The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘real estate investing’

By Bruce Norris .

The Norris Group Real Estate News Roundup 4/17/14

Thursday, April 17th, 2014

Sources:

Fitch:Apartments are filling up
Confidence Among U.S. Homebuilders Increases Less Than Forecast

Today’s News Synopsis:

This week’s video is a slideshow of the highlights from the news of the week.  Unemployment claims decreased 41% and are at their lowest in seven years.  Mortgage rates decreased again for the second week in a row with 30-year rates now at 4.27% and 15-year rates at 3.33%.  Home sales increased again in California last month.

In The News:

Housing Wire - “Freddie Mac: Mortgage rates fall two weeks straight” (4-17-14)

“Mortgage rates fell for the second week straight, hitting a six week low and assisting in homebuyer affordability during the spring home buying season.”

DS News - “California Home Sales Jump Higher in March” (4-17-14)

“The California Association of Realtors (CAR) reported 367,000 closed escrow sales of existing single-family detached homes, seasonally adjusted at an annualized rate. March marked the fifth straight month with sales below the 400,000 level, and the eighth month of declining sales on a year-over-year basis.”

Mortgage Professional America - “Seriously underwater homes at lowest level in 2 years” (4-17-14)

“The number of seriously underwater residential properties has reached its lowest level in two years – but the pace of equity recovery is slowing, according to data released today.”

Realty Trac - “How Tight Credit is Putting the Squeeze on Housing” (4-17-14)

“Writing about how tight credit is squeezing out first-time homebuyers, Dr. Kenneth T. Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at UC Berkeley, penned an illuminating article for the Foreclosure News Report, on why some would-be homebuyers are being forced to rent because lenders don’t want to make 30-year loans at such low interest rates.”

Inman“Realtor.com: Buying conditions improving as more homes come on the market” (4-17-14)

“The number of homes for sale and the amount of time they’d typically been on the market both increased in March, “welcome signs” for spring buyers, realtor.com reported today.”

DS News - “Credit Default Rates Fall Again in March” (4-17-14)

“Data through March 2014 found that national credit default rates declined for the month, according to the S&P/Experian Consumer Credit Default Indices. The two groups offer a comprehensive measure of changes in consumer credit defaults.”

Housing Wire - “Jobless claims remain at 7-year low” (4-17-14)

“Despite creeping up slightly from last week’s total, the number of Americans making their initial unemployment claims is still at a 7-year low, and is down 41% from the same week last year.”

Realty Trac - “Should Fannie and Freddie Bankroll ‘Affordable Housing’” (4-17-14)

“On Jan. 24, 33 Democratic senators sent a letter to Federal Housing Finance Agency director Mel Watt, requesting funding for two initiatives that have been suspended since their inception in 2008 — the National Housing Trust Fund (NHTF) and the Capital Magnet Fund (CMF).”

 

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications increased 4.8% from the previous week.  Home builder sentiment increased by three points to 53, the highest in six years.  Bank of America posted their profit for the first quarter of 2013 at $2.6 billion.

 

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 Real Estate News Roundup 4/16/14

Wednesday, April 16th, 2014


Today’s News Synopsis:

Housing starts increased slightly by 2.8% last month, increasing to 946,000 units from 920,000.  Mortgage applications increased again by 4.3% from last week.  First quarter earnings for Bank of America were low due to an increase in legal expenses.

In The News:

DS News - “Bank of America Legal Expenses Hurt Q1 Earnings” (4-16-14)

“Legal expenses took a substantial bite out of Bank of America’s first-quarter earnings, resulting in a net loss of $276 million to start the year.”

NAHB - “Housing Starts Rise 2.8 Percent in March” (4-16-14)

“Led by a 6 percent rise in single-family starts, nationwide housing production rose 2.8 percent above an upwardly revised February rate of 920,000 to a seasonally adjusted annual rate of 946,000 units in March, according to newly released figures from HUD and the U.S. Census Bureau.”

