The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘real estate investing’

By Bruce Norris .

The Norris Group Real Estate News Roundup 4/24/14

Thursday, April 24th, 2014


Today’s News Synopsis:

Mortgage rates increased slightly after showings signs of decrease for two weeks in a row.  30-year rates are now at 4.33% and 15-year rates at 3.39%.  Refinances completed by HARP decreased in February with only 21%, or 26,964 completed.  The CFPB released a 69-page report showing that mortgage closings are taking too much paperwork and need to be cut down.

In The News:

DS News - “Total Home Sales and Prices Tick Slightly Upward in March” (4-24-14)

“According to RealtyTrac’s latest Residential and Foreclosure Sales Report for March and Q1 2014, U.S. residential properties sold at an estimated annual pace of roughly 5.2 million homes in March, a .4 percent increase from February, and up 8 percent from the previous year.”

Bloomberg - “JPMorgan to Help Oversee $12 Billion for Resolution Life” (4-24-14)

“JPMorgan Chase & Co. (JPM) won a contract to help manage about $12 billion in bonds for Resolution Life Holdings Inc., a startup insurer that plans to acquire policies from other U.S. carriers.”

Housing Wire - “Freddie Mac: Mortgage rates reverse course, rise” (4-24-14)

“Mortgage rates inched higher after falling two weeks straight following an uptick in the 10-year treasury note and amid a week of soft housing data.”

Mortgage Professional America - “Closings need less paperwork, says 69-page CFPB report” (4-24-14)

“The Consumer Financial Protection Bureau says mortgage closing documents desperately need streamlining – and it only took 69 pages to say it in.”

DS News - “FHFA: HARP Refinances Drop in February” (4-24-14)

“Amid continued rising home prices and rising mortgage rates, the number of refinances achieved through the Home Affordable Refinance Program (HARP) is declining, according to the Federal Housing Finance Agency (FHFA). Even a slight drop in mortgage rates to 4.3 percent for the month did not bolster February’s HARP refinances.”

Housing Wire - “Altisource posts record service revenue in 1Q 2014″ (4-24-14)

“Altisource Portfolio Solutions (ASPS) posted record service revenue, net income attributable to shareholders and diluted earnings per share.”

Bloomberg - “D.R. Horton Earnings Beat Estimates as Home Prices Climb” (4-24-14)

“D.R. Horton Inc. (DHI), the largest U.S. homebuilder by revenue, reported fiscal second-quarter earnings that beat analyst estimates as prices and orders climbed.”

DS News - “Massachusetts Home Sales Decrease from Low Inventory” (4-24-14)

“For four out of the last five months, single-family home sales have decreased in the Bay State.  This trend is seen by some as a simple problem in availability.”

 

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $98,000 on a 3 bedroom, 2 bathroom home appraised for $155,000.

Hesperia Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications increased by 0.2% from the previous week.  HUD consolidated their Office of Multifamily Programs down to 10 sites, which was expected to help the organization save $45 million.  The NAHB reported both single and multifamily housing starts were expected to increase into the double-digits this year, although growth was still not expected to reach its full potential.

 

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.

The Norris Group Real Estate News Roundup 4/23/14

Wednesday, April 23rd, 2014


Today’s News Synopsis:

Sales of new homes decreased by 14.5% to 384,000, their lowest in 8 months.  Mortgage applications on also decreased from last week by 3.3%.  The Leading Economic Index by the Conference Board, which keeps track of everything from unemployment to consumer expectations, increased 0.8% last month to 100.9.

In The News:

Housing Wire - “CFPB: 3 biggest pains in mortgage closings” (4-23-14)

“The Consumer Financial Protection Bureau has found that many consumers are frustrated by the short amount of time they have to review a large stack of complex closing documents when finalizing a mortgage.”

Bloomberg - “New-Home Sales in U.S. Unexpectedly Slump to Eight-Month Low” (4-23-14)

“Sales of new U.S. homes unexpectedly plunged in March to the lowest level in eight months, reflecting a broad-based retreat that signals the industry is facing bigger challenges than just bad weather.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (4-23-14)

“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 April 18, 2014.”

