California Real Estate Headline Roundup

Posts Tagged ‘real estate investing’

By Bruce Norris .

The Norris Group’s 7th Annual I Survived Real Estate Event Held Tonight at the Nixon Library

Friday, October 24th, 2014

 

 

 

 

Today’s News Synopsis:

Tonight is the night for the Norris Group’s annual event I Survived Real Estate 2014!  The video this week highlights the events main speakers, our sponsors for the event, and thanks everyone for their help and support.  New U.S. home sales increased last month, although not by much having increased only 0.2% to 467,000.  Foreclosure inventory is the lowest it has been in six years according to Black Knight Financial.  Federal Reserve plans to hold onto  over $4 trillion in order to help push the economy’s growth once quantitative easing is done.

In The News:

Bloomberg“Rebound in U.S. Home Sales More Modest After Revisions: Economy” (10-24-14)

“Purchases of new homes in the U.S. were little changed in September after the prior month was revised down, showing an uneven recovery that will limit how much residential real estate contributes to growth.”

Housing Wire - “Black Knight: Foreclosure inventory lowest since February 2008″ (10-24-14)

“At 1.76% of active mortgages, the nation’s inventory of loans in foreclosure is now at its lowest point since February 2008, according to the September report from the Data and Analytics division of Black Knight Financial Services.”

Bloomberg“Lenders Facing Housing Crash Rules Denying U.S. Borrowers” (10-24-14)

“Federal regulations, enacted after the collapse of the subprime market spurred the financial crisis, are boosting mortgage costs this year. Most lenders are responding by providing home loans only to borrowers with near perfect credit, shutting out creditworthy Americans whose loan files are too expensive to review and complete.”

Mortgage Professional America - “The bad news keeps coming for Ocwen Financial” (10-24-14)

“When it rains, it pours, and Ocwen Financial Corp. is in the biggest storm of its life. The largest U.S. nonbank servicer, which is being accused of backdating thousands of letters to struggling borrowers, may have also violated a consent order.”

OC Housing News“Have lenders purged the Ponzis?” (10-24-14)

“The financial media is abuzz with talk about tight credit and how it must be made looser to stimulate lending and the economy.  This chatter, plus lenders’ natural desire to increase business, combines as pressure at the bottom of the credit cycle to prompt lenders into making bad loans again. But why did credit get this tight?”

Mortgage Professional America - “Are oil companies causing the new home mortgage application slump?” (10-24-14)

“Construction companies that build homes for Americans in some states are losing skilled workers to six-figure jobs offered by oil companies.”

Bloomberg - “Quantitative $4 Trillion Holdings to Boost Growth Beyond End of QE” (10-24-14)

“Quantitative easing may turn out to be a gift that keeps on giving for the U.S. economy.  As the Federal Reserve prepares to end its third round of bond buying next week, the central bank plans to hang on to the record $4.48 trillion balance sheet it has accumulated since announcing the first round of purchases in November 2008.”

 

TONIGHT, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

Mortgage rates decreased again in the wake of the government shutdown with 30 year rates dropping to 4.13% and 15-year rates to 3.24%.  Residential property sales increased drastically with the increase in investor demand.  Home value appreciation was showing signs of decline and was expected to continue to do so over the upcoming year.

 

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

Risk Retention Rule Approved by Six Federal Agencies

Thursday, October 23rd, 2014

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

 

 

Today’s News Synopsis:

The new risk-retention rule has finally and officially been approved by six federal agencies.  Mortgage rates decreased this past week with 30-year rates now at 3.92% and 15-year rates at 3.08%.  Home prices in the U.S. increased 0.5% in August, above economists’ expectations.

 

In The News:

Housing Wire“Fannie Mae: Positive on U.S. economy despite global growth decline” (10-23-14)

“Real economic growth in the U.S. appears ready to exceed 3% for the second half of the year, providing a sound basis for growth in 2015, according to Fannie Mae’s Economic & Strategic Research Group.”

Bloomberg - “U.S. Mortgage Rates Fall With 30-Year at 3.92%” (10-23-14)

“Mortgage rates in the U.S. declined, remaining at a 16-month low as more affordable borrowing costs fuel an increase in refinancing.”

