California Real Estate Investing News

Posts Tagged ‘RealtyTrac’

Top Three Cities With Best Housing Markets: Denver, Seattle, Portland

Thursday, June 9th, 2016

Today’s News Synopsis:

Freddie Mac reported mortgage rates dropped for the first time in weeks with 30-year rates now at 3.60% and 15-year rates at 2.87%.  According to the latest data from Redfin, the top three cities that had the best housing markets were Denver, Seattle, and Portland.  For three years now private investors have received part of the credit risk on single-family mortgages from the GSEs, but now it is believed there could be risk involved with this.

In The News:

Housing Wire – “Freddie Mac: 30-year mortgage reverses course, drops” (6-9-16)

“Erasing an upward trend witnessed for the past several weeks, average fixed mortgage rates dropped due to the May employment report coming in well below expectations, Freddie Mac’s Primary Mortgage Market Survey showed.”

Realty Trac“Down Payment Assistance Programs Save Qualifying Homebuyers More Than $177,000 on Average Over Life of Loan” (6-9-16)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released a joint report with Down Payment Resource analyzing the impact of down payment assistance on the cost of buying a home — including the down payment and monthly house payments for a median-priced home in 513 counties nationwide.”

Redfin – “Denver, Seattle and Portland are the Hottest Housing Markets of 2016” (6-9-16)

“How do you tell if a housing market is scorching hot? One way is to see what portion of homes are designated Redfin Hot Homes.”

U.S. News – “Real Estate’s New Land of Plenty” (6-9-16)

“Land investing has always been big business and today, it’s starry skies and high hopes for those who tackle it in new ways made possible by better information and business innovation”

Housing Wire – “Trailblazer: Caliber Home Loans markets first non-prime mortgage bond” (6-9-16)

“Irving, Texas-based residential mortgage origination and servicing company, Caliber Home Loans, continues to move into new growth territory.”

DS News – “The Risk Involved With GSE Credit Risk Transfer” (6-9-16)

“While the GSEs remain in conservatorship and taxpayers remain on the hook for mortgage credit risk, the Enterprises have been transferring a portion of credit risk on single-family mortgages to private investors for three years now through various programs like the Structured Agency Credit Risk (STACR) for Freddie Mac and the Connecticut Avenue Series (CAS).”

Mortgage Professional America – “Morning Briefing: These two markets stand-out for underwater homes” (6-9-16)

“As much of the country continues to rebound from the housing crash, there are two areas which stand-out as leading the level of underwater properties.”

 

Hard Money Loan Closed

Redlands, California hard money loan closed. Real estate investor received loan for $185,000 on this single family property appraised for $378,000.

Redlands Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be speaking at Insight 2016: What Inning Are We Really In? on Friday, June 10.

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

Bruce Norris will be speaking at the 12th NSDREI Birthday Celebration on Tuesday, June 21.

Image copyright source: www.redfin.com

 

Looking Back:

The number of foreclosures completed was at 40,000 the previous month, showing signs of decrease but still remaining above where they were at before the recession.  Both Fitch and Moody’s were warning investors about the decrease in bond credit quality.  Homeownership was expected to continue decreasing all the way into 2030.

 

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












Latest AACER Data Shows Bankruptcy Filings Continue to Decrease

Friday, June 3rd, 2016

Sources:


Today’s News Synopsis:

Aaron Norris of the Norris Group gives the top news stories in the world of real estate in this week’s Norris Group real estate headline roundup.  According to Freddie Mac, mortgage rates are continuing to show signs of increase with 30-year rates at 3.66% and 15-year rates at 2.92%.  The latest bankruptcy data report from the AACER showed bankruptcy filings are continuing to decrease.  RealyTrac reported a 20% increase in home flipping.

In The News:

DS News – “Tight Inventory Causes a Slip in Demand” (6-3-16)

“With fewer homes for sale on the market over the past year, housing demand has also experienced a decline, according to Redfin’s Housing Demand Index.”