Bloomberg - “CBS Get Favorable Tax Ruling on Billboard Unit Spinoff” (4-16-14)

“CBS Corp. (CBS), the broadcaster that’s spinning off its U.S. billboard advertising unit, said it received a favorable tax ruling on the transaction in a private letter from the Internal Revenue Service.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-16-14)

“Mortgage applications increased 4.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 11, 2014.”

Housing Wire - “Refinances continue downward trend, ARMs on the rise” (4-16-14)

“Homeowners seeking a refinance on their home loan are becoming more rare by the day. According to Ellie Mae’s (ELLI) March 2014 Origination Insight Report, only 40% of all the loans closed were refinance loans.”

DS News - “Advances Rise Due to Secured Loans to JPMorgan, Wells Fargo” (4-16-14)

“After a steep plunge in the amount of housing finance aid given to banks, federal money poured into the country’s largest lenders in 2012 and 2013, as liquidity at the banks found stable ground, according to a report released Wednesday by the Federal Housing Finance Agency.”

Housing Wire - “U.S. Bancorp’s mortgage revenue sliced nearly in half” (4-16-14)

“Despite witnessing signs of strong new lending activity, mortgage growth still came up short in U.S. Bancorp’s (USB) first quarter earnings, offsetting any potential growth.”

Mortgage Professional America - “Commercial, multifamily loans spike in 2013″ (4-16-14)

“Commercial and multifamily mortgage bankers did $358.5 billion in loan volume last year, according to data released by the Mortgage Bankers Association.”

 

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $210,000 on a 3 bedroom, 2.5 bathroom home appraised for $310,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

 

Looking Back:

In a big news story, housing starts increased 7% the previous month, exceeding expectations.  The 2014 fiscal budget showed a potential taxpayer bailout totaling $943 million to cover losses from bad loans.  The recent S & P Dow Jones Indeces showed mortgage default rates decreased again in March to 1.41%.

 

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 Real Estate News Roundup 4/15/14

Tuesday, April 15th, 2014


Today’s News Synopsis:

Mortgage applications increased 15% according to the latest Builder Application Survey by the Mortgage Bankers Association.  Builder confidence increased below expectations to only 47 this month with relatively flat sales and buyer traffic.  A recent report by Mortgage Daily showed mergers with banks is actually outpacing bank failures despite their increase in the market.

In The News:

Bloomberg - “Confidence Among U.S. Homebuilders Increases Less Than Forecast” (4-15-14)

“Confidence among U.S. homebuilders rose less than forecast in April as sales and prospective buyer traffic stagnated, showing the residential real estate market struggled to improve after a harsh winter.”

Mortgage Bankers Association - “Applications for New Home Purchases Increased in March 2014″ (4-15-14)

“The Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS) data for March 2014 shows mortgage applications for new home purchases increased by 15 percent relative to the previous month.”

DS News - “Nevada Slowly Making Economic Comeback” (4-15-14)

“It would appear that the Silver State is slowly making a comeback, according to a new report from the Wells Fargo Economics Group.”

Mortgage Professional America - “Default rates hit pre-crisis levels” (4-15-14)

“Credit default rates, including mortgage defaults, were down nationally in March for the second straight month, according to data released today.”

DS News - “Report: Bank Mergers Outpace Bank Failures” (4-15-14)

“According to the Mortgage Graveyard report by Mortgage Daily, the number of mortgage-related failures has significantly declined this past year, and wholesale lenders are disappearing equally as quickly. However, mortgage mergers are on the rise.”

Housing Wire - “San Francisco boasts highest credit risk spread” (4-15-14)

“Every market bodes a different credit risk, and a new product from Collateral Analytics shows just how different each area can be.”

Mortgage Professional America - “Asking prices hit 5-year high” (4-15-14)

“Home sellers’ asking prices are at a five-year high even as mortgage loan volumes have hit their lowest levels since 1997.”

Realty Trac - “Why 2014 Will Be A Downer For Mortgage Lenders” (4-15-14)

“There’s little doubt that 2014 is going to be a tough year for mortgage lenders, something which has been apparent for some time.”