Housing Wire - “It’s official” Risk retention rule approved” (10-23-14)

“The final version of the risk retention rule is now officially approved by six federal agencies, following the Federal Reserve’s last approval on Wednesday.”

OC Housing News“Regulators capitulate to lending industry lobbyists” (10-23-14)

“In a complete victory for lending industry lobbyists, the Qualified Residential Mortgage rules match the Qualified Mortgage rules.”

NAHB - “Remodeling Market Index Reclaims All-Time High” (10-23-14)

“The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) reclaimed the high-water mark of 57 in the third quarter of 2014. This is the sixth consecutive quarter for an RMI reading above 50.”

Housing Wire - “RealtyTrac: Seriously underwater homes hit 2-year low” (10-23-14)

“The amount of seriously underwater properties plunged to the lowest level in two years, with 8.1 million U.S. residential properties seriously underwater — where the combined loan amount secured by the property is at least 25% higher than the property’s estimated market value, RealtyTrac’s U.S. home equity and underwater report for the third quarter of 2014 said.”

Bloomberg“U.S. Home Prices Beat Estimates With 0.5% Gain in August” (10-23-14)

“U.S. home prices rose more than economists estimated in August as employment growth fueled demand for housing.  Prices climbed 0.5 percent on a seasonally adjusted basis from July, the Federal Housing Finance Agency said today in a report from Washington.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

Mortgage delinquencies increased slightly the previous month by 4.23% according to the Lender Processing Services.  The FHFA reported home prices showed increases for 19 months straight with their recent increase of 0.3% in August.  The FHA has disputed some data on a recent CBO report, claiming some information was not accurate.

 

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.

California Real Estate Market Slow Right Now with Increase in Prices and Decrease in Demand

Wednesday, October 22nd, 2014

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

 

 

 



Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage refinance applications increased 11.6% from last week.  PropertyRadar believes the California real estate market is slow right now with the increase in home prices and decrease in demand.  Senator Elizabeth Warren and Congressman Elijah Cummings have asked for an investigation into the risks posed by nonbank mortgage lenders.

In The News:

Mortgage Bankers Association - “Refinance Applications Increase in Latest MBA Weekly Survey” (10-22-14)

“Mortgage applications increased 11.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 17, 2014.  This week’s results did not include an adjustment for the Columbus Day holiday.”

Bloomberg - “Risk-Retention Rule Ignores Costs to Market, SEC Dissenters Say” (10-22-14)

“New U.S. rules requiring lenders keep a stake in mortgages they package for sale were assailed by Republicans on the Securities and Exchange Commission who say regulators ignored the cost and impact of the measures.”

Housing Wire - “PropertyRadar: California real estate market stuck in low gear” (10-22-14)

“California single-family home and condominium sales fell 5.6% to 32,017 units from 33,931 in August, PropertyRadar reports, blamed largely on high prices, falling demand and tight lending.”

OC Housing News“The housing market depends entirely on interest-rate stimulus” (10-22-14)

“Back in February of 2013 when mortgage rates were near record lows, I wrote that future housing markets would be very interest-rate sensitive, despite assurances to the contrary from most macro-economists.”

Mortgage Professional America“12 cities with the fastest moving housing markets” (10-22-14)

“As the weather continues to cool and the real estate enters its slow season, properties in 12 major metro areas are still selling quickly, less than two months on the market, according to the National Association of Realtor’s National Housing Trend Report.”

Realty Trac - “Nevada HOA Liens Extinguish First Deed of Trust” (10-22-14)

“Las Vegas real estate investors and mortgage lenders are squaring off in Nevada in a dispute that could ultimately be decided by the U.S. Supreme Court.”

Housing Wire - “Freddie Mac: The 4 ingredients for housing recovery” (10-22-14)

“While America has traveled a long way from the struggles caused by the Great Recession, the pain from the crisis has not fully dissipated.”

Mortgage Professional America - “Senator calls for investigation of nonbank servicers” (10-22-14)

“Earlier this week Senator Elizabeth Warren (D-Mass.) and Congressman Elijah Cummings (D-Md.) called on the U.S. Government Accountability Office (OIG) to investigate nonbank mortgage lenders and the risks they pose to consumers.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

The unemployment rate decreased to 7.2% and was at its lowest level since November 2008.  Spending on construction increased in August for the fifth month in a row by 0.6%.  The Federal deficit was at $22B with the recent FHA bailout.

