California Real Estate Headline Roundup

Posts Tagged ‘RealtyTrac’

By Bruce Norris .

Rental Investment Still Positive Despite Home Sales to Institutional Investors At Its Lowest in Four Years

Tuesday, February 24th, 2015

 

Today’s News Synopsis:

Home prices gained momentum in 20 cities according to the latest S&P/Case-Shiller Index, having shown an increase of 4.6% year-over-year.  Rental investments for single families homes is still showing positive signs despite the sale of homes to institutional investors being at its lowest in four years.  A recent survey from Hammerhouse showed only a little over 50% of mortgage originators were not satisfied with their job but yet expect to see improvements coming in the future.

In The News:

Housing Wire“Single family rental investment still strong among smaller investors” (2-24-15)

“Last week RealtyTrac reported that the share of home sales to institutional investors and all-cash buyers dropped to four-year lows in 2014 despite a quarterly increase in the fourth quarter.”

Bloomberg“Home-Price Gains in 20 U.S. Cities Accelerated in December” (2-24-15)

“Home prices in 20 U.S. cities appreciated at a faster pace in the year ended in December, a sign that a limited supply is forcing up property value.  The S&P/Case-Shiller index of property values increased 4.5 percent from December 2013, after rising 4.3 percent in the year ended in November, a report from the group showed Tuesday in New York.”

DS News“Auction.com Announces Promotions” (2-24-15)

“The nation’s leading online real estate marketplace, Auction.com, has recently moved two individuals up within the company – Lee Leslie has been named EVP and chief legal officer, and EVP Gordon Smith has been tapped for the position of general manager in the company’s commercial real estate division.”

Housing Wire“MBA Servicing: Be proactive and work with state AGs on complaints” (2-24-15)

“Complex interactions between state and federal regulations and the conflicts that often arise make the difficult job of mortgage finance and servicing all the more difficult.”

Mortgage Professional America“Survey finds low satisfaction, high hopes among originators” (2-24-15)

“While mortgage originators have begun to see the light at the end of tunnel, their headaches are far from over, according to the latest survey conducted by recruiting firm Hammerhouse.”

OC Housing News“Existing home sales hammered; 2015 housing hopes pounded” (2-24-15)

“To make people feel good for the holidays and to fill the void in real estate news from November to February, reporters entreat us to optimistic news stories and wild projections of how great the coming year will be for home sales and prices.”

Housing Wire - “Home Depot profit rises on housing market recovery” (2-24-15)

“Home improvement store Home Depot (HD) reported net earnings for the fourth quarter of $1.4 billion, or $1.05 per diluted share, compared with net earnings of $1.0 billion, or $0.73 per diluted share, in the same period of fiscal 2013.”

Mortgage Professional America“Mortgage REIT to acquire Ocwen spinoff for $1.3B” (2-24-15)

“Mortgage REIT New Residential Investment Corp. has agreed to purchase Ocwen Financial spinoff Home Loan Servicing Solutions (HLSS) for $1.3 billion, just weeks after HLSS was urged to cut ties with Ocwen.”

 

Hard Money Loan Closed

Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $117,000 on a 3 bedroom, 2.5 bathroom home appraised for $180,000.

Victorville Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 TODAY.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at Coldwell Banker’s  2015 Real Estate Forecast Wednesday, March 4.

 

Looking Back:

In order to sell off their REO properties, Fannie Mae and Freddie Mac allowed both real estate agents and homebuyers access to limited-time incentives established through two separate programs.  Despite new QM guidelines put in place by the CFPB, risk continued to remain high for mortgages.  Katie Reynolds Johnson was chosen as the new general counsel for the National Association of Realtors.

 

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

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

 

 

Housing Market off to Rocky Start, Although First Time Homebuying Showing Positive Signs

Wednesday, February 18th, 2015

 

Today’s News Synopsis:

The housing market overall is off to a rocky start this year despite positive forecasts with decreases in construction, consumer confidence, and mortgage applications.  Despite this, there is an upside in first-time homebuyers who are continually visiting Redfin’s site to check out new properties.  The rate for mortgage delinquencies decreased in the fourth quarter and now stands at 3.29%.

