California Real Estate Headline Roundup

Posts Tagged ‘real estate investing’

By Bruce Norris .

Homes Most Overvalued in Texas and California

Friday, December 19th, 2014

 

 

 

 

 

Sources:

Builder Confidence Drops One Point in December
Housing Production Falls 1.6 Percent in November

 

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.  First-lien mortgages showed signs of improvement in the third quarter according to the latest OCC Mortgage Metrics Report.  The latest Fitch ratings report showed homes are the most overvalued in Texas and California.  Several lending companies have begun to offer 97% LTV products to Fannie Mae and Freddie Mac.

In The News:

DS News“OCC Report Shows Improvement in First-Lien Mortgages for Q3″ (12-19-14)

“The OCC Mortgage Metrics Report, Third Quarter 2014, released Friday by the Office of the Comptroller of the Currency (OCC), showed improvement in the performance of first-lien mortgages serviced by seven national banks and one federal savings association for Q3 2014.”

Housing Wire“Community bankers call on FHA to lower mortgage insurance premiums” (12-19-14)

“The mortgage finance industry wants the Federal Housing Administration to reduce its premiums, and they’re not being shy about letting the U.S. Department of Housing and Urban Development know about it.”

Mortgage Professional America“Lenders begin to offer 97% LTV loans” (12-19-14)

“And so it begins. 360 Mortgage, Ditech Mortgage Corp., United Wholesale Mortgage and Maverick Funding are among the latest lenders to offer Fannie Mae and Freddie Mac 97% loan-to-value (LTV) products.”

Bloomberg- “The Big Winner in the Rental Home Shortage: Wall Street” (12-19-14)

“Corporate landlords are benefiting from the worst U.S. rental-housing shortage in more than a decade as construction trails demand and more Americans opt to lease rather than buy.”

Mortgage Professional America“Where Wall Street is most likely to cash out of the single-family rental market” (12-19-14)

“After nearly three years and hundreds of thousands of property purchases, the nascent single-family rental industry is at a crossroads in terms of future growth and long-term staying power.”

Housing Wire - “Fitch Ratings: Housing in Texas and California are officially overvalued” (12-19-14)

“Two of the biggest and most populous states in America are officially overvalued housing-wise, at least that is what a new Fitch Ratings report is arguing.”

 

Hard Money Loan Closed

Apple Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $77,000 on a 2 bedroom, 1 bathroom home appraised for $117,000.

Hemet Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at Prosperity Through Real Estate presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, January 6.

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31

 

Looking Back:

A new bulletin was released by Freddie Mac outlining new servicing requirements for alternatives to foreclosures, initiatives they hoped would improve the servicing process.  In addition, the GSEs were also allowing homebuyers a head start toward purchasing a new home through the HomeSteps’ and HomePath listings.  The CFPB started a new campaign to help consumers learn more about the new mortgage rules.

 

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

Copyright: Image from www.flickr.com/photos/26137056@N05/ and www.flickr.com/photos/euthman/

Image Sources:

HUD Program Delayed Once Again

Thursday, December 18th, 2014

 

Today’s News Synopsis:

Mortgage rates decreased again according to Freddie Mac with 30-year rates now at 3.8% and 15-year rates at 3.09%.  The HUD program is facing delays again after Secretary Julian Castro said funding towards the program is holding people back from owning homes.  Insurance policies totaling $155 million was just taken care of by Freddie Mac in order to help decrease liability for taxpayers.

In The News:

Los Angeles Times“Mortgage rates drop to new low for the year, Freddie Mac says” (12-18-14)

“Mortgage rates have hit a fresh low for the year.  The average for a 30-year fixed loan fell to 3.80% this week, down from 3.93% a week earlier, mortgage company Freddie Mac said Thursday. Lenders, meanwhile, offered a 15-year fixed mortgage at 3.09%, compared to 3.20% last week.”

Housing Wire“Freddie Mac offloads $155 million of credit risk to insurers” (12-18-14)

“As part of its continuing effort to limit the American taxpayers’ liability, Freddie Mac obtained a number of insurance polices designed to cover almost $155 million in potential losses from a pool of single-family loans acquired in the third quarter of 2013.”

