California Real Estate Headline Roundup

Posts Tagged ‘real estate investing’

By Bruce Norris .

Existing Home Sales See Unexpected 3.3% Decrease

Thursday, May 21st, 2015

 

 

Today’s News Synopsis:

 

Foreclosure starts experienced a 3% growth in April and 9% year-over-year, putting them at their highest in 18 months.  However, at the same time foreclosure completions decreased by almost 25% year-over-year. Mortgage rates have shown little change with 30-year rates at 3.84% and 15-year rates at 3.05%.  A decrease in existing home sales has made a recovery difficult.

 

In The News:

Realty Trac- “U.S. Foreclosure Activity Increases 3 Percent in April to 18-Month High by Rising Bank Repossessions” (5-20-15)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its April 2015 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 125,875U.S. properties in April of 2015, up 3 percent from the previous month and up 9 percent from a year ago, an 18-month high.”

Housing Wire - “Zillow: Rents gallop past home values in April” (5-21-15)

“Rents for residential housing in the United States grew at their fastest pace in two years in April, surpassing home values, according to Zillow’s latest real estate market report.”

DS News - “Forecast Calls for Moderate Economic Growth; Housing Gaining Momentum” (5-21-15)

“Consumers’ conservative financial behavior suggests modest economic growth for the remainder of the year, though the housing industry appears to be gaining momentum, according to Fannie Mae’s Economic and Strategic Research Group’s May 2015 Economic Outlook released Thursday.”

Bloomberg - “Fewer Homes For Sale Makes U.S. Housing Recovery Painstaking” (5-21-15)

“A limited number of homes for sale and higher selling prices are making for one painstaking U.S. housing recovery.  Contract closings on previously owned properties unexpectedly dropped 3.3 percent to a 5.04 million annualized rate in April after a 5.21 million pace that was the strongest in almost two years, figures from the National Association of Realtors showed Thursday in Washington. Prices jumped the most since the start of 2014 as the inventory of houses on the market declined from the same time last year.”

Mortgage Professional America- “New federal rules target servicers” (5-21-15)

“Federal officials on Wednesday finalized rules restricting loan servicers.  The new rules from Fannie Mae and Freddie Mac will create minimums for net worth, capital and liquidity, according to a MarketWatch report.”

Housing Wire - “Senate banking committee passes massive regulatory relief bill” (5-21-15)

“The Senate Committee on Banking, Housing and Urban Affairs passed “The Financial Regulatory Improvement Act of 2015″ on Thursday.  This is a big deal for housing and mortgage finance. Among the most significant proposals in the 216-page draft bill is a requirement raising the SIFI bank threshold from $50 billion to $500 billion, altering the $10 billion threshold, and targeting specific GSE changes.”

Mortgage Professional America - “Daily Market Update: Housing report reveals that the industry is picking up” (5-20-15)

“The level of new housing starts in April jumped to their highest level in more than 7 years according to the US Department of Commerce.  The latest data on the housing market revealed that new starts soared by 20.2 per cent to a seasonally-adjusted annual pace of 1.14 million units.”

DS News - “Foreclosure Completions Plummet Year-Over-Year While Starts Increase” (5-21-15)

“Foreclosure completions were down by nearly one-fourth year-over-year in Q1 while foreclosure starts experienced an increase, according to data released by HOPE NOW, an industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants.”

Housing Wire - “Mortgage rates remain largely unchanged from last week” (5-21-15)

“Average fixed mortgage rates moved just slightly lower following three consecutive weeks of increases, according to Freddie Mac.  The 30-year fixed-rate mortgage averaged 3.84% with an average 0.7 point for the week ending May 21, 2015, down from last week when it averaged 3.85%. A year ago at this time, the 30-year FRM averaged 4.14%.”

Property Radar - “California Median Home Price Soars past $400,000 Mark – Highest Since December 2007″ (5-20-15)

“California single-family home and condominium sales were up 9.0 percent in April 2015. April sales were 37,009 up from 33,946 in March. The increase in sales volume was predominantly due to the 9.2 percent gain in non-distressed property sales that accounted for 83.0 percent of total sales.”

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI TONIGHT.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.

 

Looking Back:

Fannie Mae did not experience strong growth due to both the weather and fewer people being able to afford homes.  The Mortgage Bankers Association reported a 0.9% increase in mortgage applications from the previous week.  Home sales in California increased the previous month by 20% month-over-month.

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

 

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.