 

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.

Capitol Economics Optimistic About Economic Recovery After Seeing Increase in Existing Home Sales

Tuesday, October 21st, 2014

Copyright: Image from www.pallspera.com

 

 

 



Today’s News Synopsis:

Existing home sales increased by 2.4% last month to a 5.17 million annual rate, leading organizations like Capital Economics to be optimistic about the economy improving.  The Mortgage Bankers Association is also optimistic mortgage originations will increase 7% in 2015.  A new QRM rule is in the final states of being completed by financial regulators.

In The News:

Mortgage Bankers Association - “MBA Sees Originations Increasing Seven Percent in 2015″ (10-21-14)

“The Mortgage Bankers Association announced today that it expects to see $1.19 trillion in mortgage originations during 2015, a seven percent increase from 2014.”

Bloomberg - “U.S. Agencies to Require CLO Managers to Retain 5% of Deals” (10-21-14)

“U.S. regulators will make investment firms or banks that create securities backed by high-risk corporate loans retain a portion of their new deals.”

DS News“Castro Outlines HUD’s ‘Blueprint for Access’” (10-21-14)

“U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro announced in a speech on Monday the points of HUD’s “Blueprint for Access” meant to ease the risk of lenders while expanding credit.”

OC Housing News“Are the GSEs returning to subprime lending?” (10-21-14)

“Those of us who watched the housing bubble and bust and detailed it’s causes are greatly concerned about returning to the disastrous lending practices of the past.  Although some degree of credit loosening was inevitable, the last thing any of us should want to see is a return to irresponsible subprime lending, particularly now that the US Taxpayer is liable for all the losses.”

Housing Wire“Capital Economics: Recovery in home sales marches on” (10-21-14)

“The increase in existing home sales in September took sales activity to a 12-month high, and with falling mortgage interest rates and what some see as an improving labor market, Capital Economics is getting bullish on housing.”

Bloomberg - “FDIC Backs Rules Requiring Lenders to Keep Stakes in CLOs” (10-21-14)

“Lenders will have to keep stakes in mortgages and highly leveraged corporate bonds they package for sale to investors under measures approved by U.S. regulators to rein in risky credit practices.”

Housing Wire - “S&P/Experian: Mortgage default rates increase two months straight” (10-21-14)

“Consumer default rates recorded a slight uptick in September, rising for the second consecutive month, according to the most recent S&P/Experian Consumer Credit Default Indices.”

DS News“Financial Regulators Finalize QRM Rule” (10-21-14)

“Federal regulators announced on Tuesday they have finalized a rule establishing a risk retention framework for mortgage lenders securitizing and selling loans.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

The NAR reported existing-home sales decreased the previous month by 1.9% after reaching their highest level in August.  It was reported that one in five loans did not meet the requirements set down by CFPB regarding qualified mortgages.  The number of jumbo loans available in the Chicago area allowed more homeowners to move up in the 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.

Maryland Bank Closes After Three Months of No Bank Failures

Monday, October 20th, 2014

Copyright: Image from www.flickr.com/photos/mlrs193/

 

 

 



Today’s News Synopsis:

Bill Cosgrove, who will be featured on the panel for I Survived Real Estate 2014, spoke at the MBA’s 101st Annual Convention & Expo about Dodd-Frank to the future of America’s housing.  A bank in Maryland recently closed its doors after three months of no bank failures.  Foreclosures in California are at their lowest in 9 years with only 16,883 completed, down 17% from the previous year.

In The News:

Mortgage Bankers Association - “Remarks by Bill Cosgrove, MBA Chairman During MBA’s 101st Annual Convention & Expo” (10-20-14)

“Bill Cosgrove, Chairman of the Mortgage Bankers Association (MBA) today delivered the following remarks at the association’s 101st Annual Convention and Expo in Las Vegas, NV.

“For the third time this year, nationwide housing starts surpassed the million-mark, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Housing Wire - “Mel Watt and Julian Castro announce housing policy changes” (10-20-14)

“Federal Housing Finance Agency Director Met Watt and U.S. Secretary of Housing and Urban Development Julian Castro announced their plans to address some of the housing finance industry pain points in what MBA CEO David Stevens called “extremely positive” policy steps.”

