California Real Estate Investing News

Posts Tagged ‘RealtyTrac’

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.

New Bills Passed by House Financial Services Committee to Give Regulators More Accountability

Wednesday, November 4th, 2015

Today’s News Synopsis:

 

The Mortgage Bankers Association reported mortgage applications decreased 0.8% in their latest survey.  CoreLogic reported a decrease in distressed home sales by 2.3 percentage points, putting them at their lowest in 8 years.  Several new bills were passed by the House Financial Services Committee today aimed at giving financial regulators more accountability.

 

In The News:

NAHB – “NAHB Calls for Passage of Bills to Reduce Regulatory Burdens on Small Businesses” (11-3-15)

“The National Association of Home Builders (NAHB) today urged Congress to pass two bills that would help ease regulatory burdens and uncertainties facing home building firms and other small businesses.”

Mortgage Bankers Association – “Mortgage Applications Slightly Decrease in Latest MBA Weekly Survey” (11-4-15)

“Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 30, 2015.”

Mortgage Professional America “Canadian lender sets sights on American originator business” (11-4-15)

“It’s a lucrative market for originators and it’s one being targeted by an influential big bank.  Royal Bank of Canada – the country’s largest bank, based on profits – is planning on using its acquisition of City National Corp. to grow its influence in the American jumbo mortgage market.”

Housing Wire “CoreLogic: Distressed home sales at lowest level in 8 years” (11-4-15)

“Distressed sales, which include real estate-owned properties and short sales, accounted for 9.3% of total home sales nationally in August 2015, down 2.3 percentage points from August 2014 and down 0.4 percentage points from July 2015, CoreLogic (CLGX).”

DS News – “Fed Chair Yellen Hints at Possible December Rate Hike in Congressional Testimony” (11-4-15)

“Federal Reserve Chair Janet L. Yellen testified before the House Financial Services Committee Wednesday morning to discuss supervision and regulation among U.S. financial institutions, but the looming interest rate hike was the subject no one could resist touching on.”

Realty Trac – “Where the Ground Shakes: The Top 5 Counties with High Risk for Earthquakes” (11-4-15)

“RealtyTrac released a recent report on natural disasters. The report identified the risk levels, ranging from Very Low to Very High, in natural disasters across the U.S. Displayed are the counties ranked by earthquake risk.”

Mortgage Professional America – “Denver tops list of hottest U.S. housing markets” (11-4-15)

“Denver has moved to the top spot among the 20 hottest U.S. housing markets, according to realtor.com’s latest housing report.  According to the report, October’s 20 hottest markets received between 1.8 and 3.6 times the number of views per listing as the national average.”

Housing Wire – “Here’s the outrageous price of NYC’s most expensive condo” (11-4-15)

“One57 is officially the most expensive building in New York City, surpassing 15 Central Park West, according to the semiannual CityRealty 100 report.”

DS News – “House Committee Passes Bills Aimed at Increasing Accountability of Financial Regulators” (11-4-15)

“The House Financial Services Committee on Wednesday announced the passage of several bills aimed at supporting economic growth and increasing the accountability of financial regulators.”

 

 

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.

 

Looking Back:

The amount of mortgage credit available decreased again in October by 2.5% down to 113.2.  The numbers for sales and median sale prices for local homes was stronger than international sales.  A new regulation established by HUD that would make filing allegations against discrimination easier was thrown out this week by a federal judge.

 

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 and Banking Leaders Urged to Take Action on Zombie Foreclosures

Friday, October 30th, 2015

Sources:

 

Video coming very shortly

 

Today’s News Synopsis:

 

Aaron Norris of the Norris Group gives the news of the week in the world of real estate in this week’s Norris Group real estate headline roundup.  RealtyTrac reported a decrease in seriously underwater homes.  Leaders in both the housing and banking industry have been urged by Senators Bob Menendez and Cory Booker to take action on zombie foreclosures.  GDP growth in the third quarter was below expectations, but it is not expected to have a large affect on the housing market.

 

In The News:

 

Bloomberg – “Moody’s Profit Beats Estimates on Growth of Structured Debt” (10-30-15)

“Moody’s Corp. reported third-quarter profit that exceeded analysts’ estimates, as the company’s credit-ratings unit benefited from a jump in structured-debt transactions.  Net income rose 7.6 percent to $231.6 million in the three months ended Sept. 30 from $215.2 million a year earlier, the New York-based company said in a statement Friday.”

Mortgage Professional America “Originators react to potential Fed rate hike in December” (10-30-15)

“What effect will a potential rate hike in December have on the mortgage industry? Well, it all depends on who you ask.”

Housing Wire “Revised 2015 origination totals equal good news for mortgage lenders” (10-30-15)

“While it may be small, the mortgage market is still showing subtle signs of strength, beating original expectations for the year, a new industry report from FBR & Co. said.”

DS News – “Weak Q3 GDP Growth Not Expected to Weigh Down Housing” (10-29-15)

“As was widely predicted, the nation’s real gross domestic product growth took a hit in the “advance” estimate for Q3 released Thursday following Q2’s healthy rate of 3.9 percent, according to the Bureau of Economic Analysis.”

Housing Wire – “Stability improves for RMBS services but challenges remain” (10-23-15)

“Mortgage bond servicers are showing improvements in managing challenged portfolios within a framework of tighter compliance and regulatory scrutiny, according to Fitch Ratings, but challenges remain.”

Mortgage Professional America – “Number of underwater U.S. homes plummets” (10-30-15)

“The number of seriously underwater U.S. properties – properties on which the homeowner owes at least 25% more than the home is worth – plummeted during the third quarter, according to a report from RealtyTrac.”

