California Real Estate Investing News

Posts Tagged ‘real estate investing’

CFPB Reports Increase in Complaints Over Mortgages

Friday, April 29th, 2016

Sources:

New Home Sales Relatively Unchanged in March
Mortgage delinquencies hit lowest level in years
S&P/Case-Shiller: Home prices finally start to stabilize
Consumer Confidence in U.S. Fell More Than Forecast in April
Pending home sales jump to highest level in nearly a year
MBA Releases First Commercial/Multifamily Originations Data of 2016
Single-Family Sector Leads Housing to Higher Ground
Federal Reserve leaves interest rates unchanged in April
Ten States Where Home Prices are Heating Up
This Year’s Housing Forecast Looks a Lot Like 2006
U.S. Housing Market Shows Positive Trends
Best Places For Retirees To Rent Or Buy

Today’s News Synopsis:

 

Aaron Norris of the Norris Group gives the top news stories in the world of real estate in this week’s Norris Group real estate headline roundup.  The CFPB reported an increase in mortgage complaints this month, which now are at 4,600.  Speaking of the CFPB, many complaints against them have been regarding how tough they were on companies involved in predatory financing, but the question is if they were tough enough.  The Trust Company Bank of Tennesse was reported to be the second big bank failure this year.

 

In The News:

 

Mortgage Professional America – “Single-family puts housing market on upward trajectory” (4-29-16)

“The housing market will continue on a gradual upward trajectory over the next year, pushed by steady job growth, attractive interest rates and pent-up demand, according to economists who participated in a National Association of Home Builders webinar”

DS News – “The Re-emergence of Loan Defects” (4-29-16)

“For a while, loan defects had settled down in the mortgage industry, but they appear to be making their way back into the market due to heightened risk from government loans.”

Housing Wire – “Tennessee’s Trust Company Bank becomes second bank failure of 2016” (4-29-16)

“The Tennessee Department of Financial Institutions closed Memphis-based Trust Company Bank on Friday, and appointed the Federal Deposit Insurance Corporation as receiver.”

Mortgage Professional America – “Morning Briefing: Commercial mortgages down so far in 2016” (4-29-16)

“Originations of commercial and multifamily mortgages were down from the end of 2015 and essentially flat from a year ago according to the Mortgage Bankers’ Association.”

Housing Wire – “Former SunTrust Mortgage VP, his wife, her brothers sent to jail for mortgage fraud” (4-29-16)

“For Mohsin Raza, his wife, Humaira Iqbal, and her brothers Farukh Iqbal and Mohammad Ali Haider, committing mortgage fraud really was a family affair. ”

Mortgage Professional America – “Mortgage complaints on the rise – CFPB” (4-29-16)

“The Consumer Financial Protection Bureau received an average of about 4,600 mortgage complaints per month between January and March, according to its newest Monthly Complaint Report.”

DS News – “Is CFPB’s Arbitration Clause Ban Tough Enough?” (4-29-16)

“Much of the criticism leveled against the Consumer Financial Protection Bureau (CFPB) in the Bureau’s brief five-year history has been centered on claims that the CFPB is too tough on businesses it deems to have engaged in predatory financial activity.”

 

Hard Money Loan Closed

Mira Loma, California hard money loan closed. Real estate investor received loan for $243,000 on this single family property appraised for $390,000.

Mira Loma Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

Image copyright source: www.flickr.com/photos/sylvar

 

Looking Back:

Mortgage applications saw a 2.3% decrease in the past week according to the Mortgage Bankers Association.  Pending home sales increased for the third month in a row by 1.1% month-over-month and 11.1% year-over-year, putting them at their highest in two years.  More and more people who did not own a home were not planning to purchase in the future.

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.


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Increase in Interest Rates Frozen by the FOMC

Thursday, April 28th, 2016

Today’s News Synopsis:

 

Increases in interest rates were frozen once again by the Federal Open Market Committee.  The Mortgage Bankers Association released their first survey of 2016 for Commercial/Multifamily Originations, showing them to be 38% lower this quarter than the previous quarter of 2015.  Pending home sales increased 1.5% to 110.5 last month, putting them at their highest in a year.

