The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘real estate investing’

By Bruce Norris .

Homeownership Rate Lowest in Almost Twenty Years

Tuesday, July 29th, 2014

 

Today’s News Synopsis:

The latest Case-Shiller Index showed a 0.3% decrease in home price gains.  A bank in Illinois closed this week, bringing the new total for closed banks this year to 14.  The U.S. homeownership rate decreased to 64.8% from 65% in the first quarter, bringing it to its lowest since 1995.

In The News:

Housing Wire - “Case-Shiller: Home price gains declined in May 0.3%” (7-29-14)

“Home price growth continued to slow in May as housing and the economy continue weakening trends, according to data through May 2014 in the S&P/Case-Shiller Home Price Indices, which show housing prices posted declines of 0.3% from April.”

DS News“Illinois Bank Shuts Its Doors” (7-29-14)

“The fallout of the financial crisis caught up to another bank over the weekend, resulting in a shutdown by federal regulators.  The Office of the Comptroller of the Currency (OCC) announced on Friday the closure of Chicago-based GreenChoice Bank.”

Los Angeles Times - “U.S. homeownership rate slides to lowest level since 1995″ (7-29-14)

“The share of Americans who own their homes slipped again in the second quarter to its lowest level in nearly two decades.  Just 64.8% of U.S. homes are owner-occupied, the Commerce Department said Tuesday, down from 65% in the first quarter and the lowest count since the third quarter of 1995. The figures are adjusted to account for seasonal variations.”

Bloomberg“Zillow Seen Dominating U.S. Home Searches With Trulia” (7-29-14)

“A Zillow Inc. (Z) purchase of Trulia Inc. (TRLA) would create a dominant search website for U.S. house hunters, reshaping an online industry the companies helped popularize.”

Housing Wire - “New legislative proposal would turn the post office into a bank” (7-29-14)

“It’s been rumored and discussed for months, but now it’s one step closer to actually happening.  The idea of the United States Postal Service offering banking services may have seem far-fetched when it was originally floated by the USPS earlier this year, but now there’s a legislative proposal that would authorize the USPS to do just that.”

DS News“Community Organizations Work to Prevent Foreclosure” (7-29-14)

“Increasingly, community organizations are getting more involved in ensuring that their citizens are able to avoid foreclosure and stay in their homes.”

Inman - “NAR-backed zipLogix and Updater integrating to help streamline the moving process” (7-29-14)

“Two companies partially owned by the National Association of Realtors will soon integrate their products to help real estate professionals simplify the moving process for their clients, the trade group announced today.”

OC Housing News“Surprisingly, Mel Watt is not forgiving principal on underwater loans” (7-29-14)

“Principal reduction is the worst policy option. The economy is weighed down by excessive mortgage debt, causing borrowers to pay money to lenders that would otherwise be spent on goods and services stimulating the economy.”

DS News - “Default Risk Drops, Still Above Normal Levels” (7-29-14)

“Loan risk in the agency mortgage market came down slightly in June, but analysts warn that risk levels are still unacceptably high.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group TONIGHT, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be speaking at the CMLS 2014 – Learning the In-and-Outs of Real Estate Forecasting From September 24-September 27, 2014.

 

Looking Back:

Pending home sales decreased 0.4% the previous month with the increase in mortgage rates.  The FHFA announced that by the end of this year they hoped to use risk-sharing transactions to return private capital to the mortgage finance system.  According to the latest Lender Processing Services report, home prices saw a 1.3% increase, marking the third month in a row to show an increase in prices.

 

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.

Pending and New Home Sales Decrease Month-Over Month

Monday, July 28th, 2014

 

Today’s News Synopsis:

Pending home sales decreased 1.1% month-over-month according to the latest figures from the National Association of Realtors.  At the same time, sales of new homes decreased drastically in June.  Richard Cordray of the CFPB is scheduled to testify before the House Oversight and Investigations Subcommittee regarding discrimination allegations.

In The News:

Housing Wire - “S&P: Prime jumbo RMBS advance rates nose-dive” (7-28-14)

“The advance rate for prime jumbo residential mortgage-backed securitizations fell sharply in the last few months, according to a new report from Standard & Poor’s Rating Services.”