DS News“Senators Ask FHFA to Revisit FHLBank Membership Requirements” (12-18-14)

“Twenty-seven senators have signed a letter addressed to Federal Housing Finance Agency (FHFA) Director Mel Watt asking him to reconsider the stricter membership requirements for the Federal Home Loan Banks the Agency proposed in September.”

Bloomberg“Mortgage Bankers Say FHA Premium Increases Hurt Its Finances” (12-18-14)

“Premium increases intended to shore up the U.S. government’s mortgage-insurance fund have reduced its value by $4.4 billion as higher costs drove away creditworthy borrowers, the Mortgage Bankers Association said.”

Mortgage Professional America“Congress delays HUD program” (12-18-14)

“The U.S. Housing and Urban Development (HUD) Secretary Julián Castro has responded to HUD’s 2015 budget of $45 billion stating that while it does help some of its initiatives, the funding limits the goal of homeownership for some American families.”

Housing Wire - “Prime jumbo non-agency RMBS issuance grows slowly in 2015″ (12-18-14)

“The U.S. housing market has been recovering, and residential mortgage collateral performance continues to improve, a trend that Standard & Poor’s expects to continue in 2015.”

Bloomberg - “Ocwen Said to Have Stalled Home Sales by Underwater Borrowers” (12-18-14)

“Ocwen Financial Corp. (OCN) is being examined over whether it improperly stalled short sales by borrowers who owe more than their homes are worth, according to two people briefed on the case, as troubles deepen for the mortgage servicer whose stock has slumped 60 percent this year.”

Mortgage Professional America“Two big banks sued over shoddy mortgage securities” (12-18-14)

“A U.S. credit union regulator has filed a lawsuit against two major banks over shoddy mortgage securities they sold during the run-up to the financial meltdown.”

 

Bruce Norris of The Norris Group will be speaking at Prosperity Through Real Estate presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, January 6.

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31

 

Looking Back:

The NAHB reported builder confidence for new single-family homes  increased by four points to 58.  The increase in home prices led to 791,000 properties being brought out of negative equity, although 6.4 million remained underwater.  The FHFA reported HARP refinances decreased in the third quarter to less than 900,000 despite the increase in interest rates.

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.

 

Senate Passes Tax Increase Prevention Act of 2014

Wednesday, December 17th, 2014

 

Today’s News Synopsis:

The Mortgage Bankers Association reported a 3.3% decrease in mortgage applications from last week.  This was a big day for new bills.  The FHA established the HAWK program in order to help those with FHA loans save money.  The Senate passed the Tax Increase Prevention Act of 2014 that will extend 55 provisions on taxes.

In The News:

Housing Wire - “Lenders fear weakening mortgage demand in 2015″ (12-17-14)

“Fewer mortgage lenders are reporting tighter credit, but weak consumer demand is increasingly cited as driving lenders’ decreased profit margin outlook, according to results from Fannie Mae’s fourth quarter 2014 Mortgage Lender Sentiment Survey.”

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (12-17-14)

“Mortgage applications decreased 3.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 12, 2014.”

Bloomberg“Boomers Seen Boosting New-Home Sales as Millennials Wait” (12-17-14)

“Southwest Florida is the fastest-growing U.S. market for new houses, a sign that retirees such as the Jays are poised to buoy growth in the country’s depressed homebuilding industry next year.”

Mortgage Professional America“Big bank fails two mortgage settlement tests” (12-17-14)

“Bank of America has failed two of 31 mortgage settlement tests aimed at seeing whether the bank is complying, according to a report from an independent watchdog.”

Housing Wire - “State of New York bans fracking” (12-17-14)

“Gas companies and homeowners hoping to strike it rich by mining the oil and gas reserves buried deep beneath the ground of the state of New York are officially out of luck, because New York’s governor, Andrew Cuomo, has just banned the oil and gas extraction process known as fracking throughout New York.”