Mortgage Professional America – “Morning Briefing: Home flipping up 20 per cent says RealtyTrac” (6-3-16)

“Home flipping is on the rise according to a new report. A total of 43,740 single-family homes and condos were bought and flipped in the first three months of 2016 according to RealtyTrac.”

Housing Wire – “Congressional Democrats join push to recapitalize Fannie Mae, Freddie Mac” (6-3-16)

“Well, now it’s officially coming in from all sides.  Over the last year, a growing chorus of community lenders, affordable housing advocates, civil rights groups, interested observers, financial analysts, and others have called for a change in governmental policy that would enable Fannie Mae and Freddie Mac to rebuild a capital base.'”

Bloomberg – “Employers in U.S. Add Fewest Workers in Almost Six Years” (6-3-16)

“Employers in May added the fewest number of workers in almost six years, reflecting broad cutbacks that may raise concern about U.S. growth and prompt Federal Reserve policy makers to put off an increase in interest rates.”

Mortgage Professional America – “FDIC announces $190 million settlement over Countrywide bonds” (6-3-16)

“Countrywide can’t seem to stay out of the news lately. Las week Bank of America saw a judgment regarding toxic Countrywide bonds overturned.”

DS News – “AACER: Bankruptcy Filings Stay on Downward Trend” (6-3-16)

“Nationwide bankruptcy filings experienced their second straight month of decline in May after two increases of more than 20 percent each in February and March, according to May 2016 AACER bankruptcy data reported by Epiq Systems.”

Mortgage Professional America – “Mortgage rates continue upward trajectory” (6-3-16)

“Mortgage rates continued their upward trend this week, but are still holding near three-year lows, according to new data from Freddie Mac.”

 

Hard Money Loan Closed

San Bernardino, California hard money loan closed. Real estate investor received loan for $75,000 on this single family property appraised for $167,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be speaking at Insight 2016: What Inning Are We Really In? on Friday, June 10.

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

Bruce Norris will be speaking at the 12th NSDREI Birthday Celebration on Tuesday, June 21.

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

 

Looking Back:

Although the official report had yet to be released, signs form ADP estimates and Gallups showed things were looking good for May job gains.  Mortgage applications decreased 7.6% from the previous week according to the Mortgage Bankers Association.  In a recent case with Bank of American regarding Americans with second mortgages and declaring bankruptcy to void the loans, the Supreme Court ruled in the bank’s favor.

 

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


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Mortgage Debt Increases by $120 Billion in the Fourth Quarter

Tuesday, May 24th, 2016

Today’s News Synopsis:

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Hard Money Loan Closed

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

Temecula Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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

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

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

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

 

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











NAR Reported Existing-Home Sales Increased 1.7%

Friday, May 20th, 2016

Sources:


Today’s News Synopsis:

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

 

Hard Money Loan Closed

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

Ontario Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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

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

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

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

 

Looking Back:

The Mortgage Bankers Association reported a 1.5% decrease in mortgage applications from the previous week.  Mortgage debt was being handled better due to the decrease in delinquencies and write-offs.  Moody’s Investors Service said changes to the TILA-RESPA rule could lead to increased risk for mortgage-backed securities.  The median home price in California increased above $400,000, putting it at its highest in 8 years.

 

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


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Freddie Mac Primary Mortgage Market Survey
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RentRange Releases List of Cities With Highest Rent Increases

Friday, May 13th, 2016

Sources:

Fannie Mae, Freddie Mac mortgage modification interest rate falls to new record low
Distressed sales continue to drop
CFPB’s rule to limit arbitration opens door to class action against banks
Freddie Mac: 30-year mortgage rate falls to lowest level in 3 years
Morning Briefing: Hot markets slowing, slow markets heating up
More Distressed Borrowers are Keeping Their Homes
Morning Briefing: White House announces plans for building resilience
NAHB: Unfilled construction jobs reach post-crash high of 210K

Today’s News Synopsis:

 

This week’s Norris Group real estate headline roundup video is a slideshow of the top news stories in the world of real estate.  RentRange just released their list of the top 25 cities that had the highest increases in rents.  Fannie Mae just sold off almost $1.5 billion in delinquent loans to Goldman Sachs, thus decreasing the amoung of delinquent loans in their portfolio.  A letter was written by the National Taxpayers Union and 11 other center-right organization asking for a bill to be passed that would bring changes to the GSEs.

