California Real Estate Investing News

Posts Tagged ‘real estate investing’

Optimism in Real Estate Market Sees 17.3% Increase

Monday, June 27th, 2016

Today’s News Synopsis:

Optimism in the real estate market increased in the second quarter by 17.3%.  Zillow reported a 5.4% increase in home values year-over-year, putting them now at $186,000.  New laws are expected to go into effect in New York that will help the process for zombie and foreclosure homes.

In The News:

DS News – “The Week Ahead: Economy Looks to Escape Q1 Doldrums” (6-26-16)

“The Bureau of Economic Analysis will release its third and final estimate for first-quarter growth of the U.S. Gross Domestic Product (GDP). Since the recession, the first quarter has generally been brutal for the GDP, and 2016 has been no exception.”

Construction Dive – “Zillow: Starter home values growing at twice the pace of higher-end market” (6-27-16)

“According to the May Zillow Real Estate Market Report, home values rose 5.4% from May 2015 to a Zillow Home Value Index of $186,000, but starter home prices shot up 8%, double the rate of high-end homes.”

Mortgage Professional America – “Morning Briefing: Strong rise in real estate optimism” (6-27-16)

“Optimism in real estate transactions saw strong gains in the second quarter compared to the first quarter according to title insurance agents.”

DS News – “Zombie Property Fight Reaches National Level” (6-27-16)

“Following New York’s lead, New Jersey wants federal legislation that takes aim at “zombie” homes—vacant and abandoned properties—that plague the state’s communities and drive down property values.”

Housing Wire – “New York adopts “sweeping” news laws to tackle foreclosure problems” (6-27-16)

“While the U.S. Senate could soon consider new rules governing the maintenance of foreclosed homes and the glut of “zombie homes” that blight many communities throughout the country, the state of New York is taking the matter into its own hands.”

Mortgage Professional America – “Commercial real estate giants plummet in wake of Brexit” (6-27-16)

“CBRE Group Inc. and Jones Lang LaSalle Inc., real estate services firms that do a significant share of their business in the U.K., fell more than 7 percent as investors speculated on a possible fall-off in property sales and leases after Britons voted to leave the European Union.”

DS News – “Senate Debates Impact of Financial Regulatory System” (6-27-16)

“Are the rules and agencies put in place to prevent a repeat of the 2008 financial collapse actually setting us up for a repeat after all?”

 

Hard Money Loan Closed

Wildomar, California hard money loan closed. Real estate investor received loan for $177,000 on this single family property appraised for $271,000.

Wildomar 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 LAREIC on Tuesday, July 12.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI on Thursday, July 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with InvestClub for Women on Wednesday, September 21.

Image copyright source: www.flickr.com/photos/sneak046

 

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.













Some Believe Major Real Estate Decisions will be Placed on Hold During the Brexit Process in Europe

Friday, June 24th, 2016

Sources:


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 Federal Reserve held their latest Dodd-Frank Act Stress Test, which 33 large banks passed.  Some believe major real estate decisions will be placed on hold during the Brexit process which may take up to 2 years to officially unwind UK from the EU.  In an update, Ocwen Financial reached a settlement in their lawsuit wiht FHA and HAMP.

In The News:

DS News – “Fed: 33 Largest Banks Pass Stress Tests” (6-23-16)

“The results of the Dodd-Frank Act Stress Tests (DFAST) conducted by the Federal Reserve on the nation’s 33 largest bank holding companies showed improved capital levels and credit quality, which strengthened their ability to lend during times of severe economic stress, according to the Fed on Thursday afternoon.”

Housing Wire – “#Brexit: Here is the immediate impact on U.S. mortgage and housing finance” (6-24-16)

“After much speculation on the U.K.’s decision — British voters decided to leave the European Union — now many speculate about how this will affect the U.S. economy.”

Mortgage Professional America – “Historically low mortgage rates may be on the way – but not for long” (6-24-16)

“The UK’s vote to leave the European Union has sent shockwaves through the world’s financial systems. The British pound fell to a 31-year low overnight, and the Dow plummeted 350 points this morning on the news.”

