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The Norris Group Real Estate News Roundup 11/23/10

Tuesday, November 23rd, 2010

Today’s News Synopsis:

The CBIA reports housing production decreased 28% in October. National existing home sales declined 2.2%, and California home sales declined 3.5%, according to data from the NAR and CAR. Zillow claims interest rates fell again after last weeks sudden gain. Statistics from Lender Processing show foreclosures fell 36% in October.

In The News:

CBIA - “California Housing Production Continues Decline in October, CBIA Announces” (11-23-10)

“According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 2,108 total housing units in October, down 28 percent from the same month a year ago and down 28 percent from September. Permits for single-family homes totaled 1,364, down 37 percent from October 2009 and down 21 percent from the previous month, while multifamily permits totaled 744, down 3 percent from a year ago and down 39 percent from September.”

NAR - “Existing-Home Sales Decline in October Following Two Monthly Gains” (11-23-10)

“Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 2.2 percent to a seasonally adjusted annual rate of 4.43 million in October from 4.53 million in September, and are 25.9 percent below the 5.98 million-unit level in October 2009 when sales were surging prior to the initial deadline for the first-time buyer tax credit.”

CAR - “California home sales decline from previous month, year” (11-23-10)

“Statewide home resale activity declined 3.5 percent in October to a seasonally adjusted annualized rate of 450,360, down from September’s revised pace of 466,930, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. The October pace was down 19.6 percent from the revised 560,390 sales pace recorded in October 2009. The statewide sales figure represents what would be the total number of homes sold during 2010 if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.”

Housing Wire – “Zillow: 30-year mortgages head back down after one-week increase” (11-23-10)

“After a one-week turn around in mortgage rates, the 30-year, fixed-mortgage rate fell again to 4.27%, according to the Zillow Mortgage Marketplace weekly update.”

Housing Wire – “FHFA: 30-year mortgages drop to new low of 4.46% in October” (11-23-10)

“The average interest rate on a 30-year fixed-rate mortgage was 4.46% in October, a drop of 12 basis points from September when the rate was 4.58%, according to the Federal Housing Finance Agency.”

Housing Wire – “Freddie Mac delinquencies increase for first time since February” (11-23-10)

“Freddie Mac’s 90-plus day delinquency rate increased for the first time since February, according to the government sponsored enterprise’s monthly summary. The delinquency rate for single-family residences was 3.82% in October, up from 3.8% in September.”

Housing Wire – “Bank earnings skyrocket in 3Q as FDIC problem list nears 17-year high” (11-23-10)

“Third-quarter earnings at institutions insured by the Federal Deposit Insurance Corp. continue to get stronger even as the number of banks on the regulator’s problem list nears the highest level in 17 years.”

Bloomberg - “U.S. Office Rebound to Be Delayed by `Shadow’ Space, Berkeley’s Rosen Says” (11-23-10)

“Unoccupied ‘shadow inventory’ accounts for 3 percent to 5 percent of total business leases, and that space will be filled before firms sign new rental agreements, Rosen, chairman of Berkeley’s Fisher Center for Real Estate and Urban Economics, said at a conference in San Francisco. Cloud computing and other tech advances let employees work away from offices, further reducing space needs, he said.”

Bloomberg - “Foreclosures of U.S. Homes Fell 36% After Freeze, Lender Processing Says” (11-23-10)

“Banks seized 79,886 homes, down 36 percent from a record 124,051 in September and the lowest number since May 2009, the Jacksonville, Florida-based real estate data company said in a report today. Lender Processing bases its figures on information collected from loan servicers at the time of foreclosure.”

Looking Back:

One year ago, the NAR reported that existing-home sales increased by 10.1 percent in October. Statistics showed that California workers, who earned the national median income, could afford 59.1 percent of the new and existing homes during the 3rd quarter of 2009. Multifamily lenders provided $88 billion in new financing for apartment buildings with 5 or more units during 2008.

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 event 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 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 11/16/10

Tuesday, November 16th, 2010

Today’s News Synopsis:

16,744 new and resale homes sold in Southern California during October. Builder confidence increased slightly this month, according to the NAHB. Sean O’Toole of ForeclosureRadar believes the foreclosure investigation will only have a brief effect on the market. FHA wrote $319 billion in new insurance in 2010.

In The News:

DQNews – “Southland Home Sales Fall, Prices Flat” (11-16-10)

“A total of 16,744 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 7.4 percent from 18,091 in September, and down 24.3 percent from 22,132 for October 2009, according to MDA DataQuick of San Diego.”

NAHB - “Builder Confidence Improves Slightly in November” (11-16-10)

“Builder confidence in the market for newly built, single-family homes improved slightly in November, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The HMI rose one notch to 16 from a downwardly revised level of 15 in the previous month.”

Inman - “Realtor.com reclaims No.1 spot” (11-16-10)

“Realtor.com reclaimed the top spot as the most-visited real estate-related website in October, according to the latest report from Web metrics firm Experian Hitwise. The report’s data is based on a sample of 10 million U.S. Internet users.”

CNN - “Foreclosure mess prompts call for stress tests” (11-16-10)

“The Congressional Oversight Panel, created by Congress in 2008 to review the Treasury Department’s response to the financial crisis, issued a 125-page report detailing recent allegations that banks and loan servicers filed thousands of inaccurate documents in foreclosure cases across the country.”