Los Angeles Times“Ex-Countrywide exec to get $57 million from BofA whistle-blower suit” (12-17-14)

“Former Countrywide Financial Corp. executive Edward O’Donnell will get $57 million for his part in bringing a whistle-blower lawsuit against Bank of America Corp. that helped the U.S. force the lender to pay almost $16.7 billion to settle mortgage fraud charges..”

DS News - “Tax Provisions Covered By New Senate Bill Include Mortgage Deductions” (12-17-14)

“The U.S. Senate passed a bill on Tuesday night that retroactively extends 55 tax provisions, among which are allowing deductions for mortgage insurance premium interest and tax relief on forgiven mortgage debt.”

Realty Trac“Where Wall Street Is Most Likely To Cash Out of the Single Family Rental Market” (12-16-14)

“After nearly three years and hundreds of thousands of property purchases, the nascent single family rental industry is at a crossroads in terms of future growth and long-term staying power.”

Housing Wire - “Congressional budget bill kills HUD homeowner assistance program” (12-17-14)

“When the Federal Housing Administration announced its “Blueprint for Access” in May, it said the program was designed to open up the credit box for ‘underserved borrowers.’”

Mortgage Professional America“Michigan Senate OKs tax foreclosure bidder ban” (12-17-14)

“The Michigan State Senate passed a bill last week to prevent those with delinquent property tax payments to bid in foreclosure auctions.”

 

Bruce Norris of The Norris Group will be speaking at Prosperity Through Real Estate presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, January 6.

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31

 

Looking Back:

The NAHB reported builder confidence for new single-family homes  increased by four points to 58.  The increase in home prices led to 791,000 properties being brought out of negative equity, although 6.4 million remained underwater.  The FHFA reported HARP refinances decreased in the third quarter to less than 900,000 despite the increase in interest rates.

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

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

 

Production on New Homes Decreases 1.6%

Tuesday, December 16th, 2014

 

Today’s News Synopsis:

Production on new homes Decreased 1.6% last month according to NAHB.  Mortgage debt for commercial/multifamily properties increased by $28.6 billion, or 1.1%, its highest on record.  Freddie Mac reported that they expect to see  the highest amount of home sales in 2015.

In The News:

Mortgage Bankers Association“Commercial/Multifamily Mortgage Debt Rises to Record High” (12-16-14)

“The level of commercial/multifamily mortgage debt outstanding increased by $28.6 billion in the third quarter of 2014, as the four major investor groups increased their holdings.  That is a 1.1 percent increase over the second quarter of 2014.”

Housing Wire - “MERS wins in Rhode Island again” (12-16-14)

“MERSCORP earned another legal victory against a disgruntled mortgagor who claimed that MERS didn’t have the authority to assign a mortgage.”

NAHB“Housing Production Falls 1.6 Percent in November” (12-16-14)

“Following an upwardly revised rate last month, housing starts in November slipped 1.6 percent to a seasonally adjusted annual rate of 1.028 million units, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Los Angeles Times“Ocwen Financial probed over mortgage compliance reviews” (12-16-14)

“A federal monitor is investigating whether Ocwen Financial Corp. is treating borrowers fairly after a whistleblower said the company may have improperly influenced which mortgages were picked for a compliance review..”

DS News - “Freddie Mac Predicts Biggest Year for Home Sales Since ’07″ (12-16-14)

“Freddie Mac predicted that 2015 will see the highest level of home sales in the U.S. since 2007 in its December 2014 U.S. Economic and Housing Market Outlook released on Tuesday.”

Realty Trac“Where Wall Street Is Most Likely To Cash Out of the Single Family Rental Market” (12-16-14)

“After nearly three years and hundreds of thousands of property purchases, the nascent single family rental industry is at a crossroads in terms of future growth and long-term staying power.”

Housing Wire - “National credit default rates continue to increase in November” (12-16-14)

“Default rates continued to rise in November, according to the S&P/Experian Consumer Credit Default Indices report.  The national composite posted 1.07% in November, up one basis point from October 2014.”

