisis. A borrower receives a mortgage loan.”

 

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

Mortgage rates increased this week for the first time in three weeks after the end of the government shutdown.  30-year rates stood at 4.16% and 15-year rates at 3.27%.  Meanwhile, rates for both mortgage delinquencies and foreclosures continued to decline and stood at 6.41% and 0.61% respectively.  Builder confidence for those aged 55 and up improved again in the third quarter, having increased 15 points to a new level of 50.

 

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.

Copyright: Image from www.flickr.com/photos/124247024@N07/