In The News:

DS News“Bank of America Provides Nearly $9 Million in Consumer Relief Toward Settlement Obligation” (2-18-15)

“Bank of America has begun the process of paying out $7 billion in consumer relief as part of its record $16.65 billion settlement with the U.S. Department of Justice and six states last August, according to an announcement on the settlement monitor’s website.”

NAHB - “Treasury Action on Health Care Law a Good First Step but Legislative Solution Needed” (2-18-15)

“In a positive development for small business owners, the U.S. Treasury Department announced today that it will delay enforcement of an Affordable Care Act (ACA) prohibition relating to standalone health reimbursement arrangements (HRAs) until July 1.”

Housing Wire“Housing market starts 2015 on several weak notes” (2-18-15)

“Despite optimism in most forecasts, it looks like 2015 is off to a faltering start for the housing industry.  January was a bad month for housing starts, completions and permits, reflecting perhaps the reason for homebuilder confidence to likewise be down for February.”

Bloomberg - “Watt Homeowner Relief Vies With Fannie-Freddie Health” (2-13-15)

“Mel Watt, the regulator of Fannie Mae and Freddie Mac, met last month with about two dozen homeowners who owe more on mortgages than their properties are worth.”

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-18-15)

“Mortgage applications decreased 13.2 percent from one week earlier,according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 13, 2015.”

Housing Wire“TransUnion: Mortgage delinquency rate down to 3.29% in 4Q14″ (2-18-15)

“The mortgage delinquency rate declined for the 12th straight quarter to 3.29% at the end of Q4 2014, according to TransUnion’s latest mortgage report.  The mortgage delinquency rate declined more than 14% in the last year, down from 3.84% in Q4 2013.”

NAHB“Midwest Pushes Housing Starts Down 2 Percent in January” (2-18-15)

“Nationwide housing starts fell 2 percent to a seasonally adjusted annual rate of 1.065 million units in January, according to newly released data from the U.S. Commerce Department. This drop was mainly due to a 22.2 percent decrease in the Midwest.”

Mortgage Professional America“RealtyTrac reports foreclosures are up, but not everyone agrees” (2-18-15)

“RealtyTrac recently reported that repossessions spiked in January across the country, but not everyone agrees with the real estate information firm.”

Bloomberg“Housing Turning Point Seen in U.S. First-Time Buyers” (2-18-15)

“As a deep freeze grips parts of America in a typically slow season for housing, first-time buyers are flocking to Redfin Corp.’s property tours and classes, signaling their renewed interest in the market.”

 

Bruce Norris of The Norris Group will be speaking at AOA San Diego presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 19.

Bruce Norris of The Norris Group will be presenting the  2015 Annual TNG Subscriber Investor Brunch on Saturday, February 21.

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.

 

Looking Back:

The sale of new homes increased 35% the previous month and were at 543,000 units.  The latest Zillow report showed mortgage rates increased with 30-year rates at 4.18% and 15-year at 3.14%.  Builder confidence decreased with the increase in bad weather.

 

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

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

 

Payroll Increases Exceed Expecations

Friday, February 6th, 2015

 

 

 

 

 

Sources:

California pending home sales see first annual increase in nearly two years
New Home Sales Rise 11.6 Percent in December

 

Today’s News Synopsis:

This week’s real estate headline roundup video is a slideshow of the news of the week.  Payroll increases were above expectations at 230,000 while unemployment also continued to increase.  Despite the economy showing signs of recovery, many consumers are still having problems being able to afford a home.  Borrowing continues to show signs of increase with the increases in credit card purchases.

In The News:

DS News“January’s Payroll Additions Beat Forecasts; Unemployment Rate Inches Upward” (2-6-15)

“U.S. payrolls increased more than expected in January, signaling a build in economic momentum as 2015 got underway.  Employers nationwide added 257,000 new jobs last month, the Bureau of Labor Statistics (BLSsaid Friday. Economists projected a payroll increase of 230,000.”

Mortgage Professional America“Could underwater FHFA borrowers catch a break?” (2-6-15)

“The Federal Housing Finance Agency (FHFA) is considering reducing the balances of homeowners with underwater mortgages, according to its director Mel Watt.”

