California Real Estate Headline Roundup

Posts Tagged ‘real estate investing’

By Bruce Norris .

New Home Sales Increased but Below Expectations

Wednesday, November 26th, 2014

 

 

 

Sources:

Home Prices in 20 U.S. Cities Increase at a Slower Pace
Median Distressed Home Price Jumps 18 Percent in October

 

Today’s News Synopsis:

Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video.  New homes sold last month did increase 0.7%, although sales were still below expectations.  The Mortgage Bankers Association reported a 4.3% decrease in mortgage applications from last week.  Mortgage rates decreased again with 30-year rates now at 3.97% and 15-year rates at 3.17%.

In The News:

Bloomberg“Fewer New U.S. Homes Sold in October Than Economists Forecast” (11-26-14)

“New homes in the U.S. sold at a slower pace than forecast in October as builders focused on meeting demand at the upper end of the market.  Purchases climbed 0.7 percent to a 458,000 annualized pace from a revised 455,000 rate in September that was lower than initially reported, data from the Commerce Department showed today in Washington.”

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-26-14)

“Mortgage applications decreased 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 November 21, 2014.  The previous week’s results had included an adjustment for the Veterans Day holiday.”

Housing Wire - “Goldman Sachs launches first jumbo mortgage bond since crisis” (11-26-14)

“One of the most notorious names from the mortgage crisis is back. And they’re back in a big way.  Goldman Sachs (GS), which was at the forefront of the toxic mortgage crisis that nearly crippled the U.S. economy, is preparing to launch its first post-crisis prime jumbo residential mortgage-backed securitization.”

Realty Trac“Will New Government Protections Produce Fewer Mortgage Hassles?” (11-26-14)

“With tens of millions of mortgages outstanding it might seem as though every possible loan question has been resolved, that the lending system would have an answer for absolutely any situation that might arise.”

Los Angeles Times“Freddie Mac: Average 30-year mortgage rate slips to 3.97%” (11-26-14)

“Low mortgage rates are on the holiday menu for home buyers, with lenders surveyed by Freddie Mac offering 30-year fixed-rate home loans this week at an average of 3.97%, down from 3.99% a week ago..”

Housing Wire“Pending home sales reverse course” (11-26-14)

“Pending homes sales reversed the slight increase it madelast month, posting a meager decline in October but still above year-over-year levels for the second straight month, the National Association of Realtors said.”

 

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.

 

Looking Back:

Building permits increased the previous month by 6.2% and were at their highest in five years.  Home prices continued to increase at a good rate, having gone up 3.2% in the third quarter and 11.2% over the previous four quarters.  Fannie Mae and Freddie Mac continued to purchase home loans at $417,000 in low cost areas and $625,500 in high-cost areas.

 

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/

Mortgage Originations Increase for First Time in a Year

Tuesday, November 25th, 2014

 

Today’s News Synopsis:

The pace of home price growth was slow in 20 U.S. cities, having increased only 4.9% year-over-year compared to 5.6% in the year ended in August.  At the same time, the median price for distressed residential properties increased 18% last month.  Mortgage originations increased for the first time in a year last quarter, breaking the four-quarter trend.

In The News:

DS News“Treasury Nets $35 Million in Securities Auction as Part of TARP Wind Down” (11-24-14)

“As part of a continuing effort to wind down the government’s Troubled Asset Relief Program (TARP) to bail out banks devastated by the financial crisis of six years ago, the U.S. Department of Treasury recently auctioned off preferred stocks for three institutions, gaining $35.6 million in aggregate gross proceeds.”

Bloomberg“Home Prices in 20 U.S. Cities Increase at a Slower Pace” (11-25-14)

“Home prices in 20 U.S. cities advanced at a slower pace in the 12 months through September as the housing market continued to make gradual progress.  The S&P/Case-Shiller index of property values increased 4.9 percent from September 2013, the smallest gain since October 2012, after rising 5.6 percent in the year ended in August, the group reported today in New York.”