OC Housing News“As personal finances improve, debt collectors come calling” (10-20-14)

“Most borrowers who defaulted on debts during the recession waited anxiously for their lenders to come after them for the bad debt. When lenders didn’t pursue collection on bad debts at the time, most borrowers blithely assumed they no longer owed this money, but most often that isn’t the case.”

Mortgage Professional America - “California foreclosures near 9-year low” (10-20-14)

“While the majority of the country experience a rise in foreclosures, California saw a record-low during the third quarter.  Lenders initiated formal foreclosure proceedings last quarter with the lowest number of California homes in almost nine years, according to the latest CoreLogic DataQuick report.”

Bloomberg - “Fannie-Freddie Clarify Buyback Rules in Bid to Ease Credit” (10-20-14)

“Fannie Mae (FNMA) and Freddie Mac have reached an agreement with banks better defining bad practices that would trigger penalties for lenders, expanding efforts to ease tight credit that’s creating a drag on the housing market.”

Housing Wire - “S&P: Nonbank earnings will be weak” (10-20-14)

“Unless nonbank mortgage companies post a significant rebound in their third-quarter earnings Standard & Poor’s said it would have to take take further negative action on them.”

DS News“Maryland Charter Bank Shuts Down” (10-20-14)

“After nearly three months without a failure, another FDIC-insured institution went down last week.  The Office of the Commissioner of Financial Regulation in Maryland shut down NBRS Financial, based in Rising Sun, appointing FDIC as receiver, according to dual releases from both agencies.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

 

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.

Multifamily Lending Numbers Sets New Record for 2013 with 18% increase from 2012

Friday, October 17th, 2014

Copyright: Image from www.flickr.com/photos/22318392@N04/

 

 

Sources:

Study: 52 Percent of County Housing Markets ‘Better Off’ Than Two Years Ago
Mortgage lending regulation compliance costs up 30%



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.  Housing starts increased above 1 million for the third time this year.  The number of foreclosures filed last quarter decreased 17% year-over-year and are down to their lowest in nine years.  Lending on multifamily properties increased 18% from 2012, setting a new record for 2013.

In The News:

Mortgage Bankers Association - “Multifamily Lending Hits New Record in 2013″ (10-17-14)

“In 2013, 2,898 different multifamily lenders provided a total of $172.5 billion in new mortgages for apartment buildings with five or more units, according to a report from the Mortgage Bankers Association (MBA).”

NAHB“Nationwide Housing Starts Top 1 Million for Third Time this Year” (10-17-14)

“For the third time this year, nationwide housing starts surpassed the million-mark, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Housing Wire - “FHFA, Fannie &Freddie near deal to open mortgage credit box” (10-17-14)

“As readers of HousingWire know, Federal Housing Finance Agency Director Mel Watt has been working towards a plan to open what many see as underwriting standards that are too restrictive.”

OC Housing News“Will the CAR 2015 housing market sales forecast be way off?” (10-17-14)

“Past performance is not always the best indicator of the skill of forecasters. For example, if meteorologists issue a standard forecast for weather in Southern California of morning clouds, afternoon sun, and highs in the upper 60s or low 70s, they would be correct over 80% of the time, but what have they forecast? Nothing.”

Mortgage Professional America - “SEC official: Too many regulators are ‘piling on’” (10-17-14)

“For years the federal government has been heaping regulations bureaucracy and red tape on originators. Finally, at least one SEC official has said it’s too much.”

Bloomberg - “Rates Below 4% Leave U.S. Refinancing Banker Sleepless” (10-17-14)

“The drop in mortgage rates below 4 percent has cut into Debra Shultz’s sleep. The New York City banker is busier than she’s been in months, working with three dozen homeowners eager to lower their payments.”

Housing Wire - “This could happen now that mortgage rates dropped below 4%” (10-17-14)

“Housing prices continue to slow and are hopefully reaching a growth rate in line with interest rates and income growth, but meanwhile the market is trying to determine what the recent weakness in US economic reports.”

