California Real Estate Headline Roundup

Posts Tagged ‘RealtyTrac’

By Bruce Norris .

Mortgage rates continue to remain low

Thursday, November 13th, 2014

 

 

 

Sources:

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



Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

 

Looking Back:

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

 

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

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

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

Monday, November 10th, 2014

 


Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

 

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

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

Homeownership Rate Decreases to Lowest Since 1995

Tuesday, October 28th, 2014

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

 

 

 

Today’s News Synopsis:

 

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Hard Money Loan Closed

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

Perris Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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

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

 

Looking Back:

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

 

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

Risk Retention Rule Approved by Six Federal Agencies

Thursday, October 23rd, 2014

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

 

 

Today’s News Synopsis:

The new risk-retention rule has finally and officially been approved by six federal agencies.  Mortgage rates decreased this past week with 30-year rates now at 3.92% and 15-year rates at 3.08%.  Home prices in the U.S. increased 0.5% in August, above economists’ expectations.

 

In The News:

Housing Wire“Fannie Mae: Positive on U.S. economy despite global growth decline” (10-23-14)

“Real economic growth in the U.S. appears ready to exceed 3% for the second half of the year, providing a sound basis for growth in 2015, according to Fannie Mae’s Economic & Strategic Research Group.”

Bloomberg - “U.S. Mortgage Rates Fall With 30-Year at 3.92%” (10-23-14)

“Mortgage rates in the U.S. declined, remaining at a 16-month low as more affordable borrowing costs fuel an increase in refinancing.”

Housing Wire - “It’s official” Risk retention rule approved” (10-23-14)

“The final version of the risk retention rule is now officially approved by six federal agencies, following the Federal Reserve’s last approval on Wednesday.”

OC Housing News“Regulators capitulate to lending industry lobbyists” (10-23-14)

“In a complete victory for lending industry lobbyists, the Qualified Residential Mortgage rules match the Qualified Mortgage rules.”

NAHB - “Remodeling Market Index Reclaims All-Time High” (10-23-14)

“The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) reclaimed the high-water mark of 57 in the third quarter of 2014. This is the sixth consecutive quarter for an RMI reading above 50.”

Housing Wire - “RealtyTrac: Seriously underwater homes hit 2-year low” (10-23-14)

“The amount of seriously underwater properties plunged to the lowest level in two years, with 8.1 million U.S. residential properties seriously underwater — where the combined loan amount secured by the property is at least 25% higher than the property’s estimated market value, RealtyTrac’s U.S. home equity and underwater report for the third quarter of 2014 said.”

Bloomberg“U.S. Home Prices Beat Estimates With 0.5% Gain in August” (10-23-14)

“U.S. home prices rose more than economists estimated in August as employment growth fueled demand for housing.  Prices climbed 0.5 percent on a seasonally adjusted basis from July, the Federal Housing Finance Agency said today in a report from Washington.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

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

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

 

Looking Back:

Mortgage delinquencies increased slightly the previous month by 4.23% according to the Lender Processing Services.  The FHFA reported home prices showed increases for 19 months straight with their recent increase of 0.3% in August.  The FHA has disputed some data on a recent CBO report, claiming some information was not accurate.

 

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.

Lending Business to Welcome An Interesting Member: Facebook

Tuesday, October 14th, 2014

 

Today’s News Synopsis:

A new recent poll by Bankrate.com showed more and more Americans are saving money with the uncertainty about the economy’s future and slow income growth.  Rumor has it Facebook will be doing more business with lending.  Another survey from RealtyTrac showed over 50% of housing markets have improved from two years ago.

In The News:

Housing Wire - “Citigroup 3Q revenue jumps to $19.6B” (10-14-14)

“Citigroup (C) posted net income for the third quarter 2014 of $3.4 billion, or $1.07 per diluted share, on revenues of $19.6 billion, compared to net income of $3.2 billion, or $1.00 per diluted share, on revenues of $17.9 billion for the third quarter 2013.”

DS News - “Survey Finds Consumer Spending Tight Despite Financial Security” (10-14-14)

“Stagnant income growth and uncertainties about the economy’s future have spurred more Americans to putting a tight lid on their monthly spending, according to a new poll.”

Bloomberg“Fannie Mae Common Shares Rally, Rebounding From Judge’s Ruling” (10-14-14)

“Fannie Mae and Freddie Mac common shares rose for a fifth day in New York trading, erasing most of their drop tied to a court ruling last month, while the companies’ preferred securities posted smaller gains.”