DS News“Fannie Mae Forecasts Slowdown in Growth for Remainder of 2014″ (7-28-14)

“Despite an anticipated pickup in economic growth and housing recovery in the second half of this year, Fannie Mae expects the economy to grow at just 1.5 percent overall this year.”

Los Angeles Times - “Zillow to buy Trulia, creating real estate website behemoth” (7-28-14)

“The nation’s two biggest real estate listing websites announced Monday that they’re joining forces..”

Bloomberg“Pending Sales of U.S. Existing Homes Unexpectedly Decrease” (7-28-14)

“Fewer Americans than forecast signed contracts to buy previously owned homes in June, a sign residential real estate is struggling to strengthen.  The index of pending home sales declined 1.1 percent from the month before after rising 6 percent in May, figures from the National Association of Realtors showed today in Washington.”

Housing Wire - “10 cities that got back up after the recession, and 10 still on the canvas” (7-28-14)

“Everyone’s favorite great municipal failure is Detroit, that virtual third world poster child for so many things that have gone horribly wrong in America.”

DS News“Cordray to Testify Regarding Allegations of Discrimination at CFPB” (7-28-14)

“As part of its continuing effort to address nagging allegations of discrimination and subsequent backlash against whistleblowers at the Consumer Financial Protection Bureau (CFPB), the House Oversight and Investigations Subcommittee will on Wednesday hear testimony from CFPB director Richard Cordray.”

Bloomberg - “Mortgage Investors Doubts Appear in Rally of Risky Notes” (7-28-14)

“Investors who piled into bets on some risky types of U.S. mortgage bonds are showing signs of doubt that the notes will extend their rally.  Bondholders last week sought to sell the most government-backed mortgage derivatives known as interest-only securities and inverse IOs through auctions in four months, according to Empirasign Strategies LLC, which tracks securitization trading.  ”

OC Housing News“New home sales plummet in June 2014″ (7-28-14)

“This wasn’t supposed to happen. Reflating the housing bubble was supposed to lift distressed loanowners above water, stimulate building (and construction employment), and create “escape velocity” in the housing market.”

Housing Wire - “DBRS: CFPB rules, tighter credit driving down mortgage originations” (7-28-14)

“Federal regulations, coupled with a general shift from refinance to purchase activities, have resulted in historically low volumes of mortgage loan originations and organic servicing growth, even though home prices have continued to rebound and delinquency and foreclosure rates are at their lowest levels in years.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be speaking at the CMLS 2014 – Learning the In-and-Outs of Real Estate Forecasting From September 24-September 27, 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.

Morgan Stanley Reaches Settlement Over Misrepresentation of Mortgage Bonds

Friday, July 25th, 2014

Sources:

RMBS Liquidations Increase for the First Time in Almost Two Years
Regulators Take Possession of Georgia Bank


Today’s News Synopsis:

Aaron Norris of The Norris Group gives some highlights from the news of the week in this week’s real estate headline roundup.  Zillow believes the increasing mortgage rates could have a negative impact on home sales by leading to fewer sales.  Morgan Stanley just reached a settlement with the Securities and Exchange Commission who said they were not honest about a pair of mortgage bonds they sold during the financial crisis.  The latest Standard and Poor’s report showed rating for private mortgage insurers is expected to remain strong despite changes to the FHFA rules.

In The News:

Inman“Housing markets poised to regain some lost momentum” (7-24-14)

“Having weathered a soft patch that lasted through the fall, winter and early spring, housing markets are showing signs of a rebound that should continue for the rest of the year, according to the latest forecast by economists at Fannie Mae.”

OC Housing News - “Zillow believes rising mortgage rates will slow home sales” (7-25-14)

“I recently wrote that higher mortgage interest rates would either slow sales or cause house prices to drop. Since most real estate analysts still consider declining home prices impossible, when forced to pick between the two potential outcomes, they pick slower home sales.”

DS News - “Morgan Stanley Settles RMBS Claims” (7-25-14)

“Morgan Stanley agreed to pay back $275 million to investors whom the Securities and Exchange Commission say were mislead by a pair of mortgage bonds the company marketed during the financial crisis.”

