California Real Estate Headline Roundup

Posts Tagged ‘real estate investing’

By Bruce Norris .

Bank of America Planning More Layoffs in Mortgage Business

Friday, February 27th, 2015

 

 

 

 

 

Sources:

MBA: Mortgage delinquencies continue decline in 4Q14
Mortgage Applications Decrease in Latest MBA Weekly Survey

 

Today’s News Synopsis:

This week’s video is a slideshow of the news of the week in the world of real estate.  The Bank of America is planning to lay off more employees in their mortgage-related business.  More and more Americans are preferring larger homes to smaller ones.  Rohit Gupta urged the need for there to be more of a balance between mortgage insurers and the FHA.

In The News:

Mortgage Professional America“Congress grills FHA supporters over premium reduction” (2-27-15)

“Rohit Gupta, president and CEO of Genworth Mortgage Insurance and chair of U.S. Mortgage Insurers (USMI), testified before the House Financial Services Committee Housing and Insurance Subcommittee stressing the need for balance between the roles of the Federal Housing Administration (FHA) and MI when it comes to taxpayers.”

Mortgage Professional America - “More mortgage staff layoffs at Bank of America” (2-27-15)

“Bank of America Corp. announced more plans this week to cut an additional 116 mortgage-related jobs in the Dallas area, bringing the layoff total to 177 lost jobs.”

DS News“Clayton Holdings Hires New COO” (2-27-15)

“Thirty-year mortgage industry veteran Jeff Tennyson has joined Clayton Holdings LLC as chief operating officer. Tennyson will be in charge of all of Clayton’s business holdings in the United States, including Transaction Management, Consulting, Surveillance, Commercial Due Diligence, and Green River Capital.”

Housing Wire“BNY Mellon and Amherst form new real estate credit company” (2-27-15)

“Bank of New York Mellon (BK) is partnering with Amherst Holdings to launch a new company that will focus on real estate credit management.  The companies established Amherst Capital Management, which will be a majority-owned subsidiary of Standish, BNY Mellon’s fixed-income-focused investment boutique, and will be co-owned by Amherst Holdings.”

Mortgage Professional America“Daily Market Update: Trending tiny homes may be a thing of the past” (2-27-15)

“While downsizing may have become a thing during the recession it seems that Americans have now decided that it’s time to go large again.  A poll by property site Trulia has found that 43% of respondents want a “somewhat” or “much” bigger home than they have currently; in under 35’s that figure increases to 60%.”

 

San Pedro, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $160,000 on a 3 bedroom, 1 bathroom home appraised for $366,000.

Lakewood Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at Coldwell Banker’s  2015 Real Estate Forecast Wednesday, March 4.

Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.

 

Looking Back:

Fixed mortgage rates increased again for the fourth week in a row with 30-year rates at 4.37%  and 15-year rates at 3.39%.  Bank of America was facing an investigation by the U.S. Attorney’s Office over their participation in the FHA’s Direct Endorsement Program.  The Treasury Department was to receive $10.4 billion from Freddie Mac the following month as a return for helping bail them out back in 2008.

 

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.

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Latest Multifamily Production Index Comes in at 54 for the Fourth Quarter of 2014

Thursday, February 26th, 2015

 

Today’s News Synopsis:

Mortgage rates continued to show signs of increase for the third week in a row with 30-year rates at 3.80% and 15-year rates at 3.07%.  Developer sentiment continues to remain above 50 for the multifamily market for the third week straight.  The latest Multifamily Production Index came in at 54 for the fourth quarter of 2014.  Home prices increased 1.4% in the fourth quarter in December.

In The News:

DS News“Morgan Stanley Agrees to Pay $2.6 Billion to Resolve RBMS Claims” (2-25-15)

“Investment firm Morgan Stanley agreed in principle on Wednesday to pay $2.6 billion to resolve claims that it packaged and sold faulty residential mortgage-backed securities leading up to the financial crisis, according to multiple media reports.”

Housing Wire“Freddie Mac: Mortgage rates increase three weeks straight” (2-26-15)

“Although mortgage rates grew for the third consecutive week, they still remain near lows experienced in late May 2013, the latest Freddie Mac Primary Mortgage Rate Survey found.”

NAHB - “Developers’ Sentiment About Multifamily Market Holds Steady in the Fourth Quarter” (2-26-15)

“The Multifamily Production Index (MPI), released today by the National Association of Home Builders (NAHB), held steady with a reading of 54 for the fourth quarter of 2014. This capped the third straight year of quarterly readings consistently at 50 or above.”