Housing Wire – “[Factsheet] How much $$$ do mortgage banks make?” (6-24-16)

“Mortgage bankers eagerly welcomed a bigger paycheck at the start of this year after the end of 2015 significantly shorted the income of many in the business.”

DS News – “Ocwen Reaches Settlement In HAMP, FHA Suits” (6-24-16)

“Atlanta-based mortgage servicing firm Ocwen Financial Thursday disclosed that it has agreed to pay $30 million to “in order to avoid the uncertain outcome of two trials” revolving around a pair of lawsuits that accused the company of falsely certifying its compliance with federal mortgage programs.”

Housing Wire – “Quicken Loans now offering 1% down mortgages” (6-24-16)

“While megabanks like Bank of America, Wells Fargo, and JPMorgan Chase grabbed the headlines earlier this year by separately announcing plans to offer mortgages that only require a 3% down payment from the borrower, there is another major lender that is quietly requiring even less from borrowers.”

NAHB – “Statement from NAHB Chairman Ed Brady on the GOP Tax Policy Agenda” (6-24-16)

“Ed Brady, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Bloomington, Ill., today issued the following statement regarding the tax policy plank of House Speaker Paul Ryan’s six-part policy agenda.”

 

 

Hard Money Loan Closed

Perris, California hard money loan closed. Real estate investor received loan for $125,000 on this single family property appraised for $270,000.

Perris 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 LAREIC on Tuesday, July 12.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI on Thursday, July 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with InvestClub for Women on Wednesday, September 21.

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

 

Looking Back:

The Mortgage Bankers Association reported an increase in both refinance and purchase applications.  The refinance index increased 2%, while applications increased 1.6%.  Half of the states in the country had stable housing markets with the prosperous buying season in the spring.  The CFPB, which had already postponed the decision on TRID, decided to delay it until October.

 

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.


www.flickr.com/photos/68751915@N05
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Ocwen Financial Required to Pay $30 Million in Fraud Lawsuit

Thursday, June 23rd, 2016

Today’s News Synopsis:

The National Association of Realtors reported existing home sales increased 1.8% last month to their highest since 2007.  Meanwhile, sales of new homes decreased 6% last month to 551,000.  Ocwen Financial has been required to pay $30 million in a settlement regarding fraud.

In The News:

Mortgage Professional America – “Morning Briefing: Existing sales hit 9-year high, median prices at all-time record” (6-23-16)

“Sales of existing homes increased by 1.8 per cent in May, reaching their highest pace in 9 years.  The National Association of Realtors says that all regions saw an increase with the exception of the Midwest.”

Realtor.com – “America’s 20 Hottest Real Estate Markets for June 2016” (6-23-16)

“Wow, it sure did get hot fast this year! Summer has barely unfurled, but the residential real estate market is already delivering the most blistering June in a decade, according to new data on inventory and user activity on realtor.com.”

NAHB – “New Home Sales Fall 6 Percent in May from Strong April Reading” (6-23-16)

“Sales of newly built, single-family homes dropped 6 percent in May from a downwardly revised April reading to a seasonally adjusted annual rate of 551,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

DS News – “REO Decline Drives Cash Sales Share Lower” (6-23-16)

“The percentage of residential real estate homes sold in March 2016 that were all-cash transactions was down to about one-third (33 percent), which is a year-over-year decline of 2.4 percentage points, according to data released by CoreLogic on Thursday.”

TheStreet – “Surprise: REITs Aren’t the Best Choice for Real Estate Cash Flow” (6-23-16)

“With well-known real estate investment trust Digital Realty reaching all-time highs, it may surprise investors to learn that REITs may only be the second-best option for those seeking real estate exposure in their portfolios.”

Mortgage Professional America – “Servicing giant to pay $30 million over fraud allegations” (6-23-16)

“Ocwen Financial disclosed today that it will pay $30 million to settle lawsuits that accused it of falsely certifying that it was in compliance with federal rules.”

