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The Norris Group Real Estate News Roundup 1/26/12

Thursday, January 26th, 2012

Today’s News Synopsis:

New U.S. home sales declined 2.2% in December according to Bloomberg.  In other news, 30-year mortgage rates increased for the first time from their lowest recorded level, having come about after the Federal Reserve promised to keep interest rates near 0.  In a recent vote in the Senate, Obama was allowed to raise the debt ceiling to $16.4 trillion.

In The News:

Bloomberg – “Foreclosure Properties Fall to 20% of Home Buys” (1-25-12)

“Foreclosure and distressed sales fell to 20 percent of U.S. home purchases in the third quarter of last year as legal scrutiny of property seizures reduced the number of deals, according to RealtyTrac Inc.”

DS News - “Illinois AG Sues S&P” (1-26-12)

“Illinois Attorney General Lisa Madigan filed a lawsuit against Standard & Poor’s (S&P) this week alleging the ratings agency inflated ratings of mortgage-backed securities investments, an act Madigan believes stemmed the financial crisis.”

Bloomberg - “Sales of U.S. New Homes Unexpectedly Decline in December” (1-26-12)

“Sales of new U.S. homes unexpectedly declined in December for the first time in four months, capping the slowest year on record for builders.”

NAHB - “Remodeling Market Index Rises to Five-Year High” (1-26-12)

“Remodeling sentiment rose to the highest level in five years, according to the National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) for the fourth quarter of 2011. Released today, the RMI increased to 46.6 in the fourth quarter from 41.7 in the third quarter.”

Bloomberg – “30-Yr Mortgage Rates Rise From Record Low” (1-26-12)

“Rates for U.S. 30-year mortgages climbed from the lowest level on record after Federal Reserve officials pledged to keep their benchmark interest rate near zero through at least late 2014 to help bolster the economy.”

Housing Wire - “Unemployed homebuilders migrate to multifamily jobs” (1-26-12)

“Single-family housing starts plummeted in 2011, but construction workers are finding jobs anyway by migrating to multifamily projects.”

Los Angeles Times - “Recovery roadblock?  Mortgage burdens keep job seekers from moving” (1-26-12)

“In what could end up becoming a vicious cycle of economic hurt, struggling homeowners who aren’t relocating for new jobs may stymie employers’ long-range growth.  So says a report from outplacement consultancy Challenger, Gray & Christmas Inc., which finds that about 7.5% of job hunters who found new positions ended up moving to a new home for work in the latter half of 2011.”

CNN Money - “First-time unemployment claims climb” (1-26-12)

“After plunging the week before, first-time claims for unemployment benefits ticked up last week.  The Labor Department reported Thursday that 377,000 people filed for initial unemployment benefits in the week ended Jan. 21, up 21,000 from a revised reading of 356,000 claims the week before.”

San Francisco Chronicle - “Economy gains as businesses spend more, fire less” (1-26-12)

“Businesses are growing more confident in the economy, investing in more equipment and laying off fewer workers.  Government figures on manufacturing and unemployment claims released Thursday raised hopes on the eve of a report on how much the economy grew in the October-December quarter.”

Bloomberg - “Commercial Property Sales Rose to More Than $220 Billion in U.S. Last Year” (1-26-12)

“Commercial property sales rose 57 percent to more than $220 billion U.S. last year, led by retail properties and garden apartments, Real Capital Analytics Inc. said in a report today.”

Housing Wire – “Senate clears $1.2 trillion debt ceiling raise” (1-26-12)

“The Senate voted 44-52 Thursday clearing President Obama to raise the debt ceiling by $1.2 trillion.  The ceiling will go to $16.4 trillion and, according to some estimates, may be breached again around the time of the November elections.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $40,000 on a 2 bedroom, 1 bathroom home appraised for $67,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The MBA reported mortgage application volume fell 12.9% the week of January 21, 2011. According to the Commerce Department, new home sales dropped 7.6% year over year. $1.5 trillion in commercial debt was set to mature by 2014. A total of 58,020 loan modifications were canceled, said the Treasury Department.

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

 

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The Norris Group Real Estate News Roundup 1/23/12

Monday, January 23rd, 2012

Today’s News Synopsis:

CNN Money reported the neighborhoods hit hardest by foreclosures are those in cul-de-sacs and tree lined streets as well as neighborhoods with modern homes.  Moody’s Investor Services reported a decrease in loan modifications.   Banks and other companies are beginning to move away from using FICO scores to determine a borrower’s credit worthiness and are instead moving toward using mathematical algorithms.

