California Real Estate Headline Roundup

Posts Tagged ‘RealtyTrac’

By Bruce Norris .

Neighborhood Stabilization Pilot Program Started By FHFA to Help Neighborhoods Hit Hard by Downturn

Thursday, April 16th, 2015

 

Today’s News Synopsis:

Both permits and housing starts saw a 5.7% decrease last month and now stand at 1,039,000.  Foreclosures increased for the first time in five years by 4% in March according to RealtyTrac.  A new program known as the Neighborhood Stabilization Pilot Program was just started by the FHFA in Illinois to help fix neighborhoods most affected by the downturn.

 

In The News:

Mortgage Professional America - “Daily Market Update: Zillow mortgages now also on Trulia” (4-16-15)

“Zillow has announced that mortgage lenders are now able to reach a wider audience as their mortgages will also be listed on Trulia.”

DS News - “FHFA Launches Neighborhood Stabilization Pilot Program in Illinois” (4-16-15)

“The Federal Housing Finance Agency, through Fannie Mae and Freddie Mac, Wednesday announced the launch of a pilot program designed to stabilize neighborhoods around Chicago that have been hardest hit by the housing downturn.”

Mortgage Bankers Association - “Motley Testifies on Access to Mortgage Credit” (4-16-15)

“J. David Motley, President of Colonial Savings, F.A. and a member of the Mortgage Bankers Association’s Residential/Single Family Board of Governors, testified today before the U.S. Senate Committee on Banking, Housing, and Urban Affairs at a hearing entitled “Regulatory Burdens to Obtaining Mortgage Credit.”Below is Mr. Motley’s oral testimony, as prepared for delivery.”

Housing Wire“RealtyTrac: Foreclosures see first year-over-year increase since 2010″ (4-16-15)

“Foreclosure activity — which includes default notices, scheduled auctions and bank repossessions — rose 4% in March over the previous year’s total, according to a new report from RealtyTrac.”

DS News“U.S. 2nd Circuit Dismisses MBS Suit Against Royal Bank of Scotland” (4-16-15)

“A class action lawsuit against Royal Bank of Scotland (RBS) that accused the bank of fraud with regards to its mortgage-backed securities, was dismissed on Wednesday by the U.S. Second Circuit Court of Appeals, according to multiple media reports.”

Mortgage Professional America - “Bill calling for CFPB transparency passes in overwhelming majority vote” (4-16-15)

“A bill that would bring greater transparency and accountability to the Consumer Financial Protection Bureau (CFPB) passed the U.S. House of Representatives by an overwhelmingly bipartisan vote of 401 to 2 this week.”

DS News“Q1 Net Revenues for Goldman Sachs Hit Four-Year High; Citi Profits Despite Lower Revenues” (4-16-15)

“Both Goldman Sachs and Citigroup reported strong first quarters though revenues were down for Citi compared to this time last year, according to statements released by the companies Thursday.”

Mortgage Professional America - “Warren: It’s time to break up too-big-to-fail banks” (4-16-15)

“U.S. Senator Elizabeth Warren has called on lawmakers to break up too-big-to-fail by capping the size of the largest financial institutions and separating commercial and investment banking.”

Housing Wire“Housing starts and permits show deep weakness in March” (4-16-15)

“Privately owned housing units authorized by building permits in March dropped 5.7% on a monthly basis, coming in at a seasonally adjusted annual rate of 1,039,000.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

Looking Back:

Housing starts increased slightly by 2.8% the previous month, increasing to 946,000 units from 920,000.  Mortgage applications increased again by 4.3% from the previous week.  First quarter earnings for Bank of America were low due to an increase in legal expenses.

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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Fed Still Waiting To See If Time Is Right For Interest Rate Hike

Friday, April 10th, 2015

 

 

 

 

 

Sources:

Distressed Sales Share Falls to Lowest Level in Eight Years
Second look: Home price surge unlikely to last

 

Today’s News Synopsis:

Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video.  RealtyTrac just came out with a new analysis showing that it is actually more affordable for consumers to pay a mortgage rather than rent.  Although there has been talk for a long time about an interest rate hike, the Fed said it could happen by June but is not sure since employment still has yet to improve.  Banks are expected to show improvements in their profits this year with the turnaround in the mortgage market.