Housing Wire – “ForeclosureRadar: dramatic decline in REO sales in October” (11-16-10)

“While 50 state attorneys general offices and 11 regulators are investigating the matter, Sean O’Toole, CEO of ForeclosureRadar, said the issue will only have a brief effect, and that the real problem will be new scammers cropping up.”

Housing Wire – “FHA 5 years away from 2% reserve ratio” (11-16-10)

“The Federal Housing Administration reported today that its capital reserve ratio will return to the 2% level mandated by Congress in 2015.”

Housing Wire – “Moody’s sees minimal risk to RMBS from robo signing, MERS litigaton” (11-16-10)

“The risks posed to residential mortgage-backed securities by the robo-signing debacle are extremely low to moderate and should have a limited impact, according to Moody’s Investors Service.”

Housing Wire – “One-third of fund managers see stronger economy in 2011″ (11-16-10)

“Investor strategy is slowly returning to a ‘normal level’ of risk-taking as 35% of fund managers now see the global economy strengthening next year. Only 15% reported the same sentiment last month, according to the latest Bank of America Merrill Lynch Survey of Fund Managers.”

Housing Wire – “Reducing mortgage principal? Count MGIC out” (11-16-10)

“The nation’s leading private mortgage insurer, Mortgage Guaranty Insurance Corp., sent an e-mail out late Monday to mortgage default servicing clients clarifying its policies regarding distressed borrowers.”

Housing Wire – “Ginnie Mae to disclose loss mitigation data on single-family pools” (11-16-10)

“Ginnie Mae will begin issuing reports on how many mortgages have gone through the loss-mitigation process for securitization investors.”

Housing Wire – “FHA mortgage insurance beats private market 25-fold: KBW” (11-16-10)

“The Federal Housing Administration wrote $319 billion in new insurance in 2010, more than 25 times the $12.4 billion in new insurance written by the top five private companies over the last year.”

Housing Wire – “Head of Chase mortgage: Foreclosure always last resort” (11-16-10)

“Foreclosure is always the last resort and least desired option for delinquent mortgages, and JPMorgan Chase uses all possible remedies prior to starting any foreclosure process, according to an executive in the bank’s home loan office. And in most cases, no one is even living in the property any longer.”

Bloomberg - “Bailout Panel Warns of Bank Mortgage Losses, Urges Stress Tests” (11-16-10)

“Regulators should conduct new stress tests on banks because legal challenges to foreclosures and uncertainties in the housing market could threaten the financial system, a congressional watchdog said.”

Bloomberg - “FHA Reserves Fall to Lowest on Record as Agency Boosts Capital” (11-16-10)

“The FHA’s capital-reserve ratio, which measures funds needed to cover projected losses, fell to 0.50 percent in the year ended Sept. 30 from 0.53 percent a year earlier, remaining below the federally mandated 2 percent minimum for a second straight year, the agency said today in a report to Congress.”

Looking Back:

One year ago, the Worker, Homeownership and Business Assistance Act was expected to provide approximately 33 billion dollars in tax cuts to real estate corporations. Statistics from Altera Real Estate showed that the most difficult Orange County market to find a new home in was Ladera Ranch. Foreclosure Radar reported that investors bought 337 homes and condos at foreclosure auctions in October.

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 event 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 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 11/12/10

Monday, November 15th, 2010

Resources:
Home Values Near Unprecedented Decline as Hints of Stabilization Wane in Third Quarter
FDIC prepares to crack down on officials of failed banks
FDIC OKs plan to overhaul insurance fund payments
Obama commission considers limits to mortgage interest tax deductions

Today’s News Synopsis:

Freddie Mac reports 30-year loan rates decreased to 2.24%. Freddie Mac economists said bank foreclosure programs could cause housing to drop to a new low. President Obama intends to select Joseph Smith as the new director of the Federal Housing Finance Agency. D.R. Horton expects 2011 to be a weak year for the home-building industry.

USA Today – “Stable home prices, low mortgage rates could gas economy” (11-12-10)

“Rates on 30-year fixed loans averaged 4.17%, down from 4.24% a week ago, Freddie Mac reported Thursday. They’ve been below 5% since early May.”

Housing Wire – “California Realtors say cutting mortgage interest tax deduction will devastate nation” (11-12-10)

“Home prices in the affluent California county increased roughly 6% to $699,174 in October, according to the association. It’s up 11% from a year ago. The National Commission on Fiscal Responsibility and Reform, proposed two options in their efforts to overhaul the tax system. One was to reduce how much homeowners could deduct by 20%, and the other was to exclude second residences, home equity loans or mortgages over $500,000.”

Housing Wire – “Excessive risk retention may throttle mortgage finance: ASF” (11-12-10)

“Under the sweeping reforms of Dodd-Frank, federal financial regulators are tasked with defining a qualified residential mortgage to determine which loans will be exempt from new risk-retention requirements. The American Securitization Forum wants the regulators to establish new standards for income and asset verification, minimum borrower equity, and debt-to-income ratios that its members believe significantly strengthen the mortgage pools and ‘ensures appropriate credit can resume flowing to American homebuyers.’”

Housing Wire – “Freddie Mac says foreclosure problems may drain recovery” (11-12-10)

“Freddie Mac economists said recent problems in the banks’ foreclosure processes could slow what little momentum the recovery holds, and perhaps send the housing market down to a new low.”