Housing Wire“Fannie Mae: Strong job growth could boost economy” (2-26-15)

“Despite the slate of bad news that’s started off 2015, Fannie Mae’s analysts predict that the economy is poised for a pickup in growth in 2015.  Fannie’s Economic & Strategic Research Group say they expect a strengthening employment sector, rising income growth, and declining commodity prices.”

DS News“FHA Commissioner Reaffirms Commitment to Middle Class, Administration’s Role” (2-26-15)

“Federal Housing Administration (FHA) Acting Commissioner Biniam Gebre reaffirmed his organization’s commitment to America’s middle class as well as the role of the Administration and defended the FHA’s recent lowering of the mortgage insurance premiums in statement released Thursday.”

Mortgage Professional America“Daily Market Update: New home sales hold steady” (2-26-15)

“Newly released data from the US Department of Housing and Urban Development and the U.S. Census Bureau show that sales of new homes was down slightly in January, falling 0.2% to an adjusted annual rate of 481,000.”

Housing Wire - “FHFA: House prices edge up 1.4% in December” (2-26-15)

“House prices rose 1.4% in the fourth quarter of 2014 according to the Federal Housing Finance Agency house price index.  This is the fourteenth consecutive quarterly price increase in the purchase-only, seasonally adjusted index. FHFA’s seasonally adjusted monthly index for December was up 0.8% from November.”

Mortgage Professional America“TRID: I don’t think it means what you think it means” (2-26-15)

“The new integrated disclosure rule is set to take effect in August 1 and is something the mortgage industry has been warned about again and again. However, while many are aware of the rule, they are unaware of one of its key changes, according to a recent poll conducted by mortgage data firm Secure Settlements Inc. (SSI).”

DS News“Freddie Mac’s Mortgage Portfolio Contracts; Serious Delinquency Rate Hits 6-Year Low” (2-26-15)

“Freddie Mac’s total mortgage portfolio contracted to start 2015 after ending 2014 with hits highest annualized growth rate for a single month in five years while the serious delinquency rate for the Enterprise’s loans fell to a six-year low, according to the Enterprise’s January 2014 Monthly Volume Summary released Thursday.”

 

Hard Money Loan Closed

Lakewood, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $250,000 on a 3 bedroom, 2 bathroom home appraised for $482,000.

Lakewood Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at Coldwell Banker’s  2015 Real Estate Forecast Wednesday, March 4.

Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.

 

Looking Back:

The FHFA reported home prices increased 7.7% in the fourth quarter along with other goods and services, which showed a 0.7% increase.  New home sales increased the previous month by 9.6%, the highest in over five years.  Mortgage applications showed an 8.5% decrease in the latest Mortgage Bankers Association Application survey.

 

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.

Copyright: Image from www.flickr.com/photos/25205705@N02/

 

 

Housing Reform a Bigger Issue Now with GSE’s Low Profits

Wednesday, February 25th, 2015

 

Today’s News Synopsis:

New home sales continue to hold high at six years with 481,000 properties being purchased last month and having increased by 21% since last July.  Mortgage delinquencies decreased again in the fourth quarter by a rate of 5.68%.  Fannie Mae and Freddie Mac both posted decreasing profits recently, raising more awareness of additional housing finance reform.

In The News:

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-25-15)

“Mortgage applications decreased 3.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 20, 2015.”

Mortgage Professional America“Wall Street companies close to reaching major deal with U.S. regulators” (2-25-15)

“Morgan Stanley and Goldman Sachs Group Inc. are close to reaching a deal with federal litigators regarding allegations the two Wall Street companies mislead investors in mortgage bonds that decreased in value during the economic downturn.”

Bloomberg“Purchases of New Homes in U.S. Hold Near Six-Year High: Economy” (2-25-15)

“New-home sales in January held close to the fastest pace in more than six years, consistent with slow and steady progress that’s been the hallmark of the U.S. housing market since early 2012.  Americans purchased 481,000 properties at an annualized rate last month, little changed from the 482,000 pace in December that was the strongest since June 2008, Commerce Department data showed Wednesday in Washington. Since a lull in July, sales of new homes have climbed 21 percent.”

DS News“Foreclosure Inventory Down Despite Rise in Starts” (2-25-15)

“Foreclosure inventory was way down nationwide year-over-year in January  despite a 5.5 percent month-over-month increase in foreclosure starts, according to Black Knight Financial Services’ First Look at January Mortgage Data.”

