California Real Estate Headline Roundup

Posts Tagged ‘real estate investing’

By Bruce Norris .

Almost 66,000 Foreclosure Prevention Actions Completed by GSEs in Fourth Quarter

Friday, March 27th, 2015

 

 

 

 

 

Sources:

Existing home sales slightly rebound after last month’s plummet
Foreclosure Starts Retreat After Spiking in January

 

Today’s News Synopsis:

Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video.  Almost 66,000 acts to prevent foreclosures were completed by the GSEs in the fourth quarter according to the latest Foreclosure Prevention Report.  Meanwhile, one of the GSEs, Freddie Mac, sold 5,398 delinquent non-performing loans, its biggest sale yet.  Zillow showed demand is greater than supply in their latest report.

In The News:

DS News - “FHFA: GSEs Completed Nearly 66,000 Foreclosure Prevention Actions in Q4″ (3-27-15)

“Fannie Mae and Freddie Mac completed 65,900 foreclosure prevention actions in the fourth quarter of 2014, which included loan modifications, repayment plans, forbearance plans, short sales, and deeds-in-lieu of foreclosure, according to the Q4 2014 Foreclosure Prevention Report issued late Thursday.”

Mortgage Professional America - “Daily Market Update: Demand outpaces supply in least affordable markets” (3-27-15)

“Some of the least affordable markets in the United States are suffering from lack of new housing supply as demand soars.  Zillow reported that between 2012 and 2013 there were only 187 new homes supplied for every 1,000 new arrivals in Los Angeles, and in San Francisco, it was only slightly better with 193 homes for every 1,000 newcomer.”

Housing Wire - “Fed: Wages grew in recession, went flat in recovery” (3-27-15)

“Earlier this week RealtyTrac reported that wage growth has fallen behind home price growth by a ratio of 13:1 in three out of every four markets in the United States surveyed.”

Realty Trac“States Where Wages are Highest” (3-27-15)

“In 2014, the City Council of Seattle, Washington unanimously voted to begin phasing in a citywide minimum wage of $15 an hour. This was in the state that “already has the highest state minimum wage in the country at $9.19,” according to an October 2013 New York Timesarticle.”

OC Housing News - “Rising interest rates will harm ultra-high-end housing” (3-27-15)

“Rising mortgage rates hurt properties priced under $1.5 million directly because rising mortgage rates reduce the amount financed buyers can borrow and bid.”

Mortgage Professional America - “John Hopkins professor: Tremors in housing market pose threat to emerging economies” (3-27-15)

“Researchers at Johns Hopkins Carey Business School have recently found that Researchers at Johns Hopkins Carey Business School have recently found that the ups and downs in the housing market are very different for advanced economies compared to emerging ones—an important insight as the U.S. Federal Reserve considers raising interest rates for the first time since 2008.”

Housing Wire - “Freddie Mac completes largest sale ever or seriously delinquent loans” (3-27-15)

“Freddie Mac sold 5,398 deeply delinquent non-performing loans from its mortgage investment portfolio on March 25th, making it the largest sale ever of seriously delinquent loans from its portfolio.”

Mortgage Professional America - “Emerging single-family rental sector gets first multi-borrower SFR securitization” (3-27-15)

“B2R Finance has announced the industry’s first multi-borrower SFR securitization transaction.  The transaction is expected to include a $230 million aggregate principal balance pass-through certificates rated by at least two rating agencies and backed by 144 mortgage loans secured by single-family residential properties, two- to four-unit properties, condominium properties, townhomes, multifamily properties and mixed-use properties. The subordinate classes will be acquired by an affiliate of B2R Finance.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

The NAR reported a 10.5% decrease in pending home sales year-over-year and 0.8% month-over-month.  This marks the 8th month in a row to show a decrease in pending home sales.  Mortgage rates increased and were at 4.4% for 30-year rates and 3.42% for 15-year rates.  Jobs were back up again after declining by 32,000 in January.

 

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

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Wells Fargo Expected to Axe 1,000 More Jobs

Thursday, March 26th, 2015

 

Today’s News Synopsis:

Wells Fargo is expected to cut 1,000 jobs in their mortgage sector due to the decrease in customers needing assistance in delinquencies and housing.  Mortgage rates decreased again with 30-year rates at 3.69% and 15-year rates at 2.97%.  Home prices are increasing faster than income according to the latest report by RealtyTrac.

