California Real Estate Investing News

Posts Tagged ‘real estate investing’

With Rents Increases, Many May Have to Move Toward Buying

Friday, May 27th, 2016

Sources:


Today’s News Synopsis:

This week’s Norris Group real estate headline roundup video is a slideshow of the top news stories in the world of real estate.  More consumers may have to move toward buying homes with the increase in rental prices.  TransUnion released a new survey showing people more likely to open a new account for a credit card or apply for a car loan are mortgage applicants.  HSBC is planning to sue Bank of America and Merrill Lynch  for $420 million over bad loans sold by Countrywide.

In The News:

DS News – “High Rents May Force Buyers Into the Market” (5-27-16)

“Rents have been on the rise for several months now as demand for rental housing has increased due to a short supply of homes for sale, particularly among starter homes, and high down payments. A recent survey showed that the pendulum may be swinging in the other direction, however.”

Housing Wire – “‘Face of the housing crisis’ exonerated by Appeals Cout CountryWide Hustle ruling” (5-27-16)

“Lost in the shuffle of the United States Court of Appeals for the Second Circuit’s decision to toss the $1.27 billion penalty against Bank of America in a fraud case over defective mortgages sold by Countrywide was the fact that the court also overturned the fraud charges and voided the $1 million penalty against Rebecca Mairone, who the New York Times once referred to as the ‘face of the housing crisis.'”

Bloomberg – “Miami’s Condo Frenzy Ends With Inventory Piling Up in New Towers” (5-27-16)

“Miami’s crop of new condo towers, built with big deposits from Latin American buyers and lots of marketing glitz, are opening with many owners heading for the exits.”

Mortgage Professional America – “Mortgage applicants hungry for credit cards, auto loans – study” (5-27-16)

“A new TransUnion survey found that consumers applying for a new mortgage are two or three times more likely to open a new car loan or credit card account in the following 12 months.”

DS News – “Where is the Middle Ground in NPL Sales Guidelines?” (5-27-16)

“The sales of non-performing residential mortgage loans by Fannie Mae, Freddie Mac, and HUD have been a lightning rod for controversy in the last year or so.”

Bloomberg – “California’s Recovery Loses Luster as Tax Increases Set to Lapse” (5-27-16)

“California’s three-year boom run is showing signs of fatigue.  Shaking off recession-era comparisons to Greece, the most-populous U.S. state rebounded with surpluses and an economy fueled by the fast-growing technology industry, which garnered it eight bond-rating upgrades.”

Mortgage Professional America – “Big bank plans $420 million lawsuit over soured Countrywide loans” (5-27-16)

“HSBC plans to file a $420 million lawsuit against Bank of America and Merrill Lynch over soured Countrywide mortgage loans.”

 

Hard Money Loan Closed

Anaheim, California hard money loan closed. Real estate investor received loan for $340,000 on this single family property appraised for $520,000.

Anaheim Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be speaking at the Southern California Chapter of the Appraisal Institute’s 19th Annual Inland Empire Market Trends on Thursday, June 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with West End Real Estate Professional on Friday, June 3.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with CVREIA on Tuesday, June 14.

Image copyright source: www.flickr.com/photos/editor

 

Looking Back:

The Mortgage Bankers Association reported another decrease in mortgage applications from the previous week, this time by 1.6%.  Meanwhile, sales of new homes increased by 6.8% at 517,000.  Fannie Mae reported good news for the housing market, which appeared to be doing better than the economy as a whole.

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.


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Market for Apartments and Condominiums Remains Stable

Thursday, May 26th, 2016

Today’s News Synopsis:

Freddie Mac reported that although mortgage rates did show signs of increase, this month was still their slowest since 2013.  The National Association of Realtors reported pending home sales increased by 5.1% to 116.3, their highest in ten years.  According to the latest Multifamily Production Index by the NAHB, the market for apartments and condominiums remains stable at 53 points.

 

In The News:

Housing Wire – “Freddie Mac: 30-year mortgage rate ticks up, still lowest month in 3 years” (5-26-16)

“The average interest rate for a 30-year mortgage climbed ever so slightly in the last week, but despite the slight increase, May 2016 will still finish up with the lowest average interest rate for any month in the last three years, according to new data from Freddie Mac.”

