California Real Estate Headline Roundup

Posts Tagged ‘real estate investing’

By Bruce Norris .

Many Who Lost Homes During Housing Crisis Not Expected to Purchase Again Soon

Monday, April 20th, 2015

 

Today’s News Synopsis:

Builder confidence continues to remain low despite housing starts increasing 2% last month.  Many people who lost their homes during the housing crisis are not expected to purchase again soon as they continue to remain cautious with the tight credit.  Home sales continue to increase, especially in California where buyers are rushing in to purchase homes.

 

In The News:

DS News - “New York AG Officially Introduces Expanded Bill to Fight ‘Zombie’ Foreclosures” (4-20-15)

“New York Attorney General Eric Schneiderman has introduced an expanded version of the Abandoned Property Neighborhood Relief Act which he introduced last year in order to cut down on the number of “zombie properties” – vacant homes not maintained during the long foreclosure process – in the state.”

Mortgage Professional America - “Daily Market Update: Homes are selling fast as spring buyers search in tight” (4-20-15)

“Homebuyers in California are having to move fast to find and buy their new home; while those in New York State can take their time a bit.  Analysis from Trulia of homes listed on their site in February and again in April has found the markets where homes are selling the fastest.”

Housing Wire - “Fannie Mae economist: Economic momentum will boost housing markets” (4-20-15)

“Economic activity was suppressed in the first quarter due largely to the West Coast port disruptions and difficult weather patterns across the Northeast, but the economy is expected to gain momentum throughout the spring and reach previously anticipated levels by year-end, according to Fannie Mae’s Economic & Strategic Research Group.”

DS News“Gap Between Foreclosure Completions and Alternatives Widens Further” (4-20-15)

“The gap between the number of non-foreclosure solutions for homeowners compared with completed foreclosures widened ever further in February, according to data recently released by HOPE NOW.”

Mortgage Professional America - “Housing starts rise, but builders still remain skeptical” (4-20-15)

“Nationwide housing starts rose 2% to a seasonally adjusted annual rate of 926,000 units in March, according to newly released data from the U.S. Commerce Department.”

Housing Wire - “Private mortgage insurers see gains as FHFA PMIERS, g-fee changes sink in” (4-20-15)

“Mortgage insurers took a hit Friday afternoon but several are roaring back now that the market has had time to absorb the impact of the Federal Housing Finance Agency’s changes to private mortgage insurance requirements and its tweaking of g-fees.”

Bloomberg - “Few Who Lost Homes in U.S. Will Make Purchases Again Soon” (4-20-15)

“Only about one in four former homeowners who lost property during the housing crash will soon become buyers again as tight credit keeps many out of the U.S. real estate market, according to a National Association of Realtors study.”

DS News“Survey: Flipping Trend Continues to Gain Momentum Among Investors” (4-20-15)

“The rising trend of home flipping around the country seen in Q4 continued to build momentum among investors in nearly every market surveyed in Q1, according Auction.com’s First Quarter 2015 Real Estate Investor Activity Report released on Monday.”

Mortgage Professional America - “Are regulators abusing their power?” (4-20-15)

“Quicken Loans, the nation’s largest Federal Housing Administration (FHA) mortgage lender, has filed suit in Federal District Court against the United States Department of Justice (DOJ) and Department of Housing and Urban Development (HUD).”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

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

 

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.

 


 

Wells Fargo Breached 2010 Contract Regarding ARMs According to Recent Ruling By Judge

Friday, April 17th, 2015

 

 

 

 

 

Sources:

Purchase mortgage application volume reaches highest level since July 2013
Daily Market Update: Mortgage rates slightly higher this week

 

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.  Existing home sales decreased as a result of a decrease in equity.  Mortgage regulations should have fewer restrictions according to the NAR.  Judge rules against Wells Fargo claiming they breached a contract from 2010 regarding adjustable-rate mortgages.

