California Real Estate Headline Roundup

Posts Tagged ‘real estate investing’

By Bruce Norris .

RealtyTrac Releases Newest List of Best and Worst Markets for Home-Flipping

Friday, August 29th, 2014

 

 

 

Sources:

New-Home Sales Down 2.4 Percent in July
Home Prices in 20 U.S. Cities Rose in June at a Slower Pace



Today’s News Synopsis:

Aaron Norris gives highlights from the news of the week in this week’s real estate headline roundup video.  The FHFA has proposed a new rule that would align in accordance with the Housing and Economic Recovery Act of 2008 to bring new changes to Fannie Mae and Freddie Mac.  The housing market is at its slowest point of the year right now when housing searches usually show declines, which could affect a turnaround in the housing market this year.  RealtyTrac just released the latest listings for the best and worst markets for flipping homes, San Francisco and Las Vegas being among the worst and Pittsburgh and Daytona Beach being among the best.

In The News:

DS News“Rule Proposed to Establish New GSE Housing Goals” (8-29-14)

“In accordance with the Housing and Economic Recovery Act of 2008, the Federal Housing Finance Agency (FHFA) announced on August 29 that it has proposed a rule to establish new housing goals for 2015 through 2017 for Fannie Mae and Freddie Mac.”

Bloomberg - “Housing Stumbling in Slowest Season for U.S.: Mortgages” (8-29-14)

“Just when the stumbling U.S. housing market could use a boost, it’s entering the slowest period of the year.  Online home searches, an indicator of demand, peak from March through August, according to Trulia, a real estate information firm that studied three years of its search activity.”

Mortgage Professional America“BOA wants to void $1.27bn Countrywide verdict” (8-29-14)

“After agreeing to pay nearly $17 billion to settle federal probes over its sale of mortgage bonds, Bank of America is trying to get out of a $1.27 billion penalty for defective loans sold by its Countrywide unit.”

Housing Wire - “Moody’s downgrades Ocwen’s servicer ratings” (8-29-14)

“The flagging reputation of Ocwen Financial Corporation (OCN) has taken another hit as Moody’s Investors Service has downgraded Ocwen Loan Servicing’s servicer quality ratings as a primary servicer of subprime mortgage loans and as a special servicer of residential mortgage loans from SQ2- to SQ3+.”

DS News - “Freddie Mac Reports Little Movement in Mortgage Rates” (8-29-14)

“Having hit their lowest level of 2014 last week, mortgage rates barely budged in the latest market report from Freddie Mac.”

OC Housing News“Are low house prices better than low mortgage interest rates?” (8-29-14)

“Whether low house prices or low interest rates are better is a matter of perspective. From a lender’s point of view today, low mortgage rates and high prices are better because they have so many underwater borrowers putting their capital at risk.”

Inman - “As Fed tapers, its European counterpart may just be getting started” (8-29-14)

“Here in the U.S. we enjoy the sturdiest economic situation in the world, no matter how creaky it may feel. But, to look outside … eyes wider and wider all the time.”

Housing Wire - “The best and worst markets for house flippers” (8-29-14)

“In the second quarter on average flippers bought properties for an 8% discount below their estimated market value (via automated valuation model) and re-sold them at an average 6% premium above their estimated market value, according to RealtyTrac.”

 

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 Labor Department reported unemployment claims decreased by 6,000 from the previous week were at 331,000.  Mortgage rates decreased slightly the previous week with 30-year rates at 4.51% and 15-year rates at 3.54%.  Banks reported they earned $42.2 billion profit in the second quarter, a record amount.

 

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

The Latest NAHB Multifamily Production Index Gained Five Points in the Second Quarter

Thursday, August 28th, 2014

 

 

 


Today’s News Synopsis:

Freddie Mac reported that mortgage rates remained mostly the same with 30-year rates at 4.10% and 15-year rates at 3.25%.  Pending home sales increased above expectations by 3.3% after having decreased 1.3% back in June.  The NAHB released their latest Multifamily Production Index, which measures apartments and condominiums, which showed an increase of 5 points to 58 in the second quarter.