Mortgage Professional America“FHFA sets 2015 conforming loan limits” (11-25-14)

“The Federal Housing Finance Agency (FHFA) has set the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2015. The limit will remain at $417,000 for one-unit properties in most of the country.”

Housing Wire“Mortgage lending reverses yearlong trend” (11-25-14)

“Mortgage originations reversed a four-quarter trend in the third quarter, rising for the first time in a year, according to the Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York.”

DS News“Median Distressed Home Price Jumps 18 Percent in October” (11-25-14)

“The median price of a distressed residential property, which is one that is either in the foreclosure process or owned by a bank, jumped up by 18 percent year-over-year in October, according to RealtyTrac’s October 2014 Residential and Foreclosure Sales Report released on Wednesday.”

Bloomberg“Refinancing Boom Exposing Risks in U.S. Property Bonds” (11-25-14)

“A $40 million penalty wasn’t enough to keep the owner of San Francisco’s Parkmerced apartment complex from the chance to lock in record-low interest rates and take advantage of the property’s $1.5 billion value.”

Housing Wire“Excessive regulation of mortgage lending drags down bank profit” (11-25-14)

“Bank earnings climbed to $38.7 billion in third quarter 2014 as institutions saw jumps in trading and other revenue, according to the latest report released today by the Federal Deposit Insurance Corp.”

 

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.

Looking Back:

Pending home sales decreased in October 0.6% month-over-month and were at their lowest in ten months.  Commercial real estate, on the other hand, increased 11% year-over-year in the third quarter for smaller properties and 9% for larger properties.  Analysts were expecting a new person would be brought in as head of the FHFA to oversee Fannie Mae and 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.

Copyright: Image from www.stockmonkeys.com

RMBS and SFR Face Greater Risks After Big Court Decisions

Monday, November 24th, 2014

Today’s News Synopsis:

The economy showed slow growth in October due to weak housing starts and employment growth.  Freddie Mac will start making loan-level loss data available to investors.  Residential mortgage-backed securities and single-family rental securitizations are facing bigger risks due to recent rulings by courts in Nevada and Washington, D.C.

In The News:

Housing Wire“Freddie Mac to make loan-level loss data available to investors” (11-24-14)

“Investors looking for more information on the makeup of credit-risk sharing deals from Freddie Mac now have a new resource at their disposal, loan-level actual loss data.”

DS News“RealtyTrac Launches Expansive Data Mining Platform” (11-24-14)

“Irvine, California-based comprehensive real estate data provider RealtyTrac has announced the launch of an expanded version of its MEGA Lead Generation Platform.”

Mortgage Professional America“Could Lowe’s profit jump be a sign of a housing remodel spur?” (11-24-14)

“Lowe’s, one of the largest home-improvement retailers in the United States, has posted third-quarter earnings that exceeded expectations as homeowners continued to grow confidence in the housing market.”

OC Housing News - “Short sale tax relief is free money to HELOC abusers” (11-24-14)

“Mortgage equity withdrawal feels like free money. When this money comes from home-price appreciation on a primary residence, the borrower did nothing to earn this money, and since a primary residence has a large capital gains tax exclusion, the borrower won’t pay any taxes, income or capital gains, on free money they extract from their house.”

Housing Wire“Lag in housing starts, employment drag on October economy” (11-24-14)

“The economy slowed in October, with much of the drag coming from a weakness in housing and consumption and a slowdown in employment growth and production, according to the Chicago Fed National Activity Index.”

Mortgage Professional America“Big bank to add 4.500 jobs next year” (11-24-14)

“In part to meet increasing regulatory demands, one of the nation’s largest banks has plans to add 4,500 more positions in 2015.  Richard Davis, CEO of U.S. Bancorp, recently said in a Bloomberg Television interview, that many of the new jobs will be in compliance and auditing and some will be filled by veterans and people out of work for longer than six months.”