In The News:

Housing Wire“Freddie Mac: Mortgage rates fall even lower” (3-26-15)

“The good news continues for homebuyers looking to jump into housing this spring as mortgage rates sink even lower, according to the latest Freddie Mac Primary Mortgage Market survey.”

DS News“Administration Names HUD Senior Adviser as New Leader of FHA” (3-26-15)

“Edward Golding, a senior adviser at the U.S. Department of Housing and Urban Development (HUD), has been named by the White House as the leader of the Federal Housing Administration (FHA), according to HUD.”

Mortgage Professional America“Daily Market Update: Home prices outpacing income in most U.S. markets” (3-26-15)

“If you’re already a homeowner there’s a good chance that your property is earning more than you are right now; if you’re looking to buy a home then prepare to stretch your household budget.  A report from RealtyTrac revealed that home prices are outpacing income in 76% of US markets.”

Realty Trac“Sleeping Easy: Average Home Prices by Bedroom” (3-26-15)

“Based only on the percentage of each day spent there, your bedroom is the most valuable room in the house. Now, thanks to the latest must-read report from RealtyTrac®, we have data to show just how valuable.”

Housing Wire - “Congresswoman wants to put Fannie, Freddie profits in escrow” (3-26-15)

“U.S. Rep. Marsha Blackburn, R-Tenn., introduced a bill Thursday addressing the treatment of revenues from the government-sponsored enterprises Fannie Mae and Freddie Mac.”

Mortgage Professional America - “Big Bank to slash 1,000 mortgage jobs” (3-26-15)

“Wells Fargo & Co. has announced  it will cut 1,000 jobs and close its home-lending servicing office in Milwaukee.”

DS News“New York Fed Says Path for GSE Reform ‘Does Not Look Promising’” (3-26-15)

“With GSE reform a hot topic among government officials and those in the housing industry, the Federal Reserve Bank of New York has issued a report stating that the “path forward for reform of Fannie Mae and Freddie Mac does not look promising” and that failure to wind down the GSEs equated to a “colossal missed opportunity” to put U.S. residential housing finance on more stable footing.”

Housing Wire“Ocwen offering indemnification to company directors and executive officers” (3-26-15)

“By its own admission, Ocwen Financial (OCN) is facing 21 pending investigations in 15 different states, is currently facing delisting by New York Stock Exchange for delaying the release of its annual report, and has run afoulof investors and homeowners alike.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

The Mortgage Bankers Association reported a 1.2% decrease in mortgage applications the previous week.  Bank of America reached a settlement with the FHFA regarding securities fraud related to Fannie and Freddie loans.  Property taxes collected in 2013 was $488.34 billion, the highest in 20 years.

 

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

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


 

More Millennials Opting to Purchase Homes Due to Increases in Rents

Wednesday, March 25th, 2015

 

Today’s News Synopsis:

More and more millennials are opting to purchase houses as opposed to renting with the increases in rental prices.  The Mortgage Bankers Association reported mortgage applications increased 9.5% in the last week.  Freddie Mac released a list of the top 5 metropolitan areas that are showing signs of improvement.

In The News:

Bloomberg“Rising Rents Are Finally Forcing Millennials to Buy Houses” (3-25-15)

“Americans in their 20s and early 30s are getting a nudge toward homeownership a decade after sales peaked during the housing bubble. It’s not their nagging parents. It’s rents. They’ve risen so much that buying is making more sense.”

Housing Wire - “Nationstar drops 10% in early trading after $500M public offering” (3-25-15)

“Nationstar Mortgage (NSM) investors aren’t happy about its offering of 17.5 million of common stock – the mortgage nonbank is down close to 10% in morning trading after it announced yesterday common stock offering for gross proceeds of approximately $500 million.”

Mortgage Professional America“Banks push to be excluded from Dodd-Frank Act” (3-25-15)

“Since Republicans gained control over Congress last year, mortgage professionals have been vying for a change to one of the industry’s biggest regulations—the Dodd-Frank Act.  Now, a coalition of 10 banks have come together to make the pitch that they should not be held to all regulatory restrictions in Dodd-Frank.”

Housing Wire“House marking up key mortgage, regulatory reform bills” (3-25-15)

“A hard slog of a markup day continues Wednesday into early afternoon as the House Financial Services Committee moves ahead with the often tedious work of marking up 11 key regulatory relief bills, of which several could have a big impact on mortgage lending and mortgage finance.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (3-25-15)

“Mortgage applications increased 9.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 20, 2015.”

