The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘real estate investing’

By Bruce Norris .

Mortgage Purchase Demand Remains Flat

Wednesday, July 23rd, 2014

 

Today’s News Synopsis:

Mortgage applications increased 2.4% from last week according to the latest survey by the Mortgage Bankers Association.  The latest Fitch Ratings showed positive numbers for the upcoming year with housing starts expected to increase 9.5% and multifamily volume to increase 12%.  Mortgage purchase demand is still slow, having barely increased last week and has remained almost the same year-over-year.

In The News:

DS News“Consumers Would Change Lifestyle to Avoid Default” (7-23-14)

“It doesn’t take a financial catastrophe in the housing market to put consumers in danger. Epic meltdown or loss of work, hardship is hardship, and people often have to make tough decisions about how much they can afford and how much they can save on housing.”

Mortgage Professional America“Community bankers: CFPB must modify QM rule” (7-23-14)

“Community bankers are urging the Consumer Financial Protection Bureau to revise the current qualified mortgage rule.  In a letter to CFPB Director Richard Cordray, the Independent Community Bankers of America say that the rule must be revised to ensure that community banks can continue to serve local mortgage markets without being crushed by compliance costs.”

Bloomberg“Home-Rentals Wall Street Made Say Grow or Go: Real Estate” (7-23-14)

“The U.S. home-rental industry, transformed over the past two years by Wall Street-backed companies that were built on the rubble of the housing crash, is poised to be reshaped again as landlords like Philips get out.”

Housing Wire - “CFPB, FTC file 9 lawsuits against deceptive foreclosure firms” (7-23-14)

“The Consumer Financial Protection Bureau, the Federal Trade Commission and 15 states are filings 9 lawsuits against companies and individuals that collected more than $25 million in illegal advance fees with false promises to prevent foreclosures.”

DS News“Fitch Projects Positive Economic Growth in 2015″ (7-23-14)

“Encouraging economic statistics of late are pushing U.S. Housing toward more pronounced growth in 2015, according to the lates version of the “Chalk Line” released by Fitch Ratings on Tuesday.”

Bloomberg - “Money Funds Get New Restrictions Aimed at Preventing Runs” (7-23-14)

“The riskiest money-market mutual funds will be required to abandon their stable, $1-share value and allow their prices to float under rules adopted by the U.S. Securities and Exchange Commission.”

Inman“Demand for purchase mortgages still lagging” (7-23-14)

“Appetite for purchase mortgages stayed flat last week, clocking in well below the same week a year ago as costlier mortgage insurance and tight credit continued to hamper demand.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (7-23-14)

“Mortgage applications increased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 18, 2014.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be speaking at the CMLS 2014 – Learning the In-and-Outs of Real Estate Forecasting From September 24-September 27, 2014.

Looking Back:

Home prices increased again in May by 7.3% year-over-year and 0.7% month-over-month.  The latest Fitch Ratings showed an expected continued growth of the housing market with a 7.5% increase in existing home sales and 24% in new home sales.  However, Congress planned to cut the budgets for several affordable housing programs, which could deter a recovery in 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.

Total Bank Failures Now at 13 with Closing of Georgia Bank

Tuesday, July 22nd, 2014

 

Today’s News Synopsis:

The total number of failed banks this year is now at 13 with the recent closure of Conyers-based Eastside Commercial Bank in Georgia.  Existing home sales increased 2.6% month-over-month and now stand at 5.04 million.  Home prices increased 0.4% month-over-month in May, exceeding expectations.

In The News:

DS News“Regulators Take Possession of Georgia Bank” (7-21-14)

“State and federal regulators announced Friday the closing of a Georgia bank, putting the 2014 national bank failure tally at 13.  Georgia’s Department of Banking and Finance took possession of Conyers-based Eastside Commercial Bank, appointing FDIC as receiver.”

Los Angeles Times“Debt-to-income ratio can sink mortgage application” (7-20-14)

“Washington — For many home buyers, qualifying for a mortgage not only is a tough challenge but one that ends unhappily: They get rejected.”