Housing Wire - “Are the jumbo RMBS floodgates finally re-opening” (7-25-14)

“For the third time in 2014, Credit Suisse (CS) is preparing to bring a prime, jumbo residential mortgage backed securitization to market.”

Bloomberg - “Architects Group Lowers U.S. Construction Forecast” (7-25-14)

“Spending on non-residential construction in the U.S. will be less than initially projected as state and local governments scale back investments in such properties as schools and health-care buildings, the American Institute of Architects said.”

Housing Wire - “NAR: Big banks exiting FHA loans is a ‘bad trend’” (7-18-14)

“As the Federal Housing Administration celebrates its 80th anniversary, the big banks are debating ending their lending relationships with the administration.”

DS News - “Seattle Firm Completes Asset Transfer” (7-25-14)

“Seattle based Regional Trustee Services Corporation (RTS) announced that it has completed an asset purchase agreement effective immediately.”

Housing Wire - “Mortgage insurer ratings safe despite potential FHFA rule changes” (7-25-14)

“Private mortgage insurers are forecasted to maintain strong ratings in the immediate term, following the Federal Housing Finance Agency’s decision to revise its private mortgage insurance requirements and reduce credit risk to Fannie Mae and Freddie Mac, according to a report from Standard & Poor’s Rating Services.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be speaking at the CMLS 2014 – Learning the In-and-Outs of Real Estate Forecasting From September 24-September 27, 2014.

 

Looking Back:

Jobless claims increased by 7,000 to 343,000 in the past week.  Mortgage rates fell again and were at their lowest in three weeks with 30-year rates at 4.31% and 15-year rates at 3.39%.  Some good news: Five markets in the U.S. were fully recovered, bringing the total for recovered homes to 19.

 

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 Sales Decrease Again in June

Thursday, July 24th, 2014

 

Today’s News Synopsis:

New home sales decreased again in June by 8.1%, the largest revision on record.  The number of homes seriously underwater decreased to 9.1 million, totaling 17.2% of homes in the nation.  Unemployment claims decreased by 19,000 to 284,000, the lowest in 8 years.

In The News:

Housing Wire - “Home price increases boost PulteGroup revenue and profit in 2Q2014″ (7-24-14)

“PulteGroup (PHM) posted net income was $42 million, or $0.11 per share, after pretax charges of $88 million, or $0.14 per share, for insurance reserves and office relocation costs for the second quarter of 2014.”

DS News“Homes “Seriously Underwater” Down in Second Quarter” (7-24-14)

“In a positive sign for the housing market, RealtyTrac reported Thursday a decrease nationwide in homes that were classified as “seriously underwater”, down to  9.1 million homes in the second quarter of 2014, representing 17.2 percent of all homes nationwide.”

Mortgage Professional America“S&P may face fraud charges over mortgage bond ratings” (7-24-14)

“Standard & Poor’s may be looking at a securities fraud lawsuit over ratings it gave to commercial mortgage bonds.  S&P said Wednesday that it had received a notice from the Securities and Exchange Commission that its enforcement staff intended to recommend pursuing civil charges against the company.”

Bloomberg“Sales of U.S. New Homes Fell in June After Large Revision” (7-24-14)

“Fewer new U.S. homes were sold in June than forecast and May data showed the biggest downward revision on record, painting a more troubling picture of a housing market that is struggling to gain traction.”

Housing Wire - “Jobless claims drop to 8-year low” (7-24-14)

“Jobless claims plummeted by 19,000 filings to 284,000 for the week ended July 19, the lowest level for initial claims since Feb. 18, 2006 when there were 283,000 claims, the U.S. Department of Labor said.”

OC Housing NewsOwner-occupant sales stall while distressed sales plummet“ (7-24-14)

“In 2011, lenders aggressively pursued loan modifications to avoid foreclosures. They offered any deadbeat who would play along a sweetheart deal just to get some money back on otherwise non-performing loans.”