Housing Wire“Credit unions experience fast growth on all fronts in 2014″ (2-6-15)

“The Credit Union National Association’s estimates show that credit union membership expanded by 3.6%—the highest calendar year growth in membership since the 3.7% increase in 1994.”

Bloomberg - “U.S. REITs Slide Most Since September After Jobs Report” (2-6-15)

“U.S. real estate investment trusts fell the most since September after a strong employment report renewed speculation that the Federal Reserve will boost interest rates in the first half of this year.”

Mortgage Professional America“Homeowners still face affordability challenges” (2-6-15)

“Many homeowners are still facing challenges even as the housing recovery is in full swing.  Two reports were released this week from Realty Trac and Down Payment Resource analyzed the availability of down payment programs across the nation and reported that 87% U.S. homes qualify for down payment assistance.”

DS News - “Ratings Agency Lowers Ocwen’s Risk Assessment Rankings, Citing Regulatory Troubles” (2-6-15)

“Ongoing regulatory scrutiny along with allegations of servicing violations have resulted in the removal of Ocwen Financial from Morningstar Credit Ratings’ Alert and the lowering of the Atlanta-based servicer’s operational risk assessment rankings, according to an announcement from Morningstar on Friday.”

Housing Wire“RealtyTac: One in four foreclosures are zombie homes” (2-6-15)

“Exactly 142,462 homes actively in the foreclosure process had been vacated by the homeowners prior to the bank repossessing the property, representing 25% of all active foreclosures, as of the end of January 2015.”

OC Housing News“Are Millennial first-time homebuyers finally active?” (2-6-15)

“Ever since the collapse of house prices and sales in 2007, homebuilders, realtors, and everyone else who depends on real estate sales finds a new Messiah each year that will save the housing market. Each year they are disappointed.”

Bloomberg - “Consumer Borrowing in U.S. Increases as Credit-Card Use Picks Up” (2-6-15)

“Consumer borrowing in the U.S. climbed in December as Americans boosted their credit-card use by the most in eight months.”

 

Bruce Norris of The Norris Group will be speaking at AOA San Diego presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 19.

Bruce Norris of The Norris Group will be presenting the  2015 Annual TNG Subscriber Investor Brunch on Saturday, February 21.

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.

 

Looking Back:

The sale of higher end homes increased by over 45% year-over-year.  Mortgage rates decreased for the fifth consecutive week with 30-year rates at 4.23% and 15-year rates at 3.33%.  The top financial regulator in New York had just stopped a deal by Wells Fargo to sell their mortgage-servicing rights to Ocwen Financial.

 

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

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

Image Sources:

www.flickr.com/photos/106574022@N04/
www.flickr.com/photos/emilysnuffer/
www.flickr.com/photos/slightlyeverything/
www.flickr.com/photos/ccpcphotography/
www.flickr.com/photos/63870278@N03/
www.flickr.com/photos/lendingmemo/
www.flickr.com/photos/warzauwynn/
www.flickr.com/photos/fristle/
www.flickr.com/photos/119599301@N02/

 

Four Big Banks to Pay Massachusetts $2.7 Million for Improper Foreclosures

Tuesday, January 27th, 2015

 

 

Today’s News Synopsis:

HUD and U.S. Census Bureau reported sales of new homes increased 11.6% last month and now stand at 481,000.  Twenty cities in the U.S. showed signs of increase for home prices by 4.3% in November.  Four big banks, JP Morgan Chase, Bank of America, Wells Fargo Bank and Citi, will be paying the state of Massachusetts $2.7 million for foreclosing on homes to which they did not hold the right.

In The News:

NAHB“New Home Sales Rise 11.6 Percent in December” (1-27-15)

“Sales of newly built, single-family homes rose 11.6 percent in December to a seasonally adjusted annual rate of 481,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Bloomberg“Home Prices in 20 U.S. Cities Increased 4.3% in November” (1-27-15)

“Home prices in 20 U.S. cities rose at a slower pace in the year ended in November, a sign the industry struggled to find momentum even amid low mortgage rates.”

Housing Wire - “Redfin: January home prices up, demand at record level” (1-27-15)

“The 2015 housing market is off to a very strong start, according to Redfin, the customer-first real estate brokerage.  Redfin reports home price data early using its proprietary models and projections based on sales in the first three weeks of the month and from its own brokerage activity.”