 

Mortgage Debt Being Handled More Efficiently Due to Decrease in Delinquencies and Write-Offs

Wednesday, May 20th, 2015

 

 

Today’s News Synopsis:

 

The Mortgage Bankers Association reported a 1.5% decrease in mortgage applications from last week.  Mortgage debt is being handled better due to the decrease in delinquencies and write-offs.  Changes to the TILA-RESPA rule could lead to increased risk for mortgage-backed securities according to Moody’s Investors Service.  The median home price in California increased above $400,000, putting it at its highest in 8 years.

 

In The News:

Mortgage Bankers Association- “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-20-15)

“Mortgage applications decreased 1.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 15, 2015.”

DS News - “With Fewer Write-Offs and Severe Delinquencies, Borrowers Are Managing Mortgage Debt Better” (5-20-15)

“Borrowers are managing their mortgage debt better, reporting substantial declines in write-offs and severe delinquency rates, according to Equifax’s Q1 2015 National Consumer Credit Trends Report released earlier this week.”

Bloomberg - “Auction.com to Market U.S. Real Estate to Chinese Buyers” (5-20-15)

“Chinese investors will have a new way to buy U.S. commercial real estate without leaving home.  International property website Juwai.com formed a venture that will open Auction.com LLC’s real estate sales to Chinese-speaking users in mainland China and elsewhere. While the offerings will focus initially on apartments, hotels, retail properties and office buildings, U.S. homes will probably be added as well, the companies said in a statement Wednesday.”

Mortgage Professional America- “Privatizing Fannie & Freddie could send mortgage rates soaring – - report” (5-20-15)

“Many frustrated shareholders in Fannie Mae and Freddie Mac want the mortgage finance giants released from federal control, so they can reap the profits of their investments. But that might not be so great for the mortgage industry, according to a new study.”

Housing Wire - “Moody’s: New mortgage disclosure rule will increase risk for US RMBS” (5-20-15)

“The initial operational challenges for lenders to implement and comply with the new TILA-RESPA Integrated Disclosure Rule rule, along with the potential for increased costs in the event of non-compliance, raise the risk of losses for RMBS trusts, according to a report from Moody’s Investors Service.”

Mortgage Professional America - “Daily Market Update: Housing report reveals that the industry is picking up” (5-20-15)

“The level of new housing starts in April jumped to their highest level in more than 7 years according to the US Department of Commerce.  The latest data on the housing market revealed that new starts soared by 20.2 per cent to a seasonally-adjusted annual pace of 1.14 million units.”

DS News - “Black Knight Financial Services Debuts IPO at a Total Price of $441 Million” (5-20-15)

“An initial public offering (IPO) of 18 million shares of Class A common stock from Black Knight Financial Services, a Jacksonville, Florida-based technology, data and analytics solutions provider for the mortgage industry, debuted Wednesday morning at the New York Stock Exchange.”

Housing Wire - “Progress Residential announces third single-family rental securitization” (5-20-15)

“Progress Residential’s third single-family rental securitization is getting ready to hit the market, which will be collateralized by a $438.7 million loan secured by first priority mortgages on 3,317 income-producing single-family homes.”

Property Radar - “California Median Home Price Soars past $400,000 Mark – Highest Since December 2007″ (5-20-15)

“California single-family home and condominium sales were up 9.0 percent in April 2015. April sales were 37,009 up from 33,946 in March. The increase in sales volume was predominantly due to the 9.2 percent gain in non-distressed property sales that accounted for 83.0 percent of total sales.”

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.

 

Looking Back:

Mortgage default rates decreased to 1.11%, the lowest recorded since the recession according to the latest index from Standard & Poors.  According to the latest Realty Trac report, countries with one in five homeowners underwater were inhabited by almost 1/3 of Americans.  The total number of people underwater was at about 9.7 million, while more first-time homebuyers were underwater compared to higher-priced homes.

Copyright: Image from www.flickr.com/photos/59937401@N07/

 

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.


 

Housing Starts Increase 20.2% in April

Tuesday, May 19th, 2015

 

 

Today’s News Synopsis:

 

TransUnion reported a decrease in mortgage delinquency rates, which now stand at 2.95%, the first time they have been below 3% since prior to the financial crisis.  Housing starts increased 20.2% in April and now stand at 1.135 million units.  Freddie Mac expects interest rates to continue to increase throughout this year in the wake of capital markets continuing to predict the timing by the Federal Reserve on short term interest rates.

 

In The News:

Mortgage Professional America- “Daily Market Update: Rising rents don’t necessarily mean people choose to buy” (5-19-15)

“While some people will look to buying a home as a sensible way to escape escalating rents it’s not necessarily the case. New research from Freddie Mac has found that rather than rising rents driving demand for home purchases they are a result of demand for rentals.”

