California Real Estate Headline Roundup

Posts Tagged ‘real estate investing’

By Bruce Norris .

Gap Between Homeowners and Renters Continues to Widen

Friday, September 19th, 2014

 

 

 

Sources:

Loan Mods Down, Foreclosure Starts Up in July
Multifamily Decline Pushes Nationwide Housing Starts Down 14.4 Percent in August



Today’s News Synopsis:

Aaron Norris gives highlights from the news of the week in this week’s real estate headline roundup video.  There is an increasing gap between those who prefer owning a home and those who wish to rent.  FHA loans are continuing to decrease as banks continue to debate over who pays for risky mortgages.  More and more smaller banks are stepping in to help people purchasing a home for the first time.

In The News:

Los Angeles Times - “Divide between homeowners and renters is growing” (9-18-14)

“For homeowners in Southern California, the housing recovery has been pretty kind. For renters, not so much.  New figures highlight the growing gap between owners and renters in the Southland: Many homeowners are capitalizing on low interest rates to push down their monthly payment while renters are shelling out larger shares of their income to stay afloat.”

Bloomberg“Mom-and-Dad Banks Step Up Aid to First-Time Home Buyers” (9-19-14)

“The Bank of Mom and Dad is playing a growing role as lender of last resort for a housing recovery struggling to provide more traction for the U.S. economy.”

Housing Wire - “HUD, administration announce Promise Zone competition” (9-19-14)

“Housing and Urban Development Secretary Julián Castro joined Agriculture Secretary Tom Vilsack,Transportation Secretary Anthony Foxx, and Education Secretary Arne Duncan announced Friday morning a competition to designate a new round of Promise Zones.”

OC Housing News“The big right-wing housing bubble lie” (9-19-14)

“I try not to be political on this blog. My posts have been picked up from both Tea Party blogs and Progressive blogs, so partisans embrace my pillory of both sides foibles.  My burning desire is to know and expound the truth, and it angers and offends me when either side spins facts and promotes an inaccurate interpretation of financial history.”

Mortgage Professional America“Who got hit hardest during the housing boom and bust?” (9-19-14)

“It comes as no shock that mortgage originations reached record levels in the United States right before the housing market crashed in 2009. But, the Urban Institute has created a new tool that takes an in-depth look at the U.S. mortgage market during the last 12 years and the severity of the housing boom.”

Housing Wire - “Progress Residential prices first REO-to-rental securitization” (9-19-14)

“Progress Residential, the latest company to join the growing REO-to-rental securitization market, has priced its first securitization, a $473.4 million offering, backed by a single loan secured by a first priority of mortgages on 3,142 income-producing single-family rental properties.”

Bloomberg - “FHA Loans Plunge 19% as Lenders Haggle With Officials” (9-19-14)

“Home loans to lower-income Americans are dwindling as Washington regulators and major banks continue to haggle over who pays when riskier mortgages go bad..”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos TONIGHT.

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 holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

Existing home sales increased the previous month by 1.7% in the wake of increasing interest rates.  On the same note, mortgage rates actually decreased to their lowest in five weeks with 30-year rates at 4.5% and 15-year rates at 3.54%.  Senator Mark Warner said he saw both the GSE Reform Bill and Taxpayer Protection Act of 2013 getting closer and closer to being passed.

 

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.

Housing Starts Decrease Almost 15% with the Decrease in Multifamily Production

Thursday, September 18th, 2014

 

 

Today’s News Synopsis:

Housing starts decreased by 14.4% last month with the decrease in multifamily production.  Mortgage rates increased again to a 3-month high with 30-year rates now at 4.23% and 15-year rates at 3.37%.  In a recent announcement by the Federal Reserve, tapering will be completed by the end of next month, meaning an end to the bond-buying program.

In The News:

DS News - “Report: Home Sales Down, Prices Up For August” (9-18-14)

“Home sales in August remained below last year’s pace for yet another month as prices inched higher, RE/MAX reported on September 16.”