In The News:

Bloomberg – “Programmers Size Up Bank Borrowers With Algorithms Rather Than FICO Scores” (1-22-12)

“For more than 40 years, banks have counted on FICO scores to determine the credit worthiness of American consumers. Now a handful of entrepreneurs in California say it’s time for a smarter way to size up borrowers.  Los Angeles-based ZestCash Inc., along with San Francisco startups BillFloat Inc. and LendingClub Corp., are hiring computer programmers to write software that can better identify candidates for loans — including people with low credit scores. The companies, backed by venture money, also aim to provide lower fees and interest rates than banks.”

Housing Wire - “FHFA: Principal reduction would cost Fannie, Freddie $100 billion” (1-23-12)

“A massive principal reduction program applied to underwater loans held by Fannie Mae and Freddie Mac would cost the mortgage giants more than $100 billion, according to an analysis released by the Federal Housing Finance Agency Monday.”

DS News – “Loan Modifications Are on the Decline: Moody’s” (1-23-12)

“As robo-signing reviews reach completion, servicers are beginning to work through some of their foreclosure backlogs, according to a third-quarter report from Moody’s Investors Service.”

Realty Times - “Real Estate Outlook: Housing at Forefront of Concerns” (1-23-12)

“As the race for the 2012 Presidential Election gets rolling, a new survey from the National Association of Home Builders (NAHB) shows what is on voters’ minds.  Topping the list of concerns for voters is the importance of homeownership and the ease of obtaining it.”

Housing Wire - “Investors buying with cash pressure home prices” (1-23-12)

“Investors are gobbling up residential real estate with cash, pushing national home prices lower, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.”

FINS - “Wall Street Chiefs See Bonuses Lowered” (1-23-12)

“Wall Street’s pay crunch is squeezing some wallets harder than others.  J.P. Morgan Chase & Co. disclosed Friday that Chief Executive James Dimon received a 2011 stock bonus valued by the company at $17 million. That is the same as his 2010 award, despite a record profit last year at the New York financial-services company.”

Inman - “Open-house robbery puts focus on agent safety” (1-23-12)

“A recent gunpoint robbery of a homebuyer and a Realtor at an open house in Los Angeles County, Calif., compelled the Pacific West Association of Realtors (PWAR) to issue a warning to their members to be careful at open houses.”

Bloomberg – “BofA Targets Up to $3 Billion in Additional Cuts” (1-23-12)

“Bank of America Corp., the second-biggest U.S. lender by assets, may reduce annual costs by as much as an additional $3 billion in the next stage of Chief Executive Officer Brian T. Moynihan’s efficiency plan.”

Housing Wire - “Chase, Wells slash foreclosure timelines but REO lingers” (1-23-12)

“JPMorgan Chase (JPM: 37.66 +0.80%) and Wells Fargo (WFC: 30.92 +1.24%) cut their foreclosure timelines by as much as 100 days for some of the worst mortgages handled in the third quarter, according to a report from Moody’s Investors Service.”

DS News - “State AGs Reviewing Settlement Draft” (1-23-12)

“After HUD Secretary Shaun Donovan last week announced that the state attorneys general settlement with the nation’s largest banks is just weeks away – with a spokesperson for Iowa Attorney General Tom Miller’s office corroborating the claim – news today is a settlement draft is now in the hands of the state attorneys general for review.”

CNN Money - “Foreclosures: America’s hardest hit neighborhoods” (1-23-12)

“The housing collapse has dramatically changed the nation’s foreclosure landscape.  Neighborhoods boasting modern homes, cul-de-sacs and tree-lined streets in and around Western cities now dominate the list of the top 100 U.S. zip codes hit hardest by foreclosures and claim and comprise all of the top 10 spots, according to data generated for CNNMoney by RealtyTrac.”

Hard Money Loan Closed

Wilmington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 3 bedroom, 3 bathroom home appraised for $315,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Investors Workshops and will be interviewing Shawn Watkins on January 25, 2012.

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

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

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The Norris Group Real Estate News Roundup 1/13/12

Friday, January 13th, 2012

Sources:

Loan Mods and Delinquencies Rise in November: HOPE NOW
Foreclosures fall to lowest level since 2007
Mortgage Applications Increase in Latest MBA Weekly Survey
Zillow: Home values in November back at 2003 levels
Fed governor calls for new housing regulatory regime
The fight over Bernanke REO rental plan shows political divide
FED FOCUS-Fed treads new path with US housing push
Fannie Mae CEO Williams Resigns

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events.  Consumer sentiment is at its highest level in 8 months, which is now at 74.  According to DS News, Michigan is really going after people who committ mortgage fraud by passing a law that makes it a felony to committ.  Mortgage rages continue to be at their lowest on record.