Housing Wire“Court rulings in unpaid HOA fees raise risk in RMBS, SFR deals” (11-24-14)

“A new report from Moody’s Investors Service spotlights how recent rulings by the highest courts in Nevada and Washington, D.C. on unpaid HOA fees raise risk in residential mortgage-backed securities and single-family rental securitizations.”

Mortgage Professional America“Low mortgage rates fail to perk California home sales in October” (11-24-14)

“The lowest mortgage rates in 18 months failed to spark the California housing market in October as sales stayed flat and home prices increased at the slowest pace since early 2012, according to the California Association of Realtors (CAR).”

 

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.

 

 

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/ell-r-brown/

Sales of Existing Homes Decrease 5% in Western States

Friday, November 21st, 2014

 

 

 

Sources:

Builder Confidence Rises Four Points in November
S&P/Experian: First mortgage default rate continues upward trend



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.  Predictions for the U.S. economy back in October were above expectations, having risen one percentage point.  Sales of existing homes decreased by 5% in the Western states.  The NAR reported an increase in the sale of homes priced $1 million and higher.

In The News:

DS News“Solutionstar Announces Acquisition of Title365″ (11-21-14)

“Solutionstar, a subsidiary of Texas-based Nationstar Mortgage Holdings, announced Friday it has entered into an agreement to acquire Experience 1, Inc., the holding company for Title365 and two other technology subsidiaries in a $36 million cash deal.”

OC Housing News“Existing home sales decline 5% in West despite low rates” (11-21-14)

“Ever since mortgage interest rates suddenly and unexpectedly rose from 3.5% to 4.5% in May of 2013, the market has been weak. For almost a year prices were flat while sales volumes declined.”

Mortgage Professional America - “Senators push for FHFA to stop force-placed insurance” (11-21-14)

“At a Senate Banking Committee hearing earlier this week, Federal Housing Finance Agency (FHFA) Director Mel Watt told lawmakers the agency is making progress on changes to a controversial type of homeowner’s insurance.”

DS News“Economic Forecast Exceeds October Predictions” (11-21-14)

“The long-delayed $2.7 billion mortgage servicing rights deal between Ocwen Financial (OCN) and Wells Fargo (WFC) is now dead, the companies announced late Thursday.”

Housing Wire“Housing sales inventory continues to grow in October” (11-21-14)

“The number of homes for sale continued to increase across the U.S. in October, a good sign for buyers, but mainly for those on the higher end, according to the latest data from Zillow (Z) Real Estate Markets report for October.”

Mortgage Professional America - “FDIC breaks down ability-to-repay and qualified mortgage rule” (11-21-14)

“The FDIC has released a set of instructional videos that address ability-to-repay (ATR) and qualified mortgage (QM) rule compliance.”

DS News“Report: SEC Grants Bank of America Partial Relief From Additional Sanctions in Settlement” (11-21-14)

“The U.S. Securities and Exchange Commission (SEC) agreed to partially waive the additional sanctions that could have been imposed on Bank of America following a record settlement in August over the sale of residential mortgage-backed securities, according to sources familiar with the case in a report from Bloomberg News.”

Mortgage Professional America“Million-dollar home sales on the rise” (11-21-14)

“Homes priced $1 million or higher rose in October, as did the U.S. stock market, and the correlation is not lost to the National Association of Realtors (NAR).”

 

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 LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

Janet Yellen was approved by the Senate Banking Committee to be a nominee for the Federal Reserve.  Freddie Mac reported mortgage rates decreased again after having seen steady increases for two weeks.  30-year rates were at 4.22% and 15-year rates were at 3.27%.  At the same time, Fannie Mae predicted market volatility over the course of the next few months with the changes in consumer sentiment and the housing 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.

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

Mortgage Rates Decrease Again and Now Stand at 3.99% and 3.17%

Thursday, November 20th, 2014

Today’s News Synopsis:

Existing home sales increased by 1.5% last month to 5.26 million.  Mortgage rates decreased again with 30-year rates now at 3.99% and 15-year rates at 3.17%.  More parents are moving in with their children as the baby boomers are growing older.