Housing Wire – “KBW says market ‘overly pessimistic’ on Fannie, Freddie losses” (11-12-10)

“Analysts at investment bank Keefe, Bruyette & Woods said both Fannie Mae and Freddie Mac have enough in reserves to absorb losses from legacy portfolios and that market estimates of potential losses are ‘overly pessimistic.’”

Housing Wire – “Obama to nominate Joseph Smith as director of FHFA” (11-12-10)

“President Obama will nominate Joseph Smith as the new director of the Federal Housing Finance Agency, according to the White House.”

Housing Wire – “Barclays Capital expects Fed to buy Treasurys beyond 2Q” (11-12-10)

“Barclays Capital expects the Federal Reserve will continue buying Treasury securities past the second quarter, although it appears investors feel otherwise as there has been considerable sell-off in long-term bonds this week.”

Bloomberg – “D.R. Horton Sees `Challenging’ Year as Home Sales May Decline” (11-12-10)

“D.R. Horton Inc., the second-largest U.S. homebuilder by revenue, expects 2011 to be ‘challenging’ for the industry as consumer confidence and employment remain weak, Chief Executive Officer Donald Tomnitz said.”

Looking Back:

One year ago, foreclosure filings were found in approximately one out of every 385 U.S. homes. The MBA reported that mortgage loan application volume increased by 3.2 percent in one week. The jumbo loan limit that was set to expire at the end of 2009 was extended through 2010.

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 event 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 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 11/8/10

Monday, November 8th, 2010

Today’s News Synopsis:

The NAR reports FHA, Fannie Mae and Freddie Mac account for over 90% of the mortgage market. New California building codes, known as CALGreen, will be enforced on January 1st. Richard Fisher of the Dallas Federal Reserve believes the low interest rates are doing little to stimulate the economy. Fannie Mae acquired 85,340 REO properties in the 3rd quarter.

In The News:

Los Angeles Times – “Shared homeownership could mean paying your neighbors’ bills” (11-7-10)

“The Community Assns. Institute trade group recently reported that more than half of the nation’s 310,000 community associations are struggling with ‘serious’ or ‘severe’ financial woes. Some 59% of association managers reported that more than 3% of homes in their community groups were vacant, the study said, because the owners either had walked away from their mortgages or were unable to rent the homes. Some 65% of associations reported that more than 5% of their homeowners were delinquent on their monthly assessments.”

NAR - “Qualified Buyers Should Have Access to Credit, Say REALTORS®” (11-8-10)

“Currently, FHA, Fannie Mae and Freddie Mac account for more than 90 percent of the mortgage market. Lenders refuse to make loans unless FHA will insure them or the GSEs will buy them. Stricter FHA and GSE underwriting rules eliminate many buyers with credit scores as high as 750, and lenders are imposing credit overlays of their own, restricting the availability of credit.”

The Daily Journal – “Cities preparing for building standards to get more green” (11-8-10)

“Come Jan. 1, cities throughout California will be required to enforce the new California Green Building Standards Code, or the CALGreen Code. Finalized earlier this year by California’s Building Standards Commission and the Department of Housing and Community Development, the guidelines represent the first statewide mandatory green building code for newly constructed buildings in the nation.”

Housing Wire – “QE2 gives green light for yield in MBS” (11-8-10)

“Analysts said the decision by the Federal Reserve to purchase another $600 billion of Treasury securities ‘gives the green light for yield’ in mortgage-backed securities, and the central bank may consider purchasing MBS if spreads widen significantly.”

Housing Wire – “Fed adviser worries greater mortgage disclosures put borrower privacy at risk” (11-8-10)

“The Federal Reserve is working on proposals forcing lenders to submit more detailed mortgage loan information to the government, but regulators are juggling the need for more transparency and how that information could cost borrowers their privacy.”

Housing Wire – “Dallas Fed president: low interest rates won’t spark demand” (11-8-10)

“The environment of exceedingly low interest rates is great for banks, according to Richard Fisher, President of the Federal Reserve Bank of Dallas, but is doing little to help the overall economy get back on track.”

Housing Wire – “Monday morning cup of coffee” (11-8-10)

“Fannie Mae acquired 85,340 REO properties in the third quarter, up 23.9% from the amount acquired in the previous quarter, according to its quarterly financial statement released Friday.”

Bloomberg - “First-Time Mortgage Defaults in U.S. Rise for 1st Time in Year” (11-8-10)

“First-time defaults rose to 1.1 percent of previously ‘always performing’ mortgages based on payments due in September, up from 1 percent the prior month, according to a report from the Austin, Texas-based securities firm.”

Bloomberg - “Majority of Property Investors Plan Purchases as Prospects Rise” (11-8-10)

“Sixty percent of respondents said they plan to make commercial property purchases in the next year, mainly in their home markets, according to the report released by the Seattle- based adviser. Those looking abroad favor Hong Kong, Singapore, Sydney, London, New York, Washington, Chicago and San Francisco, the survey showed.”

Bloomberg - “U.S. Household Debt Shrank 0.9% in Third Quarter, Fed Says” (11-8-10)

“Consumer indebtedness totaled $11.6 trillion at the end of September, down $110 billion, or 0.9 percent from the end of June, according to the New York Fed’s quarterly report on household debt and credit. Households have slashed about $1 trillion from outstanding consumer debts since the peak in the third quarter of 2008, the New York Fed said.”