In The News:

Housing Wire - “Foreclosure starts drop across the West Coast” (1-13-12)

“Foreclosure starts across the West Coast plummeted in December as California, Nevada and Washington reported double-digit declines in new mortgages entering the process, according to ForeclosureRadar.”

Bloomberg - “Housing Recovery to Give U.S. Economy Modest Push in ’12, Fannie Mae Says” (1-13-12)

“Home sales and construction will improve this year, contributing “modestly” to economic expansion after acting as a drag on growth since 2006, according to a Fannie Mae (FNMA) forecast released today.”

Realty Times - “Mortgage Rates Continue Trend of Record-Breaking Lows” (1-13-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, it showed mortgage rates easing to new all-time record lows for all products covered in the survey helping to keep homebuyer affordability high.“

San Francisco Chronicle - “Billionaire Paulson Persists With Rebounding Property:Mortgages” (1-13-12)

“Mortgage securities are drawing buyers after tumbling last year and handing  billionaire hedge fund manager John Paulson his first loss in the bond market.”

Housing Wire - “Jobs growth points to potential recovery in housing” (1-13-12)

“The housing market remains in the trenches, but underlying fundamentals show a recovery is possible as long as employment continues to tick up, Capital Economics said Friday.”

FINS - “JP Morgan to Hire in 2012″ (1-13-12)

“Despite a weak second half and continued market volatility last year, JPMorgan added 20,300 employees and intends to keep hiring in certain areas in 2012.”

San Francisco Chronicle - “RealtyTrac: Home seizures may jump 25% this year” (1-13-12)

“Banks may seize more than 1 million U.S. homes this year after legal scrutiny of  their foreclosure practices slowed actions against delinquent property owners in  2011, RealtyTrac said.”

CNN Money - “Europe braces for S&P downgrades” (1-13-12)

“European officials and investors were on alert Friday following reports that several eurozone countries were about to be downgraded by rating agency Standard & Poor’s.”

Housing Wire - “Consumer sentiment hits 8-month high” (1-13-12)

“A preliminary January reading of consumer sentiment rose to 74, the highest level of the Thomson Reuters/University of Michigan index since May.”

Bloomberg - “Attorneys General Discuss Mortgage Probes as Bank Talks Drag On” (1-13-12)

“About a dozen state attorneys general met this week to discuss their mortgage investigations and how they might work together as settlement talks with banks over foreclosures drag on, three people familiar with the matter said.”

DS News - “New Michigan Laws Make Mortgage Fraud a Felony” (1-13-12)

“Michigan is taking a strong stand on mortgage fraud. New state laws that went into effect at the start of the year have redefined mortgage fraud in the eyes of the law and are defining strict consequences for perpetrators.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $67,000 on a 3 bedroom, 2 bathroom home appraised for $111,000.

California Real Estate Investor Events:

The Norris Group will be at the Women’s Council of Realtors on January 18, 2012.

The Norris Group will be at the Investors Workshops with Shawn Watkins on January 25, 2012.

Looking Back:

Top News Stories: Several sources reported that the number of foreclosures were expected to increase in 2011.  Bloomberg expected them to rise almost 20%.  In other news, mortgage rates declined for the second week in a row according to Freddie Mac. Corelogic reported that home prices continued to decline.  On a positive note, however, John Burns said this did not stop consumers from wanting to purchase homes.

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

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The Norris Group Real Estate News Roundup 1/12/12

Thursday, January 12th, 2012

Today’s News Synopsis:

In a big news story, foreclosures are at their lowest level since 2007, according to RealtyTrac.  Another thing at a record low right now is 30-year fixed mortgage rates, which are now at almost 4%.  Realty Times reported that Freddie Mac extended the forbearance for mortgage servicers.

In The News:

Bloomberg – “Home Seizures May Jump 25% This Year” (1-11-12)

“Banks may seize more than 1 million U.S. homes this year after legal scrutiny of their foreclosure practices slowed actions against delinquent property owners in 2011, RealtyTrac Inc. said.”

CNN Money - “Foreclosures fall to lowest level since 2007″ (1-12-12)

“Foreclosure filings and repossessions fell to their lowest level since 2007 last year.  Total filings, including default notices and bank repossessions were down 33% for the year to 2.7 million, according to RealtyTrac, the online marketer of foreclosed properties.”