Mortgage Professional America – “Morning Briefing: Housing prices edged 1.3 per cent higher in first quarter” (5-26-16)

“US house prices were up by 1.3 per cent in the first quarter of 2016 according to the latest data from the FHA.  Prices in March showed a 0.7 per cent rise from February.”

NAHB – “Apartment and Condominium Market Remains Steady in the First Quarter” (5-26-16)

“The Multifamily Production Index (MPI), released today by the National Association of Home Builders (NAHB) remained essentially unchanged in the first quarter of 2016 after rising one point to 53.”

DS News – “Servicers Remain Aggressive with Outreach Efforts” (5-26-16)

“Mortgage servicers have still been extremely active with efforts to contact borrowers regarding loss mitigation, despite a lengthy, sustained decline in the number of delinquencies and defaults, according to HOPE NOW, an industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants.”

Housing Wire – “Wells Fargo now offers 3% down payment mortgages” (5-26-16)

“Wells Fargo announced on Thursday that it now offers a down payment of as little as 3% for fixed-rate mortgages, answering calls in the industry to expand the credit box.”

DS News – “Fannie Mae Sells More Delinquent Loans to Non-Profit” (5-26-16)

“Government agencies have have taken a lot of heat from advocacy groups, civil rights groups, and lawmakers in the last few months over selling non-performing residential mortgage loans (NPLs) to private investors and Wall Street rather than non-profits or other community development organizations.”

NAHB – “Lot Shortages Worse Than Ever According to NAHB Survey” (5-26-16)

“Lot availability hit a record low according to new data from the National Association of Home Builders (NAHB).  Sixty-four percent of builders responding to special questions in the May NAHB/Wells Fargo Housing Market Index reported that the supply of lots in their markets was “low” or “very low”—up from 62 percent last year, and the highest that number has been since NAHB began collecting this data in 1997.”

DS News – “Where are the Most Stable Housing Markets?” (5-26-16)

“The spring home buying season got off to a strong start across most of the country, and many areas are within their benchmark ranges, according to the latest Multi-Indicator Market Index by Freddie Mac.”

Housing Wire – “Pending home sales surge to 10-year high” (5-26-16)

“Pending home sales overcame industry hurdles and increased for the third consecutive month in April, surging to the highest level in over a decade, according to the National Association of Realtors.”

 

Hard Money Loan Closed

Long Beach, California hard money loan closed. Real estate investor received loan for $305,000 on this single family property appraised for $440,000.

Long Beach Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with FIBI Long Beach TONIGHT.

Bruce Norris will be speaking at the Southern California Chapter of the Appraisal Institute’s 19th Annual Inland Empire Market Trends on Thursday, June 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with West End Real Estate Professional on Friday, June 3.

 

Looking Back:

Home prices saw a 5% increase in 20 cities throughout the United States.  Both mortgage risk and first-time buyer shares increased with first-time buyers making up 57.9% of mortgages on owner-occupied homes and mortgage risk at 52.2%.  The First-Time Buyer Mortgage Risk Index showed an increased risk in mortgage loans.

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.












Home Prices Increasing at Faster Rate With Shortage of New Homes

Wednesday, May 25th, 2016

Today’s News Synopsis:

The MBA reported a 2.3% increase in mortgage purchase applications while refis continue to remain about the same.  Home prices are increasing at a faster rate due to the shortage of supply of new homes.  Nonprime loans are making a comeback since the crash, contributing to further market growth.

 

In The News:

Housing Wire – “Here are the top 5 reasons some homeowners are still underwater [Infographic]” (5-25-16)

“As the housing market approved and prices rose over the last few years, the number of borrowers that owe more on their home than it’s worth fell dramatically, but there are still a number of borrowers that are underwater on their home.”

DS News – “Bank of America’s ‘Hustle’ Whistleblower Retains Reward” (5-25-16)

“The mortgage industry has been buzzing this week about the Second Circuit Court of Appeals’ reversal of the $1.27 billion penalty against Bank of America over Countrywide’s High Speed Swim Lane (HSSL) mortgage program, also known as the “Hustle” program.”

Mortgage Bankers Association – “Purchase Applications Increase and Refis Hold Steady in Latest MBA Weekly Survey” (5-25-16)

“Mortgage applications increased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 20, 2016.”

