California Real Estate Headline Roundup

Posts Tagged ‘real estate investing’

By Bruce Norris .

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

Friday, October 17th, 2014

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

 

 

Sources:

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



Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

 

Looking Back:

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

 

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

1 in 3 Homes are Rental Properties According to Recent Survey

Thursday, October 16th, 2014

Copyright: Image from www.flickr.com/photos/29456235@N04/

 

 

Today’s News Synopsis:

 

Mortgage debt for commercial/multifamily properties is on the rise increasing 1% quarter-over-quarter.  Mortgage rates decreased this week, and 30-year rates are at their lowest in 16 months at 3.97%.  15-year rates decreased to 3.18% from 3.3%.  According to a recent survey by HUD and the Census Bureau, 1 in 3 single-family homes are rental properties.

In The News:

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Debt Outstanding Continues to Rise” (10-16-14)

“According to a Mortgage Bankers Association (MBA) report released today, the level of commercial/multifamily mortgage debt outstanding increased by $24.9 billion in the second quarter of 2014, as three of the four major investor groups increased their holdings.  That is a 1.0 percent increase over the first quarter of 2014..”

Housing Wire“American Housing Survey finds 1 in 3 homes is a rental” (10-16-14)

“One in every three single-family homes is a rental, lots are shrinking, and one in 10 homes has had a mice or cockroach problem. Homes have fewer physical problems than two years ago.”

Bloomberg“Mortgage Rates Tumble as 30-Year at 16-Month Low of 3.97%” (10-16-14)

“U.S. mortgage rates plunged, sending borrowing costs for 30-year loans below 4 percent for the first time in 16 months, as signs of a slowing global economy drove investors to the safety of government bonds.”

DS News“Report: 40,000 Homeowners Received Permanent Loan Mods in August” (10-16-14)

“About 40,000 homeowners nationwide received permanent mortgage loan modifications from servicers in August, which includes loans completed through proprietary programs and under the government’s Home Affordable Modification Program (HAMP), according to data released by the HOPE NOW Alliance on Thursday.”

OC Housing News“Is real estate the best asset class for the 21st century?” (10-16-14)

“Where is the best place to put your money today? At the bottom of the credit cycle, super-low interest rates inflate the value of all assets because investors are forced to take on more risk in a futile quest for yield.”

Mortgage Professional America“Dodd-Frank mortgage rule nears the finish line” (10-16-14)

“Regulators will meet next week to decide on the final version of the much-delayed provision of the 2010 Dodd-Frank financial reform law.  Six regulators, including the Federal Reserve, the Federal Deposit Insurance Corp. and the Securities and Exchange Commission, will meet October 22 to adopt the final version of the credit risk retention rule, a requirement of the 2010 Dodd-Frank law to reform Wall Street.”

Housing Wire - “Home value loss and recovery starkly different by race” (10-16-14)

“A recent report by the Federal Reserve shows that from 2010 to 2013, the inflation-adjusted median home value for all homeowners declined 7%.”

Los Angeles Times“Home builder confidence slips off nine-year highs” (10-16-14)

“Home builders are taking a slightly dimmer view of the housing market, but they’re still generally bullish.  The National Assn. of Home Builders reported Thursday that its member confidence index slipped in October, ending a four-month run of gains that led to a nine-year high last month.”

Mortgage Professional America“Foreclosure filings increase for the first time in three years” (10-16-14)

“Foreclosure filings, including default notices, scheduled auctions and bank repossessions, were reported on 317,171 U.S. properties during the third quarter, marking the first quarterly increase in three years, according to RealtyTrac’slatest September and third quarter Foreclosure Market Report.”

 

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

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

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

 

Looking Back:

Builder confidence decreased this month to a new level of 55 according to the NAHB.  Loan modifications increased in August to to 580,000 with the completion of 67,000 in the month alone.  Nobel-prize winner Robert Shiller warned of a potential new housing bubble.

 

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.