Realty Times - “Longer Forbearance Option Helps Temporarily Struggling Homeowners” (1-12-12)

“If you are struggling to pay your mortgage, but can see a light at the end of the tunnel, don’t overlook the forbearance option.  Freddie Mac recently gave mortgage servicers of its loans authority to provide you with up to a year of forbearance – as much as four times the previous term.”

Bloomberg - “Mortgage Rates for 30-Year Fixed U.S. Loans Decline to Record Low of 3.89%” (1-12-12)

“Rates for 30-year U.S. mortgages fell to the lowest level on record after Federal Reserve Chairman Ben S. Bernanke urged lawmakers to do more to revive housing.”

Housing Wire – “FICO warns mortgage, student loan delinquencies may rise” (1-12-12)

“Bank risk professionals believe Americans who are over leveraged on mortgage, student loan and credit card debt remain a risk to the broader economy, according to a FICO report.”

Inman - “Trulia offers agents insights into consumer behavior” (1-12-12)

“Trulia today launched a new subscription-based lead-generation service that provides real estate professionals with insight into the search preferences of visitors to the popular listing portal.”

Bloomberg - “Fed Detection of Housing Weakness in August 2006 Triggered Rate-Rise Pause” (1-12-12)

“Federal Reserve officials detected growing weakness in the U.S. housing market in August 2006, deciding to pause after a two-year campaign raising the benchmark interest rate.”

Housing Wire – “NeighborWorks invests $1.3 billion into rental homes” (1-12-12)

“NeighborWorks America, which finances community development around the country, invested more than $1.3 billion in rental housing over its fiscal year ending Sept. 30.”

DS News - “Foreclosures in Most of Top 20 Metros Decline From Past Two Years” (1-12-12)

“With Atlanta as the exception, all of the metro areas on RealtyTrac’s top 20 list for foreclosure rates in 2011 demonstrated declines in foreclosures from both of the previous two years.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $92,000 on a 3 bedroom, 2 bathroom home appraised for $153,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.

The Norris Group will be at the Women’s Council of Realtors on January 18, 2012.

Looking Back:

According to CoreLogic, in November 2010 the price of homes fell once again for the fourth month in a row.  Moody’s Investor Services reported a 79% increase in delinquncies for commercial mortgage-backed securities.  The Mortgage Banker’s Association also reported that applications for mortgage refinancing increased that week 2.2%.  Mortgage News Daily gave an update that the conventional 30-year fixed mortgage increased again to 4.875%.

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

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The Norris Group Real Estate News Roundup 12/16/11

Friday, December 16th, 2011

Sources:

New jobless claims drop to lowest level since 2008
California unemployment falls for 4th straight month in November
Mortgage Rates for 30-Year U.S. Loans Fall to 3.94% as Record Low Matched
SoCal home sales rise on declining prices
California November Home Sales
S.E.C. Sues 6 Former Top Fannie and Freddie Executives
FHFA extends loan data implementation deadline for GSEs
Attorney General Expect to Reach Settlement Before Christmas
FDIC Announces Settlement With Washington Mutual Directors and Officers
Foreign homebuyers clicking on depressed US housing markets
Realtors: We overcounted Hoem Sales for Five Years

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. In a top story, six former Fannie Mae and Freddie Mac top executives have been accused by the SEC of fraud involving securites.  The world’s largest banks are also being downgraded by Fitch, banks including Bank of America, Morgan Stanley, and Goldman Sachs.

In The News:

Los Angeles Times - “SEC accuses former Fannie Mae, Freddie Mac bosses of fraud” (12-16-11)

“Six former top executives of housing finance giants Fannie Mae and Freddie Mac were accused of securities fraud Friday by federal regulators for allegedly misleading investors about the size of the companies’ risky subprime mortgage holdings.  30-year fixed mortgage rates are at an all-time low of 3.94%.”

Realty Times – “30-Year Fixed-Rate Mortgage Matches All-Time Record Low at 3.94 Percent” (12-16-11)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® (PMMS®), the average fixed mortgage rates at or near their all-time lows. The 30-year fixed matched the average all-time record low of 3.94 percent, and a new all-time record low was set for the 15-year fixed, both previously set in the October 6, 2011 Freddie Mac PMMS.“

San Francisco Chronicle - “Moratorium leads to dip in foreclosure filings” (12-16-11)

“U.S. foreclosure filings fell last month as delinquent homeowners got a holiday  break, RealtyTrac reported.  A total of 224,394 properties received notices of default, auction or  repossession, down 14 percent from a year earlier, the data seller said Thursday.”