 

In The News:

DS News - “Judge Rules Wells Fargo Breached Terms of 2010 Mortgage Settlement” (4-17-15)

“A federal judge ruled this week that Wells Fargobreached a nationwide 2010 settlement involving adjustable-rate mortgages, saying that the bank denied assistance to borrowers who were seeking loss mitigation solutions, according to multiple media reports.”

Mortgage Professional America - “Daily Market Update: Restrictions should be relaxed for creditworthy borrowers say builders” (4-17-15)

“Many creditworthy borrowers are being frozen out of mortgages by overly-tight conditions. That’s the view of the National Association of Builders (NAHB), which is calling for Congress and federal regulators to act to ease tight mortgage conditions to allow more buyers to own homes.”

Housing Wire - “Lack of equity drags down existing home sales” (4-17-15)

“The existing home sales report for March from the National Association of Realtors isn’t due until next week, but Mark Fleming, chief economist for First American, said his early look suggests that a lack of equity is continuing to dog the housing market.”

DS News“Big Banks All Turn in Healthy Q1 Earnings Reports” (4-17-15)

“Five of the nation’s biggest banks – Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, and Goldman Sachs – all reported strong first quarters in their respective earnings reports released earlier this week.”

Housing Wire“Weakness in the economy may push back rate hike pressure” (4-17-15)

“Growth is tepid for the index of leading economic indicators, up only 0.2% in March following a downwardly revised gain of only 0.1% in February.”

Mortgage Professional America - “NAR urges Congress to loosen mortgage regulations” (4-17-15)

“Unnecessary regulatory burdens are preventing qualified, credit-worthy borrowers from obtaining the American Dream of homeownership. That’s according to testimony today from the National Association of Realtors (NAR) before the U.S. Senate Banking, Housing and Urban Affairs Committee.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

Unemployment claims decreased 41% and were at their lowest in seven years.  Mortgage rates decreased again for the second week in a row with 30-year rates at 4.27% and 15-year rates at 3.33%.  Home sales increased again in California the previous month.

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

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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Neighborhood Stabilization Pilot Program Started By FHFA to Help Neighborhoods Hit Hard by Downturn

Thursday, April 16th, 2015

 

Today’s News Synopsis:

Both permits and housing starts saw a 5.7% decrease last month and now stand at 1,039,000.  Foreclosures increased for the first time in five years by 4% in March according to RealtyTrac.  A new program known as the Neighborhood Stabilization Pilot Program was just started by the FHFA in Illinois to help fix neighborhoods most affected by the downturn.

 

In The News:

Mortgage Professional America - “Daily Market Update: Zillow mortgages now also on Trulia” (4-16-15)

“Zillow has announced that mortgage lenders are now able to reach a wider audience as their mortgages will also be listed on Trulia.”

DS News - “FHFA Launches Neighborhood Stabilization Pilot Program in Illinois” (4-16-15)

“The Federal Housing Finance Agency, through Fannie Mae and Freddie Mac, Wednesday announced the launch of a pilot program designed to stabilize neighborhoods around Chicago that have been hardest hit by the housing downturn.”

Mortgage Bankers Association - “Motley Testifies on Access to Mortgage Credit” (4-16-15)

“J. David Motley, President of Colonial Savings, F.A. and a member of the Mortgage Bankers Association’s Residential/Single Family Board of Governors, testified today before the U.S. Senate Committee on Banking, Housing, and Urban Affairs at a hearing entitled “Regulatory Burdens to Obtaining Mortgage Credit.”Below is Mr. Motley’s oral testimony, as prepared for delivery.”

Housing Wire“RealtyTrac: Foreclosures see first year-over-year increase since 2010″ (4-16-15)

“Foreclosure activity — which includes default notices, scheduled auctions and bank repossessions — rose 4% in March over the previous year’s total, according to a new report from RealtyTrac.”