 

In The News:

 

Mortgage Bankers Association – “MBA Releases First Commercial/Multifamily Originations Data of 2016” (4-28-16)

“First quarter 2016 commercial and multifamily mortgage loan originations overall were essentially flat compared to the same period last year and first quarter originations were thirty-eight percent lower than the fourth quarter of 2015 in line with the seasonality of market, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

DS News – “Fed Freezes on Rate Hike” (4-28-16)

“Even  though the housing sector has shown further improvement, the Federal Open Market Committee (FOMC) dodged another rate increase this month like many in the industry predicted.”

Bloomberg – “This Home May Show That People Are Still Seeing Red Over the Housing Collapse” (4-28-16)

“The nation’s housing markets may be finally getting over the foreclosure crisis, but for many Americans the anger hasn’t subsided.”

NAHB – “Single-Family Sector Leads Housing to Higher Ground” (4-28-16)

“Steady job growth, affordable home prices, attractive mortgage interest rates and pent-up demand will help the housing market continue on a gradual upward trajectory in the year ahead, according to economists who participated in yesterday’s National Association of Home Builders (NAHB) Spring Construction Forecast Webinar.”

Realty Trac – “RealtyTrac and RE/MAX Sign Deal to Offer HomeDisclosure.com Property Reports to 60,000 RE/MAX Agents Nationwide” (4-28-16)

“As expected, the Fed is holding steady on interest rates for now.  At its meeting today, the Federal Open Market Committee chose to forego a rate hike for now, citing soft exports and inflation that continues to run below the Fed’s 2% target.”

DS News – “Pending Home Sales Hit Highest Level in Nearly a Year” (4-28-16)

“Pending home sales returned with a vengeance in March to the highest reading since May 2015, despite inventory deficiencies and rising home prices.”

Housing Wire – “Ocwen foreclosures frozen after National Mortgage Settlement compliance failure” (4-28-16)

“As it turns out, it can get worse for Ocwen Financial.  Less than one day after posting a massive loss for the first quarter of 2016, the nonbank has run afoul of the terms of the National Mortgage Settlement and is now forbidden from taking foreclosure actions on more than 17,000 loans. ”

Mortgage Professional America – “Climate change could deal a severe blow to the mortgage industry, claims Freddie Mac” (4-28-16)

“Climate change may pose a serious risk to the mortgage market, according to Freddie Mac.  In its monthly Insight report, Freddie Mac pointed out that flood insurance is an essential component of real estate transactions in areas of identified flood risk.”

DS News – “Ten Markets Primed for First-Time Buyers” (4-28-16)

“Affordable monthly mortgage payments, positive home values, and competition are attracting first-time homebuyers to these 10 markets.”

 

Hard Money Loan Closed

Long Angeles, California hard money loan closed. Real estate investor received loan for $235,000 on this single family property appraised for $361,000.

Long Angeles Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

Image copyright source: www.flickr.com/photos/rob_swystun and www.flickr.com/photos/lendingmemo

 

Looking Back:

Homeownership rates declined to 63.7%, reaching its lowest level since the 90s at 64.9%.  The U.S. saw an increase in home prices in 20 of their cities at a more brisk pace at 4.2% across the nation.  More and more Americans were more cautious about purchasing a home despite them being more optimistic about the overall 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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.









Pending Home Sales at Yearly High

Wednesday, April 27th, 2016

Today’s News Synopsis:

 

The Mortgage Bankers Association reported a 4.1% decrease in mortgage applications from last week.  On the other hand, pending home sales increased to their highest in a year at 110.5.  Freddie Mac changed its prediction for the economy and now believes it is looking more like it was in 2006.

 

In The News:

 

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (4-27-16)

“Mortgage applications decreased 4.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 22, 2016.”