Bloomberg“U.S. Home Prices Increased More Than Estimated in May” (7-22-14)

“U.S. house prices rose more than economists estimated in May as sales demand improved following a slowdown earlier in the year.”

Housing Wire - “Fitch: Housing market getting ready to grow” (7-22-14)

“Citing recent “encouraging economic and housing data,” analysts from Fitch Ratings expect an accelerated upturn in housing in the remainder of 2014.”

DS News“JPMorgan Begins to Offer Homeowner Relief” (7-22-14)

“In accordance with the terms of its settlement with the government, JPMorgan has begun the process of providing debt forgiveness and other mortgage relief to struggling homeowners.”

Bloomberg - “Housing Buoyed by 20-Year High for Vet’s Loans: Mortgages” (7-22-14)

“America’s fragile housing recovery is getting a boost from military buyers using VA mortgages as the U.S. draws down troops after more than a decade of combat in Iraq and Afghanistan.”

Inman“Former BofA short-sale negotiator prison-bound in ‘property flopping’ scheme” (7-22-14)

“A former Bank of America short-sale negotiator has been sentenced to 30 months in prison and ordered to pay $5.7 million in restitution for his role in a fraud scheme in which prosecutors said he accepted bribes to sign off on the sale of at least nine homes to flippers at prices far below their market value.”

Bloomberg - “Previously Owned U.S. Home Sales Rise to Eight-Month High” (7-22-14)

“Sales (ETSLTOTL) of previously owned U.S. homes climbed in June to an eight-month high as more listings helped prices cool, luring buyers into the market.”

DS News - “Freddie Mac Sees Bittersweet Economic Outlook” (7-22-14)

“Some things are meant to be a little sweet and a little bitter. They’re just better that way. Semi-sweet chocolate and sweet and sour sauce, just to name a few are some of the finest flavors known to man.”

Housing Wire - “Homebuilders to weigh in on mixed 2Q14 earnings” (7-22-14)

“As more top banks report muted mortgage results in their second-quarter earnings, homebuilders are about to weigh in on the discussion, recording potentially strong, steady or weak growth.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be speaking at the CMLS 2014 – Learning the In-and-Outs of Real Estate Forecasting From September 24-September 27, 2014.

Looking Back:

Sales of existing homes decreased in June by 1.2% and stood at 5.08 million units.  Republican John Campbell pushed for a new Eminent Domain Bill that would limit the amount of eminent domain used to take residential mortgages.  Fannie Mae continued to hold a positive outlook on the growth of the economy despite 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.

New Report on Dodd-Frank Act Released Four Years After Its Inception

Monday, July 21st, 2014

 

Today’s News Synopsis:

A new report was released by Congressional Republicans regarding the status of the Dodd-Frank Act, four years after its inception.  Ellie Mae said they will be moving their headquarters to Pleasonton, California due to their workforce continuing to grow and them experiencing strong growth.  The latest report from Fitch Ratings showed an increase in RMBS liquidiations, which now stand at 4.92%.

In The News:

Los Angeles Times“Debt-to-income ratio can sink mortgage application” (7-20-14)

“Washington — For many home buyers, qualifying for a mortgage not only is a tough challenge but one that ends unhappily: They get rejected.”

Bloomberg“Dimon’s Threat to Quit FHA Seen as Pressure Move on Rules” (7-20-14)

“Jamie Dimon, who has criticized regulators in the past, is drawing new battle lines with Washington over mortgages insured by the Federal Housing Administration.”

DS News“Republicans Release Report Assessing Dodd-Frank” (7-21-14)

“Congressional Republicans, on the four-year anniversary of the Dodd-Frank Act, fired out at the controversial legislation, saying that the act’s purported purpose to end the government’s “too big to fail” policy has itself failed.”

Housing Wire - “Where is Ellie Mae moving?” (7-21-14)

“Despite a rough start to the year when its origination system Encompass360 temporarily shut down for users, Ellie Mae (ELLI) is reporting strong growth and relocating its headquarters in Pleasanton, California to accommodate its increasing workforce.”