DS News“U.S. 2nd Circuit Dismisses MBS Suit Against Royal Bank of Scotland” (4-16-15)

“A class action lawsuit against Royal Bank of Scotland (RBS) that accused the bank of fraud with regards to its mortgage-backed securities, was dismissed on Wednesday by the U.S. Second Circuit Court of Appeals, according to multiple media reports.”

Mortgage Professional America - “Bill calling for CFPB transparency passes in overwhelming majority vote” (4-16-15)

“A bill that would bring greater transparency and accountability to the Consumer Financial Protection Bureau (CFPB) passed the U.S. House of Representatives by an overwhelmingly bipartisan vote of 401 to 2 this week.”

DS News“Q1 Net Revenues for Goldman Sachs Hit Four-Year High; Citi Profits Despite Lower Revenues” (4-16-15)

“Both Goldman Sachs and Citigroup reported strong first quarters though revenues were down for Citi compared to this time last year, according to statements released by the companies Thursday.”

Mortgage Professional America - “Warren: It’s time to break up too-big-to-fail banks” (4-16-15)

“U.S. Senator Elizabeth Warren has called on lawmakers to break up too-big-to-fail by capping the size of the largest financial institutions and separating commercial and investment banking.”

Housing Wire“Housing starts and permits show deep weakness in March” (4-16-15)

“Privately owned housing units authorized by building permits in March dropped 5.7% on a monthly basis, coming in at a seasonally adjusted annual rate of 1,039,000.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

Looking Back:

Housing starts increased slightly by 2.8% the previous month, increasing to 946,000 units from 920,000.  Mortgage applications increased again by 4.3% from the previous week.  First quarter earnings for Bank of America were low due to an increase in legal expenses.

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/laurenkeith/


 

CFPB Makes Final Decision Regarding Providing Lists of Homeownership Counseling Organizations

Wednesday, April 15th, 2015

 

Today’s News Synopsis:

The House passed the Mortgage Choice Act in  a 286-140 vote.  Mortgage rates increased slightly this past week with 30-year rates now at 3.58% and 15-year rates at 2.87%.  Another final decision was also made by the CFPB regarding lender rules for providing lists of homeownership counseling organizations to mortgage applicants.

 

In The News:

Mortgage Professional America - “House makes decision on points and fees bill” (4-15-15)

“The U.S. House of Representatives passed legislation yesterday that modifies regulations for home mortgages established in the 2010 Dodd Frank Wall Street Reform Act.”

DS News - “Housing Advocates Ask Regulators to Investigate Possible Pro-Foreclosure Campaigns” (4-15-15)

“A group of non-profit housing industry leaders and advocates have written a letter to the top housing regulators in the U.S. asking them to investigate alleged pro-foreclosure campaigns on the part of Wall Street investors.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (4-15-15)

“Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 10, 2015.”

Realty Trac“On the Sunny Side of the States” (4-15-15)

“Things just got tougher for those confused about which is America’s “Sunshine State.” Though the honor officially belongs to Florida, many assume it is California, and now we see they have good reason.”

Bloomberg“REIT Mergers Seen Likely to Accelerate as Activism Climbs” (4-15-15)

“Mergers and acquisitions by larger real estate investment trusts will increase, probably approaching four to five a year, after a slowdown since the financial crisis, said Michael Kirby, chairman of research firm Green Street Advisors.”

DS News“Fed Reports ‘Steady to Improving’ Residential Real Estate Activity in Most Districts” (4-15-15)

“In the Federal Reserve’s latest Beige Book released on Wednesday, residential real estate activity was reported to be “steady to improving” across most of the Fed’s 12 districts for mid-February through the end of March despite a minor slowdown in construction due to winter weather.”

Mortgage Professional America - “Daily Market Update: Mortgage rates slightly higher this week” (4-15-15)

“Average rates for 30-year fixed rate mortgages rose in the week to April 14 according to Zillow. Borrowers were quoted rates of 3.58% Tuesday, up 3 basis points from a week earlier.”