DS News – “This Year’s Housing Forecast Looks a Lot Like 2006” (4-27-16)

“Inconsistencies in the economy during the first quarter have not dampened Freddie Mac’s forecast for housing for the coming year. Freddie Mac has held fast to its prediction that 2016 will be the best year for housing since before the crisis.”

Housing Wire – “Pending home sales jump to highest level in nearly a year” (4-27-16)

“Overcoming several roadblocks in housing, pending home sales managed to increase in March for the second consecutive month, reaching their highest level in almost a year, according to the National Association of Realtors.”

Mortgage Professional America – “Fed holds interest rates steady for now” (4-27-16)

“As expected, the Fed is holding steady on interest rates for now.  At its meeting today, the Federal Open Market Committee chose to forego a rate hike for now, citing soft exports and inflation that continues to run below the Fed’s 2% target.”

DS News – “Ocwen Stung by First Quarter Loss” (4-27-16)

“The first quarter of 2016 has not been kind to the profits of banks and investment banking firms, as evidenced by the substantial year-over-year declines most of them experienced.”

Housing Wire – “Brian Benson out as CEO of ClosingCorp” (4-27-16)

“ClosingCorp is now looking for a new chief executive officer as the company tells HousingWire that Brian Benson is out as the company’s CEO. ”

Mortgage Professional America – “Morning Briefing: Home price growth is easing off” (4-27-16)

“The growth of home prices slowed in February according to the latest S&/Case-Shiller Home Price Index.  Year-over-year there was a 5.3 per cent gain nationally but the monthly increase was 0.2 per cent while the 10-city index gained 0.1 per cent in the month.”

DS News – “Is Something Amiss in the Reverse Mortgage Industry?” (4-27-16)

“San Francisco-based advocacy group California Reinvestment Coalition (CRC) has asked HUD to impose a moratorium on home equity conversion mortgage (HECM, or reverse mortgage) foreclosures by CIT Group and its subsidiary, Financial Freedom.”

 

Hard Money Loan Closed

Burbank, California hard money loan closed. Real estate investor received loan for $530,000 on this single family property appraised for $817,000.

Burbank Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

Image copyright source: www.flickr.com/photos/emilysnuffer

 

Looking Back:

The risk for Freddie and FHFA loans increased 0.3% year-over-year in March to 11.84%, putting them at a new high but not showing much change over all from the previous three months.  According to the latest Homeowner Sentiment Survey, homeowners were placing new value on their homes that involved more than just price. HOPE NOW provided new outreach opportunities to homeowners struggling the most.

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.









More People Retiring Cannot Decide Between Buying or Renting

Tuesday, April 26th, 2016

Today’s News Synopsis:

 

The latest S&P/Case-Shiller Index shows home prices are finally starting to even out with them increasing 5.3% in February.  Consumer confidence, on the other hand, decreased beyond expectations this month, now standing at 94.2.  More and more people who are retiring cannot decide if they want to buy or rent.

 

In The News:

 

DS News – “More Liquidity for Banks?  A Capital Idea” (4-26-16)

“In the calamity of the financial crisis, many financial institutions failed under the immense pressure or experienced traumatic hardships, mostly due to a lack of liquidity.”

Bloomberg – “Consumer Confidence in U.S. Fell More Than Forecast in April” (4-26-16)

“Consumer confidence retreated more than forecast in April as Americans’ optimism about the outlook for the economy and employment waned.”

Housing Wire – “S&P/Case-Shiller: Home prices finally start to stabilize” (4-26-16)

“The National Home Price Index, covering all nine U.S. census divisions, increased 5.3% annually in February, unchanged from the previous month, breaking a 10-month streak where the year-over-year figure increased over the previous month, the latest S&P/Case-Shiller report found.”

DS News – “Retirees Stuck in Buying vs. Renting Dilemma” (4-26-16)

“Should retirees plan to buy a home or rent one once their working days are done? According to a newly released Rent vs. Buy Report from Trulia, that depends on the legacy they want to leave behind.”