Inman“Zillow partners with RealPage to improve accuracy of rental listings” (7-21-14)

“Zillow has partnered with property management software provider RealPage to inject real-time pricing and unit availability information into a swath of its rental inventory and provide call-center service and increased exposure to multifamily property management firms.”

Housing Wire - “KBW, FBR relatively bullish on mortgage originations” (7-21-14)

“Despite a rough start this year for mortgages, two major research and analysis firms are bullish on mortgage banking despite diminished expectations for overall volumes in 2014. Bullish, that is, in an environment of super-bears.”

OC Housing News - “With flattening house prices, how will 300,000 SoCal loanowners get above water?” (7-21-14)

“Lenders caused the housing market to bottom and to rally in 2012 and 2013 by favoring loan modification over foreclosure and by denying short sales to greatly reduce distressed inventories and overall supply.”

DS News - “RMBS Liquidations Increase for the First Time in Almost Two Years” (7-21-14)

“Annualized liquidations of United States RMBS loans increased last quarter for the first time in seven quarters, according to a report issued Monday by Fitch Ratings.”

Housing Wire - “This chart shows how Zillow, Trulia dominate online listings” (7-21-14)

“In the battle for dominance in the ever-evolving real estate information and online listings space, Zillow (Z) and Trulia (TRLA) have emerged as the big dogs on the block.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be speaking at the CMLS 2014 – Learning the In-and-Outs of Real Estate Forecasting From September 24-September 27, 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.

Analysts More Optimistic About Housing Market

Friday, July 18th, 2014

Sources:

Consumers Expect Economic Improvement
NAR: One chart shows widening affordability gap


Today’s News Synopsis:

This week’s video is a slideshow of the news of the week in this weeks real estate headline roundup video.  The unemployment rate and economic growth are both affected by the labor force participation rate according to a recent study.  Analysts are more optimistic about the housing market despite it performing below expectations in the first half of 2014.  According to the latest Index of Consumer Sentiment, consumer confidence decreased to its lowest in four months and now stands at 81.3.

In The News:

DS News“Labor Force Participation Rate Problematic for Recovery” (7-18-14)

“Much has been made of the recent drop in the unemployment from its highs during the great recession to the where it currently sits at 6.1 percent.”

OC Housing News - “British legislators learned the housing bubble perils while Americans did not” (7-18-14)

“During the 00s lenders attempted foolish financial innovations that proved dismal failures; these loan products, deterioration of standards, and securitization of mortgages inflated massive housing bubbles in several countries around the world.”

Housing Wire - “Housing troubles continue drag on economy” (7-18-14)

“The trouble in the housing sector, specifically Thursday’s data on building permits, is holding down the economic outlook, expressed in the index of leading economic indicators which missed analyst expectations as it rose a lower-than-expected 0.3% in June.”

DS News“Consumer Sentiment Drops to Four Month Low” (7-18-14)

“A preliminary measure of consumer sentiment released Friday shows confidence in the economy has dropped to its lowest level in the last four months.”

Housing Wire - “NAR: Big banks exiting FHA loans is a ‘bad trend’” (7-18-14)

“As the Federal Housing Administration celebrates its 80th anniversary, the big banks are debating ending their lending relationships with the administration.”

Realty Trac - “What Homes Are the Best Real Estate Deals and Where to Find Them” (7-18-14)

“Last week RealtyTrac released an analysis of what profiles of homes offer the best potential for discount, and which markets have the most properties matching those hot discount profiles.”

DS News - “Analysts See Reasons for Housing Optimism” (7-18-14)

“Even though the first half of 2014 didn’t live up to the hope and hype, industry insiders are still calling for better days in the housing market for the rest of this year.”

Housing Wire - “4 charts show the problem: Wages can’t keep up with home prices” (7-18-14)

“While home-price increases have slowed, they are still trending higher, and have seen 26 months of consecutive year-over-year increases nationally.”