 

In The News:

Housing Wire - “MBA: Job creation problem lies at nexus of hirings, opening and quits” (4-10-15)

“Last week the economy saw a stunning reverse, with the report that private employers added just 126,000 jobs to payrolls in March, the worst monthly gain since December 2013 and a bog miss from analyst expectations.”

Mortgage Professional America - “Regional bank to pay $212.5M to clear HUD mortgage claims” (4-10-15)

“First Tennessee Bank, the regional bank for First Horizon National Corp., said it has reached an agreement with the U.S. Department of Housing and Urban Development (HUD) and the United States Department of Justice (DOJ) to settle claims of mortgage lending violations related to the business it sold in 2008.”

Housing Wire - “FTC orders Wealth Educators to halt mortgage relief services” (4-10-15)

“The Federal Trade Commission ordered Los Angeles-based Wealth Educators and its president to stop offering mortgage-relief services.”

DS News“Nomura, FHFA Present Closing Arguments in MBS Trial” (4-10-15)

“The court battle between the Federal Housing Finance Agency (FHFA) and Nomura Holdings is nearing a climax after three weeks, as both sides presented closing arguments on Thursday.”

Mortgage Professional America - “Fed officials say June rate hike could still happen” (4-10-15)

“They are, they’re not. The confusion around the Federal Reserve’s timing of an interest rate increase is confusing.  In March, the central bank insinuated it would it rely on data to decide when it would increase rates.”

Mortgage Professional America - “Daily Market Update: Banks expected to increase profits from mortgages” (4-10-15)

“Some of America’s biggest mortgage lenders will be reporting their first quarter results starting next week and home loans are expected to be a highlight in their revenues.”

Housing Wire“Freddie Mac purchasing largest single property loan” (4-10-15)

“Shortly after Fannie Mae announced it was entering new territory with a loan portfolio sale, Freddie Mac said Thursday that it has struck a deal to buy its largest single property loan ever with the $878 million note underpinned by a Los Angeles apartment complex, The Park La Brea apartments.”

Mortgage Professional America - “Mortgage payments now more affordable than renting in majority of U.S. markets” (4-10-15)

“A recent analysis from RealtyTrac has found that the monthly house payment on a median-priced home is more affordable than the monthly fair market rent on a three-bedroom property in 76% of U.S. counties.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

Mortgage rates decreased right at the start of the spring homebuying season with 30-year rates 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.

 

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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More Non-Banks Stepping in to Increase Residential Mortgage Production

Monday, April 6th, 2015

 

Today’s News Synopsis:

Distressed Sales, which include both short sales and REOs, increased by 2.2%, the most in three years, in the first quarter of 2015.  However, for the whole year distressed sales were actually down in 2014 at 12.7%, their lowest in eight years.  A recent survey from Chase Slate Credit showed the group most confident about credit scores are actually the millennials of this generation.  Due to credit tightening among banks, they are coming up with new standards that are less lenient and cutting back on their amount of residential mortgage production.  This has led more non-banks to step in and take on this task.

 

In The News:

Housing Wire - “Millennials most confident generation about their credit scores” (4-6-15)

“Millennials, ages 18 to 34, are the most confident generation about their credit status, with nearly three in five Millennials saying they would be comfortable disclosing their credit score to their parents, compared to only 35% of Generation X, according to the new Chase Slate Credit Survey.”

DS News - “Distressed Sales Share Falls to Lowest Level in Eight Years” (4-6-15)

“Distressed sales (short sales and REO properties property sales) accounted for just 12.7 percent of residential real estate transactions nationwide in 2014, the lowest share since 2007, according to Black Knight’s February 2015 Mortgage Monitor released today.”

Mortgage Professional America - “Cities where loan officers earned the biggest salaries in 2014″ (4-6-15)

“To find the highest- and lowest- paying metro areas for loan officers, we turned to recently released data available from the Bureau Labor of Statistics (BLS). The report found that the average annual salary for a loan officer was about $73,670 in 2014 up from $71,800 in 2013.”

Housing Wire - “Freddie Mac to sell actual loss position in new STACR deal” (4-6-15)

“Freddie Mac is preparing to break new ground in its credit risk-sharing deals by offering investors something that they’ve been unable to get their hands on until now — exposure to actual losses on mortgages.”

DS News“Report: Short Sales, REO Experience Largest Increase in Three Years” (4-6-15)

“The percentage of short sales and REO sales jumped by 2.2 percentage points in the first quarter of 2015, the largest increase since the first quarter of 2012, according to data released by Clear Capital on Monday.”