Housing Wire“Mortgage Risk Index hits series high in January” (2-25-15)

“At 11.97%, the composite National Mortgage Risk Index for Agency purchase loans, compiled by the AEI’s International Center on Housing Risk, hit a series high in January, up 0.4 percentage point from the average for the prior three months and 0.8 percentage point from a year earlier.”

Mortgage Professional America“Improving home prices push distressed sales to 7-year low” (2-25-15)

“The share of distressed sales in December reached a seven-year low, according to the latest data from CoreLogic.  The data reported distressed sales (REO and short sales) accounted for 12.8% of total home sales nationally in December 2014, a 2.8 percentage point decrease from December 2013, and a 1.2 percentage point decrease from November 2014.”

OC Housing News“FHA wants to allow banks to make more bad loans” (2-25-15)

“At the most basic level, lenders, realtors, and borrowers inflated a housing bubble because they got everything they asked for.  From 2004 to 2006, there were no barriers whatsoever to completely real estate transactions as inventory was abundant, prices were financeable, and buyers were motivated. It was the best of all possible real estate markets.”

Housing Wire - “MBA: Mortgage delinquencies continue decline in 4Q14″ (2-25-15)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 5.68% of all loans outstanding at the end of the fourth quarter of 2014.”

Mortgage Professional America“Fannie, Freddie declining profits revive push for housing reform” (2-25-15)

“The recent announcement of the declining profits at Fannie Mae and Freddie Mac is reviving previous efforts made by policymakers pushing Congress to move quickly on advancing housing finance reform.”

 

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $315,000 on a 10 bedroom, 10 bathroom home appraised for $487,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at Coldwell Banker’s  2015 Real Estate Forecast Wednesday, March 4.

Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.

 

Looking Back:

In order to sell off their REO properties, Fannie Mae and Freddie Mac allowed both real estate agents and homebuyers accest to limited-time incentives established through two separate programs.  Despite new QM guidelines put in place by the CFPB, risk continued to remain high for mortgages.  Katie Reynolds Johnson was chosen as the new general counsel for the National Association of Realtors.

 

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.

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

 

 

Rental Investment Still Positive Despite Home Sales to Institutional Investors At Its Lowest in Four Years

Tuesday, February 24th, 2015

 

Today’s News Synopsis:

Home prices gained momentum in 20 cities according to the latest S&P/Case-Shiller Index, having shown an increase of 4.6% year-over-year.  Rental investments for single families homes is still showing positive signs despite the sale of homes to institutional investors being at its lowest in four years.  A recent survey from Hammerhouse showed only a little over 50% of mortgage originators were not satisfied with their job but yet expect to see improvements coming in the future.

In The News:

Housing Wire“Single family rental investment still strong among smaller investors” (2-24-15)

“Last week RealtyTrac reported that the share of home sales to institutional investors and all-cash buyers dropped to four-year lows in 2014 despite a quarterly increase in the fourth quarter.”

Bloomberg“Home-Price Gains in 20 U.S. Cities Accelerated in December” (2-24-15)

“Home prices in 20 U.S. cities appreciated at a faster pace in the year ended in December, a sign that a limited supply is forcing up property value.  The S&P/Case-Shiller index of property values increased 4.5 percent from December 2013, after rising 4.3 percent in the year ended in November, a report from the group showed Tuesday in New York.”

DS News“Auction.com Announces Promotions” (2-24-15)

“The nation’s leading online real estate marketplace, Auction.com, has recently moved two individuals up within the company – Lee Leslie has been named EVP and chief legal officer, and EVP Gordon Smith has been tapped for the position of general manager in the company’s commercial real estate division.”

Housing Wire“MBA Servicing: Be proactive and work with state AGs on complaints” (2-24-15)

“Complex interactions between state and federal regulations and the conflicts that often arise make the difficult job of mortgage finance and servicing all the more difficult.”

Mortgage Professional America“Survey finds low satisfaction, high hopes among originators” (2-24-15)

“While mortgage originators have begun to see the light at the end of tunnel, their headaches are far from over, according to the latest survey conducted by recruiting firm Hammerhouse.”

OC Housing News“Existing home sales hammered; 2015 housing hopes pounded” (2-24-15)

“To make people feel good for the holidays and to fill the void in real estate news from November to February, reporters entreat us to optimistic news stories and wild projections of how great the coming year will be for home sales and prices.”