 

Hard Money Loan Closed

Apple Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $113,000 on a 3 bedroom, 2 bathroom home appraised for $174,000.

Apple Valley Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

 

Looking Back:

Homebuilder confidence decreased by two points to 42 this month according to the NAHB/Wells Fargo Housing Market Index.  Home prices increased the previous month with the drastic increase in home sales and decrease in home listings.   U.S. homebuyers received some unexpected help from the Bank of Japan.

 

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 Real Estate News Roundup 4/14/14

Monday, April 14th, 2014


Today’s News Synopsis:

A recent lawsuit by the FHFA against Deutsche Bank was just dismissed by a judge in New York.  Borrowers could end up paying billions of dollars in tax money if they received aid from their banks.  Defaults for commercial mortgage-backed securities decreased for the fourth year in a row to their lowest level in 6 years.  Specifically, apartment vacancies continue to decrease as rates keep increasing.

In The News:

Bloomberg - “Lending Plunges to 17-Year Low as Rates Curtail Borrowing” (4-13-14)

“U.S. mortgage lending is contracting to levels not seen since 1997 — the year Tiger Woods won his first of four Masters championships — as rising interest rates and home prices drive away borrowers.”

DS News - “NY Fed: Consumer Expectations Rise in March” (4-14-14)

“A new survey put out by the Federal Reserve Bank of New York found that consumer expectations rose slightly in March, while home price change expectations declined slightly.”

Mortgage Professional America - “Borrowers who got mortgage help could owe billions in taxes” (4-14-14)

“Borrowers who’ve received mortgage relief from their banks could be facing a big tax bill.  After the housing collapse left millions owing more on their mortgages than their homes were worth, many borrowers worked with their banks to obtain loan amount reductions and save their homes from foreclosure.”

Housing Wire - “Fitch: Apartments are Filling Up” (4-14-14)

“Commercial mortgage backed securitization defaults, including those for multifamily properties, dropped for the fourth consecutive year and to their lowest level since 2008, according to Fitch Ratings in its annual U.S. CMBS loan default study.”

Mortgage Professional America - “Judge throws out FHFA suit against big bank” (4-14-14)

“A state supreme court judge has thrown out a lawsuit filed against Deutsche Bank by the Federal Housing Finance Agency.”

Housing Wire - “Citi quiets critics, profits despite challenging quarter” (4-14-14)

“March’s mortgage bond issuance was the second lowest since the early 2000s, according to the latest Securitization Weekly report from Bank of America.”

DS News - “Current Housing Market ‘Far from Bubble Territory’” (4-14-14)

“Despite major gains in home values, particularly in California, market strategists from Pro Teck Valuation Services say there is no bubble on the horizon.”

 

Hard Money Loan Closed

Menifee, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $150,000 on a 3 bedroom, 2 bathroom home appraised for $230,000.

Menifee Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 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.

The Norris Group Real Estate News Roundup 4/11/14

Friday, April 11th, 2014

Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  You can read the stories in length in the blog below.

In The News:

Housing Wire - “Mortgage rates drop in time for spring homebuying” (4-11-14)

“As the market heads into the spring homebuying season, mortgage rates moved down slightly, according to the latest Freddie Mac Primary Mortgage Market Survey.”

Housing Wire - “Jobless claims fall to lowest level since 2007″ (4-11-14)

“The number of Americans making their initial claims for unemployment fell to the lowest level since May 12, 2007, according to the Bureau of Labor Statistics.”

Housing Wire - “Foreclosure activity at lowest level since 2Q 2007″ (4-11-14)

“There were 117,485 foreclosure filings in March 2014, which is up 4% from February but still down 23% compared to March 2013, according to RealtyTrac’s ‘U.S. Foreclosure Market Report’.”

Housing Wire - “American optimism trends higher as home buying season starts” (4-11-14)

“As the market enters the spring homebuying season, more homeowners are beginning to think now is a good time to sell a home, in addition to it being easier to get a mortgage, a government agency said.”