In The News:

DS News“National Housing Market Recovery Making Slow Progress” (8-28-14)

“The country’s housing market continued to inch closer to normalcy in June, but the slow rate of progress remains a concern for analysts.”

Bloomberg - “Fannie Mae Plans to Sell Washington Headquarters Building” (8-28-14)

“Fannie Mae plans to sell its Washington, D.C., headquarters building within the next three years as it consolidates several office locations, according to an e-mailed statement..”

Mortgage Bankers Association“MBA Releases 2014 Mid-Year Commercial/Multifamily Servicer Rankings” (8-28-14)

“The Mortgage Bankers Association (MBA) today released its mid-year ranking of commercial and multifamily mortgage servicers’ volumes as of June 30, 2014.”

Housing Wire - “Freddie Mac: Mortgage rates stay low heading into holiday” (8-28-14)

“Mortgage rates barely moved due to mixed news on the housing market heading into the holiday weekend, according to Freddie Mac’s Primary Mortgage Market Survey.”

DS News - “Title Insurance Premiums Fall by 16 Percent in Q2″ (8-28-14)

“Title insurance premium volume declined by 16.6 percent year-over-year for 2014′s second quarter, according to recently released data from the American Land Title Association (ALTA).”

OC Housing News“What if Millennials and boomerang home buyers never materialize?” (8-28-14)

“As home ownership rates plummeted with waves of foreclosures in the aftermath of the housing bubble, real estate pundits pinned hopes for a real estate recovery on the return of so-called boomerang buyers, people who lost homes to short sale and foreclosure who return to home ownership.”

Bloomberg - “Pending Sales of U.S. Existing Homes Increase More Than Forecast” (8-28-14)

“Contracts to purchase previously owned homes rose more than forecast in July, a sign of renewed momentum in residential real estate.”

DS News - “Drop in Mortgage Loan Charge-Offs Leads to Smaller Losses for Banks” (8-28-14)

“Fewer charge-offs for mortgages have resulted in the smallest losses for banks on loans since before the recession, according to the Federal Deposit Insurance Corp.’s Quarterly Banking Report for Q2 2014 released on August 28.”

NAHB - “Apartment and Condominium Housing Index Posts Positive Gains in the Second Quarter” (8-28-14)

“The Multifamily Production Index (MPI), a leading indicator for the multifamily market released by the National Association of Home Builders (NAHB), posted a gain of five points to a reading of 58 for the second quarter. It is the 10th straight quarter with a reading of 50 or above.”

 

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $170,000 on a 2 bedroom, 1 bathroom home appraised for $277,000.

Los Angeles 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:

According to the latest Mortgage Bankers Association survey, mortgage applications decreased by 2.5% from the previous week.  Pending home sales also decreased 1.3% month-over-month in July.  Regulators proposed a new QRM plan to put less pressure on mortgage-risk.

 

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.

Homes in California Are the Least Affordable Despite Rising Home Prices

Wednesday, August 27th, 2014

 

 

 


Today’s News Synopsis:

The Mortgage Bankers Association reported a 2.8% increase in mortgage applications from last week in their latest Mortgage Applications Survey.  Foreclosures decreased 34.4% year-over-year and stands at 640,000 compared to 976,000 last year.  Homes in California, specifically Los Angeles and Orange County, are the least affordable despite a strong increase in home prices.

In The News:

Mortgage Professional America - “JPMorgan attacked by Russian computer hackers” (8-27-14)

“JPMorgan and at least one other bank have been attacked by Russian computer hackers, according to a Bloomberg report.”

DS News - “Secondary Market, Decreased Sales Fuel Freddie Mac Portfolio Growth” (8-27-14)

“Boosted by an increase in secondary market purchases and a decline in sales, Freddie Mac’s portfolio grew for the first time this year in July.”

Mortgage Bankers Association“Mortgage Applications Increase in Latest MBA Weekly Survey” (8-27-14)

“Mortgage applications increased 2.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 22, 2014.”