Housing Wire – “FSOC: Congress must take on housing finance reform” (6-23-16)

“The Financial Stability Oversight Council, which includes the leaders of the government’s top financial regulatory agencies (listed below, in part), believes that it is time for Congress to take on housing finance reform, stating that regulators are “approaching the limits” of their ability to enact housing reforms.”

 

Hard Money Loan Closed

Rancho Cucamonga, California hard money loan closed. Real estate investor received loan for $220,000 on this single family property appraised for $510,000.

Rancho Cucamonga 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 LAREIC on Tuesday, July 12.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI on Thursday, July 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with InvestClub for Women on Wednesday, September 21.

 

Looking Back:

The latest data from the Commerce Department showed new home sales increased the previous month by 2.2% to 546,000, their highest since 2008.  Home prices also increased by 0.3% the prior month according to the FHFA.  High-value homeowners were taking a bigger interest in something new: jumbo reverse mortgages.

 

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.











CFPB Says Mortgages Servicers Using Outdated Technology and Violating Servicing Rules

Wednesday, June 22nd, 2016

Today’s News Synopsis:

The CFPB reported mortgage servicers are using outdated technology and thereby breaking servicing rules.  HOPE NOW reported a significant event for foreclosure preventions as they just reached 25 million.  The Mortgage Bankers Association reported a 2.9% increase in mortgage applications.

In The News:

DS News – “Foreclosure Prevention Efforts Hit Milestone” (6-22-16)

“The mortgage services industry reached its 25 millionth non-foreclosure solution in April, as foreclosure, short sales, and deed-in-lieu transactions continue to drop, according to HOPE NOW, a voluntary, private-sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors.”

Construction Dive – “FAA unveils long-awaited commercial drone rules” (6-22-16)

“The Federal Aviation Administration has issued the first of its highly anticipated small commercial drone rules, and the agency has officially limited their use to daylight hours and a maximum altitude of 400 feet, with speed limits of 100 mph, the Engineering News-Record reported.”

Housing Wire – “[Photos] Home inspector appraises vacant property, leaves with grumpy-looking cat” (6-22-16)

“Working in the mortgage and housing finance industry can be greatly rewarding.  Such is the case when home inspector Paul Tateosian from Sarasota, Florida heard some meowing during a vacant property inspection.”

DS News – “CFPB: Servicers are Using Failed Technology” (6-22-16)

“Some mortgage servicers have violated the Consumer Financial Protection Bureau (CFPB)’s new servicing rules by continuing to use failed technology that has harmed consumers, according to a special edition supervision report issued by CFPB on Wednesday.”

Mortgage Bankers Association – “Rates Drop, Refi Apps Jump in Latest MBA Weekly Survey” (6-22-16)

“Mortgage applications increased 2.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 17, 2016.”

Housing Wire – “Coalition of nation’s largest housing groups” (6-22-16)

“Home prices have consistently increased around 5% year-over-year for the majority of the last two years, but this percentage could be severely off according to a new report from Capital Economics.”

DS News – “Ex-Obama Housing Adviser Joins Bipartisan Policy Center” (6-22-16)

“Former White House housing policy adviser Michael Stegman has joined the Bipartisan Policy Center (BPC) as a fellow for housing policy, according to an announcement from the BPC.”

 

Hard Money Loan Closed

Moreno Valley, California hard money loan closed. Real estate investor received loan for $112,000 on this single family property appraised for $218,000.

Moreno Valley 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 LAREIC on Tuesday, July 12.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI on Thursday, July 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with InvestClub for Women on Wednesday, September 21.

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

 

Looking Back:

Existing-home sales increased significantly to their highest in 6 years with the increase in homebuyers the previous month.  However, this news actually caused concern for people at organizations like Capital Economics as this increase in sales meant totals sales increased 9% year-over-year and could not increase anymore without losing sustainability.  The American Enterprise Institute reported an increase to record highs for the May 2015 First-Time Buyer Mortgage Risk Index.

 

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.