Housing Wire - “Home Depot profit rises on housing market recovery” (2-24-15)

“Home improvement store Home Depot (HD) reported net earnings for the fourth quarter of $1.4 billion, or $1.05 per diluted share, compared with net earnings of $1.0 billion, or $0.73 per diluted share, in the same period of fiscal 2013.”

Mortgage Professional America“Mortgage REIT to acquire Ocwen spinoff for $1.3B” (2-24-15)

“Mortgage REIT New Residential Investment Corp. has agreed to purchase Ocwen Financial spinoff Home Loan Servicing Solutions (HLSS) for $1.3 billion, just weeks after HLSS was urged to cut ties with Ocwen.”

 

Hard Money Loan Closed

Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $117,000 on a 3 bedroom, 2.5 bathroom home appraised for $180,000.

Victorville Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 TODAY.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at Coldwell Banker’s  2015 Real Estate Forecast Wednesday, March 4.

 

Looking Back:

In order to sell off their REO properties, Fannie Mae and Freddie Mac allowed both real estate agents and homebuyers access to limited-time incentives established through two separate programs.  Despite new QM guidelines put in place by the CFPB, risk continued to remain high for mortgages.  Katie Reynolds Johnson was chosen as the new general counsel for the National Association of Realtors.

 

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.

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

 

 

Housing Stocks Driven Way Down with News of the Market and Existing-Home Sales

Monday, February 23rd, 2015

 

Today’s News Synopsis:

Existing-home sales decreased 4.9% with the increase in prices and decrease of supply.  This news in addition to the news of decreases in both housing starts and permits has led to housing stocks being driven way down.  However, at the same time the prices of luxury homes increased 3% in the fourth quarter of 2014.

In The News:

Housing Wire“CMLA calls on FHFA, Treasury to recapitalize Fannie and Freddie” (2-23-15)

“The Community Mortgage Lenders of America renewed its call for U.S. Treasury Secretary Jack Lew and Federal Housing Finance Agency Director Mel Watt to take immediate action to recapitalize/cure the under-capitalization of both Fannie Mae and Freddie Mac.”

Bloomberg“Home Sales Drop as Lack of Supply Drives Prices Higher: Economy” (2-23-15)

“Broad-based price increases put more properties out of reach for American homebuyers in January, becoming the latest hurdle preventing a more robust recovery in residential real estate.”

DS News“Ocwen Announces Intention to Sell MSR Portfolio Worth $9.8 Billion to Nationstar” (2-23-15)

“Ocwen Loan Servicing, a subsidiary of Ocwen Financial Corporation, intends to sell the mortgage servicing rights (MSR) on a portfolio of performing residential loans owned by Freddie Mac with a total principal balance of about $9.8 billion to Nationstar Mortgage, a subsidiary of Nationstar Mortgage Holdings, according to an announcement from Ocwen Financial on Monday morning.”

Housing Wire“Radian selects Clifford Rossi as chief economist” (2-23-15)

“Radian Group (RDN) announced the appointment of Dr. Clifford Rossi as the company’s new senior vice president and chief economist.”

Mortgage Professional America“Daily Market Update: U.S. cities fail to make global sustainable top 10″ (2-23-15)

“Across the world cities are failing to meet the needs of their people according to the inaugural Sustainable Cities Index from consultancy firm Arcadis.  The Index explores the three demands of social (People), environmental (Planet) and economic (Profit) to develop an indicative ranking of 50 of the world’s leading cities.”

OC Housing News“High-end house price crash hits Singapore” (2-23-15)

“Local residents who don’t own real estate do not benefit from an influx of foreign investment because that investment drives up house prices and forces local residents to pay more.”

Housing Wire - “Luxury home prices grow just 3% in 4Q14″ (2-23-15)

“Luxury home price growth slowed significantly in the fourth quarter of 2014, according to a report issued by Redfin, the customer-first real estate brokerage.”

NAHB“New NAHB Publication Provides Builders with the Tools to Accurately Forecast Cash Flow” (2-23-15)

“BuilderBooks, the book publishing arm of the National Association of Home Builders (NAHB) recently released a new publication, Financial Forecasting in Microsoft® Excel.”

Housing Wire - “Bad housing news drives stocks deep into red territory” (2-23-15)

“The year is off to a bad start for housing in terms of housing starts, completions and permits, and Monday morning’s report from the National Association of Realtors that existing home sales tumbled in January left housing stocks bleeding by afternoon.”

 

Hard Money Loan Closed

Torrance, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $315,000 on a 3 bedroom, 2 bathroom home appraised for $487,000.

Torrance Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at Coldwell Banker’s  2015 Real Estate Forecast Wednesday, March 4.