Housing Wire - “Vacancies drop again in Invitation Homes rental securitizations” (8-27-14)

“The vacancy rate in the properties that make up Invitation Homes’ two REO-to-rental securitizations continued to decrease in July, according to a new report from Morningstar.”

OC Housing News - “Coastal California housing least affordable in US” (8-27-14)

“Despite the rapid home price increases from March 2012 to July 2013, I’ve consistently maintained we are not in a new bubble — at least not yet.  The housing market reports I publish each month compare the cost of owning real estate to the cost of renting it, and as long as these two alternatives for acquiring homes is in balance, I consider the market affordable.”

DS News - “Foreclosure Inventory Down Nearly 35 Percent Year-Over-Year in July” (8-27-14)

“Foreclosure activity was down all over the nation in July, particularly in the area of foreclosure inventory – homes that are in any stage of the foreclosure process – where there was a 34.4 percent drop from July 2013, according to CoreLogic’s July 2014 National Foreclosure Report released on August 27.”

Press Enterprise - “Economy: Job fairs make a comeback” (8-27-14)

“Seeing the real estate industry well into its recovery is quite a comfort after the tribulation of recent years. Comfort can be drawn from scenes around the area showing the real estate industry is well in its recovery mode.”

Bloomberg - “Paramount Group Files for REIT IPO Poised to Be Largest” (8-27-14)

“Paramount Group Inc., a U.S. office landlord, filed for an initial public offering that is poised to be the largest ever for a real estate investment trust.”

 

Hard Money Loan Closed

San Marcos, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $235,000 on a 2 bedroom, 2 bathroom home appraised for $365,000.

San Marcos 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:

Home prices continued to show signs of increase according to the latest S&P/Case-Shiller Index.  Prices increased by 12.1% in 20 of the largest cities in the nation in June.  Home sales also increased the previous month by 3% month-over-month and 17.6% year-over-year.  In the meantime, mortgage delinquencies continued to show signs of decrease both by 3.96% month-over-month and 8.76% year-over-year.

 

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.

Latest S&P/Case-Shiller Index Shows Home Prices Increased 8.1% in 20 U.S. Cities

Tuesday, August 26th, 2014

 

 

 


Today’s News Synopsis:

Home prices increased in 20 U.S. cities by 8.1% according to the latest S&P/Case-Shiller Index.  Consumer confidence increased 2.1 points t0 92.4, its highest in seven years.  Home flipping also increased tremendously, signs of an improving housing market.

In The News:

Bloomberg“Home Prices in 20 U.S. Cities Rose in June at a Slower Pace” (8-26-14)

“Home prices in 20 U.S. cities rose at a slower pace in the year ended in June as declining affordability and weak wage gains kept appreciation in check.”

DS News - “Consumer Confidence Reaches 7-Year High” (8-26-14)

“Consumer confidence ticked up for the fourth straight month in August, rising once again to a new seven-year high.  The Conference Board’s Consumer Confidence Index climbed 2.1 points to 92.4 in the group’s August reading, marking the highest level of confidence since October 2007.”

Mortgage Bankers Association“Independent Mortgage Bankers Profitable in the Second Quarter of 2014″ (8-26-14)

“Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $954 on each loan they originated in the second quarter of 2014, up from a reported loss of $194 per loan in the first quarter of 2014, the Mortgage Bankers Association (MBA) reported today in its Quarterly Mortgage Bankers Performance Report.”

Mortgage Professional America - “Billions lost to fraud through lack of communication at Fannie, Freddie — report” (8-26-14)

“The government’s mortgage finance giants could have saved taxpayers billions had they more effectively shared information about a massive fraud case, according to a new report.”

OC Housing News - “Sign of housing market top: high-end home flipping soaring” (8-26-14)

“Contrarian investing is the art of selecting and timing investments by directly opposing the actions and attitudes embraced by the crowd of enthusiastic but ill-informed market participants.”

DS News - “FHA Revises Rules Regarding Prepayments, ARMs” (8-26-14)

“The Federal Housing Administration (FHA) announced on August 25 the passing of two new rules – one that prohibits lenders from charging interest on FHA-insured mortgages that are paid in full and one that requires lenders to give borrowers earlier access to information regarding FHA-insured ARMs.”