Housing Wire - “Trulia: The 10 fastest and slowest moving markets” (4-23-14)

“Trulia (TRLA) has put together a list of the fastest and slowest moving housing markets in America.  Trulia’s analysts looked at the share of homes for sale on Trulia two months ago as of Feb. 14 and which had not sold as of April 14.”

Mortgage Professional America - “NY regulators target Ocwen in probe” (4-23-14)

“One of the nation’s largest mortgage servicers has been accused by New York state regulators of gouging mortgage investors and distressed homeowners.”

DS News - “Leading Economic Index Gains Momentum in March” (4-23-14)

“The Conference Board’s Leading Economic Index (LEI) was updated Monday, rising for the third straight month. The LEI increased 0.8 percent in March to 100.9, outpacing increases of 0.2 percent in January and 0.5 percent in February.”

Housing Wire - “Scores are in: Top improving states and metros” (4-23-14)

“The housing market is recovering, and although it is at a slower pace than last month, more than half of the top 50 metro areas continue to record improving trends.”

Mortgage Professional America - “What’s to blame for dismal March home sales?” (4-23-14)

“Sales of new single-family homes took a tumble in March, posting a dismal seasonally adjusted annual rate of 384,000 units.”

 

Hard Money Loan Closed

Orange, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $300,000 on a 4 bedroom, 2 bathroom home appraised for $515,000.

Orange Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at the SOLD OUT 2014 Real Estate Market Forecast TODAY, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

 

Looking Back:

According to the FHFA, home prices continued to increase as inventory continued to decrease.  Prices decreased 0.7% month-over-month in February, although year-over-year they actually increased 7.1%.  New home sales increased 1.5% the previous month to 417,000, despite having decreased almost 5% in February.  CFPB Director Richard Cordray was denied his appointment to present his testimony before the Senate Banking Committee, claiming the appointment was not legal.

 

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.

The Norris Group Real Estate News Roundup 4/22/14

Tuesday, April 22nd, 2014


Today’s News Synopsis:

The FHFA reported home prices increased 6.9% year-over-year in February and 0.6% month-over-month.  At the same time, sales of existing homes decreased last month decreased last month by 0.2% to 4.59 million, down from 4.60 million.  Housing expectations are not as high for this year according to the GSEs with the tighter credit standards and decreased inventory.

In The News:

Bloomberg - “U.S. Home Prices Rose 6.9% in February as Recovery Cools” (4-22-14)

“U.S. house prices rose 6.9 percent in the 12 months through February, the smallest gain in a year, in a sign that the housing market’s recovery is cooling.”

Housing Wire - “GSEs lower expectations on housing market for 2014″ (4-22-14)

“The government-sponsored enterprises are lowering their housing expectations for 2014, citing shrinking inventory and tightened credit standards among other reasons.”

DS News - “Existing-Home Sales Slip in March” (4-22-14)

“Existing-home sales slid back in March, and price improvements continued to moderate, according to transaction data released Tuesday.”

Mortgage Professional America - “Carrington vows to tap market for lower-FICO borrowers” (4-22-14)

“Carrington Mortgage Services recently announced plans to pursue business in a traditionally underserved market – borrowers in the sub-640 FICO score range.”

Realty Trac - “New York’s New Breed of Penthouses” (4-22-14)

“While secluded scenery and large plots of land may be the markers of success in the rest of the country, in Manhattan, there’s simply no symbol of having achieved your dreams like owning sky-high reality in one of the city’s premier penthouses.”

Inman - “Home values in 20 percent of US housing markets headed for record highs within a year” (4-22-14)

“Home values in over 20 percent of all U.S. metros will surpass their housing boom peaks over the next year, and affordability problems that have begun to affect a fraction of markets may spread to others over the next few years, Zillow reported.”

Housing Wire - “5 lists that reveal the state of the recovery” (4-22-14)

“It’s no new news that the housing market is improving as delinquency and foreclosure rates decline to levels not seen since October 2007 and 2008, respectively.”