Housing Wire“CFPB issues final rule on providing housing counseling information” (4-15-15)

“The Consumer Financial Protection Bureau issued a final interpretive rule that establishes lenders’ requirements for providing mortgage applicants with a list of local homeownership counseling organizations.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

Looking Back:

Mortgage applications increased 15% according to the latest Builder Application Survey by the Mortgage Bankers Association.  Builder confidence increased below expectations to only 47 this month with relatively flat sales and buyer traffic.  A recent report by Mortgage Daily showed mergers with banks was actually outpacing bank failures despite their increase 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.

 


 

Mortgage Choice Act of 2015 to be Discussed in the House of Representatives Today

Tuesday, April 14th, 2015

 

Today’s News Synopsis:

A new bill, the Mortgage Choice Act of 2015, will be discussed in the House of Representatives today regarding the definition of mortgage in the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The opinions of appraisers regarding home values decreased by .4%, yet homeowners are still optimistic and valuing their homes higher than what is realistic.  Ocwen Financial experienced a loss of $546 million after a difficult year involving legal issues and losing certain servicing rights.

 

In The News:

Housing Wire - “Mortgage Choice Act goes to House floor today” (4-14-15)

“A bill critical to the mortgage industry goes to the floor of the House of Representatives today for debate, and supporters say it could greatly ease the regulatory burden placed on lenders and securitizers.”

DS News - “HUD Awards $36 Million in Housing Counseling Grants to Prevent Foreclosures” (4-14-15)

“The U.S. Department of Housing and Urban Development (HUD) announced on Tuesday the awarding of approximately $36 million to national, regional, and local organizations prevent foreclosures and help families and individuals with their housing needs.”

Mortgage Professional America - “Most lenders are still unprepared for TRID” (4-14-15)

“Approximately 41%  of mortgage lenders reported that they are not prepared to meet the August 2015 Truth in Lending Act and Real Estate Settlement Procedures Act (TILA-RESPA) Integrated Disclosure Rule, according to a recent survey of more than 100 executives conducted by the Capsilon Corp. during the Mortgage Bankers Association’s (MBA’s) National Technology in Mortgage Banking Conference and Expo 2015.”

Bloomberg“Deposit Deluge at JPMorgan, Wells Fargo Sinks Lending Margins” (4-14-15)

“JPMorgan Chase & Co. and Wells Fargo & Co. proved again that the largest U.S. banks can’t find enough productive uses for billions of dollars in customer deposits.”

Housing Wire - “Court seals letter from anonymous whistleblower in Zillow lawsuit” (4-14-15)

“The battle between online listings giants over trade secrets continued Tuesday with the latest round going to Zillow Group (Z), as the judge in the lawsuit agreed to seal in whole and redact key parts of a letter from an anonymous whistleblower claiming former Move executive Errol Samuelson took trade secrets from Move and the National Association of Realtors.”

DS News“Tumultuous Year Results in Half-Billion Dollar Loss for Ocwen” (4-14-15)

“After a rough year highlighted by legal issues and repeated shedding of servicing rights, Atlanta-based Ocwen Financial Corporation today reported a half-billion dollar loss in 2014. The company lost $4.18 per share for a total write-down of $546 million, one year after reporting a $310 million profit.”

Mortgage Professional America - “Daily Market Update: Property taxes in New York, New Jersey top the league” (4-14-15)

“Homeowners in New York and New Jersey top the league for property taxes. A survey of the 50 largest metros where Zillow has sufficient sample sizes has found that the states are the only ones in the top 10 most expensive for property taxes.”

Housing Wire“Homeowner value perceptions don’t mesh with appraisal realities” (4-14-15)

“Appraiser opinions of home values fell further below homeowner opinions in March, according to the lender’s national Home Price Perception Index, according to Quicken Loans’ March report.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

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/

 


 

38% of Millennials Prefer Holding Off on Wedding to pay for Home

Monday, April 13th, 2015

 

Today’s News Synopsis:

Applications for homebuyers increased 7%  to their highest level since summer of 2013.  Analysts are still optimistic about the housing market recovering this year with recent improvements in new and pending home sales.  Redfin recently conducted a survey showing that 38% of millennials would rather spend money on a nice home than their wedding or honeymoon.

