The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘RealtyTrac’

By Bruce Norris .

The Norris Group Real Estate News Roundup 4/11/14

Friday, April 11th, 2014

Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  You can read the stories in length in the blog below.

In The News:

Housing Wire - “Mortgage rates drop in time for spring homebuying” (4-11-14)

“As the market heads into the spring homebuying season, mortgage rates moved down slightly, according to the latest Freddie Mac Primary Mortgage Market Survey.”

Housing Wire - “Jobless claims fall to lowest level since 2007″ (4-11-14)

“The number of Americans making their initial claims for unemployment fell to the lowest level since May 12, 2007, according to the Bureau of Labor Statistics.”

Housing Wire - “Foreclosure activity at lowest level since 2Q 2007″ (4-11-14)

“There were 117,485 foreclosure filings in March 2014, which is up 4% from February but still down 23% compared to March 2013, according to RealtyTrac’s ‘U.S. Foreclosure Market Report’.”

Housing Wire - “American optimism trends higher as home buying season starts” (4-11-14)

“As the market enters the spring homebuying season, more homeowners are beginning to think now is a good time to sell a home, in addition to it being easier to get a mortgage, a government agency said.”

Housing Wire“Citi agrees to $1.125 billion mortgage bond investor settlement” (4-11-14)

“Citigroup announced that it reached an agreement with 18 institutional investors, represented by Gibbs & Bruns, regarding the resolution of certain legacy private-label securitization representation and warranty repurchase claims.”

Housing Wire - “GOP wants CFPB merged with other regulators” (4-11-14)

“The House Financial Services Committee hearing on the economic consequences of regulatory rulemaking and enforcement on Tuesday got heated early and often.”

Realty Trac - “CFPB Accused of Discrimination” (4-11-14)

“The Consumer Financial Protection Agency has come under fire for broad workplace discrimination.  .”

Housing Wire - “Congressman fires up debate on REO-to-rental” (4-4-14)

“One of the early alarm-sounders on the rise of REO-to-rental is trying to fire up the discussion over what he sees could be a potential threat to the housing market in the rise of investor-owned rental homes and the securitization of REO.”

 

Hard Money Loan Closed

Menifee, 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 $241,000.

Menifee Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.

 

Looking Back:

Regulators for Fannie Mae said borrowers would 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 continued to be on the decline according to Freddie Mac.

 

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.

The Norris Group Real Estate News Roundup 4/10/14

Thursday, April 10th, 2014


Today’s News Synopsis:

Mortgage rates decreased right at the start of the spring homebuying season with 30-year rates now at 4.34% and 15-year at 3.38%.  Claims for unemployment decreased by 32,000 to 300,000, putting them at their lowest level since 2007.  Foreclosures increased 4% month-over-month in March but decreased 23% year-over-year, putting them at their lowest since the second quarter of 2007.

In The News:

Housing Wire - “Jobless claims fall to lowest level since 2007″ (4-10-14)

“The number of Americans making their initial claims for unemployment fell to the lowest level since May 12, 2007, according to the Bureau of Labor Statistics.”

Bloomberg - “Banks’ Court Foreclosures Foreclosures Mean More Inventory: Mortgages” (4-10-14)

“Lenders are increasingly using U.S. courts to foreclose on delinquent homeowners in states where it’s not required to reduce the risk of falling afoul of new protections.”

Mortgage Professional America“Mortgage insurance premiums not headed down: FHA” (4-10-14)

“Don’t expect mortgage insurance premiums to fall anytime soon, according to the commissioner of the FHA.  Speaking to the Mortgage Bankers Association conference, FHA commissioner Carol Galante said mortgage premium increases were necessary, MNI has reported.”

Housing Wire“Foreclosure activity at lowest level since 2Q 2007″ (4-10-14)

“There were 117,485 foreclosure filings in March 2014, which is up 4% from February but still down 23% compared to March 2013, according to RealtyTrac’s “U.S. Foreclosure Market Report.”