Los Angeles Times“California foreclosure filings fall to lowest level since 2005″ (10-17-14)

“The foreclosure crisis is rapidly becoming a thing of the past.  The number of foreclosure filings on California homes fell to their lowest level in nearly nine years last quarter, according to a report released Friday.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

Home prices increased back in August and were at levels last seen in 2009.  More and more people were flipping homes due to a decrease in good deals on homes.  Consumer confidence decrease again, causing Fannie Mae to change their outlook on the economy.

 

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.

1 in 3 Homes are Rental Properties According to Recent Survey

Thursday, October 16th, 2014

Copyright: Image from www.flickr.com/photos/29456235@N04/

 

 

Today’s News Synopsis:

 

Mortgage debt for commercial/multifamily properties is on the rise increasing 1% quarter-over-quarter.  Mortgage rates decreased this week, and 30-year rates are at their lowest in 16 months at 3.97%.  15-year rates decreased to 3.18% from 3.3%.  According to a recent survey by HUD and the Census Bureau, 1 in 3 single-family homes are rental properties.

In The News:

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Debt Outstanding Continues to Rise” (10-16-14)

“According to a Mortgage Bankers Association (MBA) report released today, the level of commercial/multifamily mortgage debt outstanding increased by $24.9 billion in the second quarter of 2014, as three of the four major investor groups increased their holdings.  That is a 1.0 percent increase over the first quarter of 2014..”

Housing Wire“American Housing Survey finds 1 in 3 homes is a rental” (10-16-14)

“One in every three single-family homes is a rental, lots are shrinking, and one in 10 homes has had a mice or cockroach problem. Homes have fewer physical problems than two years ago.”

Bloomberg“Mortgage Rates Tumble as 30-Year at 16-Month Low of 3.97%” (10-16-14)

“U.S. mortgage rates plunged, sending borrowing costs for 30-year loans below 4 percent for the first time in 16 months, as signs of a slowing global economy drove investors to the safety of government bonds.”

DS News“Report: 40,000 Homeowners Received Permanent Loan Mods in August” (10-16-14)

“About 40,000 homeowners nationwide received permanent mortgage loan modifications from servicers in August, which includes loans completed through proprietary programs and under the government’s Home Affordable Modification Program (HAMP), according to data released by the HOPE NOW Alliance on Thursday.”

OC Housing News“Is real estate the best asset class for the 21st century?” (10-16-14)

“Where is the best place to put your money today? At the bottom of the credit cycle, super-low interest rates inflate the value of all assets because investors are forced to take on more risk in a futile quest for yield.”

Mortgage Professional America“Dodd-Frank mortgage rule nears the finish line” (10-16-14)

“Regulators will meet next week to decide on the final version of the much-delayed provision of the 2010 Dodd-Frank financial reform law.  Six regulators, including the Federal Reserve, the Federal Deposit Insurance Corp. and the Securities and Exchange Commission, will meet October 22 to adopt the final version of the credit risk retention rule, a requirement of the 2010 Dodd-Frank law to reform Wall Street.”

Housing Wire - “Home value loss and recovery starkly different by race” (10-16-14)

“A recent report by the Federal Reserve shows that from 2010 to 2013, the inflation-adjusted median home value for all homeowners declined 7%.”

Los Angeles Times“Home builder confidence slips off nine-year highs” (10-16-14)

“Home builders are taking a slightly dimmer view of the housing market, but they’re still generally bullish.  The National Assn. of Home Builders reported Thursday that its member confidence index slipped in October, ending a four-month run of gains that led to a nine-year high last month.”

Mortgage Professional America“Foreclosure filings increase for the first time in three years” (10-16-14)

“Foreclosure filings, including default notices, scheduled auctions and bank repossessions, were reported on 317,171 U.S. properties during the third quarter, marking the first quarterly increase in three years, according to RealtyTrac’slatest September and third quarter Foreclosure Market Report.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

Builder confidence decreased this month to a new level of 55 according to the NAHB.  Loan modifications increased in August to to 580,000 with the completion of 67,000 in the month alone.  Nobel-prize winner Robert Shiller warned of a potential new housing bubble.

 

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 Lending Increased for Big Banks with Sudden Increase in Homeowner Refinancing

Wednesday, October 15th, 2014

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

 

 

Today’s News Synopsis:

Big day in the news for mortgages.  The Mortgage Bankers Association reported a 5.6% decrease in mortgage applications from last week.  The costs for compliance on mortgage lending regulations is up 30% according to the latest survey from Fannie Mae.  A sudden increase in homeowner refinancing has helped banks such as JPMorgan Chase, Wells Fargo, and Citigroup to see an increase in mortgage lending.