In The News:

DS News“FHFA Director Outlines GSE’s Strategic Objectives Before Senate Banking Committee” (11-20-14)

“In his first time to testify before Congress since he became director of the Federal Housing Finance Agency (FHFA) in January, Mel Watt on Wednesday outlined three main objectives that make up the 2014 Conservatorship for Fannie Mae and Freddie Mac and discussed the agency’s progress toward each in the last 10 months.”

NAHB“Developer’s Sentiment About Multifamily Market Off Recent Peak, but Remains Positive” (11-20-14)

“The Multifamily Production Index (MPI), released today by the National Association of Home Builders (NAHB), reached 54 in the third quarter, four points below the previous quarter’s reading. This is the 11th consecutive quarter with a reading of 50 or above.”

Housing Wire“Existing home sales tick up 1.5% in October” (11-20-14)

“Existing-home sales rose in October for the second straight month and are now above year-over-year levels for the first time in a year, according to the National Association of Realtors.”

Mortgage Professional America“Mom and dad are moving in” (11-20-14)

“We’ve all read the reports about millennials moving in with their parents, but as these young professionals finally move out and form their own households, they may find that their baby boomer parents may soon coming knocking, according to the National Association of Realtors.”

Bloomberg“Fannie-Freddie Rise on Proposal to End U.S. Control” (11-20-14)

“Tim Johnson, the South Dakota Democrat who wrote a bill to eliminate Fannie Mae and Freddie Mac (FMCC), sat in the walnut-paneled chambers of the Senate Banking Committee yesterday and said Congress might never get rid of the two companies.”

Mortgage Bankers Association“MBA Releases White Paper on the Market for Mortgage Assets” (11-20-14)

“Today, the Mortgage Bankers Association (MBA) released a white paper analyzing the future of the real estate finance industry secondary market now that the Federal Reserve has ceased its multi-part quantitative easing (QE) regime, during which it purchased trillions of dollars of mortgage backed securities (MBS).”

DS News“CFPB Proposes to Expand Foreclosure Protections” (11-20-14)

“The Consumer Financial Protection Bureau (CFPB) proposed on Thursday an additional set of measures designed to expand foreclosure protections for mortgage borrowers.”

Housing Wire“Freddie Mac: Rates drift below 4% again” (11-20-14)

“Mortgage rates ticked back down and fell below 4%, as rates continue to fluctuate around this level, Freddie Mac’s Primary Mortgage Market Survey said.”

 

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.

 

Looking Back:

Existing-home sales decreased by 3.2% to 5.12 million units last October with the increase in home prices and decrease in both affordability and inventory.  The Mortgage Bankers Association reported mortgage applications also decreased 2.3% from the previous week.  A new deal was finalized by the CFPB that would require lenders to let home loan borrowers know of the terms before lending to them.

 

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/

Housing Starts for Single-Family homes Increase 4.2%

Wednesday, November 19th, 2014

 

Today’s News Synopsis:

Housing starts for single-family homes increased 4.2% in October, although production as a whole decreased 2.8%.  Foreclosure sales decreased 36% year-over-year in the third quarter, totaling almost 108,000.  Mortgage applications showed increased this past week, up 4.9%.

In The News:

DS News“Lawmakers Ask Financial Firms for Information on Data Breaches” (11-18-14)

“Senator Elizabeth Warren (D-Massachusetts) and Congressman Elijah Cummings (D-Maryland) sent letters on Tuesday to 16 financial institutions requesting detailed information regarding data breaches and seeking information about briefings from corporate IT officials, according to an announcement on Warren’s web site.”