NAHB“Multifamily Decline Pushes Nationwide Housing Starts Down 14.4 Percent in August” (9-18-14)

“Led by a steep 31.7 percent decline in multifamily production, nationwide housing starts fell 14.4 percent to a seasonally adjusted annual rate of 956,000 units in August, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Mortgage Professional America - “The taper is nearly complete — lock your borrowers in while rates are low” (9-18-14)

“The Federal Reserve said yesterday that its bond-buying program will end in October as scheduled. So does that mean mortgage rates will see an immediate spike? The short answer is: not yet.”

DS News “Real Estate Investors Discuss Buying Hot Spots” (9-18-14)

“With so many single-family distressed homes out there on the market, real estate investors are aware of the need to choose carefully which homes to buy – and it’s more than just the house itself that figures into the equation when buyers are making that determination.”

Housing Wire - “Freddie Mac: Mortgage rates move to 3-month high” (9-18-14)

“Mortgage rates shot up for the week ended Sept. 18, making their biggest one-week gain so far this year, the latest Freddie Mac Primary Mortgage Market Survey found.”

OC Housing News“Low mortgage rates fail to overcome buyer reluctance” (9-18-14)

“I would like to own a Lexus LS 460. It’s a beautiful and luxurious automobile; however, I am reluctant to buy one because the price is just too high. They could lower the interest rate to zero, and I would be unlikely to buy a car that costs that much. No matter how much people may want something, if the price is too high, they will be reluctant to buy it.”

DS News“CFPB Has Caused Businesses to Heavily Emphasize Compliance” (9-18-14)

“With the mortgage industry becoming more heavily regulated in the last four to five years, those who work within the industry have had to place an increased emphasis on compliance.”

Inman“Heat map shows baby boomers and millennials on the move” (9-18-14)

“RealtyTrac has analyzed Census Bureau data to map the migration patterns of baby boomers and millennials from 2007 to 2013 in more than 1,800 counties.”

Housing Wire“Fitch: Rise of nonbank servicers threatens private-label RMBS” (9-18-14)

“The precipitous growth of nonbank mortgage servicers in recent years presents a threat to the performance of private-label residential mortgage-backed securitizations, Fitch Ratings said in a new report.”

DS News - “Analyst Predicts Home Price Decline In Report to White House” (9-18-14)

“Former Goldman Sachs executive Joshua Pollard sent a sobering 18-page report to the White House on September 17 warning of a potential downturn in home prices that could put the country back into a recession before the ripples of the previous one settle.”

 

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 3 bedroom, 1 bathroom home appraised for $130,000.

San Juan Capistrano Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos TONIGHT.

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 holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

Mortgage applications saw an 11.2% increase over the previous week according to the Mortgage Bankers Association.  According to the latest FNC Residential Price Index report, home prices were at their highest in three years with a 0.7% increase in July.  However, housing starts were below expectations, having risen by only 0.9% to 891,000.

 

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

Builder Confidence Highest in Nine Years

Wednesday, September 17th, 2014

 

 

 

 

 

 

Today’s News Synopsis:

The NAHB reported builder confidence increased to 59, bringing it to its highest level in nine years.  Mortgage applications also increased from last week by 7.9% according to the Mortgage Bankers Association.  Freddie Mac reported the multifamily sector is increasing drastically despite the housing market as a whole still struggling.

In The News:

Mortgage Professional America - “While housing staggers, multifamily is booming” (9-16-14)

“While the single-family sector continues its slow climb back to normalcy, the multifamily sector is booming, according to new data from Freddie Mac. In fact, all growth in net household formation has been among renters.”

Housing Wire - “American mobility at historic low and not changing soon” (9-17-14)

“The U.S. Census Bureau’s current population survey released on Tuesday shows that mobility is flat – at the same low level of 11.7% as the year before.”

NAHB“Builder Confidence Hits Highest Level Since November of 2005″ (9-17-14)

“Builder confidence in the market for newly built, single-family homes rose for a fourth consecutive month in September to a level of 59 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (9-17-14)

“Mortgage applications increased 7.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 12, 2014.”