Mortgage Professional America“7.3 million boomerang home buyers hit the market” (1-27-15)

“The first wave of 7.3 million homeowners who lost their home to foreclosure or short sale during the foreclosure crisis in 2015 are now past the seven-year window they conservatively need to repair their credit and qualify to buy a home, according to RealtyTrac.”

OC Housing News“CFPB launches new mortgage interest rate checker” (1-27-15)

“The more information consumers have, the better decisions they make. When I launched the new system on this site that provides detailed cost of ownership information, I did that to provide consumers more information of higher quality than they can find elsewhere to help them make better housing decisions.”

Housing Wire“CFPB issues confidential supervisory information bulletin” (1-27-15)

“The Consumer Financial Protection Bureau reminded supervised financial institutions, including nonbank companies that may be unfamiliar with federal supervision, of the existing regulatory requirements regarding confidential supervisory information (CSI) on Tuesday.”

Mortgage Professional America - “Four banks to pay millions to Massachusetts” (1-27-15)

“JP Morgan Chase, Bank of America, Wells Fargo Bank and Citi have agreed to pay a total of $2.7 million to the state of Massachusetts after they allegedly foreclosed on homes they didn’t have a right to foreclose on.”

 

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.

 

Looking Back:

New home sales decreased by 7% in December and were at a seasonally adjusted annual rate of 414,000.  Although, they actually increased 4.5% from December of 2012.  Home prices increased 8.5% year-over-year and 0.3% month-over-month in December.  The FDIC reported the second bank closure of 2014 with the recent closing of the Bank of Union in El Reno, Oklahoma.

 

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

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

New Home Purchase Applications Decrease 0.4%

Thursday, January 15th, 2015

 

 

Today’s News Synopsis:

New home purchase applications decreased last month by 0.4% according to the latest MBA Builder Application Survey.  Mortgage rates decreased again for the third week in a row with 30-year rates now at 3.66% and 15-year rates at 2.98%.  Foreclosures starts decreased 18% last month, down 61% from its highest in 2010 at 2,871,891 properties .

In The News:

Los Angeles Times“Average rate on 30-year mortgage falls to 3.66%” (1-15-15)

“Average long-term U.S. mortgage rates fell for the third straight week, with the benchmark 30-year rate again marking its lowest level since May 2013. The average for a 15-year mortgage, a popular choice for people who are refinancing, dipped below 3% for the first time since then.”

Mortgage Professional America“More buyers going to credit unions for mortgages” (1-15-15)

“More home buyers are going to credit unions for mortgages, according to a new report by Sageworks.  Credit unions are making more of a presence in a category traditionally reserved for specialized mortgage companies and banks.”

DS News - “All Indicators Experience Growth in Q4 Housing Barometer” (1-15-15)

“While housing recovery has generally been uneven for the last few years, the housing market experienced substantial growth in the fourth quarter of 2014 for all five indicators of Trulia’s Q4 2014 Housing Barometer, which was released on Thursday.”

Mortgage Bankers Association“Applications for New Home Purchases Decreased in December” (1-15-15)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for December 2014 shows mortgage applications for new home purchases decreased by 0.4 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.”

Housing Wire“RealtyTrac: Foreclosure starts increase two months straight” (1-15-15)

“Foreclosure filings — default notices, scheduled auctions and bank repossessions — maintained their downward trajectory in December, falling 18% from a year ago to 1,117,426 properties in December 2014, the latest RealtyTrac foreclosure market report found.”

Los Angeles Times“Anaheim developments revive city’s vision of a new downturn for O.C.” (1-15-15)

“Anaheim’s Platinum Triangle neighborhood is finally showing signs of life following a downturn that mothballed the city’s vision of a new downtown for Orange County.”

Mortgage Professional America“Cash sales to reach pre-crisis levels by 2017″ (1-15-15)

“Cash sales made up 35.5% of total home sales in October 2014, down from 38.7% in October 2013, according to CoreLogic.  At the current rate of decline, cash sales share should reach pre-crisis levels by 2017.”

Housing Wire - “BofA misses on revenues, posting $18.7B in 4Q” (1-15-15)

“Bank of America Corporation (BAC) reported revenue, net of interest expense, as $18.73 billion, compared to $21.7 billion in the fourth quarter of 2013.”

