California Real Estate Headline Roundup

Posts Tagged ‘real estate investing’

By Bruce Norris .

GDP Growth Slows in Third Quarter, but Still Exceeds Expectations

Thursday, October 30th, 2014

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

 

 

 

Today’s News Synopsis:

 

Freddie Mac reported mortgage rates increased from their lowest this year with 30-year rates increasing to 3.98% and 15-year rates to 3.13%.  GDP growth in the third quarter showed signs of decrease, although on a positive note it still exceeded expectations.  More and more buyers are taking loans from nonbank entities due to being rejected by large banks.

 

In The News:

Los Angeles Times“Mortgage rates increase from 2014 low, Freddie Mac says” (10-30-14)

“Mortgage rates rose this week from their lowest point in 2014, but lenders still offered a 30-year fixed loan below 4%, according to Freddie Mac’s weekly survey..”

Housing Wire - “Guaranteed Rate: 3Q purchase volume up 10% from last year” (10-30-14)

“Guaranteed Rate released its summary of U.S. mortgage trend snapshots as of the third quarter of 2014, showing that purchase volume rose to 73% in the third quarter of 2014, up from 63% in the third quarter of 2013. Total refinancing volume dropped by more than a third year-over-year.”

DS News“Servicer Takes $100 Million Charge for Potential Settlement Over Backdated Foreclosure Notices” (10-30-14)

“Ocwen Financial, the nation’s top non-bank mortgage servicer, announced Thursday that the company has taken a $100 million charge for a potential settlement regarding claims that Ocwen sent backdated foreclosure notices to thousands of borrowers.”

Bloomberg“Banks Burned by Riskiest Leverage Loans as Investors Sour” (10-30-14)

“Wall Street banks are either absorbing losses or getting stuck holding some of the riskiest corporate loans they agreed to underwrite before the biggest rout in more than two years.”

DS News - “GDP Growth Slows Down But Still Beats Predictions for Q3″ (10-30-14)

“The nation’s economy continued to grow at a brisk clip in the third quarter, slowing down from the prior period but still beating forecasts.”

Housing Wire“Ellie Mae’s earnings overcome mortgage industry declines” (10-30-14)

“Ellie Mae (ELLI) reported third quarter 2014 revenue of $42.8 million, compared to $33 million in the third quarter 2013.  Additionally, the Pleasanton, California-based company’s net income came in at $4.1 million compared to $3.4 million in Q3 2013.”

Bloomberg - “Expecting U.S. Growth to Slow?  REIT Pair Trade Pays 1.6%” (10-30-14)

“Investors who see a slowdown for the U.S. economy may be interested in a strategy of being long Health Care REIT Inc. (HCN) and shortSimon Property Group Inc. (SPG).”

Housing Wire“Borrowers find refuge in nonbank mortgage loans” (10-30-14)

“Nonbank lending is growing as homebuyers rejected by big banks turn toward non-QM loan options.  ”Approximately 20% of the loans we close every month are referred by banks that won’t close the loan for one reason or another,” said Michael Stowers, branch manager of the San Diego imortgage office.”

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

The second quarter saw an increase in home prices in almost 90% of the large metropolitan areas in the United States.  Mortgage applications increased 6.4% from the previous week according to the Mortgage Bankers Association.  Over $17 billion had been collected by the government from banks paying for their mistakes.

 

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.

FOMC Announces End to Tapering

Wednesday, October 29th, 2014

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

 

 

 

Today’s News Synopsis:

 

In a big news story, the FOMC announced the end to tapering with the closure of their Quantitative easing program.  The Mortgage Bankers Association reported a 6.6% decrease in mortgage applications from last week.  Foreclosures also decreased by almost a third year-over-year in September.

 

In The News:

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (10-29-14)

“Mortgage applications decreased 6.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 24, 2014.”

Housing Wire - “FOMC: Tapering is officially over” (10-29-14)

“It’s over.  Federal Open Market Committee officially decided to conclude its more than two-year-old asset purchase program this month due to the substantial improvement in the outlook for the labor market and strength in the broader economy.”

Mortgage Professional America“Regulator finds illegal practices in mortgage, student loans” (10-29-14)

“The Consumer Financial Protection Bureau (CFPB) issued a report Tuesday that alleges mortgage and student loan servicers are engaged in a bevy of illegal practices.”