CNN Money - “Big bank earnings likely in doghouse” (4-10-14)

“Don’t bet on dazzling earnings from big banks.  That’s the message from a number of fund managers and analysts ahead of Friday, whenJPMorgan Chase (JPMFortune 500) and Wells Fargo (WFCFortune 500) report first quarter results. Citigroup (CFortune 500), Bank of America (BACFortune 500), Goldman Sachs (GSFortune 500), and Morgan Stanley (MSFortune 500) will report their earnings next week..”

Housing Wire - “Mortgage rates drop in time for spring homebuying” (4-10-14)

“As the market heads into the spring homebuying season, mortgage rates moved down slightly, according to the latest Freddie Mac Primary Mortgage Market Survey.”

Mortgage Professional America - “Bank repossessions lowest since 2007″ (4-10-14)

“Bank repossessions have fallen to their lowest level in nearly seven years.  New data from RealtyTrac shows foreclosure filings edged up by 4% from February to March, but were down 23% from March 2013.”

Bloomberg - “Brooklyn Apartment Rents Jump to a Record as Leases Surge” (4-10-14)

“Brooklyn apartment rents rose to a record in March and new leases more than doubled, extending a surge in housing demand in the New York borough that was once seen as a refuge from Manhattan’s high costs.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $155,000 on a 3 bedroom, 2 bathroom home appraised for $225,000.

Moreno Valley Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.

 

Looking Back:

The Mortgage Bankers Association reported a 4% increase in mortgage applications from the previous week.  The Lender Processing Services reported about 500,000 delinquent loans were repaired in February, showing an increase in the number of fixed loan mods.  Zillow reported an increase in home prices with the increase in mortgage rates.

 

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.

The Norris Group Real Estate News Roundup 3/21/14

Friday, March 21st, 2014

Sources:

Home Builders are ‘Bringing Housing Home’ to Congress This Week
Low Inventory Pushes Home Sales Lower, Prices Higher

Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  The Economic and Strategic Research Group at Fannie Mae expects an increase in economic activity this year for the second quarter.  96% of the real estate markets in the U.S. have improved significantly since the beginning of the foreclosure crisis, leading many to believe the foreclosure market is improving.  Isaak Khafizov was sentenced to nine years in prison for defrauding several homeowners through his fake mortgage modification business.

In The News:

DS News - “Spring Expected to See Increased Growth from Q1″ (3-21-14)

“Following a slowdown in activity over the previous two quarters, Fannie Mae’s Economic & Strategic Research Group expects economic activity to pick up in the second quarter of this year, bolstered by increases in the housing sector, consumer spending, and business investment.”

Realty Trac - “The Trillion-Dollar Battle For Higher Mortgage Rates” (3-21-14)

“If you’re a mortgage borrower your great goal in life is to get a lower rate. While 2012 saw the lowest mortgage rates in 65 years, 2013 and early 2014 have not been far off the mark.”

Housing Wire“Fraudulent mortgage modifier sentenced to nine years in federal prison” (3-21-14)

“Isaak Khafizov, 27, was sentenced to nine years in federal prison for operating a fraudulent mortgage modification operation that defrauded hundreds of struggling homeowners out of more than half a million dollars.”

DS News - “Increased Inventory and Prices Help Florida Housing Market” (3-21-14)

“Florida’s housing market experienced higher median prices, more new listings, and fewer days on the market in February, according to the latest housing data released by Florida Realtors.”

Bloomberg - “Credit Suisse Pays $885 Million to Settle FHFA Lawsuits” (3-21-14)

“Credit Suisse Group AG (CSGN), Switzerland’s second-biggest bank, agreed to pay $885 million to settle lawsuits by the Federal Housing Finance Agency over mortgages sold to Fannie Mae and Freddie Mac.”

Housing Wire - “NAR President: ‘We want GSE reform to take place now’” (3-21-14)

“Freddie Mac and Fannie Mae reform talk is not only on the table, but it is at the top of the pile for discussion.”