CNN Money - “Fitch downgrades world’s largest banks” (12-16-11)

“The ratings firm Fitch downgraded a cluster of the world’s largest banks Thursday, pointing to trading challenges facing international markets.  The banks included Bank of America (BAC, Fortune 500), Morgan Stanley (MS, Fortune 500) and Goldman Sachs (GS, Fortune 500), as well as Europe’s Barclays, Societe Generale and BNP Paribas.”

Housing Wire - “Fed officials testify on European liquidity injections” (12-16-11)

“Steven Kamin, acting director of the division of international finance for the Federal Reserve, said in prepared congressional testimony that swap transactions to help Europe “present no exchange rate or interest rate risk to the Fed.”

Los Angeles Times – “California unemployment falls for 4th straight month in November” (12-16-11)

“California employers added 6,600 new jobs in November, driving the monthly unemployment rate down to 11.3%, its lowest level since the depths of the recession in June 2009.  The decline from October’s jobless rate of 11.7% marked the fourth consecutive month that the Golden State has generated jobs as it gradually replaces some of the 1.3 million lost in the worst economic downturn in half a century, the California Employment Development Department reported.”

Housing Wire – “Nevada AG sues LPS, alleging mishandled mortgage documentation” (12-16-11)

“Nevada Attorney General Catherine Cortez Masto filed suit against Lender Processing Services (LPS: 15.83 -8.71%) for allegedly falsify foreclosure documents with the state.”

DS News - “Mortgage Debt in the U.S. Continues to Diminish” (12-16-11)

“The ongoing turmoil still gripping housing markets across the country has manifested itself in the Federal Reserve’s macro assessment of household wealth and capital flow.”

Housing Wire - “MBIA moves to limit CMBS exposure” (12-16-11)

“Bond insurer MBIA (MBIA: 0.00 N/A) signed a deal this week to commute $20 billion of its insured exposure to shield the company from future risks on volatile commercial mortgage-backed securities.”

Hard Money Loan Closed

Compton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 4 bedroom, 2 bathroom home appraised for $238,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

6,111 new and resale houses and condos were sold in the Bay Area in November 2010, according to MDA DataQuick. Freddie Mac reported the 30-year mortgage rate rose to 4.83%. Statistics from CoreLogic show home prices declined 3.93% in October from July 2010. Three members of congress introduced a bill which would possibly put an end to the use of MERS by GSEs.

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

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The Norris Group Real Estate News Roundup 12/15/11

Thursday, December 15th, 2011

Today’s News Synopsis:

In a big news story, 30-year mortgages decreased to below 4%, matching with the lowest ever recorded.  Housing Wire reported an improvement in housing prices for the whole year, despite a month-over-month decrease in prices.  Unemployment claims decreased to 366,000, the lowest on record since May 2008.

In The News:

Mortgage Bankers Association – “Three of Four Major Investor Groups Increased Commercial/Multifamily Mortgage Investments During The Third Quarter “ (12-15-11)

“The level of commercial/multifamily mortgage debt outstanding was essentially unchanged in the third quarter of 2011, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA).”

Housing Wire - “California home sales show year-over-year improvements” (12-15-11)

“Home sales in the San Francisco area edged up in November over year-ago figures, although they dipped from October. Statewide, sales across California also declined month-over-month, but showed an increase from year-ago figures, DataQuick said.”

Bloomberg – “Mortgage Rates for 30-Year U.S. Loans Fall to 3.94% as Record Low Matched” (12-15-11)

“Mortgage rates for 30-year U.S. loans declined, matching the lowest level on record, as the European debt crisis drove investors to the relative safety of Treasury bonds.”

Los Angeles Times - “New jobless claims drop to lowest level since 2008″ (12-15-11)

“Initial claims for unemployment insurance dropped to 366,000 last week, the lowest level since May of 2008, in another sign that the job market is making a significant improvement.  ”

Housing Wire – “FHFA extends loan data implementation deadline for GSEs” (12-14-11)

“The Federal Housing Finance Agency extended the deadline for changes to how lenders will submit mortgages to Fannie Mae and Freddie Mac.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 3 bedroom, 2 bathroom home appraised for $244,000.