Mortgage Professional America – “Bank accused of racial discrimination in mortgage lending” (4-26-16)

“A big bank will pay $1 million to resolve a probe into allegations that it discriminated against minority mortgage applicants.  The U.S. Department of Housing and Urban Development has announced that Fidelity Bank reached the agreement with the Fair Housing Project of North Carolina. ”

Bloomberg – “Big Banks Forced to Rely on Long-Term Funding Under U.S. Plan” (4-26-16)

“Some Wall Street firms would have to further curtail their reliance on volatile short-term funding under a plan by U.S. regulators that seeks to ensure every big bank can endure months of financial stress.”

DS News – “Here are Three Areas Where Mortgage Lenders Need to Improve” (4-26-16)

“Although most consumers indicate that they had a positive homebuying experience despite a more time consuming mortgage process, they also called attention to three things that banks need to improve on.”

 

Hard Money Loan Closed

North Hills, California hard money loan closed. Real estate investor received loan for $180,000 on this single family property appraised for $300,000.

North Hills Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

Image copyright source: www.flickr.com/photos/jeremy-jagoda

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.









New Data By Black Knight Shows Ten States With Greatest Home Price Increases

Monday, April 25th, 2016

Today’s News Synopsis:

New data from HUD and the Census Bureau shows new home sales for single-family homes decreased by 1.5%.  Black Knight Financial reported mortgage delinquency rates are at their lowest in 16 years at 1.95%.  Black Knight also released their list of the top ten states showing the greatest increase in home prices, among them being California, Hawaii, and Washington.

 

In The News:

 

NAHB – “New Home Sales Relatively Unchanged in March” (4-25-16)

“Sales of newly built, single-family homes fell 1.5 percent in March from an upwardly revised February reading to a seasonally adjusted annual rate of 511,000 units, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

DS News – “Ten States Where Home Prices are Heating Up” (4-25-16)

“Home prices have been consistently rising for the last few years and although the pace has slowed, they are still ticking upward in these 10 housing markets.”

Mortgage Professional America – “Economists still expect two rate hikes this year” (4-25-16)

“The Federal Reserve is expected to hold interest rates steady at its meeting this week, but a Reuters poll shows most economists still expect a rate hike in June and a second before year’s end.”

Housing Wire – “There may be a future for TRID securitizations yet” (4-25-16)

“Investors are still not sold on the safety of the private label securitization market now that TRID is in the mix, despite the majority of the industry getting accustomed to the rules.”

Mortgage Professional America – “Mortgage delinquencies hit lowest level in years” (4-25-16)

“Mortgage delinquencies have hit their lowest rate in years – and in the case of 30-day delinquencies, their lowest rate in at least 16 years, according to new data from Black Knight Financial.”

DS News – “Wells Fargo Extends Outreach in Underserved Communities” (4-25-16)

“Wells Fargo unveiled new corporate social responsibility (CSR) goals that are intended to address global social, economic, and environmental challenges, including a multibillion-dollar mortgage pledge to minority and low-income communities.”

Housing Wire – “Hey Dallas Millennials!  Better get used to renting” (4-25-16)

“First-time homebuyers and those looking for a smaller, new home in the Dallas-Fort Worth area are out of luck now, and will remain that way into perpetuity, according to a new report from Metrostudy.”

DS News – “Is Housing Springing Forward…Or Falling Back?” (4-25-16)

“The housing market has experienced a few setbacks in the last month or two, among them continuing tight inventory, a decline in housing starts, and inconsistent existing-home sales numbers.”

 

Hard Money Loan Closed

Thousand Palms, California hard money loan closed. Real estate investor received loan for $70,000 on this single family property appraised for $137,000.

Thousand Palms Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

Image copyright source: www.flickr.com/photos/59937401@N07

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.