Housing Wire“Citi agrees to $1.125 billion mortgage bond investor settlement” (4-11-14)

“Citigroup announced that it reached an agreement with 18 institutional investors, represented by Gibbs & Bruns, regarding the resolution of certain legacy private-label securitization representation and warranty repurchase claims.”

Housing Wire - “GOP wants CFPB merged with other regulators” (4-11-14)

“The House Financial Services Committee hearing on the economic consequences of regulatory rulemaking and enforcement on Tuesday got heated early and often.”

Realty Trac - “CFPB Accused of Discrimination” (4-11-14)

“The Consumer Financial Protection Agency has come under fire for broad workplace discrimination.  .”

Housing Wire - “Congressman fires up debate on REO-to-rental” (4-4-14)

“One of the early alarm-sounders on the rise of REO-to-rental is trying to fire up the discussion over what he sees could be a potential threat to the housing market in the rise of investor-owned rental homes and the securitization of REO.”

 

Hard Money Loan Closed

Menifee, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $160,000 on a 4 bedroom, 2 bathroom home appraised for $241,000.

Menifee Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

 

Looking Back:

Regulators for Fannie Mae said borrowers would now be able to receive new loans from the HARP program all the way through 2015.  Foreclosures in the first quarter declined 12% quarterly and 23% yearly to their lowest in six years.  Mortgage rates continued to be on the decline according to Freddie Mac.

 

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

The Norris Group Real Estate News Roundup 4/10/14

Thursday, April 10th, 2014


Today’s News Synopsis:

Mortgage rates decreased right at the start of the spring homebuying season with 30-year rates now at 4.34% and 15-year at 3.38%.  Claims for unemployment decreased by 32,000 to 300,000, putting them at their lowest level since 2007.  Foreclosures increased 4% month-over-month in March but decreased 23% year-over-year, putting them at their lowest since the second quarter of 2007.

In The News:

Housing Wire - “Jobless claims fall to lowest level since 2007″ (4-10-14)

“The number of Americans making their initial claims for unemployment fell to the lowest level since May 12, 2007, according to the Bureau of Labor Statistics.”

Bloomberg - “Banks’ Court Foreclosures Foreclosures Mean More Inventory: Mortgages” (4-10-14)

“Lenders are increasingly using U.S. courts to foreclose on delinquent homeowners in states where it’s not required to reduce the risk of falling afoul of new protections.”

Mortgage Professional America“Mortgage insurance premiums not headed down: FHA” (4-10-14)

“Don’t expect mortgage insurance premiums to fall anytime soon, according to the commissioner of the FHA.  Speaking to the Mortgage Bankers Association conference, FHA commissioner Carol Galante said mortgage premium increases were necessary, MNI has reported.”

Housing Wire“Foreclosure activity at lowest level since 2Q 2007″ (4-10-14)

“There were 117,485 foreclosure filings in March 2014, which is up 4% from February but still down 23% compared to March 2013, according to RealtyTrac’s “U.S. Foreclosure Market Report.”

CNN Money - “Big bank earnings likely in doghouse” (4-10-14)

“Don’t bet on dazzling earnings from big banks.  That’s the message from a number of fund managers and analysts ahead of Friday, whenJPMorgan Chase (JPMFortune 500) and Wells Fargo (WFCFortune 500) report first quarter results. Citigroup (CFortune 500), Bank of America (BACFortune 500), Goldman Sachs (GSFortune 500), and Morgan Stanley (MSFortune 500) will report their earnings next week..”

Housing Wire - “Mortgage rates drop in time for spring homebuying” (4-10-14)

“As the market heads into the spring homebuying season, mortgage rates moved down slightly, according to the latest Freddie Mac Primary Mortgage Market Survey.”

Mortgage Professional America - “Bank repossessions lowest since 2007″ (4-10-14)

“Bank repossessions have fallen to their lowest level in nearly seven years.  New data from RealtyTrac shows foreclosure filings edged up by 4% from February to March, but were down 23% from March 2013.”

