The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘RealtyTrac’

By Bruce Norris .

Analysts More Optimistic About Housing Market

Friday, July 18th, 2014

Sources:

Consumers Expect Economic Improvement
NAR: One chart shows widening affordability gap


Today’s News Synopsis:

This week’s video is a slideshow of the news of the week in this weeks real estate headline roundup video.  The unemployment rate and economic growth are both affected by the labor force participation rate according to a recent study.  Analysts are more optimistic about the housing market despite it performing below expectations in the first half of 2014.  According to the latest Index of Consumer Sentiment, consumer confidence decreased to its lowest in four months and now stands at 81.3.

In The News:

DS News“Labor Force Participation Rate Problematic for Recovery” (7-18-14)

“Much has been made of the recent drop in the unemployment from its highs during the great recession to the where it currently sits at 6.1 percent.”

OC Housing News - “British legislators learned the housing bubble perils while Americans did not” (7-18-14)

“During the 00s lenders attempted foolish financial innovations that proved dismal failures; these loan products, deterioration of standards, and securitization of mortgages inflated massive housing bubbles in several countries around the world.”

Housing Wire - “Housing troubles continue drag on economy” (7-18-14)

“The trouble in the housing sector, specifically Thursday’s data on building permits, is holding down the economic outlook, expressed in the index of leading economic indicators which missed analyst expectations as it rose a lower-than-expected 0.3% in June.”

DS News“Consumer Sentiment Drops to Four Month Low” (7-18-14)

“A preliminary measure of consumer sentiment released Friday shows confidence in the economy has dropped to its lowest level in the last four months.”

Housing Wire - “NAR: Big banks exiting FHA loans is a ‘bad trend’” (7-18-14)

“As the Federal Housing Administration celebrates its 80th anniversary, the big banks are debating ending their lending relationships with the administration.”

Realty Trac - “What Homes Are the Best Real Estate Deals and Where to Find Them” (7-18-14)

“Last week RealtyTrac released an analysis of what profiles of homes offer the best potential for discount, and which markets have the most properties matching those hot discount profiles.”

DS News - “Analysts See Reasons for Housing Optimism” (7-18-14)

“Even though the first half of 2014 didn’t live up to the hope and hype, industry insiders are still calling for better days in the housing market for the rest of this year.”

Housing Wire - “4 charts show the problem: Wages can’t keep up with home prices” (7-18-14)

“While home-price increases have slowed, they are still trending higher, and have seen 26 months of consecutive year-over-year increases nationally.”

 

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

Unemployment claims decreased by 24,000 to 334,000 and were at their lowest in ten weeks.  Mortgage rates decreased again after being at their highest in two years.  At the same time, inventory was shown to be on the rise according to a recent report from Realtor.com.

 

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.

Bank of America Prepares for Impending Lawsuit

Wednesday, June 11th, 2014

Today’s News Synopsis:

Foreclosures decreased last month to their lowest in 8 years at 109,824.  Bank of America is putting a hold on their discussions regarding mortgages and are preparing for their impending lawsuit by the U.S.  Mortgage applications showed strong growth following the Memorial Day weekend, having increased 10.3% from the prior week.

In The News:

Bloomberg - “BofA Mortgage Talks Said to Stall as U.S. Prepares Suit” (6-11-14)

“The U.S. is preparing to sue Bank of America Corp. after reaching an impasse in talks to resolve government probes of the lender’s sales of mortgage-backed bonds before the financial crisis, a person familiar with the matter said.”

Housing Wire - “Warren’s student loan bill blocked by Senate Republicans” (6-11-14)

“Despite receiving full-throated support from President Barack Obama, a bill designed to ease the burden of student loan debt could not garner enough support in the Senate and will not move forward in its current form.”

NAHB - “Proposed Clean Water Act Rule is More Federal Overreach, Builders Tell Congress” (6-11-14)

“A proposed rule recently released by the Environmental Protection Agency (EPA) and U.S. Army Corps of Engineers (Corps) to expand the reach of the Clean Water Act could increase the cost of new homes without a corresponding benefit to America’s lakes, rivers and other water bodies, the National Association of Home Builders (NAHB) told Congress today.”

DS News - “Job Growth Outpacing New Home Construction” (6-11-14)

“Annualized housing starts crossed the 1 million mark in April for the first time this year, but little of that improvement came on the single-family side—and that’s a serious problem, says the National Association of Realtors (NAR).”