DS News“Bank Claims $2.2 Billion in Consumer Relief Toward Settlement Requirement” (12-16-14)

“JPMorgan Chase reported that it has provided more than half of the consumer relief required in just one year as part of a settlement with the government, according to a report released Tuesday.”

 

Bruce Norris of The Norris Group will be speaking at Prosperity Through Real Estate presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, January 6.

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31

 

Looking Back:

Another bank was added to the tally of bank failures for the year with the recent closure of the Texas Community Bank.  According to the latest Mortgage Fraud Index, legal activity regarding mortgage fraud was at its lowest since the occurrence of the mortgage crisis.  The FHFA announced their financial situation had improved greatly over the year despite experiencing a $16.3 billion shortfall the previous 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.

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

 

New Bill Passes to Allow Extra Foreclosure Protection for Military Members

Monday, December 15th, 2014

 

Today’s News Synopsis:

A bill was recently passed in both the Senate and the House that will give extra foreclosure protection for military members returning from active duty.  Builder confidence decreased again by one point this month and now stands at 57.  The housing market in Southern California barely held on last month with home sales decreasing 9.5%.

In The News:

DS News“Foreclosure Protection Bill for Servicemembers Passes in Both House, Senate” (12-15-14)

“The U.S. Senate and the House of Representatives have both unanimously voted to pass a bill that give military servicemembers who have recently returned from duty added protection from foreclosure, according to an announcement from Senator Sheldon Whitehouse (D-Rhode Island), who introduced the bill in May.”

NAHB“Builder Confidence Drops One Point in December” (12-15-14)

“Following a four-point uptick last month, builder confidence in the market for newly built single-family homes fell one point in December to a level of 57 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

Los Angeles Times“Southern California housing market treads water in November” (12-15-14)

“As the year draws to a close, Southern California’s housing market remains stuck in low gear.  The number of homes sold in the six-county Southland dipped 9.5% in November, compared with the same month last year.”

Housing Wire- “Moody’s: RMBS credit quality, performance to remain strong” (12-15-14)

“Strong underwriting standards, third-party reviews and the implementation of risk retention rules will bolster the credit quality of new post-crisis US private-label residential mortgage-backed securities in 2015, according to a new report from Moody’s Investors Service.”

Realty Trac“Will Mortgage Rates Fall in 2015?” (12-15-14)

“Mortgage rates are supposed to rise in 2015, at least that’s the prediction from the housing industry. According to real estate brokers, mortgage lenders and home builders the cost to finance a new loan is likely to hit 5 percent during the year and maybe more, although Fannie Mae offers a more conservative forecast, suggesting that  rates will only reach 4.7 percent.”

Mortgage Professional America“Ocwen acquires delinquent Ginne Mae mortgages” (12-15-14)

“Ocwen Financial Corp., which is currently dealing with a mountain of regulatory issues, has purchased 1,705 delinquent FHA-insured loans with a principal balance of $253.1 million from Ginnie Mae pools (Ginnie Mae EBO Loans) for which Ocwen Loan Servicing LLC, was already the servicer.”

Housing Wire - “Freddie Mac multifamily rankings affirmed by Fitch, Morningstar and S&P” (12-15-14)

“Three agencies recently reaffirmed their ratings that show a strong belief in the depth and strength of Freddie Mac multifamily’s asset management and operations.”

 

Bruce Norris of The Norris Group will be speaking at Prosperity Through Real Estate presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, January 6.

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31

 

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

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

 

Household Debt in America at Ten-Year Low

Friday, December 12th, 2014

 

 

 

Sources:

Mortgage Credit Availability Increases in November
Cash sales still almost 35% of sales even as share declines

 

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 Wall Street Journal reported household debt for American families is at its lowest in 10 years.  Neighborworks America, a program for helping homeowners through foreclosure, has helped almost 1.8 million people since its inception.  A bill was barely passed 219 to 206 by the House that will hold off on another government shutdown.