Bloomberg - “Brooklyn Apartment Rents Jump to a Record as Leases Surge” (4-10-14)

“Brooklyn apartment rents rose to a record in March and new leases more than doubled, extending a surge in housing demand in the New York borough that was once seen as a refuge from Manhattan’s high costs.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $155,000 on a 3 bedroom, 2 bathroom home appraised for $225,000.

Moreno Valley Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

 

Looking Back:

The Mortgage Bankers Association reported a 4% increase in mortgage applications from the previous week.  The Lender Processing Services reported about 500,000 delinquent loans were repaired in February, showing an increase in the number of fixed loan mods.  Zillow reported an increase in home prices with 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.

The Norris Group Real Estate News Roundup 4/9/14

Wednesday, April 9th, 2014


Today’s News Synopsis:

Mortgage applications decreased by 1.6% in the latest Mortgage Bankers Association Survey.  Weather conditions had a large effect the growth of the economy according to the Federal Open Market Committee.  Despite in years past making up only a small percentage of the market, second-home mortgages have increased since 2009 and have showed to be at 4.76% average.

In The News:

DS News - “Freddie Mac Extends Mortgage Relief to Washington Disaster Victims” (4-9-14)

“Freddie Mac commented Wednesday that its’ full menu of mortgage relief policies are available for borrowers who are affected by disasters in the state of Washington from recent flooding and landslides.”

Mortgage Bankers Association - “Mortgage Purchase Applications Decrease in Latest MBA Weekly Survey” (4-9-14)

“Mortgage applications decreased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 4, 2014.”

Mortgage Professional America“Lawmakers blast CFPB secrecy” (4-9-14)

“Republican lawmakers have continued to take the CFPB to task over a lack of transparency.”

Housing Wire“Congressman fires up debate on REO-to-rental” (4-9-14)

“One of the early alarm-sounders on the rise of REO-to-rental is trying to fire up the discussion over what he sees could be a potential threat to the housing market in the rise of investor-owned rental homes and the securitization of REO.”

CNN Money - “Judge set to decide SAC Capital’s penalty” (4-9-14)

“A federal judge could rule Thursday on whether she’ll accept the insider trading guilty plea from the hedge fund firm formerly known as SAC Capital Advisors, as well as the proposed $1.2 billion in penalties.”

Housing Wire - “FOMC: Weather slows economic growth” (4-9-14)

“Economic growth slowed early this year, largely due to the temporary effects of the unusually cold and snowy winter weather, the minutes from the March 18-19 Federal Open Market Committee meeting said.”

Bloomberg - “Nader Seeks Fannie Mae Value in Push Aiding Hedge Funds” (4-9-14)

“Consumer activist Ralph Nader and a free-market group whose funders include billionaires Charles and David Koch are part of a growing crowd urging the Senate to preserve value for investors in Fannie Mae and Freddie Mac.”

DS News - “Second-Home Mortgages on the Rise; Buyers Take Advantage of Prices” (4-9-14)

“The second-home mortgage market makes up only a small percentage of total mortgages, but the share of second mortgages has been on the rise since 2009, according to a recent report from Fannie Mae.”

Hard Money Loan Closed

Ontario, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $157,000 on a 3 bedroom, 2 bathroom home appraised for $244,000.

Ontario Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

 

Looking Back:

The number of job openings in February increased to their highest in five years at 3,925,000.  In a big week for foreclosures, consumer groups including the Consumers Union and Center for Responsible Lending urged mortgage servicers to come up with efficient ways to prevent foreclosures.  In addition, borrowers who were covered by a recent foreclosure agreement received their first checks on April 12.  In a more humorous story, the Obama Administration cut more from the budget, including catfish inspectors.

 

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 Real Estate News Roundup 4/8/14

Tuesday, April 8th, 2014


Today’s News Synopsis:

The amount of mortgage credit available increased last month to 114.0 from 113.5, an increase of 0.44%.  The Mortgage Bankers Association also reported Commercial/Multifamily Originations increased to $358.5 billion last year.  One-third of Americans do not have emergency savings according to the latest survey by NeighborWorks America.