Bloomberg“Mortgage Bonds Stare Down End of Fed Easing as Gains Persist” (10-29-14)

“The end of the Federal Reserve’s third round of bond purchases is proving to be a non-event for mortgage-backed debt.  That’s partly because even though the U.S. central bank won’t be adding more home-loan securities to its balance sheet, policy makers will still be buying enough to prevent its holdings from shrinking.”

OC Housing News“How to save money for a down payment to buy a house” (10-29-14)

“The biggest barrier to sales today is the lack of a down payment. In the post How restricted for-sale housing inventory saps demand, I demonstrated how stagnant wages and high rents hinders people from saving enough to obtain a down payment on a house.”

Housing Wire - “Completed foreclosures down almost one-third from September 2013″ (10-29-14)

“There were 46,000 completed foreclosures nationally, down from 68,000 in September 2013, a year-over-year decrease of 32.6% and down 61% from the peak of completed foreclosures in 2010, according to CoreLogic (CLGX).”

Mortgage Professional America“Home price gains continue to cool off” (10-29-14)

“The annual growth in U.S. home sales prices continues to grow more slowly in August, according to a report released by S&P/Case-Shiller.”

Housing Wire“Fannie Mae joins JPMorgan to launch new risk-sharing bond deal” (10-29-14)

“In its continuing effort to offload some of the credit risk it carries, Fannie Mae is preparing to launch a new credit-risk sharing deal with the help of JPMorgan Chase (JPM).”

 

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $87,000 on a 3 bedroom, 1 bathroom home appraised for $140,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

According to the latest S&P/Chase-Shiller Index, home prices increased again in August by 12.8% year-over-year, their fastest in over 6 1/2 years.  According to a recent study by USC, more Asian and Latino immigrants were able to keep their homes during the Great Recession as opposed to native-born citizens.  At the recent 100th annual MBA conference and expo, CFPB director Cordray defended the new mortgage applications some found controversial.

 

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.

Homeownership Rate Decreases to Lowest Since 1995

Tuesday, October 28th, 2014

Copyright: Image from www.flickr.com/photos/106574022@N04

 

 

 

Today’s News Synopsis:

 

Home prices continue to increase with their recent gains of 5.5% year-over-year and 0.2% month-over-month according to the latest Case-Shiller Index.  The homeownership rate decreased to its lowest since 1995 with its recent drop to 64.4 percent from 64.7% in the third quarter.  The risk of mortgage fraud increased 3.2% in the last year according to CoreLogic.

 

In The News:

DS News“Percentage of Short, Distressed Sales Falls to Three-Year Low” (10-27-14)

“Short sales and sales of distressed properties (those that are in foreclosure or bank-owned) accounted for 12.7 percent of all residential home sales in the U.S. in the third quarter, their lowest level since Q1 2011, according to RealtyTrac’s Q3 2014 Residential Sales Report released today.”

Housing Wire - “S&P Case-Shiller: Home price growth continues to slow” (10-28-14)

“Home price growth continues to slow, according to the latest S&P/Case-Shiller Home Price Indices for August 2014.  The 10-City Composite gained 5.5% year-over- year and the 20-City 5.6%, both down from the 6.7% reported for July.”

Bloomberg“U.S. Urges AIG, MGIC to Back Fastest-Growing VA Loans” (10-28-14)

“Private insurers are considering a request by U.S. officials to guarantee mortgages for veterans — the fastest growing part of the market.  The Department of Housing and Urban Development is urging mortgage insurers that rely on Fannie Mae and Freddie Mac for business to offer supplemental protection for lenders to military members and veterans.”

OC Housing News“A fixed cost of housing is the best reason to buy a house” (10-28-14)

“The need for shelter is basic, often closely followed by the desire for community. In the United States, this often translates into a desire to take on a very large mortgage to buy real estate.”

Housing Wire - “Moving up: Statebridge approved by Freddie Mac” (10-28-14)

“Freddie Mac officially approved Statebridge Company as a servicer, fulfilling one of its strategic goals, set when it was founded in 2008.  Statebridge is a mortgage servicer based in Denver, Colorado.”

Mortgage Professional America“Fitch: FHFA proposals help GSEs maintain their dominant positions” (10-28-14)

“The Federal Housing Finance Agency’s (FHFA) announcement last week to allow Fannie Mae and Freddie Mac to purchase mortgages with slightly higher loan-to-values (LTV) signals a continued shift in direction, according to Fitch Ratings.”