Federal Reserve Warns About Rapidly Increasing Commercial Real Estate Prices

Tuesday, June 21st, 2016

Today’s News Synopsis:

Default for consumer credit looked more positive last month with mortgage and consumer credit default rates increasing month-over-month.  The Federal Reserve gave heed regarding commercial real estate prices, which they said may have increased too rapidly.  Fannie Mae’s Desktop underwrite program, which was delayed, has now been reset to September 24.

In The News:

DS News – “Consumer Credit Default Picture Looks Brighter” (6-21-16)

“The national credit picture took an upturn in May, as mortgage and consumer credit default rates ebbed from April numbers, according to the latest S&P Dow Jones/Experian Consumer Credit Default Indices.”

Bloomberg – “Fed Warns of Vulnerabilities Building in Commercial Real Estate” (6-21-16)

“The Federal Reserve warned that prices in the commercial real-estate market may have run up too far too fast. Valuations in commercial real estate “appear increasingly vulnerable to negative shocks, as CRE prices have continued to outpace rental income,” the Fed said in its semiannual Monetary Policy Report to Congress.”

Mortgage Bankers Association – “New Collaborative Launches Effort to Highlight Housing Counseling for Consumers” (6-21-16)

“Housing counseling is available to consumers across the country and represents a tremendous opportunity for those who need assistance on the path to homeownership; but too often, homebuyers and sellers are not even aware it exists.”

Construction Dive – “Housing crisis not over for US minorities” (6-21-16)

“U.S. Hispanic and black populations were the groups most adversely affected by the housing crash, and they remain in recovery mode, the Associated Press reported.”

NAHB – “New Edition of NAHB Publication Offers Builders and Consumers Latest Guidelines on Home Performance” (6-21-16)

“BuilderBooks, the publishing arm of the National Association of Home Builders (NAHB), just released the fifth edition of Residential Construction Performance Guidelines, the industry’s most widely accepted reference on how homes should perform.”

Bloomberg – “The Hidden Cost for Stay-At-Home American Parents” (6-21-16)

“The decision around whether to go back to work after having a baby — and pay for childcare — is already difficult.  American parents can now add another stark financial figure to their calculations: Each lost year of employment could cost a family more than three times a parent’s annual salary.”

Housing Wire – “Fannie Mae sets new date for use of trended credit data” (6-21-16)

“Last week, Fannie Mae unexpectedly announced a delay to the latest update to its Desktop Underwriter program.”

Mortgage Professional America – “Morning Briefing: Housing market expansion weighed by skills shortage” (6-21-16)

“A shortage of skilled workers in the construction industry could ease the growth of the housing market, Fannie Mae says.  In its June outlook for the economy and housing market, the agency says that housing activity is strengthening heading into the summer buying season but that weaker hiring in the construction sector, likely due to a skills shortage, could result in only a moderate growth in housing market expansion this year.”

 

 

Hard Money Loan Closed

Riverside, California hard money loan closed. Real estate investor received loan for $165,000 on this single family property appraised for $275,000.

Riverside Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be speaking at the 12th NSDREI Birthday Celebration TONIGHT.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with LAREIC on Tuesday, July 12.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI on Thursday, July 21.

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

 

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.











Freddie Mac Transfers $650 of Credit Risk to Private Investors

Monday, June 20th, 2016

Today’s News Synopsis:

HUD and the US Commerce Department said housing starts remained relatively the same in May, but overall starts continue to show positivity and seem to be on an upward trend.  Freddie Mac transferred $650 of credit risk to private investors and will be able to continue to do more with this due to the increasing number of private investors.  Several banks are expected to undergo stress tests again soon to see how they would hold up under economic stress.

In The News:

DS News – “The Week Ahead: It’s Stress Test Time Again for Banks” (6-19-16)

“The capitalization of the largest banks has been a concern since the start of the financial crisis, and the Federal Reserve wants to test the largest banks to see if they could remain capitalized enough to remain solvent during an economic downturn.”

Construction Dive – “Mortenson president: Construction industry is ‘a prisoner to bids’ – but change is on the horizon” (6-20-16)

“Mortenson President Dan Johnson celebrated his 30th year with the Minneapolis-based construction giant last week.  During his time at Mortenson, Johnson has seen the company launch new divisions, outgrow its headquarters and adapt to a rapidly changing industry landscape.”