Home Price Gains Show Slowdown at Only 0.4% Increase

Friday, April 22nd, 2016

Sources:

Housing Starts Down 8.8 Percent in March
Morning Briefing: Building confidence remains strong
Existing home sales rebound 5.1% in March
Mortgage Applications Increase in Latest MBA Weekly Survey
Freddie Mac: Mortgage rates still lowest in recent memory [Chart]
Remodeling Market Index Dips in First Quarter of 2016
Ten Real Estate Investment Hot Spots
Bill would bar using g-fees for federal spending
Morning Briefing: Investors becoming less traditional in purchases
As interest rates fall, interest among buyers rise
Morning Briefing: Optimism for home buying rises

Today’s News Synopsis:

 

This week’s Norris Group real estate headline roundup is a slideshow of the top news stories in the world of real estate in this week’s Norris Group real estate headline roundup.  The FHFA reported a slowdown in home price gains in their latest U.S. House Price Index, having increased only 0.4% month-over-month.  Consumers are continuing to show optimism in the housing market despite negative signs for economic growth as a whole.  CoreLogic will be adding a new questionnaire to their review of new housing projects called the Condominium Project Questionnaires, by Fannie Mae and Freddie Mac.

 

In The News:

 

Mortgage Professional America – “CoreLogic adds new GSE questionnaires into project review solution” (4-22-16)

“On March 29th, the government-sponsored enterprises (GSEs) announced the new Fannie Mae and Freddie Mac Condominium Project Questionnaires that will now be supported by CoreLogic’s CondoSafe project review solution.”

DS News – “Home Price Gains Slow to a Crawl” (4-22-16)

“Although home prices continued their upward trek all over the country, they are doing so at a much slower pace, according to data on the recent U.S. House Price Index (HPI) released by the Federal Housing Finance Agency (FHFA).”

Housing Wire – “Freddie Mac offloading $916 million in latest credit risk-sharing deal” (4-22-16)

“As part of its continuing mission to shift some of the credit risk it faces from the taxpayers and onto the private market, Freddie Mac announced Friday that it plans to sell its third credit risk-sharing deal of 2016.”

DS News – “Mortgage Insomnia-Homeowners Stressed With Payments” (4-22-16)

“Financial hardships are keeping Americans tossing and turning at night, and mortgages are one the top concerns causing sleeplessness, according to a new CreditCards.com poll.”

Housing Wire – “New York county legislator, former city official among victims of mortgage fraud conspiracy” (4-22-16)

“A mortgage company owned by a New York country legislator and a former Syracuse city auditor is among the alleged victims of a mortgage fraud conspiracy that involved a lawyer, a mortgage broker, a real estate appraiser, and a Realtor working together to defraud lenders out of more than $4 million. ”

Mortgage Professional America – “TRID woes abating?  Average closing time drops to shortest level in a year” (4-22-16)

“Like TRID or hate it, originators appear, at least, to be getting used to it. The average time to close all loans dropped to 44 days last month – the shortest time since March of 2015, according to new data from Ellie Mae.”

DS News – “Housing Outlook Stays Bright as Economic Forecast Darkens” (4-22-16)

“While the outlook for overall economic growth is darkening, the housing market is expected to keep up its momentum in 2016, according to Freddie Mac’s April 2016 Economic Outlook released on Friday.”

 

Hard Money Loan Closed

Carlsbad, California hard money loan closed. Real estate investor received loan for $425,000 on this single family property appraised for $625,000.

Carlsbad Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

Image copyright source: www.flickr.com/photos/dragontomato

Looking Back:

Black Knight Financial Services reported a 4.7% decrease in delinquency rates, marking the first time they had gone below 5% in 8 years.  Mortgage applications, on the other hand, increased 2.3% from the previous week.  The sales of existing homes also increased substantially to their highest in 18 months with the onset of the spring buying season.

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.


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Mortgage Rates At Historical Lows According to Freddie Mac

Thursday, April 21st, 2016

Today’s News Synopsis:

 

Freddie Mac reported mortgage rates are still the lowest they have been with 30-year rates at 3.59% and 15-year rates at 2.86%.  Optimism in the market is continuing to show signs of increase as more people are buying homes.  The NAHB reported a decrease in the Remodeling Market Index, which now stands at 54.