 

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.

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

 

 

Latest Internet Searches Show Bigger Demand For Housing

Friday, February 20th, 2015

 

 

 

 

 

Sources:

Builder Confidence Slightly Lower in February on Harsh Weather Conditions
TransUnion: Mortgage delinquency rate down to 3.29% in 4Q14

 

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.  Income earnings for Fannie Mae were lower in the fourth quarter at $1.3 billion compared to $6.5 billion the previous quarter.  There appears to be a bigger demand for housing according to the latest internet searches.  The National Governors Association Winter Meeting will be taking place, and the NAHB is asking that housing be a primary topic.

In The News:

Los Angeles Times“Funding for California victims of housing crash trickles down” (2-19-15)

“California has delivered less than half of $2 billion in federal aid to help victims of the housing crash.  The fund, announced five years ago by the federal government, aimed to help homeowners in areas where home prices collapsed and unemployment soared.”

NAHB“Housing Should Be High on the Agenda as Governors Meet” (2-20-15)

“As the nation’s governors gather in town this weekend for the National Governors Association Winter Meeting to discuss priority issues affecting states, the National Association of Home Builders (NAHB) is urging that housing remains at the forefront.”

DS News“Fannie Mae Reports Reduced Income for Q4, Full Year 2014″ (2-20-15)

“Mortgage giant Fannie Mae is set to pay the U.S. Department of Treasury nearly $2 billion in March after seeing another profitable quarter.”

Housing Wire“Mortgage lending gets riskier for the fifth straight month” (2-20-15)

“The riskiness of mortgage loan originations rose in January, the fifth straight monthly increase, according to the monthly report from American Enterprise Institute’s International Center on Housing Risk.”

Mortgage Professional America“Investors see future in online mortgage origination” (2-20-15)

“Online mortgage marketplace Sindeo has raised another $5 million in funding through in a Series A funding round, which the company said will increase its growth in the mortgage industry.”

OC Housing News“OC new home sales fall a frightening 41%” (2-20-15)

“Has the OC Housing market peaked for this cycle? Is the current slowdown the sign of a major change in the market, or is it merely a lull that represents a buying opportunity? There are good arguments for either case.”

Housing Wire - “Internet search volume reveals housing demand” (2-20-15)

“A new study of Internet search terms related to housing reveals some surprising facts about housing demand.  Three researchers at the Federal Reserve Bank of Cleveland – Rawley Heimer, Daniel Kolliner and Timothy Stehulak – found that as relates to housing, they could gauge some degree of demand by using data on the volume of searches done on words and phrases in Google.”

 

ruce Norris of The Norris Group will be presenting the  2015 Annual TNG Subscriber Investor Brunch on Saturday, February 21.

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

 

Looking Back:

Foreclosure starts decreased in the fourth quarter to 0.54% from 0.7%, putting them at their lowest levels since 2006.  Housing affordability continued to remain unchanged in the fourth quarter with only a slight decrease in median home prices and slight increase in mortgage rates.  Unemployment claims increased by 37,000 to 2.98 million, resulting in them falling short of expectations.

 

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.

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

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www.flickr.com/photos/lendingmemo/

 

Over 1 Million Homeowners Avoid Foreclosure Thanks to Freddie Mac

Thursday, February 19th, 2015

 

Today’s News Synopsis:

Freddie Mac reported an increase in mortgage rates for the second week in a row with 30-year rates now at 3.76% and 15-year rates at 3.05%.  Housing affordability increased again in the fourth quarter.  For families earning the median price of $63,900, 62.8% of new and existing homes were affordable to them.  Over 1 million homeowners have avoided foreclosure since 2009 thanks to Freddie Mac.

In The News:

Bloomberg“L.A. Home Prices Surpass Peak in High-End Neighborhoods” (2-18-15)

“Home prices in high-end Los Angeles neighborhoods including Beverly Hills, Santa Monica and Bel Air have surpassed levels reached before the housing bubble burst even as values in the region’s broader market continue their recovery.”

Mortgage Professional America“Will the CFPB get its own watchdog?” (2-19-15)

“A bipartisan duo has offered a bill to Congress that would create more oversight of the Consumer Financial Protection Bureau (CFPB).  Rep. Steve Stivers (R-OH) and Rep. Tim Walz (D-MN) have reintroduced legislation called, The Bureau of Consumer Financial Protection-Inspector General Act of 2015, which would create the Office of an Independent Inspector General position.”