 

In The News:

DS News - “Based on Recent Signs, Analysts Still Hold High Hopes for Housing Recovery in 2015″ (4-13-15)

“Following a disappointing year for housing in 2014, analysts expect housing to rebound in 2015 and reach a point of “sustainable recovery,” according to a recent report from the Wall Street Journal.”

Mortgage Professional America - “Most millennials rather pay for a home than a wedding” (4-13-15)

“Thirty-eight percent of American millennials (those aged 18-34) reported that they would, or have, put off a wedding or honeymoon in order to afford to buy a home, according to a survey by Redfin.”

Housing Wire - “Trouble ahead: Tidal wave of HELOC resets about to hit” (4-13-15)

“Home equity lines of credit taken during big housing bubble just before the crash may hit the millions of homeowners with home equity lines of credit with a dramatic spike in their payments.”

DS News“With the Announcement of Fannie Mae’s First Bulk NPL Offering, More Sales Could Be Coming” (4-13-15)

“Fannie Mae just announced last week that it is in the process of marketing its first-ever bulk sale of non-performing loans. Bids are due for this bundle of NPLs, worth about $786 million, on May 6 and the sale is expected to close in mid- to late June – but there could be more similar sales coming later.”

Mortgage Professional America - “FTC: Company promised mortgage relief, did opposite” (4-13-15)

“Continuing to crack down on phony mortgage relief programs, a federal court has temporarily halted Los Angeles-based Wealth Educators Inc. and its president from offering mortgage relief services at the Federal Trade Commission’s (FTC) request.”

Housing Wire“Lawsuit: Ocwen sent false reports to consumer credit agencies” (4-13-15)

“A homeowner in California is asking the Ninth Circuit to revive his putative class action lawsuit against Ocwen Loan Servicing for submitting false information to credit agencies.”

Mortgage Professional America - “Purchase mortgage application volume reaches highest level since July 2013″ (4-13-15)

“The jump, thanks to the 7% surge in homebuyer applications, was based on week-to-week on a seasonally adjusted basis for total mortgage applications ending 3 April. It is also a 12% rise from last year’s figures, Yahoo reported.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

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/nzbuu/

 

 


 

Fed Still Waiting To See If Time Is Right For Interest Rate Hike

Friday, April 10th, 2015

 

 

 

 

 

Sources:

Distressed Sales Share Falls to Lowest Level in Eight Years
Second look: Home price surge unlikely to last

 

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.  RealtyTrac just came out with a new analysis showing that it is actually more affordable for consumers to pay a mortgage rather than rent.  Although there has been talk for a long time about an interest rate hike, the Fed said it could happen by June but is not sure since employment still has yet to improve.  Banks are expected to show improvements in their profits this year with the turnaround in the mortgage market.

 

In The News:

Housing Wire - “MBA: Job creation problem lies at nexus of hirings, opening and quits” (4-10-15)

“Last week the economy saw a stunning reverse, with the report that private employers added just 126,000 jobs to payrolls in March, the worst monthly gain since December 2013 and a bog miss from analyst expectations.”

Mortgage Professional America - “Regional bank to pay $212.5M to clear HUD mortgage claims” (4-10-15)

“First Tennessee Bank, the regional bank for First Horizon National Corp., said it has reached an agreement with the U.S. Department of Housing and Urban Development (HUD) and the United States Department of Justice (DOJ) to settle claims of mortgage lending violations related to the business it sold in 2008.”

Housing Wire - “FTC orders Wealth Educators to halt mortgage relief services” (4-10-15)

“The Federal Trade Commission ordered Los Angeles-based Wealth Educators and its president to stop offering mortgage-relief services.”