In The News:

Wall Street Journal - “Related Switches Condos to Rentals” (12-15-11)

“For at least three years, Related Cos. had been planning for the 151 apartments on the highest floors of its new apartment tower in Midtown to be condominiums, sitting atop 663 rental units in the building’s first 50 stories.  Now, with construction finishing up on the final apartments in the bulky 63-story MiMA building on 42nd Street and 10th Avenue, the developer is changing course. Related is putting all of the formerly for-sale apartments up for rent, aiming at the high-end with rents of more than $20,000 a month for a three-bedroom unit.”

Housing Wire – “Wells Fargo, Citi top Fannie list of mortgage servicers” (12-15-11)

“Wells Fargo (WFC: 25.86 0.00%) and Citigroup (C: 26.21 +0.61%) continue on pace to score high marks for foreclosure prevention in 2011, according to Fannie Mae.”

CNN Money - “Foreclosures fall, but outlook isn’t bright” (12-15-11)

“Foreclosure filings may have fallen in November but the number of homes scheduled for bank auctions grew significantly, indicating that a new wave of foreclosures are set to take place in the New Year.”

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

16,208 new and resale houses and condos sold in Southern California in November 2010. The NAR claimed 9 of the 10 most cost-effective home repair projects in terms of value recouped were exterior replacement projects. Keefe, Bruyette & Woods expected revenue from multifamily real estate investment trusts to grow at an annual rate of 4.6% in 2011. Investor confidence in U.S. commercial property is the highest since 2007, according to Bank of America.

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 11/28/11

Monday, November 28th, 2011

Today’s News Synopsis:

In a big news story, the sale of new homes in the U.S. increased 1.3% for the month of October.  The number of problem banks on the FDIC list is continuing to decrease for the second straight quarter.  According to Housing Wire, the New York Federal Reserve reported a decline in mortgage debt in the third quarter.

In The News:

Realty Times - “Real Estate Outlook: Existing-Home Sales Improve” (11-28-11)

“Amidst turmoil in the stock market and continued crisis in both our own and European debts, the latest figures from the National Association of Realtors show that existing-home sales improved slightly in October.”

Housing Wire - “Mortgage debt falls in third quarter, NY Fed says” (11-28-11)

“Consumer indebtedness dropped by 0.6% in the third quarter as mortgage balances and credit card limits continued to decline, according to a report by the New York Federal Reserve.”

Wall Street Journal – “Stronger Lure for Prospective Home Buyers” (11-28-11)

“Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities.”

CNN Money - “Citigroup’s $285 million SEC settlement rejected” (11-28-11)

“A judge rejected a proposed $285 million mortgage securities fraud settlement between Citigroup and the Securities and Exchange Commission on Monday, saying the deal was ‘neither fair, nor reasonable, nor adequate, nor in the public interest’.”

San Francisco Chronicle - “Sales of new homes up in October, but prices fall” (11-28-11)

“Americans bought slightly more new homes in October, a hopeful sign for the  troubled housing market. But the median sales price fell to its lowest level of  the year, and the overall sales pace is trailing last year’s — the worst in half  a century.”

Housing Wire – “NAR expects some commercial real estate growth next year” (11-28-11)

“The commercial real estate segment could experience some growth in 2012, the National Association of Realtors said Monday.  Still, the association and market analysts remain cautiously optimistic with the
economic crisis in Europe, as well as political wrangling and a bleak jobs picture remaining a top concern domestically.”

DS News - “FDIC’s ‘Problem Bank List’ Contracts for Second Consecutive Quarter” (11-28-11)

“Bad real estate loans from the boom years of the last decade have forced 412 FDIC-insured lenders to shutter their operations since 2008.  No institution’s balance sheet has been fully insulated from the downturn in the real estate markets, but data released by the FDIC suggests those lenders who’ve survived thus far are now finding their way out of the storm.”

DS News - “RealtyTrac Secures Capital Investmenr from Renovo Capital” (11-28-11)

“RealtyTrac said Monday that it has obtained “a substantial capital investment” from Renovo Capital LLC through the private equity firm’s Renwood Opportunities Fund. ”

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 11/10/11

Thursday, November 10th, 2011

Sources:

Past-Due Mortgages Up for First Time Since 2009: Report
Poll: 42% want less government in housing
Foreclosure Filings Rise 7%
Senate wants changes to Fannie, Freddie executive pay
Fannie Mae Requests $7.8B From Taxpayers to Cover Q3 Deficit
California Home Prices and Home Values: Zillow Home Value Index
Home Prices Decline in Almost Three-Fourths of U.S. Metro Areas
Mortgage rates dip slightly

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events.  Foreclosure filings increased 7% last month, the highest they have been in seven months.  Housing Wire reported a slight decrease in mortgage rates of slightly less than 4%.  Unemployment claims are at the lowest levels they have been since April, a good sign for the economy.