Mortgage Bankers Association“Strong Growth in Mortgage Application Volume Following Memorial Day Holiday” (6-11-14)

“Mortgage applications increased 10.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 6, 2014.  The previous week’s results included an adjustment for the Memorial Day holiday.”

Housing Wire“Realtors expect median home prices to rise 4%” (6-11-14)

“Realtors expect home prices to continue to appreciate over the next year, with a median price increase expected of 4% over the next 12 months, according to the latest survey of the National Association of Realtors in their confidence index.”

Mortgage Professional America - “Foreclosure filings hit 8-year low” (6-11-14)

“Foreclosure filings hit their lowest level in more than eight years last month, according to data released Tuesday.  Foreclosure filings – default notices, scheduled actions and bank repossessions – were reported on 109,824 US properties last month, according to housing data firm RealtyTrac.”

DS News - “HUD Settlement Creates Housing Opportunities for People with Disabilities” (6-11-14)

“The U.S. Department of Housing and Urban Development (HUD) announced it has entered into a Voluntary Compliance Agreement with the Englewood Housing Authority (EHA) in Englewood, Colorado.”

 

Hard Money Loan Closed

Chula Vista, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $149,000 on a 2 bedroom, 2 bathroom home appraised for $230,000.

Chula Vista Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

 

Looking Back:

Shareholders for Fannie Mae and Freddie Mac were challenging the government’s decision to do away with the GSEs, claiming billions of dollars were lost by investors from the takeover.  In an interesting piece of news, real estate brokers were starting to demand aerial drones to take pictures of their properties for real estate listings.  The number of jobs available decreased in April, although more places were hiring then ever since 2008.

 

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

Credit Union Lending Sees 9.7% Increases in the First Quarter

Wednesday, June 4th, 2014

 

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased by 3.1% from last week.  According to the latest Beige Book by the Federal Reserve, although real estate activity did improve, it is not expected to make up for the slowdown from January to April.  The amount of lending by Credit Unions increased by 9.7% year-over-year in the first quarter of 2014.

In The News:

DS News - “Millennials Use ‘Bank of Mom and Dad’ for Down Payment Help” (6-4-14)

“Survey results released Wednesday shows half of Millennials plan to seek help from family in putting together down payment funds for a home.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-4-14)

“Mortgage applications decreased 3.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 30, 2014.  This week’s results include an adjustment for the Memorial Day holiday.”

Housing Wire - “Beige Book: Housing for rest of 2014 won’t make up for Jan-April slump” (6-4-14)

“Residential real estate activity was mixed across the country, with some reports of low inventories constraining sales, while home prices continue to increase driven by investor purchases, according to the new Beige Book from the Federal Reserve.”

Inman“Survey Finds That Kids May Be the New ‘Chief Purchasing Officers’ of the Family” (6-4-14)

“Do kids rule the roost? A new study from Coldwell Banker Real Estate finds that children may be the “Chief Purchasing Officers” of the family.”

DS News“Credit Union Lending Jumps in Q1 2014″ (6-4-14)

“Credit Unions continued to grow during the first quarter of 2014, although higher interest rates slowed mortgage originations, according to the National Credit Union Administration (NCUA).”

Mortgage Professional America - “Fed should raise rates when taper complete, official says” (6-4-14)

“A Federal Reserve official official says she wants to raise interest rates as soon as the Fed finishes tapering its bond buys.”

Housing Wire - “CFPB warns student DTI ratio blocks housing recovery” (6-4-14)

“Student debt-to-income ratios are helping put a ruin on the housing recovery by impeding potential first-time homebuyers.”

DS News“Total Home Flipping Down Yearly, but Profit Increases” (6-4-14)

“In a blog post, RealtyTrac VP Daren Blomquist analyzed data from the company’s newly created and interactive, county-level heat map, which shows the returns on home flipping over the last 12 months in 1,050 counties nationwide.”

 

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $215,000 on a 3 bedroom, 2 bathroom home appraised for $325,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with South Los Angeles REIA on Monday, June 9, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

 

Looking Back:

Mortgage rates for commercial and multifamily properties decreased overall in the first quarter of 2013 according to the Mortgage Bankers Association.  Home prices increased year-over-year by 12.1% in April and 8.2% year-over-year the previous month.  The credit report system was being revised to separate short sales from foreclosures rather than including them in the same category.

 

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.