DS News - “Freddie Mac Predicts Interest Rate Volatility As Capital Markets Try to Anticipate Fed’s Timing” (5-19-15)

“Freddie Mac released its U.S. Economic and Housing Market Outlook for May today, revealing that low mortgage rates kept affordability high in the first quarter of this year for buyers, but housing markets probably will see interest rates increase for the rest of the year. The outlook credits market participants attempting to anticipate the Federal Reserve’s timing around rising short term interest rates as the likely be the cause of the increase.”

NAHB - “Senate Bill Would Fix Flawed EPA Water Proposal that Harms Housing, the Economy” (5-19-15)

“The National Association of Home Builders (NAHB) today urged the Senate to pass pending legislation that would require the Environmental Protection Agency to go back to the drawing board and withdraw its proposed “waters of the United States” rule that would needlessly raise housing costs, trample states’ rights and add more regulatory burdens to small businesses.”

Mortgage Professional America- “Judge throws out mortgage claims against big banks” (5-19-15)

“Two of the nation’s biggest banks have won a dismissal of claims accusing them of shirking their duties as trustees for residential mortgage-backed securities that turned sour during the financial meltdown.”

Housing Wire - “FHFA, Fannie, Freddie say single securitization still years away” (5-19-15)

“Despite being asked pointedly during the “Update on the GSE Single Security and Common Securitization Platform” panel at the Mortgage Bankers Association’s National Secondary Market Conference, representatives from the Federal Housing Finance Agency, Fannie Mae, Freddie Mac, and Common Securitization Solutions all said that the development of single security is still years way from implementation, without specifying just how many years that might be.”

Mortgage Professional America - “Delinquencies hit lowest rate since before financial crisis” (5-19-15)

“Mortgage delinquency hit its lowest level since before the financial crisis in the first quarter, according to new data from TransUnion.  The mortgage delinquency rate (the rate of homeowners 60 days or more past due on their mortgage payments) dropped to 2.95% in the first quarter – the first time the rate has been below 3% since before the financial crisis.”

NAHB - “Housing Production Jumps 20.2 Percent in April” (5-19-15)

“Nationwide housing starts rose 20.2 percent to a seasonally adjusted annual rate of 1.135 million units in April from an upwardly revised March reading, according to newly released data from the U.S. Commerce Department. This is the highest level of housing production since November 2007.”

Housing Wire - “Fitch: Fannie Mae risk-transfer deal more advantageous for mezzanine investors” (5-19-15)

“Fannie Mae’s seventh risk transfer transaction, Connecticut Avenue Securities, Series 2015-C02, is similar to its prior risk transfer transactions. It does, however, have a distinctive advantage over competing, similar private-label deals.”

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.

 

Looking Back:

CoreLogic reported an increase in REO properties, which stood at 430,000.  At the time the state with the most positive numbers, particularly in the job market, was Texas with their addition of 64,100 new jobs in April.  Due to more residents leaving, smaller banks in rural areas were shown to be doing better than community banks in metropolitan areas.

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

 

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.


 

Zombie Foreclosures to be Dealt With by New Practices from 11 Institutions

Monday, May 18th, 2015

 

 

Today’s News Synopsis:

 

Zombie foreclosures are continuing to be dealt with as New York Governor Andrew Cuomo just announced new practices for these foreclosures will be carried out by 11 institutions.  Fewer people intend to own a home despite the increase in rents, which normally would push them to buy.  Builder confidence decreased by two points this month and now stands at 45.

 

In The News:

Housing Wire - “Freddie Mac: Rising rents aren’t pushing residents to homeownership” (5-18-15)

“Conventional wisdom holds that rising rents drive people to homeownership, but new research from Freddie Mac suggests the conventional wisdom is all wrong.  Freddie Mac commissioned Harris Poll to survey more than 2,000 U.S. adults online in March 2015 to get their perceptions about renting.”

NAHB - “Builder Confidence Falls Two Points in May” (5-18-15)

“Builder confidence in the market for newly built, single-family homes in May dropped two points to a level of 54 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today. It is a nine-point increase from the May 2014 reading of 45.”

DS New- “VRM Mortgage Services Honored by DiversityBusiness For Second Straight Years” (5-18-15)

“VRM Mortgage Services (VRM) was recently named to DiversityBusiness’ 15th annual “Top Businesses in America” list and received multiple awards as an African-American, diversity-owned, and privately-held business. According to a recent DiversityBusiness press release, this is the second year in a row VRM has received such honors.”

Housing Wire - “TransUnion: Mortgage delinquency rate drops to pre-Recession level” (5-18-15)

“The mortgage delinquency rate —the rate of borrowers 60 days or more delinquent on their mortgages — declined to 2.95% in the first quarter of 2015 — the first time the variable has been below 3% since prior to the recession in the third quarter of 2007, when it stood at 2.61%.”