Bloomberg – “Pimco Says ‘Storm Is Brewing’ in U.S. Commercial Real Estate” (6-20-16)

“U.S. commercial real estate prices may fall as much as 5 percent in the next 12 months amid tightened regulations, a wall of debt maturities and property sales by publicly traded landlords, Pacific Investment Management Co. said in a report Monday.”

Mortgage Professional America – “Morning Briefing: Housing starts flat in May but trend is positive” (6-20-16)

“There was little change in the number of nationwide housing starts in May but experts are optimistic that the market is moving in the right direction.”

Housing Wire – “Will homebuilders fill the void in housing for first-time buyers?” (6-20-16)

“The ability to save for a down payment has historically ranked as the biggest hurdle for first-time homebuyers, until now.”

DS News – “Freddie Mac Works to Involve Private Investors More” (6-20-16)

“Freddie Mac Monday announced it has reached a milestone for credit risk transfer, having transferred the risk on a total of $650 billion in unpaid principal balance on mortgage loans to the private market.”

Mortgage Professional America – “Carrington Mortgage appoints new EVP of wholesale lending division” (6-20-16)

“Thirty-year mortgage industry veteran, Patrick Flanagan, joins Carrington Mortgage Services as executive vice president of the wholesale lending division.”

ET Markets – “Real Estate Stocks Jump Up to 4% on Relaxation in REIT Rules” (6-20-16)

“Real estate stocks climbed up to 4 per cent in Monday’s trade after Sebi relaxed rules on Real Estate Investment Trusts (REITs) by allowing them to invest more in under-construction projects.”

Housing Wire – “FTC shuts down “appalling” multi-million dollar mortgage relief scam” (6-20-16)

“The Federal Trade Commission halted a massive mortgage relief scheme perpetrated by a series of law firms, which falsely promised to help struggling homeowners save their homes in exchange for hundreds or thousands of dollars in legal fees.”

 

 

Hard Money Loan Closed

San Juan Capistrano, California hard money loan closed. Real estate investor received loan for $155,000 on this single family property appraised for $280,000.

San Juan Capistrano Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be speaking at the 12th NSDREI Birthday Celebration on Tuesday, June 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with LAREIC on Tuesday, July 12.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI on Thursday, July 21.

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

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.











Builder Confidence Rose Two Points This Month To 60

Thursday, June 16th, 2016

Sources:


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 NAHB reported builder confidence rose two points this month to 60.  The housing market saw tremendous growth with home prices rising 4.3% and sales 7%, their fastest pace ever.  Purchases of closed loans was above 60% according to Elllie Mae, the first time in almost a year.

In The News:

Realty Trac – “U.S. Foreclosure Activity Down Less Than 1 Percent in May” (6-15-16)

“There were a total of 100,841 properties with foreclosure filings in May, virtually unchanged from previous month and down 21 percent from a year ago — the eighth consecutive month with a year-over-year decrease, according to data released today by RealtyTrac.”

Wall Street Journal – “Home-Builder Sentiment Rose in June, NAHB Says” (6-16-16)

“A gauge of home-builder sentiment rose in June, a sign of solid growth in the nation’s housing market.  The National Association of Home Builders housing market index rose to a seasonally adjusted level of 60 in June, the trade group said Thursday, up from 58 in May and the highest reading since January.”

Housing Wire – “FHFA watchdog blasts lax oversight of rising Fannie Mae headquarters construction costs” (6-16-16)

“The Federal Housing Finance Agency has been lax in its duties as the overseer of Fannie Mae, and needs to do far more to address the dramatically rising cost of Fannie Mae’s new Washington, D.C. headquarters, the FHFA’s watchdog said in a new report.”

Mortgage Professional America – “Purchases exceed 60% of closes loans for first time since August” (6-16-16)

“Purchases surpassed 60% of closed loans in May for the first time since August of 2015, according to new data from Ellie Mae.  Ellie Mae’s latest Origination Insight Report found that purchases increased to 62% of all closed loans last month, up from 59% in April.”