Los Angeles Times“Study: Nearly half of Gen-Xers still underwater on mortgages” (8-26-14)

“The mortgage crisis may be easing, but not for everyone. And that could have broader implications for a housing market still trying to find its footing.”

DS News - “$460M Settlement Reached in NJ Court Over Faulty RMBS” (8-26-14)

“Swiss-based bank Credit Suisse and New Jersey-based insurance company Prudential agreed on a $460 million settlement over a lawsuit filed by Prudential alleging that the bank had sold fraudulent residential mortgage-backed securities (RMBS).”

 

Hard Money Loan Closed

Cathedral City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $208,000 on a 3 bedroom, 2 bathroom home appraised for $321,000.

Cathedral City 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:

Two more banks closed in Tennessee and Arizona, bringing the new total to 20.  New home sales decreased the previous month by 13.4% according to the Commerce Department.  The mortgage delinquency rate also decreased to 6.41% after having increased to 6.7% the month prior.

 

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 2.4%

Monday, August 25th, 2014

 

 

 


Today’s News Synopsis:

The sale of new homes decreased 2.4% and now stand at 412,000 as of July.  Goldman Sachs is coming closer to reaching a settlement worth $1.1 billion with the FHFA over bad mortgage-backed securities they sold to Fannie Mae and Freddie Mac.  A 6.0-magnitude earthquake hit San Francisco yesterday morning, causing what could be up to $1 billion in damage and served as a wake-up call for investors with RMBS concentration in San Francisco.

In The News:

Bloomberg“Jackson Hole Theme: Labor Markets Can’t Take Higher Rates” (8-24-14)

“Global central bankers led by Federal Reserve Chair Janet Yellen said labor markets still have further to heal before their economies can weather higher interest rates.”

Los Angeles Times - “FICO score change unlikely to help home buyers in near future” (8-24-14)

“You may have noticed the big media splash recently when Fair Isaac Corp., developer of the FICO credit score, announced the debut of a new score version that no longer would penalize consumers who have medical debt-collection issues in their credit files.”

Housing Wire - “HousingWire asks if immigrants can save housing, Fannie Mae answers yes” (8-25-14)

“The latest Housing Insights from Fannie Mae’s Economic & Strategic Research Group, they look at how the homeownership rate gap has changed during the past 10 years and, in particular, during the recent housing crisis compared to previous years.”

NAHB“New-Home Sales Down 2.4 Percent in July” (8-25-14)

“Sales of newly built, single-family homes fell 2.4 percent to a seasonally adjusted annual rate of 412,000 units in July, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Mortgage Professional America - “Goldman nearing $1.1bn settlement with FHFA — reports” (8-25-14)

“Goldman Sachs is reportedly preparing to pay $1.1 billion to settle government claims that it sold shoddy mortgage-backed securities to Fannie Mae and Freddie Mac.”

OC Housing News - “Chinese government policy change kills Coastal California housing market” (8-25-14)

“The people who deny a real estate bubble in China are wrong, and the deflating Chinese property bubble could destabilize the world economy, but of greater interest to owners of Coastal California real estate, the deflating Chinese housing bubble could turn local real estate buyers into desperate sellers.”

Inman - “Buyers are driving cameras through homes on the other side of the world” (8-25-14)

“New technology is taking virtual tours a step further by letting buyers drive cameras mounted on remote-controlled vehicles through distant homes, venturing from room to room, peeking around corners and taking in near-360-degree views from multiple vantage points.”

Housing Wire“San Francisco earthquake rattles jumbo mortgage-bond collateral” (8-25-14)

“At 3:20 a.m. on Sunday morning, the largest earthquake in 25 years hit the San Francisco Bay Area. The magnitude-6.0 earthquake was centered in the Napa Valley, home to some of the most expensive homes in the country as well as countless wine vineyards.”

Realty Times - “Buyer’s Right to Know of Competition?” (8-25-14)

“Does a buyer have a right to know if some other buyer is competing against him for the same property? Shouldn’t buyers be given all relevant information so that they can make a fully informed decision? That’s what the plaintiffs thought in a case heard earlier this year by the Supreme Court of South Carolina (Woodson v. DLI Properties, South Carolina Supreme Court, January 14, 2014).”