Mortgage Bankers Association - “MBA Announces New Suite of Member Benefits” (5-18-15)

“The Mortgage Bankers Association (MBA) announced today new partnerships with Fannie Mae, Capital Markets Cooperative (CMC), and The Mortgage Collaborative (TMC) that will provide new benefits to MBA member companies.”

DS News - “New York Governor Announces 11 Institutions Will Adopt Best Practices to Fight Zombie Foreclosures” (5-18-15)

“As part of an ongoing effort to fight the problem of “zombie” foreclosures in New York, Governor Andrew Cuomo announced that 11 financial institutions that represent about 70 percent of the state’s mortgage market will adopt best practices to fight economic damage and blight zombie properties cause, according to an announcement on Cuomo’s website.”

Housing Wire - “MBA’s Stevens: Today’s housing policies fail American homeowners” (5-18-15)

“Addressing the packed Broadway Ballroom at the Marriott Marquis in New York City, David Stevens, the president and chief executive officer of the Mortgage Bankers Association, spoke with passion as he told the attendees of the MBA’s National Secondary Market Conference that today’s housing policies are ‘failing the American homeowner.’”

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.

 

Looking Back:

Builder confidence remained relatively the same, having dropped only one point in this month to 45.  The latest foreclosure report from RealtyTrac showed activity decreased 1% from March to 115,000.  The NAR predicts the sales of existing homes to be slower than the previous year.

Copyright: Image from www.flickr.com/photos/3238910501/

 

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.

 

New Home Purchase Applications Increase 0.3% Last Month

Friday, May 15th, 2015

 

 

 

Sources:

Mortgage industry gains nearly 2000 jobs
NAR: Tight inventory, demand push home prices higher in first quarter

 

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.  New home purchase applications increased last month by 0.3%.  It is expected that existing home sales will end this year at record highs.  The House Financial Services Housing and Insurance Subcommittee is asking for an agreement on TILA-RESPA to be postponed.

 

In The News:

Bloomberg - “Treasury-Market Upheaval Seen Hurting U.S. Utility, REIT Shares” (5-14-15)

“Shares of utilities and real estate investment trusts may cause any “disorderly correction” in U.S. bonds to spread into stocks, according to Michael Shaoul, chief executive officer at Marketfield Asset Management LLC.”

NAHB - “Help for Remodelers, Consumers from House Lead Paint Bill” (5-15-15)

“Responding to ongoing concerns from the National Association of Home Builders (NAHB) and affiliated trade groups, bipartisan legislation to make much-needed improvements to the Environmental Protection Agency’s (EPA) Lead: Renovation, Repair and Painting (LRRP) rule was reintroduced in the U.S. House of Representatives yesterday. The bipartisan bill was introduced by Rep. Kevin Cramer (R-N.D.), along with eight original co-sponsors.”

Mortgage Bankers Association- “Applications for New Home Purchases Increased Slightly in April” (5-15-15)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for April 2015 shows mortgage applications for new home purchases increased by 0.3 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.”

Housing Wire - “Moody’s: Falling delinquencies bolster single, multifamily HFA portfolios” (5-15-15)

“Both single-family and multifamily portfolios securing housing finance agency bonds showed significant improvement in delinquency rates, Moody’s Investor Service says in two new reports.”

Mortgage Professional America - “House subcommittee wants delay on TILA-RESPA enforcement” (5-15-15)

“The House Financial Services Housing and Insurance Subcommittee held a hearing Thursday to determine how the upcoming integrated disclosure rule will affect consumers and mortgage lenders. The subcommittee touted bipartisan legislation that would delay enforcement of the new disclosure rule.”

DS News - “FHFA Updates Mortgage-Backed Security Structure Initiative” (5-15-15)

“The Federal Housing Finance Agency (FHFA) recently issued an update to mortgage-backed security (MBS) structure initiative, also known as Single Security. The new changes to the Single Security structure initiative are based on 23 responses to a “Request for Public Input: Proposed Single Security Structure (RFI)” released in August 2014 by the FHFA. The Single Security initiative is still in the works for approval and has not be enacted yet.”

Housing Wire - “Existing home sales to finish 2015 at record level” (5-15-15)

“Existing home sales are expected to finish the year at their highest level since 2006, the National Association of Realtors’ economic forecast forum revealed at its 2015 Legislative Meetings & Trade Expo.”

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.

 

Looking Back:

Builder confidence remained relatively the same, having dropped only one point in this month to 45.  The latest foreclosure report from RealtyTrac showed activity decreased 1% from March to 115,000.  The NAR predicts the sales of existing homes to be slower than the previous year.