DS News“Nomura, FHFA Present Closing Arguments in MBS Trial” (4-10-15)

“The court battle between the Federal Housing Finance Agency (FHFA) and Nomura Holdings is nearing a climax after three weeks, as both sides presented closing arguments on Thursday.”

Mortgage Professional America - “Fed officials say June rate hike could still happen” (4-10-15)

“They are, they’re not. The confusion around the Federal Reserve’s timing of an interest rate increase is confusing.  In March, the central bank insinuated it would it rely on data to decide when it would increase rates.”

Mortgage Professional America - “Daily Market Update: Banks expected to increase profits from mortgages” (4-10-15)

“Some of America’s biggest mortgage lenders will be reporting their first quarter results starting next week and home loans are expected to be a highlight in their revenues.”

Housing Wire“Freddie Mac purchasing largest single property loan” (4-10-15)

“Shortly after Fannie Mae announced it was entering new territory with a loan portfolio sale, Freddie Mac said Thursday that it has struck a deal to buy its largest single property loan ever with the $878 million note underpinned by a Los Angeles apartment complex, The Park La Brea apartments.”

Mortgage Professional America - “Mortgage payments now more affordable than renting in majority of U.S. markets” (4-10-15)

“A recent analysis from RealtyTrac has found that the monthly house payment on a median-priced home is more affordable than the monthly fair market rent on a three-bedroom property in 76% of U.S. counties.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

Mortgage rates decreased right at the start of the spring homebuying season with 30-year rates at 4.34% and 15-year at 3.38%.  Claims for unemployment decreased by 32,000 to 300,000, putting them at their lowest level since 2007.  Foreclosures increased 4% month-over-month in March but decreased 23% year-over-year, putting them at their lowest since the second quarter of 2007.

 

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/401klimits/

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All Cash Sales for Homes Decrease to 38.9% in January

Thursday, April 9th, 2015

 

Today’s News Synopsis:

New home purchase applications increased last month by 17% according to the Mortgage Bankers Association.  All cash sales for homes decreased in January to 38.9%, down from 41.4% year-over-year.  Mortgage rates decreased again with the weak job market; 30-year rates now stand at 3.66% and 15-year rates are at 2.93%.

 

In The News:

Housing Wire - “CFPB fines mortgage lender $250K for claiming government affiliation in ads” (4-9-15)

“The Consumer Financial Protection Bureau took action against RMK Financial Corporation for deceptive mortgage advertising practices, including ads that led consumers to believe that the company was affiliated with the U.S. government.”

Mortgage Professional America“FICO and others announce new scores, but will lenders be using them?” (4-9-15)

“Recently, FICO announced a new score system that is expected to be launched industry wide at the end of this year. This score is designed for those that are “unscoreable”, or have little to no credit history, and cannot get credit cards.”

Mortgage Bankers Association - “Applications for New Home Purchases Increased in March” (4-9-15)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for March 2015 shows mortgage applications for new home purchases increased by 17 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.”

Housing Wire - “Cash home sales share drops to 38.9% in January 2015″ (4-9-15)

“Cash sales made up 38.9% of total home sales in January 2015, down from 41.4% in January 2014, down from the peak of 46.5%, according to CoreLogic.”

Mortgage Professional America - “Daily Market Update: Home buying makes financial sense but renters struggle to make the move” (4-9-15)

“Many renters in a nationwide survey say their personal finances are stopping them from making the move to home ownership. Zillow found that 16% of renters don’t qualify for a mortgage; 18% can’t afford the taxes; and 13% don’t have savings for a downpayment.”

OC Housing News“Sell now or be priced-in forever!” (4-9-15)

“Since lenders learned to can-kick their way out of any bout of irresponsible lending, they created a new phenomenon in modern real estate: priced-in forever.  In a bygone era prior to the housing bubble, it was nearly impossible to be priced-in to your home for very long.”