Bloomberg - “Financing Plan for Trade Center Tower Faces Challenges” (4-22-14)

“A financing plan for a third World Trade Center skyscraper in lower Manhattan is at risk as commissioners of the Port Authority of New York and New Jersey prepare to vote on a $1.2 billion loan guarantee.”

 

Hard Money Loan Closed

Palm Desert, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $195,000 on a 3 bedroom, 3 bathroom home appraised for $300,000.

Palm Desert Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at the SOLD OUT 2014 Real Estate Market Forecast TOMORROW, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

 

Looking Back:

Existing home sales decreased unexpectedly the previous month by 0.6%.  The NAHB urged Congress to make changes that would improve the guest workers provisions in the Immigration Bill.  California Attorney General Kamala Harris announced that grant funds obtained by the recent mortgage settlement would be used to help many homeowners affected by foreclosures.

 

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.

The Norris Group Real Estate News Roundup 4/21/14

Monday, April 21st, 2014


Today’s News Synopsis:

Mortgage-backed securities totaling $3.5 billion were issued by Fannie Mae in the first quarter of 2014.  More and more homeowners are choosing to use all cash to finance their homes according to a recent survey by the Campbell/Inside Mortgage Finance.  Representative John K. Delaney recently announced his plans to change housing finance by reducing the government’s part in setting prices for mortgage finance.  

In The News:

Bloomberg - “Property-Tax Collections Rising at Fastest Pace Since U.S. Crash” (4-20-14)

“Property-tax collections are rising at the fastest pace since the U.S. housing market crash sent government revenue plunging, helping end an era of local budget cuts.”

Housing Wire - “Rep. Delany: Time to end government’s role in setting prices of mortgage finance” (4-21-14)

“In January,  U.S. Rep. John K. Delaney, D-Md., announced a plan for housing finance reform.  Partnering with fellow representatives John Carney, D-Del., and Jim Himes, D-Conn., the Delaney-Carney-Himes proposal calls for the use of private sector market forces to price risk while providing the security of a government guarantee behind the program.”

DS News - “RMBS Prepays Approaching Post-Crisis Low” (4-21-14)

“According to Fitch Ratings’ latest quarterly index, prepayment rates among U.S. residential mortgage-backed securities (RMBS) have declined to the lowest levels of the post-crisis era.”

Mortgage Professional America - “CFPB to hold public closing forum” (4-21-14)

“The Consumer Financial Protection Bureau will hold a mortgage forum Wednesday in Washington, D.C.  The forum will be on the mortgage closing process and will feature remarks from CFPB Director Richard Cordray.”

Housing Wire - “Lawsky wants answers about Ocwen, Altisource and Hubzu” (4-21-14)

“Things are heating up in the conflict between New York’s top bank regulator and Ocwen Financial Services (OCN), the nonbank that’s become a lightning rod for regulatory intervention in the fast-growing nonbank MSR segment.”

DS News - “All-Cash Financing Increases; Buyers Avoid Red Tape” (4-21-14)

“A survey of real estate agents released Monday finds a growing number of homeowners have turned to all-cash financing in order to avoid the red tape that comes with mortgage lending.”

Bloomberg - “Airbnb NYC Rentals 60 Percent Illegal, State Claims” (4-21-14)

“The majority of Airbnb Inc. rentals recently offered in New York City appeared to be illegal, the state attorney general’s office said amid a probe of whether the home-sharing service is complying with the law and collecting taxes.”

DS News - “Fannie Mae Issued $3.5 Billion of MBS in Q1 2014″ (4-21-14)

“Fannie Mae issued approximately $3.5 billion of multifamily mortgage-backed securities (MBS) in the first quarter of 2014, the company said in a press release Monday. The securities are backed by new multifamily loans delivered by the company’s lenders.”

 

Hard Money Loan Closed

Temecula, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $270,000 on a 3 bedroom, 3 bathroom home appraised for $387,000.