Housing Wire - “Freddie Mac: Here are the 5 top improving metro markets for housing” (3-25-15)

“As the weather warms up so should the housing market, according to the January report from Freddie Mac. A harsh winter put a damper on housing, with the updated Multi-Indicator Market Index falling to 74.6, indicating a weak housing market overall and showing a slight decline (-0.20%) from December to January and 3-month decline of (-0.37%).”

OC Housing News“China’s real estate plunge accelerates” (3-25-15)

“The Chinese government and central bankers ran a Ponzi scheme to accelerate real estate development to help China catch up to the rest of the world.  Unfortunately, since it was a Ponzi scheme, they couldn’t figure out a way to unwind it without devastating their economy, so they kept putting more and more money into it, hoping desperately that it would work itself out.”

Housing Wire“Fannie Mae to list risk-sharing bonds on Irish Stock Exchange” (3-25-15)

“European investors seeking to buy into the U.S. mortgage market will now have that opportunity, after Fannie Mae announced that it plans to list all of its outstanding risk-sharing mortgage bonds on the Irish Stock Exchange.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

In a big news story, Edward Demarco stepped down as acting director of the FHFA after almost six years in office.  The latest S&P/Case-Shiller Index showed home prices increased 13.2% in January in 20 cities in the U.S.  The HARP program, which originally turned many away, helped refinance almost 370,000 investment properties and was drawing more consumers.

 

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

Copyright: Image from www.flickr.com/photos/itupictures/ and www.flickr.com/photos/pagedooley/


 

Shortage of Labor Believed to be Cause of Less Homebuilding

Tuesday, March 24th, 2015

 

Today’s News Synopsis:

A recent report by the NAHB showed a lack of labor is causing a drag on the homebuilding industry and fewer houses being built.  Home sales increased greatly by almost 25% last month to 539,000.  Home prices, on the other hand, also increased but were below expectations at only 0.3%.

In The News:

Bloomberg“U.S. Home Prices Rose Less Than Expected in January” (3-24-15)

“U.S. home prices increased less than economists estimated in January as traditional buyers took the place of investors, leading to smaller gains.  Prices climbed 0.3 percent on a seasonally adjusted basis from December, the Federal Housing Finance Agency said in a report from Washington on Tuesday.”

Housing Wire - “New home sales rebound 25% in February” (3-24-15)

“Sales of new single-family houses in February 2015 picked back up to a seasonally adjusted annual rate of 539,000, 24.8% above last year’s estimate of 432,000, the latest report from the U.S. Census Bureau and the Department of Housing and Urban Development.”

DS News“U.S. Supreme Court Hears Opening Arguments in ‘Stripping Off’ Mortgage Cases” (3-24-15)

“In the opening arguments on Tuesday morning for two cases in the U.S. Supreme Court to determine the legality of extinguishing, or “stripping off” an underwater second mortgage as unsecured debt for a debtor in bankruptcy, an attorney representing Bank of America contended that the high court should uphold a 1992 decision that outlawed stripping off, while attorneys representing the debtors argued that the decision is irrelevant to these two cases.”

Mortgage Professional America - “What’s keeping home builders up at night?” (3-24-15)

“Homebuilding continues to fall behind pre-recession levels, even as the economy shows gains and buyer demand is high. So why the drag?  According to a recent National Association of Home Builders (NAHB) survey, it’s lack of labor.”

Bloomberg“Homebuilders Rally After KB Home Reports Strong Orders” (3-20-15)

“Builders rose after KB Home reported higher orders Friday, following yesterday’s better-than-expected results from Lennar Corp., signals of growing housing demand at the start of year’s most important sales season.”

Housing Wire - “Freddie Mac prices first high-LTV risk-sharing bond of 2015″ (3-24-15)

“Freddie Mac priced its first high loan-to-value risk-sharing bond of 2015, which is supported by loans with LTV ratios of 80-95%.  According to Freddie, STACR Series 2015-HQ1 features a reference pool of 75,508 recently originated single-family mortgages with an unpaid principal balance of more than $16.5 billion.”

Mortgage Professional America - “Daily Market Update: Landslide survivors still in mortgage limbo one year on” (3-24-15)

“The deadliest landslide disaster in U.S. history happened just over a year ago in Oso, four miles east of Washington. For the 43 that lost their lives there have been memorial ceremonies this week.”