Housing Wire- “Mortgage rates decline on weaker jobs report” (4-9-15)

“Average fixed mortgage rates moved lower following a weaker than expected jobs report for March, according to the latest from Freddie Mac.  30-year fixed-rate mortgage averaged 3.66% with an average 0.6 point for the week ending April 9, 2015, down from last week when it averaged 3.70%. A year ago at this time, the 30-year FRM averaged 4.34%.”

Mortgage Professional America - “Why the government is keeping a lid on Fannie, Freddie profit sweep” (4-9-15)

“The head of the U.S. Senate Judiciary Committee wants federal officials to uncloak documents surrounding a 2012 decision to alter the terms of the taxpayer bailout of housing agencies Fannie Mae and Freddie Mac.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

Looking Back:

Mortgage applications decreased by 1.6% in the latest Mortgage Bankers Association Survey.  Weather conditions had a large effect the growth of the economy according to the Federal Open Market Committee.  Despite in years past making up only a small percentage of the market, second-home mortgages increased since 2009 and were shown to be at 4.76% average.

 

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/stevendepolo/

 

 

Increase in Non-Revolving Debt Leads to More Consumers Borrowing Money

Tuesday, April 7th, 2015

 

Today’s News Synopsis:

The Mortgage Bankers Association reported the amount of mortgage credit that is available increased last month by 2.3% to 12.  In addition, consumer credit or the amount of money borrowed by consumers, increased in February with the increase in non-revolving debt.  CoreLogic reported the increase in home prices was slower month-over-month in February but increased greatly for the whole year at 5.6%.

 

In The News:

Bloomberg“Consumer Credit in U.S. Increases on Jump in Non-Revolving Debt” (4-7-15)

“Consumer borrowing in the U.S. increased in February as the value of non-revolving debt climbed by the most since July 2011.  The $15.5 billion advance in household credit followed a $10.8 billion gain in January that was smaller than initially reported, Federal Reserve figures showed Tuesday in Washington.”

DS News - “Fannie Mae: Slow Wage Growth Stalls Consumer Housing Sentiment” (4-7-15)

“The optimism expressed by consumers toward the economy and the housing market at the beginning of the year has stalled as consumers’ attitudes toward personal finances and wage growth have taken a step backward, according to Fannie Mae’s March 2015 Housing Survey released Tuesday.”

Mortgage Bankers Association - “Mortgage Credit Availability Increases in March” (4-7-15)

“Mortgage credit availability increased in March 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.”

Housing Wire - “Second look: Home price surge unlikely to last” (4-7-15)

“CoreLogic’s (CLGX) report on Tuesday showed tepid monthly home price growth but a solid yearly growth of 5.6% for February.  While it seemed to suggest that price growth shifted into a higher gear at the start of 2015, analysts at Capital Economics say that with housing close to fair value and the Fed set to begin tightening policy later this year, they don’t expect such rapid monthly gains to be sustained for long.”

DS News“Foreclosure Starts Leveling Off After Spiking to Start 2015″ (4-7-15)

“Foreclosure starts dropped off by 15 percent according to Black Knight Financial Services’February 2015 Mortgage Monitor released earlier this week, almost reversing the spike they experienced in January – indicating that foreclosure starts may be leveling off and even nearing pre-recession numbers.”

Mortgage Professional America - “The strongest and weakest housing markets of 2015″ (4-7-15)

“While the U.S. residential market is gaining momentum some markets are doing significantly better than others, according to data Veros Real Estate Solutions, a risk management, collateral valuation services and predictive analytics firm.”

Realty Trac“Will Easier Credit Unleash Real Estate Sales?” (4-7-15)

“If there has ever been a time for a real estate home run this is about as good as it gets. Interest rates are near historic lows, home values have yet to return to their 2007 peak and the population has grown by nearly 20 million people in the past eight years.”