Number of Failed Banks Now up to 8

Tuesday, May 27th, 2014

 

Today’s News Synopsis:

The number of failed banks for the year is now up to eight with the recent closure of the Columbia Savings Bank bank in Ohio.  According to the latest Case-Shiller Index, home prices increased in March by 0.9% month-over-month and 12.6% year-over-year.  Consumer confidence also showed signs of increase with an increasing positive outlook on the job market.

In The News:

DS News - “Ohio Bank Fails; Eighth This Year” (5-27-14)

“Columbia Savings Bank of Cincinnati, Ohio was closed by the Ohio Division of Financial Institutions, which appointed the FDIC as receiver.”

Housing Wire“Moody’s warns on Green Tree after servicing failures” (5-27-14)

“When the Office of Mortgage Settlement Oversight released its latest compliance report, the news wasn’t good for Green Tree Servicing.”

Inman“Home price gains slow in March” (5-27-14)

“Home prices continued to rise in March but at a slower pace in many markets, according to the latest S&P/Case-Shiller Home Price Indices.”

DS News“Job Market Optimism Boosts Consumer Confidence” (5-27-14)

“After dipping in April, the Conference Board’s Consumer Confidence Index saw modest improvement in May as optimism for the job market grew.”

Realty Trac - “Five Reasons the Housing Market is Failing” (5-27-14)

“By now the housing market was supposed to be booming. Combine a growing population, low mortgage rates, years of pent-up demand, fewer foreclosures, lower unemployment plus a generally-better economy and the stage should be set for a very nice real  estate lift-off.”

DS News - “Julian Castro Officially Nominated as HUD Secretary” (5-27-14)

“The White House has made it official: President Obama has nominated San Antonio Mayor Julián Castro as the next Secretary of Housing and Urban Development (HUD).”

Mortgage Professional America - “Home sales up, but market still sluggish” (5-27-14)

“Sales of new single-family homes were up in April, but economists said the market wasn’t picking up fast enough.”

Inman - “RealtyTrac hires another LPS vet to grow new property tax records business” (5-27-14)

“A legal settlement that put data aggregator RealtyTrac in the business of selling tax, deed and mortgage records also has the company on the hunt for talent.”

DS News - “Study: Housing ‘Recovery’ is Bypassing Many Communities” (5-27-14)

“Despite claims that the recent rise in housing prices is solving the nation’s foreclosure and economic crises, millions of families continue to face financial problems from which they may never recover, according to research from the Haas Institute for a Fair and Inclusive Society at the University of California, Berkeley.”

 

Hard Money Loan Closed

Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $480,000 on a 4 bedroom, 2.5 bathroom home appraised for $745,000.

Burbank Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

 

 

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.

Julian Castro Nominated as the New Head of HUD

Friday, May 23rd, 2014

Sources:

REO Inventory Rising Again
Default Rates Decline in April to Lowest Post-Recession Rate


Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  Julian Castro has been nominated by Obama as the new head of HUD.  Sales of new homes increased last month by 6.4% to 433,000 after a three-month decline.  The new Water Resources and Development Act was just passed by the Senate, gaining much applause from the NAHB.

In The News:

DS News“Is the United States Primed for Economic Growth?” (5-23-14)

“An index measuring leading economic indicators in the United States posted its third straight increase in April, suggesting economic growth might be ready to take off in the coming months following a weak first quarter.”

Housing Wire - “Obama: “All-star” Julian Castro to lead HUD” (5-23-14)

“President Barack Obama officially nominated San Antonio Mayor Julián Castro to lead the U.S. Department of Housing and Urban Development in a ceremony on Friday afternoon. “I am nominating another all-star who’s done a fantastic job in San Antonio over the last five years,” Obama said.”

NAHB - “Senate Passage of Water Resources Bill Strengthens At-Risk Communities” (5-23-14)

“The National Association of Home Builders (NAHB) applauded Senate passage of the Water Resources and Development Act, legislation that would provide much-needed funding to strengthen levees and protect more home owners from the tragic consequences of flooding and storm damage in communities all over the country.”

DS News - “Hawaii Dominates ‘Top 20 Best Beach Town Markets’” (5-23-14)

“In a recent ranking of the best beach town’s by RealtyTrac, Hawaii held a slim majority over California and Florida with 11 of the top 20 beach markets in the nation.”