 

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 3 bedroom, 2 bathroom home appraised for $276,000.

Riverside 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.

Labor Market Continues to Show Signs of Weakness According to Janet Yellen’s Morning Report

Friday, August 22nd, 2014

Sources:

Combined Single-and Multifamily Gains Boost Housing Starts in July
Mortgage default rate drives down household debt


Today’s News Synopsis:

Aaron Norris gives highlights from the news of the week in this week’s real estate headline roundup video.  Home flipping is showing signs of decrease with both the slow gain in residential prices and decrease in foreclosures.  More senior citizens may be able to purchase jumbo loans with the changes being made to these loans to cater to this demographic.  Janet Yellen gave a speech from Jackson Hole this morning in which she talked about how the labor market continues to show signs of weakness as well as when rates should be raised by the Fed.

In The News:

Bloomberg“Home Flipping Wanes as U.S. Investors Find Fewer Bargains” (8-21-14)

“Home flipping, in which a buyer resells a property quickly for a profit, is on the decline as U.S. residential price gains slow and foreclosures dwindle.”

Housing Wire“National Mortgage Risk Index down slightly in July but trouble ahead” (8-22-14)

“AEI’s National Mortgage Risk Index for home purchase loans stood at 11.41% in July, down almost 0.25% from June.  Nearly 200,000 loans were added to the NMRI in July, as home purchase volume hits its highest level since November 2013.”

DS News - “Foreclosure Sales Hit Seven-Year Low in Q2″ (8-22-14)

“Foreclosure sales are way down nationwide for the second quarter of 2014 with close to 115,000 reported, according to HOPE NOW’s Q2 2014 data released earlier in the week.”

OC Housing News - “Chronic shortages of housing supply inflates California house prices” (8-22-14)

“When any commodity is in short supply, prices tend to rise; houses are no exception. Beginning in the 1970s, California produced more high paying jobs than it did houses.”

Inman - “Fed is closer to a rate hike than many assume” (8-22-14)

“The world is a better-looking place than one week ago, and Federal Reserve Chair Janet Yellen whispered “Bang” today but did not shoot.”

Housing Wire“Labor market recovery weak and incomplete, Yellen says” (8-22-14)

“Interest rates and the weak labor market dominated the balance of Fed Chair Janet Yellen’s speech from Jackson Hole on Friday morning.”

DS News - “High Rents Prevent Potential Buyers From Owning Homes” (8-22-14)

“The latest conundrum in the U.S. housing market appears to be that while homes in 94 percent of the country’s top metro areas are more affordable than they’ve ever been, rents are so high that renters in 88 percent of those metros can’t afford to save up enough for a down payment to buy a home.”

Bloomberg - “Jumbo Reverse Loans Revived for U.S. Seniors: Mortgages” (8-22-14)

“Jumbo lending isn’t just on the upswing for traditional U.S. home loans. It’s also being revived for seniors who want to borrow against the equity in their houses through reverse mortgages.”

 

Hard Money Loan Closed

Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 3 bedroom, 2 bathroom home appraised for $135,000.

Victorville 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:

Mortgage rates were at their highest in two years with 30-year rates at 4.58%.  Unemployment claims increased by 13,000 to 336,000 and were at their lowest since before the Great Recession.  The FHFA announced home prices increased 7.7% through during the year through June and 0.7% month-over-month from May.

 

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 Decrease to Levels Not Seen Since Housing Bubble Burst

Thursday, August 21st, 2014

 


 

Today’s News Synopsis:

Foreclosures decreased 27% to 115,000, the lowest since before the housing bubble burst.  Mortgage rates decreased to their lowest this year with 30-year rates now at 4.10% and 15-year rates at 3.23%.  Bank of America will pay $16 billion to settle claims it sold toxic mortgage-backed securities.