Temecula Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit TOMORROW, April 22, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

 

 

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.

The Norris Group Real Estate News Roundup 4/17/14

Thursday, April 17th, 2014

Sources:

Fitch:Apartments are filling up
Confidence Among U.S. Homebuilders Increases Less Than Forecast

Today’s News Synopsis:

This week’s video is a slideshow of the highlights from the news of the week.  Unemployment claims decreased 41% and are at their lowest in seven years.  Mortgage rates decreased again for the second week in a row with 30-year rates now at 4.27% and 15-year rates at 3.33%.  Home sales increased again in California last month.

In The News:

Housing Wire - “Freddie Mac: Mortgage rates fall two weeks straight” (4-17-14)

“Mortgage rates fell for the second week straight, hitting a six week low and assisting in homebuyer affordability during the spring home buying season.”

DS News - “California Home Sales Jump Higher in March” (4-17-14)

“The California Association of Realtors (CAR) reported 367,000 closed escrow sales of existing single-family detached homes, seasonally adjusted at an annualized rate. March marked the fifth straight month with sales below the 400,000 level, and the eighth month of declining sales on a year-over-year basis.”

Mortgage Professional America - “Seriously underwater homes at lowest level in 2 years” (4-17-14)

“The number of seriously underwater residential properties has reached its lowest level in two years – but the pace of equity recovery is slowing, according to data released today.”

Realty Trac - “How Tight Credit is Putting the Squeeze on Housing” (4-17-14)

“Writing about how tight credit is squeezing out first-time homebuyers, Dr. Kenneth T. Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at UC Berkeley, penned an illuminating article for the Foreclosure News Report, on why some would-be homebuyers are being forced to rent because lenders don’t want to make 30-year loans at such low interest rates.”

Inman“Realtor.com: Buying conditions improving as more homes come on the market” (4-17-14)

“The number of homes for sale and the amount of time they’d typically been on the market both increased in March, “welcome signs” for spring buyers, realtor.com reported today.”

DS News - “Credit Default Rates Fall Again in March” (4-17-14)

“Data through March 2014 found that national credit default rates declined for the month, according to the S&P/Experian Consumer Credit Default Indices. The two groups offer a comprehensive measure of changes in consumer credit defaults.”

Housing Wire - “Jobless claims remain at 7-year low” (4-17-14)

“Despite creeping up slightly from last week’s total, the number of Americans making their initial unemployment claims is still at a 7-year low, and is down 41% from the same week last year.”

Realty Trac - “Should Fannie and Freddie Bankroll ‘Affordable Housing’” (4-17-14)

“On Jan. 24, 33 Democratic senators sent a letter to Federal Housing Finance Agency director Mel Watt, requesting funding for two initiatives that have been suspended since their inception in 2008 — the National Housing Trust Fund (NHTF) and the Capital Magnet Fund (CMF).”

 

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications increased 4.8% from the previous week.  Home builder sentiment increased by three points to 53, the highest in six years.  Bank of America posted their profit for the first quarter of 2013 at $2.6 billion.

 

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.

The Norris Group Real Estate News Roundup 4/16/14

Wednesday, April 16th, 2014


Today’s News Synopsis:

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

In The News:

DS News - “Bank of America Legal Expenses Hurt Q1 Earnings” (4-16-14)

“Legal expenses took a substantial bite out of Bank of America’s first-quarter earnings, resulting in a net loss of $276 million to start the year.”

NAHB - “Housing Starts Rise 2.8 Percent in March” (4-16-14)

“Led by a 6 percent rise in single-family starts, nationwide housing production rose 2.8 percent above an upwardly revised February rate of 920,000 to a seasonally adjusted annual rate of 946,000 units in March, according to newly released figures from HUD and the U.S. Census Bureau.”

Bloomberg - “CBS Get Favorable Tax Ruling on Billboard Unit Spinoff” (4-16-14)

“CBS Corp. (CBS), the broadcaster that’s spinning off its U.S. billboard advertising unit, said it received a favorable tax ruling on the transaction in a private letter from the Internal Revenue Service.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-16-14)

“Mortgage applications increased 4.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 11, 2014.”