Mortgage Professional America - “Non-bank companies step in to fill mortgage void” (4-6-15)

“Since the housing crisis, the focus on high-quality loans has led to a tight credit market, especially among banks. The group has developed stricter standards in an effort to avoid recreating the scenario following the bust when they had to repurchase tens of billions of dollars of bad mortgages they sold.”

Realty Trac“American Crime: Bad News for East St. Louis” (4-6-15)

“Using data provided by the Federal Bureau of Investigation (FBI), RealtyTrac®, the nation’s leading source for comprehensive housing data, has ranked U.S. cities with populations over 25,000 in which violent crime has the highest per capita rate.”

Bloomberg“Expansion at U.S. Service Industries a Good Sign for Economy” (4-6-15)

“Service providers such as real-estate firms and restaurants expanded in March at about the same pace as a month earlier, a reassuring sign of support for a U.S. economy that’s been held back by headwinds in manufacturing.”

Mortgage Professional America - “Daily Market Update: Fraudsters take homes without owners knowing” (4-6-15)

“At least fifty properties in Oakland County, Michigan, have been the target of fraudsters who have found a way to take ownership of a home often without the owner’s knowledge.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

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

Copyright: Image from www.flickr.com/photos/119599301@N02/

 

 

Wells Fargo Expected to Axe 1,000 More Jobs

Thursday, March 26th, 2015

 

Today’s News Synopsis:

Wells Fargo is expected to cut 1,000 jobs in their mortgage sector due to the decrease in customers needing assistance in delinquencies and housing.  Mortgage rates decreased again with 30-year rates at 3.69% and 15-year rates at 2.97%.  Home prices are increasing faster than income according to the latest report by RealtyTrac.

In The News:

Housing Wire“Freddie Mac: Mortgage rates fall even lower” (3-26-15)

“The good news continues for homebuyers looking to jump into housing this spring as mortgage rates sink even lower, according to the latest Freddie Mac Primary Mortgage Market survey.”

DS News“Administration Names HUD Senior Adviser as New Leader of FHA” (3-26-15)

“Edward Golding, a senior adviser at the U.S. Department of Housing and Urban Development (HUD), has been named by the White House as the leader of the Federal Housing Administration (FHA), according to HUD.”

Mortgage Professional America“Daily Market Update: Home prices outpacing income in most U.S. markets” (3-26-15)

“If you’re already a homeowner there’s a good chance that your property is earning more than you are right now; if you’re looking to buy a home then prepare to stretch your household budget.  A report from RealtyTrac revealed that home prices are outpacing income in 76% of US markets.”

Realty Trac“Sleeping Easy: Average Home Prices by Bedroom” (3-26-15)

“Based only on the percentage of each day spent there, your bedroom is the most valuable room in the house. Now, thanks to the latest must-read report from RealtyTrac®, we have data to show just how valuable.”

Housing Wire - “Congresswoman wants to put Fannie, Freddie profits in escrow” (3-26-15)

“U.S. Rep. Marsha Blackburn, R-Tenn., introduced a bill Thursday addressing the treatment of revenues from the government-sponsored enterprises Fannie Mae and Freddie Mac.”

Mortgage Professional America - “Big Bank to slash 1,000 mortgage jobs” (3-26-15)

“Wells Fargo & Co. has announced  it will cut 1,000 jobs and close its home-lending servicing office in Milwaukee.”

DS News“New York Fed Says Path for GSE Reform ‘Does Not Look Promising’” (3-26-15)

“With GSE reform a hot topic among government officials and those in the housing industry, the Federal Reserve Bank of New York has issued a report stating that the “path forward for reform of Fannie Mae and Freddie Mac does not look promising” and that failure to wind down the GSEs equated to a “colossal missed opportunity” to put U.S. residential housing finance on more stable footing.”

Housing Wire“Ocwen offering indemnification to company directors and executive officers” (3-26-15)

“By its own admission, Ocwen Financial (OCN) is facing 21 pending investigations in 15 different states, is currently facing delisting by New York Stock Exchange for delaying the release of its annual report, and has run afoulof investors and homeowners alike.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

The Mortgage Bankers Association reported a 1.2% decrease in mortgage applications the previous week.  Bank of America reached a settlement with the FHFA regarding securities fraud related to Fannie and Freddie loans.  Property taxes collected in 2013 was $488.34 billion, the highest in 20 years.