In The News:

Housing Wire“HOPE NOW: Foreclosure sales fall to pre-bust levels” (8-21-14)

“During the second quarter of 2014, there were approximately 115,000 foreclosure sales, the lowest quarterly figure since 2007. The total was also down 27% from the same period last year, when there were an estimated 158,000 foreclosure sales.”

Mortgage Professional America - “Government to sue former Countrywide head” (8-21-14)

“After years of grumbling that the government has held few individuals accountable for the financial meltdown, it looks like Uncle Sam is taking a shot at one of the collapse’s chief architects.”

Press Enterprise - “Poverty: Trends alarm Southern California economists” (8-21-14)

“Redlands-based economist John Husing issued a dire warning Wednesday, as elected officials from across Southern California pledged to reignite Lyndon Johnson’s war on poverty:  ’If we do not solve this problem, we are not going to want to live in Southern California. The communities are going to become unhinged’.”

DS News - “Fixed Mortgage Rates Sink to Lowest Level of 2014″ (8-21-14)

“Average fixed mortgage rates drifted down again this week, sinking to their lowest level so far this year.  Freddie Mac reported Thursday that the average fixed interest rate for a 30-year fixed-rate mortgage (FRM) was 4.10 percent (0.5 point) for the week ending August 21, down 2 basis points from last week’s average.”

OC Housing News“Loan modifications destroyed the move-up market for a generation” (8-21-14)

“Lenders limit financed homebuyers based on borrower income, yet many houses sell at prices prices far above the limits of borrowing power because buyers take profits from a previous sale to increase their down payment and bid up prices far in excess of what most first-time homebuyer can afford.”

Housing Wire - “Existing home sales reach 2014 high” (8-21-14)

“Existing home sales increased in July to their highest annual pace of the year, but are down 4.3% year-over-year, and the ongoing decline in distressed sales reached an important milestone, according to the National Association of Realtors.”

DS News - “Bank of America Settles Claims for Record $16 Billion” (8-21-14)

“Bank of America announced Thursday morning it has agreed to pay a record $16.65 billion to resolve claims related to the sale of toxic mortgage-backed securities during the years leading up the financial crisis.”

Housing Wire - “FHA pushes blueprint to help lenders lift credit overlays” (8-21-14)

“The most important agenda for Federal Housing Administration moving forward is creating a more transparent blueprint for lenders so that they have more underwriting confidence and can remove some of their credit overlays and lend to a broader credit box for FHA-backed loans.”

 

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $100,000 on a 2 bedroom, 1 bathroom home appraised for $155,000.

San Bernardino 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:

According to the Mortgage Bankers Association, mortgage applications decreased 4.6% from the previous week.  Existing home sales increased 6.5% to 5.39 million in July.  This was up from 5.06 million the month prior.  Almost a year after Hurricane Sandy struck, several condominiums and cooperatives were shown to not be eligible to receive grants from FEMA.

 

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.

Cities in Riverside County Rank High for Homeownership

Wednesday, August 20th, 2014

 


 

Today’s News Synopsis:

The real estate market is picking up with construction starts increasing 7% and interest rates increasing 4.5%, making now a good time to invest according to Bruce Norris.  Homeownership ranks high in Riverside County right now out of 178 cities with populations above 50,000.  Distressed sales decreased decreased to 11.4%, putting them at their lowest since before the housing bubble burst.

In The News:

Housing Wire“Distressed sales down to lowest share since before housing bubble broke” (8-20-14)

“For the 19th consecutive month, distressed home sales fell on a year-over-year basis, declining to 11.4% of home sales in June.  Distressed sales, which include both REO and short sales, accounted for the lowest share since December 2007 and a strong improvement from the same time a year ago when this category made up 15.8% of total sales.”

Mortgage Bankers Association“Mortgage Applications Increase in Latest MBA Weekly Survey” (8-20-14)

“Mortgage applications increased 1.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 15, 2014.”

Press Enterprise - “Real Estate: Going up, a few sticks at a time” (8-20-14)

“New construction starts in March advanced 7 percent to a seasonally adjusted annual rate of $521.4 billion, according to McGraw Hill Construction, a division of McGraw Hill Financial.  But even though nonresidential building picked up the pace on a national level after a lackluster start for 2014, residential construction has lagged noticeably.”