Bloomberg - “Hamptons Home Sales Rise as Buyers Find More Inventory” (7-24-14)

“Home sales in New York’s Hamptons, the Long Island vacation locale popular among financiers and celebrities, climbed in the second quarter as more inventory became available for buyers.”

Inman“Ellie Mae’s self-service mortgage platform targets ‘tech-savvy’ borrowers” (7-24-14)

“Ellie Mae is now offering mortgage lenders a consumer direct solution for its Encompass mortgage management platform that can guide homebuyers through a step-by-step application process in less than 15 minutes, giving borrowers greater control and insight throughout.”

Housing Wire - “Freddie Mac: Mortgage rates push buyers to market” (7-24-14)

“Although mortgage rates remained relatively still for the week ended July 24, they are still just above the lows for 2014, helping push more potential homeowners into the market, Freddie Mac’s latest Primary Mortgage Market Survey said.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be speaking at the CMLS 2014 – Learning the In-and-Outs of Real Estate Forecasting From September 24-September 27, 2014.

Looking Back:

Sales of new homes increased by 8.3% to 497,000 the previous month with the decrease in home prices.  At the same time, mortgage applications decreased by 1.2% from the previous week according to the latest survey from the Mortgage Bankers Association.  Freddie Mac planned to sell nearly $500 million of mortgage-backed securities.

 

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 Purchase Demand Remains Flat

Wednesday, July 23rd, 2014

 

Today’s News Synopsis:

Mortgage applications increased 2.4% from last week according to the latest survey by the Mortgage Bankers Association.  The latest Fitch Ratings showed positive numbers for the upcoming year with housing starts expected to increase 9.5% and multifamily volume to increase 12%.  Mortgage purchase demand is still slow, having barely increased last week and has remained almost the same year-over-year.

In The News:

DS News“Consumers Would Change Lifestyle to Avoid Default” (7-23-14)

“It doesn’t take a financial catastrophe in the housing market to put consumers in danger. Epic meltdown or loss of work, hardship is hardship, and people often have to make tough decisions about how much they can afford and how much they can save on housing.”

Mortgage Professional America“Community bankers: CFPB must modify QM rule” (7-23-14)

“Community bankers are urging the Consumer Financial Protection Bureau to revise the current qualified mortgage rule.  In a letter to CFPB Director Richard Cordray, the Independent Community Bankers of America say that the rule must be revised to ensure that community banks can continue to serve local mortgage markets without being crushed by compliance costs.”

Bloomberg“Home-Rentals Wall Street Made Say Grow or Go: Real Estate” (7-23-14)

“The U.S. home-rental industry, transformed over the past two years by Wall Street-backed companies that were built on the rubble of the housing crash, is poised to be reshaped again as landlords like Philips get out.”

Housing Wire - “CFPB, FTC file 9 lawsuits against deceptive foreclosure firms” (7-23-14)

“The Consumer Financial Protection Bureau, the Federal Trade Commission and 15 states are filings 9 lawsuits against companies and individuals that collected more than $25 million in illegal advance fees with false promises to prevent foreclosures.”

DS News“Fitch Projects Positive Economic Growth in 2015″ (7-23-14)

“Encouraging economic statistics of late are pushing U.S. Housing toward more pronounced growth in 2015, according to the lates version of the “Chalk Line” released by Fitch Ratings on Tuesday.”

Bloomberg - “Money Funds Get New Restrictions Aimed at Preventing Runs” (7-23-14)

“The riskiest money-market mutual funds will be required to abandon their stable, $1-share value and allow their prices to float under rules adopted by the U.S. Securities and Exchange Commission.”

Inman“Demand for purchase mortgages still lagging” (7-23-14)

“Appetite for purchase mortgages stayed flat last week, clocking in well below the same week a year ago as costlier mortgage insurance and tight credit continued to hamper demand.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (7-23-14)

“Mortgage applications increased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 18, 2014.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be speaking at the CMLS 2014 – Learning the In-and-Outs of Real Estate Forecasting From September 24-September 27, 2014.

Looking Back:

Home prices increased again in May by 7.3% year-over-year and 0.7% month-over-month.  The latest Fitch Ratings showed an expected continued growth of the housing market with a 7.5% increase in existing home sales and 24% in new home sales.  However, Congress planned to cut the budgets for several affordable housing programs, which could deter a recovery in the housing market.

