California Real Estate Investing News

Posts Tagged ‘RealtyTrac’

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.










Underwater Homes See Decrease at End of 2015

Thursday, January 28th, 2016

Today’s News Synopsis:

 

Freddie Mac reported mortgage rates decreased for the fourth week in a row with 30-year rates now at 3.79% and 15-year rates at 3.07%.  Pending home sales did increase, but less than expected by only 0.1%.  Underwater homes also saw a decrease at the end of 2015, coming in at 11.5% according to RealtyTrac.

 

In The News:

DS News – “Non-Foreclosure Solution Totals Are Piling Up” (1-27-16)

“While foreclosure continue to steadily decline, the number of foreclosure alternatives completed is adding up, and the industry completed another 99,000 foreclosure prevention actions in November 2015, according to data released by HOPE NOW on Wednesday.”

Mortgage Professional America – “Morning Briefing: Drop in underwater properties says RealtyTrac” (1-28-16)

“The proportion of seriously underwater properties was 11.5 per cent at the end of 2015 according to new data from RealtyTrac, a drop from the previous year.”

Housing Wire – “Freddie Mac: Mortgage rates drop four consecutive weeks” (1-28-16)

“Mortgage rates once again moved lower amid continuous market turmoil, the latest Freddie Mac Primary Mortgage Market Survey said.”

Mortgage Professional America – “Fed reveals potential future rate direction” (1-28-16)

“The Federal Reserve kept U.S. interest rates unchanged Wednesday, but hinted at potential future policy.  The central bank hinted at future rate changes in its economic policy announcement.”

Bloomberg – “Pending Sales of Existing Homes in U.S. Rise Less Than Forecast” (1-28-16)

“Contracts to purchase previously owned U.S. homes rose less than forecast in December, indicating more tempered progress in residential real estate early this year.”

Mortgage Professional America – “Record housing costs at three U.S. cities” (1-28-16)

“Three U.S. cities—namely, Dallas, TX; Denver, CO; and Portland, OR—are now at record-breaking highs, according to the results of a recent survey.”

DS News – “Ocwen and the City of Milwaukee Combine to Fight Effects of Foreclosure” (1-28-16)

“Ocwen Financial Corporation and the City of Milwaukee have announced an initiative to provide substantial assistance to homeowners in Milwaukee who want to keep and repair their homes, according to an announcement from Ocwen.”

Mortgage Professional America – “Companies keying on customer relationships” (1-28-16)

“Companies are creating specialized divisions and handpicking qualified people to lead their customer relationship business, understanding that the new battleground for client loyalty is being fought and won here.”

 

Hard Money Loan Closed

Compton hard money loan closed. Real estate investor received loan for $210,000 on this single family property appraised for $337,000.

Compton 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 Orange County FIBI on Tuesday, February 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDIC FIBI on Thursday, February 4.

Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 with Bruce Norris in Riverside on Saturday, February 6.

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

 

Looking Back:

In an update from Mel Watt’s meeting before the Congress, he stated he was in support of 3% down mortgage payments as well as increased access to credit.  The Mortgage Bankers Association reported mortgage applications decreased 3.2% from the previous week.  More and more homeowners were choosing to live in suburban neighborhoods.

 

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.







Los Angeles, Orange, and San Francisco See Biggest Home Price Increases

Tuesday, January 26th, 2016

Today’s News Synopsis:

 

Los Angeles, Orange, and San Francisco saw the biggest increases in home prices of 6.2% and 11% respectively.  A $1 billion settlement was just reached between JPMorgan Chase and Lehman Brothers regarding damages from bankruptcies.  Lending from MetLife Commercial-Property Lending reached its highest on record at $14.3 billion.

 

In The News:

Bloomberg – “The Surge in U.S. Mansion Prices Is Now Over” (1-25-16)

“The six-bedroom mansion in the shadow of Southern California’s Sierra Madre Mountains has lime trees and a swimming pool, tennis courts and a sauna — the kind of place that would have sold quickly just a year ago, according to real estate agent Kanney Zhang.”