Redfin – “The Housing Market Accelerated to its Fastest Pace on Record in May” (6-16-16)

“While home prices grew a moderate 4.3 percent year over year last month, sales surged 7 percent and inventory fell by nearly as much.”

Forbes – “Pensions Unaware Hidden Real Estate Fees Dwarf Those Disclosed” (6-16-16)

“In recent years, following a decade-long gorging on hedge and private equity funds by government pensions, the massive hidden fees and expenses related to these “alternative” investment funds have attracted greater scrutiny.”

Housing Wire – “Capital Economics: What’s keeping home prices from rising higher?” (6-16-16)

“Home prices have consistently increased around 5% year-over-year for the majority of the last two years, but this percentage could be severely off according to a new report from Capital Economics.”

DS News – “Delgado Champions Diversity and Inclusion in Mortgage Industry” (6-16-16)

“Five Star Institute President & CEO Ed Delgado addressed a group of mortgage industry and government leaders this morning at the Belo Mansion in Dallas, Texas.”

 

 

Hard Money Loan Closed

Lancaster, California hard money loan closed. Real estate investor received loan for $100,000 on this single family property appraised for $184,000.

Lancaster Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be speaking at the 12th NSDREI Birthday Celebration on Tuesday, June 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with LAREIC on Tuesday, July 12.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI on Thursday, July 21.

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

 

Looking Back:

The NAHB reported a decrease in housing starts by 11.1%, putting them at 1.036 million units.  Mortgage debt for commercial/multifamily properties showed signs of increased growth with a 1.5% increase ($40.4 billion) in the first quarter.  CoreLogic reported underwater homes continued to decrease, while at the same time more properties were regaining equity.

 

Number of One-Person Firms in the Construction Industry Totals 2 Million

Wednesday, June 15th, 2016

Today’s News Synopsis:

The Mortgage Bankers Association reported a 2.4% decrease in mortgage applications from last week.  The NAHB reported the number of one-person firms in the construction industry totals over 2 million.  Republicans in the House of Representatives revealed their plan yesterday to replace Dodd-Frank as well as help strengthen the economy.

In The News:

Housing Wire – “Fannie Mae unexpectedly, indefinitely delays use of trended credit data” (6-14-16)

“With just a handful of days left until Fannie Mae was set to release a heralded update to its Desktop Underwriter program that could have opened up the credit box to potential borrowers previously deemed unworthy, the government-sponsored enterprise is unexpectedly and indefinitely delaying the implementation of Desktop Underwriter Version 10.0.”

DS News – “Can Banks and Fintechs Live in Harmony?” (6-15-16)

“In various public addresses this year, Comptroller of the Currency Thomas J. Curry has staunchly defended the importance and relevancy of banks in 2016 as financial technology firms, or “fintechs,” have become increasingly popular.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-15-16)

“Mortgage applications decreased 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 June 10, 2016.”

Construction Dive – “NAHB: Construction industry includes more than 2M one-person firms” (6-15-16)

“The NAHB said that the stability and relatively slower rebound exhibited by one-person companies could be the result of individuals forming their own businesses during and immediately following the Great Recession but then later going back to work as employees to fill open positions.”

Mortgage Professional America – “House Republicans unveil economic plan, including Dodd-Frank replacement” (6-15-16)

“House Republicans on Tuesday unveiled a plan to grow the economy that included the Republican alternative to the Dodd-Frank Act.”

Housing Wire – “Community lenders “baffled” to see major trade groups push “Wall Street” agenda” (6-15-16)

“The battle lines surrounding the potential reform of Fannie Mae and Freddie Mac are becoming firmly drawn, with the Community Mortgage Lenders of America denouncing and rejecting a recent letter from several of the largest trade groups in housing that called for the Federal Housing Finance Agency to leave Fannie and Freddie reform to Congress, rather than allowing the government-sponsored enterprises to rebuild capital.”

DS News – “Fannie Mae Appoints New Chief Audit Executive” (6-15-16)

“Fannie Mae has appointed J. Douglas Watt as SVP and chief audit executive effective July 11, according to an announcement from Fannie Mae earlier this week.”