DS News – “Senators Call Federal Regulators to Action on Zombie Foreclosures” (10-30-15)

“U.S. Senators Bob Menendez and Cory Booker have written a letter to federal banking and housing leaders urging them to take action on the “zombie” foreclosure crisis which has plagued the nation.”

 

 

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/andrewbain and www.flickr.com/photos/orangegreenblue

 

Looking Back:

Freddie Mac reported mortgage rates increased from their lowest this year with 30-year rates increasing to 3.98% and 15-year rates to 3.13%.  GDP growth in the third quarter showed signs of decrease, although on a positive note it still exceeded expectations.  More and more buyers were taking loans from nonbank entities due to being rejected by large banks.

 

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

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MBA Predicts Commercial/Multifamily Originations Will Increase 6% Next Year

Thursday, October 29th, 2015

 

Today’s News Synopsis:

 

The National Association of Realtors reported a 2.3% decrease in pending home sales following an initial 1.4% decline the month prior.  According to Freddie Mac, mortgage rates decreased but not by that much with 30-year rates now at 3.76% and 15-year rates at 2.98%.  The MBA predicted commercial/multifamily mortgage originations will increase 6% next year.

 

In The News:

Mortgage Bankers Association – “MBA Forecasts a 6 Percent Increase in Commercial/Multifamily Mortgage Originations in 2016” (10-29-15)

“The Mortgage Bankers Association (MBA) projects originations of commercial and multifamily mortgages will rise 6 percent in 2016 to $485 billion.”

Bloomberg – “Pending Sales of Previously Owned U.S. Homes Unexpectedly Fall” (10-29-15)

“Contract signings to purchase previously owned U.S. homes unexpectedly fell in September by the most since the end of 2013, indicating the residential real estate market is cooling from its recent brisk pace.”

Mortgage Professional America “Morning Briefing: There’s a whole lotta flipping going on” (10-29-15)

“There has been an increase in the number of homes across the US that were flipped in the third quarter of 2015.”

Housing Wire “Freddie Mac: Mortgage rates barely waver, move lower” (10-29-15)

“Mortgages rates fell slightly lower amid market expectations of no rate increase by the Federal Reserve, the latest Primary Mortgage Market Survey from Freddie Mac said.”

DS News – “Clayton Holdings Welcomes New Head of Consulting Services” (10-29-15)

“Clayton Holdings LLC, a provider of loan due diligence, surveillance, REO management, and consulting services to the mortgage industry, recently welcomed Andrew Pollock as senior managing director of Clayton Consulting Services.”

Mortgage Professional America – “Fannie Mae has originators’ backs” (10-29-15)

“A new initiative by Fannie Mae will benefit lenders and originators, according to one industry player.”

Housing Wire – “RealtyTrac: Is home flipping making a comeback?” (10-29-15)

“There were 43,197 single-family homes and condos flipped in the third quarter of 2015, according to RealtyTrac’s third quarter 2015 U.S. Home Flipping Report.”

 

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/jbwendover and www.flickr.com/photos/stevenm_61

 

Looking Back:

In a big news story, the FOMC announced the end to tapering with the closure of their Quantitative easing program.  The Mortgage Bankers Association reported a 6.6% decrease in mortgage applications from the previous week.  Foreclosures also decreased by almost a third year-over-year in September last year.

 

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.

Appreciation on Condos Greater Than That of Single-Family Homes

Wednesday, October 28th, 2015

 

Today’s News Synopsis:

 

The Mortgage Bankers Association reported a 3.5% decrease in mortgage applications from the past week.  Interest rate hikes have been delayed again according to the latest decision by the Federal Reserve.  Zillow reported appreciation of condos is greater than that on single-family homes.

 

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (10-28-15)

“Mortgage applications decreased 3.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 23, 2015.”

DS News – “Homeownership is the Key to Wealth-Building, Middle Class” (10-28-15)

“Sustainable homeownership is the “gateway to the middle class” for many Americans and is the primary source of wealth creation for many, which is why increasing the homeownership rate is so critical to a healthy economy, according to a panel at a housing forum in Washington, D.C. on Tuesday.”

Realty Trac “Flood Risk Heat Map” (10-28-15)

“This interactive heat map, based on a recent RealtyTrac Natural Disaster Report, displays that 43 percent of U.S. homes with an estimated market value of $6.6 trillion are in counties with a High natural disaster risk.”

Housing Wire “Fed again delays interest rate hike” (10-28-15)

“The Federal Reserve said today that it is not going to raise the federal funds rate this month, citing the fact that the country’s economy still has not met the targets laid out by the Federal Open Markets Committee.”

DS News – “Success of GSEs’ Credit Risk Transfer Programs Ensure They Are Here to Stay” (10-28-15)

“The credit risk transfer programs implemented by Fannie Mae and Freddie Mac in order to transfers a portion of its credit risk on certain Single-Family loans to private capital markets investors and minimize taxpayer risk are relatively new at only two years old.”

Mortgage Professional America – “Morning Briefing: Condos outpacing single-family homes” (10-28-15)

“Condos are appreciating faster than single-family homes according to Zillow. Its latest analysis shows that single-family homes across America have increased in price by an average of 3.7 per cent while condos have increased by 5.1 per cent.”

Housing Wire – “St. Joe Company, former execs settle with SEC over alleged real estate overvaluing” (10-28-15)

“One of Florida’s largest landowners and real estate developers and several of its former executives settled charges brought by the Securities and Exchange Commission, which accused the company of overvaluing its real estate holdings during the financial crisis.”

 

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/grantmac

 

Looking Back:

Home prices continued 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 prior year according to CoreLogic.

 

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.