 

In The News:

Housing Wire – “Here are the 25 cities with the biggest rent hikes” (5-13-16)

“The rental market is ripe for single-family rental investors, even on the secondary side, with the top markets on the list showing rents increasing by above 10% in the first quarterr.”

DS News – “Fannie Mae’s Portfolio Gets a Little Less Delinquent” (5-13-16)

“Wall Street has figured in another billion-plus dollar non-performing loan (NPL) sale for one of the GSEs, with Goldman Sachs coming in as the winning bidder on four pools of deeply delinquent single-family residential mortgages totaling approximately 7,900 loans and $1.48 billion in unpaid principal balance, according to an announcement from Fannie Mae on Friday.”

Mortgage Professional America – “Morning Briefing: Mortgage originations down at start of 2016” (5-13-16)

“There was a drop in mortgage applications in the first 3 months of 2016. RealtyTrac data shows that there were 1.4 million mortgage originations on residential properties (1 to 4 units) in the US, down 12 per cent from the end of 2016 and down 8 per cent from the first quarter of 2015.”

DS News – “The Digital Revolution in the Mortgage Industry” (5-13-16)

“As more companies embrace the completely online mortgage process, there are some that remain skeptical toward this new way to buy a home.”

Bloomberg – “Retail Sales Rise Most in a Year, Marking U.S. Consumer Comeback” (5-13-16)

“Sales at retailers jumped in April by the most in a year, indicating consumer spending will help the U.S. economy recover from an early-year slowdown.”

Mortgage Professional America – “House Finance Committee to scrutinize CFPB arbitration proposal” (5-13-16)

“The House Financial Services Committee plans to hold a hearing on the Consumer Financial Protection Bureau’s proposal to limit mandatory arbitration clauses.”

DS News – “Center-Right Coalition Urges GSE Reform” (5-13-16)

“The National Taxpayers Union and a coalition of 11 other center-right organizations have written a letter to Congress urging the passage of a bill introduced by U.S. Rep. Mick Mulvaney (R-South Carolina) that includes a proposal for reforming Fannie Mae and Freddie Mac, according to an announcement on the National Taxpayers Union website.”

 

Hard Money Loan Closed

Reseda, California hard money loan closed. Real estate investor received loan for $400,000 on this single family property appraised for $614,000.

Reseda Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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

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

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

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

 

Looking Back:

The Mortgage Bankers Association reported a decrease in mortgage applications this week by 3.5%.  A new water bill was passed by the NAHB that would require the Environmental Protection Agency and U.S. Army Corps of Engineers to go through a proper process before placing federal jurisdiction on waterways in the nation.  More and more money being put into the real estate market came from abroad markets.

 

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


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Job Openings for Construction Jobs That Remain Open at All-Time High

Thursday, May 12th, 2016

Today’s News Synopsis:

 

Freddie Mac reported 30-year mortgage rates, which now stand at 3.57%, are at their lowest since 2013 while 15-year rates stand at 2.81%.  The latest National Delinquency Survey from the Mortgage Bankers Association showed delinquency rates remain relatively the same while foreclosures are continuing to decrease.  Job openings for construction jobs that continue to remain open is at 210,000, its highest since the crash.

 

In The News:

Realty Trac – “Q1 2016 Loan Originations Down 8 Percent From Year Ago Driven by 20 Percent Drop in Refinance Originations” (5-11-16)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its Q1 2016 U.S. Residential Property Loan Origination Report, which shows 1.4 million (1,415,511) loans were originated on U.S. residential properties (1 to 4 units) in the first quarter of 2016, down 12 percent from the previous quarter and down 8 percent from a year ago to the lowest level since the first quarter of 2014.”

DS News – “The New Way to Qualify for an SFR Investor Loan” (5-12-16)

“In order to achieve lower default rates on single-family rental investor loans, many single-family rental originators have enhanced their underwriting criteria and are now qualifying borrowers for SFR investor loans based on property income rather than personal income, according to research from Morningstar Credit Ratings.”