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 event 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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The Norris Group Real Estate News Roundup 11/5/10

Friday, November 5th, 2010

Resources:
Trump to California Estate: You’re Fired!
LPS Report Shows Foreclosure Timelines Continue to Stretch
Fannie Mae, Freddie Mac mortgage delinquencies continue to fall
Freddie Mac posts $4.1-billion loss
Nearly half of Freddie Mac mortgage modifications redefault
Homeownership at 66.9% in 3Q, lowest rate since ’99
Ally CEO: We ‘Screwed Up’ and We’re ‘Embarrassed’ over Robo-Signers
Lead AG on foreclosure investigation says inquiry will continue post-election
Foreclosure Freeze Cuts Sales, Supply in Hardest-Hit States
Lenders Told to Disclose Likely Losses from Paperwork Errors, Buybacks
Robert Shiller Sees More Housing Pain Ahead
California expects mortgage-aid program to begin in weeks

Today’s News Synopsis:

The NAR reports pending home sales decreased 1.8% in September. Statistics from the Labor Department show the overall economy added 151,000 jobs last month. According to Fitch Ratings, CMBS delinquencies decreased to 7.7%. Fannie Mae lost $1.3 billion in the 3rd quarter.

In The News:

Wall Street journal – “Hoenig to Realtors: Wean Housing Off Government Intervention” (11-5-10)

“The American public, including aspiring homeowners and those of you employed in the housing industry, might be best served, over time, by reducing or removing these subsidies as part of our national policy”

NAR - “Pending Home Sales Slip but Modest Recovery Expected in 2011″ (11-5-10)

“The Pending Home Sales Index,* a forward-looking indicator, slipped 1.8 percent to 80.9 based on contracts signed in September from an upwardly revised 82.4 in August. However, the index remains 24.9 percent below a surge to 107.8 in September 2009 when first-time buyers were jumping into the market to take advantage of the initial deadline for the tax credit last November.”

Bloomberg - “Obama Says Jobs Report Is Encouraging for Recovery” (11-5-10)

“The Labor Department reported that the overall economy added 151,000 jobs in October, exceeding all estimates in a Bloomberg News survey of economists. The increase wasn’t large enough to make a dent in the jobless rate, which held steady at 9.6 percent.”

Housing Wire – “Mortgages from 2006 and 2007 defaulting at rapid pace: S&P” (11-5-10)

“The default rates for mortgages written in 2006 and 2007 are significantly higher than previous vintages, according to Standard & Poor’s.”

Housing Wire – “CMBS delinquencies fall for first time in nearly 3 years” (11-5-10)

“The delinquency rate on loans backing commercial mortgage-backed securities dropped 88 basis points to 7.78% in October, the first drop in 33 months, according to Fitch Ratings.”

Housing Wire – “SEC details whistleblower protection under Dodd-Frank” (11-5-10)

“The SEC rules do less to establish a definition of a whistleblower and more to define what one is not. Dodd-Frank prohibits anyone convicted of crimes related to a corporate violation from receiving any rewards form a case.”

Housing Wire – “S&P assumptions on GSEs need further scrutiny, analyst states” (11-5-10)

“Standard & Poor’s said this week that the total cost of retooling Fannie Mae and Freddie Mac may near $700 billion, but one analyst thinks investors need to scrutinize two core assumptions of the report. Jim Vogel, of FTN Financial, said the rate of losses and reserves Standard & Poor’s calculates is one-and-a-half times the amount the government-sponsored entities have incurred to date”

Housing Wire – “Hoenig reiterates call for end of ZIRP, supports sunsetting GSEs” (11-5-10)

“The president of the Federal Reserve Bank of Kansas City once again called for an increase in the benchmark fed funds rate away from zero to stabilize the economy”

Housing Wire – “Fannie Mae loses $3.5 billion in 3Q” (11-5-10)

“Fannie Mae lost $1.3 billion in the third quarter and asked for another $2.5 billion from the Treasury to cure its net worth deficit.”

Looking Faith:

One year ago, the U.S. Senate signed an extension to the federal tax credit. Commercial and multifamily mortgage loan originations decreased by 12 percent from Q2 to Q3 of 2009. Fannie Mae reported a loss of nearly $20 billion in Q3 of 2009. According to ZipRealty, housing inventory in 27 major U.S. cities decreased by 2.8 percent.

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 event 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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The Norris Group Real Estate News Roundup 10/26/10

Tuesday, October 26th, 2010

Today’s News Synopsis:

The MBA estimates total originations in 2011 will be $400 billion less than the total for 2010. According to MDA DataQuick, 83,261 Notices of Default were recorded at California county recorder offices during the 3rd quarter. Lender Processing Services is releasing a new valuation model that brings listing and pending sale data into the equation. The FHFA claims U.S. house prices increased 0.4% in August.

In The News:

Mortgage Bankers Association – “MBA Sees Growth in Purchase Originations, Drop in Refinancing, and Weak Overall Economic Growth in 2011″ (10-26-10)

“The Mortgage Bankers Association expects to see mortgage originations fall from an estimated $1.4 trillion in 2010 to slightly under $1 trillion in 2011. The drop will be driven by a decline in refinance originations, but the industry will see an increase in purchase originations. The economy will grow at a slow pace but with no significant job growth until 2011. The increase in purchase originations will be driven by modest increases in home sales and stabilizing home prices. In contrast, MBA refinance originations are expected to fall steadily as mortgage rates gradually increase throughout 2011 and 2012.”