NAHB - “Housing Affordability Edges Up in the Fourth Quarter” (2-19-15)

“Slightly lower interest rates and home prices in markets across the country contributed to a slight increase in nationwide housing affordability in the fourth quarter of 2014, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released today.”

Los Angeles Times“Freddie: Mortgage rates rise for second week; 30-year at 3.76%” (2-19-15)

“Mortgage rates edged higher for a second week, with Freddie Mac’s weekly survey showing that lenders were offering conventional 30-year loans at an average 3.76%, up from 3.69% last week..”

DS News“Report: Freddie Mac Has Helped 1.1 Million Homeowners Avoid Foreclosure Since 2009″ (2-19-15)

“Freddie Mac has helped nearly 1.1 million struggling homeowners either retain their homes or otherwise avoid foreclosure through a variety of means since the beginning of 2009, four months after the FHFA conservatorship began, according to the GSE’s 2014 Financial Results Summary released on Thursday.”

Mortgage Professional America“Daily Market Update: Housing starts take a dip” (2-19-15)

“Housing starts across the US fell by 2%, according to the latest data from the U.S. Commerce Department. The seasonally adjusted figure is 1.065 million units for January and was hit by a 22.2% drop in starts in the Midwest.”

Housing Wire“Realtor.com: Tightening inventories likely to push home prices up” (2-19-15)

“Housing inventory continues to tighten in markets across the country – a 2015 trend identified by realtor.com Chief Economist Jonathan Smoke in its housing inventory data report for January.”

OC Housing News - “Job growth won’t stimulate many home sales in 2015″ (2-19-15)

“The conventional wisdom is that increased job growth inevitably leads to increased household formation and increased home sales, and although the connection is real, increased home sales is not inevitable.”

Mortgage Professional America“Refi share jumps to highest level since 2013″ (2-19-15)

“Lenders in January saw their share of refinancing activity jump eight percentage points to include 51% of all loan volume, the highest level in more than a year and a half, according to the latest Origination Insight Report released by Ellie Mae.”

DS News“Freddie Mac Turns Profit for Q4, Full Year 2014 Despite Losses from Derivatives” (2-19-15)

“Freddie Mac reported another profitable quarter to end 2014, even as losses stemming from derivatives put heavy drag on the mortgage giant’s earnings.  For the last three months of 2014, Freddie Mac pulled in $227 million in net income, the company said Thursday, a drop of nearly $2 billion from Q3.”

 

Bruce Norris of The Norris Group will be presenting the  2015 Annual TNG Subscriber Investor Brunch on Saturday, February 21.

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

 

Looking Back:

NAHB reported housing starts declined the previous month by 16% due to the increase in cold weather.  According to the latest Mortgage Bankers Association survey, mortgage applications decreased 4.1% from the previous week.  Credit default rates also decreased the previous month to 1.34% according to the latest S&P/Experian Consumer Credit Default Indices.

 

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.

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

 

Housing Market off to Rocky Start, Although First Time Homebuying Showing Positive Signs

Wednesday, February 18th, 2015

 

Today’s News Synopsis:

The housing market overall is off to a rocky start this year despite positive forecasts with decreases in construction, consumer confidence, and mortgage applications.  Despite this, there is an upside in first-time homebuyers who are continually visiting Redfin’s site to check out new properties.  The rate for mortgage delinquencies decreased in the fourth quarter and now stands at 3.29%.

In The News:

DS News“Bank of America Provides Nearly $9 Million in Consumer Relief Toward Settlement Obligation” (2-18-15)

“Bank of America has begun the process of paying out $7 billion in consumer relief as part of its record $16.65 billion settlement with the U.S. Department of Justice and six states last August, according to an announcement on the settlement monitor’s website.”

NAHB - “Treasury Action on Health Care Law a Good First Step but Legislative Solution Needed” (2-18-15)

“In a positive development for small business owners, the U.S. Treasury Department announced today that it will delay enforcement of an Affordable Care Act (ACA) prohibition relating to standalone health reimbursement arrangements (HRAs) until July 1.”

Housing Wire“Housing market starts 2015 on several weak notes” (2-18-15)

“Despite optimism in most forecasts, it looks like 2015 is off to a faltering start for the housing industry.  January was a bad month for housing starts, completions and permits, reflecting perhaps the reason for homebuilder confidence to likewise be down for February.”

Bloomberg - “Watt Homeowner Relief Vies With Fannie-Freddie Health” (2-13-15)

“Mel Watt, the regulator of Fannie Mae and Freddie Mac, met last month with about two dozen homeowners who owe more on mortgages than their properties are worth.”

