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By Bruce Norris .

The Norris Group Real Estate News Roundup 5/2/13

Thursday, May 2nd, 2013


Today’s News Synopsis:

Mortgage rates decreased for the fifth consecutive week with 30-year rates at 3.35% and 15-year rates at 2.56%, their lowest on record.  Almost 2,000 bank branches have been shut down since 2008, 93% of them determined to be in low income areas.  Housing costs are taking their toll on renters despite home affordability being at its highest on record.

In The News:

Bloomberg - “Mortgage Rates Drop for Fifth Week as 15-Year Sets Record” (5-2-13)

“Mortgage rates in the U.S. fell for a fifth week, with costs for a 15-year loan reaching a record low, adding support for housing demand as home prices climb.”

DS News – “Report: More than 1 in 4 Working Renters Face Severe Housing Costs” (5-2-13)

“While home affordability has reached record high levels, for renters, housing cost burdens have been steadily increasing.”

Housing Wire – “Snowball effect: Shared appreciation bill fuels FHFA nomination” (5-2-13)

“President Barack Obama’s nomination of Rep. Mel Watt, D-N.C., to replace Ed DeMarco at the Federal Housing Finance Agency comes at a time when, interestingly enough, shared-appreciation pilot program efforts are hitting Congress.”

DS News - “GSE Reminds Servicers of Default-Related Legal Services Requirement” (5-2-13)

“In a notice Thursday, Freddie Mac encouraged servicers to prepare for new requirements for default-related legal services that will take effect in less than a month.”

Bloomberg - “Predator Targets Hit as Banks Shut Branches Amid Profits” (5-2-13)

“Banks that opened more than 15,000 branches across the U.S. in the decade leading to the financial crisis are retreating from lower-income neighborhoods, even as the industry posted its second-most-profitable year on record.”

DS News - “RealtyTrac: Where to Find the Biggest Flipping Profits” (5-2-13)

“Amid the rumors of bidding wars are markets where the art of flipping can still be maintained.”

CNN Money - “Hedge fund manager: Fed should rev up ‘printing press’” (5-2-13)

“Hedge fund manager Dan Arbess thinks the Federal Reserve should use its ‘printing press’ to funnel money directly to the Treasury instead of simply buying more bonds.”

Hard Money Loan Closed

Anaheim, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $230,000 on a 4 bedroom, 2 bathroom home appraised for $364,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Looking Back:

The Mortgage Bankers Association reported a .1% increase in mortgage applications from the previous week.  Only 119,000 new jobs were added to the private sector last month, showing that businesses were not hiring as many people.  This number fell way below economists’ predictions of 170,000 new jobs.  Foreclosures were still at their highest on record despite delinquencies being at their lowest since August 2008.

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

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The Norris Group Real Estate News Roundup 4/12/13

Friday, April 12th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The number of foreclosures increased 73% from January.  Both Wells Fargo and JPMorgan reported first quarter profits were some of the best on record.

In The News:

Housing Wire - “Sen. Boxer: Servicing standards fall short of settlement” (4-12-13)

“U.S. Sen. Barbara Boxer, D-Calif., sent a letter to federal officials urging them to investigate allegations that banks are not fully complying with servicing standards laid out in the National Mortgage Settlement.”

Bloomberg - “Economy Bears Turn Bulls Seeing 3% U.S. GDP Few Saw in 2012″ (4-12-13)

“Bearish forecasts for the U.S. economy are giving way to more upbeat views of the nation’s ability to weather federal spending cuts and tax increases.”

DS News – “Wells Fargo, JPMorgan Report Record Profits in Q1″ (4-12-13)

“Wells Fargo and JPMorgan Chase both pulled in record quarterly profits during the first months of 2013, according to earnings reports released Friday by both banks.”

Inman – “Mortgage rules may put chill on Canada’s spring buying season” (4-12-13)

“Home sales in the metro Montreal market fell 18 percent during the first quarter compared to a year ago, the latest evidence that new mortgage rules introduced by Canadian regulators last summer have cooled markets there.”

DS News - “California Foreclosure Starts Up 73% from January” (4-12-13)

“Foreclosure starts in California showed a huge increase since the beginning of this year, but the long-term trend still points to an overall decrease, ForeclosureRadar reported.”