Mortgage Professional America – “Nonprime rebounds from crash to become a growth market” (5-25-16)

“In business, holding steady is seldom seen as the route to success. The name of the game is growth.  In the mortgage business, nonprime is an area of rapid growth partly for the simple reason that the bottom fell out during the crash and nonprime lending pretty much started over with a baseline of almost zero.”

Housing Wire – “OCC terminates Wells Fargo’s mortgage servicing restrictions” (5-25-16)

“The Office of the Comptroller of the Currency on Wednesday finally lifted its mortgage servicing restrictions on Wells Fargo now that the bank is in compliance with the requirements of the Independent Foreclosure Review.”

NAHB – “NAHB, OSHA Settle Litigation on Confined Spaces Rule” (5-25-16)

“Ed Brady, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Bloomington, Ill., issued the following statement regarding the settlement with the Occupational Safety and Health Administration (OSHA) on NAHB’s challenge to the agency’s Confined Spaces in Construction final rule: See Article”

Bloomberg – “U.S. Stocks Rise Amid Optimism Economy Can Handle Higher Rates” (5-25-16)

“U.S. stocks posted the strongest two-day rally in nearly three months, as signs of a stronger economy spurred speculation it can withstand higher interest rates.”

DS News – “Short Supply Causing Faster Price Appreciation” (5-25-16)

“Fewer homes for sale over the past year have driven prices up faster than expected, according Zillow’s latest Real Estate Market Report.”

Housing Wire – “Ocwen cleared of wrongdoing in multi-billion dollar mortgage bond fight” (5-25-16)

“Early in 2015, a group of mortgage bond investors that reportedly included BlackRock, MetLife, and Pimco accused Ocwen Financial of violating its duties as a mortgage servicer by failing to properly collect payments on $82 billion of home loans and accused Ocwen of engaging in ‘imprudent and improper servicing practices.'”

 

Hard Money Loan Closed

San Bernardino, California hard money loan closed. Real estate investor received loan for $130,000 on this single family property appraised for $193,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with FIBI Long Beach on Thursday night, May 26.

Bruce Norris will be speaking at the Southern California Chapter of the Appraisal Institute’s 19th Annual Inland Empire Market Trends on Thursday, June 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with West End Real Estate Professional on Friday, June 3.

Image copyright source: www.flickr.com/photos/59937401@N07

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.












Mortgage Debt Increases by $120 Billion in the Fourth Quarter

Tuesday, May 24th, 2016

Today’s News Synopsis:

Mortgage debt increased by $120 billion in the fourth quarter to its highest in 4 years according to the Federal Reserve Bank of New York.  HUD and the U.S. Census Bureau reported new home sales increased 16.6% month-over-month, their highest since after the recession.  The survivor bill of rights is gaining headwind in California and may see the state Senate vote on it this week.

 

In The News:

Housing Wire – “House passes sweeping change to loan originator licensing rules” (5-24-16)

“The House of Representatives just passed a bill that could create a huge impact on the mortgage industry, as mortgage loan officers may soon be able to transition from a traditional bank to a nonbank and keep originating new mortgage loans without having to wait for a new license.”

NAHB – “New Home Sales reach Post-Recession High” (5-24-16)

“Sales of newly built, single-family homes rose 16.6 percent in April from an upwardly revised March reading to a seasonally adjusted annual rate of 619,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is the highest sales pace since January 2008”

Realty Trac – “Homedisclosure.com Now Reports Hundreds of Porter Ranch-Style Underground Storage Facilities Near 4.8 Million Homes” (5-24-16)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, announced today that its pre-diligence website,www.HomeDisclosure.com, has identified the locations of more than 300 natural gas underground storage facilities across the county.”

DS News – “‘Survivor Bill of Rights’ is Gaining Traction” (5-24-16)

“A “survivor bill of rights,” or bill that would protect families from foreclosure after the death of the primary mortgage noteholder, has gained traction in California and is likely to see a vote in the state Senate this week.”

Bloomberg – “U.S. Stocks Rally as Housing Data Bolster Optimism on Economy” (5-24-16)

“U.S. stocks rose the most in more than two months, as a surge in home sales fueled speculation the economy can withstand higher interest rates amid rising bets the Federal Reserve will tighten policy this summer.”