In The News:

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (10-15-14)

“Mortgage applications increased 5.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 10, 2014.”

Housing Wire“Mortgage lending regulation compliance costs up 30%” (10-15-14)

“Most lenders believe new regulations have had “significant” impact on their business, according to the Third Quarter Mortgage Lender Sentiment Survey of senior mortgage executives conducted by Fannie Mae.”

Bloomberg“Refinance Boomlet Gives U.S. Banks Relief From Plunge: Mortgages” (10-15-14)

“As the largest U.S. banks rebuild their mortgage lending, with gains last quarter, they face the challenge of finding qualified borrowers and the possibility of rising interest rates.”

Inman“Falling stocks mean cheaper mortgages.  But what’s the big picture for housing?” (10-15-14)

“The big sell-off in stocks that began last week has already sent mortgage rates plummeting, but so far that’s only translated into more demand for refinancings.  The bigger questions for housing markets are whether stock market volatility will undermine homebuyer confidence, and whether declines in equity prices will mean buyers will have a harder time scraping together down payments.”

OC Housing News“Slow wage growth limits home price appreciation” (10-15-14)

“Financed buyers complete most home sales, so the borrowing power of financed buyers generally sets the prevailing price levels in most real estate markets.”

Mortgage Professional America“Outcome of lender and HOA foreclosure dispute could affect rates” (10-15-14)

“Last month the Nevada Supreme Court decided that a homeowners association can foreclose on homes to recoup delinquent payments, a decision that could potentially cause mortgage rates to rise.”

Realty Trac - “Will Fewer Mortgages Drive Immigration Reform?” (10-15-14)

“When it comes to real estate it seems foolish to leave $500 billion on the table but that’s pretty much the situation. Why? Because of the failure to attract more Hispanic buyers, the one group most likely to power future home sales and mortgage borrowing.”

Los Angeles Times“Bank of America posts after mortgage settlement” (10-15-14)

“Bank of America Corp., which agreed to a record $16.7 billion settlement of government mortgage probes in August, posted a surprise third-quarter profit as revenue from trading stocks and bonds increased..”

Inman“Stock plunge a threat to housing” (10-15-14)

“While most Americans have two parts to their investment portfolio — their homes and their stocks — they are knitted together in critical ways.  Which is why the current stock market plunge may already be hurting consumer confidence when it comes to the housing market, according to some experts.”

 

Bruce Norris will be speaking at AOA’s Big Million Dollar Trade Show & Landlording Conference TODAY at 3:15 p.m. in Los Angeles.

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

The United States rating was being downgraded according to Senate Majority Leader Harry Reid.  The number of people still eligible for HARP refis continued to remain high with the decrease in mortgage rates.  Home prices increased for the 18th month in a row in August.

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.

Lending Business to Welcome An Interesting Member: Facebook

Tuesday, October 14th, 2014

 

Today’s News Synopsis:

A new recent poll by Bankrate.com showed more and more Americans are saving money with the uncertainty about the economy’s future and slow income growth.  Rumor has it Facebook will be doing more business with lending.  Another survey from RealtyTrac showed over 50% of housing markets have improved from two years ago.

In The News:

Housing Wire - “Citigroup 3Q revenue jumps to $19.6B” (10-14-14)

“Citigroup (C) posted net income for the third quarter 2014 of $3.4 billion, or $1.07 per diluted share, on revenues of $19.6 billion, compared to net income of $3.2 billion, or $1.00 per diluted share, on revenues of $17.9 billion for the third quarter 2013.”

DS News - “Survey Finds Consumer Spending Tight Despite Financial Security” (10-14-14)

“Stagnant income growth and uncertainties about the economy’s future have spurred more Americans to putting a tight lid on their monthly spending, according to a new poll.”

Bloomberg“Fannie Mae Common Shares Rally, Rebounding From Judge’s Ruling” (10-14-14)

“Fannie Mae and Freddie Mac common shares rose for a fifth day in New York trading, erasing most of their drop tied to a court ruling last month, while the companies’ preferred securities posted smaller gains.”