DS News - “Residential Construction Activity Increases” (8-20-14)

“Residential construction is on its way up, with building permit authorizations for privately owned housing units increasing by 8.1 percent from June to July and rising 7.7 percent from July 2013, according to data released on August 19 by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau.”

Mortgage Professional America - “Home builder confidence sees significant gains” (8-20-14)

“Home builder confidence is at its highest level since the beginning of the year after a third consecutive monthly gain”

Housing Wire - “Closing rate for mortgage originations drops in July” (8-20-14)

“Mortgage originations showed an overall closing rate of 57.7% in July 2014, down from 60.7% in June 2014, according to a sample of 90-day loan applications conducted by Ellie Mae (ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry.”

Inman - “Real estate embraces ALS ‘ice bucket challenge’” (8-20-14)

“Zillow CEO Spencer Rascoff has poured ice-cold water over his head and screamed. So has Trulia’s top exec, Pete Flint, and Better Homes and Gardens Real Estate’s CEO Sherry Chris.”

Press Enterprise - “Region: Riverside County cities rank high on home ownership list” (8-20-14)

“Riverside County cities – particularly in the southwest – are the happening place for home ownership in California, according to an online financial consultant’s analysis.”

DS News - “Delinquency Rate Falls for 10th Straight Quarter” (8-20-14)

“The national mortgage delinquency rate declined for the 10th consecutive quarter in Q2 2014 and is at its lowest level since 2008, according to TransUnion’s quarterly mortgage report.”

OC Housing News - “Despite industry spin, mortgage lending standards are not tight” (8-20-14)

“Real estate industry lobbyists appeal to lawmakers for policies the real estate industry believes will promote more transactions at higher prices. Most often this lobbying is short sighted and causes unintended long-term detrimental impacts on the housing market.”

 

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $105,000 on a 3 bedroom, 1 bathroom home appraised for $160,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.

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.

 

Looking Back:

The mortgage default rate increased slightly to 1.35% the previous month from 1.34% in June.  However, REIT volumes showed decline and were at new lows with the under performance in agency mortgage-backed securities.  Negative equity had an effect on the market in that 26% (1.8 million) of 6.8 million homeowners in California were underwater.

 

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.

Consumer Sentiment Decreases This Month to 79.2

Tuesday, August 19th, 2014

 


 

Today’s News Synopsis:

Housing starts increased 15.7% to 1.093 million units last month, an increase driven by the growth in both single and multifamily properties.  Debt on households decreased with the decrease in mortgage default rates to .88% from .89%.  Consumer sentiment also decreased this month to 79.2, down from 81.8 in July.

In The News:

Housing Wire“Mortgage default rate drives down household debt” (8-19-14)

“Household debt continued to fall in July as the first mortgage default rate dropped to .88% from .89% last month, according to the S&P/Experian Consumer Credit Default Indices.”

NAHB“Combined Single-and Multifamily Gains Boost Housing Starts in July” (8-19-14)

“Fueled by strong single- and multifamily growth, nationwide housing starts rose 15.7 percent to a seasonally adjusted annual rate of 1.093 million units in July, the highest level since November 2013, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Mortgage Professional America - “CFPB cracks down on servicers” (8-19-14)

“The Consumer Financial Protection Bureau released a bulletin today outlining expectations for mortgage servicers that transfer loans.”

DS News - “Consumer Sentiment Drops in August” (8-19-14)

“A first-look reading shows consumer sentiment plummeted to a nine-month low in August as expectations dimmed.  The Thomson Reuters/University of Michigan Index of Consumer Sentiment came in at 79.2 in the preliminary August reading, down from a final reading of 81.8 in July and several points below the consensus forecast of 82.3.”

OC Housing News“Housing recovery hopes crushed as July home sales plummet” (8-19-14)

“Do you remember all the happy talk and wishful thinking that dominated financial reporting over the last few months? Weren’t we lead to expect a better second half of 2014?”