NAHB“Single-Family Starts Up 4.2 Percent While Overall Production Drops Slightly in October” (11-19-14)

“Single-family housing production in October reached its highest level since November 2013 while the more volatile multifamily sector brought combined nationwide starts activity down 2.8 percent to a seasonally adjusted annual rate of 1.009 million units, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Housing Wire“FHFA Director: “Significant challenges remain” for Fannie Mae and Freddie Mac” (11-19-14)

“In his first appearance before Congress as the first acting director of the Federal Housing Finance Agency, Mel Watt, started by giving an update on Fannie Mae, Freddie Mac and the Federal Home Loan Banks. He spoke before the U.S. Senate Committee on Banking, Housing, and Urban Affairs Wednesday morning.”

Mortgage Professional America“CFPB issues guidelines on Social Security disability income applicants” (11-19-14)

“The Consumer Financial Protection Bureau (CFPB) is reminding lenders not to impose illegal burdens on mortgage applicants who receive Social Security disability income.”

Bloomberg“Fannie-Freddie Overseer Urged to Seek Exit From Conservatorships” (11-19-14)

“The U.S. Treasury and the federal overseer for Fannie Mae and Freddie Mac (FMCC) should consider ending government control of the two companies if Congress fails to reform the housing-finance system, Senator Tim Johnson said.”

OC Housing News“Renters can acquire wealth as well as homeowners” (11-19-14)

“Over the long term, home ownership is superior to renting because homeowners fix their housing costs whereas renters pay an ever-increasing housing cost. In fact, I believe owning a home without a mortgage is the best retirement savings plan available because it provides the opportunity to permanently and dramatically lower an owner’s housing costs.”

DS News“Hensarling Re-Elected as House Financial Services Committee Chairman” (11-19-14)

“Congressman Jeb Hensarling (R-Texas) was elected to a second term as chairman of the House Financial Services Committee on Wednesday for the 114th Congress.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (11-19-14)

“Mortgage applications increased 4.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 14, 2014.  This week’s results included an adjustment for the Veterans Day holiday.”

Housing Wire“Foreclosure sales were down a solid 36% YOY in 3Q” (11-19-14)

“About 468,000 homeowners received non-foreclosure solutions from mortgage servicers in July, August and September, according to the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors known as Hope Now.”

 

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.

 

Looking Back:

JPMorgan officially reached a settlement with the Justice Department to pay $13 billion to cover faulty mortgages.  National default rates continued to remain unchanged overall as of October with the first-mortgage default rate only increasing to 1.30% from 1.28%.  8 million foreclosures were prevented following the collaboration between the private and public sectors.

 

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/wwworks/

Home Affordability for Middle Class Decreases

Tuesday, November 18th, 2014

 

Today’s News Synopsis:

The NAHB reported an increase in builder confidence by four points to 58.  Home affordability for the middle class decreased over the past year as a result of increased home prices according to Trulia.  In addition, first mortgage default rates continue to show signs of increase according to S&P/Experian, having increased 0.96% from 0.93% last month.

In The News:

NAHB“Builder Confidence Rises Four Points in November” (11-18-14)

“Builder confidence in the market for newly built single-family homes rose four points to a level of 58 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

Housing Wire“Trulia: Home affordability slips for middle class” (11-18-14)

“Home affordability continues to challenge first-time, young and middle-class buyers, with some of the warmer climes generally making for the hottest – and least affordable – housing markets.”

DS News“CoreLogic Launches Compliance Solution for Servicers” (11-18-14)

“Irvine, California-based CoreLogic, a comprehensive comprehensive data, analytics, and services provider for the real estate and financial services industries, has launched a new compliance solution designed to offer servicers a more comprehensive way to analyze their mortgage portfolios.”

Housing Wire“S&P/Experian: First mortgage default rate continues upward trend” (11-18-14)

“The first mortgage default rate marginally increased for the third consecutive month, rising to 0.96% in October, up from 0.93% in September and 1.38% a year ago, the S&P/Experian Consumer Credit Default Indices found.”