Mortgage Professional America “Hensarling blasts Dodd-Frank, administration on economy” (6-15-16)

“At today’s full committee markup of a series of bills designed to boost the economy, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) had harsh words for the controversial Dodd-Frank Act and the administration’s handling of the economy as a whole.”

 

Hard Money Loan Closed

Walnut, California hard money loan closed. Real estate investor received loan for $380,000 on this single family property appraised for $615,000.

Walnut Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be speaking at the 12th NSDREI Birthday Celebration on Tuesday, June 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with LAREIC on Tuesday, July 12.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI on Thursday, July 21.

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

 

Looking Back:

The NAHB reported an increase in builder confidence to its highest in a year this month, going from 54 to 59.  HUD came to a decision on Friday regarding allowing spouses still alive to stay in their home, a decision that was widely praised.  The FHFA gave Congress an updated report on their activities for the previous year to cover foreclosure prevention.

 

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.












Wells Fargo Survey Shows Homeownership Still A Priority for Majority

Tuesday, June 14th, 2016

Today’s News Synopsis:

Debt on commercial and multifamily properties increased in the first quarter of 2016 by 1.2% to $35.3 billion.  New home purchase applications, on the other hand, decreased 6% according to the Mortgage Bankers Association.  Wells Fargo released a new survey showing homeownership is still priority for the majority of Americans.

In The News:

Realty Trac – “Inventory Shortage Sparks Home Price Increases, Economists Say” (6-13-16)

“A five-member panel of housing economists, speaking at the annual convention of the National Association of Real Estate Editors, said an inventory shortage of available homes for sale in the United States is likely pushing prices skyward.”

Mortgage Bankers Association – “Commercial/Multifamily Mortgage Debt Outstanding Continues Strong Growth” (6-14-16)

“The level of commercial/multifamily mortgage debt outstanding increased by $35.3 billion in the first quarter of 2016, as three of the four major investor groups increased their holdings.  That is a 1.2 percent increase over the fourth quarter of 2015.”

Bloomberg – “Retail Sales Rise More Than Forecast as U.S. Consumers Spend” (6-14-16)

“Retail sales rose more than forecast in May, showing consumer spending will help boost economic growth in the second quarter.  The 0.5 percent increase in purchases followed a 1.3 percent jump the previous month that was the biggest gain in a year, Commerce Department figures showed Tuesday in Washington.”

Mortgage Professional America – “Morning Briefing: Interest rate rise is not the biggest concern” (6-14-16)

“The Fed begins its 2-day monetary policy meeting Tuesday with the latest announcement on interest rates due tomorrow.  The likelihood of a rise this month has slipped in recent weeks but even if it does happen, most Americans are not too worried.”

Housing Wire – “Meet the NHL’s newest team: the Las Vegas Black Knights?” (6-14-16)

“What were merely rumors 18 months ago are now one step from becoming reality, as the National Hockey League’s executive committee reportedly gave its approval to expand the league with a team in Las Vegas led by an ownership group fronted by William Foley, the chairman of Fidelity National Financial and Black Knight Financial Services.”

DS News – “Foreclosure Rate Falls to New Post-Crisis Low” (6-14-16)

“Need further proof that the housing crisis is over? CoreLogic’s April 2016 National Foreclosure Report provides it.”

Mortgage Bankers Association“Applications for New Home Purchases Decrease in May” (6-14-16)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for May 2016 shows mortgage applications for new home purchases decreased by 6 percent relative to the previous month.”

Housing Wire – “Fannie Mae: Almost no lenders plan to ease credit standards” (6-14-16)

“A recent report from the Mortgage Bankers Association showed that mortgage credit availability is on the decline, with the Mortgage Credit Availability Index for May showing a decrease for the third straight month.”

DS News – “Majority of Americans Still Value Homeownership” (6-14-16)

“A survey released Tuesday by Wells Fargo indicated that owning a home is still important to the majority of Americans.

 

Hard Money Loan Closed

Riverside, California hard money loan closed. Real estate investor received loan for $90,000 on this single family property appraised for $265,000.