Mortgage Lending Increased for Big Banks with Sudden Increase in Homeowner Refinancing

Wednesday, October 15th, 2014

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

 

 

Today’s News Synopsis:

Big day in the news for mortgages.  The Mortgage Bankers Association reported a 5.6% decrease in mortgage applications from last week.  The costs for compliance on mortgage lending regulations is up 30% according to the latest survey from Fannie Mae.  A sudden increase in homeowner refinancing has helped banks such as JPMorgan Chase, Wells Fargo, and Citigroup to see an increase in mortgage lending.

In The News:

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (10-15-14)

“Mortgage applications increased 5.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 10, 2014.”

Housing Wire“Mortgage lending regulation compliance costs up 30%” (10-15-14)

“Most lenders believe new regulations have had “significant” impact on their business, according to the Third Quarter Mortgage Lender Sentiment Survey of senior mortgage executives conducted by Fannie Mae.”

Bloomberg“Refinance Boomlet Gives U.S. Banks Relief From Plunge: Mortgages” (10-15-14)

“As the largest U.S. banks rebuild their mortgage lending, with gains last quarter, they face the challenge of finding qualified borrowers and the possibility of rising interest rates.”

Inman“Falling stocks mean cheaper mortgages.  But what’s the big picture for housing?” (10-15-14)

“The big sell-off in stocks that began last week has already sent mortgage rates plummeting, but so far that’s only translated into more demand for refinancings.  The bigger questions for housing markets are whether stock market volatility will undermine homebuyer confidence, and whether declines in equity prices will mean buyers will have a harder time scraping together down payments.”

OC Housing News“Slow wage growth limits home price appreciation” (10-15-14)

“Financed buyers complete most home sales, so the borrowing power of financed buyers generally sets the prevailing price levels in most real estate markets.”

Mortgage Professional America“Outcome of lender and HOA foreclosure dispute could affect rates” (10-15-14)

“Last month the Nevada Supreme Court decided that a homeowners association can foreclose on homes to recoup delinquent payments, a decision that could potentially cause mortgage rates to rise.”

Realty Trac - “Will Fewer Mortgages Drive Immigration Reform?” (10-15-14)

“When it comes to real estate it seems foolish to leave $500 billion on the table but that’s pretty much the situation. Why? Because of the failure to attract more Hispanic buyers, the one group most likely to power future home sales and mortgage borrowing.”

Los Angeles Times“Bank of America posts after mortgage settlement” (10-15-14)

“Bank of America Corp., which agreed to a record $16.7 billion settlement of government mortgage probes in August, posted a surprise third-quarter profit as revenue from trading stocks and bonds increased..”

Inman“Stock plunge a threat to housing” (10-15-14)

“While most Americans have two parts to their investment portfolio — their homes and their stocks — they are knitted together in critical ways.  Which is why the current stock market plunge may already be hurting consumer confidence when it comes to the housing market, according to some experts.”

 

Bruce Norris will be speaking at AOA’s Big Million Dollar Trade Show & Landlording Conference TODAY at 3:15 p.m. in Los Angeles.

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

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

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

 

Looking Back:

The United States rating was being downgraded according to Senate Majority Leader Harry Reid.  The number of people still eligible for HARP refis continued to remain high with the decrease in mortgage rates.  Home prices increased for the 18th month in a row in August.

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.

Lending Business to Welcome An Interesting Member: Facebook

Tuesday, October 14th, 2014

 

Today’s News Synopsis:

A new recent poll by Bankrate.com showed more and more Americans are saving money with the uncertainty about the economy’s future and slow income growth.  Rumor has it Facebook will be doing more business with lending.  Another survey from RealtyTrac showed over 50% of housing markets have improved from two years ago.

In The News:

Housing Wire - “Citigroup 3Q revenue jumps to $19.6B” (10-14-14)

“Citigroup (C) posted net income for the third quarter 2014 of $3.4 billion, or $1.07 per diluted share, on revenues of $19.6 billion, compared to net income of $3.2 billion, or $1.00 per diluted share, on revenues of $17.9 billion for the third quarter 2013.”