Bloomberg“U.S. Said to Pursue Charges Against More Mortgage Traders” (11-18-14)

“The U.S. government is building potential securities fraud cases against more Wall Street mortgage-bond traders after winning a conviction this year against a former Jefferies Group LLC trader, according to two people with knowledge of the investigations.”

OC Housing News“With the foreclosure crisis past, why are foreclosures rising?” (11-18-14)

“The foreclosure crisis never ended, it was merely delayed by lender can-kicking. Bankers designed policies to promote loan modification over foreclosure, specifically to drive down the reported delinquency rates. Further, HUD sold off non-performing loans to hedge funds that don’t report their delinquencies, which also lowers the reported rate.”

Realty Trac“20 Most Affordable Markets With Good Schools” (11-18-14)

“RealtyTrac analyzed school test scores for nearly 25,000 elementary  schools in more than 7,500 U.S. ZIP codes, along with home price affordability  in those same zip codes to identify the top zip codes with the ideal  combination of good schools and affordable home prices — and also with low  unemployment rates below the national average.”

Housing Wire“FHA mortgage insurance premiums won’t be going down in 2015″ (11-18-14)

“Despite the Federal Housing Administration showing improvement in its financial house, it’s unlikely FHA mortgage insurance premiums will be going down in 2015.”

 

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.

 

Looking Back:

Builder confidence continued to remain unaltered at 54 according to the National Association of Home Builders.  Home prices increased quarterly to their highest since the beginning of the housing recovery with the increase in home sales and decrease in foreclosures.  JPMorgan Chase had just reached a $4.5 billion deal with over 21 investors to settle claims over residential mortgage-backed securities.

 

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/wwworks/

Supreme Court to Hear Two Cases from Bank of America

Monday, November 17th, 2014

Today’s News Synopsis:

In a big news story, the Supreme Court has agreed to hear two cases from Bank of America regarding underwater mortgages.  California is expected to add over 10,000 construction jobs to the economy by the end of this year.  Mel Watt of the FHFA will be speaking in front of the Senate Banking Committee on Wednesday to testify about expanding credit.

In The News:

Los Angeles Times“Short-sellers in limbo waiting for mortgage forgiveness tax relief” (11-16-14)

“David Foster, who sold his condo in Chicago last month, isn’t plugged in to Capitol Hill’s political games. But he has banked the financial future of his family on Congress accomplishing at least one thing during the post-election session: renewing the expired Mortgage Forgiveness Debt Relief Act so that he and his wife and three young children aren’t crushed by taxes next year on the $100,000 his lender agreed to cancel as part of a short sale.”

Housing Wire“Bank of America mortgage cases go to the Supreme Court” (11-17-14)

“The nation’s highest court is taking on the burning issue of underwater mortgages, agreeing Monday to hear not one but two cases brought by Bank of America (BAC).”

DS News“Report: FHA’s MMI Fund Has Grown By $21 Billion Over Last Two Years” (11-17-14)

“In a survey conducted as part of The Collingwood Group’s Mortgage Industry Outlook Report for October 2014 released on Monday, the majority of mortgage industry professionals who were surveyed said they did not expect business conditions to be drastically different in the next six months.”

Mortgage Professional America“FHFA’s Watt to go before Senate Banking Committee” (11-17-14)

“Mel Watt, director of the Federal Housing Finance Agency (FHFA), will testify in front of the Senate Banking Committee this Wednesday. The appearance will be one of the first times that Watt, a former Democratic lawmaker, has been before Congress as the director of the FHFA since he took over the job in January.”

Housing Wire“MBA: Independent mortgage bankers most closely regulated of all” (11-17-14)

“With a few players in the mortgage space having made unfortunate headlines in the last couple of months, some are worried that it may make borrowers gun shy about independent mortgage bankers and nonbank firms.”