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

 

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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Mortgage Lending Increased 17% According to RealtyTrac

Thursday, May 14th, 2015

 

 

Today’s News Synopsis:

Home prices increased in April by 6.5% according to the latest report from Redfin.  RealtyTrac reported lending on mortgages increased 17% in the first quarter.  In another story related to mortgages, rates increased again for the third week in a row with 30-year rates now at 3.85% and 15-year rates at 3.07%.

In The News:

Housing Wire“Redfin: Home prices rise 6.5% in April as homes sell at fast clip” (5-14-15)

“Home sales across Redfin markets increased at a rate of 5.4% compared to a year earlier, according to real estate broker Redfin.  Home prices also trended upward. The median sale price rose 6.5% year-over-year to $275,700.”

Mortgage Professional America - “Judge slams originators in mortgage bond case” (5-14-15)

“The judge who ruled that two large banks had defrauded Fannie Mae and Freddie Mac had some harsh words for originators in her 361-page decision.  Judge Denise L. Cotes ruled Tuesday that Nomura Holdings and the Royal Bank of Scotland misled Fannie and Freddie about the quality of mortgage bonds sold to the agencies in the run-up to the financial crisis.”

DS News - “Agency MSR Deal Worth $45 Billion Finalized Between Chase, Ocwen” (5-14-15)

“An Agency mortgage servicing rights deal worth approximately $45 billion between Chase and Ocwen Financial Corp. has been finalized after two and a half months, according to an announcement from Chase on Thursday.”

Housing Wire“RealtyTrac: Mortgage lending rose 17% in first quarter” (5-14-15)

“Thanks in large part to the continually low interest rate, mortgage originations rose 17% year-over-year in the first quarter, according to a new report from RealtyTrac.”

NAHB“Housing Affordability Posts Solid Gain in First Quarter” (5-14-15)

“Lower interest rates and home prices contributed to a solid boost in nationwide affordability in the first quarter of 2015, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released today.”

Bloomberg - “Calgary New Home Prices Decline in March for 1st Time Since 2011″ (5-14-15)

“Average prices for new homes in Calgary, Canada’s oil capital, fell 0.4 percent in March, the first drop in three and a half years.  The decline was offset by increases in Toronto and Winnipeg, Statistics Canada said Thursday. Nationwide, average prices for new homes were little changed versus a forecast for a 0.1 percent increase, the median of nine responses in a Bloomberg survey of economists.”

DS News - “House Subcommittee Says Bad Policy Caused Crisis, Dodd-Frank Missed the Mark” (5-14-15)

“Witnesses at a House subcommittee hearing on Wednesday testified that the Dodd-Frank Act introduced new problems and may have even laid the groundwork for another financial crisis, according to an announcement from the House Financial Services Committee earlier this week.”

Housing Wire“Mortgage rates move higher for third week in a row” (5-14-15)

“Average fixed mortgage rates followed 10-year Treasury yields higher and rose for the third consecutive week, according to Freddie Mac.  At 3.85%, the average 30-year fixed-rate mortgage is just below the high for 2015.”

 

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.

 

Looking Back:

FHFA director Mel Watt announced he will not be getting involved in the mortgage reform debate nor be increasing the limits on loans.  Rather, he will be leaving this work to Congress.  In addition, Democrat Gary Peters from Michigan said he did not see reform happening for Fannie and Freddie any time in 2014.  The latest Case-Shiller Index from CoreLogic showed home prices increased 11.3% in the fourth quarter of 2013.

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

 

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.

 

New Water Bill Passed to Prevent Too Much Federal Jurisdiction on Waterways

Wednesday, May 13th, 2015

 

 

Today’s News Synopsis:

The Mortgage Bankers Association reported a decrease in mortgage applications again this week by 3.5%.  A new water bill was passed by the NAHB that would require the Environmental Protection Agency and U.S. Army Corps of Engineers to go through a proper process before placing federal jurisdiction on waterways in the nation.  More and more money being put into the real estate market is coming from markets that are abroad.

In The News:

DS News - “Study Shows Traditional Credit Scores May Not Be Accurate When Assessing Risk Millennials Pose” (5-13-15)

“Millennials, which are viewed by many analysts as the key to driving the housing market recovery, are actively seeking credit but largely being denied, according to a white paper released Tuesday by ID Analytics titled “Millennials: High Risk or Untapped Opportunity?”

Mortgage Professional America - “Court: Big banks misled Fannie, Freddie” (5-13-15)

“In a scathing decision, a federal judge has ruled that two major banks misled Fannie Mae and Freddie Mac when they sold them shoddy mortgage bonds in the run-up to the financial crisis.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-13-15)

“Mortgage applications decreased 3.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 8, 2015.”