DS New – “JPMorgan Chase Settles With Lehman Brothers For More Than $1 Billion” (1-26-16)

“JPMorgan Chase has agreed to pay $1.42 billion to Lehman Brothers Holdings to settle claims that JPMorgan drained Lehman of billions of dollars before the investment banking firm’s infamous collapse in 2008, according to JPMorgan’s 8-K filing with the Securities and Exchange Commission (SEC) on Tuesday.”

Los Angeles Times – “Home prices jump in L.A. and Orange counties — and soar in San Francisco” (1-26-16)

“Home prices in Los Angeles and Orange counties jumped 6.2% in November compared with a year earlier, and prices in San Francisco kept soaring, according to results from the Standard & Poor’s/Case-Shiller index released Tuesday..”

Realty Trac – “RealtyTrac Launches Homedisclosure.com Providing “Pre-Diligence” Reports for 117 Million U.S. Homes” (1-26-16)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today announced the beta launch of its new consumer focused, mobile responsive, property Pre-DiligenceTM website, www.HomeDisclosure.com, which arms real estate consumers with detailed due diligence data on 117 million U.S. homes.”

Bloomberg – “Asset Bubbles May Be Avoidable After All” (1-26-16)

“Years after the biggest global financial meltdown since the Great Depression spurred debate over how policy makers can head off asset bubbles, tentative evidence is emerging from Asia-Pacific economies that prudent regulation can prove effective.”

DS New – “Nationwide’s Title Clearing Celebrates 25 Years in Business” (1-26-16)

“Nationwide Title Clearing, Inc., (NTC) a post-clearing services provider for some of the nation’s largest financial institutions, recently announced it has completed 25 years of service to the mortgage lending industry.”

Housing Wire – “Case-Shiller: Home prices can’t offset struggling economy” (1-26-16)

“Although home prices continued to increase, boding well for the economy, it’s still not strong enough to offset some of the trouble spots.  Home prices recorded a 5.3% annual increase in November 2015 versus a 5.1% increase in October 2015, reported the latest S&P/Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions.”

Los Angeles Times – “The coastline belongs to all Californians – but maybe not for long” (1-26-16)

“California’s fiercely independent Coastal Commission has been an amazing success for 40 years.  You can drive Highway 1 from Santa Barbara to Monterey and not see a single stoplight.”

Bloomberg – “MetLife Commercial-Property Lending Reaches Record $14.3 Billion” (1-26-16)

“MetLife Inc., the largest U.S. life insurer, loaned about $14.3 billion for commercial real estate globally last year, the most in the company’s history of more than 140 years.”

 

 

Hard Money Loan Closed

Rancho Palos Verdes, California hard money loan closed by The Norris Group private lending department. Real estate investor received loan for $670,000 on this single family property appraised for $1,120,000.

Rancho Palos Verdes 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 AOA San Diego on Tuesday, January 26.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Orange County FIBI on Tuesday, February 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDIC FIBI on Thursday, February 4.

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

 

Looking Back:

Existing home sales were low this month compared to January, although they were expected to be up from the previous year.  At the same time, pending home sales increased 2.6%, having increased for the first time in two years.  Mel Watt, director of FHFA spoke before the House Committee regarding future plans for the GSEs and where they stood.

 

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.








After Long Process, Fed Has Decided to Raise Interest Rates

Wednesday, December 16th, 2015

Today’s News Synopsis:

 

Breaking News: After a long process, the Fed made the decision today to raise interest rates by 25 basis points.  Housing starts for single-family homes increased 10.5% according to the U.S. Department of Housing and Urban Development and the Commerce Department.  Despite having been passed in October of last year, H.R. 3192 was not included in the year-end spending bill that was announced yesterday.

 

In The News:

DS News“It’s Official: The Fed Finally Raises Rates” (12-16-15)

“The Federal Reserve made the long-awaited, much-anticipated announcement on Wednesday afternoon that federal funds target rate will increase by 25 basis points from its near-zero level where it has been since 2006.”

Mortgage Bankers Association – “MBA Releases White Paper on Affordable Rental Housing and Need for Holistic Policy Solutions” (12-16-15)

“The Mortgage Bankers Association (MBA) today released a white paper outlining the importance of – and recommendations to expand – affordable rental housing.”