 

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

Total Bank Failures Now at 13 with Closing of Georgia Bank

Tuesday, July 22nd, 2014

 

Today’s News Synopsis:

The total number of failed banks this year is now at 13 with the recent closure of Conyers-based Eastside Commercial Bank in Georgia.  Existing home sales increased 2.6% month-over-month and now stand at 5.04 million.  Home prices increased 0.4% month-over-month in May, exceeding expectations.

In The News:

DS News“Regulators Take Possession of Georgia Bank” (7-21-14)

“State and federal regulators announced Friday the closing of a Georgia bank, putting the 2014 national bank failure tally at 13.  Georgia’s Department of Banking and Finance took possession of Conyers-based Eastside Commercial Bank, appointing FDIC as receiver.”

Los Angeles Times“Debt-to-income ratio can sink mortgage application” (7-20-14)

“Washington — For many home buyers, qualifying for a mortgage not only is a tough challenge but one that ends unhappily: They get rejected.”

Bloomberg“U.S. Home Prices Increased More Than Estimated in May” (7-22-14)

“U.S. house prices rose more than economists estimated in May as sales demand improved following a slowdown earlier in the year.”

Housing Wire - “Fitch: Housing market getting ready to grow” (7-22-14)

“Citing recent “encouraging economic and housing data,” analysts from Fitch Ratings expect an accelerated upturn in housing in the remainder of 2014.”

DS News“JPMorgan Begins to Offer Homeowner Relief” (7-22-14)

“In accordance with the terms of its settlement with the government, JPMorgan has begun the process of providing debt forgiveness and other mortgage relief to struggling homeowners.”

Bloomberg - “Housing Buoyed by 20-Year High for Vet’s Loans: Mortgages” (7-22-14)

“America’s fragile housing recovery is getting a boost from military buyers using VA mortgages as the U.S. draws down troops after more than a decade of combat in Iraq and Afghanistan.”

Inman“Former BofA short-sale negotiator prison-bound in ‘property flopping’ scheme” (7-22-14)

“A former Bank of America short-sale negotiator has been sentenced to 30 months in prison and ordered to pay $5.7 million in restitution for his role in a fraud scheme in which prosecutors said he accepted bribes to sign off on the sale of at least nine homes to flippers at prices far below their market value.”

Bloomberg - “Previously Owned U.S. Home Sales Rise to Eight-Month High” (7-22-14)

“Sales (ETSLTOTL) of previously owned U.S. homes climbed in June to an eight-month high as more listings helped prices cool, luring buyers into the market.”

DS News - “Freddie Mac Sees Bittersweet Economic Outlook” (7-22-14)

“Some things are meant to be a little sweet and a little bitter. They’re just better that way. Semi-sweet chocolate and sweet and sour sauce, just to name a few are some of the finest flavors known to man.”

Housing Wire - “Homebuilders to weigh in on mixed 2Q14 earnings” (7-22-14)

“As more top banks report muted mortgage results in their second-quarter earnings, homebuilders are about to weigh in on the discussion, recording potentially strong, steady or weak growth.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be speaking at the CMLS 2014 – Learning the In-and-Outs of Real Estate Forecasting From September 24-September 27, 2014.

Looking Back:

Sales of existing homes decreased in June by 1.2% and stood at 5.08 million units.  Republican John Campbell pushed for a new Eminent Domain Bill that would limit the amount of eminent domain used to take residential mortgages.  Fannie Mae continued to hold a positive outlook on the growth of the economy despite the increase in mortgage rates.

 

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

New Report on Dodd-Frank Act Released Four Years After Its Inception

Monday, July 21st, 2014

 

Today’s News Synopsis:

A new report was released by Congressional Republicans regarding the status of the Dodd-Frank Act, four years after its inception.  Ellie Mae said they will be moving their headquarters to Pleasonton, California due to their workforce continuing to grow and them experiencing strong growth.  The latest report from Fitch Ratings showed an increase in RMBS liquidiations, which now stand at 4.92%.