DS News - “Has the Foreclosure Housing Market Improved?” (3-21-14)

“RealtyTrac released a new analysis of the foreclosure housing market on Thursday, which found that 96 percent of U.S. county real estate markets are better off in 2014 than at the height of the foreclosure crisis four years ago.”

 

Hard Money Loan Closed

Tustin, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $540,000 on a 5 bedroom, 3 bathroom home appraised for $832,000.

Tustin Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with the Downey Association of Realtors on Wednesday, April 2, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

 

Looking Back:

The FHFA reported home prices increased by a total of 6.5% throughout 2012 and up to January.  In a big news day for mortgages, 30-year mortgage rates decreased to 3.54%, while at the same time mortgage applications also decreased 7.1% from the previous week.  Unemployment claims by 2,000 to 336,000 the previous week.

 

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.

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

Thursday, March 13th, 2014


Today’s News Synopsis:

Mortgage rates increased this past week with 30-year rates now at 4.37% and 15-year rates at 3.38%.  Demand for first-time homebuyers is increasing among renters despite market conditions becoming less favorable.  Plans are still underway for the doing away of Fannie and Freddie, but several political obstacles must be dealt with first.

In The News:

Housing Wire - “Top 20 metros with the largest foreclosure rates” (3-13-14)

“Foreclosure filings hit a seven-year low in February 2014, according to RealtyTrac’s monthly foreclosure report.”

Mortgage Bankers Association- “Applications for New Home Purchases Increased in February 2014″ (3-13-14)

“The Mortgage Bankers Association (MBA) estimates sales of new single-family homes were running at a seasonally adjusted annual rate of 533,000 units in February 2014, based on data from MBA’s Builder Applications Survey (BAS).”

Bloomberg“U.S. Mortgage Rates Climb With 30-Year Average at 4.37%” (3-13-14)

“U.S. mortgage rates increased as the improving job market bolstered speculation that the Federal Reserve will keep scaling back its stimulus.”

DS News“HAMP Anniversary Brings Mortgage Rate Increases” (3-13-14)

“As the Home Affordable Modification Program (HAMP) reaches its five-year anniversary, some HAMP loans, including Fannie Mae HAMP loans, will begin to experience an increase in mortgage rates.”

Housing Wire - “Buyer demand rising but housing market conditions worsen” (3-13-14)

“The demand among renters who want to become first-time homebuyers is growing and millions are just waiting for favorable market conditions that increasingly are fading, according to the inaugural edition of the Zillow (Z) housing confidence index.”

CNN Money - “Big techs use cash to buy…Treasuries?” (3-13-14)

“Taxpayers are making millions of dollars in interest payments on U.S. Treasuries to an unlikely source – -tech giants Apple, Microsoft, Google and Cisco.”

Housing Wire - “Retail sales squeak out 0.3% gain in February” (3-13-14)

“For some reason, the cold weather blamed for weak sales in December and January didn’t come into play for February, as retail sales edged slightly higher, even as January’s numbers were revised down.”

Bloomberg - “Senate’s Fannie Mae Wind-Down Plan Faces High Hurdles” (3-13-14)

“A bipartisan U.S. Senate plan to dismantle Fannie Mae (FNMA) and Freddie Mac must clear many political hurdles in a short time if it is to become law, leaving narrow chances of a housing-finance overhaul being enacted this year.”

Hard Money Loan Closed

Palmdale, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 3 bedroom, 2 bathroom home appraised for $124,999.

Palmdale Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA TONIGHT.

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with Chino Valley Real Estate Professionals on Friday, March 14, 2014.

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with the Downey Association of Realtors on Wednesday, April 2, 2014.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications decreased 4.7% from the previous week.  The number of Fannie and Freddie mortgages refinanced through HARP was at 1.1 million, exceeding expectations for 2012.  Storm victims in Mississippi were offered relief by Freddie Mac.

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.