Bloomberg - “CommonWealth REIT Investors Approve Related-Corvex Board” (5-23-14)

“CommonWealth REIT (CWH) shareholders voted in a new board including billionaire Sam Zell, marking the completion of a 15-month effort by Corvex Management LP and Related Cos. to overthrow management and install new trustees.”

Inman“There are no quick fixes for inventory shortages, but market is moving in the right direction” (5-23-14)

“There’s been a lot of speculation about why for-sale inventory levels remain so stubbornly low.  With home prices still well off peak levels from 2005-2006 and mortgages still near historically low interest rates, many industry observers were expecting to see home sales increase much more rapidly than they have.  (This article was written by Rick Sharga of Auction.com).”

Bloomberg - “U.S. Home Sales Come Out of Deep Freeze” (5-23-14)

“Sales of new U.S. homes climbed in April for the first time in three months, allaying concerns of an extended setback in the residential real-estate market.”

DS News - “HUD Awards Housing Counseling Grants” (5-23-14)

“In an ongoing effort to improve housing education for consumers, the U.S. Department of Housing and Urban Development (HUD) announced it has awarded $40 million in grants to hundreds of national, regional, and local organizations to bolster housing counseling programs.”

Hard Money Loan Closed

Murrieta, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $150,000 on a 3 bedroom, 2 bathroom home appraised for $230,000.

Murrieta Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

 

Looking Back:

NAHB reported housing starts declined 16.5% after builders cut back on the number of multi-family homes constructed.  Mortgage rates increased to their highest level in six weeks with 30-year rates at 3.51% and 15-year rates at 2.69%.  Unemployment claims were at 360,000, their highest in six weeks.

 

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.

Foreclosure Filings Down 1% in April

Thursday, May 15th, 2014

 

Today’s News Synopsis:

Builder confidence remains relatively the same, having dropped only one point this month to 45.  The latest foreclosure report from RealtyTrac showed activity decreased 1% from March to 115,000.  The NAR predicts the sales of existing homes to be slower than last year.

In The News:

DS News“Foreclosure Activity Decreases in April” (5-15-14)

“RealtyTrac’s latest U.S. Foreclosure Market Report for April 2014, revealed foreclosure filings were down 1 percent from March, totaling approximately 115,000. April’s figure reflects a year-over-year decrease of 20 percent.”

NAHB“Builder Confidence Remains in Holding Pattern” (5-15-14)

“Builder confidence in the market for newly built, single-family homes in May fell one point to 45 from a downwardly revised April reading of 46 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today.”

Inman - “NAR may commit $20M to implement stricter ‘core standards’ for associations” (5-15-14)

“The finance committee of the National Association of Realtors (NAR) has advised NAR to allocate up to $20 million to implement core standards for Realtor associations that could fuel consolidation of small associations across the country.”

Mortgage Bankers Association - “Delinquency and Foreclosure Rates Continue to Improve” (5-15-14)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 6.11 percent of all loans outstanding at the end of the first quarter of 2014, the lowest level since the fourth quarter of 2007.”

Mortgage Professional America - “Hensarling blasts Senate plan for Fannie, Freddie reform” (5-15-14)

“A top House Republican is slamming the Senate’s plan to wind down Fannie Mae and Freddie Mac – but the alternative he’s offering has already been opposed by practically every industry group.”

Bloomberg - “Mortgage Rates Dropping With Bond Yields at 11-Month Low” (5-15-14)

“A rally in the mortgage-bond market may send U.S. home-loan rates to the lowest in almost a year, bolstering a slowing real-estate recovery.”

Inman - “NAR forecasts 2014 existing-home sales won’t match last year’s tally” (5-15-14)

“Stock market investors may have been spooked today by news that Wal-Mart is expecting its smallest quarterly sales growth in almost five years, but the National Association of Realtors issued a rosy housing forecast blaming a “subpar” first quarter in part on ‘severe weather patterns’.”

DS News - “Johnson-Crapo Bill Clears Senate Banking Committee” (5-15-14)

“Despite some recent pushback from Senate Democrats, the Johnson-Crapo reform bill that plans to phase out Fannie Mae and Freddie Mac passed the Senate Banking Committee by a bipartisan vote of 13-9.”

Hard Money Loan Closed

Lake Forest, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $525,000 on a 4 bedroom, 3 bathroom home appraised for $806,000.