 

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

Unemployment claims decreased by 24,000 to 334,000 and were at their lowest in ten weeks.  Mortgage rates decreased again after being at their highest in two years.  At the same time, inventory was shown to be on the rise according to a recent report from Realtor.com.

 

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.

Foreclosures Now at Levels Below Pre-Financial Crisis

Thursday, July 17th, 2014

Today’s News Synopsis:

HUD reported housing starts decreased 9.3% last month to 893,000.  Foreclosures decreased 19% from the last 6 months and 23% from the first half of 2013.  613,874 foreclosures were completed in the first half of 2014, putting them at levels below what they were before the financial crisis.  Freddie Mac reported mortgage rates are at level field now with 30-year rates now at 4.12% and 15-year rates at 3.23%.

In The News:

Housing Wire - “Home price stall-out spreads from lower-priced homes to higher end” (7-17-14)

“Home sales across all price points are beginning to suffer, with stale demand moving from lower-priced homes to middle- and higher-priced homes as well, according to CoreLogic’s (CLGX) MarketPulse report for July.”

NAHB“South Pushes Nationwide Housing Starts Down 9.3 Percent in June” (7-17-14)

“Nationwide housing production fell 9.3 percent to a seasonally adjusted annual rate of 893,000 units in June, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Bloomberg“Treasuries Rise on Safety Demand as U.S. Adds Russian Sanctions” (7-17-14)

“Treasuries rose, with 30-year bond yields falling to the lowest level in more than six weeks, after Russia was slapped with further sanctions linked to Ukraine, boosting demand for the perceived safety of U.S. debt.”

DS News - “Fannie and Freddie Take on Riskier Portfolios” (7-17-14)

“Newer federal regulations in the wake of the financial crisis were designed to protect taxpayers from another trillion-dollar bailout. And while these regulations have so far kept the American economy from experiencing any serious aftershocks, things could get dodgy where Fannie Mae and Freddie Mac are concerned.”

OC Housing News - “Are today’s homebuyers tomorrow’s bagholders” (7-17-14)

“Will rising mortgage rates cause house prices to crash again? It’s a valid question, and a valid concern for today’s homebuyers.  Nobody wants to be an underwater bagholder trapped in a debtor’s prison awaiting lender approval of a sale to move on with their life.”

Housing Wire - “FHFA watchdog raises concerns about nonbanks” (7-17-14)

“In the continuing aftermath of the financial crisis, the nation’s biggest banks are hemorrhaging income from their mortgage divisions.  Whether it’s due to massive settlements stemming from fraudulent pre-crisis lending practices, like the one that Bank of America announced on Tuesday, or due to shrinking mortgage originations, like JPMorgan Chase announced on Wednesday, the big banks are hurting in the mortgage business.”

Bloomberg - “Young Adults Stay at Home as U.S. Multigenerational Living Rises” (7-17-14)

“The share of young adults living with parents or other family members in the U.S. continues to grow in the aftermath of the most severe recession in the post-World War II era.  A record 57 million Americans, or 18.1 percent of the population, lived in a multigenerational household in 2012, a report released today by the Pew Research Center in Washington showed.”

DS News - “Foreclosure Activity Falls below Pre-Crisis Levels” (7-17-14)

“In an important signpost of recovery, foreclosure activity in the United States has fallen to levels not seen since before the financial crisis began, according to a report issued by RealtyTrac Thursday.”

Mortgage Professional America - “DOJ warns big banks of future lawsuits” (7-17-14)

“The Justice Department on Wednesday put big banks on notice Wednesday that failure to admit misconduct and pay stiff penalties over shoddy mortgage-bond sales would result in litigation by the government.”

Los Angeles Times - “Freddie Mac: Mortgage rates level off, 30-year loans average 4.12%” (7-17-14)

“The cost of getting a mortgage has leveled off, with Freddie Mac saying lenders were offering 30-year fixed-rate home loans this week at an average interest rate of 4.12%. That rate is little changed from the average of 4.15% over the last 10 weeks..”