 

In The News:

Housing Wire – “Freddie Mac: Mortgage rates still lowest in recent memory [Chart]” (4-21-16)

“Mortgage rates barely nudged in Freddie Mac’s latest Primary Mortgage Market Survey, with mortgage rates remaining near the lowest level of the year and the lowest level in nearly three years, as the chart below shows.”

DS News – “MCS Announces Formation of MCS Solutions” (4-21-16)

“Mortgage Contracting Services, LLC (MCS) has announced the formation of MCS Solutions in order to incorporate the company’s valuations, title services, and steel security product line, according to an announcement from MCS.”

Bloomberg – “Millennial Woman Save More Than Mom but Less Than Men” (4-21-16)

“American women live longer than men, but they may have a hard time enjoying those few extra years if they don’t start putting aside more money.”

NAHB – “Remodeling Market Index Dips in First Quarter of 2016” (4-21-16)

“The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) posted a reading of 54 in the first quarter of 2016, dipping four points below the previous quarter but remaining in positive territory above 50.”

DS News – “Trump Hints at Fed Chair Yellen’s Future” (4-21-16)

“Although he approves of the current low-interest rate environment, Donald Trump does not approve of the woman in charge of rates. ”

Mortgage Professional America – “Morning Briefing: Optimism for home buying rises” (4-21-16)

“There is increased optimism in now being a good time to buy a home. A survey from Berkshire Hathaway HomeServices found that 76 per cent of prospective first-time buyers, mainly millennials and Gen-X, say that this year is an ideal time to buy with low mortgage rates a big incentive.”

Bloomberg – “Fed to Confront Skeptical Market View of Gradual Rate Hike Pace” (4-21-16)

“The Federal Reserve’s dilemma next week is how to skip an interest-rate hike for a third straight meeting without cementing expectations that policy is on hold for months to come. ”

DS News – “Where are the Most Overleveraged Mortgage Debtors?” (4-21-16)

“Homebuyers often bite off more than they can chew when purchasing a home which can place them into mortgage debt due because they can no longer afford the home. See which cities host the most overleveraged borrowers”

 

Hard Money Loan Closed

Bermuda Dunes, California hard money loan closed. Real estate investor received loan for $370,000 on this single family property appraised for $245,000.

Bermuda Dunes Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

Image copyright source: www.stockmonkeys.com

 

Looking Back:

The CFPB was in danger of having its funding cut if bill H.R. 1195 was vetoed by President Obama, as he had intended. More and more landlords for single-family homes were planning to raise rents by over 5% this year. Morgan Stanley was coming to the closing stages of a settlement with the New York attorney general to pay $500 million to cover costs of bad mortgage bonds sold during the crisis.

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.










NAR Reports 5.1% Increase in Existing-Home Sales

Wednesday, April 20th, 2016

Today’s News Synopsis:

 

The National Association of Realtors reported existing-home sales increased 5.1% month-over-month in March.  The Mortgage Bankers Association reported mortgage applications increased 1.3% from last week.  More and more people are interested in buying a home with interest rates continuing to decrease.

 

In The News:

Housing Wire – “Existing home sales rebound 5.1% in March” (4-20-16)

“Existing home sales increased 5.1% in March from February, reaching a seasonally adjusted rate of 5.33 million, which represents an increase of 1.5% from March 2015, according to the latest data from the National Association of Realtors.”

Mortgage Professional America – “As interest rates fall, interest among buyers rise” (4-20-16)

“Last week, mortgage rates fell again to a three-year low. According to Freddie Mac, rates were at the lowest level since 2013 when it slipped to 3.58 percent for a 30-year fixed-rate mortgage. With rates on a downward slope, mortgage offices across the nation are feeling the effects.”

Realty Trac – “U.S. Home Sellers in March 2016 Realized Highest Home Price Gains Since December 2007” (4-20-16)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its March and Q1 2016 U.S. Home Sales report, which shows that U.S. home sellers in March on average sold for $30,500 more than they purchased for, a 17 percent average gain in price — the highest average price gain for home sellers in any month since December 2007 at the onset of the Great Recession.”