Lake Forest Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group is presenting the Real Estate Market Update with AOA in Long Beach TODAY.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

 

Looking Back:

The NAHB reported builder confidence increased three points to 44, while at the same time the number of affordable homes decreased to 73.7% from 74.9% in the first quarter.  The Mortgage Bankers Association reported a 7.3% decrease in mortgage applications from the previous week.  HOPE NOW reported 245,000 loan mods were completed in the first quarter, a 20% increase from the first quarter of 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.

Spending on Residential Construction Increases 16% in First Quarter

Thursday, May 1st, 2014


Today’s News Synopsis:

Spending on residential construction projects increased 16% in the first quarter, up to $75.73 billion from $65.29 billion year-over-year.  Mortgage rates decreased again this past week with 30-year rates now at 4.29% from 4.33% and 15-year rates at 3.38%, down from 3.39%.  The Federal Housing Finance Administration is preparing for the worst with Fannie Mae and Freddie Mac if the economy severely declines, expecting taxpayers may need to pay a total of $190 billion.

In The News:

DS News“Potential Mortgage Default Risk Remains High” (5-1-14)

“Despite a slight pullback in March, risk in the mortgage marketplace remains perilously high, say researchers.  The American Enterprise Institute’s (AEI) International Center on Housing Risk released this week its latest National Mortgage Risk Index (NMRI), a measure of likely loan default risk rates in the event of another economic crisis.”

Housing Wire - “Residential construction spending up 16% in first quarter” (5-1-14)

“New home sales may be down, but that isn’t for a lack of inventory. Residential construction spending was up 16% in the first quarter of 2014, from $65.29 billion in 2013 to $75.73 billion in Q1 2014.”

Bloomberg - “U.S. Mortgage Rates Fall With 30-Year Loan at 4.29%” (5-1-14)

“Mortgage rates in the U.S. declined, decreasing home-loan costs as fewer Americans sought financing for purchases.  The average rate for a 30-year fixed mortgage was 4.29 percent this week, down from 4.33 percent, according to a statement today from Freddie Mac.”

DS News“Zillow: Buying a Home Beats Renting After 2 Years” (5-1-14)

“Zillow’s break-even horizon analysis came to an interesting conclusion: in half of U.S. metros, buying a home is a better financial decision than renting for buyers intending to stay in their home at least two years.”

Mortgage Professional America“Fannie, Freddie could need $190bn in taxpayer cash if economy tanks again” (5-1-14)

“Fannie Mae and Freddie Mac may need up to $190 billion in taxpayer cash if the economy takes a severe tumble, according to the Federal Housing Finance Administration.”

Inman - “House flippers grow more cautious as price appreciation slows” (5-1-14)

“Easing home price appreciation made home flipping less attractive to investor buyers in the first quarter, but rates of return on flips rose, according to the latest report from data aggregator RealtyTrac.”

DS News - “FHFA Announces $110 Million Settlement” (5-1-14)

“The Federal Housing Finance Agency (FHFA), serving as the conservator of Fannie Mae and Freddie Mac, announced a settlement for $110 million with First Horizon National Corporation. The settlement resolves alleged violations of securities laws in connection with private-label mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac from 2005-2007.”

Bloomberg - “Wells Fargo Joins Lenders Lowering Credit Standards” (5-1-14)

“U.S. banks are easing credit standards in search of a safe and profitable middle ground after an era of reckless home lending gave way to the stiffest rules in decades, putting a damper on the housing recovery.”

Housing Wire - “Outage barely dents Ellie Mae earnings” (5-1-14)

“Ellie Mae (ELLI) reported a first-quarter revenue of $32.2 million compared to $30.9 million for the same period a year ago.  Net income for the first quarter of 2014 was $0.8 million, or $0.03 per diluted share, compared to net income of $3.9 million, or $0.14 per diluted share, in the first quarter of 2013.”

DS News - “Freddie Mac Extends Relief to Tornado-Impacted Communities” (5-1-14)

“In a release issued this week, Freddie Mac announced it has opened up its “full menu” of relief policies for homeowners whose homes were damaged or destroyed by late April storms that swept across parts of the South and the Great Plains.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $67,000 on a 3 bedroom, 1 bathroom home appraised for $113,000.

Hesperia Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

 

Looking Back:

According to the Mortgage Bankers Association, applications for mortgages increased 1.8% from the previous week.  Representative Mel Watt was nominated by President Obama as the new head of the FHFA to replace Edward DeMarco.  The HARP program, set to expire on December 31, 2013, was extended to 2015.

 

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.