The Norris Group Real Estate News Roundup 2/20/14

Thursday, February 20th, 2014


Today’s News Synopsis:

Foreclosure starts decreased in the fourth quarter to 0.54% from 0.7%, putting them at their lowest levels since 2006.  Housing affordability continues to remain unchanged in the fourth quarter with only a slight decrease in median home prices and slight increase in mortgage rates.  Unemployment claims increased by 37,000 to 2.98 million, resulting in them falling short of expectations.

In The News:

Mortgage Professional America - “Even more lenders added to MPA hard money database” (2-20-14)

“If you’re looking for a loan for a difficult client, MPA’s database of hard money lenders can help! And now we’ve added even more lenders to the many companies already in the system.”

DS News“House Payments Rise; Should Homebuyers Consider Renting?” (2-20-14)

“RealtyTrac released a housing affordability analysis, noting an average 21 percent increase in monthly house payments from a year ago.”

Housing Wire“Flat unemployment claims suggest no momentum in job recovery” (2-20-14)

“Initial jobless claims missed expectations for the fourth week, as claims rose by 37,000 to 2.98 million.  Initial claims have now been flat for 8 months, suggesting the conventional wisdom that the economy is on the brink of a self-sustaining recovery is poorly informed and unsupported.”

Bloomberg - “Foreclosure Starts Fall to 2006 Level as Home Prices Rise” (2-20-14)

“The rate of new foreclosures in the U.S. dropped to the lowest level in eight years as rising property prices erased negative equity and allowed more delinquent homeowners to sell without losing money.”

NAHB - “Housing Affordability Holds Steady in Fourth Quarter” (2-20-14)

“Slightly lower median home prices along with a small uptick in mortgage rates contributed to housing affordability holding steady in the fourth quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today.”

Mortgage Professional America - “RBS to pay $275m to settle mortgage bond claims” (2-20-14)

“Royal Bank of Scotland is ponying up $275 million to settle with investors who sued over shoddy mortgage-backed securities.”

DS News - “Wingspan Portfolio Advisors Open to Additional Acquisitions” (2-20-14)

“Wingspan Portfolio Advisors, a diversified mortgage services company, increased the company’s size and capabilities substantially in 2013. The company expanded its footprint to include Florida, California, Louisiana, and Colorado.”

Housing Wire“Asia investors bullish about private real estate” (2-20-14)

“Private real estate investors headquartered in Asia look set to be very active in the asset class over the next 12 months, according to an investor survey by Preqin, a leading alternative asset data and intelligence analysis firm.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $87,000 on a 4 bedroom, 2 bathroom home appraised for $143,000.

Lancaster Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with Inland Empire Escrow on Thursday, February 27, 2014.

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with IVAR on Wednesday, March 5, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Thursday, March 12, 2014

Looking Back:

The number of multifamily homes constructed decreased 8.5% to 890,000 the previous month according to HUD and the U.S. Census Bureau.  The Mortgage Bankers Association reported mortgage applications decreased 1.7% from the previous week.  Unemployment benefits were on the chopping block with proposed budget cuts aimed for March 1.

 

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.

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

Thursday, February 13th, 2014


Today’s News Synopsis:

According to the latest Builder Applications Survey from the MBA, the purchase of new homes increased last month and were at 543,000 units.  Unemployment claims stand at 339,000, putting them back above average in 8 months.  Foreclosure filings increased 8% month-over-month and now stand at 124,419.

In The News:

Inman“Redfin accused of misclassifying employees as independent contractors” (2-12-14)

“Seattle-based online real estate brokerage Redfin has been hit with a class-action lawsuit alleging the firm misclassified employees as independent contractors in order to avoid having to pay minimum and overtime wages, payroll taxes and other business-related expenses.”

Housing Wire“3 signs California is on the brink of something huge” (2-13-14)

“Six years after the financial crisis and California is still feeling the leftover ripple effects of loose lending standards and an overabundance of foreclosed homes. But things are looking up.”

Mortgage Bankers Association - “New Home Purchases Up Sharply in January 2014″ (2-13-14)

“MBA estimates that sales of new single-family homes were running at a seasonally adjusted annual rate of 543,000 units in January 2014, based on data from MBA’s Builder Applications Survey.”