DQNews - “California Mortgage Defaults Rise in Third Quarter” (10-26-10)

“A total of 83,261 Notices of Default (“NODs”) were recorded at county recorder offices during the July-through-September period. That was up 18.9 percent from 70,051 in the prior quarter, and down 25.5 percent from 111,689 in third-quarter 2009, according to San Diego-based MDA DataQuick.”

Los Angeles Times – “Consumer confidence rises only slightly in October” (10-26-10)

“Americans’ confidence in the economy rose only slightly in October from September, according to a monthly survey, as they continue to grapple with job worries. The Conference Board, a private research group, said Tuesday that its Consumer Confidence Index rose to 50.2 from a revised 48.6 in September.”

CNN - “Home prices sag in August” (10-26-10)

“Home prices fell 0.2% from July after five consecutive months of gains, according to the S&P/Case-Shiller composite index of 20 metro areas. However, prices rose a modest 1.7% compared with a year earlier, the housing group reported Tuesday.”

Housing Wire – “Mortgage fraud index suggests shift toward property crime: Interthinx” (10-26-10)

“Mortgage fraud risk remained ‘essentially unchanged’ in the third quarter of 2010 compared to the second and down from a year ago, according to Interthinx’s Quarterly Mortgage Fraud Risk Index. Interthinx reported the risk index for 3Q at 144, down 0.9% from last quarter and 1.4% from the same time last year.”

Housing Wire – “U.S. declines on Transparency International corruption index” (10-26-10)

“The financial and the foreclosure crisis have contributed to the United States’ decline on a global corruption index, released by the watchdog group Transparency International. The U.S. ranked 22nd of 178 countries with a score of 7.1 on the 2010 Corruption Perceptions Index, down from 19th last year.”

Housing Wire – “New LPS valutaion model uses multiple listing services from NAR database” (10-26-10)

“Lender Processing Services (LPS: 27.59 +2.91%) unveiled a new valuation model for realtors that brings listing and pending-sale data into the equation.”

Housing Wire – “Zillow: National 30-year FRM rates remain flat week-over-week” (10-26-10)

“The 30-year, fixed-rate mortgage remained flat from last week ending at a 4.14% national average the week of Oct. 20-26, according to the Zillow Mortgage Marketplace weekly update.”

Housing Wire – “FHFA house prices up 0.4% in August, down from year-ago” (10-26-10)

“U.S. house prices increased 0.4% in August, almost regaining the 0.7% revised decrease in July, but fell more than 2% from a year ago, according to the Federal Housing Finance Agency monthly House Price Index.”

Looking Back:

One year ago, on October 9th, a judge ruled against a lender, wiping out a $461,263 mortgage debt. Goldman Sachs estimated that government interventions had sustained prices by 5 percent above what they would be. According to CAR, a total of 530,520 escrows closed in California during September 09.

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 event 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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The Norris Group Real Estate News Roundup 10/19/10

Tuesday, October 19th, 2010

Today’s News Synopsis:

18,091 new and resale homes were sold in Southern California, said MDA DataQuick. Moody’s reports commercial real estate prices fell 3.3% from last month. A survey from American Strategies and Myers Research shows 77% of adults consider buying a home to be a good financial decision in general.

In The News:

DQNews - “Southern California Home Sales Drop Again, Median Price Edges Up” (10-19-10)

“A total of 18,091 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in September. That was down 2.4 percent from 18,541 in August, and down 16.0 percent from 21,539 for September 2009, according to MDA DataQuick of San Diego.”

CNN - “Housing starts jump to 5-month high” (10-19-10)

“Housing starts, or the number of new homes being built, rose 0.3% to a seasonally adjusted annual rate of 610,000 in September, up from a revised 608,000 in August, the Commerce Department said.”

Housing Wire – “Barclays estimates banks face $85 billion in mortgage reps and warranties” (10-19-10)

“Barclays Capital estimates over the next five to seven years, banks may end up paying $85 billion in claims, which would result in another $75 billion of more losses to come. Analysts, though, admit the math is ‘highly subjective’ and included many assumptions, and because the claims would be paid out over time, risks of concentrated damage to balance sheets are relatively low.”

Housing Wire – “FDIC seeks long-term changes to Deposit Insurance Fund” (10-19-10)

“The board of directors for the Federal Deposit Insurance Corp. voted Tuesday to propose a long-term management plan for the Deposit Insurance Fund, which provides monetary insurance to FDIC banks in the event of failure. The two main goals of such a plan, which is required under the Dodd-Frank Wall Street Reform and Consumer Protection Act, are to maintain a positive fund balance as well as keep future assessment rates consistent for banks.”

Housing Wire – “KBW: Two-thirds of investors oppose FASB accounting proposal” (10-19-10)

“One of the key changes in the proposal would require banks to report the estimated fair value of most loans on their books alongside the current cost accounting valuations. According to the survey of 62 U.S. institutional investors, only one in five favor the proposed changes.”

Housing Wire – “Fitch: 2006, 2007 subprime RMBS prices improving” (10-19-10)

“Subprime prices within two of the most-maligned vintages of residential mortgage-backed securities are showing signs of stabilizing, according Fitch Ratings. The agency’s total market price index for the RMBS sector through September was 9.85, which is nearly flat with the previous three months, according to analysts. But Fitch said RMBS prices from the beleaguered 2006 and 2007 vintages improved last month, climbing 15% and 10%.”