Housing Wire - “Is the era of buying homes with cash coming to an end?” (10-14-14)

“Cash sales are slowly turning into the endangered species of the industry, reaching the lowest share since august 2008.”

Mortgage Professional America“Social media giant to enter lending business” (10-14-14)

“With rumors already circulating about Facebook’s intention to offer payment services, the social media giant is now also believed to be looking at lending.”

DS News - “Study: 52 Percent of County Housing Markets ‘Better Off’ Than Two Years Ago” (10-14-14)

“A total of 811 U.S. county housing markets (52 percent) were rated as “better off” than they were two years ago, compared to only 11 percent (176 markets) categorized as “worse off,” according to RealtyTrac’s 2014 Election Housing Scorecard released on Tuesday.”

Housing Wire“Mortgage banking industry weighs in support for single GSE bond” (10-14-14)

“A common securitization platform and a single GSE bond is coming soon enough from the Federal Housing Finance Agency, and while details are still under discussion the mortgage banking industry is weighing in with their thoughts.”

OC Housing News“Is housing headed for another stimulus hangover?” (10-14-14)

“Ever since house prices began a steep, deep, and unprecedented decline in 2008, the government, lenders, and the federal reserve have changed policies and applied stimulus of various kinds to reverse the decline and reflate the previous bubble in order to restore collateral backing to bubble-era home loans to preserve the solvency of our banking system.”

 

Bruce Norris will be speaking at AOA’s Big Million Dollar Trade Show & Landlording Conference TOMORROW.

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

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

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

 

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.

New Home Purchase Applications Remain The Same From Last Week

Thursday, October 9th, 2014

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

 

 



Today’s News Synopsis:

New home purchase applications remain virtually the same from last week according to the latest Builder Application Survey by the Mortgage Bankers Association.  Freddie Mac reported mortgage rates, on the other hand, decreased to their lowest in a month with 30-year rates at 4.12% and 15-year rates at 3.3%.  HELOCS increased by 20.6% from last year with a total of 797,865 originated across the nation.

 

In The News:

Mortgage Bankers Association“Applications for New Home Purchases Unchanged in September” (10-9-14)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for September 2014 shows mortgage applications for new home purchases remained unchanged relative to the previous month.”

Housing Wire“Auction.com launches Auction Finance to spur investor activity” (10-9-14)

“Seeking to expand on its pool of potential real estate buyers, Auction.com has created a new division to help commercial and residential real estate investors obtain financing.”

Bloomberg“Home Equity Loans Surge as Rates Fall to Lowest Since 2008″ (10-9-14)

“The 1960 Ray Charles lyric — “Them that’s got are them that gets” — rings true today in the U.S. mortgage market.  Lenders increased their origination of home equity lines of credit, or Helocs, by 21 percent in the 12 months ending in June, data firm RealtyTrac Inc. said today.”

DS News“Wells Fargo Settles With HUD Over Maternity Leave Discrimination Complaints” (10-9-14)

“The U.S. Department of Housing and Urban Development (HUD) has reached a $5 million settlement with Wells Fargo Home Mortgage, the largest provider of residential mortgage loans in the nation, to resolve allegations that Wells Fargo discriminated against women who were either pregnant or on maternity leave, HUD announced Thursday.”

Mortgage Professional America“State expands help for first-time homebuyers” (10-9-14)

“The California Housing Finance Agency (CalHFA) is providing an additional $6,500 in down payment assistance to first-time homebuyers through its CalPLUS Conventional program.”

OC Housing News - “Desperate Baby Boomers need Millennials to buy homes” (10-9-14)

“Who cares whether or not Millennials buy homes? Shouldn’t the Millennials themselves be the only ones who care whether they rent or whether they own? Shouldn’t the choice be one for them to make in consideration of their own lifestyles, needs, and goals?”

Bloomberg“U.S. Mortgage Rates Fall to Lowest in a Month” (10-9-14)

“U.S. mortgage rates fell to the lowest level in a month after the International Monetary Fund’s cut to its global-growth outlook drove investors to the safety of the U.S. government bonds that guide borrowing costs.”

Housing Wire“Credit nation?  HELOCs up 20.6% year-over-year” (10-9-14)

“A total of 797,865 home equity lines of credit were originated nationwide, up 20.6% from a year ago and the highest level since the 12 months ending June 2009, according to RealtyTrac.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

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

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

 

Looking Back:

The Mortgage Bankers Association reported a 1.3% increase in mortgage applications the previous week.  Shadow inventory decreased to the lowest level since August 2008 and stood at 1.9 million.  Janet Yellen was nominated to serve as the head of the Federal Reserve and the first woman to serve in this position.