Riverside Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with CVREIA TONIGHT.

Bruce Norris will be speaking at the 12th NSDREI Birthday Celebration on Tuesday, June 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with LAREIC on Tuesday, July 12.

Image copyright source: www.flickr.com/photos/87913776@N00

 

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.












Fannie Mae Introducing New Loan for Homeowners Saving Energy

Monday, June 13th, 2016

Today’s News Synopsis:

A lot more real estate investors are starting to look elsewhere outside the United States, including Europe, for good deals on investing.  A new survey by the NAR shows a big impact on homeownership is millennials choosing to put off owning a home and taking care of student debt first.  Fannie Mae is offering a new loan that will broaden the scope of options for homeowners seeking to save energy.

In The News:

Bloomberg – “Here’s How the Fed’s Unemployment Projections Could Change This Week” (6-13-16)

“How low can you go? It’s a topical question as the Federal Reserve meets in Washington this week.  Federal Open Market Committee officials in March projected that the level of unemployment would fall to 4.7 percent in the fourth quarter before rebounding to 4.8 percent in the longer run.”

DS News – “Deciding Where to Invest in the SFR Market” (6-13-16)

“The cost of rent remains elevated in some markets around the country; in markets like Boston, Miami, Washington, D.C., San Francisco, and parts of New York City, rent for a two-bedroom home exceeds $3,000 per month, according to a report from Trulia last week.”

Pensions & Investments – “Real estate investors passing over U.S. to find good deals in Europe” (6-13-16)

“With only pockets of competitively priced investment opportunities in the U.S., real estate investors are roaming Europe looking for bargains.  U.S. institutional investors are moving more capital across Europe than ever before.”

Mortgage Professional America – “Morning Briefing: Fitch reveals most overvalued, undervalued US metros” (6-13-16)

“Two cities in Texas have been named as the most overvalued metros by ratings agency Fitch.  In a report for Forbes.com the agency considered first-quarter home prices based on the 2016 Sustainable Home Price model which ranks 50 metros against economic metrics including rates of unemployment, incomes and mortgage rates.”

Housing Wire – “NAR survey shows how college, student debt affect homeownership” (6-13-16)

“Out of non-homeowners paying their student debt on time, 71% said their debt is hindering them from purchasing a home, and over 50% said they expect to be delayed more than five years, according to a survey by the National Association of Realtors and SALT, a consumer literacy program provided by nonprofit American Student Assistance.”

DS News – “JPMorgan’s RMBS Deal May Not Spur Demand for Similar Transactions” (6-13-16)

“JPMorgan Chase’s recent $1.9 billion residential mortgage-backed security (RMBS) transaction may not spur demand for similar transactions from other banks in the next few years for several reasons, according to a report from Moody’s Investors Service.”

TheStreet – “Hamptons Real Estate Could Rebound This Summer” (6-13-16)

“The Hamptons real estate market is bound for sunnier days after a volatile stock market dinged prices in the beginning of 2016, according to Douglas Elliman, a real estate brokerage firm.”

Mortgage Professional America – “Fannie Mae offers expanded options for green improvements” (6-13-16)

“Renovation loans can be a great asset to any originator’s toolbox – but it’s important to know about all the options out there. Fannie Mae has introduced a new renovation loan that gives homeowners more options for financing energy efficiency improvements in their homes.”

DS News – “Why Has the CFPB Amped Up Its Online Ad Spending?” (6-13-16)

“At a time when legislation is being introduced, and in some cases gaining traction, to rein in the budget of the Consumer Financial Protection Bureau (CFPB), the Bureau has nearly doubled the amount spent on online advertising just since last year.

 

 

Hard Money Loan Closed

Escondido, California hard money loan closed. Real estate investor received loan for $249,000 on this single family property appraised for $415,000.

Escondido Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with CVREIA on Tuesday, June 14.

Bruce Norris will be speaking at the 12th NSDREI Birthday Celebration on Tuesday, June 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with LAREIC on Tuesday, July 12.

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

 

 

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.