Housing Wire - “FOMC: Tapering quickly coming to a close” (9-17-14)

“Tapering is likely to end at the next Federal Open Market Committee meeting, according the latest September minutes.”

OC Housing News“Housing market faces intractable problems with demand” (9-17-14)

“The federal government set up the unemployment reporting procedures to mask the depth of problems with deep recessions.  During the Great Depression unemployment hit very high levels because the government counted everyone who wanted a job but didn’t have one.”

DS News“Credit Default Rates Inch Up in August” (9-17-14)

“Credit default rates in the United States rose slightly in August, pushed in part by an uptick in mortgage defaults.  The national credit default rate, which includes bank cards, auto loans, and both first and second mortgages, edged up to 1.03 percent in August from July’s historical low of 1.01 percent, according to data compiled by S&P Dow Jones Indices and Experian.”

Housing Wire - “FHFA reps and warrants policies have “significant and unresolved” risks” (9-17-14)

“When the Federal Housing Finance Agency implemented new representation and warranty policies for Fannie Mae and Freddie Mac on Jan. 1, 2013, it did so in a rushed and flawed manner that exposes the government-sponsored enterprises to significant risk, the FHFA’s watchdog said in a new report.”

Bloomberg“Lennar Profit Beats Estimates as Sales and Prices Rise” (9-17-14)

“Lennar Corp. (LEN), the second-biggest U.S. homebuilder by stock-market value, reported fiscal third-quarter earnings that beat analysts’ estimates as it sold more homes at higher prices..”

 

Hard Money Loan Closed

San Juan Capistrano, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $425,000 on a 3 bedroom, 2 bathroom home appraised for $654,000.

San Juan Capistrano Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.

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

 

Looking Back:

In an updated on the Richmond eminent domain case, a federal district judge rejected a move by Wells Fargo to prevent the plan from taking place.  In other news, home builder confidence remained static at 58 after having seen four straight months of increase.  Although the housing market seemed to show signs of improving, newly released data has caused analysts to now question the state of improvement.

 

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

Foreclosures Increased in July While Loan Modifications Decreased

Tuesday, September 16th, 2014

 

 

 

 

Today’s News Synopsis:

The latest numbers from HOPE NOW showed foreclosures increased by a little over 1,000 to 70,401, while loan modifications decreased to 35,402 from 38,489.  The U.S. Bank just reached a settlement with HUD regarding discrimination allegations against a Native American couple.  Nine out of ten Americans still greatly prefer to own a home despite signs of the housing market crisis continuing to grow.

In The News:

DS News“U.S. Bank, HUD Settle Discrimination Allegations” (9-16-14)

“U.S. Bank has reached a settlement with a housing regulator over allegations the bank discriminated against a Native American couple in denying them a refinance.”

Housing Wire - “Even credit-worthy borrowers struggle to get a mortgage” (9-16-14)

“The national homeownership rate continues to decline and many say that it’s only going to get worse because of tighter lending standards, burdensome regulations that create lender uncertainty, and affordability challenges.”

OC Housing News“Bankers’ refusal to make bad loans hinders housing recovery” (9-16-14)

“The cycle of boom and bust is really over. Lenders steadfastly refuse to make loans to under-served borrower groups to provide the “escape velocity” of previous housing booms because lenders are unable to pass these losses on to investors or the US government.”

DS News“Homeownership Still Holds Promise for Nine in 10 Americans” (9-16-14)

“Even as the aftermath of the housing crisis continues to show in the market, a new survey shows the vast majority of Americans still regard homeownership as a ‘highly desirable goal’.”

Housing Wire - “Everyone agrees there must be housing finance reform” (9-16-14)

“Housing finance reform is a nut that still can’t be cracked because of a lack of consensus among those involved, but most agree the status quo can’t continue.”

DS News“Survey: Misconceptions Holding Back Homeownership” (9-16-14)

“While nearly seven in 10 Americans agree that now is a good time to become a homeowner, a large number remain reluctant due to their own misguided understanding of the financing process, according to survey results released Monday.”