Bloomberg“U.S. Homeownership Rate Falls to Lowest Since Early 1995″ (10-28-14)

“The homeownership rate in the U.S. fell to the lowest in more than 19 years as the market shifted toward renting and tight credit blocked some potential buyers.”

Housing Wire“CoreLogic: Mortgage fraud risk rises 3.2% in last year” (10-28-14)

“The risk of mortgage fraud has increased by 3.2% in the past year, according to the CoreLogic Mortgage Fraud Report.  Based on its report, CoreLogic estimates that applications representing approximately $3.3 billion in mortgage debt contained elements of fraud or serious misrepresentations in the second quarter of 2014.”

Mortgage Professional America - “CA housing boom: Are you in?” (10-28-14)

“There may be fewer military boots on the ground overseas, but here in the U.S. there have been major campaigns in the housing market this year directed at veterans.”

 

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $87,000 on a 3 bedroom, 1 bathroom home appraised for $140,000.

Perris Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

Pending sales for existing homes decreased 5.6%, the biggest in three years.  Housing affordability decreased across the nation with the increase in interest rates and prices and slow increase in income.  Over 950,000 homes had been purchased by investors since 2011, totaling $1 trillion.

 

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.

Investors Ready to tackle Largest Portfolio of the Year

Monday, October 27th, 2014

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

 

 

 

Today’s News Synopsis:

 

Pending home sales increased only slightly by 0.3% last month, below expectations.  Consumer optimism decreased in the third quarter by 17 percentage points for owners wishing to sell their homes.  Investors are getting ready to trade the largest portfolio from this year comprised of pre-bust non-agency debt.

 

In The News:

Housing Wire“Massive subprime mortgage bond portfolio ready to trade” (10-27-14)

“The year’s largest portfolio of pre-bust non-agency debt is set to trade this week. Investors looking to get their hands on vintage subprime, Alt-A fixed-rate, or Alt-A adjustable rate bonds will have plenty of opportunities when $4.6 billion in vintage debt hits the market Tuesday.”

Bloomberg - “Miami Building Boom Spreads Into Downtown’s Tent City” (10-27-14)

“A building boom that transformed Miami into a destination for the global elite left out the city core, better known for its empty lots filled at night with tents for the homeless. Now the area awaits a $2 billion face lift.”

Los Angeles Times“Slight increase in pending home sales disappoints” (10-27-14)

“Signed contracts for previously owned homes rose less than expected last month as the national housing market struggled to gain momentum.  Pending home sales inched up 0.3% in September from a month earlier, the National Assn. of Realtors said Monday.”

OC Housing News“Young renters see little or no reason to buy a house” (10-27-14)

“People can obtain shelter in one of two ways: they can rent, or they can own. Each method of possessing real estate has its advantages and drawbacks, and the rent versus own decision is never clear cut.”

Mortgage Professional America“Emerging single-family rental sector gets guidelines” (10-27-14)

“As further evidence that the single-family rental industry is gaining steam, a trade group formed by some of the sector’s largest owner-operators has issued a set of operating guidelines.”

Inman“Redfin slashes listing fee to 1 percent in nation’s capital” (10-27-14)

“Redfin is experimenting with even an deeper discount on its listing fee in the metro Washington, D.C., area to see if it can “offer even more value and still have it make sense for the business,” said Redfin spokeswoman Rachel Musiker.”

Bloomberg“Los Angeles Delays Hit Sales as No. 1 U.S. Port Suffers” (10-27-14)

“After years of ending the holiday shopping season with too much merchandise stacked in their warehouses, U.S. retailers face the opposite this year: They may not have enough.”

Housing Wire“Coldwell Banker brokers win lottery not once, not twice, but 3 times” (10-27-14)

“One might not think being a real estate broker in St. Louis is the luckiest assignments, what with the national spotlight on the troubles in the suburb of Ferguson.”

DS News“Optimism Among Home Sellers Declines in Q3″ (10-27-14)

“The number of homeowners optimistic about selling their homes dropped in the third quarter, interrupting a streak of rising confidence as the housing market shifted out of their favor.”

 

Hard Money Loan Closed

Fontana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 4 bedroom, 2 bathroom home appraised for $325,000.