Housing Wire – “Conservative groups join growing push to recapitalize Fannie Mae, Freddie Mac” (5-12-16)

“Over the last year, various groups, including community lenders, affordable housing advocates, civil rights groups, interested observers, and financial analysts, called for a change in governmental policy that would allow Fannie Mae and Freddie Mac to rebuild a capital base.”

Mortgage Bankers Association – “Foreclosures Continue to Decrease, Delinquencies Flat” (5-12-16)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties remained unchanged from the previous quarter at a seasonally adjusted rate of 4.77 percent of all loans outstanding at the end of the first quarter of 2016.”

NAHB – “Housing Affordability Posts Second Straight Quarterly Gain” (5-12-16)

“Spurred by a modest reduction in mortgage interest rates and favorable home prices, nationwide housing affordability in the first quarter of 2016 posted a slight increase, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released today.”

DS News – “The Effect of Compliance Costs on Households” (5-12-16)

“Regulations in the housing market are not only an added responsibility for mortgage companies, but it seems that compliance costs are spilling over into American households.”

Construction Dive – “NAHB: Unfilled construction jobs reach post-crash high of 210K” (5-12-16)

“The construction March hiring rate, Dietz said, was 4.9%, but the quits rate increased to 2.4%, possibly indicating that employers are having a hard time holding onto employees.”

Housing Wire – “Freddie Mac: 30-year mortgage rate falls to lowest level in 3 years” (5-12-16)

“Continuing the trend for most of the year, mortgage rates dropped again, falling to their lowest point in three years.  This week’s decline comes courtesy of disappointing April employment data, Freddie Mac’s Primary Mortgage Market Survey showed. ”

DS News – “What Does 2016 Hold for Existing-Home Sales?” (5-12-16)

“Even with headwinds facing the housing industry such as constrained inventory and home price appreciation outpacing wage growth, the National Association of Realtors (NAR) believes that 2016 will be the best year for existing-home sales since the pre-crisis year of 2006.”

 

Hard Money Loan Closed

San Diego, California hard money loan closed. Real estate investor received loan for $342,000 on this single family property appraised for $670,000.

San Diego Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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

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

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

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

 

Looking Back:

CoreLogic reported the amount of foreclosure inventory and foreclosures completed decreased in March and was almost at levels not seen since the crisis.  The amount of mortgage credit that was available increased the prior month by 0.5% according to Mortgage Bankers Association.  The National Association of Realtors reported metropolitan areas with prices in the double-digits range increased for three months straight.

 

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










NAR Reports 5.1% Increase in Existing-Home Sales

Wednesday, April 20th, 2016

Today’s News Synopsis:

 

The National Association of Realtors reported existing-home sales increased 5.1% month-over-month in March.  The Mortgage Bankers Association reported mortgage applications increased 1.3% from last week.  More and more people are interested in buying a home with interest rates continuing to decrease.

 

In The News:

Housing Wire – “Existing home sales rebound 5.1% in March” (4-20-16)

“Existing home sales increased 5.1% in March from February, reaching a seasonally adjusted rate of 5.33 million, which represents an increase of 1.5% from March 2015, according to the latest data from the National Association of Realtors.”

Mortgage Professional America – “As interest rates fall, interest among buyers rise” (4-20-16)

“Last week, mortgage rates fell again to a three-year low. According to Freddie Mac, rates were at the lowest level since 2013 when it slipped to 3.58 percent for a 30-year fixed-rate mortgage. With rates on a downward slope, mortgage offices across the nation are feeling the effects.”

Realty Trac – “U.S. Home Sellers in March 2016 Realized Highest Home Price Gains Since December 2007” (4-20-16)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its March and Q1 2016 U.S. Home Sales report, which shows that U.S. home sellers in March on average sold for $30,500 more than they purchased for, a 17 percent average gain in price — the highest average price gain for home sellers in any month since December 2007 at the onset of the Great Recession.”