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-18-15)

“Mortgage applications decreased 13.2 percent from one week earlier,according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 13, 2015.”

Housing Wire“TransUnion: Mortgage delinquency rate down to 3.29% in 4Q14″ (2-18-15)

“The mortgage delinquency rate declined for the 12th straight quarter to 3.29% at the end of Q4 2014, according to TransUnion’s latest mortgage report.  The mortgage delinquency rate declined more than 14% in the last year, down from 3.84% in Q4 2013.”

NAHB“Midwest Pushes Housing Starts Down 2 Percent in January” (2-18-15)

“Nationwide housing starts fell 2 percent to a seasonally adjusted annual rate of 1.065 million units in January, according to newly released data from the U.S. Commerce Department. This drop was mainly due to a 22.2 percent decrease in the Midwest.”

Mortgage Professional America“RealtyTrac reports foreclosures are up, but not everyone agrees” (2-18-15)

“RealtyTrac recently reported that repossessions spiked in January across the country, but not everyone agrees with the real estate information firm.”

Bloomberg“Housing Turning Point Seen in U.S. First-Time Buyers” (2-18-15)

“As a deep freeze grips parts of America in a typically slow season for housing, first-time buyers are flocking to Redfin Corp.’s property tours and classes, signaling their renewed interest in the market.”

 

Bruce Norris of The Norris Group will be speaking at AOA San Diego presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 19.

Bruce Norris of The Norris Group will be presenting the  2015 Annual TNG Subscriber Investor Brunch on Saturday, February 21.

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.

 

Looking Back:

The sale of new homes increased 35% the previous month and were at 543,000 units.  The latest Zillow report showed mortgage rates increased with 30-year rates at 4.18% and 15-year at 3.14%.  Builder confidence decreased with the increase in bad weather.

 

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.

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

 

Actors Brad Pitt, Christian Bale, and Ryan Gosling to Star in Movie Based on Housing Crash

Tuesday, February 17th, 2015

 

Today’s News Synopsis:

In a a unique news story, actors Brad Pitt, Christian Bale and Ryan Gosling are set to begin filming a new movie based off the book “The Big Short: Inside the Doomsday Machine,” which focuses on the housing crash and financial crisis.   The NAHB reported a decrease in builder confidence this month with confidence falling two points and now standing at 55.  Lenders in New York may be required to keep up with zombie homes if the tenants are not ordered out by a judge.

In The News:

DS News“Economist: Leverage Plays Major Role in Driving Foreclosures” (2-16-15)

“With the nation’s homeownership rates similar to those of 50 years ago, the foreclosure rate is significantly higher compared to the early 1960s. The main reason for the increase in foreclosure risk while the homeownership rate remains little changed is leverage, according to CoreLogic chief economist Sam Khater.”

Housing Wire“Proposed overtime exemption change hurt mortgage loan originators” (2-17-15)

“The White House is moving ahead with plans to require overtime pay protections to lower-salaried managers who don’t qualify for them currently, and it could have a direct, deleterious impact on the mortgage lending space.”

Mortgage Professional America“Lenders could be forced to keep up zombie homes” (2-17-15)

“Lenders in New York could be in for a shock if new legislation passes requiring them to maintain zombie homes or allow the troubled borrowers to stay in the house until ordered out by a judge.”

NAHB“Builder Confidence Slightly Lower in February on Harsh Weather Conditions” (2-17-15)

“Builder confidence in the market for newly built, single-family homes in February fell two points to a level of 55 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today.”

Housing Wire“Household debt rising as student loan delinquencies increase” (2-17-15)

“Outstanding household debt increased $117 billion from the third quarter, according to the fourth quarter 2014 Household Debt and Credit Report from the Federal Reserve Bank of New York.”

OC Housing News“Lender offers FHA loans with no FICO score requirement” (2-17-15)

“Many have quipped that FHA has become the replacement for subprime because they have very low standards for qualification, a very low down payment requirement (currently 3.5%), and as a result, they have become the loan-of-necessity for anyone who doesn’t have the credit requirements or the down payment necessary to obtain other financing.”

Mortgage Professional America“What do Brad Pitt, Christian Bale and Ryan Gosling have to do with the mortgage industry?” (2-17-15)

“A movie adaptation of the 2010 best-selling book “The Big Short: Inside the Doomsday Machine” is reportedly about to start filming in New Orleans with some Hollywood A-listers.  The book, written by Michael Lewis, tells the story of the housing crash and the financial crisis, including the world of real estate derivatives and sub-prime mortgages.”