In The News:

DS News“Foreclosure Prevention Counseling Program Has Helped 1.8 Million Homeowners” (12-12-14)

“Washington, D.C.-based NeighborWorks America, one of the nation’s largest community development corporations, announced that more than 1.8 million homeowners have received foreclosure prevention counseling through the association’s National Foreclosure Mitigation Counseling Program (NFMC).”

Housing Wire“Community groups applaud Fannie, Freddie funding Capital Magnet Fund” (12-12-14)

“While Thursday’s announcement that the Federal Housing Finance Agency is directing Fannie Mae and Freddie Mac to once again set aside funds for the Capital Magnet Fund and Housing Trust Fund was met with strong condemnation from Republicans and free market advocates, it is being hailed by affordable housing and community development advocates.”

Mortgage Professional America“Americans’ debt hits 10-year low” (12-12-14)

“American families’ debt has hit its lowest level in 10 years, according to a Wall Street Journal report.  Household debt, measured as a share of disposable income, hit a peak of 135% in late 2007, according to the Journal. That percentage had fallen to 108% in September – the lowest sustained level since 2003.”

DS News- “Purchasing Real Estate Online Becoming a More Prominent Reality for Homebuyers” (12-12-14)

“According to comScore, online sales so far this holiday season (November 1 to present) have risen more than 16 percent against last year’s figures from the same time.”

OC Housing News“Should bankruptcy judges reduce mortgage principal balances?” (12-12-14)

“Ever since the Great Housing Bubble began to deflate, everyone incorrectly identified foreclosure as a problem because foreclosure pushes people out of the house the bank bought for them.”

Mortgage Professional America“House narrowly passes bill that would strip Dodd-Frank” (12-12-14)

“The House narrowly passed a controversial spending bill last night, preventing – for the moment at least – a partial government shutdown.  The bill, which passed 219 to 206, contained a provision which rolled back part of the Dodd-Frank Act.”

DS News“Lawmaker Criticizes FHFA’s Decision to Allocate GSE Money to Housing Groups” (12-12-14)

“U.S. Representative Ed Royce (R-California), a senior member of the House Financial Services Committee, has issued a statement calling the Federal Housing Finance Agency (FHFA)’s announcement that the Agency will divert GSE money to the Housing Trust Fund and Capital Magnet Fund ‘outrageous.’”

 

Bruce Norris of The Norris Group will be speaking at Prosperity Through Real Estate presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, January 6.

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31

 

Looking Back:

Foreclosure activity decreased by 15% the previous month and 37% year-over-year according to the latest RealtyTrac report.  The purchase of new homes decreased 18% the previous month despite the average loan continuing to show signs of increase.  Mortgage rates also decreased after 11 weeks, with 30-year rates at 4.42% and 15-year rates at 3.43%.

 

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

Copyright: Image from www.stockmonkeys.com

Image Sources:

GSEs to Pool Money Each Year Into Affordable Housing Fund

Thursday, December 11th, 2014

 

Today’s News Synopsis:

Big day for mortgages.  Mortgage applications for new home purchases decreased last month according to the Mortgage Bankers Association by 22%.  Mortgage rates increased again with 30-year rates now at 3.93% and 15-year rates at 3.20%.  Fannie Mae and Freddie Mac announced will start spending more money, even up to hundreds of millions, each year on a new fund to go toward affordable housing.

In The News:

Housing Wire“Realtors applaud reauthorization of Terrorism Risk Insurance Act” (12-11-14)

“The House approved 417-7 six-year reauthorization of the Terrorism Risk Insurance Act for six years, with reforms to protect taxpayers and a clarification of the  Dodd-Frank Act to protect jobs at Main Street businesses that had nothing to do with the 2008 financial crisis.”

Mortgage Bankers Association - “Applications for New Home Purchases Decreased in November” (12-11-14)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for November 2014 shows mortgage applications for new home purchases decreased by 22 percent relative to the previous month.”