Housing Wire - “Treasury doesn’t want former Fannie CFO in GSE investor lawsuit” (9-16-14)

“A week ago HousingWire first reported that former Fannie Mae CFO J. Tim Howard was hired by Fairholme Funds in their lawsuit against the U.S. Treasury, and now the government is arguing against allowing Howard access to 800,000 pages of discovery documents.”

DS News - “Loan Mods Down, Foreclosure Starts Up in July” (9-16-14)

“The total number of homeowners receiving permanent loan modifications declined in July, as did the number of modifications made under the Home Affordable Modification Program (HAMP), according to figures released this week by HOPE NOW.”

 

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $115,000 on a 3 bedroom, 1 bathroom home appraised for $181,000.

Corona Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn TODAY.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates TONIGHT.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.

 

Looking Back:

Financial firm Keefe, Bruyette, and Woods reported rentals for single-family homes was showing signs of increase and expected to continue to grow over the next 1-2 years.  Mortgage litigation continued to remain high at 227 as of the first quarter.  This was only up by 223 in the first quarter but by 216 year-over-year.  Fannie Mae’s streamlined modification program helped 11,000 borrowers since July.

 

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.

Former HUD Secretary Says Changes Need to Be Made to Housing Assistance Programs

Monday, September 15th, 2014

 

 

 

 

Today’s News Synopsis:

More and more jobs in the mortgage industry are being cut in the second quarter according to the latest Mortgage Daily report.  HSBC is about to reach a settlement totaling $550 million with the FHFA over bad mortgage-backed securities.  Henry Cisneros, former secretary of HUD, said changes need to be made to the housing assistance programs.

In The News:

Bloomberg“Treasury to Push for Clarity in Mortgage-Bond Ratings” (9-15-14)

“The U.S. Treasury is seeking to stoke issuance in the mortgage-bond market by pushing credit-rating firms to offer more information on how they might grade securities tied to riskier loans.”

Housing Wire - “$478 million in subprime-boom bonds to hit market” (9-15-14)

“Investors looking to get their hands on some subprime vintage debt will get their chance on Tuesday, when $477.8 million in non-agency pre-bust bonds are scheduled to trade as part of $727.3 million package.”

OC Housing News“Mortgage and foreclosure 2.0″ (9-15-14)

“Is the mortgage and foreclosure crisis resolved or merely delayed? Most people believe the mortgage and foreclosure crisis of 2008 is behind us, a misperception fostered by a financial media eager to disseminate good news.”

DS News“Mortgage Job Cuts Continue in Q2″ (9-15-14)

“Despite growth in mortgage revenues at banks nationwide, industry employment continued to move down in the second quarter as banks cut staff, according to a report from Mortgage Daily.”

Mortgage Professional America - “New association head pledges to safeguard brokers’ future” (9-15-14)

“The incoming president of a national broker association has pledged to do more to further the cause of the industry and help brokers’ livelihood.  John Councilman was sworn in as NAMB president Sunday at the group’s National Conference at the Luxor Hotel in Las Vegas.”

Inman - “Realtors get a seat at the drone regulation table” (9-15-14)

“The Federal Aviation Administration has invited the National Association of Realtors to participate in a working group that will provide input on forthcoming regulations of “unmanned aerial systems,” or drones.”

Housing Wire - “Former HUD Secretary: Housing assistance programs in dire need of reform” (9-15-14)

“Former Housing and Urban Development Secretary Henry Cisneros says that the current affordable housing assistance programs are skewed in both scope and effect, shutting out three of four of those in need.”

DS News - “HSBC Agrees to Pay $550M in RMBS Settlement” (9-15-14)

“HSBC Holdings is the latest institution to make good with the Federal Housing Finance Agency (FHFA) after the firm’s North American arm agreed Friday to pay hundreds of millions to settle claims revolving around faulty mortgage-backed securities (MBS) sold to Fannie Mae and Freddie Mac in the years before the crash.”