DS News“Ocwen Announces $25 Billion MSR Sale to Nationstar” (3-24-15)

“Ocwen Loan Servicing, a subsidiary of Ocwen Financial Corporation, and Nationstar Mortgage, a subsidiary of Nationstar Mortgage Holdings, have agreed in principle to the sale by Ocwen of the mortgage servicing rights (MSR) on an Agency portfolio with approximately $25 billion in unpaid principal balance, according to an announcement on Ocwen’s website on Tuesday.”

Mortgage Professional America - “Census: Nearly 1 in 10 in the U.S. wan to move” (3-20-15)

“Nearly 10% of U.S. residents are dissatisfied with their current housing, neighborhood, local safety or public services to the point that they want to move, according to a U.S. Census Bureau report released today. However, only 18.3% of the 11.2 million householders who wanted to move actually did so between 2010 and 2011.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

A new report from RealtyTrac showed 96% of housing markets were showing improvement since the foreclosure peak in 2010. First mortgages showed a 2.8% increasing, putting the total at $7.97 trillion and mortgage debt at its highest in 6 years.  The latest monthly update from the American Enterprise Institute’s International Center on Housing Risk showed an increase in securitized mortgage risk and decrease in the quality of lending practices.

 

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

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

 


 

Existing-Home Sales Increase 1.2% While Prices Increase at Highest Rate in a Year

Monday, March 23rd, 2015

 

Today’s News Synopsis:

Fannie Mae reported an increase in multifamily housing, although overall growth in the economy was much slower in the first quarter.  The National Association of Realtors reported a 1.2% increase in existing-home sales last month while prices increased at their fastest rate in a year.  Foreclosures started to show signs of decrease in February after having steadily risen for 13 months straight.

In The News:

DS News“Fannie Mae: Economic Growth Slows in Q1; Economy Still Expected to ‘Drag Housing Upward’” (3-23-15)

“The first quarter of 2015 experienced slow economic growth due to “temporary factors,” but the economy is expected to make a comeback starting in the second quarter, according to Fannie Mae’s Economic & Research Strategic Research (ESR) Group’s March 2015 Economic Outlook released Monday.”

Housing Wire - “Existing home sales slightly rebound after last month’s plummet” (3-23-15)

“Existing-home sales slightly ticked back up 1.2% in February after last month’s plummet, but tight inventory levels pushed price growth to its fastest pace in a year, the National Association of Realtors said.”

OC Housing News“OC for-sale home inventory up 45%, sales down 3.6%” (3-23-15)

“I recently asked, Did the OC housing market come alive in February 2015? Anecdotal reports of surging buyer demand looks similar to the frenzy at the beginning of 2012 — or so local agents would like everyone to believe. The fact is the market was very weak in January, and the anecdotal reports of a resurgence in February may be more wishful thinking than market reality.”

Mortgage Professional America - “Ocwen fires back against poor mortgage-servicing accusations” (3-23-15)

“Ocwen Financial Corp. has denied accusations of poor mortgage-servicing practices and said on Monday that it had sent a letter to trustees of 119 mortgage pools, arguing that it should not be removed as a servicer.”

Housing Wire - “Fannie Mae: Multifamily gains boost housing” (3-23-15)

“Three months into 2015 and early housing market indicators already show that the market is flat at best, according to the Fannie Mae latest Economic and Housing Outlook report.”

DS News - “Foreclosure Starts Retreat After Spiking in January” (3-23-15)

“The number of foreclosure starts nationwide did an about-face in February after jumping to their highest level in 13 months in January, according to Black Knight Financial Services’ February 2015 First Look at Mortgage Data released Monday.”

Mortgage Professional America - “Underwater homeowners sink deeper, even as home values rise” (3-23-15)

“Owners of homes at the bottom of the market are trapped underwater on their mortgages even as the real estate market continues to recover, according to the fourth quarter Zillow Negative Equity Report.”

Housing Wire - “U.S. Senator: CFPB is rogue agency dishing out malicious financial policy” (3-23-15)

“It’s clear that the Consumer Financial Protection Bureau and its behavior elicit strong opinions from Capitol Hill and beyond.  Earlier this month, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, called the CFPB the ‘single most powerful and least accountable Federal agency in all of Washington’.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

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

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


 

New 3% Mortgage Program by Freddie Mac Set to Begin Operation Monday

Friday, March 20th, 2015

 

 

 

 

 

Sources:

Builder Confidence Drops Two Points in March
Commercial/Multifamily Mortgage Debt Outstanding Grew at the Fastest Pace Since 2007

 

Today’s News Synopsis:

Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video.  A new 3% down mortgage program by Freddie Mac is set to be in operation  starting on Monday.  In addition, they will be doing away with almost $1 billion of their debt by selling their home loans.   According to the latest findings by the Census Bureau, 10% of people living in the United States are not happy in their neighborhood and want to move.