 

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.

 

Looking Back:

According to the latest data from the Mortgage Bankers Association, mortgage applications increased 11.9% from the previuos week.  Nine out of the twelve Federal Reserve districts reported fair economic growth, which was actually down from before when all twelve districts reported growth.  Both Wells Fargo and JP Morgan Chase reported a decrease in mortgage originations as more people were choosing smaller lenders.

 

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

Copyright: Image from www.flickr.com/photos/106574022@N04

Mortgage Originations Increase for First Time in a Year

Tuesday, November 25th, 2014

 

Today’s News Synopsis:

The pace of home price growth was slow in 20 U.S. cities, having increased only 4.9% year-over-year compared to 5.6% in the year ended in August.  At the same time, the median price for distressed residential properties increased 18% last month.  Mortgage originations increased for the first time in a year last quarter, breaking the four-quarter trend.

In The News:

DS News“Treasury Nets $35 Million in Securities Auction as Part of TARP Wind Down” (11-24-14)

“As part of a continuing effort to wind down the government’s Troubled Asset Relief Program (TARP) to bail out banks devastated by the financial crisis of six years ago, the U.S. Department of Treasury recently auctioned off preferred stocks for three institutions, gaining $35.6 million in aggregate gross proceeds.”

Bloomberg“Home Prices in 20 U.S. Cities Increase at a Slower Pace” (11-25-14)

“Home prices in 20 U.S. cities advanced at a slower pace in the 12 months through September as the housing market continued to make gradual progress.  The S&P/Case-Shiller index of property values increased 4.9 percent from September 2013, the smallest gain since October 2012, after rising 5.6 percent in the year ended in August, the group reported today in New York.”

Mortgage Professional America“FHFA sets 2015 conforming loan limits” (11-25-14)

“The Federal Housing Finance Agency (FHFA) has set the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2015. The limit will remain at $417,000 for one-unit properties in most of the country.”

Housing Wire“Mortgage lending reverses yearlong trend” (11-25-14)

“Mortgage originations reversed a four-quarter trend in the third quarter, rising for the first time in a year, according to the Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York.”

DS News“Median Distressed Home Price Jumps 18 Percent in October” (11-25-14)

“The median price of a distressed residential property, which is one that is either in the foreclosure process or owned by a bank, jumped up by 18 percent year-over-year in October, according to RealtyTrac’s October 2014 Residential and Foreclosure Sales Report released on Wednesday.”

Bloomberg“Refinancing Boom Exposing Risks in U.S. Property Bonds” (11-25-14)

“A $40 million penalty wasn’t enough to keep the owner of San Francisco’s Parkmerced apartment complex from the chance to lock in record-low interest rates and take advantage of the property’s $1.5 billion value.”

Housing Wire“Excessive regulation of mortgage lending drags down bank profit” (11-25-14)

“Bank earnings climbed to $38.7 billion in third quarter 2014 as institutions saw jumps in trading and other revenue, according to the latest report released today by the Federal Deposit Insurance Corp.”

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

Looking Back:

Pending home sales decreased in October 0.6% month-over-month and were at their lowest in ten months.  Commercial real estate, on the other hand, increased 11% year-over-year in the third quarter for smaller properties and 9% for larger properties.  Analysts were expecting a new person would be brought in as head of the FHFA to oversee Fannie Mae and Freddie Mac.
For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

Copyright: Image from www.stockmonkeys.com

RMBS and SFR Face Greater Risks After Big Court Decisions

Monday, November 24th, 2014

Today’s News Synopsis:

The economy showed slow growth in October due to weak housing starts and employment growth.  Freddie Mac will start making loan-level loss data available to investors.  Residential mortgage-backed securities and single-family rental securitizations are facing bigger risks due to recent rulings by courts in Nevada and Washington, D.C.

In The News:

Housing Wire“Freddie Mac to make loan-level loss data available to investors” (11-24-14)

“Investors looking for more information on the makeup of credit-risk sharing deals from Freddie Mac now have a new resource at their disposal, loan-level actual loss data.”