NAHB - “Five Top Housing Shows to Converge in Las Vegas for Design & Construction Week” (9-15-14)

“Five of the leading design and construction industry tradeshows have signed on to be part of the 2015 Design & Construction Week™ (DCW), joining forces for what promises to be the largest-ever residential construction exposition in the nation in 2015.”

 

Hard Money Loan Closed

Whittier, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $281,000 on a 4 bedroom, 2 bathroom home appraised for $420,000.

Whittier Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 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.

New Jersey Among Top Five States With Highest Foreclosure Rates

Friday, September 12th, 2014

 

 

 

Sources:

Index Shows Employment Growth Slow But Steady
Judicial Foreclosure States Seeing Faster Gains in Home Asking Prices



Today’s News Synopsis:

Aaron Norris gives highlights from the news of the week in this week’s real estate headline roundup video.  Consumer sentiment is at its highest in over a year, having increased over two points and now stands at 84.6.  Recent cuts in home prices are the latest sign pointing to a change in the housing market.  With the recent increase in foreclosures, New Jersey is now among the top five states with the highest foreclosure rates.

In The News:

Bloomberg“Bank Moves to Avoid Overseas Swap Rules Watched by U.S. Treasury” (9-11-14)

“The Treasury Department is monitoring Wall Street efforts to escape U.S. swap-trading restrictions for overseas derivatives, according to a department official.”

Housing Wire - “Here’s why mortgage rates won’t hit 2014 expectations” (9-12-14)

“Mortgage rates have continuously defied expectations in 2014, according to an article in the Washington Post.  Back at the end of 2013, the market was trying to predict where rates would go in 2014, with most experts predicting rates to steadily increase.”

OC Housing News“Federal program to avoid foreclosure a dismal failure” (9-12-14)

“Federal officials touted their foreclosure avoidance programs as an alternative that would keep borrowers in their homes. Apparently, paying for a house is no longer requisite for keeping it, just signing some papers and getting a name on title is enough to make the property a sacrosanct family home.”

DS News“Report: Consumer Sentiment Highest in 14 Months” (9-12-14)

“Consumer sentiment ticked up in September to its highest point in more than a year, according to an early reading.  The Thomson Reuters/University of Michigan’s Index of Consumer Sentiment edged up more than two points in a preliminary September reading, putting it at a 14-month high of 84.6.”

Los Angeles Times“Housing price cuts point to a shift in Southland market” (9-12-14)

“The latest sign that buyers are gaining leverage in Southern California’s housing market: Price cuts are back.  The number of homes with reduced asking prices has risen sharply in recent months, a reversal from last year’s sellers’ market, when list prices seemed more like a floor than a ceiling.”

Inman - “California Regional MLS makes strides toward statewide MLS” (9-12-14)

“With the goal of building a statewide multiple listing service in mind, California Regional MLS has embarked on an initiative to ink data-share deals directly with MLSs throughout the Golden State.”

Housing Wire - “Bipartisan Policy Center Housing Summit in Washington starts Monday” (9-12-14)

“On Monday morning, the Bipartisan Policy Center will kick off its 2014 Housing Summit in Washington, D.C.  The two-day event will feature leading housing policy and economic experts from around the country. The agenda can be viewed here.”

DS News - “Spike in Foreclosures Puts New Jersey Among Nation’s Top Five” (9-12-14)

“Foreclosure activity skyrocketed in New Jersey for the month of August, giving the Garden State the fourth highest foreclosure rate in the nation, according to RealtyTrac’s monthly U.S. Foreclosure Market Report for August 2014 released September 11.”

 

Hard Money Loan Closed

Oxnard, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $200,000 on a 4 bedroom, 2 bathroom home appraised for $364,000.

Oxnard Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications decreased by 13.5% from the previous week.  Mortgage rates did not show much signs of change with 30-year rates remaining at 4.57% and 15-year rates at 3.59%.  Unemployment claims also dropped to 292,000, their lowest in over 7 years.

 

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.