Bloomberg - “Commercial Property Prices in U.S. Decline to Eight-Year Low, Moody’s Says” (10-19-10)

“The Moody’s/REAL Commercial Property Price Index fell 3.3 percent from the prior month to surpass the post-crash low in October 2009, the company said in a statement today. The measure is 45 percent below its October 2007 peak and is at its lowest since June 2002.”

Inman - “Homeownership losing its appeal?” (10-19-10)

“American Strategies and Myers Research & Strategic Services LLC conducted the 2010 Housing Opportunity Pulse Survey on behalf of the National Association of Realtors, interviewing 1,209 adults by telephone Sept. 12-17, 2010. A quarter were renters and 70 percent were homeowners. Overall, 77 percent of respondents said they thought buying a home was a good financial decision in general; 16 percent said it was not a good decision; and 6 percent said they didn’t know.”

Looking Back:

Gov. Arnold Schwarzenegger signed SB 94, which prevents prohibits any person from collecting an advance fee from a consumer for loan modification. According to Campbell Surveys, the national average home price rose 6% from August to September. MetroStudy anticipates a total of 562,000 housing starts in 2009.

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 event 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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The Norris Group Real Estate News Roundup 10/13/10

Wednesday, October 13th, 2010

Today’s News Synopsis:

Mortgage application volume increased 14.6% this week. All 50 state attorney generals are now involved in an investigation into lenders that filed faulty foreclosure affidavits. The FHFA is urging GSEs to accelerate the foreclosure process once the AG reviews are over. Foreign investors are planning to purchase large amounts of commercial property.

In The News:

Mortgage Bankers Association – “Mortgage Refinance Applications Jump as Rates Continue to Fall in Latest MBA Weekly Survey” (10-13-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 8, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 14.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 14.8 percent compared with the previous week.”

NAR - “NAR Says Families Will Suffer if Foreclosure Freeze Continues” (10-13-10)

“Thousands of first-time and move-up buyers who hoped to make a foreclosed property their new home now face uncertainty, anxiety and possibly remorse as they worry that closing on their desired property could be in jeopardy. For many, the dream of homeownership could turn into agony if their home purchase is indefinitely delayed by a moratorium on foreclosures declared by some banks, the National Association of Realtors® said today.”

Los Angeles Times – “California to join multistate inquiry of foreclosures by banks” (10-13-10)

“California will join a multistate investigation into whether banks violated laws by cutting corners while foreclosing on homes as the Obama administration made clear Tuesday that it would not support a nationwide moratorium.”

Housing Wire – “Jaime Dimon: ‘Almost no chance we made a mistake’ with foreclosures” (10-13-10)

“JPMorgan Chase said new processes are being put in place to ensure it fulfills all procedural requirements going forward. ‘There’s almost no chance we made a mistake,’ Jaime Dimon, CEO of JPMorgan Chase, said during the conference call.”

Housing Wire – “It’s official: All 50 state AGs to review foreclosures” (10-13-10)

“Alabama Attorney General Troy King announced Wednesday he is joining the other 49 AG offices in a nationwide investigation into lenders that filed faulty foreclosure affidavits.”

Housing Wire – “St. Louis Fed economist questions wisdom of more quantitative easing” (10-13-10)

“An economist at the Federal Reserve Bank of St. Louis wonders if additional large-scale securities purchases by the Fed will produce the desired effects of driving down interest rates, boosting employment, and preventing deflation.”

Housing Wire – “FHFA urges GSE servicers to accelerate foreclosure process after reviews” (10-13-10)

“On Oct. 1, DeMarco said Fannie Mae and Freddie Mac are working with their third-party servicers to identify any loans that may be have been foreclosed improperly. On Wednesday, FHFA urged servicers to proceed on foreclosures as quickly as possible after all foreclosure alternatives have been exhausted.”

Bloomberg - “Investors Target U.S. Commercial Properties After Drop in Values, DTZ Says” (10-13-10)

“Commercial-property investors are preparing to spend more in the U.S. next year after more than two years of declining values, DTZ Group Plc said. Funds and investment companies increased the capital available for deals in the Americas by 54 percent since December to $97 billion, the London-based real-estate broker said in a report today. Most of this will be used for U.S. transactions.”

Bloomberg - “Banks to Shift From `Extend and Pretend’ in Real Estate Loans, Survey Says” (10-13-10)

“Lenders will shift toward amending commercial mortgages next year instead of extending maturities, leading to increased sales of distressed real estate, according to a survey of almost 900 property professionals. More than 63 percent of those surveyed said they expect maturing loans to be modified, while 7.1 percent said loans will continue without changes to defer losses, a practice known as ‘extend and pretend.’ About 16 percent of respondents said real estate with maturing loans will be foreclosed on and put on the market, and almost 14 percent said properties will be sold by borrowers, PricewaterhouseCoopers LLP said in a report today.”\

Looking Back:

One year ago, Fitch reported that 60 percent of borrowers from 06 to 07 had negative equity and owed more than their homes are worth. Interthinx’s Mortgage Fraud Index estimated that fraud decreased by 4 percent from Q1 to Q2 of 2009, but increased by 7 percent from Q2 of 2008. Statistics from MDA DataQuick showed that Southern California home sales increased by 5 percent from October of 2008.