In The News:

Housing Wire - “GOP wants CFPB merged with other regulators” (4-8-14)

“The House Financial Services Committee hearing on the economic consequences of regulatory rulemaking and enforcement on Tuesday got heated early and often.”

Realty Trac“The New World of Mortgage ‘Buffers’” (4-8-14)

“There’s a great curiosity in the real estate marketplace: interest rates are low while home values have yet to reach the prices seen in 2007 and yet borrowers are having trouble getting loans.”

Bloomberg“Housing Bill Threatened by Rift on Help for Disadvantaged” (4-8-14)

“Efforts to overhaul the U.S. housing-finance system could hinge on how far Congress is willing to go to ensure that young, low-income and minority homebuyers can get mortgages.”

Housing Wire - “Lawsky’s DFS office looking into Ellie Mae attack” (4-8-14)

“The New York Department of Financial Services is surveying members of the mortgage broker and banking community it regulates to determine what, if any, impact the March 31-April 1 cyber attacks had on Ellie Mae (ELLI).”

Mortgage Bankers Association - “Mortgage Credit Availability Increases Slightly in March” (4-8-14)

“Mortgage credit availability increased slightly in March 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 - “NeighborWorks: 1 in 3 adult Americans has no emergency savings” (4-8-14)

“A survey by NeighborWorks America finds that almost 70 million working age Americans – about one-third – have no emergency savings, and 25% only have enough saved to cover 30 days of living expenses.”

Mortgage Professional America - “Former CFPB official’s controversial company could launch mortgages within months” (4-8-14)

“Investors including hedge funds are buying the preferred stock of government-controlled mortgage firms Fannie Mae and Freddie Mac in a long-shot bet they will have a future as private companies.”

Mortgage Bankers Association - “Mortgage Bankers’ Commercial/Multifamily Originations Rose to $358.5 Billion in 2013″ (4-8-14)

“Commercial and multifamily mortgage bankers closed $358.5 billion of loans in 2013 according to the Mortgage Bankers Association’s (MBA) 2013 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $97,000 on a 3 bedroom, 2 bathroom home appraised for $145,000.

Hesperia Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

 

Looking Back:

Consumer confidence gained momentum as the number of people wanting to sell a home now was nearly double what it was last year.  Home prices  increased drastically, which could lead to a cut in the FHA’s shortfall prediction in Obama’s budget.  The speed for HARP refinancing continued to remain high despite reports of a breakdown.

 

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 Real Estate News Roundup 4/7/14

Monday, April 7th, 2014


Today’s News Synopsis:

More and more consumers have a positive outlook on the market right now and believe now is a good time to buy.  Citigroup reached a settlement with 18 institutional investors and has agreed to pay $1.125 billion.  A bill passed by the Senate today, if it goes through, will extend jobless benefits through the end of May for over 2 million unemployed workers.  .

In The News:

Bloomberg - “Fannie-Freddie Elimination Model in Apartments: Mortgages” (4-6-14)

“The apartment-lending units of Fannie Mae (FNMA) and Freddie Mac were among their few money makers after the U.S. housing collapse. Now they should help transform the U.S. mortgage industry.”

Realty Trac - “CFPB Accused of Discrimination” (4-7-14)

“The Consumer Financial Protection Agency has come under fire for broad workplace discrimination.  An American Banker magazine article published on March 6 revealed that CFPB  managers showed ‘a pattern of ranking white employees considerably better than minorities in performance reviews used to award raises and bonuses’.”

Housing Wire - “American optimism trends higher as home buying season starts” (4-7-14)

“As the market enters the spring homebuying season, more homeowners are beginning to think now is a good time to sell a home, in addition to it being easier to get a mortgage, a government agency said.”

CNN Money - “Senate to vote to extend jobless benefits” (4-7-14)

“The Senate is expected to pass a bill to extend federal jobless benefits for more than 2 million unemployed workers through May 31.”