Mortgage Rates and Sales Seeing Slight Increases

Thursday, April 24th, 2014


Today’s News Synopsis:

Mortgage rates increased slightly after showings signs of decrease for two weeks in a row.  30-year rates are now at 4.33% and 15-year rates at 3.39%.  Refinances completed by HARP decreased in February with only 21%, or 26,964 completed.  The CFPB released a 69-page report showing that mortgage closings are taking too much paperwork and need to be cut down.

In The News:

DS News - “Total Home Sales and Prices Tick Slightly Upward in March” (4-24-14)

“According to RealtyTrac’s latest Residential and Foreclosure Sales Report for March and Q1 2014, U.S. residential properties sold at an estimated annual pace of roughly 5.2 million homes in March, a .4 percent increase from February, and up 8 percent from the previous year.”

Bloomberg - “JPMorgan to Help Oversee $12 Billion for Resolution Life” (4-24-14)

“JPMorgan Chase & Co. (JPM) won a contract to help manage about $12 billion in bonds for Resolution Life Holdings Inc., a startup insurer that plans to acquire policies from other U.S. carriers.”

Housing Wire - “Freddie Mac: Mortgage rates reverse course, rise” (4-24-14)

“Mortgage rates inched higher after falling two weeks straight following an uptick in the 10-year treasury note and amid a week of soft housing data.”

Mortgage Professional America - “Closings need less paperwork, says 69-page CFPB report” (4-24-14)

“The Consumer Financial Protection Bureau says mortgage closing documents desperately need streamlining – and it only took 69 pages to say it in.”

DS News - “FHFA: HARP Refinances Drop in February” (4-24-14)

“Amid continued rising home prices and rising mortgage rates, the number of refinances achieved through the Home Affordable Refinance Program (HARP) is declining, according to the Federal Housing Finance Agency (FHFA). Even a slight drop in mortgage rates to 4.3 percent for the month did not bolster February’s HARP refinances.”

Housing Wire - “Altisource posts record service revenue in 1Q 2014″ (4-24-14)

“Altisource Portfolio Solutions (ASPS) posted record service revenue, net income attributable to shareholders and diluted earnings per share.”

Bloomberg - “D.R. Horton Earnings Beat Estimates as Home Prices Climb” (4-24-14)

“D.R. Horton Inc. (DHI), the largest U.S. homebuilder by revenue, reported fiscal second-quarter earnings that beat analyst estimates as prices and orders climbed.”

DS News - “Massachusetts Home Sales Decrease from Low Inventory” (4-24-14)

“For four out of the last five months, single-family home sales have decreased in the Bay State.  This trend is seen by some as a simple problem in availability.”

 

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $98,000 on a 3 bedroom, 2 bathroom home appraised for $155,000.

Hesperia Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications increased by 0.2% from the previous week.  HUD consolidated their Office of Multifamily Programs down to 10 sites, which was expected to help the organization save $45 million.  The NAHB reported both single and multifamily housing starts were expected to increase into the double-digits this year, although growth was still not expected to reach its full potential.

 

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.

Jobless Claims and Foreclosures at Lowest Levels Since 2007

Friday, April 11th, 2014

Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  You can read the stories in length in the blog below.

In The News:

Housing Wire - “Mortgage rates drop in time for spring homebuying” (4-11-14)

“As the market heads into the spring homebuying season, mortgage rates moved down slightly, according to the latest Freddie Mac Primary Mortgage Market Survey.”

Housing Wire - “Jobless claims fall to lowest level since 2007″ (4-11-14)

“The number of Americans making their initial claims for unemployment fell to the lowest level since May 12, 2007, according to the Bureau of Labor Statistics.”

Housing Wire - “Foreclosure activity at lowest level since 2Q 2007″ (4-11-14)

“There were 117,485 foreclosure filings in March 2014, which is up 4% from February but still down 23% compared to March 2013, according to RealtyTrac’s ‘U.S. Foreclosure Market Report’.”

Housing Wire - “American optimism trends higher as home buying season starts” (4-11-14)

“As the market enters the spring homebuying season, more homeowners are beginning to think now is a good time to sell a home, in addition to it being easier to get a mortgage, a government agency said.”

Housing Wire“Citi agrees to $1.125 billion mortgage bond investor settlement” (4-11-14)

“Citigroup announced that it reached an agreement with 18 institutional investors, represented by Gibbs & Bruns, regarding the resolution of certain legacy private-label securitization representation and warranty repurchase claims.”