Bloomberg - “U.S. 30-Year Mortgage Rates Increase to 4.28%” (2-13-14)

“U.S. mortgage rates for 30-year loans increased for the first time in six weeks as the two-year-old housing recovery showed signs of slowing.”

Mortgage Professional America - “Unlicensed appraiser jailed for mortgage fraud” (2-13-14)

“An unlicensed Pennsylvania appraiser has been sentenced to 8 years in prison for his role in two mortgage fraud scams.”

Housing Wire - “Jobless claims back above 8-month average” (2-13-14)

“At this point the pattern is clear: If it’s good news, it’s credited to the “recovery” but if it’s bad news, it’s the cold weather.”

CNN Money - “401(k) balances hit record $89,300 last year” (2-13-14)

“The surging stock market helped boost average 401(k) balances to yet another record high in 2013.  Buy many young and low-income workers are not doing such a great job of keeping that cash in their accounts.”

Los Angeles Times - “Bay Area home sales tumble last month; prices fall from December” (2-13-14)

“San Francisco Bay Area home prices took a seasonal dip in January from a month earlier, while sales plunged to a six-year low for the month as high prices and tight inventory handcuffed buyers.”

Housing Wire“RealtyTrac: Monthly foreclosure filings reverse course, rise 8%” (2-13-14)

“Monthly foreclosure filings — including default notices, scheduled auctions and bank repossessions — reversed course and increased 8% to 124,419 in January from December, according to the latest report from RealtyTrac.”

Realty Trac - “Will Shared Appreciation End the Foreclosure Crisis?” (2-13-14)

“Shared appreciation is an idea whose time may have come. Indeed, it may be the only way for the nation’s banks to avoid still-more losses, additional deficits that could total hundreds of billions of dollars.”

Realty Times - “Homeowner Tax Breaks On the House” (2-13-14)

“Tax season can make most of us cringe. But, if you’re a homeowner, make certain you meet with experts to see how you may benefit at tax time by owning a home.”

Hard Money Loan Closed

Montebello, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $270,000 on a 3 bedroom, 2 bathroom home appraised for $397,000.

Montebello Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with Inland Empire Escrow on Thursday, February 27, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Thursday, March 12, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

Looking Back:

Mortgage applications decreased the previous week by 6.4% with the decrease in both refinancing and home repurchases.  With the improving employment status and more households carefully managing their budgets, more and more homes avoided financial distress for the third quarter in a row.  Payroll taxes increased this year, but this did not stop consumers from spending as retail sales increased 0.1%.

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.

The Norris Group Real Estate News Roundup 2/4/14

Tuesday, February 4th, 2014


Today’s News Synopsis:

Janet Yellen was officially sworn in yesterday as the new chair of the Federal Reserve.  According to the latest Home Price Index from CoreLogic, home prices increased 11% year-over-year in December.  The biggest concern among homeowners today is whether or not financing will be available as well as how much inventory will be on hand.

In The News:

NAHB“Builder Confidence in the 55+ Housing Market Ends Fourth Quarter on a Record High” (2-3-14)

“Builder confidence in the 55+ housing market for the fourth quarter of 2013 is up sharply, according to the National Association of Home Builders’ (NAHB) latest 55+ Housing Market Index (HMI) released today. All segments of the market—single-family homes, condominiums and multifamily rental—registered strong increases compared to the same quarter a year ago.”

DS News - “Current Home Sellers Concerned About Financing Availability, Inventory” (2-4-14)

“While homeowners are feeling more confident about the prospect of selling their homes, they do harbor concerns regarding the availability of home financing and the low inventory available for their next purchases, according to the Redfin Real-Time Seller Survey released Tuesday.”

Housing Wire“Where are lenders driving mortgage traffic?” (2-4-14)

“Lending standards have shifted over the past three months following the recent implementation of the Consumer Financial Protection Bureau Qualified Mortgage rule, according to the Federal Reserve Senior January Loan Officer Opinion Survey on Bank Lending Practices.”