Housing Wire - “Colorado bill to end dual-tracking dies in committee” (4-12-13)

“Proposed legislation designed to end the practice of dual tracking in Colorado died in committee this week.”

Inman - “Redfin: Feels like a bubble, but it’s not” (4-12-13)

“An informal Inman News survey of agents around the country shows many real estate professionals are experiencing market conditions that, at least on a surface level, resemble those of the housing bubble.”

DS News - “Foreclosure Timelines Are Lengthening” (4-12-13)

“Foreclosure timelines are lengthening, according to recent reports from Moody’s Investors Service and RealtyTrac.  In addition to this trend, Moody’s highlighted the importance of net present value (NPV) models in the loss mitigation process for residential mortgage-backed securities.”

Hard Money Loan Closed

Yucca Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $220,000 on a 4 bedroom, 3 bathroom home appraised for $370,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with Chino Valley Real Estate on Friday, May 17, 2013.

Looking Back:

This week saw many changes in the real estate economy.  The number of foreclosures filed was at its lowest in over four years since 2007.  Unfortunately, the number of claims of unemployment increased 13,000 the previous week to a level not experienced since January.  Mortgage rates decreased again 3.88% for 30-year loans and 3.11% for 15-year loans, the lowest on record.

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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The Norris Group Real Estate News Roundup 4/11/13

Thursday, April 11th, 2013


Today’s News Synopsis:

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

In The News:

Housing Wire - “Freddie Mac: Fixed-mortgage rates continue to drop” (4-11-13)

“Fixed-mortgage rates inched down for the second consecutive week, aligning with weak employment reports, Freddie Mac said in its latest Primary Mortgage Market Survey.”

Bloomberg – “Fannie Mae Regulator Extends HARP Refinance Program Through 2015″ (4-11-13)

“Borrowers with mortgages backed by Fannie Mae (FNMA) or Freddie Mac (FMCC) will have until the end of 2015 to obtain new loans under the Home Affordable Refinance Program, the Federal Housing Finance Agency said today.”

DS News – “RealtyTrac: Foreclosure Activity Falls to Lowest Level Since 2007″ (4-11-13)

“Despite a monthly uptick in foreclosure starts, first quarter foreclosure activity fell to a six-year low, according to RealtyTrac’s foreclosure market report for the first quarter and March.”

Housing Wire- “Sen. Warren spars with regulators over foreclosure review settlement” (4-11-13)

“U.S. Sen. Elizabeth Warren sparred with prudential regulators on Capitol Hill, suggesting the recent $9.3 billion independent foreclosure review settlement between regulators and mortgage servicers failed to account for how many illegal foreclosures potentially impacted American borrowers.”

CNN Money - “Jobless claims point to fewer layoffs” (4-11-13)

“Claims for unemployment benefits are on a roller coaster ride again, falling dramatically last week after rising sharply a week earlier.”

DS News - “Advocacy Groups Call for National Homeowner Bill of Rights” (4-11-13)

“The Center for Responsible Lending and the Consumers Union, two consumer advocacy organizations, are calling on national lawmakers to create a Homeowner Bill of Rights in order to prevent ‘unnecessary foreclosures’.”

Inman - “Federal budget projects $943 million bailout for FHA” (4-11-13)

“The Federal Housing Administration will likely need a $943 million taxpayer bailout in the next fiscal year to cover losses stemming from defaults on loans made both during and after the housing boom, according to a 2014 budget proposal released by the Obama administration today.”

Housing Wire - “New York ruling is credit positive for RMBS trusts” (4-11-13)

“A recent decision by a New York Appellate Court in regards to MBIA’s reps and warranties litigation against Countrywide Home Loan is credit positive for both residential mortgage-backed securities and commercial mortgage-backed securities trusts, Moody’s Investors Service said in its latest credit outlook.”

Bloomberg - “Manhattan Apartment Rents Near Peak as Gains Accelerate” (4-11-13)

“Manhattan apartment rents jumped in March at the fastest pace in six months, sending rates to within about 2 percent of their peak, as limited inventory in the sales market fueled competition among tenants.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 4 bedroom, 2 bathroom home appraised for $282,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate TODAY.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, June 1 in Orange.