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa THIS WEEKEND Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

Housing starts decreased by 9.9%  to 836,000 with the slowdown in construction on multifamily homes.  Earnings for Bank of America increased drastically in the second quarter by 63% to $4 billion.  Despite signs in the economy, CoreLogic said they were not expecting another housing bubble to occur soon.

 

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.

Builder Confidence Increases Four Points Above Benchmark

Wednesday, July 16th, 2014

Today’s News Synopsis:

Builder confidence increased four points in July to 53, a success as any reading over 50 shows that more view the condition of sales as positive.  The pace at which home prices increased was slower  with the median price for non-distressed homes increasing only 0.8% year-over-year.  Janet Yellen spoke with lawmakers this week saying a monetary stimulus may still need to occur with the impending increase in interest rates.

In The News:

Housing Wire - “Beige Book: Reports on housing are decidedly mixed” (7-16-14)

“Residential real estate activity was mixed across the country, with reports of low inventories and increasing home prices coupled with varying levels of demand, according to the new Beige Book from the Federal Reserve.”

NAHB“Builder Confidence Surpasses Key Benchmark in July” (7-16-14)

“Builder confidence in the market for newly-built single-family homes reached an important milestone in July, rising four points to a reading of 53 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today.”

Bloomberg“Treasury Volatility Drops on Yellen Low-Rates Message” (7-16-14)

“The difference between five- and 30-year yields narrowed to the least since 2009 as Federal Reserve Chair Janet Yellen told lawmakers monetary stimulus is still required while increases in interest rates may occur sooner if the economy accelerates.”

DS News - “S&P May be Reopening Settlement Talks DOJ” (7-16-14)

“A year-and-a-half-long legal case between the U.S. Department of Justice and Standard & Poor’s Rating Services could be over soon.”

OC Housing News - “Immobilized American’s cause economic weakness and slow housing sales” (7-16-14)

“America has long benefited from a mobile population capable of moving to take new jobs and delivering their skills and expertise where it’s needed most.”

Housing Wire - “CFPB wants to make consumer complaints public” (7-16-14)

“Consumer Financial Protection Bureau is proposing a new policy that would empower consumers to publicly voice their complaints about consumer financial products and services.”

Mortgage Professional America - “BOA offers $13bn to settle mortgage probe” (7-16-14)

“Bank of America has offered to pay $13 billion to settle an investigation into its sales of mortgage-backed securities.”

DS News - “Legal Expenses Plague Bank of America Earnings” (7-16-14)

“Bank of America reported Wednesday a nearly 43 percent decline in second-quarter profits compared to last year thanks to a significant litigation charge.”

Housing Wire - “California housing-price increases simmer down” (7-16-14)

“Although the median price of a California home in June reached the highest level since December 2007, up $5,000, or 1.3%, to $390,000, the pace of increase is finally starting to simmer down, according to the Real Property Report from PropertyRadar.”

Los Angeles Times - “Bay Area housing market keeps surging, but lending remains tight” (7-16-14)

“Home prices in the Bay Area continued their upward surge in June, though buyers there are struggling with low inventory and still-tough lending requirements.”

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

The FHFA was working on a new plan called the Streamlined Modification Initiative in hopes to allow more borrowers to qualify for mortgage relief.  Demand for housing had seen an increase over the last two years.  Almost 2.9 million checks from the latest foreclosure settlement were cashed or deposited.

 

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.

Janet Yellen Says Housing Recovery Moving at Slow Pace

Tuesday, July 15th, 2014

Today’s News Synopsis:

CoreLogic reported home prices increased 8.8% last May for the 27th week in a row, leading to a decrease in housing affordability.  Janet Yellen spoke with the Senate Banking Committee saying that the recovery for the housing market is still moving along at slower pace, primarily due to a large increase in mortgage rates last year.  The numbers for the latest earnings report for JPMorgan were mixed with second-quarter profits dropping almost 8% year-over-year.