Inman - “Visits to real estate websites surge 25 percent from December to January” (2-4-14)

“Homes.com, Apartment Guide and Rent.com all moved up in Experian Marketing Services’ rankings of top real estate websites in January, surging past MSN Real Estate.”

CNN Money - “Senate deal would extend jobless benefits” (2-4-14)

“A bipartisan deal has emerged that may extend federal jobless benefits for more than a million unemployed Americans.”

Bloomberg - “Ex-Deutsche Bank Trader Dixon Said to Plan $200 Million Fund” (2-4-14)

“Former Deutsche Bank AG mortgage-bond trader Troy Dixon’s new investment firm is projecting its first hedge fund will start in July with $200 million of capital.”

Mortgage Professional America - “Yellen sworn in as Fed chair” (2-4-14)

“Janet Yellen was sworn in Monday as the chair of the Federal Reserve. She is the first woman to head the agency.”

DS News“December Home Prices Up 11% from 2012″ (2-4-14)

“CoreLogic released its Home Price Index (HPI) for December 2013, noting an 11 percent bump since December 2012. The figure includes distressed sales.”

CNN Money - “Deficit continues to drop sharply – CBO” (2-4-14)

“The age of trillion-dollar deficits is well over.  For now.  Thanks to a recovering economy, spending restraint and higher tax receipts, the Congressional Budget Office now projects the deficit for 2014 will be $514 billion, or 3% of the size of the U.S. economy.”

Housing Wire- “Tip 9 cities for flipping houses” (2-4-14)

“Investors gobbled up 156,862 single family homes and flipped them in 2013, up 16% from 2012 and up 114% from 2011, according to RealtyTrac.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $122,000 on a 3 bedroom, 2 bathroom home appraised for $190,000.

 

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, February 4-6, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OC FIBI TODAY.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

Looking Back:

Today was a big news day for the multifamily market.  $33.8 billion was provided to the multifamily sector by Fannie Mae the previous year.  The Mortgage Bankers Association reported mortgage originations for the multifamily market increased 49% throughout the previous year, and they predicted they would continue to grow 11% to $254 billion in the current 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.

The Norris Group Real Estate News Roundup 1/23/14

Thursday, January 23rd, 2014


Today’s News Synopsis:

Sales of existing homes increased by 9.1% to 5.09 million in 2013, putting them at their highest level since 2006.  Home prices also increased slightly by 0.1% month-over-month in November, the smallest increase in two years.  Freddie Mac reported fixed mortgage rates decreased again for the second week in a row with 30-year rates now at 4.39% and 15-year rates at 3.44%.

In The News:

Inman“Existing-home sales in 2013 were strongest in 7 years” (1-23-14)

“Existing-home sales last year hit their highest level since 2006 as the housing market continued to stabilize, the National Association of Realtors (NAR) reported.”

NAHB - “Remodeling Market Index Steady at Historical High” (1-23-14)

“According to the National Association of Home Builders (NAHB), the Remodeling Market Index (RMI) held steady at 57 in the fourth quarter of 2013. This is the same level as the third quarter of 2013 and the highest reading since the first quarter of 2004.”

Housing Wire - “Longer foreclosures squeeze investor profit” (1-23-14)

“Fitch Ratings sent a note today warning that extended foreclosure timelines are increasing the severity of losses in residential mortgage-backed securities.”

Bloomberg- “U.S. Home Prices Rose 0.1% in November as Recovery Slows” (1-23-14)

“U.S. house prices climbed 0.1 percent in November from October, the smallest monthly gain in almost two years, indicating the real estate recovery may be losing strength, the Federal Housing Finance Agency said.”

Housing Wire - “Housing looks sunny with scattered clouds” (1-23-14)

“Although 2014 brings more forecasts of improvement for the housing market, this sunny forecast is not guaranteed to reach all top housing markets.”

CNN Money - “Buyers flocked to foreclosures last year – - and  many paid all cash” (1-23-14)

“Bargain hunters scooped up more foreclosed home in 2013 – - and many of them paid all cash.”