Housing Wire - “Refinances continue downward trend, ARMs on the rise” (4-16-14)

“Homeowners seeking a refinance on their home loan are becoming more rare by the day. According to Ellie Mae’s (ELLI) March 2014 Origination Insight Report, only 40% of all the loans closed were refinance loans.”

DS News - “Advances Rise Due to Secured Loans to JPMorgan, Wells Fargo” (4-16-14)

“After a steep plunge in the amount of housing finance aid given to banks, federal money poured into the country’s largest lenders in 2012 and 2013, as liquidity at the banks found stable ground, according to a report released Wednesday by the Federal Housing Finance Agency.”

Housing Wire - “U.S. Bancorp’s mortgage revenue sliced nearly in half” (4-16-14)

“Despite witnessing signs of strong new lending activity, mortgage growth still came up short in U.S. Bancorp’s (USB) first quarter earnings, offsetting any potential growth.”

Mortgage Professional America - “Commercial, multifamily loans spike in 2013″ (4-16-14)

“Commercial and multifamily mortgage bankers did $358.5 billion in loan volume last year, according to data released by the Mortgage Bankers Association.”

 

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $210,000 on a 3 bedroom, 2.5 bathroom home appraised for $310,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

 

Looking Back:

In a big news story, housing starts increased 7% the previous month, exceeding expectations.  The 2014 fiscal budget showed a potential taxpayer bailout totaling $943 million to cover losses from bad loans.  The recent S & P Dow Jones Indeces showed mortgage default rates decreased again in March to 1.41%.

 

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.

The Norris Group Real Estate News Roundup 4/15/14

Tuesday, April 15th, 2014


Today’s News Synopsis:

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 is actually outpacing bank failures despite their increase in the market.

In The News:

Bloomberg - “Confidence Among U.S. Homebuilders Increases Less Than Forecast” (4-15-14)

“Confidence among U.S. homebuilders rose less than forecast in April as sales and prospective buyer traffic stagnated, showing the residential real estate market struggled to improve after a harsh winter.”

Mortgage Bankers Association - “Applications for New Home Purchases Increased in March 2014″ (4-15-14)

“The Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS) data for March 2014 shows mortgage applications for new home purchases increased by 15 percent relative to the previous month.”

DS News - “Nevada Slowly Making Economic Comeback” (4-15-14)

“It would appear that the Silver State is slowly making a comeback, according to a new report from the Wells Fargo Economics Group.”

Mortgage Professional America - “Default rates hit pre-crisis levels” (4-15-14)

“Credit default rates, including mortgage defaults, were down nationally in March for the second straight month, according to data released today.”

DS News - “Report: Bank Mergers Outpace Bank Failures” (4-15-14)

“According to the Mortgage Graveyard report by Mortgage Daily, the number of mortgage-related failures has significantly declined this past year, and wholesale lenders are disappearing equally as quickly. However, mortgage mergers are on the rise.”

Housing Wire - “San Francisco boasts highest credit risk spread” (4-15-14)

“Every market bodes a different credit risk, and a new product from Collateral Analytics shows just how different each area can be.”

Mortgage Professional America - “Asking prices hit 5-year high” (4-15-14)

“Home sellers’ asking prices are at a five-year high even as mortgage loan volumes have hit their lowest levels since 1997.”

Realty Trac - “Why 2014 Will Be A Downer For Mortgage Lenders” (4-15-14)

“There’s little doubt that 2014 is going to be a tough year for mortgage lenders, something which has been apparent for some time.”

 

Hard Money Loan Closed

Apple Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $113,000 on a 3 bedroom, 2 bathroom home appraised for $174,000.

Apple Valley Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

 

Looking Back:

Homebuilder confidence decreased by two points to 42 this month according to the NAHB/Wells Fargo Housing Market Index.  Home prices increased the previous month with the drastic increase in home sales and decrease in home listings.   U.S. homebuyers received some unexpected help from the Bank of Japan.