DS News - “Survey Finds Consumer Spending Tight Despite Financial Security” (10-14-14)

“Stagnant income growth and uncertainties about the economy’s future have spurred more Americans to putting a tight lid on their monthly spending, according to a new poll.”

Bloomberg“Fannie Mae Common Shares Rally, Rebounding From Judge’s Ruling” (10-14-14)

“Fannie Mae and Freddie Mac common shares rose for a fifth day in New York trading, erasing most of their drop tied to a court ruling last month, while the companies’ preferred securities posted smaller gains.”

Housing Wire - “Is the era of buying homes with cash coming to an end?” (10-14-14)

“Cash sales are slowly turning into the endangered species of the industry, reaching the lowest share since august 2008.”

Mortgage Professional America“Social media giant to enter lending business” (10-14-14)

“With rumors already circulating about Facebook’s intention to offer payment services, the social media giant is now also believed to be looking at lending.”

DS News - “Study: 52 Percent of County Housing Markets ‘Better Off’ Than Two Years Ago” (10-14-14)

“A total of 811 U.S. county housing markets (52 percent) were rated as “better off” than they were two years ago, compared to only 11 percent (176 markets) categorized as “worse off,” according to RealtyTrac’s 2014 Election Housing Scorecard released on Tuesday.”

Housing Wire“Mortgage banking industry weighs in support for single GSE bond” (10-14-14)

“A common securitization platform and a single GSE bond is coming soon enough from the Federal Housing Finance Agency, and while details are still under discussion the mortgage banking industry is weighing in with their thoughts.”

OC Housing News“Is housing headed for another stimulus hangover?” (10-14-14)

“Ever since house prices began a steep, deep, and unprecedented decline in 2008, the government, lenders, and the federal reserve have changed policies and applied stimulus of various kinds to reverse the decline and reflate the previous bubble in order to restore collateral backing to bubble-era home loans to preserve the solvency of our banking system.”

 

Bruce Norris will be speaking at AOA’s Big Million Dollar Trade Show & Landlording Conference TOMORROW.

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

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

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

 

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

Economy as a Whole Gains Solid Footing

Friday, October 10th, 2014

 

 

 

Sources:

Consumers more optimistic about housing
U.S. Mortgage Rates Fall to Lowest in a Month



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.  The net income earned by Fannie Mae and Freddie Mac in the second quarter was only half of what they had earned in the first quarter of this year.  According to a recent study by Wells Fargo, the economy as a whole is gaining a solid footing, leading many to speculate housing may soon see positive changes in the market.  Top officials in the Federal Reserve are fearing that the public is expecting too much from the central bank.

In The News:

DS News - “Study: Economy On More Solid Ground, Housing May Soon Follow” (10-10-14)

“Now that the overall economy is on more solid ground, Wells Fargo economists suggest that housing may soon follow in its footsteps, according to Wells Fargo’s Housing Chartbook for October 2014 released on Thursday.”

Los Angeles Times“Top Fed official fears people ‘expect too much’ from central bank” (10-10-14)

“A top Federal Reserve official said Friday that Americans “expect too much” from the central bank, particularly when it comes to reducing unemployment..”

Housing Wire - “Fannie, Freddie net income slashed in half” (10-10-14)

“Government-sponsored enterprises Fannie Mae and Freddie Mac brought in a combined second-quarter net income of $5 billion, nearly half of the $9.3 billion the two made in the first quarter of 2014, the Federal Housing Finance Agency’s Quarterly Performance Report of the Housing GSEs stated.”

OC Housing News“Is building spec homes for the ultra wealthy a sustainable business?” (10-10-14)

“A sustainable business is one that delivers value to customers in good times and in bad.  Failed business models litter the real estate landscape. Subprime lending is a model that succeeds only when times are good and house prices rise steadily.”

Mortgage Professional America - “Are you getting a piece of the HELOC pie?” (10-10-14)

“HELOCs are gaining traction among homeowners. In fact, lenders increased their origination of home equity lines of credit by 21% in the 12 months ending in June, according to new data from real estate information firm RealtyTrac.”