In The News:

Housing Wire“NAR: One chart shows widening affordability gap” (7-15-14)

“Housing affordability is taking a giant hit as home prices continue to rise, even if it is at a slower pace.  According to the latest CoreLogic home price index, national home prices rose 27 weeks straight year-over-year, with home prices, including distressed sales, increasing 8.8% in May 2014 from a year ago.”

DS News - “JPMorgan Earnings Report Mixed” (7-15-14)

“Second-quarter profits at JPMorgan Chase dipped nearly 8 percent year-over-year as the bank continued to work with a diminished mortgage market.   JPMorgan’s latest earnings report, released Tuesday, shows the megabank earned $6.0 billion in profits over the latest three months, putting its performance somewhere between the $5.3 billion reported in the first quarter and $6.5 billion a year ago.”

Mortgage Professional America - “House: Fed needs more accountability” (7-15-14)

“Republican members of the House Financial Services Committee say the Federal Reserve needs more oversight.  The committee recently held a hearing to examine HR 5018, the Federal Reserve Accountability and Transparency Act.”

OC Housing News - “Is current housing weakness a fundamental shift away from home ownership?” (7-15-14)

“When house prices crashed in 2008, we had an opportunity to usher in a new era of affordable housing with a lower percentage of income devoted to housing in the United States.”

Housing Wire - “Credit Suisse: Homebuyers discouraged by rising prices” (7-15-14)

“Affordable homes favored by first-time home buyers are in short supply nationally in large part because those homes are almost three times as likely to be underwater than more expensive homes.”

Mortgage Professional America - “Yellen: Housing recovery still too slow” (7-15-14)

“The head of the Federal Reserve says the housing recovery isn’t moving fast enough – due in part to last year’s mortgage-rate spike.”

Housing Wire - “Goldman Sachs 2Q14 earnings tick up to $9.13B” (7-15-14)

“Goldman Sachs’ (GS) second-quarter 2014 net revenue increased to $9.13 billion, up from $8.6 billion a year ago, with earnings per share rising to $4.10 from $3.70 for the second quarter of 2013.”

DS News - “Earnings Preview: Major Banks give Insight into Economic Health” (7-15-14)

“Two Down, Two to go. It’s earnings season. This week is one of four times a year that the world’s largest corporations report their earnings to their shareholders. It’s time to look back on the second quarter of 2014.”

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

The FHFA was working on a new plan called the Streamlined Modification Initiative in hopes to allow more borrowers to qualify for mortgage relief.  Demand for housing had seen an increase over the last two years.  Almost 2.9 million checks from the latest foreclosure settlement were cashed or deposited.

 

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.

Congress Prepares to Hear From Janet Yellen this Week Regarding the Economy

Monday, July 14th, 2014

Today’s News Synopsis:

Citigroup has resolved a $7 billion settlement to cover charges of not being honest to investors about the quality of their mortgage-backed bonds.  Expectations by consumers over the improvement in the economy increased slightly by .5% month-over-month and 2.5% year-over-year.  Janet Yellen of the Federal Reserve is expected to speak before Congress this week regarding the economy’s health and the status on what the Fed is doing to help improve the economy.

In The News:

Bloomberg - “Citigroup Reaches $7 Billion Mortgage-Bond Settlement” (7-14-14)

“Citigroup Inc. (C) agreed to pay $7 billion in fines and consumer relief to resolve government claims that it misled investors about the quality of mortgage-backed bonds sold before the 2008 financial crisis.”

Housing Wire - “JPMorgan, Goldman Sachs next on earnings’ horiz0n” (7-14-14)

“Second-quarter financial corporation earnings started flooding the market Friday, with Wells Fargo (WFC) and Citigroup (C) leading the group and Goldman Sachs (GS) and JPMorgan Chase (JPM) next on the list for Tuesday.”

DS News“Consumers Expect Economic Improvement” (7-14-14)

“The Federal Reserve Bank of New York released Monday the findings of its June 2014 Survey of Consumer Expectations (SCE), revealing a slight uptick in economic hopes among Americans as housing expectations remained flat.”