 

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

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


 

New 3% Mortgage Program by Freddie Mac Set to Begin Operation Monday

Friday, March 20th, 2015

 

 

 

 

 

Sources:

Builder Confidence Drops Two Points in March
Commercial/Multifamily Mortgage Debt Outstanding Grew at the Fastest Pace Since 2007

 

Today’s News Synopsis:

Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video.  A new 3% down mortgage program by Freddie Mac is set to be in operation  starting on Monday.  In addition, they will be doing away with almost $1 billion of their debt by selling their home loans.   According to the latest findings by the Census Bureau, 10% of people living in the United States are not happy in their neighborhood and want to move.

In The News:

Realty Trac“Share of Low Down Payment Loans by County for Homes Purchased in 2014″ (3-19-15)

“RealtyTrac analyzed its address-level purchase loan data for U.S. homes purchased in 2014 by county, focusing on the share with a loan-to-value ratio of 97 percent or higher — indicating the buyer put 3 percent or less down when purchasing the home.”

Housing Wire - “KB Home posted 1Q revenues of $580.1M beating expectations” (3-20-15)

“The slowdown in housing starts didn’t hit KB Home (KBH), which beat analyst expectations for its first quarter ending Feb. 28, posting total revenues of $580.1 million, up 29% from $450.7 million in the year-earlier quarter, driven by growth in the company’s housing and land sale revenues.”

Los Angeles Times“Inland Empire: poised to be a ‘big dog’ in California economy?” (3-20-15)

“Much of California is still struggling: The strong dollar is depressing Central Valley agricultural exports, the lowest oil prices in years are squeezing the Kern County oil fields and extreme housing prices along the coastline are giving potential home buyers pause..”

Mortgage Professional America - “Freddie Mac’s 3% LTV mortgage program starts Monday” (3-20-15)

“Beginning Monday, Freddie Mac will begin offering its new 3% down mortgage program — Home Possible Advantage.  The loan program requires 3% purchase down payment or 3% equity for refinancings. The program enables a borrower to possibly reduce their interest rate while at the same time reducing their expensive monthly mortgage insurance.”

Bloomberg“Homebuilders Rally After KB Home Reports Strong Orders” (3-20-15)

“Builders rose after KB Home reported higher orders Friday, following yesterday’s better-than-expected results from Lennar Corp., signals of growing housing demand at the start of year’s most important sales season.”

Housing Wire - “CFPB plows ahead with public consumer complaint database” (3-20-15)

“Despite numerous objections from the mortgage finance industry and some basic reasoning that publishing unvetted, anonymous complaints on a government website could be problematic, the Consumer Financial Protection Bureau is moving ahead with its plan for opening its consumer complaint database to the public.”

Mortgage Professional America - “Daily Market Update: Cities see rise in underwater homes” (3-20-15)

“The number of homeowners underwater has increased, according to the latest data from Zillow. The online real estate databased reported that in 21 out of the 50 biggest housing markets it researched there were more owners in negative equity in the fourth quarter of last year than the three months before.”

Bloomberg“Freddie Mac Selling $1 Billion of Loans in Largest Deal” (3-20-15)

“Freddie Mac is selling more than $1 billion of soured U.S. home loans in its largest sale of the debt.  Potential buyers are bidding on three pools of nonperforming loans, with unpaid principal balances of about $660 million, $249 million and $125 million, according to debt broker Mission Capital Advisors.”

Mortgage Professional America - “Census: Nearly 1 in 10 in the U.S. wan to move” (3-20-15)

“Nearly 10% of U.S. residents are dissatisfied with their current housing, neighborhood, local safety or public services to the point that they want to move, according to a U.S. Census Bureau report released today. However, only 18.3% of the 11.2 million householders who wanted to move actually did so between 2010 and 2011.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

Freddie Mac reported fixed mortgage rates decreased again this week with 30-year rates at 4.32% and 15-year rates at 3.32%.  Sales of single-family and condominium homes decreased 1.4% month-over-month in February and 16.1% year-over-year.  Both Fannie Mae and Zillow reported the economy could see a strong increase in home purchases should jobs increase.