Fontana Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

 

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

The Norris Group’s 7th Annual I Survived Real Estate Event Held Tonight at the Nixon Library

Friday, October 24th, 2014

 

 

 

 

Today’s News Synopsis:

Tonight is the night for the Norris Group’s annual event I Survived Real Estate 2014!  The video this week highlights the events main speakers, our sponsors for the event, and thanks everyone for their help and support.  New U.S. home sales increased last month, although not by much having increased only 0.2% to 467,000.  Foreclosure inventory is the lowest it has been in six years according to Black Knight Financial.  Federal Reserve plans to hold onto  over $4 trillion in order to help push the economy’s growth once quantitative easing is done.

In The News:

Bloomberg“Rebound in U.S. Home Sales More Modest After Revisions: Economy” (10-24-14)

“Purchases of new homes in the U.S. were little changed in September after the prior month was revised down, showing an uneven recovery that will limit how much residential real estate contributes to growth.”

Housing Wire - “Black Knight: Foreclosure inventory lowest since February 2008″ (10-24-14)

“At 1.76% of active mortgages, the nation’s inventory of loans in foreclosure is now at its lowest point since February 2008, according to the September report from the Data and Analytics division of Black Knight Financial Services.”

Bloomberg“Lenders Facing Housing Crash Rules Denying U.S. Borrowers” (10-24-14)

“Federal regulations, enacted after the collapse of the subprime market spurred the financial crisis, are boosting mortgage costs this year. Most lenders are responding by providing home loans only to borrowers with near perfect credit, shutting out creditworthy Americans whose loan files are too expensive to review and complete.”

Mortgage Professional America - “The bad news keeps coming for Ocwen Financial” (10-24-14)

“When it rains, it pours, and Ocwen Financial Corp. is in the biggest storm of its life. The largest U.S. nonbank servicer, which is being accused of backdating thousands of letters to struggling borrowers, may have also violated a consent order.”

OC Housing News“Have lenders purged the Ponzis?” (10-24-14)

“The financial media is abuzz with talk about tight credit and how it must be made looser to stimulate lending and the economy.  This chatter, plus lenders’ natural desire to increase business, combines as pressure at the bottom of the credit cycle to prompt lenders into making bad loans again. But why did credit get this tight?”

Mortgage Professional America - “Are oil companies causing the new home mortgage application slump?” (10-24-14)

“Construction companies that build homes for Americans in some states are losing skilled workers to six-figure jobs offered by oil companies.”

Bloomberg - “Quantitative $4 Trillion Holdings to Boost Growth Beyond End of QE” (10-24-14)

“Quantitative easing may turn out to be a gift that keeps on giving for the U.S. economy.  As the Federal Reserve prepares to end its third round of bond buying next week, the central bank plans to hang on to the record $4.48 trillion balance sheet it has accumulated since announcing the first round of purchases in November 2008.”

 

TONIGHT, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

Mortgage rates decreased again in the wake of the government shutdown with 30 year rates dropping to 4.13% and 15-year rates to 3.24%.  Residential property sales increased drastically with the increase in investor demand.  Home value appreciation was showing signs of decline and was expected to continue to do so over the upcoming 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.

Risk Retention Rule Approved by Six Federal Agencies

Thursday, October 23rd, 2014

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

 

 

Today’s News Synopsis:

The new risk-retention rule has finally and officially been approved by six federal agencies.  Mortgage rates decreased this past week with 30-year rates now at 3.92% and 15-year rates at 3.08%.  Home prices in the U.S. increased 0.5% in August, above economists’ expectations.

 

In The News:

Housing Wire“Fannie Mae: Positive on U.S. economy despite global growth decline” (10-23-14)

“Real economic growth in the U.S. appears ready to exceed 3% for the second half of the year, providing a sound basis for growth in 2015, according to Fannie Mae’s Economic & Strategic Research Group.”

Bloomberg - “U.S. Mortgage Rates Fall With 30-Year at 3.92%” (10-23-14)

“Mortgage rates in the U.S. declined, remaining at a 16-month low as more affordable borrowing costs fuel an increase in refinancing.”

Housing Wire - “It’s official” Risk retention rule approved” (10-23-14)

“The final version of the risk retention rule is now officially approved by six federal agencies, following the Federal Reserve’s last approval on Wednesday.”