Bloomberg“U.S. Stocks Advance Amid Corporate Deals, Interest Rate Bets” (4-7-15)

“U.S. stocks fell, after two days of gains, amid declines in consumer and utility shares before the release of Federal Reserve meeting minutes Wednesday.  Equities in the final hour erased gains after the Standard & Poor’s 500 Index climbed as much as 0.4 percent amid corporate deals.”

Mortgage Professional America - “4 million: The number of mortgages that never happened” (4-7-15)

“Researchers at the Urban Institute (UI) claim that 4 million more loans would have been made between 2009 and 2013 if lenders had used the same credit standards as were used in 2001.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

Looking Back:

More and more consumers were having a positive outlook on the market right and believed it was a good time to buy.  Citigroup reached a settlement with 18 institutional investors and agreed to pay $1.125 billion.  A bill was passed by the Senate on this day to extend jobless benefits through the end of May for over 2 million unemployed workers.

 

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/manoftaste-de/

 

 

More Non-Banks Stepping in to Increase Residential Mortgage Production

Monday, April 6th, 2015

 

Today’s News Synopsis:

Distressed Sales, which include both short sales and REOs, increased by 2.2%, the most in three years, in the first quarter of 2015.  However, for the whole year distressed sales were actually down in 2014 at 12.7%, their lowest in eight years.  A recent survey from Chase Slate Credit showed the group most confident about credit scores are actually the millennials of this generation.  Due to credit tightening among banks, they are coming up with new standards that are less lenient and cutting back on their amount of residential mortgage production.  This has led more non-banks to step in and take on this task.

 

In The News:

Housing Wire - “Millennials most confident generation about their credit scores” (4-6-15)

“Millennials, ages 18 to 34, are the most confident generation about their credit status, with nearly three in five Millennials saying they would be comfortable disclosing their credit score to their parents, compared to only 35% of Generation X, according to the new Chase Slate Credit Survey.”

DS News - “Distressed Sales Share Falls to Lowest Level in Eight Years” (4-6-15)

“Distressed sales (short sales and REO properties property sales) accounted for just 12.7 percent of residential real estate transactions nationwide in 2014, the lowest share since 2007, according to Black Knight’s February 2015 Mortgage Monitor released today.”

Mortgage Professional America - “Cities where loan officers earned the biggest salaries in 2014″ (4-6-15)

“To find the highest- and lowest- paying metro areas for loan officers, we turned to recently released data available from the Bureau Labor of Statistics (BLS). The report found that the average annual salary for a loan officer was about $73,670 in 2014 up from $71,800 in 2013.”

Housing Wire - “Freddie Mac to sell actual loss position in new STACR deal” (4-6-15)

“Freddie Mac is preparing to break new ground in its credit risk-sharing deals by offering investors something that they’ve been unable to get their hands on until now — exposure to actual losses on mortgages.”

DS News“Report: Short Sales, REO Experience Largest Increase in Three Years” (4-6-15)

“The percentage of short sales and REO sales jumped by 2.2 percentage points in the first quarter of 2015, the largest increase since the first quarter of 2012, according to data released by Clear Capital on Monday.”

Mortgage Professional America - “Non-bank companies step in to fill mortgage void” (4-6-15)

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

Realty Trac“American Crime: Bad News for East St. Louis” (4-6-15)

“Using data provided by the Federal Bureau of Investigation (FBI), RealtyTrac®, the nation’s leading source for comprehensive housing data, has ranked U.S. cities with populations over 25,000 in which violent crime has the highest per capita rate.”

Bloomberg“Expansion at U.S. Service Industries a Good Sign for Economy” (4-6-15)

“Service providers such as real-estate firms and restaurants expanded in March at about the same pace as a month earlier, a reassuring sign of support for a U.S. economy that’s been held back by headwinds in manufacturing.”

Mortgage Professional America - “Daily Market Update: Fraudsters take homes without owners knowing” (4-6-15)

“At least fifty properties in Oakland County, Michigan, have been the target of fraudsters who have found a way to take ownership of a home often without the owner’s knowledge.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

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/119599301@N02/