DS News“Fannie Mae Announces Risk Transfer Deal to Increase Role of Private Capital in Mortgage Market” (12-11-14)

“Fannie Mae has expanded its risk sharing offerings with Wednesday’s announcement of the credit insurance risk transfer (CIRT) deal, which transfers the credit risk on a pool of loans from the taxpayers to a panel of domestic reinsurers.”

OC Housing News- “The four fundamentals of housing market prices” (12-11-14)

“When economists think about the fundamentals of housing, they usually talk about job and wage growth, both of which impact the broader market trends of prices and sales, but job and wage growth doesn’t provide a conceptual framework for establishing the equilibrium price level the market establishes.”

Bloomberg“Fannie, Freddie to Start Paying Into Low-Income Housing Fund” (12-11-14)

“Fannie Mae and Freddie Mac (FMCC) will start making payments that could total hundreds of millions of dollars annually into a fund for affordable housing.”

Mortgage Professional America“States with the worse delinquency rates” (12-11-14)

“The mortgage delinquency rate is dropping nationally, but some states are predicted to have a significantly higher rate than others.”

Los Angeles Times“Average 30-year mortgage rate rises to 3.93 percent” (12-11-14)

“Average U.S. long-term mortgage rates edged higher this week after four weeks of declines, but they remained at historically low levels that could entice potential homebuyers.”

DS News“Treasury Recovers Another $22 Million in TARP Investments” (12-11-14)

“The U.S. Department of Treasury announced that is recovered $22 million for taxpayers through the sale of First BanCorp common stock earlier this week, and that it planned to sell additional stock in the San Juan, Puerto Rico-based bank.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $117,000 on a 3 bedroom, 2.5 bathroom home appraised for $180,000.

Lancaster Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at Prosperity Through Real Estate presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, January 6.

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31

 

Looking Back:

The Mortgage Bankers Association reported a 1% increase in mortgage applications from the previous week.  The FHA decreased loan limits again for single-family mortgages to $625,000.  Title insurance premiums saw an increase of 14% in the third quarter of 2013.

 

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

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

SB 2438 Rejected by Congress

Wednesday, December 10th, 2014

 

Today’s News Synopsis:

In a big news story, SB 2438 was rejected by Congress.  Had it passed, it would have allowed a 4 bp administration fee to be charged by the Federal Housing Administration.  The Mortgage Bankers Association reported mortgage applications increased 7.3% from last week.  Fannie Mae and Freddie Mac have decided to briefly allow homeowners living in foreclosed homes more time before their eviction.

In The News:

Housing Wire“Moody’s” HY-Lite covenant structures dominate homebuilding deals” (12-10-14)

“North American homebuilding companies have generally been issuing bonds with the weaker covenant packages more typical of investment-grade deals, says Moody’s Investor Service.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (12-10-14)

“Mortgage applications increased 7.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 5, 2014.”

DS News“Mortgage Delinquency Rate Predicted to Fall to Pre-Recession Level by End of 2015″ (12-10-14)

“The nation’s mortgage loan delinquency rate is expected to fall down to 2.51 percent by the end of 2015, its lowest level since prior to the housing bust, according to data released by TransUnion on Wednesday.”

Housing Wire- “Will mortgage lenders offer 3% down GSE products?” (12-10-14)

“The housing industry is not as quick to jump onboard with the Federal Housing Finance Agency’s decision to offer 97% loan-to-value products.”

Bloomberg“JPMorgan Sees ‘High Teens’ Decline in Trading Revenue” (12-10-14)

“JPMorgan Chase & Co. (JPM) probably will report a “high teens” percentage drop in fourth-quarter trading revenue from a year ago, Chief Financial Officer Marianne Lake said. The shares fell as much as 2.3 percent.”

Mortgage Professional America“GSEs spread holiday cheer by suspending evictions during December” (12-10-14)

“Fannie Mae and Freddie Mac will follow their usual holiday tradition this year and temporarily halt evictions from Dec. 17, 2014 to Jan. 2, 2015.”