OC Housing News“Regulators capitulate to lending industry lobbyists” (10-23-14)

“In a complete victory for lending industry lobbyists, the Qualified Residential Mortgage rules match the Qualified Mortgage rules.”

NAHB - “Remodeling Market Index Reclaims All-Time High” (10-23-14)

“The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) reclaimed the high-water mark of 57 in the third quarter of 2014. This is the sixth consecutive quarter for an RMI reading above 50.”

Housing Wire - “RealtyTrac: Seriously underwater homes hit 2-year low” (10-23-14)

“The amount of seriously underwater properties plunged to the lowest level in two years, with 8.1 million U.S. residential properties seriously underwater — where the combined loan amount secured by the property is at least 25% higher than the property’s estimated market value, RealtyTrac’s U.S. home equity and underwater report for the third quarter of 2014 said.”

Bloomberg“U.S. Home Prices Beat Estimates With 0.5% Gain in August” (10-23-14)

“U.S. home prices rose more than economists estimated in August as employment growth fueled demand for housing.  Prices climbed 0.5 percent on a seasonally adjusted basis from July, the Federal Housing Finance Agency said today in a report from Washington.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

Mortgage delinquencies increased slightly the previous month by 4.23% according to the Lender Processing Services.  The FHFA reported home prices showed increases for 19 months straight with their recent increase of 0.3% in August.  The FHA has disputed some data on a recent CBO report, claiming some information was not accurate.

 

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.

California Real Estate Market Slow Right Now with Increase in Prices and Decrease in Demand

Wednesday, October 22nd, 2014

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

 

 

 



Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage refinance applications increased 11.6% from last week.  PropertyRadar believes the California real estate market is slow right now with the increase in home prices and decrease in demand.  Senator Elizabeth Warren and Congressman Elijah Cummings have asked for an investigation into the risks posed by nonbank mortgage lenders.

In The News:

Mortgage Bankers Association - “Refinance Applications Increase in Latest MBA Weekly Survey” (10-22-14)

“Mortgage applications increased 11.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 17, 2014.  This week’s results did not include an adjustment for the Columbus Day holiday.”

Bloomberg - “Risk-Retention Rule Ignores Costs to Market, SEC Dissenters Say” (10-22-14)

“New U.S. rules requiring lenders keep a stake in mortgages they package for sale were assailed by Republicans on the Securities and Exchange Commission who say regulators ignored the cost and impact of the measures.”

Housing Wire - “PropertyRadar: California real estate market stuck in low gear” (10-22-14)

“California single-family home and condominium sales fell 5.6% to 32,017 units from 33,931 in August, PropertyRadar reports, blamed largely on high prices, falling demand and tight lending.”

OC Housing News“The housing market depends entirely on interest-rate stimulus” (10-22-14)

“Back in February of 2013 when mortgage rates were near record lows, I wrote that future housing markets would be very interest-rate sensitive, despite assurances to the contrary from most macro-economists.”

Mortgage Professional America“12 cities with the fastest moving housing markets” (10-22-14)

“As the weather continues to cool and the real estate enters its slow season, properties in 12 major metro areas are still selling quickly, less than two months on the market, according to the National Association of Realtor’s National Housing Trend Report.”

Realty Trac - “Nevada HOA Liens Extinguish First Deed of Trust” (10-22-14)

“Las Vegas real estate investors and mortgage lenders are squaring off in Nevada in a dispute that could ultimately be decided by the U.S. Supreme Court.”

Housing Wire - “Freddie Mac: The 4 ingredients for housing recovery” (10-22-14)

“While America has traveled a long way from the struggles caused by the Great Recession, the pain from the crisis has not fully dissipated.”

Mortgage Professional America - “Senator calls for investigation of nonbank servicers” (10-22-14)

“Earlier this week Senator Elizabeth Warren (D-Mass.) and Congressman Elijah Cummings (D-Md.) called on the U.S. Government Accountability Office (OIG) to investigate nonbank mortgage lenders and the risks they pose to consumers.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

The unemployment rate decreased to 7.2% and was at its lowest level since November 2008.  Spending on construction increased in August for the fifth month in a row by 0.6%.  The Federal deficit was at $22B with the recent FHA bailout.

 

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.