DS News – “‘Hardest Hit’ States Get More Relief from Treasury” (4-20-16)

“The final $1 billion in funds under the Hardest Hit Fund (HHF) has been allocated to 13 of the 19 participating HHF states, according to an announcement from the U.S. Department of Treasury on Tuesday. ”

Mortgage Professional America – “Senator calls for investigation into Fannie, Freddie” (4-20-16)

“The chairman of the Senate Banking Committee is calling for an investigation of Fannie Mae and Freddie Mac.”

DS News – “Back to Basics: 4 Ways to Transform the GSEs” (4-20-16)

“Fannie Mae and Freddie Mac have been under conservatorship for almost eight years following a massive taxpayer-funded bailout.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-20-16)

“Mortgage applications increased 1.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 15, 2016. ”

DS News – “Is TRID to Blame for Jumbo MBS Disappearance?” (4-20-16)

“For the last 10 years, jumbo mortgage-backed securities (MBS) have been easing their way back into the market, but did the implementation of TRID and other factors put a stop to growth in this sector?”

Mortgage Professional America – “Judge clears way for lawsuit over AIG’s subprime exposure” (4-20-16)

“A federal judge has okayed a California lawsuit by Pacific Investment Management Co that accuses American International Group – better known as AIG – of lying about its subprime mortgage exposure prior to its 2008 bailout, according to a Reuters report.”

 

Hard Money Loan Closed

Vista, California hard money loan closed. Real estate investor received loan for $650,000 on this single family property appraised for $1,000,000.

Vista Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

Image copyright source: www.flickr.com/photos/59937401@N07

 

Looking Back:

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

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.










HUD and Commerce Dept. Reported 8.8% Decrease in Housing Starts

Tuesday, April 19th, 2016

Today’s News Synopsis:

 

Both HUD and the Commerce Department reported housing starts decreased by 8.8% last month and now stand at 1.089 million.  The NAHB reported builder confidence continues to remain high at 58 for three months now.  Another aspect of the market that also saw an increase last month was the volume of first-time buyers.

 

In The News:

Housing Wire – “GE Capital mere days from ‘exiting’ U.S. banking system” (4-18-16)

“GE Capital, once a big player in housing finance, is now just a handful of days away from exiting the U.S. banking system after the company completed the sale of its online deposit platform to Goldman Sachs.

NAHB – “Housing Starts Down 8.8 Percent in March” (4-19-16)

“Nationwide housing starts fell 8.8 percent to a seasonally adjusted annual rate of 1.089 million units in March, according to newly released data from the U.S. Housing and Urban Development and the Commerce Department.”

DS News – “ATR Rules Sends Borrower Claims Packing” (4-19-16)

“Borrower claims appear to be fleeing the housing market two years after the Consumer Financial Protection Bureau (CFPB) introduced the Ability to Repay (ATR) rule for mortgage servicers”

Mortgage Professional America – “Morning Briefing: Builder confidence remains strong” (4-19-16)

“Builders have remained confident in the market for newly built single-family homes in April.  The National Association of Homebuilders says that its market index, in association with Wells Fargo, has remained at 58 for three straight months; anything above 50 is positive.”

Bloomberg – “Goldman Counters Revenue Plunge With Cost Cuts; Shares Rise” (4-19-16)

“Goldman Sachs Group Inc., the worst performer in the Dow Jones Industrial Average this year, climbed Tuesday after blunting a plunge in first-quarter revenue by cutting costs deeper than analysts predicted and vowing to do more if needed.”

Realty Trac – “Las Vegas-Area Shopping Mall Owner Defaults on $15.5 Million Loan” (4-19-16)

“U.S. Bank National Association filed a notice of default against Galleria Pavilion LLC on March 22, 2016, claiming that a $15.5 million loan made in 2006 was in arrears, according to RealtyTrac data. ”

NAHB – “NAHB Urges Congress to Prevent New Silica Rules from Taking Effect” (4-19-16)

“The National Association of Home Builders (NAHB) today urged Congress to take action to keep the Occupational Safety and Health Administration’s (OSHA) new silica standards from taking effect.”