Mortgage Professional America - “Wells Fargo sells servicing rights on 184,000 loans” (1-23-14)

“The nation’s largest mortgage lender has agreed to sell servicing on about 184,000 loans.  Wells Fargo has agreed to sell the loans, which make up about 2% of its residential servicing portfolio, to Ocwen Financial Corp., according to a Bloomberg report.”

Housing Wire- “Fixed mortgage rates trend downward” (1-23-14)

“Fixed mortgage rates edged down for the second consecutive week in a row as inflation reports remained subdued.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 3 bedroom, 2 bathroom home appraised for $222,000.

 

Bruce Norris of The Norris Group will be speaking at the CMA 2014 Winter Seminar in Universal City on Thursday, January 30, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate and Tax Strategies Kick-Off Brunch in Buena Park on Saturday, February 1, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, February 4-6, 2014.

Looking Back:

According to the Federal Housing Finance Agency, home prices increased 0.6% month-over-month in November.  The Lender Processing Services reported inventory and mortgage delinquency rates were both down for the month of December.  Customers withdrew the most money this month since 9/11, leading to the biggest decrease in deposits since then.

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.

The Norris Group Real Estate News Roundup 1/16/14

Thursday, January 16th, 2014


Today’s News Synopsis:

Freddie Mac reported mortgage rates are at a month-over-month low with 30 year rates at 4.41% and 15-year at 3.45%  However, year over year rates increased with 30-year rates up from 3.38% and 15-year up from 2.66%.  The number of foreclosure filed decreased 1% month-over-month and about 28% year-over-year, putting them at their lowest since 2007.  Builder confidence decreased slightly by one point this month and now stands at 56.

In The News:

Housing Wire - “Goldman Sachs sets aside plenty of cash for mortgage lawsuits” (1-16-14)

“Goldman Sachs (GS) reported fourth-quarter revenues and profit topping Wall Street estimates, bouyed by a resurgent IPO market that boosted investment banking revenue.”

DS News“MERS Judgement Upheld by Rhode Island High Court” (1-16-14)

“MERSCORP Holdings, Inc. has won yet another victory in a long list of lawsuits filed against the company.”

Mortgage Bankers Association- “Applications for New Home Purchases Decreased in December 2013″ (1-16-14)

“MBA’s Builder Application Survey data for December 2013 shows that mortgage applications for new home purchases decreased by 11 percent relative to the previous month.”

Housing Wire - “Freddie Mac: Mortgage rates hit monthly low” (1-16-14)

“Mortgage rates took a step back due to signs of a weakening economic recovery, according to the latest Freddie Mac Primary Mortgage Market Survey.”

CNN Money - “Citigroup profit jumps in fourth quarter but disappoints Wall Street” (1-16-14)

“Citigroup Inc.’s profit jumped in the fourth quarter but fell short of Wall Street hopes for a stronger turnaround for the New York-based financial giant.”

NAHB - “Builder Confidence Slips One Notch in January” (1-16-14)

“Builder confidence in the market for newly built, single-family homes fell one point to 56 in January from a revised December reading of 57 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

Mortgage Professional America“Major lender to slash 600 jobs” (1-16-14)

“A major lender will slash 600 jobs in a bid to reduce costs.  Flagstar has announced it will cut around 600 positions across the organization as it undertakes a restructure to reduce expenses.”

Housing Wire- “Collapse in refis drive Citi earnings miss” (1-16-14)

“Citigroup (C) drove a 21% increase in fourth quarter earnings, but that wasn’t enough to reach analyst expectations as a weakening mortgage business proved too tough a headwind to overcome.”

Bloomberg- “Foreclosures Fall to Lowest Since ’07 as Housing Rebounds” (1-16-14)

“Foreclosure filings fell last month, capping a year in which the number of homes in the repossession process dropped to the lowest level since 2007 amid rebounding U.S. property prices.”

Hard Money Loan Closed

Long Beach, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $127,000 on a 2 bedroom, 1 bathroom home appraised for $212,000.