Housing Wire - “GOP wants CFPB merged with other regulators” (4-11-14)

“The House Financial Services Committee hearing on the economic consequences of regulatory rulemaking and enforcement on Tuesday got heated early and often.”

Realty Trac - “CFPB Accused of Discrimination” (4-11-14)

“The Consumer Financial Protection Agency has come under fire for broad workplace discrimination.  .”

Housing Wire - “Congressman fires up debate on REO-to-rental” (4-4-14)

“One of the early alarm-sounders on the rise of REO-to-rental is trying to fire up the discussion over what he sees could be a potential threat to the housing market in the rise of investor-owned rental homes and the securitization of REO.”

 

Hard Money Loan Closed

Menifee, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $160,000 on a 4 bedroom, 2 bathroom home appraised for $241,000.

Menifee Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

 

Looking Back:

Regulators for Fannie Mae said borrowers would now be able to receive new loans from the HARP program all the way through 2015.  Foreclosures in the first quarter declined 12% quarterly and 23% yearly to their lowest in six years.  Mortgage rates continued to be on the decline according to 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.

Foreclosures Up for March, but Down for Year

Thursday, April 10th, 2014


Today’s News Synopsis:

Mortgage rates decreased right at the start of the spring homebuying season with 30-year rates now at 4.34% and 15-year at 3.38%.  Claims for unemployment decreased by 32,000 to 300,000, putting them at their lowest level since 2007.  Foreclosures increased 4% month-over-month in March but decreased 23% year-over-year, putting them at their lowest since the second quarter of 2007.

In The News:

Housing Wire - “Jobless claims fall to lowest level since 2007″ (4-10-14)

“The number of Americans making their initial claims for unemployment fell to the lowest level since May 12, 2007, according to the Bureau of Labor Statistics.”

Bloomberg - “Banks’ Court Foreclosures Foreclosures Mean More Inventory: Mortgages” (4-10-14)

“Lenders are increasingly using U.S. courts to foreclose on delinquent homeowners in states where it’s not required to reduce the risk of falling afoul of new protections.”

Mortgage Professional America“Mortgage insurance premiums not headed down: FHA” (4-10-14)

“Don’t expect mortgage insurance premiums to fall anytime soon, according to the commissioner of the FHA.  Speaking to the Mortgage Bankers Association conference, FHA commissioner Carol Galante said mortgage premium increases were necessary, MNI has reported.”

Housing Wire“Foreclosure activity at lowest level since 2Q 2007″ (4-10-14)

“There were 117,485 foreclosure filings in March 2014, which is up 4% from February but still down 23% compared to March 2013, according to RealtyTrac’s “U.S. Foreclosure Market Report.”

CNN Money - “Big bank earnings likely in doghouse” (4-10-14)

“Don’t bet on dazzling earnings from big banks.  That’s the message from a number of fund managers and analysts ahead of Friday, whenJPMorgan Chase (JPMFortune 500) and Wells Fargo (WFCFortune 500) report first quarter results. Citigroup (CFortune 500), Bank of America (BACFortune 500), Goldman Sachs (GSFortune 500), and Morgan Stanley (MSFortune 500) will report their earnings next week..”

Housing Wire - “Mortgage rates drop in time for spring homebuying” (4-10-14)

“As the market heads into the spring homebuying season, mortgage rates moved down slightly, according to the latest Freddie Mac Primary Mortgage Market Survey.”

Mortgage Professional America - “Bank repossessions lowest since 2007″ (4-10-14)

“Bank repossessions have fallen to their lowest level in nearly seven years.  New data from RealtyTrac shows foreclosure filings edged up by 4% from February to March, but were down 23% from March 2013.”

Bloomberg - “Brooklyn Apartment Rents Jump to a Record as Leases Surge” (4-10-14)

“Brooklyn apartment rents rose to a record in March and new leases more than doubled, extending a surge in housing demand in the New York borough that was once seen as a refuge from Manhattan’s high costs.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $155,000 on a 3 bedroom, 2 bathroom home appraised for $225,000.

Moreno Valley Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

 

Looking Back:

The Mortgage Bankers Association reported a 4% increase in mortgage applications from the previous week.  The Lender Processing Services reported about 500,000 delinquent loans were repaired in February, showing an increase in the number of fixed loan mods.  Zillow reported an increase in home prices with the increase in mortgage rates.

 

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