Housing Wire – “Fannie Mae: Expect 3 more Fed rate hikes in 2016” (12-16-15)

“December 16, 2015, will forever be known as the day that the Federal Open Market Committee increased the federal funds rate for the first time since June 2006, but one housing industry insider expects that this rate hike won’t be the last one — far from it, in fact.”

Realty Trac – “How Home Affordability Will Suffer as Interest Rates Rise: County-Level Heat Map” (12-16-15)

“With the Federal Reserve announcement today that it will be raising short-term interest rates by a quarter point — the first time it has done so since June 2006 — RealtyTrac took a look at the potential impact of rising interest rates on home affordability.”

Mortgage Professional America – “Morning Briefing: Buyers won’t be put off by higher interest rates” (12-16-15)

“With the Fed widely expected to increase interest rates by 25 basis points this week with further hikes to come, Zillow Mortgages has polled consumers to gauge how it might affect their home-buying plans.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (12-16-15)

“Mortgage applications decreased 1.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 11, 2015.”

NAHB – “Single-Family Starts Reach Seven-Year High in November” (12-16-15)

“Nationwide housing starts rose 10.5 percent to a seasonally adjusted annual rate of 1.173 million units in November, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department.”

Housing Wire – “TRID grace period bill looks for a plan B” (12-16-15)

“The Homebuyers Assistance Act, H.R. 3192, which passed the House in October by a vote of 303-121, failed to make it into the year-end spending bill that was announced late Tuesday.”

DS News – “GSEs Approaching Foreclosure Prevention Milestone” (12-16-15)

“The Federal Housing Finance Agency (FHFA), conservator of Fannie Mae and Freddie Mac, reported that the GSEs have completed almost three million home retention actions since the beginning of the conservatorships in September 2008.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Orange County on Tuesday, January 19.

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

 

Looking Back:

Production on new homes Decreased 1.6% the previous month according to NAHB.  Mortgage debt for commercial/multifamily properties increased by $28.6 billion, or 1.1%, its highest on record.  Freddie Mac reported that they expected to see  the highest amount of home sales in 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.





Department of Justice Seeking to File Criminal Charges Against JPMorgan and RBS

Tuesday, November 17th, 2015

Today’s News Synopsis:

 

The Department of Justice is seeking to file criminal charges against JPMorgan Chase and Royal Bank of Scotland for selling mortgage securities that were imperfect.  Builder confidence decreased three points this month to 62 according to the NAHB.  In another huge updated story from yesterday, the bill to decrease Fannie and Freddie’s pay was unanimously passed.

 

In The News:

DS News – “Fed Chairman Yellen Urges Congress to Reject Fed Reform Bill” (11-17-15)

“Federal Reserve Chairman Janet Yellen on Tuesday wrote a letter to newly-appointed Speaker of the House Paul Ryan and House Democratic leader Nancy Pelosi urging Congress to reject a proposed bill that would increase transparency from the Fed.”

Housing Wire – “BREAKING: DOJ reportedly pursuing criminal charges against JPMorgan Chase, RBS executives” (11-17-15)

“Following through on policy changes announced earlier this year that opened the door to individuals being held criminally responsible for corporate misconduct that helped cause the financial crisis, the Department of Justice is reportedly pursuing criminal charges against executives at the Royal Bank of Scotland (RBS) and JPMorgan Chase (JPM).”

NAHB“Builder Confidence Drops Three Points in November” (11-17-15)

“Builder confidence in the market for newly constructed single-family homes slipped three points to 62 in November from an upwardly revised October reading on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).”

Bloomberg – “Home Depot Dodges Retail Malaise as Profit Exceeds Estimates” (11-17-15)

“Home Depot Inc. posted third-quarter profit that topped analysts’ estimates, showing that consumers are still willing to spend on big-ticket items like their houses even while they pull back on purchases elsewhere.”

Housing Wire – “House passes bill to cap Fannie, Freddie CEO pay” (11-17-15)

“The U.S. House of Representatives officially passed legislation to cap the salaries of the Fannie Mae CEO Timothy Mayopoulos and Freddie Mac CEO Donald Layton on Monday night after being delayed two weeks by a busy Congressional calendar.”