 

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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Consumers Can Now Publicly Voice Complaints in New CFPB Portal

Thursday, March 19th, 2015

 

 

Today’s News Synopsis:

Despite REOs increasing 9%, foreclosure activity decreased 4% last month and is now at its lowest level in 9 years.  Mortgage rates decreased again according to Freddie Mac with 30-year rates now at 3.78% and 15-year rates at 3.06%.  The CFPB set up a new portal in their database where consumers can publicly share what is bother them regarding financial institutions.

In The News:

Realty Trac“U.S. Foreclosure Activity Down 4 Percent in February to Lowest Level Since July 2006 Despite 9 Percent Rise in REOs” (3-18-15)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report™ for February 2015, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 101,938 U.S. properties in February, a decrease of 4 percent from revised January numbers and down 9 percent from a year ago to the lowest level since July 2006.”

Los Angeles Times“Mortgage rates falling; 30-year drops to 3.78%, Freddie Mac says” (3-19-15)

“Long-term interest rates declined this week, with Freddie Mac saying lenders were offering conventional 30-year mortgages at an average of 3.78%, down from 3.86% a week ago.”

Mortgage Bankers Association - “MBA Releases 2014 Rankings of Commercial/Multifamily Mortgage Firms’ Origination Volumes” (3-19-15)

“The Mortgage Bankers Association (MBA) today released its annual ranking of commercial/multifamily mortgage firms by origination volume. The MBA study is the only one of its kind to present a comprehensive set of listings of 127 different commercial/multifamily mortgage originators, their 2014 volumes and the different roles they play.”

Housing Wire“Oil price collapse hits Texas jobs and soon Texas housing” (3-19-15)

“Texas job growth is projected to slow to between 1-2% in 2015 from 3.4% last year, according to an updated forecast in the latest issue of the Federal Reserve Bank of Dallas’ Southwest Economy.”

Bloomberg“Lennar Earnings Beat Estimates as Peak Buying Time Begins” (3-19-15)

“Lennar Corp., the second-largest U.S. homebuilder by revenue, reported fiscal first-quarter earnings that beat estimates as the year’s busiest buying period gets under way.”

Mortgage Professional America - “Chicago housing agency sitting on millions while many remain homeless” (3-19-15)

“While thousands sit on The Chicago Housing Authority’s (CHA) waitlist for affordable housing, Mayor Rahm Emanuel’s housing agency has used the funds for other things, including boosting the agency’s pension, purchase government debt and build up a cash reserve.”

OC Housing News“Bidding wars are caused by underwater homes missing from MLS inventory” (3-19-15)

“When I wrote Must-sell shadow inventory has morphed into can’t-sell cloud inventory, I outlined how lenders removed inventory from the MLS by denying short sales and by modifying home loans rather than foreclosing on delinquent borrowers and selling the resulting REO.”

DS News - “CFPB Now Gives Consumers Opportunity to Publicly Share Complaint Narratives” (3-19-15)

“Handling consumer complaints is an integral part of the work of the Consumer Financial Protection Bureau (CFPB). A policy the Bureau finalized on Thursday will allow consumers to share their complaints publicly about financial institutions, according to an announcement from the CFPB.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications decreased 1.2% from the previous week.  New criteria for RMBS qualified and non-qualified mortgages were finalized by Fitch.  Twenty-nine state housing finance agencies were awarded $63.1 million by NeighborWorks America to help families and individuals in danger of foreclosure.

 

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

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

 

 

Rental Investment Still Positive Despite Home Sales to Institutional Investors At Its Lowest in Four Years

Tuesday, February 24th, 2015

 

Today’s News Synopsis:

Home prices gained momentum in 20 cities according to the latest S&P/Case-Shiller Index, having shown an increase of 4.6% year-over-year.  Rental investments for single families homes is still showing positive signs despite the sale of homes to institutional investors being at its lowest in four years.  A recent survey from Hammerhouse showed only a little over 50% of mortgage originators were not satisfied with their job but yet expect to see improvements coming in the future.

In The News:

Housing Wire“Single family rental investment still strong among smaller investors” (2-24-15)

“Last week RealtyTrac reported that the share of home sales to institutional investors and all-cash buyers dropped to four-year lows in 2014 despite a quarterly increase in the fourth quarter.”

Bloomberg“Home-Price Gains in 20 U.S. Cities Accelerated in December” (2-24-15)

“Home prices in 20 U.S. cities appreciated at a faster pace in the year ended in December, a sign that a limited supply is forcing up property value.  The S&P/Case-Shiller index of property values increased 4.5 percent from December 2013, after rising 4.3 percent in the year ended in November, a report from the group showed Tuesday in New York.”