 

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.

Home Price Growth Strongest in Five Months in August Despite Being on Overall Decline

Tuesday, October 7th, 2014

Copyright: Image from www.flickr.com/photos/68751915@N05/



Today’s News Synopsis:

Home price growth is actually on the decline having increased only 6.4% year-over-year and 0.3% month-over-month in August, compared to 7.4% and 1.2% the year prior.  Despite this, growth was actually the strongest it had been in five months.  RealtyTrac released data showing the best top ten college towns to buy rental properties and to flip homes.

 

In The News:

Housing Wire“CoreLogic: Home price growth continues downward trend” (10-7-14)

“Home prices, including distressed sales, climbed 6.4% in August 2014 compared to a year prior, following 30 months of consecutive year-over-year increases in home prices nationally, the latest CoreLogic home price index reported.”

Bloomberg“Homebuilders Offer Freebies as Booming U.S. Markets Cool” (10-7-14)

“Builders in Phoenix and areas from Sacramento, California, to Orlando, Florida, are sweetening offers as sales slow in some of the country’s most volatile housing markets.”

Realty Trac“Best College Towns for Buying Rentals, Flipping in 2014″ (10-7-14)

“RealtyTrac has ranked the top 10 college towns for buying rental properties, and the top 10 college towns for flipping in 2014.  For these rankings, RealtyTrac looked at public four-year universities with a total 2012 enrollment of 20,000 or more based on data from the National Center for Education Statistics and located in counties with an unemployment rate below the national average of 6.2 percent in June 2014.”

Housing Wire“Capital Economics: August price growth was strongest in five months” (10-7-14)

“The increase in the CoreLogic measure of house prices in August, although barely half the average monthly gain of August 2012 and 2013, suggests that the housing market is putting the soft patch in prices from earlier this year behind it, a client note from Capital Economics says.”

Mortgage Professional America“CFPB is doing a good job overall — government watchdog” (10-7-14)

“The CFPB is performing well, for the most part. That’s according to a new report by the Federal Reserve’s Office of the Inspector General.  The OIG had reviewed the CFPB’s rule-making process to see whether it complied with the Dodd-Frank Act.”

OC Housing News - “How restricted for-sale housing inventory saps demand” (10-7-14)

“Lenders restricted MLS inventory to drive up house prices, which also drives up rent; higher rent makes it more difficult to save for a down payment.”

Housing Wire - “KBW: Single-family REO market tops $25 billion” (10-7-14)

“A client note from Keefe, Bruyette & Woods says that major institutional players have now invested $25 billion in the single-family rental market, acquiring some 150,000 properties nationwide.”

Realty Trac“Boston Foreclosures Bouncing Back” (10-7-14)

“Foreclosure starts in the Boston metro area increased 17 percent in July compared to a year ago, the fifth consecutive month where foreclosure starts have increased annually in the region.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

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

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

 

Looking Back:

With the third-quarter earnings report recently released for U.S. banks, the third quarter was not looking good and was expected to have lower profits.  The recent market index report from NAHB showed that 52 out of 350 metros in the nation showed signs of improvement.  Moody’s Investors Services reported modified seriously delinquent loans continued to hold strong.

 

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.

Debate Continues Over Loosening Mortgage Credit

Monday, October 6th, 2014

 

 

Copyright: Image from www.flickr.com/photos/68751915@N05/



Today’s News Synopsis:

Despite a decrease in average gross ROI and profit, California is still fourth on the list of states leading home flipping.  Freddie Mac saw a drop in their serious delinquency rate by 2% last August.  Different organizations, including the Federal Reserve Board and BofA Merrill Lynch Global Research, continue to debate over whether or not mortgage credit is loosening.

 

In The News:

Housing Wire“Credit Suisse: This is slowing down homeownership” (10-6-14)

“Affordability is no longer a compelling motivator for first-time homebuyers, according to a new report from Credit Suisse.  Due to the combination of higher mortgage insurance costs, higher interest rates and higher home prices, affordability is back to the long-term averages for first-time buyers.”

DS News“California Ranks Fourth in Home Flipping Despite Drops in Average Gross ROI, Profit” (10-6-14)

“Despite seeing a decline in average gross ROI and average gross profit on flipped homes, California still ranked fourth among the 50 states and District of Columbia in flipped homes as a percentage of total sales in Q2, according to RealtyTrac.”