Mortgage Bankers Association – “Five-Year Commitment from Arch Capital Group Provides Support to Opens Doors for Expansion into California” (5-24-16)

“The Mortgage Bankers Association Opens Doors Foundation (MBA Open Doors) today announced that it is expanding into California in the coming months, thanks to a generous ongoing contribution from Arch Capital Group (U.S.) Inc. (Arch Capital), a parent company of Arch Mortgage Insurance Company (Arch MI).”

Housing Wire – “Federal Reserve: Mortgage debt rises to 4-year high” (5-24-16)

“The amount of money that Americans owe to mortgage lenders rose to the highest level in more than four years during the first quarter, according to a new report from the Federal Reserve Bank of New York.”

DS News – “Where are the Best Markets for Flipping?” (5-24-16)

“While flipping activity overall is down considerably from its peak reached 11 years ago, the median gross profit per flipped property is up considerably and some markets in the country are providing ample opportunities for flippers, according to data released by CoreLogic on Tuesday.”

 

Hard Money Loan Closed

Temecula, California hard money loan closed. Real estate investor received loan for $305,000 on this single family property appraised for $480,000.

Temecula Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with FIBI Long Beach on Thursday night, May 26.

Bruce Norris will be speaking at the Southern California Chapter of the Appraisal Institute’s 19th Annual Inland Empire Market Trends on Thursday, June 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with West End Real Estate Professional on Friday, June 3.

Image copyright source: www.flickr.com/photos/manoftaste-de

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.











Texas Supreme Court Rules in Favor of Ocwen Over Lien Settlement

Monday, May 23rd, 2016

Today’s News Synopsis:

The National Association of Realtors reported existing-home sales increased last month by 1.7% to 5.45 million.  A fine dealt to Bank of America totalling $1.27 billion over fraud was overturned by the United States Court of Appeals for the Second Circuit.  At the same time, the Supreme Court of Texas ruled in favor of Ocwen over a lawsuit regarding liens.

 

In The News:

DS News – “What is Driving Risk Higher on First-Time Buyer Loans?” (5-23-16)

“With a greater share of agency first-time buyer home loans comes a greater share of risk involved in those loans.  The share of Agency first-time buyer loans surged by 18 percent in April up to 58.8 percent, meaning that 58.8 percent of primary owner-occupied home purchase mortgages with a government guarantee in April were first-time buyers, according to AEI’s International Center on Housing Risk.”

Housing Wire – “Texas Supreme Court hands victory to Ocwen in fight over lien release” (5-23-16)

“Ocwen Loan Servicing secured a major victory in Texas’ highest court recently, when seven of the nine justices on the Texas Supreme Court ruled that the state’s constitution does not give a homeowner the right to repayment of their mortgage loan amount because a lender did not release its lien on the home in the proper timeframe.”

Mortgage Professional America – “Morning Briefing: Existing home sales higher in April” (5-23-16)

“Sales of existing homes increased for the second straight month in April despite the challenges of tight inventory and high prices.”

DS News – “Here’s One Way to Fight Zombie Properties” (5-23-16)

“Local municipalities in the areas hit hardest by the foreclosure crisis have made various attempts through legislation to combat the problem of “zombie properties,” or vacant and abandoned properties in the process of foreclosure.”

Housing Wire – “Appeals Court overturns Bank of America’s $1.27 billion fine in ‘Hustle’ case” (5-23-16)

“The United States Court of Appeals for the Second Circuit handed Bank of America a massive victory, and dealt the Department of Justice a major blow, Monday when it overturned a $1.27 billion penalty against the megabank in a fraud case over defective mortgages sold by Countrywide, as first reported by Reuters.”

Mortgage Professional America – “Are TRID closing delays over?” (5-23-16)

“Loan closing times appear to be stabilizing on the average, according to new data from Ellie Mae. However, some types of loans saw closing times creep up last month.”

DS News – “The Fed’s Plans for ‘Too Big to Fail’ Insurance Companies” (5-23-16)

“When the Dodd-Frank Act came into play, the Federal Reserve took up regulatory responsibilities both for insurance holding companies that own a federally insured bank or thrift and for insurance companies designated as systemically important by the U.S. Financial Stability Oversight Council (FSOC).”