Housing Wire“New FHA administrative fee defeated in Congress” (12-10-14)

“A provision in Senate Bill 2438 that would have allowed the Federal Housing Administration to charge a 4 bp administrative fee has been formally dropped from the Transportation, Housing and Urban Development and Related Agencies Appropriations Act.”

Mortgage Professional America“The housing implications of the Ferguson case” (12-10-14)

“The wave of riots in Ferguson, Missouri, has dampened its housing market, but some are using the protests as selling points.  Preliminary data shows the number of days a home is on the market has risen and the price of properties has dropped, according to The Canadian Press.”

Hard Money Loan Closed

La Puente, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $213,000 on a 3 bedroom, 2 bathroom home appraised for $424,000.

La Puente Hard Money Loan closed by the Norris Group

 

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

Bruce Norris of The Norris Group will be speaking at Prosperity Through Real Estate presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, January 6.

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

 

Looking Back:

In a big news story, Mel Watt was officially declared the new director of the FHFA after a vote from the Senate.  The U.S. saw a 30% decrease in foreclosures year-over-year in October.  More and more consumers were being cautious, causing a slowdown in the recovery.

 

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

34.8% of Total Homes Sold Were Cash Sales

Tuesday, December 9th, 2014

 

Today’s News Synopsis:

The amount of mortgage credit available increased last month by 1.2% according to the latest Mortgage Credit Availability Index.  Out of the total amount of homes sold in September 2014, 34.8% of them were cash sales, down from 37.2% year-over-year.  A new moratorium for evictions was just recently announced by Fannie Mae and Freddie Mac as a way to help those with single-family foreclosed homes.

In The News:

Housing Wire“Cash sales still almost 35% of sales even as share declines” (12-9-14)

“Cash sales made up 34.8% of total home sales in September 2014, down from 37.2% in September 2013, according to CoreLogic.  The year-over-year share has fallen each month since January 2013, making September the 21st consecutive month of declines.”

Mortgage Bankers Association - “Mortgage Credit Availability Increases in November” (12-9-14)

“ Mortgage credit availability increased in November according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from the AllRegs® Market Clarity® product”

DS News“Fannie Mae, Freddie Mac Announce Moratorium On Evictions for Foreclosed Properties” (12-9-14)

“Fannie Mae and Freddie Mac announced on Tuesday a moratorium on evictions for single-family foreclosed homes for the holiday season.  The GSEs said evictions will not be enforced from December 17, 2014, until January 2, 2015, for single-family homes that have been foreclosed on, meaning that families living in those homes will be able to continue to live there during that two-week period.”

OC Housing News“Americans increase debt servitude and restart Ponzi schemes” (12-9-14)

“Why should we celebrate when debt increases? Does anyone like debt? Does anyone want more debt? Debt is not income, despite what some people may think.  In a lender’s ideal world, borrowers would turn to lenders the moment a borrower gets a raise to turn that slow trickle of income into a torrent of debt spending.”

Mortgage Professional America“GSE mortgages could be the cheaper option for homeowners” (12-9-14)

“The new Fannie Mae and Freddie Mac mortgage guidelines that were announced Monday may make it easier for prospective home buyers to qualify for loans, but it may also shake up the mortgage insurance market.”

Housing Wire“Zillow: Renting is twice as expensive as buying” (12-9-14)

“It’s more affordable to buy a home now in most U.S. metros than it was 15 years ago, even for millennials putting down less money on a home, according to a Zillow analysis of third-quarter income and home value data.”

Realty Trac- “Is Real Estate Ownership Now Beyond Reach?” (12-9-14)

“Real estate predictions for the coming year suggest both increased sales and higher prices, but will that be the case?  According to the National Association of Realtors 2015 should see home sales grow from 4.9 million  units to 5.3 million, a nice increase.”

Housing Wire“Realtors push for more policies to boost first-time buyers” (12-9-14)

“Congress and the administration must address key policy issues in order to facilitate a healthy real estate market that serves current and future homeowners and drives the national economy forward, the National Association of Realtors told the U.S. Senate Banking Subcommittee on Housing on Monday.”