Bloomberg“FHA Insurance Fund is Back in the Black, Actuarial Report Shows” (11-17-14)

“The U.S. government’s mortgage insurance fund posted its first positive balance in two years after boosting premiums and cutting losses on loans.  The Federal Housing Administration is projecting a value of $4.8 billion for fiscal 2014, according to an independent analysis released by the agency today.”

Mortgage Professional America“California forecasted to add more than 10,000 construction positions by end of year” (11-17-14)

“Firming home prices in markets across the country contributed to a slight dip in nationwide housing affordability in the third quarter of 2014, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today.”

DS News“Survey: Most Industry Professionals Expect Business to Change Little in Next Six Months” (11-17-14)

“In a survey conducted as part of The Collingwood Group’s Mortgage Industry Outlook Report for October 2014 released on Monday, the majority of mortgage industry professionals who were surveyed said they did not expect business conditions to be drastically different in the next six months.”

Housing Wire“Freddie Mac: 5 game-changing predictions for 2015″ (11-17-14)

“The housing market is about to turn a corner into the new year, and according to Freddie Mac, the U.S. economy is well poised to sustain about a 3% growth rate for 2015.”

Mortgage Professional America“Homeownership unaffordable for most Americans” (11-17-14)

“Although the economy has slighly improved from last year, stagnant wages are still weighing on consumers. A median-income household can only afford a median-priced home in 10 of the 25 largest U.S. metropolitan areas, according to a new Interest.com report.”

 

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.

 

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/agroffman/

Mortgage rates continue to remain low

Thursday, November 13th, 2014

 

 

 

Sources:

Repeat Foreclosure Percentage Increases to Tie All-Time High
Optimism about housing gradually improving



Today’s News Synopsis:

Mortgage rates continue to remain low with 30-year rates at 4.01% and 15-year rates at 3.20%.  The Mortgage Bankers Association reported new home purchase applications increased last month 8%.  Home affordability declined in the third quarter at 61.8% according to the NAHB.

In The News:

Bloomberg“Regulators to Curb Financial Risks at U.S. Servicers” (11-13-14)

“Regulators are preparing rules to curb financial risks of expanding nonbank mortgage companies after investigating homeowner complaints that include improper foreclosures and unauthorized fees.”

Housing Wire - “Freddie Mac: Mortgage rates remain near yearly lows” (11-13-14)

“Mortgage rates barely waivered from last week’s levels, with the 30-year mortgage rate staying around 4% for the last several weeks, Freddie Mac’s Primary Mortgage Market Survey revealed.”

Mortgage Bankers Association - “Applications for New Home Purchases Increased in October” (11-13-14)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for October 2014 shows mortgage applications for new home purchases increased by 8 percent relative to the previous month.”

DS News - “Florida Posts Highest REO Total for October” (11-13-14)

“Maryland may have overtaken Florida for the nation’s highest foreclosure rate of any state in October, but Florida still led all states by far in bank repossessions (REOs) for the month, according to RealtyTrac’s October 2014 U.S. Foreclosure Market Report released Thursday.”

NAHB - “Housing Affordability Slightly Lower in Third Quarter” (11-13-14)

“Firming home prices in markets across the country contributed to a slight dip in nationwide housing affordability in the third quarter of 2014, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today.”

Los Angeles Times“Bay Area home prices cool off just a bit” (11-13-14)

“Maybe, just maybe, there are limits to what people will pay to live near San Francisco Bay.  Red-hot home prices in the Bay Area are showing signs of pleateauing, according to new figures out Thursday.”

Housing Wire“Massive MSR deal between Wells Fargo and Ocwen is officially dead” (11-13-14)

“The long-delayed $2.7 billion mortgage servicing rights deal between Ocwen Financial (OCN) and Wells Fargo (WFC) is now dead, the companies announced late Thursday.”

DS News“Report: Job Openings Decline While Hires, Separations Increase” (11-13-14)

“The number of job openings in the country declined slightly from August to September, while the number of hires and separations both increased, according to the September 2014 Job Openings and Labor Turnover report released by the U.S. Bureau of Labor Statistics on Thursday.”