Housing Wire - “Is the era of buying homes with cash coming to an end?” (10-14-14)

“Cash sales are slowly turning into the endangered species of the industry, reaching the lowest share since august 2008.”

Mortgage Professional America“Social media giant to enter lending business” (10-14-14)

“With rumors already circulating about Facebook’s intention to offer payment services, the social media giant is now also believed to be looking at lending.”

DS News - “Study: 52 Percent of County Housing Markets ‘Better Off’ Than Two Years Ago” (10-14-14)

“A total of 811 U.S. county housing markets (52 percent) were rated as “better off” than they were two years ago, compared to only 11 percent (176 markets) categorized as “worse off,” according to RealtyTrac’s 2014 Election Housing Scorecard released on Tuesday.”

Housing Wire“Mortgage banking industry weighs in support for single GSE bond” (10-14-14)

“A common securitization platform and a single GSE bond is coming soon enough from the Federal Housing Finance Agency, and while details are still under discussion the mortgage banking industry is weighing in with their thoughts.”

OC Housing News“Is housing headed for another stimulus hangover?” (10-14-14)

“Ever since house prices began a steep, deep, and unprecedented decline in 2008, the government, lenders, and the federal reserve have changed policies and applied stimulus of various kinds to reverse the decline and reflate the previous bubble in order to restore collateral backing to bubble-era home loans to preserve the solvency of our banking system.”

 

Bruce Norris will be speaking at AOA’s Big Million Dollar Trade Show & Landlording Conference TOMORROW.

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

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.

Economy as a Whole Gains Solid Footing

Friday, October 10th, 2014

 

 

 

Sources:

Consumers more optimistic about housing
U.S. Mortgage Rates Fall to Lowest in a Month



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.  The net income earned by Fannie Mae and Freddie Mac in the second quarter was only half of what they had earned in the first quarter of this year.  According to a recent study by Wells Fargo, the economy as a whole is gaining a solid footing, leading many to speculate housing may soon see positive changes in the market.  Top officials in the Federal Reserve are fearing that the public is expecting too much from the central bank.

In The News:

DS News - “Study: Economy On More Solid Ground, Housing May Soon Follow” (10-10-14)

“Now that the overall economy is on more solid ground, Wells Fargo economists suggest that housing may soon follow in its footsteps, according to Wells Fargo’s Housing Chartbook for October 2014 released on Thursday.”

Los Angeles Times“Top Fed official fears people ‘expect too much’ from central bank” (10-10-14)

“A top Federal Reserve official said Friday that Americans “expect too much” from the central bank, particularly when it comes to reducing unemployment..”

Housing Wire - “Fannie, Freddie net income slashed in half” (10-10-14)

“Government-sponsored enterprises Fannie Mae and Freddie Mac brought in a combined second-quarter net income of $5 billion, nearly half of the $9.3 billion the two made in the first quarter of 2014, the Federal Housing Finance Agency’s Quarterly Performance Report of the Housing GSEs stated.”

OC Housing News“Is building spec homes for the ultra wealthy a sustainable business?” (10-10-14)

“A sustainable business is one that delivers value to customers in good times and in bad.  Failed business models litter the real estate landscape. Subprime lending is a model that succeeds only when times are good and house prices rise steadily.”

Mortgage Professional America - “Are you getting a piece of the HELOC pie?” (10-10-14)

“HELOCs are gaining traction among homeowners. In fact, lenders increased their origination of home equity lines of credit by 21% in the 12 months ending in June, according to new data from real estate information firm RealtyTrac.”

Inman - “Gathering storm overseas taking mortgage rates down” (10-10-14)

“The financial world is back on a familiar precipice: A giant global-regional economy is on a cusp, all waiting to see if its government will intervene. This time it ain’t us — it’s Europe, again — the shock waves for the moment beneficial to the U.S.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

Foreclosures decreased again by 7% from the last quarter and 29% year-over-year, putting them at the lowest level since the second quarter of 2007.  Mortgage rates increased again after five weeks with 30-year rates at 4.23% and 15-year rates at 3.31%.  In addition, the Mortgage Bankers Association reported mortgage applications for new homes decreased the previous month by 1%.

 

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.