 

Hard Money Loan Closed

Inglewood, California hard money loan closed. Real estate investor received loan for $115,000 on this single family property appraised for $239,000.

Inglewood Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with FIBI Long Beach on Thursday night, May 26.

Bruce Norris will be speaking at the Southern California Chapter of the Appraisal Institute’s 19th Annual Inland Empire Market Trends on Thursday, June 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with West End Real Estate Professional on Friday, June 3.

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.












NAR Reported Existing-Home Sales Increased 1.7%

Friday, May 20th, 2016

Sources:


Today’s News Synopsis:

This week’s Norris Group real estate headline roundup video is a slideshow of the top news stories in the world of real estate.  The National Association of Realtors reported existing-home sales increased 1.7% and now stand at 5.45 million.  RealtyTrac reported a 30.1% decrease in zombie foreclosures in the second quarter.  Trulia released their list of metropolitan areas that saw the biggest increase in homes whose prices reached 7 digits.

 

In The News:

Housing Wire – “Existing home sales manage to increase two months straight” (5-20-16)

“Existing home sales managed to once again overcome today’s low-inventory environment and move higher for the second consecutive month, according to the National Association of Realtors’ latest report.”

DS News – “Investors Still Active Despite Distressed Inventory Decline” (5-20-16)

“April marked the 44th straight month of tight supply in the existing-home sales space, according to the National Association of Realtors April 2016 Existing-Home Sales report released on Friday.”

Mortgage Professional America – “‘Zombie’ foreclosures down 30% in second quarter” (5-20-16)

“Zombie foreclosures – residential properties in the foreclosure process that were vacant – dropped 30.1% in the second quarter from the year before, according to new data from RealtyTrac.”

DS News – “Clayton Holdings Receives Rankings from Morningstar” (5-20-16)

“Morningstar Credit Ratings has ranked Clayton Holdings LLC as both a Residential Mortgage-Backed Securities Agent and as a Residential Representation and Warranty Reviewer, according to an announcement from Clayton.”

Mortgage Professional America – “Morning Briefing: 7-figure homes increasing in these metros” (5-20-16)

“Million-dollar homes are not as rare in US cities these days according to a new report from Trulia.  Its research found that San Francisco has seen the largest increase in 7-figure homes; in 2012 they made up less than 20 per cent of all homes in the metro – now 57.4 per cent of homes cost a million dollars or more.”

DS News – “CFPB Plans Further Servicing Rules Updates” (5-20-16)

“The Consumer Financial Protection Bureau (CFPB) announced on Friday the implementation of new mortgage servicing rules and new rules related to the Know Before You Owe (TRID) rule as part of its semiannual Spring 2016 rulemaking agenda.”

 

Hard Money Loan Closed

Ontario, California hard money loan closed. Real estate investor received loan for $247,000 on this single family property appraised for $357,000.

Ontario Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with FIBI Long Beach on Thursday night, May 26.

Bruce Norris will be speaking at the Southern California Chapter of the Appraisal Institute’s 19th Annual Inland Empire Market Trends on Thursday, June 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with West End Real Estate Professional on Friday, June 3.

Image copyright source: www.flickr.com/photos/59937401@N07

 

Looking Back:

The Mortgage Bankers Association reported a 1.5% decrease in mortgage applications from the previous week.  Mortgage debt was being handled better due to the decrease in delinquencies and write-offs.  Moody’s Investors Service said changes to the TILA-RESPA rule could lead to increased risk for mortgage-backed securities.  The median home price in California increased above $400,000, putting it at its highest in 8 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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.


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Freddie Mac Primary Mortgage Market Survey
Glassdoor Chart










A New Progress Report on the CFPB To Be Released

Thursday, May 19th, 2016

Today’s News Synopsis:

 

Despite 30-year mortgage rates being at their lowest in years, this may change with the potential increase in interest rates.  A progress report on the CFPB was just provided by the University of Utah that showed a positive take on the bureau and what they had accomplished since their inception.  Homes built for rent are gaining back a share of the market.

 

In The News:

Housing Wire – “Freddie Mac: 30-year mortgage rate about to start rising?” (5-19-16)

“While mortgage rates remain at the lowest level this year, that could start to change, as the timing looms closer for when the Federal Reserve will raise interest rates again, Freddie Mac’s most recent Primary Mortgage Market Survey said.”