In The News:

Los Angeles Times“Debt-to-income ratio can sink mortgage application” (7-20-14)

“Washington — For many home buyers, qualifying for a mortgage not only is a tough challenge but one that ends unhappily: They get rejected.”

Bloomberg“Dimon’s Threat to Quit FHA Seen as Pressure Move on Rules” (7-20-14)

“Jamie Dimon, who has criticized regulators in the past, is drawing new battle lines with Washington over mortgages insured by the Federal Housing Administration.”

DS News“Republicans Release Report Assessing Dodd-Frank” (7-21-14)

“Congressional Republicans, on the four-year anniversary of the Dodd-Frank Act, fired out at the controversial legislation, saying that the act’s purported purpose to end the government’s “too big to fail” policy has itself failed.”

Housing Wire - “Where is Ellie Mae moving?” (7-21-14)

“Despite a rough start to the year when its origination system Encompass360 temporarily shut down for users, Ellie Mae (ELLI) is reporting strong growth and relocating its headquarters in Pleasanton, California to accommodate its increasing workforce.”

Inman“Zillow partners with RealPage to improve accuracy of rental listings” (7-21-14)

“Zillow has partnered with property management software provider RealPage to inject real-time pricing and unit availability information into a swath of its rental inventory and provide call-center service and increased exposure to multifamily property management firms.”

Housing Wire - “KBW, FBR relatively bullish on mortgage originations” (7-21-14)

“Despite a rough start this year for mortgages, two major research and analysis firms are bullish on mortgage banking despite diminished expectations for overall volumes in 2014. Bullish, that is, in an environment of super-bears.”

OC Housing News - “With flattening house prices, how will 300,000 SoCal loanowners get above water?” (7-21-14)

“Lenders caused the housing market to bottom and to rally in 2012 and 2013 by favoring loan modification over foreclosure and by denying short sales to greatly reduce distressed inventories and overall supply.”

DS News - “RMBS Liquidations Increase for the First Time in Almost Two Years” (7-21-14)

“Annualized liquidations of United States RMBS loans increased last quarter for the first time in seven quarters, according to a report issued Monday by Fitch Ratings.”

Housing Wire - “This chart shows how Zillow, Trulia dominate online listings” (7-21-14)

“In the battle for dominance in the ever-evolving real estate information and online listings space, Zillow (Z) and Trulia (TRLA) have emerged as the big dogs on the block.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be speaking at the CMLS 2014 – Learning the In-and-Outs of Real Estate Forecasting From September 24-September 27, 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.

Analysts More Optimistic About Housing Market

Friday, July 18th, 2014

Sources:

Consumers Expect Economic Improvement
NAR: One chart shows widening affordability gap


Today’s News Synopsis:

This week’s video is a slideshow of the news of the week in this weeks real estate headline roundup video.  The unemployment rate and economic growth are both affected by the labor force participation rate according to a recent study.  Analysts are more optimistic about the housing market despite it performing below expectations in the first half of 2014.  According to the latest Index of Consumer Sentiment, consumer confidence decreased to its lowest in four months and now stands at 81.3.

In The News:

DS News“Labor Force Participation Rate Problematic for Recovery” (7-18-14)

“Much has been made of the recent drop in the unemployment from its highs during the great recession to the where it currently sits at 6.1 percent.”

OC Housing News - “British legislators learned the housing bubble perils while Americans did not” (7-18-14)

“During the 00s lenders attempted foolish financial innovations that proved dismal failures; these loan products, deterioration of standards, and securitization of mortgages inflated massive housing bubbles in several countries around the world.”

Housing Wire - “Housing troubles continue drag on economy” (7-18-14)

“The trouble in the housing sector, specifically Thursday’s data on building permits, is holding down the economic outlook, expressed in the index of leading economic indicators which missed analyst expectations as it rose a lower-than-expected 0.3% in June.”

DS News“Consumer Sentiment Drops to Four Month Low” (7-18-14)

“A preliminary measure of consumer sentiment released Friday shows confidence in the economy has dropped to its lowest level in the last four months.”