Capitol Economics Optimistic About Economic Recovery After Seeing Increase in Existing Home Sales

Tuesday, October 21st, 2014

Copyright: Image from www.pallspera.com

 

 

 



Today’s News Synopsis:

Existing home sales increased by 2.4% last month to a 5.17 million annual rate, leading organizations like Capital Economics to be optimistic about the economy improving.  The Mortgage Bankers Association is also optimistic mortgage originations will increase 7% in 2015.  A new QRM rule is in the final states of being completed by financial regulators.

In The News:

Mortgage Bankers Association - “MBA Sees Originations Increasing Seven Percent in 2015″ (10-21-14)

“The Mortgage Bankers Association announced today that it expects to see $1.19 trillion in mortgage originations during 2015, a seven percent increase from 2014.”

Bloomberg - “U.S. Agencies to Require CLO Managers to Retain 5% of Deals” (10-21-14)

“U.S. regulators will make investment firms or banks that create securities backed by high-risk corporate loans retain a portion of their new deals.”

DS News“Castro Outlines HUD’s ‘Blueprint for Access’” (10-21-14)

“U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro announced in a speech on Monday the points of HUD’s “Blueprint for Access” meant to ease the risk of lenders while expanding credit.”

OC Housing News“Are the GSEs returning to subprime lending?” (10-21-14)

“Those of us who watched the housing bubble and bust and detailed it’s causes are greatly concerned about returning to the disastrous lending practices of the past.  Although some degree of credit loosening was inevitable, the last thing any of us should want to see is a return to irresponsible subprime lending, particularly now that the US Taxpayer is liable for all the losses.”

Housing Wire“Capital Economics: Recovery in home sales marches on” (10-21-14)

“The increase in existing home sales in September took sales activity to a 12-month high, and with falling mortgage interest rates and what some see as an improving labor market, Capital Economics is getting bullish on housing.”

Bloomberg - “FDIC Backs Rules Requiring Lenders to Keep Stakes in CLOs” (10-21-14)

“Lenders will have to keep stakes in mortgages and highly leveraged corporate bonds they package for sale to investors under measures approved by U.S. regulators to rein in risky credit practices.”

Housing Wire - “S&P/Experian: Mortgage default rates increase two months straight” (10-21-14)

“Consumer default rates recorded a slight uptick in September, rising for the second consecutive month, according to the most recent S&P/Experian Consumer Credit Default Indices.”

DS News“Financial Regulators Finalize QRM Rule” (10-21-14)

“Federal regulators announced on Tuesday they have finalized a rule establishing a risk retention framework for mortgage lenders securitizing and selling loans.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

The NAR reported existing-home sales decreased the previous month by 1.9% after reaching their highest level in August.  It was reported that one in five loans did not meet the requirements set down by CFPB regarding qualified mortgages.  The number of jumbo loans available in the Chicago area allowed more homeowners to move up in the 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.

Maryland Bank Closes After Three Months of No Bank Failures

Monday, October 20th, 2014

Copyright: Image from www.flickr.com/photos/mlrs193/

 

 

 



Today’s News Synopsis:

Bill Cosgrove, who will be featured on the panel for I Survived Real Estate 2014, spoke at the MBA’s 101st Annual Convention & Expo about Dodd-Frank to the future of America’s housing.  A bank in Maryland recently closed its doors after three months of no bank failures.  Foreclosures in California are at their lowest in 9 years with only 16,883 completed, down 17% from the previous year.

In The News:

Mortgage Bankers Association - “Remarks by Bill Cosgrove, MBA Chairman During MBA’s 101st Annual Convention & Expo” (10-20-14)

“Bill Cosgrove, Chairman of the Mortgage Bankers Association (MBA) today delivered the following remarks at the association’s 101st Annual Convention and Expo in Las Vegas, NV.

“For the third time this year, nationwide housing starts surpassed the million-mark, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Housing Wire - “Mel Watt and Julian Castro announce housing policy changes” (10-20-14)

“Federal Housing Finance Agency Director Met Watt and U.S. Secretary of Housing and Urban Development Julian Castro announced their plans to address some of the housing finance industry pain points in what MBA CEO David Stevens called “extremely positive” policy steps.”

OC Housing News“As personal finances improve, debt collectors come calling” (10-20-14)

“Most borrowers who defaulted on debts during the recession waited anxiously for their lenders to come after them for the bad debt. When lenders didn’t pursue collection on bad debts at the time, most borrowers blithely assumed they no longer owed this money, but most often that isn’t the case.”