DS News“RealtyTrac Launches Expansive Data Mining Platform” (11-24-14)

“Irvine, California-based comprehensive real estate data provider RealtyTrac has announced the launch of an expanded version of its MEGA Lead Generation Platform.”

Mortgage Professional America“Could Lowe’s profit jump be a sign of a housing remodel spur?” (11-24-14)

“Lowe’s, one of the largest home-improvement retailers in the United States, has posted third-quarter earnings that exceeded expectations as homeowners continued to grow confidence in the housing market.”

OC Housing News - “Short sale tax relief is free money to HELOC abusers” (11-24-14)

“Mortgage equity withdrawal feels like free money. When this money comes from home-price appreciation on a primary residence, the borrower did nothing to earn this money, and since a primary residence has a large capital gains tax exclusion, the borrower won’t pay any taxes, income or capital gains, on free money they extract from their house.”

Housing Wire“Lag in housing starts, employment drag on October economy” (11-24-14)

“The economy slowed in October, with much of the drag coming from a weakness in housing and consumption and a slowdown in employment growth and production, according to the Chicago Fed National Activity Index.”

Mortgage Professional America“Big bank to add 4.500 jobs next year” (11-24-14)

“In part to meet increasing regulatory demands, one of the nation’s largest banks has plans to add 4,500 more positions in 2015.  Richard Davis, CEO of U.S. Bancorp, recently said in a Bloomberg Television interview, that many of the new jobs will be in compliance and auditing and some will be filled by veterans and people out of work for longer than six months.”

Housing Wire“Court rulings in unpaid HOA fees raise risk in RMBS, SFR deals” (11-24-14)

“A new report from Moody’s Investors Service spotlights how recent rulings by the highest courts in Nevada and Washington, D.C. on unpaid HOA fees raise risk in residential mortgage-backed securities and single-family rental securitizations.”

Mortgage Professional America“Low mortgage rates fail to perk California home sales in October” (11-24-14)

“The lowest mortgage rates in 18 months failed to spark the California housing market in October as sales stayed flat and home prices increased at the slowest pace since early 2012, according to the California Association of Realtors (CAR).”

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

 

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

Copyright: Image from www.flickr.com/photos/ell-r-brown/

Mortgage rates continue to remain low

Thursday, November 13th, 2014

 

 

 

Sources:

Repeat Foreclosure Percentage Increases to Tie All-Time High
Optimism about housing gradually improving



Today’s News Synopsis:

Mortgage rates continue to remain low with 30-year rates at 4.01% and 15-year rates at 3.20%.  The Mortgage Bankers Association reported new home purchase applications increased last month 8%.  Home affordability declined in the third quarter at 61.8% according to the NAHB.

In The News:

Bloomberg“Regulators to Curb Financial Risks at U.S. Servicers” (11-13-14)

“Regulators are preparing rules to curb financial risks of expanding nonbank mortgage companies after investigating homeowner complaints that include improper foreclosures and unauthorized fees.”

Housing Wire - “Freddie Mac: Mortgage rates remain near yearly lows” (11-13-14)

“Mortgage rates barely waivered from last week’s levels, with the 30-year mortgage rate staying around 4% for the last several weeks, Freddie Mac’s Primary Mortgage Market Survey revealed.”

Mortgage Bankers Association - “Applications for New Home Purchases Increased in October” (11-13-14)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for October 2014 shows mortgage applications for new home purchases increased by 8 percent relative to the previous month.”

DS News - “Florida Posts Highest REO Total for October” (11-13-14)

“Maryland may have overtaken Florida for the nation’s highest foreclosure rate of any state in October, but Florida still led all states by far in bank repossessions (REOs) for the month, according to RealtyTrac’s October 2014 U.S. Foreclosure Market Report released Thursday.”

NAHB - “Housing Affordability Slightly Lower in Third Quarter” (11-13-14)

“Firming home prices in markets across the country contributed to a slight dip in nationwide housing affordability in the third quarter of 2014, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today.”

Los Angeles Times“Bay Area home prices cool off just a bit” (11-13-14)

“Maybe, just maybe, there are limits to what people will pay to live near San Francisco Bay.  Red-hot home prices in the Bay Area are showing signs of pleateauing, according to new figures out Thursday.”