DS News“Auction.com Announces Promotions” (2-24-15)

“The nation’s leading online real estate marketplace, Auction.com, has recently moved two individuals up within the company – Lee Leslie has been named EVP and chief legal officer, and EVP Gordon Smith has been tapped for the position of general manager in the company’s commercial real estate division.”

Housing Wire“MBA Servicing: Be proactive and work with state AGs on complaints” (2-24-15)

“Complex interactions between state and federal regulations and the conflicts that often arise make the difficult job of mortgage finance and servicing all the more difficult.”

Mortgage Professional America“Survey finds low satisfaction, high hopes among originators” (2-24-15)

“While mortgage originators have begun to see the light at the end of tunnel, their headaches are far from over, according to the latest survey conducted by recruiting firm Hammerhouse.”

OC Housing News“Existing home sales hammered; 2015 housing hopes pounded” (2-24-15)

“To make people feel good for the holidays and to fill the void in real estate news from November to February, reporters entreat us to optimistic news stories and wild projections of how great the coming year will be for home sales and prices.”

Housing Wire - “Home Depot profit rises on housing market recovery” (2-24-15)

“Home improvement store Home Depot (HD) reported net earnings for the fourth quarter of $1.4 billion, or $1.05 per diluted share, compared with net earnings of $1.0 billion, or $0.73 per diluted share, in the same period of fiscal 2013.”

Mortgage Professional America“Mortgage REIT to acquire Ocwen spinoff for $1.3B” (2-24-15)

“Mortgage REIT New Residential Investment Corp. has agreed to purchase Ocwen Financial spinoff Home Loan Servicing Solutions (HLSS) for $1.3 billion, just weeks after HLSS was urged to cut ties with Ocwen.”

 

Hard Money Loan Closed

Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $117,000 on a 3 bedroom, 2.5 bathroom home appraised for $180,000.

Victorville Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 TODAY.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at Coldwell Banker’s  2015 Real Estate Forecast Wednesday, March 4.

 

Looking Back:

In order to sell off their REO properties, Fannie Mae and Freddie Mac allowed both real estate agents and homebuyers access to limited-time incentives established through two separate programs.  Despite new QM guidelines put in place by the CFPB, risk continued to remain high for mortgages.  Katie Reynolds Johnson was chosen as the new general counsel for the National Association of Realtors.

 

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

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

 

 

Housing Market off to Rocky Start, Although First Time Homebuying Showing Positive Signs

Wednesday, February 18th, 2015

 

Today’s News Synopsis:

The housing market overall is off to a rocky start this year despite positive forecasts with decreases in construction, consumer confidence, and mortgage applications.  Despite this, there is an upside in first-time homebuyers who are continually visiting Redfin’s site to check out new properties.  The rate for mortgage delinquencies decreased in the fourth quarter and now stands at 3.29%.

In The News:

DS News“Bank of America Provides Nearly $9 Million in Consumer Relief Toward Settlement Obligation” (2-18-15)

“Bank of America has begun the process of paying out $7 billion in consumer relief as part of its record $16.65 billion settlement with the U.S. Department of Justice and six states last August, according to an announcement on the settlement monitor’s website.”

NAHB - “Treasury Action on Health Care Law a Good First Step but Legislative Solution Needed” (2-18-15)

“In a positive development for small business owners, the U.S. Treasury Department announced today that it will delay enforcement of an Affordable Care Act (ACA) prohibition relating to standalone health reimbursement arrangements (HRAs) until July 1.”

Housing Wire“Housing market starts 2015 on several weak notes” (2-18-15)

“Despite optimism in most forecasts, it looks like 2015 is off to a faltering start for the housing industry.  January was a bad month for housing starts, completions and permits, reflecting perhaps the reason for homebuilder confidence to likewise be down for February.”

Bloomberg - “Watt Homeowner Relief Vies With Fannie-Freddie Health” (2-13-15)

“Mel Watt, the regulator of Fannie Mae and Freddie Mac, met last month with about two dozen homeowners who owe more on mortgages than their properties are worth.”

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-18-15)

“Mortgage applications decreased 13.2 percent from one week earlier,according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 13, 2015.”