NAHB“House Passes Water Bill That Helps Environment and Landowners” (5-13-15)

“The National Association of Home Builders (NAHB) today commended the House for passing legislation that would prevent the Environmental Protection Agency and U.S. Army Corps of Engineers from vastly increasing federal jurisdiction over the nation’s waterways and wetlands without going through the proper rulemaking process.”

Bloomberg - “Foreign Money Is Pouring Into U.S. Real Estate, and It’s Not Just Houses” (5-13-15)

“Blockbuster real estate deals are back and breaking records as cash from around the globe pours into U.S. office buildings, apartment complexes and other investment properties.”

Mortgage Professional America - “Daily Market Update: Mortgage credit availability increased in April” (5-13-15)

“Mortgage credit availability was higher in April according the Mortgage Bankers Association. Its index showed a 0.5 per cent increase, meaning that lending standards were looser than the month earlier.”

Housing Wire“Sterne Agee: The bull and bear case for housing stocks” (5-13-15)

“While inventory is tight and homebuilders are rushing to keep pace with demand, there are still a handful of factors that need to come together in order to be successful.  A recent homebuilding and furnishing stock report from Sterne Agee analyst Jay McCanless said, “Better-than-expected order volume was a common theme in the March quarter reports.”

Realty Trac“Commuter Training: Who Uses Public Transportation?” (5-13-15)

“While public transportation accounts for only five percent of commuting overall in America and a negligible half-percent in rural communities, it is a big contributor to the U.S. economy. For 2007, The Aspen Institute put total U.S. spending on transportation at $2.4 trillion, which at 17 percent of GDP is ‘approximately the same as the nation’s spending on health care’.”

 

Hard Money Loan Closed

Colton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $113,000 on a 3 bedroom, 1 bathroom home appraised for $174,000.

Colton Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the AOA “Million Dollar” Trade Show and Landlording Conference 2015 on Thursday, May 14.

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

 

Looking Back:

The FHA and GSEs came up with a new way for consumers to have easier access to mortgage credit and to Fannie and Freddie loans.  Housing affordability increased in the first quarter with 65.5% of new and existing homes being affordable compared to 64.7% in the fourth quarter last year.  Home prices increased 11.3% in the fourth quarter of 2013 according to the latest Case-Shiller Index.

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

 

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.

 

Metropolitan Areas With Prices in Double-Digits Increase for Three Months Straight

Tuesday, May 12th, 2015

 

 

Today’s News Synopsis:

CoreLogic reported the amount of foreclosure inventory and foreclosures completed decreased in March and are now almost at levels not seen since the crisis.  The amount of mortgage credit that is available increased last month by 0.5% according to Mortgage Bankers Association.  The National Association of Realtors reported metropolitan areas with prices in the double-digits range increased fro three months straight.

In The News:

DS News - “Foreclosure Inventory, Completions Continue Decline Toward Pre-Crisis Levels” (5-12-15)

“Completed foreclosures experienced another substantial year-over-year decline in March, moving even further away from their peak from nearly five years ago, according to CoreLogic’s March 2015 National Foreclosure Report released on Tuesday.”

Housing Wire“CFPB Director Cordray corrects “serious misunderstanding” about TRID” (5-12-15)

“It will take an act of Congress to delay TILA/RESPA.  The Aug. 1, 2015 implementation date for the Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure Rule still stands, according to a speech from the Consumer Financial Protection Bureau at a National Association of Realtors conference in Washington D.C. on Tuesday.”

Mortgage Professional America - “Big bank in hot water over kickback allegations” (5-12-15)

“Wells Fargo is once again in hot water, this time over force-placed insurance.  The banking giant, along with perennial defendant Assurant, is being sued in federal court over an alleged force-placed insurance kickback scheme, in which plaintiffs claim that Assurant artificially inflated premiums on insurance in order to pay kickbacks to Wells Fargo.”

Mortgage Bankers Association - “Mortgage Credit Availability Increases in April” (5-12-15)

“Mortgage credit availability increased in April according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”

Bloomberg - “Top-Ranked Bond Manager Itching for New Breed of Risky Mortgages” (5-12-15)

“Brad Friedlander of Angel Oak Capital Advisors has ranked among the top 6 percent of his peers by betting on boom-era U.S. housing debt in his $4 billion mutual fund. He’s now eager to buy bonds backed by riskier new mortgages that private lenders had until recently abandoned.”