Looking Back:

The Mortgage Bankers Association reported a 2.4% decrease in mortgage applications from the previous week but an increase in Commercial and multifamily mortgage origination volumes.  New data from Corelogic showed the amount of money returned from REO-to-rental properties could reach as high as $100 billion.  The FDIC was planning to offer up for auction properties in Midwest states including Indiana, Illinois, Michigan, and Wisconsin.

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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The Norris Group Real Estate News Roundup 4/3/13

Wednesday, April 3rd, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 4% decrease in mortgage applications from last week.  Home prices increased 10.2% annually, the most in almost 7 years.  First-time home buyer activity increased in February and is continuing to grow with the concern of interest rates and prices increasing.

In The News:

Bloomberg - “U.S. Apartment-Rent Increases Slow Amid Construction Boom” (4-2-13)

“U.S. apartment rents increased in the first quarter at their slowest pace since late 2011 amid a wave of construction that will further test landlords’ ability to raise rates, Reis Inc. (REIS) said.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (4-3-13)

“Mortgage applications decreased 4.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 29, 2013.”

Housing Wire - “Mortgage firms turn attention to worst performing loans” (4-3-13)

“The housing recovery is providing confidence to mortgage firms to finally close the chapter on the most troubled loans.”

Inman - “Home prices post highest jump in nearly 7 years” (4-3-13)

“Home prices rose more on an annual basis in February than they have in nearly seven years, largely due to outsized price appreciation in the Western states, according to a report released today by real estate analytics firm CoreLogic.”

Bloomberg – “Americans Seize Second Chance Mortgages Post-Foreclosure” (4-3-13)

“About 7 million mortgage holders have had to leave their homes since 2007 because of foreclosure or a short sale, in which a property is sold for less than is owed, according to RealtyTrac.”

DS News - “Survey: Activity from First-Time Homebuyers Increases in February” (4-3-13)

“Interest from first-time homebuyers is steadily growing due to concerns over rising interest rates and prices, while investor interest in buying remains strong, according to results from the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.”

Housing Wire - “Soaring CMBS issuance feeds off market momentum” (4-3-13)

“The demand for higher rates on new commercial mortgage-backed securities deals has soared, leading investors to spend more on insuring against losses on commercial properties.”

DS News - “MBA: Rising Costs Lower Per-Loan Profits in Q4″ (4-3-13)

“Rising costs took a toll on per-loan profits in the fourth quarter of 2012, according to data from the Mortgage Bankers Association (MBA).”

Hard Money Loan Closed

Valley Center, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $160,000 on a 4 bedroom, 2 bathroom home appraised for $325,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Looking Back:

Both foreclosure starts and sales decreased 15% and 19% from the previous month, although the inventory of foreclosures was still at a high.  The prices of homes was expected to decrease 10% due to being uncared for a year during foreclosure investigations.  The Federal Reserve was requiring Morgan Stanley to conduct a thorough review of Saxon Mortgage Services as well as be fined for mishandled foreclosures.

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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The Norris Group Real Estate News Roundup 3/14/13

Thursday, March 14th, 2013


Today’s News Synopsis:

30-year mortgage rates are up again at a six-month high at 3.63% following a strong growth in employment.  The number of foreclosures filed last month decreased 25% year-over-year, although month-over-month they saw a slight 2% increase.  Unemployment claims decreased again by 10,000 to 332,000 according to the Labor Department.

In The News:

Housing Wire- “February foreclosure filings plummet 25%” (3-14-13)

“Foreclosure filings plummeted 25% from year earlier levels in February even as filings edged up 2% from the previous month, RealtyTrac said Thursday.”

Bloomberg – “U.S. 30-Year Mortgage Rates Rise to a Six-Month High” (3-14-13)

“U.S. mortgage rates for 30-year loans rose to a six-month high after stronger-than-expected employment growth drove up yields for the government securities that guide home loans.”

DS News – “First-Time and Continuing Jobless Claims Fall Again” (3-14-13)

“First-time claims for unemployment insurance fell 10,000 to 332,000 for the week ending March 9, the Labor Department reported Thursday.”

Realty Times - “Real Estate Agent Confidence Up On 2013 Housing Market” (3-14-13)

“There’s nothing like boots on the ground to get down to earth information about the real estate market – especially during a housing recovery.”

NAHB - “Regulatory Burdens on Small Business Hurt Housing, Economy, Builders Tell Congress” (3-14-13)

“Federal agencies are circumventing the intent and the letter of a law to make the regulatory process more cost effective and less burdensome for small businesses, the National Association of Home Builders (NAHB) told Congress today.”