Realty Trac“Are Banks Smart To Haggle With the FHA?” (10-6-14)

“The growing battle between the FHA and the lending industry could soon impact home sales and refinancing nationwide, a contest to win both hearts and minds not to mention loan originations worth billions of dollars.”

Mortgage Professional America“S&P faces new investigation over mortgage bond ratings” (10-6-14)

“Standard & Poor’s is in hot water over its ratings of mortgage bonds again, this time with New York Attorney General Eric Schneiderman.”

OC Housing News - “Why aren’t Millennials buying homes?” (10-6-14)

“In the 60 years between World War II and the housing bust, each generation obtained an education, secured a job, got married, and bought a home in the suburbs, enshrining our nostalgic notions of the American Dream. Unfortunately, lenders destroyed all that.”

DS News“Freddie Mac’s Serious Delinquency Rate Dips Below 2 Percent” (10-6-14)

“Freddie Mac followed the lead of its sister government-sponsored enterprise, Fannie Mae, and reported a serious delinquency rate of less than 2 percent for August in its recently-released August 2014 Monthly Summary.”

Housing Wire“Is mortgage credit loosening or not?” (10-6-14)

“The Federal Reserve Board’s Quarterly Senior Loan Officer Survey of credit conditions indicates that mortgage credit loosened in Q2 2014.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

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

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

 

 

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.

Distressed Homes Sell at Less Than Half The Price of Non-Distressed Homes

Tuesday, September 30th, 2014

 

 

 

 



Today’s News Synopsis:

Home prices increased in 20 US cities by 6.7% according to the latest Case-Shiller Index.  The latest RealtyTrac report showed that in eight states, distressed homes sold at less than half the price of a non-distressed home.  The high cost of loans seems to be the biggest obstacle to homeowners saving for a down payment and has lead to a decrease in FHA originations.

In The News:

Housing Wire - “Realtor confidence on home price growth slips, but solid” (9-30-14)

“Members of the National Association of Realtors expect home prices to increase modestly in the next 12 months, with the median expected price increase at 3.5%, according to data gathered from the August 2014 Realtor Confidence Index Survey.”

Los Angeles Times“Murdoch’s News Corp. to buy parent of Realtor.com for $950 million” (9-30-14)

“Rupert Murdoch is moving into the online real estate business.  Murdoch’s News Corp. announced a deal Tuesday to buy Move Inc., operator of Realtor.com, the nation’s third-largest real estate listings website, for $950 million. The purchase, expected to close by the end of the year, would put the parent company of the Wall Street Journal in direct competition with online listing giants Zillow and Trulia, rivals who themselves announced a merger agreement in July.”

DS News“Report: Distressed Homes Sold at Less Than Half Price in Eight States in August” (9-30-14)

“Eight states reported a median sales price for distressed homes at less than half the sales price of non-distressed homes in August, according to a report recently released by RealtyTrac.”

OC Housing News“High loan costs cause FHA originations to plunge” (9-30-14)

“The biggest barrier to first-time homebuyers is saving for a down payment. As a result, most first-time homebuyers turn to the FHA because the FHA only requires 3.5% down, but as everyone who’s gone down that road also quickly learns, FHA financing is expensive; in fact, FHA financing is so expensive, it’s like taking out a 12.4% second mortgage!”

Housing Wire - “News Corp will buy Move for $950 million” (9-30-14)

“Rupert Murdoch’s News Corp (NWS) has agreed to purchase Move (MOVE), which operates Realtor.com for the National Association of Realtors, for $950 million in cash.”

Mortgage Professional America“Mortgage pros raise cash for needy families” (9-30-14)

“The Mortgage Bankers Association’s philanthropic arm raised more than $31,000 for families in need this summer.  The MBA Opens Doors Foundation is dedicated to providing financial assistance to families with critically ill or injured children by awarding grants toward mortgage or rent payments.”

DS News - “Single-Family Home Sales Drop in Connecticut” (9-30-14)

“Single-family home sales declined in Connecticut by nearly 6 percent year-over-year in August, according to the Warren Group, publisher of the Commercial Record.”

Bloomberg - “Home Prices in U.S. Rise at Slowest Pace in Almost Two Years” (9-30-14)

“Home prices in 20 U.S. cities rose in the year ended in July at the slowest pace in almost two years as still-tight credit and limited wage gains weigh on demand.”