DS News - “DOJ Moves to Dismiss MetLife’s Suit Over ‘Too Big to Fail’ Designation” (5-12-15)

“The U.S. Department of Justice has made a non-public motion to have a lawsuit dismissed that was filed by MetLife four months ago over the “too big to fail” tag which the government applied to the New York-based global insurance provider, according to media reports.”

Mortgage Professional America - “Daily Market Update: Markets with double-digit price increases soared in Q1 2015″ (5-12-15)

“The number of metro areas where home prices increased by double-digits soared in the first three months of this year. The latest quarterly report from the National Association of Realtors shows that stronger demand and lagging inventory helped push prices higher in many areas with 51 metros showing double-digit rises.”

Housing Wire“Realtor.com launches all-out offensive in war with Zillow” (5-12-15)

“Vowing that Move (MOVE) will spend more than it has ever spent on a branding, advertising and marketing campaign, Move CEO Ryan O’Hara on Tuesday rolled out a star-studded Realtor.com strategy that shows how new owner News Corp (NWS) is going to “turbocharge the results” in the realtor.com war for listings and ad dominance with Zillow Group (Z).”

DS News - “Goldman Sachs Ordered to Pay Australian Bank $100 Million for MBS ‘Conflict of Interest’” (5-12-15)

“Goldman Sachs has been ordered by arbitrators to pay approximately $100 million to National Australia Bank (NAB) for a “conflict of interest” regarding mortgage-backed securities sales in the run-up to the mortgage meltdown, according to media reports.”

Mortgage Professional America - “What does financial literacy mean in 2015″ (5-8-15)

“The consumer financial services industry has undergone a dramatic transformation over the past ten years, facing challenging business environments, landmark financial reform and an evolving credit market.”

 

Hard Money Loan Closed

Colton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $105,000 on a 2 bedroom, 1 bathroom home appraised for $162,000.

Colton Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the AOA “Million Dollar” Trade Show and Landlording Conference 2015 on Thursday, May 14.

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

 

Looking Back:

The amount of cities that experienced home-price growth was at 74%, down from 89% in 2013 with the decrease in demand.  Mortgage risk increased to 11.89 with the increase in FHA loan volume.  The Mortgage Bankers Association reported a 5% increase in new home purchase applications.

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

 

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.

 

Home Prices Increase in First Quarter with Increased Demand and Tightened Inventory

Monday, May 11th, 2015

 

 

Today’s News Synopsis:

The Bureau of Labor Statistics reported almost 2,000 new jobs were added to the mortgage industry back in March.  Home prices increased in the first quarter with the increase in demand and inventory levels tightening.  A new proposal is being worked on by Senator Richard Shelby that would bring changes to the Federal Reserve.

 

In The News:

Housing Wire - “Dodd-Frank reform, TILA-RESPA dominate House hearings” (5-11-15)

“At least three hearings on Capitol Hill should grab the attention of the housing industry.  The House Financial Services Oversight and Investigations Subcommittee will hold a hearing entitled “The Dodd-Frank Act and Regulatory Overreach” on May 13, 2015, at 9:30 a.m. E.T.”

DS News - “House Comittee Issues Subpoenas to DOJ, Treasury, New York Fed” (5-11-15)

“The House Financial Services Committee has issued subpoenas to two federal government agencies and a branch of the central bank requesting information and documents regarding the government’s “too big to fail” designation and the Obama Administration’s debt ceiling, according to an announcement Monday on the Committee’s website.”

Mortgage Professional America - “Daily Market Update: House prices damage the whole economy” (5-11-15)

“The US economy is growing but not as fast as hoped and rising house prices, although a sign of a stronger economy, are part of the reason why the wider economy isn’t even better.”

Housing Wire - “CFPB issues guidance on fair lending practices” (5-11-15)

“The Consumer Financial Protection Bureau issued a bulletin to help mortgage lenders avoid illegal discrimination against applicants whose income includes vouchers from the Section 8 Housing Choice Voucher Homeownership Program.”

Mortgage Professional America - “Mortgage industry gains nearly 2000 jobs” (5-11-15)

“The mortgage industry added nearly 2,000 full-time employees in March, according to new data from the Bureau of Labor Statistics.  Mortgage banking and brokerage firms added 1,900 jobs, mostly thanks to the unexpected uptick in both purchase and refinance activity.”

Housing Wire“NAR: Tight inventory, demand push home prices higher in first quarter” (5-11-15)

“Home prices pushed higher in many metros areas in the first quarter of 2015 due to stronger demand and tight inventory levels, according to the latest quarterly report from the National Association of Relators.”

DS News - “Report: Senator Drafting Proposal to Reform Federal Reserve” (5-11-15)

“U.S. Senator Richard Shelby (R-Alabama), Chairman of the Senate Banking Committee, has legislation in the works that would significantly change the U.S. Federal Reserve Board of Governors, according to media reports.”