DS News – “‘Hardest Hit’ States Get More Relief from Treasury” (4-20-16)

“The final $1 billion in funds under the Hardest Hit Fund (HHF) has been allocated to 13 of the 19 participating HHF states, according to an announcement from the U.S. Department of Treasury on Tuesday. ”

Mortgage Professional America – “Senator calls for investigation into Fannie, Freddie” (4-20-16)

“The chairman of the Senate Banking Committee is calling for an investigation of Fannie Mae and Freddie Mac.”

DS News – “Back to Basics: 4 Ways to Transform the GSEs” (4-20-16)

“Fannie Mae and Freddie Mac have been under conservatorship for almost eight years following a massive taxpayer-funded bailout.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-20-16)

“Mortgage applications increased 1.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 15, 2016. ”

DS News – “Is TRID to Blame for Jumbo MBS Disappearance?” (4-20-16)

“For the last 10 years, jumbo mortgage-backed securities (MBS) have been easing their way back into the market, but did the implementation of TRID and other factors put a stop to growth in this sector?”

Mortgage Professional America – “Judge clears way for lawsuit over AIG’s subprime exposure” (4-20-16)

“A federal judge has okayed a California lawsuit by Pacific Investment Management Co that accuses American International Group – better known as AIG – of lying about its subprime mortgage exposure prior to its 2008 bailout, according to a Reuters report.”

 

Hard Money Loan Closed

Vista, California hard money loan closed. Real estate investor received loan for $650,000 on this single family property appraised for $1,000,000.

Vista Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

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

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

 

Looking Back:

Builder confidence continued to remain low despite housing starts increasing 2% the previous month.  Many people who lost their homes during the housing crisis were not expected to purchase again soon as they continued to remain cautious with the tight credit.  Home sales continued to increase, especially in California where buyers were rushing in 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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.










HUD and Commerce Dept. Reported 8.8% Decrease in Housing Starts

Tuesday, April 19th, 2016

Today’s News Synopsis:

 

Both HUD and the Commerce Department reported housing starts decreased by 8.8% last month and now stand at 1.089 million.  The NAHB reported builder confidence continues to remain high at 58 for three months now.  Another aspect of the market that also saw an increase last month was the volume of first-time buyers.

 

In The News:

Housing Wire – “GE Capital mere days from ‘exiting’ U.S. banking system” (4-18-16)

“GE Capital, once a big player in housing finance, is now just a handful of days away from exiting the U.S. banking system after the company completed the sale of its online deposit platform to Goldman Sachs.

NAHB – “Housing Starts Down 8.8 Percent in March” (4-19-16)

“Nationwide housing starts fell 8.8 percent to a seasonally adjusted annual rate of 1.089 million units in March, according to newly released data from the U.S. Housing and Urban Development and the Commerce Department.”

DS News – “ATR Rules Sends Borrower Claims Packing” (4-19-16)

“Borrower claims appear to be fleeing the housing market two years after the Consumer Financial Protection Bureau (CFPB) introduced the Ability to Repay (ATR) rule for mortgage servicers”

Mortgage Professional America – “Morning Briefing: Builder confidence remains strong” (4-19-16)

“Builders have remained confident in the market for newly built single-family homes in April.  The National Association of Homebuilders says that its market index, in association with Wells Fargo, has remained at 58 for three straight months; anything above 50 is positive.”

Bloomberg – “Goldman Counters Revenue Plunge With Cost Cuts; Shares Rise” (4-19-16)

“Goldman Sachs Group Inc., the worst performer in the Dow Jones Industrial Average this year, climbed Tuesday after blunting a plunge in first-quarter revenue by cutting costs deeper than analysts predicted and vowing to do more if needed.”

Realty Trac – “Las Vegas-Area Shopping Mall Owner Defaults on $15.5 Million Loan” (4-19-16)

“U.S. Bank National Association filed a notice of default against Galleria Pavilion LLC on March 22, 2016, claiming that a $15.5 million loan made in 2006 was in arrears, according to RealtyTrac data. ”

NAHB – “NAHB Urges Congress to Prevent New Silica Rules from Taking Effect” (4-19-16)

“The National Association of Home Builders (NAHB) today urged Congress to take action to keep the Occupational Safety and Health Administration’s (OSHA) new silica standards from taking effect.”