Housing Wire“TransUnion: Mortgage delinquency rate down to 3.29% in 4Q14″ (2-18-15)

“The mortgage delinquency rate declined for the 12th straight quarter to 3.29% at the end of Q4 2014, according to TransUnion’s latest mortgage report.  The mortgage delinquency rate declined more than 14% in the last year, down from 3.84% in Q4 2013.”

NAHB“Midwest Pushes Housing Starts Down 2 Percent in January” (2-18-15)

“Nationwide housing starts fell 2 percent to a seasonally adjusted annual rate of 1.065 million units in January, according to newly released data from the U.S. Commerce Department. This drop was mainly due to a 22.2 percent decrease in the Midwest.”

Mortgage Professional America“RealtyTrac reports foreclosures are up, but not everyone agrees” (2-18-15)

“RealtyTrac recently reported that repossessions spiked in January across the country, but not everyone agrees with the real estate information firm.”

Bloomberg“Housing Turning Point Seen in U.S. First-Time Buyers” (2-18-15)

“As a deep freeze grips parts of America in a typically slow season for housing, first-time buyers are flocking to Redfin Corp.’s property tours and classes, signaling their renewed interest in the market.”

 

Bruce Norris of The Norris Group will be speaking at AOA San Diego presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 19.

Bruce Norris of The Norris Group will be presenting the  2015 Annual TNG Subscriber Investor Brunch on Saturday, February 21.

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.

 

Looking Back:

The sale of new homes increased 35% the previous month and were at 543,000 units.  The latest Zillow report showed mortgage rates increased with 30-year rates at 4.18% and 15-year at 3.14%.  Builder confidence decreased with the increase in bad weather.

 

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

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

 

Payroll Increases Exceed Expecations

Friday, February 6th, 2015

 

 

 

 

 

Sources:

California pending home sales see first annual increase in nearly two years
New Home Sales Rise 11.6 Percent in December

 

Today’s News Synopsis:

This week’s real estate headline roundup video is a slideshow of the news of the week.  Payroll increases were above expectations at 230,000 while unemployment also continued to increase.  Despite the economy showing signs of recovery, many consumers are still having problems being able to afford a home.  Borrowing continues to show signs of increase with the increases in credit card purchases.

In The News:

DS News“January’s Payroll Additions Beat Forecasts; Unemployment Rate Inches Upward” (2-6-15)

“U.S. payrolls increased more than expected in January, signaling a build in economic momentum as 2015 got underway.  Employers nationwide added 257,000 new jobs last month, the Bureau of Labor Statistics (BLSsaid Friday. Economists projected a payroll increase of 230,000.”

Mortgage Professional America“Could underwater FHFA borrowers catch a break?” (2-6-15)

“The Federal Housing Finance Agency (FHFA) is considering reducing the balances of homeowners with underwater mortgages, according to its director Mel Watt.”

Housing Wire“Credit unions experience fast growth on all fronts in 2014″ (2-6-15)

“The Credit Union National Association’s estimates show that credit union membership expanded by 3.6%—the highest calendar year growth in membership since the 3.7% increase in 1994.”

Bloomberg - “U.S. REITs Slide Most Since September After Jobs Report” (2-6-15)

“U.S. real estate investment trusts fell the most since September after a strong employment report renewed speculation that the Federal Reserve will boost interest rates in the first half of this year.”

Mortgage Professional America“Homeowners still face affordability challenges” (2-6-15)

“Many homeowners are still facing challenges even as the housing recovery is in full swing.  Two reports were released this week from Realty Trac and Down Payment Resource analyzed the availability of down payment programs across the nation and reported that 87% U.S. homes qualify for down payment assistance.”

DS News - “Ratings Agency Lowers Ocwen’s Risk Assessment Rankings, Citing Regulatory Troubles” (2-6-15)

“Ongoing regulatory scrutiny along with allegations of servicing violations have resulted in the removal of Ocwen Financial from Morningstar Credit Ratings’ Alert and the lowering of the Atlanta-based servicer’s operational risk assessment rankings, according to an announcement from Morningstar on Friday.”

Housing Wire“RealtyTac: One in four foreclosures are zombie homes” (2-6-15)

“Exactly 142,462 homes actively in the foreclosure process had been vacated by the homeowners prior to the bank repossessing the property, representing 25% of all active foreclosures, as of the end of January 2015.”