 

Bruce Norris of The Norris Group will be speaking at the CMA 2014 Winter Seminar in Universal City on Thursday, January 30, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate and Tax Strategies Kick-Off Brunch in Buena Park on Saturday, February 1, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, February 4-6, 2014.

Looking Back:

The Mortgage Bankers Association reported a 15.2% increase in mortgage applications the previous week.  21 people were arrested on charges of unemployment fraud totaling $5 million.  JPMorgan reported a 53% increase in earnings with the increase in mortgage fees.

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.

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

Thursday, December 12th, 2013

Today’s News Synopsis:

Foreclosure activity decreased by 15% last month and 37% year-over-year according to the latest RealtyTrac report.  The purchase of new homes decreased 18% last month despite the average loan continuing to show signs of increase.  Mortgage rates also decreased after 11 weeks, with 30-year rates now at 4.42% and 15-year rates at 3.43%.

In The News:

Realty Trac - “U.S. Foreclosure Activity Decreases 15 Percent in November Driven By 95-Month Low in Foreclosure Starts” (12-12-13)

“RealtyTrac, the nation’s leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report for November, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 113,454 U.S. properties in November, a 15 percent decrease from the previous month and a 37 percent decrease from a year ago.”

Housing Wire - “New home purchases decrease 18%” (12-12-13)

“Even while mortgage applications for new home purchases in November were down 18% from October, according to the Mortgage Bankers Association, the size of the average loan continued to trend upward.”

Mortgage Bankers Association- “Applications for New Home Purchases Decreased in November 2013″ (12-12-13)

“MBA’s Builder Application Survey data for November 2013 shows mortgage applications for new home purchases decreased by 18 percent relative to the previous month.  This change does not include any adjustment for typical seasonal patterns.”

Bloomberg“U.S. Mortgage Rates Fall From an 11-Week High” (12-12-13)

“Mortgage rates in the U.S. fell from an 11-week high, decreasing borrowing costs for homebuyers as speculation intensified that the Federal Reserve will pare its stimulus next week.”

DS News- “DataQuick Enchances Standard Recorder Layout with Expanded Data” (12-12-12)

“DataQuick, a real estate information solutions firm headquartered in San Diego, announced it has expanded its Standard Recorder layout to provide a more comprehensive view of properties and transactions.”

Housing Wire - “TransUnion: Mortgage delinquency rate slows in 2014″ (12-12-13)

“The national mortgage loan delinquency rate—the ratio of borrowers 60 or more days past due—is expected to decline to 3.75% by the end of 2014 from an estimated 3.94% at the conclusion of 2013, according to TransUnion’s latest annual forecast on mortgage delinquency rates.”

Bloomberg - “JPMorgan Said in Talks to Pay $2 Billion in Madoff Probes” (12-12-13)

“JPMorgan Chase & Co. (JPM), the target of multiple U.S. Justice Department investigations, tentatively agreed to pay about $2 billion to resolve probes into whether it ignored warning signs about Bernard Madoff’s crimes, according to a person briefed on the matte.”

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Debt Outstanding Posts Largest Increase Since 2008″ (12-12-13)

“According to a new report from the Mortgage Bankers Association (MBA), the level of commercial/multifamily mortgage debt outstanding increased by $25.2 billion in the third quarter of 2013, as all four major investor groups increased their holdings.  That is a 1.0 percent increase over the second quarter of 2013.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $69,000 on a 3 bedroom, 1 bathroom home appraised for $107,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association on Thursday, January 9, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with Coachella Valley on Tuesday, January 14, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association in Buena Park on Thursday, January 16, 2014.

Looking Back:

Mortgage rates were at new record lows again at 3.47% according to the latest Mortgage Bankers Association survey, although applications were up 6.2%.  The Treasury, HUD and the Ad Council were seeking ways to offer hope to homeowners in crisis through their Foreclosure Prevention Assistance Public Service Advertising Campaign.  Delinquency rates were expected to remain at high levels in 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.