DS News – “Built-for-Rent Homes Regaining Market Share” (5-19-16)

“The market share for single-family homes built for the purpose of renting them out (rather than selling to an owner-occupant) is down from its peak reached in 2013, but in the last few quarters it has been trending upward.”

Mortgage Professional America – “Survey: Share of disposable income going to mortgage debt hits 36-year low” (5-19-16)

“The percentage of consumers’ disposable income going toward mortgage debt has hit its lowest level since 1980, according to new data from Standard & Poor’s and Experian.”

Bloomberg – “Bank of America Just Downgraded Hotels Due to Threats Like Airbnb” (5-19-16)

“Bank of America analysts just checked out of the hotel industry.  In a note published on Thursday, BofAML analysts led by Shaun Kelley cited a raft of pressures on the lodging sector, such as “soft” corporate demand, a glut of brick-and-mortar hotels, and pressure brought to bear by the Internet, including the rise of home-sharing startup Airbnb Inc.”

Mortgage Professional America – “Morning Briefing: Real estate firm in new partnership with Uber” (5-19-16)

“A new initiative in San Francisco has partnered Uber with developer Maximus Real Estate with the aim of persuading residents to use ridesharing and public transportation.”

Housing Wire – “Guild Mortgage becomes DOJ’s latest target over alleged FHA-lending violations” (5-19-16)

“Over the last several years, lenders like Wells Fargo, Franklin American Mortgage, Walter Investment, First Tennessee Bank, Freedom Mortgage and M&T Bank chose to settle with the Department of Justice after being accused of originating and underwriting mortgage loans that did not meet Federal Housing Administration standards.”

DS News – “Five Years In, a CFPB Progress Report” (5-19-16)

“Nearly five years ago, Congress created the Consumer Financial Protection Bureau (CFPB), and its sole purpose was to serve as recovery agent for the American people coming out of the financial crisis. But how effective has the Bureau been in doing its job?.”

 

Hard Money Loan Closed

Fontana, California hard money loan closed. Real estate investor received loan for $180,000 on this single family property appraised for $260,000.

Fontana Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with FIBI Long Beach on Thursday night, May 26.

Bruce Norris will be speaking at the Southern California Chapter of the Appraisal Institute’s 19th Annual Inland Empire Market Trends on Thursday, June 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with West End Real Estate Professional on Friday, June 3.

Image copyright source: www.flickr.com/photos/m0php

 

Looking Back:

TransUnion reported a decrease in mortgage delinquency rates, which stood at 2.95%, the first time they had been below 3% since prior to the financial crisis.  Housing starts increased 20.2% in April and stood at 1.135 million units.  Freddie Mac expected interest rates to continue to increase throughout this year in the wake of capital markets continuing to predict the timing by the Federal Reserve on short term interest rates.

 

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











List of Top 25 Cities for Finding a Job Just Released

Wednesday, May 18th, 2016

Today’s News Synopsis:

 

The Mortgage Bankers Association reported a 1.6% decrease in mortgage applications from last week.  Glassdoor Inc. released a list of the top 25 cities where it might be easier finding a job.  Trump said if he were elected president, he has plans to do away with Dodd-Frank.

 

In The News:

Housing Wire – “Housing experts fear impact of Trump, Sanders presidency” (5-18-16)

“Come November, some percentage of the U.S. population will choose the next president of this country. Who wins the election is still a big mystery and what happens after that is an even larger mystery.”

DS News – “Congressman Calls for Regulatory Transparency from the CFPB” (5-18-16)

“U.S. Rep. French Hill (R-Arkansas) said Monday that the Consumer Financial Protection Bureau (CFPB) needs to do a lot more to ensure the industry understand the new TRID-compliant ‘Know Before You Owe’ rules before they take effect.”

Mortgage Professional America – “Nonprime today is healthy and thriving, says Hutchens” (5-18-16)

“Ten years ago the nonprime lending system was set up for failure, and it failed.  Today, Angel Oak Senior Vice President for Sales and Marketing Tom Hutchens said the system is set up for success, and that it is succeeding at putting qualified buyers into houses they can afford to pay for even if they don’t qualify for conventional loans.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-18-16)

“Mortgage applications decreased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 13, 2016.”