Housing Wire - “NAR: Big banks exiting FHA loans is a ‘bad trend’” (7-18-14)

“As the Federal Housing Administration celebrates its 80th anniversary, the big banks are debating ending their lending relationships with the administration.”

Realty Trac - “What Homes Are the Best Real Estate Deals and Where to Find Them” (7-18-14)

“Last week RealtyTrac released an analysis of what profiles of homes offer the best potential for discount, and which markets have the most properties matching those hot discount profiles.”

DS News - “Analysts See Reasons for Housing Optimism” (7-18-14)

“Even though the first half of 2014 didn’t live up to the hope and hype, industry insiders are still calling for better days in the housing market for the rest of this year.”

Housing Wire - “4 charts show the problem: Wages can’t keep up with home prices” (7-18-14)

“While home-price increases have slowed, they are still trending higher, and have seen 26 months of consecutive year-over-year increases nationally.”

 

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

Unemployment claims decreased by 24,000 to 334,000 and were at their lowest in ten weeks.  Mortgage rates decreased again after being at their highest in two years.  At the same time, inventory was shown to be on the rise according to a recent report from Realtor.com.

 

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 Now at Levels Below Pre-Financial Crisis

Thursday, July 17th, 2014

Today’s News Synopsis:

HUD reported housing starts decreased 9.3% last month to 893,000.  Foreclosures decreased 19% from the last 6 months and 23% from the first half of 2013.  613,874 foreclosures were completed in the first half of 2014, putting them at levels below what they were before the financial crisis.  Freddie Mac reported mortgage rates are at level field now with 30-year rates now at 4.12% and 15-year rates at 3.23%.

In The News:

Housing Wire - “Home price stall-out spreads from lower-priced homes to higher end” (7-17-14)

“Home sales across all price points are beginning to suffer, with stale demand moving from lower-priced homes to middle- and higher-priced homes as well, according to CoreLogic’s (CLGX) MarketPulse report for July.”

NAHB“South Pushes Nationwide Housing Starts Down 9.3 Percent in June” (7-17-14)

“Nationwide housing production fell 9.3 percent to a seasonally adjusted annual rate of 893,000 units in June, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Bloomberg“Treasuries Rise on Safety Demand as U.S. Adds Russian Sanctions” (7-17-14)

“Treasuries rose, with 30-year bond yields falling to the lowest level in more than six weeks, after Russia was slapped with further sanctions linked to Ukraine, boosting demand for the perceived safety of U.S. debt.”

DS News - “Fannie and Freddie Take on Riskier Portfolios” (7-17-14)

“Newer federal regulations in the wake of the financial crisis were designed to protect taxpayers from another trillion-dollar bailout. And while these regulations have so far kept the American economy from experiencing any serious aftershocks, things could get dodgy where Fannie Mae and Freddie Mac are concerned.”

OC Housing News - “Are today’s homebuyers tomorrow’s bagholders” (7-17-14)

“Will rising mortgage rates cause house prices to crash again? It’s a valid question, and a valid concern for today’s homebuyers.  Nobody wants to be an underwater bagholder trapped in a debtor’s prison awaiting lender approval of a sale to move on with their life.”

Housing Wire - “FHFA watchdog raises concerns about nonbanks” (7-17-14)

“In the continuing aftermath of the financial crisis, the nation’s biggest banks are hemorrhaging income from their mortgage divisions.  Whether it’s due to massive settlements stemming from fraudulent pre-crisis lending practices, like the one that Bank of America announced on Tuesday, or due to shrinking mortgage originations, like JPMorgan Chase announced on Wednesday, the big banks are hurting in the mortgage business.”

Bloomberg - “Young Adults Stay at Home as U.S. Multigenerational Living Rises” (7-17-14)

“The share of young adults living with parents or other family members in the U.S. continues to grow in the aftermath of the most severe recession in the post-World War II era.  A record 57 million Americans, or 18.1 percent of the population, lived in a multigenerational household in 2012, a report released today by the Pew Research Center in Washington showed.”

DS News - “Foreclosure Activity Falls below Pre-Crisis Levels” (7-17-14)

“In an important signpost of recovery, foreclosure activity in the United States has fallen to levels not seen since before the financial crisis began, according to a report issued by RealtyTrac Thursday.”