Mortgage Professional America - “Goldman Sachs will have to face mortgage lawsuit after all” (5-11-15)

“It looks like Goldman Sachs will have to defend against a lawsuit over shoddy mortgage bonds after all.  Bond insurance company ACA Financial Guaranty Corp is seeking about $120 million in damages from Goldman. The bond insurer claims Goldman “fraudulently concealed” details about a subprime mortgage-backed investment product, according to a Reuters report.”

 

Hard Money Loan Closed

Oceanside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $170,000 on a 2 bedroom, 2 bathroom home appraised for $258,000.

Oceanside Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the AOA “Million Dollar” Trade Show and Landlording Conference 2015 on Thursday, May 14.

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

 

Copyright: Image from www.flickr.com/photos/59937401@N07/

 

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.

 

Consumers Own Views of the Market Seems to Be Leading Cause of Rising Home Prices

Friday, May 8th, 2015

 

 

 

Sources:

Daily Market Update: Low income families can’t afford event the least expensive homes
CFPB Report Finds 26 Million American Adults Have No Credit History

 

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.  According to a recent survey by Rent.com, rents are increasing as more and more millennials are wanting to purchase homes.  According to a recent study by Joseph Fairchild at Bank of America and Jun Ma at the University of Alabama, it is believes home prices are increasing as a result of consumers own optimistic and pessimistic views of the market.  223,000 new jobs were added to the market last month.

 

In The News:

Housing Wire - “Fannie Mae dropping mortgage modification interest rate” (5-8-15)

“Fannie Mae is set to lower the benchmark interest rate for its Standard Modification program. Beginning May 14, Fannie Mae will drop its required interest rate for standard modifications from 4.125% to 4%.”

DS News - “FHFA Announces Extension of HARP and HAMP Until the End of 2016″ (5-8-15)

“The government’s Home Affordable Refinance Program (HARP) and Home Affordable Modification Program (HAMP) will be extended until the end of 2016, according to an announcement from FHFA Director Mel Watt on Friday.”

Bloomberg - “House Flippers Are Back Together With Wall St. What Could Possibly Go Wrong?” (5-8-15)

“Real estate buyers seeking money to renovate and flip U.S. houses are getting help from some of the world’s biggest investment firms.  Colony Capital Inc., Blackstone Group LP and Cerberus Capital Management are among the companies that have started making bridge loans to investors who buy homes to sell them quickly for a profit. Borrowing costs — traditionally the highest in residential lending — are tumbling as the firms compete for customers.”

Housing Wire - “Rents rise as millennials keep forking over the cash” (5-8-15)

“Rental rates are rising all across the country, and the trend is not forecasted to change anytime soon. But this might not be a problem for millennials.”

Mortgage Professional America - “Daily Market Update: Revealed: the top cause for rising house prices” (5-8-15)

“A new study reveals the top cause of rising house prices in US housing markets. With housing affordability a hot topic in many markets and with incomes still often failing to provide the level of mortgages that first-time buyers need to get on the ladder, the study looked into the motivation of buyers.”

Housing Wire“April jobs report comes in below expectations” (5-8-15)

“Employers added 223,000 jobs in April according to the Bureau of Labor Statistics, below consensus expectations of 228,000, even as March’s weak payroll number was downwardly revised to an abysmal 85,000.”

DS News - “Study Estimates Dodd-Frank Will Cost Every Worker $334 Per Year Over Next Decade” (5-8-15)

“A recent research paper on the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 estimates that the burden of compliance costs on the banking sector will result in a reduction of nearly $900 billion in gross domestic product (GDP) and a cost of about $334.60 per year for a working-age person over the next decade.”

Mortgage Professional America - “What does financial literacy mean in 2015″ (5-8-15)

“The consumer financial services industry has undergone a dramatic transformation over the past ten years, facing challenging business environments, landmark financial reform and an evolving credit market.”

 

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $121,000 on a 3 bedroom, 1 bathroom home appraised for $176,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the AOA “Million Dollar” Trade Show and Landlording Conference 2015 on Thursday, May 14.

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

 

Looking Back:

Mortgage rates decreased to their lowest since November 2013 with 30-year rates at 4.21% and 15-year rates at 3.32%.  Builder confidence increased for the 55+ housing market year-over-year by 4 points to 50.  Fannie Mae and Freddie Mac profited in the first quarter and were set to give the government an additional $10.2 billion.

Copyright: Image from www.flickr.com/photos/gerlos/ and www.flickr.com/photos/59937401@N07/

 

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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