In The News:

Housing Wire - “Mortgage rates dip slightly” (11-10-11)

“The nation’s average mortgage rates changed little from last week amid a mix of economic data reports, Freddie Mac said Thursday.  The results of Freddie’s Primary Mortgage Market Survey revealed that the 30-year, fixed-rate mortgage averaged 3.99%, dropping below 4% for the second time this year.“

Bloomberg – “Foreclosure Filings in U.S. Rise 7%” (11-10-11)

“U.S. foreclosure filings rose 7 percent in October to a seven-month high as lenders started to speed up action against delinquent borrowers after a yearlong review into documentation, according to RealtyTrac Inc.”

NAHB - “Builder Confidence Declines in Third Quarter for 55+ Housing Market” (11-10-11)

“Builder confidence in the 55+ housing market for single-family homes fell three points to 12 compared to the same period a year ago, according to the latest National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released today.”

Los Angeles Times - “New unemployment claims fall again in positive sign for job growth” (11-10-11)

“The number of people who filed for unemployment benefits last week dropped again to 390,000, the lowest level since April, continuing a trend that bodes well for job growth.  The number of initial jobless claims was down 10,000 from the previous week’s revised figure of 400,000, the Labor Department reported Thursday. The initial figure for two weeks ago was 397,000, but was revised upward.”

Housing Wire - “New law pushes Vegas off top of foreclosure list” (11-10-11)

“Las Vegas is no longer the top foreclosure city in the country. A new Nevada law that went into effect in October caused many mortgage servicers to pause the foreclosure process, knocking Vegas off the spot it held held for 22 consecutive
months, RealtyTrac said in a report Thursday.”

DS News - “Shadow Inventory Lurks Behind Recent Price Gains” (11-10-11)

“Home prices rose 4 percent during the third quarter, according to the latest IAS360 House Price Index from Integrated Asset Services. The index also posted a 0.4 percent gain from the beginning of the year and a 0.6 percent gain from the third quarter of last year.”

Los Angeles Times - “Falling prices mean rising affordability, California Realtors say” (11-10-11)

“Call it the silver lining of falling home prices.  With low interest rates and cheaper housing throughout the Golden State, the percentage of homebuyers who could afford to purchase a home increased in the third quarter, a real estate group said Thursday.”

Housing Wire – “Three more mortgage servicers change foreclosures” (11-10-11)

“Three mortgage servicers agreed with the New York Department of Financial Services to make procedural changes similar to those of the consent orders signed by much larger institutions earlier in the year.”

Looking Back:

A lack of cooperation between big banks and investors caused the California foreclosure program to be delayed. The FDIC approved a proposal that would base fees on banks’ liabilities rather than their domestic deposits. Zillow expected home values to continue to depreciate through the end of 2010. The National Commission on Fiscal Responsibility and Reform suggested limiting mortgage interest rate deductions on taxes.

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

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The Norris Group Real Estate News Roundup 10/31/11

Monday, October 31st, 2011

Today’s News Synopsis:

According to the Realty Times, the FHA is planning to make changes to the HARP program, including allowing more borrowers to be eligible for mortgage refinancing.  The U.S. is seeing more short sales in several different cities, Los Angeles having the highest number.  CNN Money reported home prices are expected to fall another 3.6% next year before hitting their lowest levels.

In The News:

Housing Wire - “Credit unions, community banks face ‘creeping complexity’ of regulation” (10-31-11)

“The leaders of community banks and credit unions warned the House Financial Services Committee Monday that aggressive federal regulations are hindering the institutions’ ability to lend moneytgage.”

DS News - “Economist: ARMs Not as Risky as Some Think” (10-31-11)

“Long-term, fixed-rate mortgages are often seen as a “safe” mortgage product, but one Federal Reserve economist says adjustable-rate mortgages (ARMs) are not as risky as some perceive them to be and did not play a major role in the recent housing crisis.”

Realty Times - “Real Estate Outlook: Changes to HARP” (10-31-11)

“The National Association of Home Builder’s Bob Nielsen weighed in on the recent announcement by the FHA to make some new changes to the Home Affordable Refinance Program (HARP).”

Housing Wire - “CoreLogic expects HARP 2.0 to help hardest-hit housing markets” (10-31-11)

“The government’s revamped mortgage refinance program may be somewhat of a boon to the hardest-hit housing markets because they have the largest share of borrowers in negative equity, but the plan isn’t a panacea for all that ails the
housing market, CoreLogic (CLGX: 12.17 -3.95%) said Monday.”