DS News – “Many Consumers Still Weighed Down by Mortgage Debt” (11-17-15)

“Many Americans are still struggling with mortgage debt, which is the third most-popular form of debt in the nation. Much of this debt stems from borrowing at the wrong time and for the wrong purpose, preventing consumers from achieving financial stability.”

Mortgage Bankers Association – “Mortgage Foreclosures and Delinquencies Continue to Drop” (11-17-15)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 4.99 percent of all loans outstanding at the end of the third quarter of 2015.  This was the lowest level since the first quarter of 2007.”

Realty Trac – “New Financing Rules Brighten Condo Market” (11-17-15)

“For millions of Americans, “home” is a condo. There are roughly 6.2 million financed condo units, according to RealtyTrac, and with the publication of new Federal Housing Administration (FHA) rules on Nov. 13, they should now be easier to finance and refinance.”

DS News – “Exposure to Risk is Declining for Fannie Mae and Freddie Mac-But So Are Revenues” (11-17-15)

“Seven years after the housing market crashed, serious delinquency rates for most mortgage portfolios are at or near pre-recession levels, and the GSEs are no exception.”

 

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.

 

Looking Back:

In a big news story, the Supreme Court agreed to hear two cases from Bank of America regarding underwater mortgages.  California was expected to add over 10,000 construction jobs to the economy by the end of the year.  Mel Watt of the FHFA spoke in front of the Senate Banking Committee to testify about expanding credit.

 

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

HUD Announces Plans for Smoke-Free Homes

Thursday, November 12th, 2015

Today’s News Synopsis:

 

Mortgage rates increased, putting thirty-year rates at their highest since July at 3.98%, while 15-year rates were at 3.20%.  Foreclosure starts saw their highest increase in four years, up 6% from the previous month.  HUD announced plans to get rid of all tobacco-based products in homes, thus making housing 100% smoke-free.

 

In The News:

 

Mortgage Professional America – “Refis Drop” (11-12-15)

“According to the Mortgage Bankers Association, its refinance index was down 2% week-over-week for the week ending November 6 — which is likely the result of increasing mortgage rates.”

Bloomberg “U.S. Mortgage Rates Rise With 30-Year at Highest Since July” (11-12-15)

“Mortgage rates for 30-year U.S. loans rose to the highest level since the end of July as a strong jobs report increased the likelihood that the Federal Reserve will boost borrowing costs for banks.”

Housing Wire “HUD is about to ban smoking in housing” (11-12-15)

“The Department of Housing and Urban Development is one step closer to making the nation’s public housing 100% smoke free.”

DS News – “What’s Wrong With Dodd-Frank?  The GOP Says It Has the Answer” (11-12-15)

“The Republicans vying for the presidential nomination may have disagreed on many topics in Tuesday’s nationally televised debate, but they all pretty much agree on one thing—they don’t like Dodd-Frank.”

Mortgage Professional America – “Booming mortgage sector bringing jobs with it” (11-12-15)

“Happy days are here again, with housing numbers up and the mortgage sector passing those benefits along to a job-hungry nation.  All sectors of the mortgage industry are actively hiring, with Churchill Mortgage being just one of the companies that are in the midst of expansion and a frenzy of hiring, bringing on board nearly 100 new employees in this year alone.”

DS News – “What Metrics Can Best Determine ‘Housing Affordability'” (11-12-15)

“According to the U.S. Census Bureau, nearly a third of American households, owned or rented, experienced affordability problems in 2014. Fannie Mae, however, would like to challenge.”

Housing Wire – “RealtyTrac: Foreclosure starts post highest jump in more than four years” (11-12-15)

“Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 115,134 U.S. properties in October, up 6% from the previous month. This is still down 6% from a year ago, the latest RealtyTrac Foreclosure Market Report for October 2015 showed.”

 

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.