Hard Money Loan Closed

Hawthorne, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $275,000 on a 4 bedroom, 2 bathroom home appraised for $440,000.

Hawthorne Hard Money Loan closed by the Norris Group

 

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

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

Bruce Norris of The Norris Group will be speaking at Prosperity Through Real Estate presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, January 6.

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

 

Looking Back:

CoreLogic reported the number of foreclosures completed in October decreased to 48,000 and were down by almost one-third year-over-year.  On the other hand, jumbo loans increased by 34%, the good majority of these being comprised of ARMs.  HUD announced new loan limits would be put into place at the very beginning of the upcoming year for FHA single-family loans.

 

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

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

Both Fannie and Freddie Starting New Programs Allowing for 3% Down Payment

Monday, December 8th, 2014

 

Today’s News Synopsis:

Fannie Mae just announced a new program that will allow first-time homebuyers to put down a payment of as low as 3%.  In the same way, Freddie Mac is launching their own Home Possible Advantage program that will also allow homeowners a 3% down payment.  The National Association of Realtors predicts mortgage rates will increase by up to as much as 5% next year.

In The News:

Los Angeles Times“Nation’s Housing: Qualifying for a mortgage may be easier than you think” (12-7-14)

“When it comes to buying a house, are you in the “no way I could possibly qualify” category? Not enough cash in the bank for a down payment or closing costs? Credit scores good but not great? So much deferred student loan debt that you assume any lender would slam the door?”

Bloomberg“Older Americans a Pillar of Housing Market With High Ownership Rate” (12-8-14)

“Older homeowners have emerged as the pillar of the housing market following the collapse in 2008.  The homeownership rate for Americans age 65 and over has remained at 80 percent while dropping for every other age group.”

OC Housing News“Lingering debt from collapsed Ponzi schemes hinders economic growth” (12-8-14)

“Many people fail to budget properly for unexpected expenses or expenses that do not occur monthly. When these expenses occur, most will borrow the money, often on credit cards; this debt accumulates like tooth plaque, and at the end of the year, many debtors hope for a work bonus or a tax refund to scrape the debt from the family balance sheet.”

Mortgage Professional America“Big bank heads to trial over $629 million in alleged overcharges” (12-8-14)

“The nation’s largest U.S. mortgage lender, Wells Fargo, is headed to trial today as homeowners seek to recoup about $629 million for alleged overcharges, according to Reuters.”

Housing Wire“Freddie Mac launches Home Possible Advantage program with 97% LTV” (12-8-14)

“Freddie Mac announced its Home Possible Advantage program, an affordable conforming, conventional mortgage with a 3% down payment to help more first-homebuyers jump into the market.”

DS News- “Hutchens Law Firm Continues ‘High Performance Giving’ Program” (12-8-14)

“North Carolina-based default servicing legal services provider Hutchens Law Firm has announced that its High Performance Giving Program, a unique holiday program for the local community that began last holiday season, is continuing this December.”

Mortgage Professional America“NAR: Mortgage rates will inch up to 5% in 2015″ (12-8-14)

“Say goodbye to the era of low rates as they are expected to increase next year, according to the National Association of Realtor’s (NAR) five top housing predictions for 2015. The report also showed first-time home buyers are expected to re-emerge in the new year after mostly staying out of the market in the aftermath of the housing crisis.”

Housing Wire“Fannie rolls out 3% down payment option for homebuyers” (12-8-14)

“Fannie Mae is rolling out an option for qualified first-time homebuyers that will allow for a down payment as low as 3%.  Building upon Fannie Mae’s successful lower-down payment program offered through state Housing Finance Agencies, the 97% loan-to-value ratio option will expand access to credit for qualified first-time homebuyers who may not have the resources for a larger down payment.”

Hard Money Loan Closed

Huntington Beach, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $360,000 on a 3 bedroom, 2 bathroom home appraised for $600,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

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

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

Bruce Norris of The Norris Group will be speaking at Prosperity Through Real Estate presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, January 6.

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

 

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

Copyright: Image from www.flickr.com/photos/76657755@N04/