DS News“Mortgage Default Index Remains Unchanged; Composite Measure Inches Upward” (2-17-15)

“The nation’s first mortgage default index stayed flat in January while the national composite credit default index rose slightly for the sixth straight month, according to the S&P Dow Jones Indices and S&P/Experian Consumer Credit Default Indices for January 2015 released Tuesday.”

Housing Wire“It’s official: Zillow now owns Trulia” (2-17-15)

“It’s finally official. After months of speculation, investigation, and consternation, Zillow (Z) and Trulia (TRLA) are now one and the same. Zillow’s acquisition of Trulia is complete.”

 

Bruce Norris of The Norris Group will be speaking at AOA San Diego presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 19.

Bruce Norris of The Norris Group will be presenting the  2015 Annual TNG Subscriber Investor Brunch on Saturday, February 21.

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.

 

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.

Copyright: Image from www.flickr.com/photos/75348994@N00/

Zillow and Trulia Reach Merger Agreement

Friday, February 13th, 2015

 

 

 

 

 

Sources:

S&P to pay $1.4 billion to settle U.S. charges
CFPB: Lenders falsely implied government approval

 

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.  Mortgage rates increased again after being low for 2o months.  30-year rates are bow at 3.69% and 15-year rates are now at 2.99%.  $4.5 billion worth of nonperforming loans and delinquent debt are expected to to be sold by three big banks: Bank of America, Citigroup, and JPMorgan Chase.  Zillow and Trulia have reached a merger agreement after a final investigation of the merger by the FTC.

In The News:

DS News“Three Lenders To Sell $4.5 Billion Worth of Nonperforming Loans, Delinquent Debt” (2-13-15)

“Three of the nation’s largest mortgage lenders have announced they intend to put sizeable packages of nonperforming and reperforming mortgage loans on the market for investors to buy, according to a release from New York-based loan broker Mission Capital Advisors.”

Mortgage Professional America“Mortgage rates reach 2015 high” (2-13-15)

“Mortgage rates have been edging higher after hitting a 20-month low. Freddie Mac reported that the average rate of a 30-year fixed rate mortgage increased to 3.69% last week from 3.59% a week earlier. The average 15-year  was now at 2.99% up from 2.92%.”

Housing Wire“Zillow-Trulia deal receives FTC approval, will close in days” (2-13-15)

“Zillow (Z) reported record revenue in both the fourth quarter of 2014 and for the entire year, the company announced late Friday.”

Bloomberg - “Watt Homeowner Relief Vies With Fannie-Freddie Health” (2-13-15)

“Mel Watt, the regulator of Fannie Mae and Freddie Mac, met last month with about two dozen homeowners who owe more on mortgages than their properties are worth.”

Mortgage Professional America“Developer sells lot to Mark Zuckerberg in hopes of making connections” (2-13-15)

“Mircea Voskerician, a real estate developer who had owned the rights to property adjoining Mark Zuckerberg’s backyard in 2012, is suing the Facebook founder on grounds he didn’t live up to his promises made in the sale.”

Housing Wire“Experts: Unaffordable rents here to stay” (2-13-15)

“Unaffordable rents are making it hard for people to save for down payments, and they aren’t likely to ease up for at least two years, according to the latest Zillow Home Price Expectations Survey sponsored by Zillow and conducted quarterly by Pulsenomics.”

Bloomberg - “Appaloosa Trims U.S. Stocks By 40%, Cuts S&P 500, Exits Citi” (2-13-15)

“Appaloosa Management, the $20 billion hedge fund firm run by David Tepper, cut its holdings of U.S. equities during the quarter and exited stakes in Citigroup Inc. and Halliburton Co.”

 

Bruce Norris of The Norris Group will be speaking at AOA San Diego presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 19.

Bruce Norris of The Norris Group will be presenting the  2015 Annual TNG Subscriber Investor Brunch on Saturday, February 21.

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.

 

Looking Back:

According to the latest Builder Applications Survey from the MBA, the purchase of new homes increased the previous month and were at 543,000 units.  Unemployment claims stood at 339,000, putting them back above average in 8 months.  Foreclosure filings increased 8% month-over-month and stood at 124,419.

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.

Copyright: Image from www.flickr.com/photos/124247024@N07/

Image Sources:

www.flickr.com/photos/uisbeltran/
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www.flickr.com/photos/afagen/
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