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

 

Looking Back:

Today was a big day for mortgages.  The amount of mortgage credit available decreased the previous month as a result of cuts to real estate programs.   The Mortgage Bankers Association also reported a drop in mortgage applications from the previous week by 0.9%.  A recent report from Pew Charitable Trusts showed that most major cities in the U.S. were still struggling to recover from the recession and were having difficulty getting revenue back to where it was before the recession.

 

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.



Housing Market for 55 and Older Showed Strong Signs in Third Quarter

Thursday, November 5th, 2015

Today’s News Synopsis:

 

According to the MBA’s Mortgage Credit Availability Index, the amount of mortgage credit available increased last month by 1.5% to 128.4.  The housing market for those 55 and older continued to show strong signs in the third quarter.  A new bill, H.R. 22, was just passed by the House of Representatives that will do away with guarantee fees on Fannie Mae and Freddie Mac backed mortgages.

 

In The News:

Realty Trac “Q3 2015 Home Sellers Realize Average Price Gain of 17 Percent From Purchase Price, Highest in Eight Years” (11-4-15)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its September and Q3 2015 U.S. Home Sales Report, which shows that homeowners who sold during the third quarter realized an average price gain of $40,658 (17 percent) from the purchase price of their property, the highest average price gain for home sellers since the third quarter of 2007.”

NAHB – “55+ Housing Market Remains Strong in Third Quarter” (11-5-15)

“Builder confidence in the single-family 55+ housing market remains strong in the third quarter of 2015 with a reading of 60, up three points from the previous quarter, according to the National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released today.”

Mortgage Bankers Association – “Mortgage Credit Availability Increased in October” (11-5-15)

“Mortgage credit availability increased in October according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”

Housing Wire “Community lenders push White House to recapitalize Fannie, Freddie” (11-5-15)

“In the wake of a weak third quarter that saw Fannie Mae’s net income cut in half and Freddie Mac take a loss for the first time in four years, two groups of community lenders are pushing the Obama administration to rebuild the capital reserves of the government-sponsored enterprises and develop a plan to end conservatorship of the GSEs.”

DS News – “House Passes Amendment to Transportation Bill, Eliminating Delay to GSE G-Fee Cuts” (11-5-15)

“The U.S. House of Representatives voted on Thursday to pass an amendment eliminating the use of guarantee fees on mortgages backed by Fannie Mae and Freddie Mac to fund a controversial $47 billion transportation bill known as H.R. 22, or the Developing a Reliable and Innovative Vision for the Economy (DRIVE) Act.”

NAHB – “Housing Markets Continue to Recover at Modest Pace” (11-5-15)

“Markets in 79 of the approximately 360 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the third quarter of 2015, according to the National Association of Home Builders/First American Leading Markets Index (LMI) released today.”

Mortgage Bankers Association – “MBA Commands Passage of Neugebauer-Huizenga Amendment” (11-5-15)

“David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA), issued the following statement commending the House for passing the Neugebauer-Huizenga amendment to H.R. 22, the DRIVE Act: See article”

Housing Wire – “Wells Fargo fined $81.6 million for violating federal bankruptcy rules” (11-5-15)

“Wells Fargo (WFC) will return $81.6 million to homeowners after reaching a settlement with the Department of Justice’s U.S. Trustee Program over the bank’s “repeated failures” to provide bankrupt homeowners with legally required notices of mortgage payment increases.”

Mortgage Professional America – “Lenders getting creative through banking partnerships” (11-5-15)

“Finding flexibility in the mortgage lending market is crucial for those competing in a resurgent housing market – and some lenders are looking to partnerships to enhance that flexibility.”

 

Bruce Norris will be speaking at the Cutting-Edge Financial Tactics Brunch on Saturday, November 7.

Bruce Norris will be speaking at the 2nd Annual TNG VIP Subsriber Brunch on Sunday, November 8.

Image copyright source: www.flickr.com/photos/17367470@N05

Looking Back:

The Mortgage Bankers Association reported mortgage applications decreased by 2.6% from the previous week.  The executive board of directors for the National Appraisal Congress discussed important issued related to the appraisal and residential valuation industries during their meeting the previous day in Washington D.C.  Capital Economics said the decline in mortgage interest rates resulted in an increase in refinancing activity.

 

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.