DS News – “Short Sales Offer Significant Discounts in Several Major Cities” (10-31-11)

“Short sales are growing throughout the nation as distressed homeowners and servicers continue to seek alternatives to foreclosure and home buyers increasingly opt for the significant discounts that come with short sales.”

CNN Money - “Home prices heading for triple-dip” (10-31-11)

“The besieged housing market has even further to fall before home prices really hit rock bottom.  According to Fiserv (FISV), a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35% below the peak reached in early 2006 and marking a triple dip in prices.”

Realtor Magazine - “Fed Leaders Divided on Future Plans” (10-31-11)

“The Federal Reserve’s policymaking committee is meeting Nov. 1 and 2, and five of the 10 voting members will be coming to the table in open disagreement with Chairman Ben Bernanke about future monetary policy. However, it is still Bernanke who determines whether the Fed will expand its campaign to stimulate growth for the third time since August.”

Housing Wire - “Freddie Mac calls for $100 billion in annual multifamily investment” (10-31-11)

“The head of Freddie Mac’s multifamily division projects that the asset class needs $1 trillion in capital over the next decade.  That is $100 billion every year earmarked to build 10 million additional
apartment units over the next 10 years.”

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor 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 10/13/11

Thursday, October 13th, 2011

Today’s News Synopsis:

In this week’s video, Aaron Norris talks about I Survived Real Estate 2011 and how you can participate in the live event.  Home sales in Southern California have remained relatively stable, although the median price has decreased.  Rates on 30-year mortgages bounced back up again this week with a 4% increase.  According to Housing Wire, Freddie Mac has changed the way it will pay its employees, now basing it off of surveys showing how satisfied the lenders were.

In The News:

Los Angeles Times - “Southern California housing market stalls in September” (10-13-11)

“Southern California’s housing market stalled in September as sales were essentially flat over the same month a year earlier and the region’s median price fell.  Sales increased 0.3% from the same month a year earlier, when the market was reeling from the effect of an expired tax credit that had boosted sales for much of the year.“

DS News - “Thirty-Year Rate Jumps Back Up Above 4% Mark in One Week’s Time” (10-13-11)

“The run for below-four-percent 30-year mortgage rates was short-lived. After a history-making drop to 3.94 percent last week, Freddie Mac has recorded an 18 basis point jump in the average interest rate on a conventional fixed-rate mortgage with a 30-year term.”

Inman - “Foreclosue activity shows signs of ramping up in Q3″ (10-13-11)

“In the third quarter, a downward trend in nationwide foreclosure activity showed signs of reversing, according to the latest report  from foreclosure data site RealtyTrac. At the same time, foreclosure  processing and sales timelines hit record highs, the report said.”

Housing Wire - “Jobless claims down slightly last week” (10-13-11)

“Initial jobless claims remained essentially flat last week, staying higher than 400,000.The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Oct. 8 fell by 1,000 to 404,000 from 405,000 the previous week, which was revised upward 4,000.”

Bloomberg - “HomeServicers’ Peltier Says Housing Recovery Will Begin Next Year” (10-13-11)

“A U.S. housing recovery will begin by late 2012, building on a “pent-up demand” for homeownership, according to Ron Peltier, chief executive officer of HomeServices of America Inc.”

DS News - “CFPB Releases Servicing Examination Procedures” (10-13-11)

“In preparation to begin reviewing the nation’s largest banks, the Consumer Financial Protection Bureau (CFPB) Thursday released its examination procedures for mortgage servicers.”

Housing Wire – “Freddie to link employee pay with customer satisfaction” (10-13-11)

“How Freddie Mac pays its employees will be linked directly to future lender satisfaction surveys.  Freddie CEO Charles “Ed” Haldeman told a group of Mortgage Bankers Association members on Tuesday the firm will be changing the focus of how its employees work with banks that sell, service and invest with the company.”

CNN Money - “JPMorgan ‘cautious’ as income dips” (10-13-11)

“JPMorgan reported declining profits and sales figures Thursday as volatile financial markets hit the company’s trading and investment banking operations.”

Looking Back:

Mortgage application volume increased 14.6% the week of October 14, 2010. All 50 state attorney generals were currently involved in an investigation into lenders that filed faulty foreclosure affidavits. The FHFA urged GSEs to accelerate the foreclosure process once the AG reviews were over. Foreign investors planned to purchase large amounts of commercial property.

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

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