Mortgage Professional America - “DOJ warns big banks of future lawsuits” (7-17-14)

“The Justice Department on Wednesday put big banks on notice Wednesday that failure to admit misconduct and pay stiff penalties over shoddy mortgage-bond sales would result in litigation by the government.”

Los Angeles Times - “Freddie Mac: Mortgage rates level off, 30-year loans average 4.12%” (7-17-14)

“The cost of getting a mortgage has leveled off, with Freddie Mac saying lenders were offering 30-year fixed-rate home loans this week at an average interest rate of 4.12%. That rate is little changed from the average of 4.15% over the last 10 weeks..”

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa THIS WEEKEND Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

Housing starts decreased by 9.9%  to 836,000 with the slowdown in construction on multifamily homes.  Earnings for Bank of America increased drastically in the second quarter by 63% to $4 billion.  Despite signs in the economy, CoreLogic said they were not expecting another housing bubble to occur soon.

 

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 Increases Four Points Above Benchmark

Wednesday, July 16th, 2014

Today’s News Synopsis:

Builder confidence increased four points in July to 53, a success as any reading over 50 shows that more view the condition of sales as positive.  The pace at which home prices increased was slower  with the median price for non-distressed homes increasing only 0.8% year-over-year.  Janet Yellen spoke with lawmakers this week saying a monetary stimulus may still need to occur with the impending increase in interest rates.

In The News:

Housing Wire - “Beige Book: Reports on housing are decidedly mixed” (7-16-14)

“Residential real estate activity was mixed across the country, with reports of low inventories and increasing home prices coupled with varying levels of demand, according to the new Beige Book from the Federal Reserve.”

NAHB“Builder Confidence Surpasses Key Benchmark in July” (7-16-14)

“Builder confidence in the market for newly-built single-family homes reached an important milestone in July, rising four points to a reading of 53 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today.”

Bloomberg“Treasury Volatility Drops on Yellen Low-Rates Message” (7-16-14)

“The difference between five- and 30-year yields narrowed to the least since 2009 as Federal Reserve Chair Janet Yellen told lawmakers monetary stimulus is still required while increases in interest rates may occur sooner if the economy accelerates.”

DS News - “S&P May be Reopening Settlement Talks DOJ” (7-16-14)

“A year-and-a-half-long legal case between the U.S. Department of Justice and Standard & Poor’s Rating Services could be over soon.”

OC Housing News - “Immobilized American’s cause economic weakness and slow housing sales” (7-16-14)

“America has long benefited from a mobile population capable of moving to take new jobs and delivering their skills and expertise where it’s needed most.”

Housing Wire - “CFPB wants to make consumer complaints public” (7-16-14)

“Consumer Financial Protection Bureau is proposing a new policy that would empower consumers to publicly voice their complaints about consumer financial products and services.”

Mortgage Professional America - “BOA offers $13bn to settle mortgage probe” (7-16-14)

“Bank of America has offered to pay $13 billion to settle an investigation into its sales of mortgage-backed securities.”

DS News - “Legal Expenses Plague Bank of America Earnings” (7-16-14)

“Bank of America reported Wednesday a nearly 43 percent decline in second-quarter profits compared to last year thanks to a significant litigation charge.”

Housing Wire - “California housing-price increases simmer down” (7-16-14)

“Although the median price of a California home in June reached the highest level since December 2007, up $5,000, or 1.3%, to $390,000, the pace of increase is finally starting to simmer down, according to the Real Property Report from PropertyRadar.”

Los Angeles Times - “Bay Area housing market keeps surging, but lending remains tight” (7-16-14)

“Home prices in the Bay Area continued their upward surge in June, though buyers there are struggling with low inventory and still-tough lending requirements.”

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

The FHFA was working on a new plan called the Streamlined Modification Initiative in hopes to allow more borrowers to qualify for mortgage relief.  Demand for housing had seen an increase over the last two years.  Almost 2.9 million checks from the latest foreclosure settlement were cashed or deposited.

 

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.