Housing Wire“Massive MSR deal between Wells Fargo and Ocwen is officially dead” (11-13-14)

“The long-delayed $2.7 billion mortgage servicing rights deal between Ocwen Financial (OCN) and Wells Fargo (WFC) is now dead, the companies announced late Thursday.”

DS News“Report: Job Openings Decline While Hires, Separations Increase” (11-13-14)

“The number of job openings in the country declined slightly from August to September, while the number of hires and separations both increased, according to the September 2014 Job Openings and Labor Turnover report released by the U.S. Bureau of Labor Statistics on Thursday.”

Mortgage Professional America“CFPB fines Franklin Loan Corp. for giving employees illegal bonuses” (11-13-14)

“The Consumer Financial Protection Bureau (CFPB) has ordered a California mortgage lender, Franklin Loan Corp., to pay $730,000 for giving its employees illegal bonuses for steering consumers into loans with higher interest rates.”

 

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

The Mortgage Bankers Association reported a 1.8 decrease in mortgage applications from the previous week.  The U.S. budget deficit was smaller for the start of 2014 as a result of spending cuts and the partial government shutdown.  Reform for the GSEs became a central focus in Capitol Hill in the wake of mid-term elections.

 

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

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

Bank of America and US Bancorp to Pay $60 Million in Settlement Over Faulty Mortgages

Monday, November 10th, 2014

 


Today’s News Synopsis:

Bank of America and US Bancorp have been accused of holding back information on faulty MBS loans and have been required to pay $69 million dollars in a settlement.  Although millennials are having a harder time purchasing homes due to tighter inventory and having a harder time receiving credit, they still make up 60% of first-time homebuyers and are expected to be the top demographic to purchase a home next year.  Economic and housing activity returned to normal levels in 59 out of the 350 metropolitan areas in the nation.

In The News:

Los Angeles Times - “FHA squeezing loans for condos despite surging demand” (11-9-14)

“Call it the condo conundrum: Demand for condominium units is rising in many urban areas nationwide, according to new real estate industry estimates, yet mortgage financing is getting squeezed for entry-level condo buyers by a key federal agency.”

Housing Wire - “Millennials still grapply with first-time homebuying” (11-10-14)

“Realtors from across the country gathered today to discuss the effects of changing homebuyer demographics on the housing market during the Realtor University Richard J. Rosenthal Center for Real Estate Studies forum at the 2014 Realtors Conference & Expo.”

Bloomberg“Predictors of ’29 Crash See 65% Chance of 2014 Recession” (11-10-14)

“The Jerome Levy Forecasting Center, based in Mount Kisco, New York, and run by Jerome’s grandson David, is again more worried than its peers. Its half-dozen analysts attach a 65 percent probability of a worldwide recession forcing a contraction in the U.S. by the end of next year.”

Housing Wire - “Homebuilders: Just one in six housing markets back to normal” (11-10-14)

“Markets in 59 of the roughly 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the third quarter of 2014, according to the National Association of Home Builders/First American Leading Markets Index.”

DS News“Institutional Investors, All-Cash Buyers Enjoy Larger Average Discounts” (11-10-14)

“All-cash buyers and institutional investors were able to purchase residential homes at a larger discount rate from the average market value at the time of purchase than the average rate for all U.S. homebuyers in the third quarter, according to RealtyTrac’s U.S. Institutional Investors & Cash Sales Report for Q3 2014.”

Realty Trac“Are Car Loans The Next Lending Boondoggle?” (11-10-14)

“Car loans are easy to get but mortgages are tight, at least according to a lot of chatter and complaint. But how can that be when money is money, home values are generally rising and unless you own a rare model collectible cars are a depreciating asset?”

Mortgage Professional America - “HUD issues long-delayed HECM assessment” (11-10-14)

“The Department of Housing and Urban Development (HUD) has issued the long-delayed HECM (Home Equity Conversion Mortgage) Financial Assessment and Property Charge Guide this morning.”

Housing Wire“Report: NYDFS Superintendent Ben Lawsky to step down in 2015″ (11-10-14)

“Start spreading the news — Benjamin Lawsky is reportedly leaving the New York Department of Financial Services.  Reports say that Lawsky, who has held the position of superintendent of the NYDFS since May 2011, will step down in early 2015 to take up his first position in the private sector after a career in the public sector.”