Ruling Over Risk Retention Nearing Completion

Thursday, September 11th, 2014

 

 

 

 

Today’s News Synopsis:

Freddie Mac reported mortgage rates have not shown much sign of increase with 30-year rates still at 4.12% and 15-year rates at 3.26%, only a .02% increase for both.  A ruling by financial regulators regarding risk retention has almost reached completion, a rule which once passed will reduce risk and tighten standards on mortgages.  According to the latest report from RealtyTrac, foreclosures increased on a monthly basis but decreased year-over-year.

In The News:

Housing Wire“Freddie Mac: Mortgage rates continue to remain low” (9-11-14)

“Mortgage rates continue to barely move, slightly edging higher for the week ended Sept. 11. Rates remain low, according to the Freddie Mac Primary Mortgage Market Survey.”

DS News - “Risk Retention Rule Nearing Completion” (9-11-14)

“Financial regulators said Tuesday they hope to finish their work on a rule aimed at tightening mortgage standards and reducing risk by the end of this year.”

OC Housing News“High prices hurting new home sales” (9-11-14)

“In June I reported new and resale home sales slumped in the prime selling season this year. In July I reported the June new home sales numbers plummeted from June’s poor showing. Part of the reason for weak sales is ongoing weakness in the economy, and part of the reason is that new home prices are just too high.”

Los Angeles Times“Mortgage demand slows despite low rates, but credit card use soars” (9-11-14)

“With mortgage rates at record lows for the year, you might figure that demand for home loans would be high — but at this point Americans seem more interested in loading up their credit cards..”

Housing Wire“Improved monthly Case-Shiller shows housing recovery weaker than thought” (9-11-14)

“The new Case-Shiller house price index is a substantial improvement on its predecessors because it offers a monthly read, and that monthly read shows that housing prices have actually been dropping, rather than just slowing in gains, according to Capital Economics.”

DS News“Report: Foreclosure Filings Rise Monthly, But Fall Annually” (9-11-14)

“The number of foreclosure filings in the nation has increased month-over-month but declined year-over-year, according to RealtyTrac’s monthly U.S. Foreclosure Market Report for August 2014 released today.”

Los Angeles Times - “Riverside County development to test vigor of area’s housing recovery” (9-11-14)

“After stalling amid the housing bust, a 1,400-home development in Riverside County is coming back to life.”

Mortgage Bankers Association - “Applications for New Home Purchases Decreased in August” (9-11-14)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for August 2014 shows mortgage applications for new home purchases decreased by 9 percent relative to the previous month.  This change does not include any adjustment for typical seasonal patterns.”

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.

 

Looking Back:

Richmond, California agreed to form a joint powers of authority in order to use eminent domain to seize underwater properties.  JP Morgan cut back on strict lending standards in markets where prices were increasing and the economy was booming.  Residential mortgage-backed securitizations continued to increase and reached almost $20 billion.

September 11

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.

Morgan Stanley Reaches Settlement of $95 Million over Mortgage-Backed Securities

Wednesday, September 10th, 2014

 

 

 

 

Today’s News Synopsis:

Morgan Stanley has just reached a settlement and has agreed to pay $95 million to cover mortgage-backed securities sold under false pretenses.  Mortgage applications decreased 7.2% last week according to the latest survey released by the Mortgage Bankers Association.  U.S. Representative Maxine Waters has proposed changes be made to the way consumer payments and debts are reported to the credit bureaus.

In The News:

Housing Wire“Waters proposes sweeping credit reporting reforms” (9-10-14)

“The ranking democrat on the House Financial Services Committee wants to fundamentally change the rules on how lenders report consumer payments and debts to the credit bureaus, which could create a path to homeownership for millions of Americans currently shut out by mortgage lending restrictions.”

DS News - “CFPB Director Tells Senate His Bureau Has Made ‘Considerable Progress’” (9-10-14)

“In testifying before the Senate Committee on Banking, Housing, and Urban Affairs earlier this week, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray said the CFPB had made “considerable progress” toward its goal of protecting consumers since the passage of the Dodd-Frank Reform Act in 2010.”