Inman - “Gathering storm overseas taking mortgage rates down” (10-10-14)

“The financial world is back on a familiar precipice: A giant global-regional economy is on a cusp, all waiting to see if its government will intervene. This time it ain’t us — it’s Europe, again — the shock waves for the moment beneficial to the U.S.”

 

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

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

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

 

Looking Back:

Foreclosures decreased again by 7% from the last quarter and 29% year-over-year, putting them at the lowest level since the second quarter of 2007.  Mortgage rates increased again after five weeks with 30-year rates at 4.23% and 15-year rates at 3.31%.  In addition, the Mortgage Bankers Association reported mortgage applications for new homes decreased the previous month by 1%.

 

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 Home Purchase Applications Remain The Same From Last Week

Thursday, October 9th, 2014

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

 

 



Today’s News Synopsis:

New home purchase applications remain virtually the same from last week according to the latest Builder Application Survey by the Mortgage Bankers Association.  Freddie Mac reported mortgage rates, on the other hand, decreased to their lowest in a month with 30-year rates at 4.12% and 15-year rates at 3.3%.  HELOCS increased by 20.6% from last year with a total of 797,865 originated across the nation.

 

In The News:

Mortgage Bankers Association“Applications for New Home Purchases Unchanged in September” (10-9-14)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for September 2014 shows mortgage applications for new home purchases remained unchanged relative to the previous month.”

Housing Wire“Auction.com launches Auction Finance to spur investor activity” (10-9-14)

“Seeking to expand on its pool of potential real estate buyers, Auction.com has created a new division to help commercial and residential real estate investors obtain financing.”

Bloomberg“Home Equity Loans Surge as Rates Fall to Lowest Since 2008″ (10-9-14)

“The 1960 Ray Charles lyric — “Them that’s got are them that gets” — rings true today in the U.S. mortgage market.  Lenders increased their origination of home equity lines of credit, or Helocs, by 21 percent in the 12 months ending in June, data firm RealtyTrac Inc. said today.”

DS News“Wells Fargo Settles With HUD Over Maternity Leave Discrimination Complaints” (10-9-14)

“The U.S. Department of Housing and Urban Development (HUD) has reached a $5 million settlement with Wells Fargo Home Mortgage, the largest provider of residential mortgage loans in the nation, to resolve allegations that Wells Fargo discriminated against women who were either pregnant or on maternity leave, HUD announced Thursday.”

Mortgage Professional America“State expands help for first-time homebuyers” (10-9-14)

“The California Housing Finance Agency (CalHFA) is providing an additional $6,500 in down payment assistance to first-time homebuyers through its CalPLUS Conventional program.”

OC Housing News - “Desperate Baby Boomers need Millennials to buy homes” (10-9-14)

“Who cares whether or not Millennials buy homes? Shouldn’t the Millennials themselves be the only ones who care whether they rent or whether they own? Shouldn’t the choice be one for them to make in consideration of their own lifestyles, needs, and goals?”

Bloomberg“U.S. Mortgage Rates Fall to Lowest in a Month” (10-9-14)

“U.S. mortgage rates fell to the lowest level in a month after the International Monetary Fund’s cut to its global-growth outlook drove investors to the safety of the U.S. government bonds that guide borrowing costs.”

Housing Wire“Credit nation?  HELOCs up 20.6% year-over-year” (10-9-14)

“A total of 797,865 home equity lines of credit were originated nationwide, up 20.6% from a year ago and the highest level since the 12 months ending June 2009, according to RealtyTrac.”

 

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

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

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

 

Looking Back:

The Mortgage Bankers Association reported a 1.3% increase in mortgage applications the previous week.  Shadow inventory decreased to the lowest level since August 2008 and stood at 1.9 million.  Janet Yellen was nominated to serve as the head of the Federal Reserve and the first woman to serve in this position.