DS News – “The Reemergence of First-time Home Buyers” (4-19-16)

“First-time buyer volume rose significantly in March 2016, driven by continued labor market improvements, riskier mortgage lending, and historically low mortgage rates.”

Mortgage Professional America – “Big bank must pay $69.8 million over faulty mortgage bonds” (4-19-16)

“A big bank will have to pony up nearly $70 million to settle claims against it arising from its sale of residential mortgage-backed securities.”

 

Hard Money Loan Closed

Ramona, California hard money loan closed. Real estate investor received loan for $285,000 on this single family property appraised for $425,000.

Ramona Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

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

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

 

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










Generation X Surprisingly in Last Place on Homeownership

Tuesday, April 12th, 2016

Today’s News Synopsis:

Profits from independent mortgage banks and subsidiaries was up $747 per loan in 2015, putting the total profit at $1,189.  In a surprising story, those of Generation X have actually come in last on the chart for homeownership in the current market.  RealtyTrac is putting out a new interface program that will allow more access to property data.

 

In The News:

DS News – “Gen Xers Shaken from Housing Bust Effects” (4-12-16)

“There is an interruption occurring in the housing market. Homeowership numbers among Generation X have quickly went from first to last due to lingering effects from the housing bust.”

Mortgage Professional America – “Morning Briefing: Housing market healthy says Nationwide” (4-12-16)

“The latest housing market assessment from Nationwide says that overall the US housing market is healthy with major metros looking strong and local housing markets expected to see sustainable expansion in the near term.”

Bloomberg – “Citigroup Said to Stop Securitizing Prosper’s Online Loans” (4-12-16)

“Citigroup Inc. is no longer buying debt from Prosper Marketplace Inc.’s platform to package into bonds, halting a key alliance in the growing market for securities backed by online consumer loans.”

Realty Trac – “RealtyTrac Launches Enhanced API Product With Streamlined Enterprise-Level Access to U.S. Public Record Property Data” (4-12-16)

“RealtyTrac, the nation’s leading source for comprehensive housing data, today announced the launch of its enhanced Application Program Interface (API) product featuring streamlined enterprise-level access to its nationwide public record property data for more than 150 million U.S. parcels.”

Housing Wire – “Unsealed government documents may reveal truth about Fannie, Freddie fate” (4-12-16)

“In the years since the federal government modified its conservatorship agreement with Fannie Mae and Freddie Mac to sweep all the profits from the government-sponsored enterprises into the government’s coffers, many observers, including those with a serious financial interest, have questioned whether the so-called “Third Amendment sweep” was even necessary.”

DS News – “Obama, Yellen Meet to Examine the State of the Economy” (4-12-16)

“President Barack Obama and Federal Reserve Chair Janet Yellen met in the Oval Office to discuss the state of the U.S. economy in the midst of slowed growth due to lower consumer spending.”

Mortgage Bankers Association – “Independent Mortgage Banker Profits Up in 2015 Driven by Higher Volume and Larger Loan Balances” (4-12-16)

“Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $1,189 on each loan they originated in 2015, up from $747 per loan in 2014, the Mortgage Bankers Association (MBA) reported today in its Annual Mortgage Bankers Performance Report.”

Housing Wire – “Progressive using HUD NPL sales to disqualify Castro as Democratic VP nominee” (4-12-16)

“For the last several years, Julián Castro’s star rose further and further within the Democratic Party, dating back to his keynote speech at the 2012 Democratic National Convention, which launched the then-mayor of San Antonio onto the national stage as a potential heir to the Democratic throne.”

Mortgage Professional America – “Warren asks CFPB to scrutinize mortgage servicers” (4-12-16)

“Elizabeth Warren is calling for the Consumer Financial Protection Bureau to exercise even more oversight on nonbank mortgage servicers.”

DS News – “HUD’s ‘Wall Street Giveaway’ Draws Ire of Advocates” (4-12-16)

“In recent months, Agency sales of deeply delinquent mortgage loans to private investors have generated considerable objections from both lawmakers and housing advocacy groups, even to the point of a nationwide protest on February 4.”