OC Housing News“Only bankers benefit from recent home price inflation” (9-10-14)

“What good came from the recent house price reflation rally? Did it stimulate the economy? No. Did it put millions of unemployed construction workers back to work. No. Did it stimulate housing sales? No. politicians and the federal reserve promised economic expansion and acceleration; however, so far these great benefits from higher home prices remain elusive.”

Los Angeles“FHA is urged to reform loan sale program” (9-10-14)

“A program designed to help prop up the Federal Housing Administration is short-changing borrowers and neighborhoods hard-hit by foreclosures, community groups said as they took to the streets to push for changes.”

Mortgage Professional America - “Originators speak out on lenders — the good and the bad” (9-10-14)

“MPA recently closed our first ever Originators on Lenders survey, where we asked you to let us know what your lenders were doing right – and what they were doing wrong.”

DS News“Morgan Stanley Settles MBS Suit for $95 Million” (9-10-14)

“Morgan Stanley has agreed to pay $95 million to settle a lawsuit alleging that the New York City-based financial services giant misled investors in mortgage-backed securities prior to the financial crisis of 2008, according to New York federal court papers.”

Housing Wire“Freddie Mac’s second high-LTV risk-sharing bond prices tight” (9-10-14)

“Freddie Mac announced that it has priced its second high loan-to-value ratio credit risk sharing transaction under its Structured Agency Credit Risk platform.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-10-14)

“Mortgage applications decreased 7.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 5, 2014.  This week’s results included an adjustment for the Labor Day holiday.”

 

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $242,000 on a 3 bedroom, 1 bathroom home appraised for $375,000.

Riverside Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.

 

Looking Back:

In a positive report, CoreLogic reported over 2 million comes were coming back up from underwater and were in a state of positive equity.  Clear Capital reported that despite mini housing bubbles occurring, the housing market was still in good condition and there was not a danger of another big bubble occurring.  With the decreasing interest rates, more jobs were being cut, especially at banks such as Bank of America.

 

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.

Home Asking Prices Increasing in Judicial Foreclosure States

Tuesday, September 9th, 2014

 

 

 

 

Today’s News Synopsis:

Asking prices for homes are increasing in judicial states, which normally see a longer foreclosure process.  The number of consumers who think now is a good time to buy a home is on the decline.  Newt Gingrich will be featured as a keynote speaker for the Bipartisan Policy Center’s Housing Summit.

In The News:

DS News - “Study: Foreclosure Prevention Counselors Saving Homeowners Millions” (9-9-14)

“Foreclosure prevention counselors have saved homeowners millions of dollars annually, according to a recent study by the Urban Institute for NeighborWorks America.”

OC Housing News“Delinquent mortgage squatters receive both praise and blame” (9-9-14)

“Have you noticed that most of the human interest stories from the housing bubble have no heroes? The housing bust has brought out the worst in mankind. Every party involved seeks to avoid any financial responsibility while simultaneously looking for ways to game the system to their advantage.”

Bloomberg - “Banks Will Pay Price for Choosing to Be Big, Fed’s Tarullo Says” (9-9-14)

“The biggest U.S. banks must decide whether to voluntarily reduce their size and complexity or face capital charges that are some of the toughest in the world, the Federal Reserve’s top financial-regulation official said today.”

Mortgage Professional America - “Production and profits spike among independent bankers” (9-9-14)

“Loan production among independent bankers spiked in the second quarter, the first increase in the past three quarters.  Independent mortgage bankers’ loan production was up 50% over the first quarter, according to a Richey May & Co. report.”

DS News“Judicial Foreclosure States Seeing Faster Gains in Home Asking Prices” (9-9-14)

“Home asking prices are on the rise nationwide, according to the August 2014 Trulia Price Monitor released on September 9, but they are rising at a faster rate in “judicial” states where the foreclosure process takes longer.”