In The News:

Realty Trac“Share of Low Down Payment Loans by County for Homes Purchased in 2014″ (3-19-15)

“RealtyTrac analyzed its address-level purchase loan data for U.S. homes purchased in 2014 by county, focusing on the share with a loan-to-value ratio of 97 percent or higher — indicating the buyer put 3 percent or less down when purchasing the home.”

Housing Wire - “KB Home posted 1Q revenues of $580.1M beating expectations” (3-20-15)

“The slowdown in housing starts didn’t hit KB Home (KBH), which beat analyst expectations for its first quarter ending Feb. 28, posting total revenues of $580.1 million, up 29% from $450.7 million in the year-earlier quarter, driven by growth in the company’s housing and land sale revenues.”

Los Angeles Times“Inland Empire: poised to be a ‘big dog’ in California economy?” (3-20-15)

“Much of California is still struggling: The strong dollar is depressing Central Valley agricultural exports, the lowest oil prices in years are squeezing the Kern County oil fields and extreme housing prices along the coastline are giving potential home buyers pause..”

Mortgage Professional America - “Freddie Mac’s 3% LTV mortgage program starts Monday” (3-20-15)

“Beginning Monday, Freddie Mac will begin offering its new 3% down mortgage program — Home Possible Advantage.  The loan program requires 3% purchase down payment or 3% equity for refinancings. The program enables a borrower to possibly reduce their interest rate while at the same time reducing their expensive monthly mortgage insurance.”

Bloomberg“Homebuilders Rally After KB Home Reports Strong Orders” (3-20-15)

“Builders rose after KB Home reported higher orders Friday, following yesterday’s better-than-expected results from Lennar Corp., signals of growing housing demand at the start of year’s most important sales season.”

Housing Wire - “CFPB plows ahead with public consumer complaint database” (3-20-15)

“Despite numerous objections from the mortgage finance industry and some basic reasoning that publishing unvetted, anonymous complaints on a government website could be problematic, the Consumer Financial Protection Bureau is moving ahead with its plan for opening its consumer complaint database to the public.”

Mortgage Professional America - “Daily Market Update: Cities see rise in underwater homes” (3-20-15)

“The number of homeowners underwater has increased, according to the latest data from Zillow. The online real estate databased reported that in 21 out of the 50 biggest housing markets it researched there were more owners in negative equity in the fourth quarter of last year than the three months before.”

Bloomberg“Freddie Mac Selling $1 Billion of Loans in Largest Deal” (3-20-15)

“Freddie Mac is selling more than $1 billion of soured U.S. home loans in its largest sale of the debt.  Potential buyers are bidding on three pools of nonperforming loans, with unpaid principal balances of about $660 million, $249 million and $125 million, according to debt broker Mission Capital Advisors.”

Mortgage Professional America - “Census: Nearly 1 in 10 in the U.S. wan to move” (3-20-15)

“Nearly 10% of U.S. residents are dissatisfied with their current housing, neighborhood, local safety or public services to the point that they want to move, according to a U.S. Census Bureau report released today. However, only 18.3% of the 11.2 million householders who wanted to move actually did so between 2010 and 2011.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

Freddie Mac reported fixed mortgage rates decreased again this week with 30-year rates at 4.32% and 15-year rates at 3.32%.  Sales of single-family and condominium homes decreased 1.4% month-over-month in February and 16.1% year-over-year.  Both Fannie Mae and Zillow reported the economy could see a strong increase in home purchases should jobs increase.

 

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

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Consumers Can Now Publicly Voice Complaints in New CFPB Portal

Thursday, March 19th, 2015

 

 

Today’s News Synopsis:

Despite REOs increasing 9%, foreclosure activity decreased 4% last month and is now at its lowest level in 9 years.  Mortgage rates decreased again according to Freddie Mac with 30-year rates now at 3.78% and 15-year rates at 3.06%.  The CFPB set up a new portal in their database where consumers can publicly share what is bother them regarding financial institutions.