Housing Wire - “Credit Suisse: Homebuyers discouraged by rising prices” (7-14-14)

“Affordable homes favored by first-time home buyers are in short supply nationally in large part because those homes are almost three times as likely to be underwater than more expensive homes.”

Inman - “ERA launches national advertising campaign in conjunction with rollout of new logo” (7-14-14)

“Homebuyers held off purchasing homes in June due to rising home prices, Credit Suisse reported in their monthly traffic survey of real estate agents.”

Bloomberg - “Mortgage-Bond Sale Managed by BlackRock Largest on Record” (7-14-14)

“Mortgage-bond buyers, facing a supply shortage as their market shrinks and trading slows, get a chance tomorrow to bid for securities at the largest auction of its type since at least 2010.”

OC Housing News - “Did federal reserve policy inflate housing for another crash?” (7-14-14)

“Pundits like to call asset bubbles; it attracts attention and helps make a name for the analyst.  Most often they are wrong, but every once in a while, someone calls a bubble just before one pops, and they look like a prescient genius — and sometimes they are: Robert Shiller called both the internet bubble and the housing bubble right at the peak of each, and he won the Nobel Prize for his efforts.”

DS News“Yellen to Testify before Congress this Week” (7-14-14)

“Federal Reserve Chair Janet Yellen will testify before Congress on Tuesday and Wednesday of this week to give her semi-annual report on the health of the United States economy and Fed efforts to help jumpstart a recovery that, while still trending upward, has started to slow in recent months.”

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 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.

Rents May Be Reaching Highest Level Possible

Wednesday, July 9th, 2014

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased 1.9% from last week.  Julián Castro was approved for nomination by the Senate, a decision many industries approved.  Rental prices are believed to be increasing to the most that they will be able to and may be topping off soon.

In The News:

Bloomberg - “Citigroup Said Close to $7 Billion Mortgage Settlement” (7-9-14)

“Citigroup Inc. (C) may reach a $7 billion agreement with federal prosecutors that would include about $4 billion in cash to resolve a civil probe into sales of mortgage-backed bonds, a person familiar with the negotiations said.”

Los Angeles Times - “Rent Prices in the Southland may be topping out” (7-9-14)

“Rents in Southern California may be running out of room to climb.  The growth in apartment rents has slowed noticeably this year, according to new figures out Wednesday, the latest sign that housing is becoming too expensive for many Angelenos.”

Realty Trac“Will 30-Year Mortgages Disappear?” (7-9-14)

“We usually think of 30-year mortgages as the basic pillars of real estate finance but do we really need fixed-rate loans that last three decades?”

Mortgage Bankers Association“Mortgage Applications Increase in Latest MBA Weekly Survey” (7-9-14)

“Mortgage applications increased 1.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 4, 2014.”

Housing Wire - “Fannie, Freddie foreclosure inventory hits new peak in Florida” (7-9-14)

“Foreclosure inventory continues to decrease nationally, down 4.8% in May. That marked 31 consecutive months of year-over-year declines.”

DS News“Market Changes Challenge Home Buyers, Sellers” (7-9-14)

“As the housing recovery downshifts from last year’s pace, the latest survey of real estate agents by national brokerage Redfin finds homebuyers and sellers are having trouble getting on the same page with each other and with the new shape of the market.”

Mortgage Professional America - “Affordable homes more likely to be underwater than expensive homes” (7-9-14)

“Affordable homes favored by first-time home buyers are in short supply nationally in large part because those homes are almost three times as likely to be underwater than more expensive homes.”

Inman - “Demand for purchase mortgages down 10 percent from a year ago” (7-9-14)

“Demand for purchase mortgages climbed last week even as rates ticked up slightly and the nation geared up to celebrate Independence Day.”

Housing Wire - “Castro’s confirmation as HUD Secretary met with industry approval” (7-9-14)

“On Wednesday, the Senate voted to approve the nomination of Julián Castro as the next Secretary of Housing and Urban Development by a 71-26 margin. Castro will now take over as the head of HUD for the departing Shaun Donovan, who has been nominated to the post of Director of Office of Management and Budget.”