Bloomberg – “There Are the Best U.S. Cities for Jobs” (5-18-16)

“Not all cities are created equal when it comes to work. Sometimes it may be easy to find a job, but the cost of living is high. Or a role might offer a high salary, but would deprive you of work-life balance.”

Mortgage Professional America – “Feds accused of planning microphones to spy on real estate investors” (5-18-16)

“FBI agents reportedly planted hidden microphones around the San Francisco area in an attempt to gather evidence against several real estate investors suspected of rigging bids at foreclosure auction.”

Housing Wire – “The ‘perfect storm’ blocking your business this spring-buying season” (5-18-16)

“What’s presumed to be the hottest buying season of the year isn’t shaping up to that due to a flurry of factors that are growing into the “perfect storm” to hinder housing, explained Kevin Golden, director of analytics with a la mode, at the Mortgage Bankers Association’s Secondary conference in New York City.”

DS News – “Trump Planning Dodd-Frank Overhaul” (5-18-16)

“Calling the Dodd-Frank Act a “negative force,” presumptive Republican presidential nominee Donald Trump said on Wednesday that in the next couple of weeks he will unveil a plan to overhaul the controversial Wall Street reform law that was passed in 2010 in response to the crisis.”

 

Hard Money Loan Closed

Riverside, California hard money loan closed. Real estate investor received loan for $106,000 on this single family property appraised for $177,000.

Riverside Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday morning, May 19.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Pasadena FIBI on Thursday night, May 19.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with FIBI Long Beach on Thursday night, May 26.

Image copyright source: www.flickr.com/photos/44313045@N08

 

Looking Back:

Zombie foreclosures were continuing to be dealt with as New York Governor Andrew Cuomo had just announced new practices for these foreclosures would be carried out by 11 institutions.  Fewer people intend to own a home despite the increase in rents, which normally would push them to buy.  Builder confidence decreased by two points this month, putting it at 45.

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.











NAHB Reported 6.6% Increase in Housing Starts for April

Tuesday, May 17th, 2016

Today’s News Synopsis:

 

The NAHB reported a 6.6% increase in housing starts for the month of April.  The commercial market is expected to improve in the coming months according to the latest US Macro Forecast by Cushman & Wakefield.  A new bill has been introduced by Rep. Tom Emmer that will change the purpose of the CFPB.

 

In The News:

NAHB – “Housing Starts Up 6.6 Percent in April” (5-17-16)

“Nationwide housing starts rose 6.6 percent to a seasonally adjusted annual rate of 1.17 million in April, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department.”

Mortgage Professional America – “Morning Briefing: Commercial Market set to strengthen” (5-17-16)

“The US commercial real estate market should strengthen in the months ahead following volatility in the economy and equity markets at the start of the

DS News – “Proposal Aims to Change CFPB’s Mission” (5-17-16)

“U.S. Rep. Tom Emmer (R-Minnesota), who saw his bill to roll back part of Dodd-Frank pass in the U.S. House of Representatives last month, has introduced a new bill that proposes to change the mission of the controversial Consumer Financial Protection Bureau (CFPB).”

Bloomberg – “Silicon Valley Mansions Linger on Market in Real Estate Slowdown” (5-17-16)

“A custom-built home in the heart of California’s Silicon Valley had its price cut by $500,000 last week after sitting on the market since the end of March — a move that would’ve been almost unfathomable a year ago and a signal that frenzied demand has peaked.”

Mortgage Professional America – “Reverse mortgages gain steam as reputation improves” (5-17-16)

“Colleen Moore, national reverse mortgage director for Land Home Finance, is a cheerleader for reverse mortgages and thinks mortgage brokers and originators who are not selling reverse products are missing the boat.”

Housing Wire – “Here’s why Freddie Mac says the mortgage credit box is so tight” (5-17-16)

“As the spring home-buying season struggles to lift off, people point to tight credit as one reason to blame, with Danny Gardner (pictured above), Freddie Mac vice president of affordable lending and access to credit, weighing in on the discussion at the Mortgage Bankers Association Secondary conference in New York City.”

Bloomberg – “Consumer Prices in U.S. Climbed in April by Most Since 2013” (5-17-16)

“The cost of living in the U.S. climbed in April by the most in three years an indication that inflation may be picking up toward the Federal Reserve’s goal.”