In The News:

Realty Trac“U.S. Foreclosure Activity Down 4 Percent in February to Lowest Level Since July 2006 Despite 9 Percent Rise in REOs” (3-18-15)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report™ for February 2015, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 101,938 U.S. properties in February, a decrease of 4 percent from revised January numbers and down 9 percent from a year ago to the lowest level since July 2006.”

Los Angeles Times“Mortgage rates falling; 30-year drops to 3.78%, Freddie Mac says” (3-19-15)

“Long-term interest rates declined this week, with Freddie Mac saying lenders were offering conventional 30-year mortgages at an average of 3.78%, down from 3.86% a week ago.”

Mortgage Bankers Association - “MBA Releases 2014 Rankings of Commercial/Multifamily Mortgage Firms’ Origination Volumes” (3-19-15)

“The Mortgage Bankers Association (MBA) today released its annual ranking of commercial/multifamily mortgage firms by origination volume. The MBA study is the only one of its kind to present a comprehensive set of listings of 127 different commercial/multifamily mortgage originators, their 2014 volumes and the different roles they play.”

Housing Wire“Oil price collapse hits Texas jobs and soon Texas housing” (3-19-15)

“Texas job growth is projected to slow to between 1-2% in 2015 from 3.4% last year, according to an updated forecast in the latest issue of the Federal Reserve Bank of Dallas’ Southwest Economy.”

Bloomberg“Lennar Earnings Beat Estimates as Peak Buying Time Begins” (3-19-15)

“Lennar Corp., the second-largest U.S. homebuilder by revenue, reported fiscal first-quarter earnings that beat estimates as the year’s busiest buying period gets under way.”

Mortgage Professional America - “Chicago housing agency sitting on millions while many remain homeless” (3-19-15)

“While thousands sit on The Chicago Housing Authority’s (CHA) waitlist for affordable housing, Mayor Rahm Emanuel’s housing agency has used the funds for other things, including boosting the agency’s pension, purchase government debt and build up a cash reserve.”

OC Housing News“Bidding wars are caused by underwater homes missing from MLS inventory” (3-19-15)

“When I wrote Must-sell shadow inventory has morphed into can’t-sell cloud inventory, I outlined how lenders removed inventory from the MLS by denying short sales and by modifying home loans rather than foreclosing on delinquent borrowers and selling the resulting REO.”

DS News - “CFPB Now Gives Consumers Opportunity to Publicly Share Complaint Narratives” (3-19-15)

“Handling consumer complaints is an integral part of the work of the Consumer Financial Protection Bureau (CFPB). A policy the Bureau finalized on Thursday will allow consumers to share their complaints publicly about financial institutions, according to an announcement from the CFPB.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications decreased 1.2% from the previous week.  New criteria for RMBS qualified and non-qualified mortgages were finalized by Fitch.  Twenty-nine state housing finance agencies were awarded $63.1 million by NeighborWorks America to help families and individuals in danger of foreclosure.

 

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

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

 

 

Analysts Scratching Heads Over Drastic Decrease in Housing Starts Last Month

Wednesday, March 18th, 2015

 

 

Today’s News Synopsis:

Housing starts dropped drastically in February, leaving analysts scratching their heads and speculating it may have been a decrease in labor.  The Mortgage Bankers Association reported a 3.9% decrease in mortgage applications from last week.  Billions of dollars are being given to nonprofit company NeighborWorks America to help bring relief to Americans, however it is appears the process the organization is utilizing is very disorganized and disorderly.

In The News:

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-18-15)

“Mortgage applications decreased 3.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 13, 2015.”

Housing Wire - “Did housing starts nose dive because of a labor shortage?” (3-18-15)

“Housing analysts are still trying to figure out why housing starts nose-dived in February.  Privately owned housing starts in February plummeted 17%, down to an annualized 897,000 from the revised January estimate of 1,081,000, with drops in the Northeast, Midwest and West leading the collapse.”

Bloomberg“The Nonprofit Behind Billions in Mortgage Aid Is a Mess” (3-18-15)

“Hoping to deliver relief to Americans pounded by the financial crisis, the government has poured billions of dollars into a sort of Red Cross for homeowners.  NeighborWorks America, a nonprofit chartered by Congress, distributes much of that money to counseling groups that dispense mortgage advice and sometimes financial aid.”