CNN Money - “IRS has $917 million in unclaimed 2009 tax refunds” (3-14-13)

“Taxpayers who haven’t filed 2009 tax returns are missing out on federal tax refunds totaling $917 million, the IRS announced Thursday.”

DS News - “HOPE NOW: 7.3M Foreclosure Prevention Actions Completed Since 2009″ (3-14-13)

“In January, servicers completed about 78,400 modifications, bringing the total since 2007 to 6.15 million, according to data from HOPE NOW, an alliance of mortgage servicers, investors, mortgage insurers and nonprofit counselors.”

Inman - “Flat-fee vs. commission debate set for public forum” (3-14-13)

“Like many fee-for-service brokers, Daniel Desmond isn’t afraid to say what he thinks about the traditional, commission-based compensation model for brokers: that it’s baloney.”

Hard Money Loan Closed

Winchester, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $140,000 on a 3 bedroom, 2 bathroom home appraised for $217,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013

Looking Back:

In February 2012, home sales increased in Southern California 8.4% year-over-year, while home prices also increased year-over-year for the first time in 18 months.  According to the lastest survey by the Mortgage Bankers Association, mortgage applications decreased 2.4% from the previous week.  Stress tests administered by the Fed to 19 banks showed 15 of them would continue to survive even in weak economic conditions.

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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The Norris Group Real Estate News Roundup 3/7/13

Thursday, March 7th, 2013


Today’s News Synopsis:

Jobless claims decreased by 7,000 to 340,000 last week according to the Labor Department.  Freddie Mac reported mortgage rates continue to remain unchanged at 3.52%.  The worth of homes increased by $1.17 trillion in the fourth quarter by the highest in five years.

In The News:

Bloomberg - “U.S. Mortgage Rates Little Changed With 30-Year at 3.52%” (3-7-13)

“U.S. mortgage rates were little changed, keeping borrowing costs close to record lows after home prices rose the most in almost seven years.”

DS News – “Firm Grip on Foreclosure Inventory Continues in Judicial States” (3-7-13)

“Although rates for foreclosure starts and sales remain volatile, one underlying trend continues: foreclosure inventory in judicial states is still three times higher than that of non-judicial states, according to Lender Processing Services (LPS).”

Realty Times – “Banks Foreclosed on Hundreds of Military Veterans – In Violation of Federal Law” (3-7-13)

“A report released this week revealed that hundreds of military veterans were wrongfully foreclosed on by some of the nation’s largest banks – in direct violation of federal law.”

Housing Wire - “Consumer outlook on economy, housing diverge: Fannie Mae” (3-7-13)

“Consumers are living in a bipolar world, where optimism about housing is on the rise even as Americans remain wary of the economy as a whole.”

DS News - “Initial Unemployment Claims Slip Again” (3-7-13)

“Initial unemployment insurance claims fell 7,000 for the week ending March 2, closing the week at an advance estimate of 340,000, the Labor Department reported Thursday.”

Bloomberg - “Household Worth in U.S. Rises by $1.17 Trillion on Housing” (3-7-13)

“Household wealth in the U.S. climbed in the fourth quarter to the highest level in five years, propelled by a gain in home prices that is helping repair family finances.”

Housing Wire - “Falling foreclosures keep national housing supply tight” (3-7-13)

“National housing inventory remains at a traditional low, leading to healthy demand and pushing prices higher. And there is good reason for it: fewer foreclosures on the market prevent a bottoming out.”

Hard Money Loan Closed

Cabazon, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $35,000 on a 3 bedroom, 2 bathroom home appraised for $59,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Bruce Norris and Craig Hill of The Norris Group will be hosting a one hour Hard Money Loan Webinar TOMORROW.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

Looking Back:

Apartments were the driving force for economic recovery as more and more people were choosing to live there.  On a monthly basis, mortgage applications increased in January 2012, although on a weekly basis they actually decreased from the previous week.  216,000 new jobs were added to the private sector in February 2012.

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

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The Norris Group Real Estate News Roundup 2/19/13

Tuesday, February 19th, 2013


Today’s News Synopsis:

According to the NAHB, builder confidence remains approximately the same, having decreased only one point to 46.  Freddie Mac reported over one-third of households for the multifamily sector are rentals, the highest since 1997.  However, for many in the economy today rental prices are still beyond what they can afford.  The number of loans refinanced through the HARP Refinance Program reached 2 million.