 

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 Market Loses $83 Billion A Year Due to Increased Student Debt

Wednesday, October 8th, 2014

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

 

 



Today’s News Synopsis:

John Burns Real Estate Consulting confirmed reports by HousingWire that student debt and the housing recovery are correlated in that the housing market is losing $83 billion a year due to higher student debt.  Mortgage applications saw an increase this past week by 3.8% according to the latest Mortgage Bankers Association Applications Survey.  Consumer optimism over the housing market is continuing to show signs of increase.

 

In The News:

Mortgage Bankers Association“Mortgage Applications Increase in Latest MBA Weekly Survey” (10-8-14)

“Mortgage applications increased 3.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 3, 2014.”

Bloomberg“Tightest Credit Market in 16 Years Rejects Bernanke’s Bid” (10-8-14)

“Lenders are continuing to tighten the credit vise on homebuyers after five straight years of economic expansion, imposing the toughest standards since at least 1998, according to a new index by CoreLogic (CLGX) Inc.”

Housing Wire“Student debt costs housing $83B a year” (10-8-14)

“For more than a year HousingWire has been reporting on the link between high levels of student loan debt and the struggling housing recovery.  Now John Burns Real Estate Consulting has quantified the true measure of this dismal reality: Student debt will cost the housing industry approximately $83 billion in sales in 2014.”

Mortgage Professional America“The unlevel playing field: Mortgage originators versus banks” (10-8-14)

“It’s not news that much of the blame for the housing crisis has been directed at mortgage originators.  However, almost eight years later in a much improved housing climate, the group is still paying for the financial meltdown and shoddy lending practices.”

OC Housing News - “Is SoCal housing overvalued or merely as expensive as usual” (10-8-14)

“What is the best measure of value in a housing market? The two most commonly accepted measures are price-to-rent and price-to-income, but both have a similar weakness: they don’t consider the impact of fluctuations in mortgage interest rates.”

Bloomberg“What Central Bankers Want Is to Be Boring, Hampl Says: Economy” (10-8-14)

“Some central bankers have had enough of living in the limelight.  As policy makers, academics and investors debate whether the world economy can return to its pre-crisis shape, the community of central bankers is yearning to ditch unconventional tools and return to the standard monetary routine, even if they are unable to do so for now, Czech National Bank Deputy Governor Mojmir Hampl said.”

Mortgage Professional America - “Consumers more optimistic about housing” (10-8-14)

“Americans are getting more optimistic about the housing market after a recent dip in sentiment, according to new data from Fannie Mae. The jump in optimism, along with positive employment data, spurred hopes for a modest housing recovery in 2015.”

 

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

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

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

 

Looking Back:

The California housing market was expected to continue to improve into the coming year with the pending increase in home prices and sales.  Three top banks, Morgan Stanley, Bank of America, and Wells Fargo were expected to see an increase in earnings and lead the top six U.S. lenders.  With the recent government shutdown and hesitation about the debt ceiling, more and more investors were more cautious.

 

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 Price Growth Strongest in Five Months in August Despite Being on Overall Decline

Tuesday, October 7th, 2014

Copyright: Image from www.flickr.com/photos/68751915@N05/



Today’s News Synopsis:

Home price growth is actually on the decline having increased only 6.4% year-over-year and 0.3% month-over-month in August, compared to 7.4% and 1.2% the year prior.  Despite this, growth was actually the strongest it had been in five months.  RealtyTrac released data showing the best top ten college towns to buy rental properties and to flip homes.

 

In The News:

Housing Wire“CoreLogic: Home price growth continues downward trend” (10-7-14)

“Home prices, including distressed sales, climbed 6.4% in August 2014 compared to a year prior, following 30 months of consecutive year-over-year increases in home prices nationally, the latest CoreLogic home price index reported.”

Bloomberg“Homebuilders Offer Freebies as Booming U.S. Markets Cool” (10-7-14)

“Builders in Phoenix and areas from Sacramento, California, to Orlando, Florida, are sweetening offers as sales slow in some of the country’s most volatile housing markets.”