DS News“Banks Agree to Multi-Million Dollar Settlement Over Faulty MBS” (11-10-14)

“Two of the country’s biggest banks have agreed to pay tens of millions of dollars to settle a suit claiming they failed to protect investors of mortgage-backed securities (MBS) in the wake of the subprime crash.”

 

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

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

Copyright: Image from www.flickr.com/photos/proimos and www.flickr.com/photos/shankbone

Homeownership Rate Decreases to Lowest Since 1995

Tuesday, October 28th, 2014

Copyright: Image from www.flickr.com/photos/106574022@N04

 

 

 

Today’s News Synopsis:

 

Home prices continue to increase with their recent gains of 5.5% year-over-year and 0.2% month-over-month according to the latest Case-Shiller Index.  The homeownership rate decreased to its lowest since 1995 with its recent drop to 64.4 percent from 64.7% in the third quarter.  The risk of mortgage fraud increased 3.2% in the last year according to CoreLogic.

 

In The News:

DS News“Percentage of Short, Distressed Sales Falls to Three-Year Low” (10-27-14)

“Short sales and sales of distressed properties (those that are in foreclosure or bank-owned) accounted for 12.7 percent of all residential home sales in the U.S. in the third quarter, their lowest level since Q1 2011, according to RealtyTrac’s Q3 2014 Residential Sales Report released today.”

Housing Wire - “S&P Case-Shiller: Home price growth continues to slow” (10-28-14)

“Home price growth continues to slow, according to the latest S&P/Case-Shiller Home Price Indices for August 2014.  The 10-City Composite gained 5.5% year-over- year and the 20-City 5.6%, both down from the 6.7% reported for July.”

Bloomberg“U.S. Urges AIG, MGIC to Back Fastest-Growing VA Loans” (10-28-14)

“Private insurers are considering a request by U.S. officials to guarantee mortgages for veterans — the fastest growing part of the market.  The Department of Housing and Urban Development is urging mortgage insurers that rely on Fannie Mae and Freddie Mac for business to offer supplemental protection for lenders to military members and veterans.”

OC Housing News“A fixed cost of housing is the best reason to buy a house” (10-28-14)

“The need for shelter is basic, often closely followed by the desire for community. In the United States, this often translates into a desire to take on a very large mortgage to buy real estate.”

Housing Wire - “Moving up: Statebridge approved by Freddie Mac” (10-28-14)

“Freddie Mac officially approved Statebridge Company as a servicer, fulfilling one of its strategic goals, set when it was founded in 2008.  Statebridge is a mortgage servicer based in Denver, Colorado.”

Mortgage Professional America“Fitch: FHFA proposals help GSEs maintain their dominant positions” (10-28-14)

“The Federal Housing Finance Agency’s (FHFA) announcement last week to allow Fannie Mae and Freddie Mac to purchase mortgages with slightly higher loan-to-values (LTV) signals a continued shift in direction, according to Fitch Ratings.”

Bloomberg“U.S. Homeownership Rate Falls to Lowest Since Early 1995″ (10-28-14)

“The homeownership rate in the U.S. fell to the lowest in more than 19 years as the market shifted toward renting and tight credit blocked some potential buyers.”

Housing Wire“CoreLogic: Mortgage fraud risk rises 3.2% in last year” (10-28-14)

“The risk of mortgage fraud has increased by 3.2% in the past year, according to the CoreLogic Mortgage Fraud Report.  Based on its report, CoreLogic estimates that applications representing approximately $3.3 billion in mortgage debt contained elements of fraud or serious misrepresentations in the second quarter of 2014.”

Mortgage Professional America - “CA housing boom: Are you in?” (10-28-14)

“There may be fewer military boots on the ground overseas, but here in the U.S. there have been major campaigns in the housing market this year directed at veterans.”

 

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $87,000 on a 3 bedroom, 1 bathroom home appraised for $140,000.

Perris Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

Looking Back:

Pending sales for existing homes decreased 5.6%, the biggest in three years.  Housing affordability decreased across the nation with the increase in interest rates and prices and slow increase in income.  Over 950,000 homes had been purchased by investors since 2011, totaling $1 trillion.

 

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