Housing Wire“Citi agrees to $1.125 billion mortgage bond investor settlement” (4-7-14)

“Citigroup announced that it reached an agreement with 18 institutional investors, represented by Gibbs & Bruns, regarding the resolution of certain legacy private-label securitization representation and warranty repurchase claims.”

DS News - “Easements May Create Rights and Duties That Are Not So Obvious” (4-7-14)

“When an easement over someone’s land is granted, it creates rights and duties for both parties. These are not always obvious. A recent California appellate decision (Dolnikov v. Ekizian, Second Appellate District, December 10, 2013) sheds light on the principles at work.”

Housing Wire - “Bank of America’s dire mortgage bond prediction” (4-7-14)

“March’s mortgage bond issuance was the second lowest since the early 2000s, according to the latest Securitization Weekly report from Bank of America.”

 

Hard Money Loan Closed

Norco, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $240,000 on a 4 bedroom, 2 bathroom home appraised for $400,000.

Norco Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 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.

The Norris Group Real Estate News Roundup 4/4/14

Friday, April 4th, 2014

Sources:

Home prices flat through first quarter 2014
Residential construction spending down for February

Today’s News Synopsis:

This week’s video is a slideshow of highlights from the news of the week.  The unemployment rate remains virtually unchanged as only 192,000 jobs were added last month, below expectations.  A recent study by Zillow showed more homes now are unaffordable.  One-third of homes for sale are the most unaffordable in history, as well as over half the homes in large metropolitan areas.  A new study by the Harvard Joint Center for Housing Studies showed the overtaking of Fannie and Freddie could result in higher mortgage rates.

In The News:

Housing Wire - “Near-stagnation March jobs report leaves unemployment rate unchanged” (4-4-14)

“Employers added 192,000 jobs in March, according to the Bureau of Labor Statistic, missing expectations with near-stagnation level job creation.”

Mortgage Professional America - “Fannie,Freddie overhaul could mean higher rates: study” (4-4-14)

“A planned overhaul of Fannie Mae and Freddie Mac could send mortgage rates climbing for homeowners with weaker credit, according to a new study.”

Bloomberg - “Wall Street Engineers Awaken CDOs in Real Estate Deals” (4-4-14)

“Wall Street’s financial engineers are getting creative again.  Commercial real-estate investor H/2 Capital Partners bundled a hodge podge of its holdings — from bonds tied to skyscrapers and malls to junk-rated bank loans — into about $400 million of securities.”

Housing Wire - “Wall Street getting hungrier for private-label MBS?” (4-4-14)

“Wall Street is getting hungrier for private-label mortgage-backed securities, if the Federal Reserve’s quarterly survey of senior credit officers is accurate.”

CNN Money“Holder: U.S. probing high frequency trading” (4-4-14)

“The Justice Department is investigating whether high frequency trading violates insider trading laws, Attorney General Eric Holder said Friday.”

Inman - “Zillow plays to win” (4-4-14)

“Zillow stock is trading at $91 a share with a staggering market cap of $3.56 billion, more than double the valuation of its closest competitor, Trulia ($1.29 billion), dwarfing Move ($460.5 million) and Re/Max ($339.5 million), and gunning for Realogy with a $6.43 billion valuation.”

Housing Wire - “1 in 3 homes is unaffordable and a bubble is forming” (4-4-14)

“More than half the homes currently on the market in seven major American metros are currently unaffordable for local residents, and one-third of homes for sale are unaffordable by historic standards.”

 

Hard Money Loan Closed

Carson, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $170,000 on a 2 bedroom, 1 bathroom home appraised for $343,000.

Carson Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

 

Looking Back:

Mortgage rates decreased this past week with 30-year rates at 3.54% and 15-year rates at 2.74%.  The NAHB reported the number of improving housing markets remained the same this month after having shown improvement for seven months straight.  More consumers had a positive outlook on the economy with the housing recovery.

 

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.