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 event 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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The Norris Group Real Estate News Roundup 10/12/10

Tuesday, October 12th, 2010

Looking Back:

Multiple states are cooperating in an investigation to determine whether or not lenders violated foreclosure laws when seizing houses from delinquent borrowers. The U.S. is now the second largest holder of U.S. debt. A survey from the National Association for Business Economics shows that economists expect gross domestic product will increase 2.6% in 2010 and 2011. According to a Thomson Reuters survey, 63% of potential home buyers are discouraged from buying a home because of the current economic conditions.

In The News:

MERS - “Statement by R.K. Arnold, President and CEO of MERSCORP, Inc.” (10-12-10)

“Claims that MERS disrupts or creates a defect in the mortgage or deed of trust are not supported by fact or legal precedents. This is often used as a tactic by lawyers to delay or prevent the foreclosure. The mortgage lien is granted to MERS by the borrower and the seller and that is what makes MERS the mortgagee.”

NAR - “NAR’s HouseLogic Launches Campaign to Help Military Families Sustain Homeownership” (10-11-10)

“The National Association of Realtors®’ HouseLogic, a free, comprehensive consumer website about all aspects of homeownership, today launched Operation Home Relief, a new Facebook Causes campaign. The campaign aims to increase awareness, rally support and raise funding for USA Cares, a nonprofit organization that provides counseling and financial foreclosure assistance to post-9/11 active duty U.S. military service personnel, veterans and their families. HouseLogic will donate $1 to USA Cares every time someone ‘likes’ the Operation Home Relief Cause page on Facebook and will match individual donations made to the cause, up to $20,000.”

Sign on San Diego – “Q&A: What’s going on with foreclosures?” (10-11-10)

“BofA – the only lender to have halted foreclosures in all 50 states – estimates that it could resolve the issue in as quickly as two or three weeks. Stan Humphries, an analyst with Zillow.com, an online real estate database, estimates that it could take 60 to 90 days for the entire industry to deal with the ‘robo-signer’ problem. But Humphries adds that the process could take longer if political pressure mounts for a wider-reaching examination of foreclosures.”

Los Angeles Times – “California might join probe of lenders that seized homes” (10-12-10)

“California officials are considering joining a multistate investigation of whether lenders have violated foreclosure laws when seizing houses from delinquent borrowers. The investigation, which is expected to be publicly announced Wednesday, is spearheaded by Iowa Atty. Gen. Tom Miller.”

Of Two Minds – “Imagining A Middle Class Does Not Create One” (10-12-10)

“Another measure of ‘middle class’ is even simpler: a middle class household owns some wealth. It could be a retirement fund, a free-and-clear home, a business, income property or gold/cash/investments. By that measure, the middle class comprises at best 20% of the populace.”

Bloomberg - “Foreclosure Freeze May Slow U.S. Homebuyers on Legal Worry” (10-10-10)

“A halt in home foreclosures at the largest U.S. mortgage firms may sideline buyers worried about legal issues, further depressing sales at a time when distressed properties account for almost a quarter of all transactions.”

Zero Hedge – “Three Horrifying Facts About the US Debt ‘Situation’” (10-12-10)

“this week we overtook Japan, leaving China as the only country with greater ownership of US Debt. And we’re printing money to buy it. Setting aside the fact that this is abject lunacy, this policy is trashing our currency which has fallen 13% since June… as in four months ago. Want an explanation for why stocks, commodities, and Gold are exploding higher? Here it is.”

Bloomberg - “Economists Cut U.S. Growth Forecasts Through 2011, Survey Shows” (10-11-10)

“Gross domestic product will increase 2.6 percent this year and next, according to the median of 46 economists surveyed by the National Association for Business Economics from Sept. 2 to Sept. 21. A May poll projected growth of 3.2 percent for both years. Economists also cut estimates for personal spending, employment and consumer prices.”

Housing Wire – “Zillow 30-year FRM rates hit record low for fourth consecutive week” (10-12-10)

“The 30-year, fixed-mortgage rate decreased from a week earlier, setting a new record low for the fourth consecutive week at 4.13%, according to the Zillow Mortgage Marketplace weekly update.”

Housing Wire - “Analysts optimistic on 3Q MBS REIT earnings” (10-12-10)

“With the end of the GSE buyouts, prepayment speeds slowed on agency MBS, peaking for Fannie Mae 30-year MBS at 29.9% in April and dropping down to 24.9% in September.”

Housing Wire – “Total Mortgage Services lowers rate on jumbo mortgages anticipating comeback” (10-12-10)

“Total Mortgage Services, a Connecticut-based mortgage lender/broker, sees a comeback in the jumbo mortgage market. The firm said because of a significant improvement in both competitive pricing and market liquidity for jumbo loans, it’s rate for a 30-year fixed jumbo mortgage is down to 4.9% for a loan up to $729,000.”

Housing Wire – “63% of Americans do not want to buy a home according to Reuters research” (10-12-10)

“According to a survey done by FindLaw.com, a Thomson Reuters company, 63% of respondents said they are steered away from buying a home because the current economic conditions. Only 8% said they are more likely to buy a home because of the state of the economy. About one quarter, 28%, said economic conditions do not sway their opinion about purchasing a home.”

Housing Wire – “Hoenig remains consistent with calls for no additional quantitative easing” (10-12-10)

“Speaking in Denver to the National Association of Business Economists, Thomas Hoenig said he understands the Fed’s desire to ‘do something, anything’ to revive the economy, but maintaining the zero-interest rate policy and starting a second round of quantitative easing aren’t it.”