Mortgage Professional America - “California foreclosures near 9-year low” (10-20-14)

“While the majority of the country experience a rise in foreclosures, California saw a record-low during the third quarter.  Lenders initiated formal foreclosure proceedings last quarter with the lowest number of California homes in almost nine years, according to the latest CoreLogic DataQuick report.”

Bloomberg - “Fannie-Freddie Clarify Buyback Rules in Bid to Ease Credit” (10-20-14)

“Fannie Mae (FNMA) and Freddie Mac have reached an agreement with banks better defining bad practices that would trigger penalties for lenders, expanding efforts to ease tight credit that’s creating a drag on the housing market.”

Housing Wire - “S&P: Nonbank earnings will be weak” (10-20-14)

“Unless nonbank mortgage companies post a significant rebound in their third-quarter earnings Standard & Poor’s said it would have to take take further negative action on them.”

DS News“Maryland Charter Bank Shuts Down” (10-20-14)

“After nearly three months without a failure, another FDIC-insured institution went down last week.  The Office of the Commissioner of Financial Regulation in Maryland shut down NBRS Financial, based in Rising Sun, appointing FDIC as receiver, according to dual releases from both agencies.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

 

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.

Multifamily Lending Numbers Sets New Record for 2013 with 18% increase from 2012

Friday, October 17th, 2014

Copyright: Image from www.flickr.com/photos/22318392@N04/

 

 

Sources:

Study: 52 Percent of County Housing Markets ‘Better Off’ Than Two Years Ago
Mortgage lending regulation compliance costs up 30%



Today’s News Synopsis:

Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video.  Housing starts increased above 1 million for the third time this year.  The number of foreclosures filed last quarter decreased 17% year-over-year and are down to their lowest in nine years.  Lending on multifamily properties increased 18% from 2012, setting a new record for 2013.

In The News:

Mortgage Bankers Association - “Multifamily Lending Hits New Record in 2013″ (10-17-14)

“In 2013, 2,898 different multifamily lenders provided a total of $172.5 billion in new mortgages for apartment buildings with five or more units, according to a report from the Mortgage Bankers Association (MBA).”

NAHB“Nationwide Housing Starts Top 1 Million for Third Time this Year” (10-17-14)

“For the third time this year, nationwide housing starts surpassed the million-mark, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Housing Wire - “FHFA, Fannie &Freddie near deal to open mortgage credit box” (10-17-14)

“As readers of HousingWire know, Federal Housing Finance Agency Director Mel Watt has been working towards a plan to open what many see as underwriting standards that are too restrictive.”

OC Housing News“Will the CAR 2015 housing market sales forecast be way off?” (10-17-14)

“Past performance is not always the best indicator of the skill of forecasters. For example, if meteorologists issue a standard forecast for weather in Southern California of morning clouds, afternoon sun, and highs in the upper 60s or low 70s, they would be correct over 80% of the time, but what have they forecast? Nothing.”

Mortgage Professional America - “SEC official: Too many regulators are ‘piling on’” (10-17-14)

“For years the federal government has been heaping regulations bureaucracy and red tape on originators. Finally, at least one SEC official has said it’s too much.”

Bloomberg - “Rates Below 4% Leave U.S. Refinancing Banker Sleepless” (10-17-14)

“The drop in mortgage rates below 4 percent has cut into Debra Shultz’s sleep. The New York City banker is busier than she’s been in months, working with three dozen homeowners eager to lower their payments.”

Housing Wire - “This could happen now that mortgage rates dropped below 4%” (10-17-14)

“Housing prices continue to slow and are hopefully reaching a growth rate in line with interest rates and income growth, but meanwhile the market is trying to determine what the recent weakness in US economic reports.”

Los Angeles Times“California foreclosure filings fall to lowest level since 2005″ (10-17-14)

“The foreclosure crisis is rapidly becoming a thing of the past.  The number of foreclosure filings on California homes fell to their lowest level in nearly nine years last quarter, according to a report released Friday.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

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

 

Looking Back:

Home prices increased back in August and were at levels last seen in 2009.  More and more people were flipping homes due to a decrease in good deals on homes.  Consumer confidence decrease again, causing Fannie Mae to change their outlook on the economy.

 

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.