In The News:

Realty Trac – “Washington, D.C. Watch: Low Inventory Pushes D.C. Housing Prices Up” (2-18-13)

“In the Washington, D.C. region real estate is hot. According to MRIS, inventory is tight as fewer and fewer homes are going on the market.”

NAHB – “Builder Confidence Virtually Unchanged in February” (2-19-13)

“Builder confidence in the market for newly built, single-family homes was virtually unchanged in February with a one-point decline to 46 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

DS News- “FNC: Foreclosure Market Stabilizing as Home Values Rise” (2-19-13)

“With the ongoing housing market recovery, the foreclosure market is also stabilizing and foreclosure prices are bottoming out, according to a report from FNC Inc.”

Bloomberg - “Brookfield Says U.S. Home Rebound Just Begun” (2-19-13)

“Brookfield Residential Properties Inc., the second-best performing home-building stock in the Americas over the past year, said the recovery in U.S. housing is only just starting to add to earnings.”

Inman - “RealtyTrac launches brokerage network” (2-19-13)

“Online foreclosure marketplace RealtyTrac launched a brokerage network today the company says will provide partners with exclusive leads, market insight and media exposure.”

DS News - “Freddie Mac: Rental Affordability Lacking Amid Growth in Multifamily Sector” (2-19-13)

“In a blog post, a Freddie Mac executive revealed more than one-third of U.S. households are renters, the largest share since 1997, yet adequate, affordable rental housing is still out of reach for many.”

CNN Money - “Office Depot and OfficeMax shares soar on merger chatter” (2-19-13)

“Shares of rival office supply chains Office Depot and OfficeMax soared in early trading Tuesday following widespread reports that the two companies are in merger talks.”

Inman - “LPS signs off on another robo-signing settlement” (2-19-13)

“Real estate information and technology company Lender Processing Services Inc. has agreed to pay $35 million to resolve criminal fraud allegations in connection with a six-year scheme involving more than 1 million fraudulently signed mortgage documents, the U.S. Department of Justice said.”

Housing Wire – “Judge dismisses Florida taxation case against GSEs” (2-19-13)

“U.S. District Judge Virginia Hernandez Covington tossed out a proposed class action suit filed by the Hernando County Circuit Clerk, located about 60 miles north of Tampa, against both Fannie Mae and Freddie Mac.”

DS News- “Report: Obstacles to Policies that Encourage Low-Priced Housing” (2-19-13)

“Inclusionary housing policies—those which either require or encourage developers to provide low-priced housing within market-rate developments—have largely survived the recent housing downturn.”

Housing Wire- “HARP hits 2 million refinances” (2-19-13)

“Fannie Mae and Freddie Mac reached a milestone in refinancing more than 2 million loans through the Home Affordable Refinance Program, according to the Federal Housing Finance Agency.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $210,000 on a 4 bedroom, 2 bathroom home appraised for $346,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

 

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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The Norris Group Real Estate News Roundup 2/15/13

Friday, February 15th, 2013



Sources:
Home Prices Rise in 88% of U.S. Cities as Recovery Gains
Pent-up demand fuels home sales: NAR
Mortgage delinquency rate drops nearly 14%: TransUnion
Retail sales up despite payroll tax hike
RealtyTrac: Foreclosure Starts Slow to 79-Month Low
Senators Reintroduce Refi Bill
Job growth in housing lingers near post-bubble lows
CoreLogic: QM, QRM Rules Remove 60% of Loans and 90% of the Risk
Restarting Mortgage Finance: Step 1
FHA considered ‘high-risk’ by government oversight group

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  RE/MAX reported median home prices increased 8% year-over-year, although monthly they continued to show signs of decline.  Non-judicial foreclosing decreased drastically in California this month, although this could be due to a change in the legal politics rather than distressed homeowners finding a way out.

In The News:

DS News- “RE/MAX: Prices Up 8% from Year Ago; Inventory Falls Again” (2-15-13)

“Median home prices in January continued to stay above year ago levels while falling month-over-month, according to a recent report from RE/MAX. At the same time, inventory remained low, causing a shortage in supply while pushing up home prices, RE/MAX explained.”