OC Housing News - “It’s no longer a seller’s market” (7-9-14)

“California’s housing markets are nearly always a seller’s market because we have a chronic shortage of available housing. This causes people to substitute down in quality relative to their incomes and live in smaller, less opulent abodes than their income would accommodate in other areas of the country.”

DS News“Foreign Buyers Competing in U.S. Housing Market” (7-9-14)

“As analysts, industry participants, and policymakers struggle to boost homeownership among Americans, foreign activity in the U.S. housing market remains strong.”

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with High Desert REIA on Thursday, July 10, 2014.

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Looking Back:

The number of jobs available increased slightly in May, showing the first signs of increase since February.  The number of markets that showed signs of improvement decreased this month and stood at 255, down from 263 last month.  According to a recent survey by FICO, 47% of bankers said they anticipated mortgage delinquencies would decrease.  

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.

New Ruling by CFPB Will Help Property Heirs Avoid Foreclosure

Tuesday, July 8th, 2014

 

Today’s News Synopsis:

CoreLogic reported foreclosures decreased again this past May by 9.4% with 47,000 completed that month.  The amount of available mortgage credit increased last month by 0.6% to 115.8, up from 115.1.  A new ruling was just issued by the CFPB that will help heirs of property to be included on the mortgage and not face foreclosure.

In The News:

Bloomberg - “Office REITs in U.S. Plan the Most Construction in Decade” (7-7-14)

“Office buildings in top U.S. markets are getting so expensive that landlords are choosing to build rather than buy, spurring the most development by real estate investment trusts in at least a decade.”

DS News“Watt Blames Homeowner Skepticism for HARP Slowdown” (7-8-14)

“In a town hall style meeting in Chicago Tuesday, Mel Watt, Director of the Federal Housing Finance Agency (FHFA), blamed fear of being taken in by a scam for eligible homeowner’s reluctance to take advantage of the Home Affordable Refinance program (HARP).”

Mortgage Bankers Association“Mortgage Credit Availability Increases Slightly in June” (7-8-14)

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

Housing Wire - “Shrinking distressed inventory, new construction may hurt existing home sales” (7-8-14)

“One of the boons for homebuyers over the past couple of years has been the large inventories of distressed properties going through foreclosures and short sales.”

DS News“CFPB Issues Ruling to keep Heirs from Falling Into Foreclosure” (7-8-14)

“When a borrower dies, the passing of property to the remaining family members can be a complicated process. Even if there are no issue with the borrower’s estate there can be issues transferring the mortgage to a party that had no previous relationship with the servicer.”

Mortgage Professional America - “Mortgage Master joins affordable housing initiative” (7-8-14)

“Mortgage Master, one of the country’s largest privately owned mortgage companies, has become the first non-depository lender to join the Massachusetts Home Ownership Compact to provide affordable mortgage solutions to low-income first-time home buyers.”

Inman - “More than half of North American mortgage bankers worry housing bubble is forming” (7-8-14)

“A majority of North American mortgage bankers fear another real estate bubble is forming, according to a recent survey conducted for FICO, a predictive analytics software company.”

Housing Wire - “Foreign investors go big on U.S. real estate” (7-8-14)

“Favorable exchange rates, affordable home prices and rising affluence abroad continue to drive international buyers, who snapped up $92.2 billion in U.S. real estate properties and investments between April 2013 and March 2014.”

DS News“Foreclosures Down Again in May” (7-8-14)

“Another month, another promising sign of housing recovery.  Corelogic reported on Tuesday that 47,000 foreclosures had been completed in May, a year-over-year decrease of 9.4 percent from May of 2013.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with High Desert REIA on Thursday, July 10, 2014.

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

The nation saw declines in inventory across the nation, while at the same time home prices were on the rise.  According to a Fannie Mae survey, the increase in mortgage rates could lead to an increase in demand for homes.  The number of people renting also increased in the second quarter by 3.1% year-over-year.

 

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