OC Housing News“Are Millennial first-time homebuyers finally active?” (2-6-15)

“Ever since the collapse of house prices and sales in 2007, homebuilders, realtors, and everyone else who depends on real estate sales finds a new Messiah each year that will save the housing market. Each year they are disappointed.”

Bloomberg - “Consumer Borrowing in U.S. Increases as Credit-Card Use Picks Up” (2-6-15)

“Consumer borrowing in the U.S. climbed in December as Americans boosted their credit-card use by the most in eight months.”

 

Bruce Norris of The Norris Group will be speaking at AOA San Diego presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 19.

Bruce Norris of The Norris Group will be presenting the  2015 Annual TNG Subscriber Investor Brunch on Saturday, February 21.

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.

 

Looking Back:

The sale of higher end homes increased by over 45% year-over-year.  Mortgage rates decreased for the fifth consecutive week with 30-year rates at 4.23% and 15-year rates at 3.33%.  The top financial regulator in New York had just stopped a deal by Wells Fargo to sell their mortgage-servicing rights to Ocwen Financial.

 

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

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

Image Sources:

www.flickr.com/photos/106574022@N04/
www.flickr.com/photos/emilysnuffer/
www.flickr.com/photos/slightlyeverything/
www.flickr.com/photos/ccpcphotography/
www.flickr.com/photos/63870278@N03/
www.flickr.com/photos/lendingmemo/
www.flickr.com/photos/warzauwynn/
www.flickr.com/photos/fristle/
www.flickr.com/photos/119599301@N02/

 

Four Big Banks to Pay Massachusetts $2.7 Million for Improper Foreclosures

Tuesday, January 27th, 2015

 

 

Today’s News Synopsis:

HUD and U.S. Census Bureau reported sales of new homes increased 11.6% last month and now stand at 481,000.  Twenty cities in the U.S. showed signs of increase for home prices by 4.3% in November.  Four big banks, JP Morgan Chase, Bank of America, Wells Fargo Bank and Citi, will be paying the state of Massachusetts $2.7 million for foreclosing on homes to which they did not hold the right.

In The News:

NAHB“New Home Sales Rise 11.6 Percent in December” (1-27-15)

“Sales of newly built, single-family homes rose 11.6 percent in December to a seasonally adjusted annual rate of 481,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Bloomberg“Home Prices in 20 U.S. Cities Increased 4.3% in November” (1-27-15)

“Home prices in 20 U.S. cities rose at a slower pace in the year ended in November, a sign the industry struggled to find momentum even amid low mortgage rates.”

Housing Wire - “Redfin: January home prices up, demand at record level” (1-27-15)

“The 2015 housing market is off to a very strong start, according to Redfin, the customer-first real estate brokerage.  Redfin reports home price data early using its proprietary models and projections based on sales in the first three weeks of the month and from its own brokerage activity.”

Mortgage Professional America“7.3 million boomerang home buyers hit the market” (1-27-15)

“The first wave of 7.3 million homeowners who lost their home to foreclosure or short sale during the foreclosure crisis in 2015 are now past the seven-year window they conservatively need to repair their credit and qualify to buy a home, according to RealtyTrac.”

OC Housing News“CFPB launches new mortgage interest rate checker” (1-27-15)

“The more information consumers have, the better decisions they make. When I launched the new system on this site that provides detailed cost of ownership information, I did that to provide consumers more information of higher quality than they can find elsewhere to help them make better housing decisions.”

Housing Wire“CFPB issues confidential supervisory information bulletin” (1-27-15)

“The Consumer Financial Protection Bureau reminded supervised financial institutions, including nonbank companies that may be unfamiliar with federal supervision, of the existing regulatory requirements regarding confidential supervisory information (CSI) on Tuesday.”

Mortgage Professional America - “Four banks to pay millions to Massachusetts” (1-27-15)

“JP Morgan Chase, Bank of America, Wells Fargo Bank and Citi have agreed to pay a total of $2.7 million to the state of Massachusetts after they allegedly foreclosed on homes they didn’t have a right to foreclose on.”

 

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.

 

Looking Back:

New home sales decreased by 7% in December and were at a seasonally adjusted annual rate of 414,000.  Although, they actually increased 4.5% from December of 2012.  Home prices increased 8.5% year-over-year and 0.3% month-over-month in December.  The FDIC reported the second bank closure of 2014 with the recent closing of the Bank of Union in El Reno, Oklahoma.

 

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

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