Realty Trac“Best College Towns for Buying Rentals, Flipping in 2014″ (10-7-14)

“RealtyTrac has ranked the top 10 college towns for buying rental properties, and the top 10 college towns for flipping in 2014.  For these rankings, RealtyTrac looked at public four-year universities with a total 2012 enrollment of 20,000 or more based on data from the National Center for Education Statistics and located in counties with an unemployment rate below the national average of 6.2 percent in June 2014.”

Housing Wire“Capital Economics: August price growth was strongest in five months” (10-7-14)

“The increase in the CoreLogic measure of house prices in August, although barely half the average monthly gain of August 2012 and 2013, suggests that the housing market is putting the soft patch in prices from earlier this year behind it, a client note from Capital Economics says.”

Mortgage Professional America“CFPB is doing a good job overall — government watchdog” (10-7-14)

“The CFPB is performing well, for the most part. That’s according to a new report by the Federal Reserve’s Office of the Inspector General.  The OIG had reviewed the CFPB’s rule-making process to see whether it complied with the Dodd-Frank Act.”

OC Housing News - “How restricted for-sale housing inventory saps demand” (10-7-14)

“Lenders restricted MLS inventory to drive up house prices, which also drives up rent; higher rent makes it more difficult to save for a down payment.”

Housing Wire - “KBW: Single-family REO market tops $25 billion” (10-7-14)

“A client note from Keefe, Bruyette & Woods says that major institutional players have now invested $25 billion in the single-family rental market, acquiring some 150,000 properties nationwide.”

Realty Trac“Boston Foreclosures Bouncing Back” (10-7-14)

“Foreclosure starts in the Boston metro area increased 17 percent in July compared to a year ago, the fifth consecutive month where foreclosure starts have increased annually in the region.”

 

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

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

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

 

Looking Back:

With the third-quarter earnings report recently released for U.S. banks, the third quarter was not looking good and was expected to have lower profits.  The recent market index report from NAHB showed that 52 out of 350 metros in the nation showed signs of improvement.  Moody’s Investors Services reported modified seriously delinquent loans continued to hold strong.

 

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.

Debate Continues Over Loosening Mortgage Credit

Monday, October 6th, 2014

 

 

Copyright: Image from www.flickr.com/photos/68751915@N05/



Today’s News Synopsis:

Despite a decrease in average gross ROI and profit, California is still fourth on the list of states leading home flipping.  Freddie Mac saw a drop in their serious delinquency rate by 2% last August.  Different organizations, including the Federal Reserve Board and BofA Merrill Lynch Global Research, continue to debate over whether or not mortgage credit is loosening.

 

In The News:

Housing Wire“Credit Suisse: This is slowing down homeownership” (10-6-14)

“Affordability is no longer a compelling motivator for first-time homebuyers, according to a new report from Credit Suisse.  Due to the combination of higher mortgage insurance costs, higher interest rates and higher home prices, affordability is back to the long-term averages for first-time buyers.”

DS News“California Ranks Fourth in Home Flipping Despite Drops in Average Gross ROI, Profit” (10-6-14)

“Despite seeing a decline in average gross ROI and average gross profit on flipped homes, California still ranked fourth among the 50 states and District of Columbia in flipped homes as a percentage of total sales in Q2, according to RealtyTrac.”

Realty Trac“Are Banks Smart To Haggle With the FHA?” (10-6-14)

“The growing battle between the FHA and the lending industry could soon impact home sales and refinancing nationwide, a contest to win both hearts and minds not to mention loan originations worth billions of dollars.”

Mortgage Professional America“S&P faces new investigation over mortgage bond ratings” (10-6-14)

“Standard & Poor’s is in hot water over its ratings of mortgage bonds again, this time with New York Attorney General Eric Schneiderman.”

OC Housing News - “Why aren’t Millennials buying homes?” (10-6-14)

“In the 60 years between World War II and the housing bust, each generation obtained an education, secured a job, got married, and bought a home in the suburbs, enshrining our nostalgic notions of the American Dream. Unfortunately, lenders destroyed all that.”