DS News – “The Reemergence of First-time Home Buyers” (4-19-16)

“First-time buyer volume rose significantly in March 2016, driven by continued labor market improvements, riskier mortgage lending, and historically low mortgage rates.”

Mortgage Professional America – “Big bank must pay $69.8 million over faulty mortgage bonds” (4-19-16)

“A big bank will have to pony up nearly $70 million to settle claims against it arising from its sale of residential mortgage-backed securities.”

 

Hard Money Loan Closed

Ramona, California hard money loan closed. Real estate investor received loan for $285,000 on this single family property appraised for $425,000.

Ramona Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

Image copyright source: www.flickr.com/photos/jessicalynn

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.










House of Representatives Looking at Legislation to Do Away with G-Fees

Monday, April 18th, 2016

Today’s News Synopsis:

 

A new list of the top ten markets where investors have the most opportunity was just released by HomeVestors and the Local Market Monitor, showing areas like Texas, Florida, Michigan, and Georgia as top areas.  The House of Representatives is looking at a new piece of legislation that would not allow Fannie Mae and Freddie Mac to use guarantee fees for the use of federal spending.  A recent study by CAR showed more investors are buying more unique properties like land, commercial, and mobile homes rather than single and multi-family properties.

 

In The News:

Mortgage Professional America – “Morning Briefing: Investors becoming less traditional in purchases” (4-18-16)

“A snapshot of investors’ behavior reveals that they are turning away from single-family and multi-family properties and seeking more niche investments.”

DS News – “Ten Real Estate Investment Hot Spots” (4-18-16)

“New, healthy housing markets are emerging in the midst of continued improvement in the job market. Which markets present the most opportunity for investors?”

Housing Wire – “Bernie Sanders announces sweeping housing agenda” (4-18-16)

“Say what you will about the Democratic candidates for president (and many do, often with good reason), but at least they are talking housing in 2016.”

Mortgage Professional America – “Homeowners consistently overestimate value of their homes” (4-18-16)

“Homeowners may be in denial about the actual value of their homes, according to a new study.  Although home values continued to rise in March – creeping up 0.29% since February and 4.77% year over year, according to the Quicken Loans Home Value Index – homeowners seemed to think their homes were worth more than they actually were.”

Bloomberg – “Morgan Stanley Quarterly Profit Beats Estimates on Cost Cuts” (4-18-16)

“Morgan Stanley joined the parade of Wall Street banks that beat profit estimates by cutting costs to counter a drop in revenue from fixed-income and equities trading. ”

Mortgage Professional America – “Renovation Lending is easier than ever” (4-18-16)

“The difference between an originator who writes renovation loans and one who doesn’t is that one thinks such loans are more trouble than they are worth and the other knows better.”

Housing Wire – “Stonegate names James Smith CEO after position abruptly left open” (4-18-16)

“Stonegate Mortgage president James Smith has also assumed the role of CEO, effective immediately, after the position was abruptly left vacant last September

DS News – “Freedom Mortgage Resolves FHA Allegations” (4-18-16)

“Freedom Mortgage Corp., is the latest company to resolve claims that it violated the False Claims Act by knowingly originating and underwriting single-family mortgage loans insured by the Federal Housing Administration (FHA) that did not meet the mortgage insurer’s requirements.”

Mortgage Professional America – “Bill would bar using g-fees for federal spending” (4-18-16)

“New legislation from the House of Representatives would forbid the government from using Fannie Mae and Freddie Mac guarantee fees to cover federal spending.”

 

Hard Money Loan Closed

San Bernardino, California hard money loan closed. Real estate investor received loan for $145,000 on this single family property appraised for $223,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

Image copyright source: www.flickr.com/photos/dreamsjung

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.