Housing Wire - “Bank of America finds buyer for Countrywide subprime MSRs” (9-30-14)

“Bank of America (BAC) is set to break the logjam of legacy mortgage servicing rights transfers when it transfers the MSRs of 2,291 subprime loans that were originated by Countrywide Financial to Select Portfolio Servicing in November.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

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

 

Looking Back:

Freddie Mac had just reached a settlement with Citigroup over repurchase claims in the future.  In an announcement made the previous day, HUD redefined a qualified mortgage to mean a mortgage that required periodic payments and not have terms longer than 30 years.  Housing equity increased 30% year-over-year with the decrease in mortgage debt.

 

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.

Negative Equity Decreases to Almost Single-Digits

Thursday, September 25th, 2014

 

 

 

Today’s News Synopsis:

Mortgage rates decreased slightly after being at high numbers for four months; 30-year rates now stand at 4.2% and 15-year rates 3.36%.  Negative equity decreased in the second quarter to almost single-digits while borrower equity increased by $1 trillion.  The median price for distressed homes increased in August both month-over-month and year-over-year.

In The News:

Housing Wire - “Nevada Supreme Court ruling could jeopardize first mortgage liens” (9-25-14)

“Matt Martin Real Estate Management is sounding the alarm that a recent decision by the Nevada Supreme Court could substantially impact the security of first mortgage lien holders.”

DS News“Underwater Rate Dips; Borrower Equity Jumps by $1 Trillion” (9-25-14)

“The nation’s negative equity rate dipped closer to single digits in the year’s second quarter, though nearly one in five borrowers remain poorly positioned, according to new data released Thursday.”

Bloomberg“U.S. Mortgage Rates Drop From a Four-Month High” (9-25-14)

“Mortgage rates in the U.S. dropped from a four-month high, reducing borrowing costs as demand for housing improves.  The average rate for a 30-year fixed mortgage was 4.2 percent this week, Freddie Mac said in a statement today.”

Housing Wire - “Black Knight: Delinquency rate jumps almost 5% to highest since February” (9-25-14)

“The mortgage delinquency rate jumped nearly 5% in August, reaching its highest point since February, the Data and Analytics division of Black Knight Financial Services reported in its “first look” at August 2014.”

DS News“CFPB Official Discusses New Servicing Rules” (9-25-14)

“A recurring theme during many of the six labs at the Five Star Conference earlier this week was compliance and how it has changed the mortgage and real estate industries in the last few years.”

OC Housing News - “People who lost their homes in foreclosure moved in next door” (9-25-14)

“What happens to people who lose their house in foreclosure? Do they end up homeless and destitute? Do they resort to a life of crime or prostitution? Is foreclosure the end of modern civilization as we know it?  People who were trying to prevent foreclosures proffered all of these fallacious reasons why we needed to stop foreclosures and give delinquent borrowers principal reductions or free houses.”

Mortgage Professional America - “Minority mortgages hit 13-year low” (9-25-14)

“The share of mortgages made to African-American and Hispanic borrowers to buy homes has hit a 13-year low, according to recently released federal data collected from mortgage lenders under the Home Mortgage Disclosure Act.”

DS News - “Distressed Home Sale Prices Increase in August” (9-25-14)

“The August median price of U.S. distressed homes climbed both monthly and annually, according to RealtyTrac’s August 2014 U.S. Residential and Foreclosure Sales Report released on Sept. 25.”

Housing Wire“Home-price growth in August slows in 18 of 20 largest housing markets” (9-25-14)

“Home-price growth is slowing even as the sales of homes under $200,000 slip and the share of home sales above the $500,000 price point grow, according to the August home report from RealtyTrac.”

Realty Times“Education Thwarting Homeownership For Younger Households” (9-25-14)

“Was it worth it? That may be the question being asked by about 5.9 million households between the ages of 20 to 40 who incurred student college loan debt and are still paying it down today to the tune of about $250 or more each month.”

Realty Trac“Student Loan Debt Curbing Housing Market” (9-25-14)

“The residential real estate market’s foundation is beginning to wobble. And crushing student debt is curbing the nascent real  estate recovery, according to a new report by John Burn Real Estate Consulting.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

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

 

Looking Back:

In a big news story, Governor Jerry Brown signed a bill into law that would increase the minimum wage to $10 an hour.  U.S. home sales increased 7.9% in August after having plummeted 14.1% in July.  In addition, home prices also made a comeback in one-fifth of the top markets in the United States.

 

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.