Housing Wire – “CFPB rules give some mortgage and housing companies more options” (2-15-13)

“The nature of new regulations is typically meant to be restrictive in nature. However, the new rules will give some mortgage and housing companies more options.”

Realty Times - “Seasonal Flip-Flop Hallmarks Housing Recovery, Tough Times For First-Time Buyers” (2-15-13)

“Just as home price gains are moving up against the traditional seasonal grain, inventories are going down at a time when they typically turn up.”

Housing Wire- “REITs announce $1.7 billion in new capital offerings: BofAML” (2-15-13)

“Mortgage real estate investment trusts will announce $1.7 billion in new capital offerings in 2013, said analysts at Bank of America Merrill Lynch ($12.13 0%).”

Housing Wire - “California falling foreclosures may be a mirage in the desert” (2-15-13)

“The second month of 2013 brought news that non-judicial foreclosure filings fell significantly in California.”

Bloomberg – “Wells Fargo Turns to U.K. as European Banks Retreat” (2-15-13)

“Wells Fargo & Co., the lender that’s expanding its securities unit to challenge Wall Street competitors, is broadening U.K. commercial property lending as European banks are forced to retreat.”

DS News- “Report: Price Recovery Appears Unsustainable in Arizona, Nevada” (2-15-13)

“Certain states are seeing stronger, above average gains in home prices, but concerns have been raised that some states are seeing “unsustainable, investor-fueled” increases, Capital Economics pointed out in a recent report.”

Housing Wire – “Housing recovery momentum continues to build” (2-15-13)

“Momentum continued to grow in a snowball effect manner, with prices rising to a two-year high in December, according to the latest FNC report.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $156,000 on a 4 bedroom, 2 bathroom home appraised for $226,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

Looking Back:

In a big news story, for the fifth month in a row there was an increase in builder confidence for single-family homes.  In other news, according to the Mortgage Bankers Association applications for mortgages decreased 1% from the previous week.  For anyone wanting to submit a foreclosure review, they the deadline was extended to July 31 from the original date of April 30.

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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The Norris Group Real Estate News Roundup 2/14/13

Thursday, February 14th, 2013


Today’s News Synopsis:

Foreclosure starts are at their lowest in almost 6 years according to RealtyTrac.  Mortgage rates remain relatively flat at 3.53% for 30-year rates and 2.77% for 15-year rates.  The FHA has been labeled as “high-risk” by the Government Accountability Office due to its rapid expansion in the area of mortgage finance.

In The News:

Housing Wire – “Mortgage rates flatline for several weeks” (2-14-13)

“Mortgage rates seem to have found their groove these past few weeks, showing almost no change as of late, according to the primary mortgage market survey by Freddie Mac.”

DS News- “RealtyTrac: Foreclosure Starts Slow to 79-Month Low” (2-14-13)

“Foreclosure activity slowed in January with an especially notable drop in foreclosure starts, which hit a 79-month low, according to a recent foreclosure report from RealtyTrac.”

Bloomberg - “Housing Industry Hopes Obama Line Will Soften Mortgage Rule” (2-14-13)

“U.S. Realtors and mortgage bankers say they hope President Barack Obama’s call for streamlined mortgage rules in his State of the Union speech will help them convince regulators not to set a strict minimum down payment for home loans.”

CNN Money - “401(k) balances at record high” (2-14-13)

“401(k) balances reached record highs in 2012, as a strong stock market and increased contributions helped retirement savers continue to recover from recession losses.”

Housing Wire - “FHA considered ‘high-risk’ by government oversight group” (2-14-13)

“The Federal Housing Administration keeps attracting unwanted attention this week, with the Government Accountability Office releasing a report naming the agency one of dozens of government sectors designated as a “high-risk” due to its rapid growth in the mortgage finance space.”

Inman - “Fannie Mae offers short-sale ‘escalation’ tool” (2-14-13)

“Mortgage giant Fannie Mae is offering a way for real estate professionals working on short sales to communicate directly with the company when they run into problems.”

DS News – “Freddie Mac: Housing Still Has ‘Substantial’ Room to Grow” (2-14-13)

“Housing may not be where it used to be, but on the upside, Freddie Mac suggested this indicates there’s still plenty of room for the industry to grow.”