Mortgage Professional America - “JPMortgan to acquire $45B of troubled company’s servicing rights” (3-18-15)

“In early March, Ocwen Financial Corp. had said it was on track to sell the servicing rights for mortgages with a balance of $55 billion. The firm had previously announced that it had sold almost $10 billion of those rights to Nationstar, but it didn’t identify who was acquiring the other $45 billion.”

DS News - “Auction.com and Five Star Institute Pledge Support to Operation Homefront and Veteran Home Donation Program” (3-18-15)

“The Five Star Institute President and CEO Ed Delgado announced earlier today at the Five Star Government Forum in Washington, D.C., that the Institute would be partnering with the nation’s leading online real estate marketplace, Irvine, California-based Auction.com, and national nonprofit Operation Homefront in support of a home donation program that provides mortgage-free homes to veterans.”

Mortgage Professional America“Daily Market Update: Housing affordability creates challenge for employers” (3-18-15)

“Employers are struggling to hire from out-of-town in some U.S. markets due to the high cost of housing. New York is particularly problematic and it’s prompting some people to live in illegally cramped shares.”

Housing Wire“Mortgage lenders want regulatory relief” (3-18-15)

“Mortgage lenders and others told the House Financial Services Subcommittee on Financial Institutions and Consumer Credit that the mortgage industry needs regulatory relief, or else borrowers – especially lower income and minority borrowers – will continue to be left out.”

DS News“DhanInfo Expands Further With $1 Million State-of-the-Art Office” (3-18-15)

“India-based IT firm DhanInfo followed up last October’s move into a new office complex in Nagpur that can house up to 600 employees with more expansion in order to meet the mortgage industry’s growing demand for reputable, reliable, and accurate property preservation and data processing outsourcing and Internet marketing.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

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

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

 

 

1.2 Million Homeowners Came Out of Negative Equity in 2014

Tuesday, March 17th, 2015

 

 

Today’s News Synopsis:

Commercial/Multifamily Mortgage Debt by 1.9% ($48.9 billion) to $2.64 trillion, the fastest growth rate in 8 years.  Home prices in Southern California increased by about 8.4% month-over-month, while home sales decreased by 2.7% month-over-month.  CoreLogic reported 1.2 million homeowners came out negative equity in 2014.

In The News:

Los Angeles Times“Southern California home prices rise, sales fall in February” (3-17-15)

“Spring has not sprung just yet in Southern California’s housing market.  Home prices in the six-county Southland in February stayed about the same as they have been for nine months, while sales volume drooped compared to this time last year. That’s according to new figures out Tuesday from CoreLogic DataQuick.”

Housing Wire - “JPMorgan to buy $45B in Ocwen MSRs” (3-17-15)

“A name was finally given to the buyer of $45 billion of Ocwen (OCN) mortgage-servicing rights, which was first reported on at the beginning of March.”

NAHB“Housing Starts Fall 17 Percent in February” (3-17-15)

“Nationwide housing starts dropped 17 percent to a seasonally adjusted annual rate of 897,000 units in February, according to newly released data from the U.S. Commerce Department.”

Bloomberg“California’s Housing Costs Endanger Growth, Analyst Says” (3-17-15)

“California’s high housing costs threaten the state’s economy as workers increasingly struggle to afford a roof over their heads, the state Legislative Analyst’s Office said in a report released Tuesday.”

Mortgage Professional America - “Daily Market Update: High rents freeze out new homebuyers” (3-17-15)

“A new report reveals that renting is becoming less affordable in many parts of the United States. The National Association of Realtors (NAR) said the gap between rents and incomes is widening to “unsustainable levels” and is calling for more building to ease the pressure on demand.”

OC Housing News“Will Millennials move to the suburbs and buy houses?” (3-17-15)

“The Millennial generation is larger than the Baby Boomer generation, and Millennials are entering the stage in their lifecycles when people typically buy homes; therefore, the biggest component of housing demand over the next 20 years will likely be Millennial buyers.”

Housing Wire - “Experian: More homeowners going back to paying their mortgage” (3-17-15)

“The first mortgage default rate dropped for the first time since July 2014 after months of steady increases, the February S&P/Experian Consumer Credit Default Indices report said.  The first mortgage default rate decreased two basis points to 1% from the previous month, and is significantly down from 1.23% a year ago.”