Housing Wire - “RealtyTrac: Cash purchases disappearing from home sales” (8-19-14)

“All-cash sales made up 37.9% of the single-family property sales in the second quarter of 2014, a fall from 42% in the first quarter, which marked a three-year high for cash sales.”

Mortgage Professional America - “Cash sales, institutional investor share dwindle” (8-19-14)

“All cash purchases have edged back from a three-year high while institutional investor share of the housing market has dropped to a three-year low.”

DS News - “CFPB Raises Loan Thresholds for 2015″ (8-19-14)

“Seven months after the implementation of its ability-to-repay and qualified mortgage (QM) rules, the Consumer Financial Protection Bureau (CFPB) announced it is increasing the loan thresholds used to determine the maximum points and fees for QM loans effective January 1, 2015.”

 

Hard Money Loan Closed

Big Bear City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $70,000 on a 2 bedroom, 1 bathroom home appraised for $108,000.

Big Bear City Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.

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 Secrets To Becoming Wealthy with the InvestClub for Women on Wednesday, September 17, 2014.

 

Looking Back:

The latest survey from Re/MAX showed median home prices decreased the previous month by 2.1%, although year-over-year they showed a drastic increase.  Housing starts and construction permits increased 5.9% the previous month to 896,000 units.  The housing market was back on the road to recovery with increasing home prices and decreasing foreclosures.

 

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 Increased in August by Two Points to 55 According to the NAHB

Monday, August 18th, 2014

 

 

 

Today’s News Synopsis:

The NAHB reported builder confidence increased in August by two points to 55.  Even though the outlook for the economy as a whole has been positive, the housing market outlook itself has been less than positive with the slowdown in housing activity and only slight improvement.  Affordability for housing decreased in June to its lowest in 6 years.

In The News:

Los Angeles Times“Lawsuit puts scrutiny on title insurance kickbacks” (8-17-14)

“A new federal court suit alleging kickback violations by one of the country’s top-producing real estate sales teams raises an unsettling question for home buyers: Could your agent or broker be pocketing under the table large chunks of what you pay for title insurance?”

Housing Wire“Lawmakers demand more controls on Fed bailout power” (8-15-14)

“A bipartisan group of lawmakers from both the Senate and the House of Representatives sent a letter to Federal Reserve Chair Janet Yellen, urging the Fed to rewrite its proposed rule on bailing out the “too big to fail” banks in the future.”

NAHB“Builder Confidence Rises Two Points in August” (8-18-14)

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

Mortgage Bankers Association - “MISMO® Announces Schedule for Future Updates to the Standards” (8-18-14)

“The MISMO Residential Standards Governance Committee has announced the schedule for the next two releases of the MISMO Residential Data Standard (the Standard).”

DS News - “Hutchens Law Opens Office in South Carolina” (8-18-14)

“Hutchens Law Firm, a leading default service law office based in North Carolina, announced that it has opened an office in Columbia, South Carolina.”

Mortgage Professional America - “Housing affordability at 6-year low, but price gains slowing” (8-18-14)

“Housing affordability hit a six-year low in June, according to a report released by the National Association of Realtors.”

Inman - “Homebuyers researching schools most interested in elementary schools” (8-18-14)

“Homebuyers researching schools on realtor.com are zeroing in on elementary schools — indicating that the ‘majority of people who research schools either have young children or expect to start a family when they buy their next home’.”

Housing Wire - “Fannie Mae: Housing’s falling momentum will impede 2015 growth” (8-18-14)

“While the forecast for the economy is positive, the outlook for the housing market has deteriorated as housing activity lost momentum and near-term indictors only suggest minor improvement, Fannie Mae said in its latest economic outlook report.”

DS News - “Investors File Second GSE Profits Lawsuit” (8-18-14)

“For the second time in as many days, New York-based hedge fund Pershing Square Capital Management sued the U.S. government over the handling of Fannie Mae and Freddie Mac profits.”

 

Hard Money Loan Closed

Cathedral City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $186,000 on a 3 bedroom, 2 bathroom home appraised for $311,000.

Cathedral City Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.

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 Secrets To Becoming Wealthy with the InvestClub for Women on Wednesday, September 17, 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.