 

Hard Money Loan Closed

Bonsall, California hard money loan closed. Real estate investor received loan for $630,000 on this single family property appraised for $975,000.

Bonsall Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

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

Image copyright source: www.flickr.com/photos/sincrea and www.flickr.com/photos/lorenkerns

 

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









Home Prices Expected to Increase by 5.5% by 2017

Wednesday, March 2nd, 2016

Today’s News Synopsis:

Despite a recent slowdown due to new TRID rules, existing-home sales are making a comeback and expected to be between 5.23 and 5.58 million this year.  Speaking of homes, home prices are expected to increase by 5.5% by 2017.  In a big story, the job market in California has made a comeback with all jobs lost during the recession now back.

 

In The News:

 

Realty Trac – “Trickle-Down Distress: How Mom-and-Pop Investors are Tackling a Long Tail of Bubble-Era Loans” (3-1-16)

“RealtyTrac loan assignment data — including sales of both performing and non-performing loans — shows that loan sales peaked at more than 687,000 in the second quarter of 2012, up 57 percent year-over-year and up 341 percent from the third quarter of 2010.”

DS News – “Existing-Home Sales Recovering From Temporary TRID Setback” (3-2-16)

“Supply and demand troubles have been constant burdens on the housing market in the last few months, and Ten-X.com (formerly Auction.com) predicts that existing-home sales for February will be affected by the lack of options in the market.”

Mortgage Professional America – “Morning Briefing: Home prices set for 5.5 per cent increase by 2017” (3-2-16)

“Home prices increased by 6.9 per cent nationally in the year to January 2016 according to data from CoreLogic. The figure, which includes distressed sales, showed a 1.3 per cent rise from the previous month.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-2-16)

“Mortgage applications decreased 4.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 26, 2016.”

DS News – “Is There Room for Improvement in Agency Distressed Loan Sale Programs?” (3-2-16)

“A group of 45 members of the U.S. House of Representatives led by Rep. Mike Capuano (D-Massachusetts) has written a letter to HUD Secretary Julián Castro and FHFA Director Mel Watt asking the regulators to make changes to improve their respective agency’s non-performing loan (NPL) sales programs.”

Housing Wire – “California’s labor market recovers all jobs lost during recession” (3-2-16)

“So, as it turns out, back in June 2014, California’s labor market finally recovered all of the jobs lost during the Great Recession, according to a report by Next 10.”

Mortgage Bankers Association – “MBA Hires Lionel Lynch to be Vice President of Strategic Member Relations” (3-2-16)

“David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA), today announced the appointment of Lionel Lynch as Vice President of Strategic Member Relations, which became effective March 1, 2016.”

DS News – “CFPB: Mortgages Remain the Most Complained About Financial Product” (3-2-16)

“Mortgage loans in today’s housing market are not keeping homebuyers happy, as they are most complained about product in the eighth volume of the Consumer Financial Protection Bureau’s (CFPB)  Monthly Complaint Report.”

Mortgage Professional America – “Former Fannie Mae head must face trial over subprime mortgages” (3-2-16)

“The former head of Fannie Mae is headed to court.  A federal judge has ruled that former Fannie Mae CEO Daniel Mudd will have to face a civil trial on charges by the SEC that he misled investors about subprime mortgages during the run-up to the housing meltdown, according to an ABC News report.”

 

Hard Money Loan Closed

Beaumont, California hard money loan closed. Real estate investor received loan for $230,000 on this single family property appraised for $355,000.

Beaumont Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with NORCALREIA on Wednesday, March 9.

Bruce Norris will be speaking at the 2016 Real Estate Market Forecast on Wednesday, March 9.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCREIA on Thursday, March 10.

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

 

Looking Back:

Sales of pending homes increased 1.7% in January to 104.2, putting them at their highest in a year and a half.  Spending on construction was slower at $971.4 billion, down 1.1% from $982 billion.  Rules and regulations regarding mortgage servicing for Fannie Mae and Freddie Mac were undergoing revisions by the FHFA

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