 

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.

The Norris Group Real Estate News Roundup 4/14/14

Monday, April 14th, 2014


Today’s News Synopsis:

A recent lawsuit by the FHFA against Deutsche Bank was just dismissed by a judge in New York.  Borrowers could end up paying billions of dollars in tax money if they received aid from their banks.  Defaults for commercial mortgage-backed securities decreased for the fourth year in a row to their lowest level in 6 years.  Specifically, apartment vacancies continue to decrease as rates keep increasing.

In The News:

Bloomberg - “Lending Plunges to 17-Year Low as Rates Curtail Borrowing” (4-13-14)

“U.S. mortgage lending is contracting to levels not seen since 1997 — the year Tiger Woods won his first of four Masters championships — as rising interest rates and home prices drive away borrowers.”

DS News - “NY Fed: Consumer Expectations Rise in March” (4-14-14)

“A new survey put out by the Federal Reserve Bank of New York found that consumer expectations rose slightly in March, while home price change expectations declined slightly.”

Mortgage Professional America - “Borrowers who got mortgage help could owe billions in taxes” (4-14-14)

“Borrowers who’ve received mortgage relief from their banks could be facing a big tax bill.  After the housing collapse left millions owing more on their mortgages than their homes were worth, many borrowers worked with their banks to obtain loan amount reductions and save their homes from foreclosure.”

Housing Wire - “Fitch: Apartments are Filling Up” (4-14-14)

“Commercial mortgage backed securitization defaults, including those for multifamily properties, dropped for the fourth consecutive year and to their lowest level since 2008, according to Fitch Ratings in its annual U.S. CMBS loan default study.”

Mortgage Professional America - “Judge throws out FHFA suit against big bank” (4-14-14)

“A state supreme court judge has thrown out a lawsuit filed against Deutsche Bank by the Federal Housing Finance Agency.”

Housing Wire - “Citi quiets critics, profits despite challenging quarter” (4-14-14)

“March’s mortgage bond issuance was the second lowest since the early 2000s, according to the latest Securitization Weekly report from Bank of America.”

DS News - “Current Housing Market ‘Far from Bubble Territory’” (4-14-14)

“Despite major gains in home values, particularly in California, market strategists from Pro Teck Valuation Services say there is no bubble on the horizon.”

 

Hard Money Loan Closed

Menifee, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $150,000 on a 3 bedroom, 2 bathroom home appraised for $230,000.

Menifee Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

 

 

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.

The Norris Group Real Estate News Roundup 4/11/14

Friday, April 11th, 2014

Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  You can read the stories in length in the blog below.

In The News:

Housing Wire - “Mortgage rates drop in time for spring homebuying” (4-11-14)

“As the market heads into the spring homebuying season, mortgage rates moved down slightly, according to the latest Freddie Mac Primary Mortgage Market Survey.”

Housing Wire - “Jobless claims fall to lowest level since 2007″ (4-11-14)

“The number of Americans making their initial claims for unemployment fell to the lowest level since May 12, 2007, according to the Bureau of Labor Statistics.”

Housing Wire - “Foreclosure activity at lowest level since 2Q 2007″ (4-11-14)

“There were 117,485 foreclosure filings in March 2014, which is up 4% from February but still down 23% compared to March 2013, according to RealtyTrac’s ‘U.S. Foreclosure Market Report’.”

Housing Wire - “American optimism trends higher as home buying season starts” (4-11-14)

“As the market enters the spring homebuying season, more homeowners are beginning to think now is a good time to sell a home, in addition to it being easier to get a mortgage, a government agency said.”

Housing Wire“Citi agrees to $1.125 billion mortgage bond investor settlement” (4-11-14)

“Citigroup announced that it reached an agreement with 18 institutional investors, represented by Gibbs & Bruns, regarding the resolution of certain legacy private-label securitization representation and warranty repurchase claims.”

Housing Wire - “GOP wants CFPB merged with other regulators” (4-11-14)

“The House Financial Services Committee hearing on the economic consequences of regulatory rulemaking and enforcement on Tuesday got heated early and often.”