CNN Money - “Falling jobless claims could be blizzard related” (2-14-13)

“Fewer Americans filed for their first week of unemployment benefits last week, but economists were hesitant to say that the decline is solely due to an improving job market.”

Housing Wire - “OCC Comptroller sounds alarm on QRM proposal” (2-14-13)

“Comptroller of the Currency Thomas Curry testified on Capital Hill in front of Congress and fellow regulators, warning that the proposed qualified mortgage rule carries significant risk in its current form.”

DS News - “‘Life Rafts’ Keep Underwater Mortgages in San Bernardino Afloat: Fed” (2-14-13)

“In a recent blog post from the Federal Reserve Bank of New York, three Fed researchers shared their findings on mortgages that would have been targeted by a provocative use of eminent domain proposed in San Bernardino County.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $88,000 on a 4 bedroom, 2 bathroom home appraised for $126,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

Looking Back:

The attorneys generals were expected to file the paperwork from a recent robo signing settlement by the end of February 2012 according to Housing Wire.  The credit ratings for six European countries was downgraded by Moody’s Investor Services.  In other news, the number of foreclosure sales was strong in every state on the West Coast save Washington.

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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The Norris Group Real Estate News Roundup 1/31/13

Thursday, January 31st, 2013


Today’s News Synopsis:

Freddie Mac reported mortgage rates increased for the second week in a row, with 30-year rates now at 3.353%, their highest in four months.  The Lender Processing Services reported trends in delinquencies, which increased 0.7% month-over-month in December, foreclosure starts up from 4.8%, and negative equity.  The FHA announced yesterday that they will raise premiums by 0.1% on new mortgages.

In The News:

DS News - “LPS: 2012 Trends for Delinquencies, Foreclosures, and Negative Equity” (1-31-13)

“While the national delinquency rate remains elevated and even increased slightly month-over-month in December, the delinquency rate ended the year 32 percent lower than the January 2010 peak, according to the December Mortgage Monitor report from Lender Processing Services (LPS).”

Housing Wire – “Investors uncertain about due diligence loan disclosures” (1-31-13)

“About 50% of U.S. investors in the securitization market are unsure as to whether there is sufficient disclosures to perform due diligence, even with a more mature infrastructure and streams of quality data when compared to other global markets such as the European Union, according to Principia.”

Bloomberg - “U.S. Mortgage Rates Rise With 30-Year Highest in 4 Months” (1-31-13)

“U.S. mortgage rates rose for a second week, increasing borrowing costs as tight supplies of listings drive up home prices.”

Realty Times - “Rents Hit Ceiling As More Renters Become Buyers” (1-31-13)

“With more and more households fed up with the rising cost of rent and with homeownership often more affordable on a month-to-month basis, rents hit a wall in the fourth quarter last year.”

CNN Money- “FHA to hike premiums on mortgages” (1-31-13)

“Government-insured mortgages are about to get more expensive.  The Federal Housing Administration, which is the largest insurer of low-down payment mortgages, announced Wednesday that it will raise premiums by 10 basis points, or 0.1%, on most of the new mortgages it insures.”

DS News - “LPS Resolves ‘Robo-Signing’ Allegations in $127M Multistate Settlement” (1-31-13)

“Forty-six state attorneys general and the District of Columbia reached a settlement agreement with Lender Processing Services, Inc. and its subsidiaries—LPS Default Solutions and DocX—to resolve allegations concerning the company’s foreclosure practices.”

Inman – “RealtyTrac names ’20 best places to buy foreclosures’” (1-31-13)

“Most large metro markets in the U.S. saw increased foreclosure activity in 2012, according to a report from foreclosure data aggregator RealtyTrac.”

Bloomberg- “U.S. Mortgage Refinancing Push Said to Advance in Congress” (1-31-13)

“The U.S. Treasury Department and members of Congress are preparing to move forward with plans to expand government-backed refinancing programs to underwater homeowners whose loans are packaged in private-label securities.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $176,000 on a 5 bedroom, 3 bathroom home appraised for $275,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 2012.

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Looking Back:

According to the latest Standard & Poor’s/Case-Shiller Index, the prices of homes decreased 3.7% from the previous year.  In other news, the Conference Board reported consumer confidence declined again in January after having increased at the end of 2011.   The Congressional Budget Office expected taxpayers would pay $27 billion to aid Fannie and Freddie from 2013 to 2022.

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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