DS News“Freddie Mac’s Serious Delinquency Rate Dips Below 2 Percent” (10-6-14)

“Freddie Mac followed the lead of its sister government-sponsored enterprise, Fannie Mae, and reported a serious delinquency rate of less than 2 percent for August in its recently-released August 2014 Monthly Summary.”

Housing Wire“Is mortgage credit loosening or not?” (10-6-14)

“The Federal Reserve Board’s Quarterly Senior Loan Officer Survey of credit conditions indicates that mortgage credit loosened in Q2 2014.”

 

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

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

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

 

 

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

Ben Bernanke Says Nice Tax Breaks and Low Interest Rates Are Why He Still Wants a Mortgage

Friday, October 3rd, 2014

 

 

 

Sources:

September Consumer Confidence Rises to Highest Post-Recession Level
Pending home sales slowed in August



Today’s News Synopsis:

This week’s video is a slideshow of the news of the week in this week’s real estate headline roundup video.  Unemployment is now at 5.9%, its lowest in six years with a large increase in hiring.  A recent review showed that 86% of borrowers who utilize the Home Equity Conversion Mortgage program by HUD are not in compliance with regulations.  Ben Bernanke, when asked why he wants a mortgage when he could not refinance his house, said it was because of low interest rates and a nice tax break.

In The News:

DS News - “New York AG Sues Law Firms for Mortgage Loan Relief Scam” (10-3-14)

“New York Attorney General Eric Schneiderman has sued two law firms and their principal attorney in a New York County Supreme Court, accusing them of participating in a fraudulent mortgage rescue scam, Schneiderman’s office announced earlier in the week.”

Bloomberg“Hiring Surge Pushes U.S. Jobless Rate to Six-Year Low: Economy” (10-3-14)

“A surprisingly powerful surge in hiring pushed unemployment to a six-year low of 5.9 percent in September as the U.S. labor market showed renewed vigor.”

Housing Wire - “HUD OIG: 86% of reviewed HECM borrowers out of compliance” (10-3-14)

“Borrowers who use the U.S. Department of Housing and Urban Development’s Home Equity Conversion Mortgage program are slipping through the cracks and are not in compliance with residency requirements when concurrently participating in the Housing Choice Voucher program.”

OC Housing News“Is San Francisco ripe for a housing bust?” (10-3-14)

“Back in January I asked, Is San Francisco, the most overvalued US housing market, going to crash? At the time, I challenged housing bears to construct a scenario where house prices could drop in the face of an improving economy and successful lender can-kicking.”

Realty Trac“Best and Worst Markets for Buying Rentals in Q3 2014: Heat Map” (10-3-14)

“RealtyTrac released a report earlier this week ranking the best — and worst — markets for buying rental property in the third quarter of 2014, which found that while solid returns can still be realized by rental property, rental properties purchased in the third quarter of this year on average will generate less cash flow than rental properties that were purchased last year, thanks primarily to sharp increases in home prices over the past year.”

Housing Wire - “MERS hot streak continues” (10-3-14)

“For the second day in a row, MERSCORP is celebrating a legal victory in a case brought by disgruntled mortgagors who claim that MERS doesn’t have the authority to assign a mortgage.”

Bloomberg - “Why Does Bernanke Want a Mortgage, Anyway?  Low Rats and Tax Breaks” (10-3-14)

“Ben S. Bernanke says he can’t refinance his house. With his book advance and speaking fees, why does the former Federal Reserve chairman even want a mortgage?”

Mortgage Professional America“Investor appeals ruling over Fannie, Freddie profits” (10-3-14)

“An investor in Fannie Mae and Freddie Mac is appealing a recent ruling dismissing claims that the government lacked the authority to seize the mortgage finance companies’ profits.”

 

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

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

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

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications decreased by 0.4% the previous week with the increase in refis.  Mortgage rates decreased again with 30-year rates at 4.22% and 15-year rates at 3.29%.  This decrease came with the decrease in consumer confidence and fears over debt defaults.  The NAHB reported the housing market was continuing to show signs of recovery despite there still being some challenges to a full recovery.

 

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