Realty Trac - “CFPB Accused of Discrimination” (4-11-14)

“The Consumer Financial Protection Agency has come under fire for broad workplace discrimination.  .”

Housing Wire - “Congressman fires up debate on REO-to-rental” (4-4-14)

“One of the early alarm-sounders on the rise of REO-to-rental is trying to fire up the discussion over what he sees could be a potential threat to the housing market in the rise of investor-owned rental homes and the securitization of REO.”

 

Hard Money Loan Closed

Menifee, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $160,000 on a 4 bedroom, 2 bathroom home appraised for $241,000.

Menifee Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

 

Looking Back:

Regulators for Fannie Mae said borrowers would now be able to receive new loans from the HARP program all the way through 2015.  Foreclosures in the first quarter declined 12% quarterly and 23% yearly to their lowest in six years.  Mortgage rates continued to be on the decline according to Freddie Mac.

 

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.

The Norris Group Real Estate News Roundup 4/10/14

Thursday, April 10th, 2014


Today’s News Synopsis:

Mortgage rates decreased right at the start of the spring homebuying season with 30-year rates now 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.

In The News:

Housing Wire - “Jobless claims fall to lowest level since 2007″ (4-10-14)

“The number of Americans making their initial claims for unemployment fell to the lowest level since May 12, 2007, according to the Bureau of Labor Statistics.”

Bloomberg - “Banks’ Court Foreclosures Foreclosures Mean More Inventory: Mortgages” (4-10-14)

“Lenders are increasingly using U.S. courts to foreclose on delinquent homeowners in states where it’s not required to reduce the risk of falling afoul of new protections.”

Mortgage Professional America“Mortgage insurance premiums not headed down: FHA” (4-10-14)

“Don’t expect mortgage insurance premiums to fall anytime soon, according to the commissioner of the FHA.  Speaking to the Mortgage Bankers Association conference, FHA commissioner Carol Galante said mortgage premium increases were necessary, MNI has reported.”

Housing Wire“Foreclosure activity at lowest level since 2Q 2007″ (4-10-14)

“There were 117,485 foreclosure filings in March 2014, which is up 4% from February but still down 23% compared to March 2013, according to RealtyTrac’s “U.S. Foreclosure Market Report.”

CNN Money - “Big bank earnings likely in doghouse” (4-10-14)

“Don’t bet on dazzling earnings from big banks.  That’s the message from a number of fund managers and analysts ahead of Friday, whenJPMorgan Chase (JPMFortune 500) and Wells Fargo (WFCFortune 500) report first quarter results. Citigroup (CFortune 500), Bank of America (BACFortune 500), Goldman Sachs (GSFortune 500), and Morgan Stanley (MSFortune 500) will report their earnings next week..”

Housing Wire - “Mortgage rates drop in time for spring homebuying” (4-10-14)

“As the market heads into the spring homebuying season, mortgage rates moved down slightly, according to the latest Freddie Mac Primary Mortgage Market Survey.”

Mortgage Professional America - “Bank repossessions lowest since 2007″ (4-10-14)

“Bank repossessions have fallen to their lowest level in nearly seven years.  New data from RealtyTrac shows foreclosure filings edged up by 4% from February to March, but were down 23% from March 2013.”

Bloomberg - “Brooklyn Apartment Rents Jump to a Record as Leases Surge” (4-10-14)

“Brooklyn apartment rents rose to a record in March and new leases more than doubled, extending a surge in housing demand in the New York borough that was once seen as a refuge from Manhattan’s high costs.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $155,000 on a 3 bedroom, 2 bathroom home appraised for $225,000.

Moreno Valley Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

 

Looking Back:

The Mortgage Bankers Association reported a 4% increase in mortgage applications from the previous week.  The Lender Processing Services reported about 500,000 delinquent loans were repaired in February, showing an increase in the number of fixed loan mods.  Zillow reported an increase in home prices with the increase in mortgage 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.