Mortgage Professional America – “Bank tagged with $645 million settlement for FHA lending violations” (5-17-16)

“The CFPB’s intent with TRID was for customers to ‘know before they owe.’ And a new survey indicates that more homebuyers are reviewing their mortgage documents prior to closing.”

DS News – “Servicers Determined to Find Principal Reduction-Eligible Borrowers” (5-17-16)

“The FHFA’s Principal Reduction Modification program announced in mid-April has the potential to benefit up to 33,000 borrowers nationwide. This number represents a small share of the approximately three million underwater homeowners nationwide, which might make finding borrowers who qualify seem like looking for a needle in a haystack.”

 

Hard Money Loan Closed

Oceanside, California hard money loan closed. Real estate investor received loan for $165,000 on this single family property appraised for $255,000.

Oceanside Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday morning, May 19.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Pasadena FIBI on Thursday night, May 19.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with FIBI Long Beach on Thursday night, May 26.

Image copyright source: www.flickr.com/photos/cbsnapa

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.










Forecasts for mortgage rates put them around 4%

Monday, May 16th, 2016

Today’s News Synopsis:

 

Confidence in home building remained relatively unchanged at 58 according to the NAHB.  Bank of America is finally pushing ahead with the $8.5 billion settlement with Bank of New York Mellon.  Forecasts for mortgage rates put them around 4% according to the Mortgage Bankers Association.

 

In The News:

Housing Wire – “Freddie Mac joins forces with Ellie Mae to streamline the mortgage process” (5-16-16)

“Freddie Mac and Ellie Mae are joining forces to bring greater automation to the industry in the latest installment of the government-sponsored enterprises’ initiative to updates its tools and services.”

Mortgage Professional America – “Big bank’s $8.5 billion settlement finally moves forward” (5-16-16)

“Investors will finally receive their $8.5 billion settlement from Bank of America for mortgages originated by its Countrywide unit.”

DS News – “Servicers, Pay Attention to Supreme Court’s Ruling” (5-16-16)

“The U.S. Supreme Court issued a ruling on Monday that is likely to affect mortgage servicers. In the case of Spokeo Inc. v. Robins, the Court ruled that consumers must prove that they have suffered “concrete harm” in order to bring a class action suit under the Fair Credit Reporting Act (FCRA), and that consumers cannot bring suits based solely on a bare violation of statutes.”

Wall Street Journal – “NAHB Index Unchanged in May, Pointing to Steady Housing Growth” (5-16-16)

“A gauge of home-builder sentiment was unchanged in May, a sign of steady growth for the housing market. The National Association of Home Builders housing market index held at 58 this month, the trade group said on Monday.”

Housing Wire – “MBA: 30-year mortgage rate predicted to hover around 4%” (5-16-16)

“Mortgage rates are forecasted to hover around the 4% level for about another year as the market awaits future Federal Reserve interest rate hikes, Mike Fratantoni, chief economist for the Mortgage Bankers Association, said in a press conference at the MBA Secondary conference in New York City.”

Bloomberg – “Shadow Banks Make Diciest Loans While Wall Street Retains Risk” (5-16-16)

“Wall Street has cut its lending to the riskiest companies, shifting its financing to nonbanks that make the loans instead, according to a team of analysts at the Federal Reserve Bank of New York.”

Mortgage Professional America – “Existing-home sales on track for best year since 2006” (5-16-16)

“Despite supply constraints and home price growth outpacing wages, existing-home sales are on track to come in at their highest pace in a decade this year, according to new data from the National Association of Realtors.”

DS News – “The Effect of Millennials on Housing Inventory” (5-16-16)

“For months, housing industry analysts have talked about the low inventory of homes available for purchase. A recent survey by Redfin indicates that millennials, a demographic group often mentioned as a key to a healthy housing market in the future, may be to blame for the persistent shortage of housing supply.”

 

Hard Money Loan Closed

Encino, California hard money loan closed. Real estate investor received loan for $488,000 on this single family property appraised for $750,000.

Encino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday morning, May 19.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Pasadena FIBI on Thursday night, May 19.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with FIBI Long Beach on Thursday night, May 26.

Image copyright source: www.flickr.com/photos/lobraumeister

 

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.