Housing Wire“Newt Gingrich to keynote Bipartisan Policy Center’s Housing Summit” (9-9-14)

“Former House Speaker Newt Gingrich will be keynoting the Bipartisan Policy Center’s 2014 Housing Summit, Housing America’s Future: New Directions for National Policy.”

Realty Times“D.C. Banks Take A Hit” (9-9-14)

“Mortgage lenders in the District of Columbia were dealt a severe — but not fatal — blow last week by the District of Columbia Court of Appeals. The court ruled that when a condominium forecloses on its super-priority lien, it literally wipes out the security interests of the first mortgage holder.”

Mortgage Professional America - “Fewer consumers think it’s a good time to buy or sell homes” (9-9-14)

“Fewer consumers think it’s a good time to buy or sell a house, according to data released Monday by Fannie Mae.  The percentage of consumers who think it’s a good time to buy tied its all-time low.”

 

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $134,000 on a 2 bedroom, 1 bathroom home appraised for $200,000.

Riverside Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.

 

Looking Back:

In top news, Bruce Norris of the Norris Group was featured in the LA Times discussing how he started in real estate and began The Norris Group back in 1997.  The number of improving housing markets was at 291, a new record.  Delinquency rates for commercial and multifamily properties decreased in the second quarter by 0.01% to 0.08%.

 

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.

Employment Growing Slowly But Surely

Monday, September 8th, 2014

 

 

 

 

Today’s News Synopsis:

Employment is growing, but at a slow pace according to the latest Employment Trends Index.  Loans increased 50% for independent mortgage bankers.  Fannie Mae believes the housing market will continue to show improvement into 2015.

In The News:

Housing Wire - “Independent mortgage bankers see 50% loan growth” (9-8-14)

“Loan production among independent mortgage bankers in the second quarter increased by 50% over the previous quarter, the first increase in the past three quarters, according to the 2014 Trend Report for Independent Mortgage Bankers compiled by Richey May & Co.”

OC Housing News“Mortgage equity withdrawal should be regulated like retirement account loans” (9-8-14)

“Politicians provide many reasons for supporting home ownership through policy initiatives and outright subsidies, but one of the primary reasons they support home ownership is the forced savings account properties of an amortizing mortgage.”

Bloomberg - “Hedge Funds Reap Gains on FHA Loans Sidelining Nonprofits” (9-8-14)

“The U.S. Federal Housing Administration started selling distressed loans in 2012 to help communities hit hard by foreclosures while also reducing losses to its taxpayer-backed insurance fund.”

Mortgage Professional America - “Eliminating Fannie, Freddie would save government billion — report” (9-8-14)

“Eliminating Fannie Mae and Freddie Mac in favor of a new government mortgage insurer would reduce direct spending by $60 billion and slash the deficit by $58 billion over the next 10 years, according to new data from the Congressional Budget Office.”

DS News“Index Shows Employment Growth Slow But Steady” (9-8-14)

“Following the recent Bureau of Labor Statistics report of ongoing—albeit disappointing—employment growth in August, another indicator of labor market trends shows continued steady improvement.”

Mortgage Professional America“FHA policy change will save homeowners millions” (9-8-14)

“A new policy switch by the Federal Housing Administration means America’s homeowners will be saving hundreds of millions of dollars.  For years, the FHA has allowed lenders to charge borrowers a full month of interest when homes were sold or refinanced – even when borrowers paid off their mortgages weeks before the end of the month.”

DS News“Fannie Mae: Gradual Housing Recovery Will Continue Into 2015″ (9-8-14)

“Improvements in the labor market in 2014 have not translated to rapid housing market recovery this year, according to the Fannie Mae August 2014 National Housing Survey.”

Bloomberg - “Banks Join MGIC Pushing to Ease Insurer Capital Plan” (9-8-14)

“Bankers joined loan guarantors in pushing the Federal Housing Finance Agency to ease proposed capital rules for mortgage insurers, saying the plan will make borrowing less affordable for homebuyers unless it’s revised.”

 

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $271,000 on a 3 bedroom, 1.5 bathroom home appraised for $432,000.

Los Angeles Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 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.