Mortgage Professional America“CFPB fines Franklin Loan Corp. for giving employees illegal bonuses” (11-13-14)

“The Consumer Financial Protection Bureau (CFPB) has ordered a California mortgage lender, Franklin Loan Corp., to pay $730,000 for giving its employees illegal bonuses for steering consumers into loans with higher interest rates.”

 

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

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.

 

Looking Back:

The Mortgage Bankers Association reported a 1.8 decrease in mortgage applications from the previous week.  The U.S. budget deficit was smaller for the start of 2014 as a result of spending cuts and the partial government shutdown.  Reform for the GSEs became a central focus in Capitol Hill in the wake of mid-term elections.

 

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/nikcname/

MBA Reports Drop in Mortgage Applications by 0.9%

Wednesday, November 12th, 2014

 

Today’s News Synopsis:

Big day for mortgages.  The amount of mortgage credit available decreased last month as a result of cuts to real estate programs.   The Mortgage Bankers Association also reported a drop in mortgage applications from last week by 0.9%.  A recent report from Pew Charitable Trusts showed that most major cities in the U.S. are still struggling to recover from the recession and are having difficulty getting revenue back to where it was before the recession.

In The News:

Bloomberg“Cities Struggle to Recover From U.S. Recession, Pew Says” (11-11-14)

“Most big U.S. cities have struggled to restore revenue to pre-recession peaks amid lagging property-tax receipts and cuts in state and federal funds, according to a report from the Pew Charitable Trusts.”

Mortgage Professional America“Credit availability tightens” (11-12-14)

“Mortgage credit availability dropped last month, but mostly due to the elimination of programs strictly geared to real estate-owned properties, according to new data from the Mortgage Bankers Association.”

Mortgage Bankers Association - “Mortgage Applications Decrease Slightly in Latest MBA Weekly Survey” (11-12-14)

“Mortgage applications decreased 0.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 7, 2014.”

OC Housing News - “Realtors predict rising home sales and rising mortgage rates” (11-12-14)

“A project manager is concerned with time, quality and price, and in any project it’s only possible to get two of the three. To obtain high quality work quickly, the price will be high; to obtain high quality work and a good price, it will take longer; and to finish the job quickly for a low price, quality will suffer. It isn’t possible to maximize all three.”

Inman“Zillow agrees to hold off Trulia acquisition until at least February” (11-12-14)

“Zillow has agreed not to close its pending acquisition of Trulia before Feb. 1 as the Federal Trade Commission continues its review of the deal.  The FTC has been studying how a Zillow-Trulia merger could impact competition, and made second requests for information from the companies in early September.”

Mortgage Professional America - “Big bank axes 1,000 mortgage jobs” (11-12-14)

“The nation’s largest bank is cutting even more mortgage jobs.  JPMorgan Chase is planning to cut 3,000 more jobs than it had originally forecast, according to a New York Post article.”

Bloomberg“Bank of America Won’t Loosen Mortgage Standards, CEO Says” (11-12-14)

“Bank of America Corp., which paid more in legal settlements tied to the U.S. housing collapse than any other company, will avoid easing mortgage standards even as regulators seek to expand lending, Chief Executive Officer Brian T. Moynihan said.”

DS News“Nationstar Taps Raman for CEO of Subsidiary” (11-12-14)

“Lewisville, Texas-based Nationstar Mortgage Holdings Inc. has announced the hiring or Kal Raman, a leading technology executive, as CEO of the company’s wholly-owned subsidiary, Solutionstar.”

 

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

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.

 

Looking Back:

The Mortgage Bankers Association reported an increase in mortgage credit availability in the month of October, up 0.7% to 111.5.  More borrowers were choosing short-term loans through Freddie Mac with now 37% choosing this alternative, up from 5%.  mREIT earnings in the third quarter did not match estimates predicted, with book values decreasing to between 1% and 3%.

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.