Realty Trac“Will Google Disrupt The Mortgage Marketplace?” (3-17-15)

“When it comes to mortgages everyone gets the idea that borrowers should shop around and let lenders battle for their business. Such shopping largely doesn’t happen, but a looming new player in the mortgage comparison game may change that.”

Mortgage Professional America“What areas have the highest and lowest down payment averages?” (3-17-15)

“Home buyers who purchased a single-family home or condo in 2014 put 14% down, translating into an average $32,141, according to the latest data from RealtyTrac.  The real estate information firm’s report analyzed nearly 1.5 million purchase loans were included in the analysis in 386 counties nationwide.”

Housing Wire“CoreLogic: More than 1 million homeowners regained equity in 2014″ (3-17-15)

“Some 1.2 million borrowers regained equity in 2014, bringing the total number of mortgaged residential properties with equity at the end of Q4 2014 to approximately 44.5 million or 89% of all mortgaged properties, according to CoreLogic (CLGX).”

Mortgage Bankers Association“Commercial/Multifamily Mortgage Debt Outstanding Grew at the Fastest Pace Since 2007″ (3-17-15)

“Total commercial/multifamily debt outstanding stood at $2.64 trillion in the fourth quarter of 2014, an increase of $48.9 billion, or 1.9 percent, over the third quarter, according to data collected by the Mortgage Bankers Association (MBA).”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

Builder confidence increased only slightly this month to 47 according to the latest index report by the NAHB.  California was facing a lawsuit for using money meant to aid homeowners to pay off its own state debt.  Due to equity holdings increasing by $2.1 trillion to $10 trillion the previous year, 4 million homeowners were out of negative equity despite the still sluggish economy.

 

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

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

 

 

NeighborWorks America to Award $44.8 Million to Help Families in Foreclosure

Monday, March 16th, 2015

 

 

Today’s News Synopsis:

Builder confidence declined again by two points this month and now stands at 53 according to the NAHB.  NeighborWorks America,  a non-profit company based out of Washington, D.C. is helping families in foreclosure and with distressed properties by awarding $44.8 million to different organizations under the National Foreclosure Mitigation Counseling program.  The Japanese bank Nomura Holdings Inc. is going to court against FHFA on allegations they sold Fannie Mae and Freddie Mac bad mortgage-backed securities .

In The News:

DS News“FHFA Director ‘Very Proud’ of Agency’s Progress on Strategic Plan Initiatives” (3-16-15)

“The Federal Housing Finance Agency (FHFA) issued a report today detailing its progress on initiatives released in the 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac and the 2014 Conservatorship Scorecard.”

NAHB“Builder Confidence Drops Two Points in March” (3-16-15)

“Builder confidence in the market for newly built, single-family homes in March fell two points to a level of 53 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today.”

OC Housing News - “House hunters must sacrifice quality to buy a house in 2015″ (3-16-15)

“Cloud inventory restrictions, rising house prices, and stagnant wages is forcing homebuyers to substitute downward in quality if they want to buy a house.”

Mortgage Professional America - “Japanese bank first to fight back against FHFA shoddy MBS claims” (3-16-15)

“It took nearly four years, but this morning Japanese bank Nomura Holdings Inc. and the Federal Housing Financing Agency (FHFA) will go to trial over claims it sold shoddy mortgage-backed securities to Fannie Mae and Freddie Mac.”

Housing Wire - “Is leasing the strategy that could help boost Lennar?” (3-16-15)

“Lennar Corporation (LEN) is set to release its first quarter earnings for 2015 on Thursday, and the results are not expected to be anything special.  However, there is a small blimp of potential in the homebuilder’s recent launch into the single family for lease business, according to a Lennar earnings preview from Sterne Agee analyst Jay McCanless.”

Mortgage Professional America - “Rate Snapshot: Fed could decide timing of interest rate increase this week” (3-16-15)

“Slightly better start this morning for both stocks and bonds.  Friday the bond and mortgage markets ended the session unchanged Thursday.  This week is FOMC week, the meeting starts tomorrow and concludes Wednesday afternoon with the policy statement, Yellen’s press conference and the Fed’s quarterly forecasts for the economy.”

DS News“Non-Profit Awards $4.8 Million Through Foreclosure Mitigation Counseling Program” (3-16-15)

“Washington, D.C.-based non-profit NeighborWorks America has announced the awarding of $44.8 million to various organizations in the National Foreclosure Mitigation Counseling (NFMC) program to help distressed families and individuals whose homes are facing foreclosure.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

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

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