Bloomberg - “Obama Backs State Foreclosure Probe, Against Nationwide Freeze, Gibbs Says” (10-12-10)

“President Barack Obama is throwing his support behind state attorneys general looking into filings of allegedly faulty home foreclosures while rejecting a nationwide freeze on home foreclosures because of potential ‘unintended consequences,’ said a White House spokesman.”

Bloomberg - “Real Estate `Trophy’ Prices Up 19% in Flat Market: Chart of the Day” (10-12-10)

“The CHART OF THE DAY shows prices for ‘trophy’ commercial properties are up 19 percent since bottoming in New York, Washington, San Francisco, Boston, Los Angeles and Chicago. The Moody’s/REAL Commercial Property Price Index tracking the entire U.S. has gained 1 percent from a seven-year low in October 2009.”

Bloomberg - “Foreclosure Delays May Cost U.S. Banks Up to $6 Billion, FBR’s Miller Says” (10-12-10)

“Faulty foreclosures may cost U.S. lenders $2 billion for every month that home seizures are delayed and the tab could reach $6 billion, according to Paul Miller, the bank analyst at FBR Capital Markets.”

Looking Back:

One year ago, Fitch reported that 60 percent of borrowers from 06 to 07 had negative equity. Interthinx’s Mortgage Fraud Index estimated that fraud decreased by 4 percent from Q1 to Q2 of 2009, but increased by 7 percent from Q2 of 2008. Statistics from MDA DataQuick showed that Southern California home sales increased by 5 percent from October of 2008.

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 event 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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The Norris Group Real Estate News Roundup 10/5/10

Tuesday, October 5th, 2010

Today’s News Synopsis:

The CAR predicts the housing market will require a more lengthy amount of time to recover. Trepp reports CMBS delinquencies increased to 9.05% last month. Zillow claims California’s 30-year mortgage rate decreased to 4.18%.

In The News:

The Press Enterprise – “Forecasters: Inland housing comeback ‘long, bumpy’” (10-5-10)

“While the housing sector has led the nation out of previous recessions, this time it will take longer for housing to revive because of an unprecedented fall in home values that was caused by a crisis in the financial market, the California Association of Realtors said in releasing its 2011 forecast.”

Housing Wire – “ABA: Bank card delinquencies on the decline” (10-5-10)

“Consumer past due balances also generally improved on home equity loans and auto loans. The report defines delinquency as an account that is 30 days overdue. The report looks at credit cards that are issued by banks. Bank card delinquencies fell 26 basis points from 3.88% to about 3.6%, below the 15-year average of just under 4%. It’s also the lowest delinquency rate since the first quarter of 2001.”

Housing Wire – “Trepp: CMBS delinquency rate tops 9% for first time in September” (10-5-10)

“The delinquency rate on commercial mortgage-backed securities surpassed 9% for the first time in September, according to analytics firm Trepp. The rate for loans more than 30-days delinquent has increased steadily the past 12 months to 9.05% last month, up from 4.36% a year ago and 13 basis points higher than 8.92% for August.”

Housing Wire – “Radar Logic sees foreclosure halts dragging down housing recovery” (10-5-10)

“In lieu of the robo-signing scandal that caused states and lenders suspending home foreclosures, many economists are evaluating how this temporary lull in the housing market will affect the economic recovery. Radar Logic analysts said Tuesday they are skeptical that the market will improve in the meantime.”

Housing Wire – “Zillow: 30-year FRMs hit record low at 4.16%” (10-5-10)

“The 30-year, fixed-mortgage rate decreased from a week earlier, setting a new record low at 4.16%, according to the Zillow Mortgage Marketplace weekly update. California’s rate decreased to 4.18% from 4.21%”

Bloomberg - “`Underwater’ Mortgages Threaten Rally in Jumbo Debt, Seer’s Weingord Says” (10-5-10)

“The rally in securities tied to the biggest U.S. home loans probably has gone too far because defaults are set to rise for properties worth less than the mortgages on them, according to hedge-fund firm Seer Capital Management LP.”

Bloomberg - “U.S. Office Rent Decline Slowed in Third Quarter, Reis Says” (10-5-10)

“Actual rents paid by office tenants, known as effective rents, dropped 3.6 percent from a year earlier to an average of $22.05 a square foot, Reis said in a statement today. They were little changed from the second quarter’s $22.06 a square foot.”

Bloomberg - “Fed May Buy More Assets Buys to Spur U.S. Growth, Pimco Says” (10-5-10)

“Pimco, which runs the world’s biggest mutual fund, estimates U.S. gross domestic product growth will be in a range of 1.5 percent to 2 percent for the next year, versus 1.7 percent that the Commerce Department reported for the second quarter. Inflation will slow to a band of 0.75 percent to 1.25 percent, McCulley said in his report. The figure was 1.4 percent in August from the year before, Commerce Department data show.”

Looking Back:

One year ago, First American CoreLogic expected about 10 percent of all U.S. mortgages to adjust over the next few years. FHA planned to reduce the maximum lending amount that seniors could receive for reverse mortgages. Consumers were claiming that Wells Fargo was guilty of cutting their credit lines for no apparent reason. Whitehouse spokesman Robert Gibbs confirmed that president Obama was in favor of extending the first time home buyer tax credit.

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 event 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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