California Real Estate Headline Roundup

Posts Tagged ‘RealtyTrac’

By Bruce Norris .

Mortgage Originations Increase for First Time in a Year

Tuesday, November 25th, 2014

 

Today’s News Synopsis:

The pace of home price growth was slow in 20 U.S. cities, having increased only 4.9% year-over-year compared to 5.6% in the year ended in August.  At the same time, the median price for distressed residential properties increased 18% last month.  Mortgage originations increased for the first time in a year last quarter, breaking the four-quarter trend.

In The News:

DS News“Treasury Nets $35 Million in Securities Auction as Part of TARP Wind Down” (11-24-14)

“As part of a continuing effort to wind down the government’s Troubled Asset Relief Program (TARP) to bail out banks devastated by the financial crisis of six years ago, the U.S. Department of Treasury recently auctioned off preferred stocks for three institutions, gaining $35.6 million in aggregate gross proceeds.”

Bloomberg“Home Prices in 20 U.S. Cities Increase at a Slower Pace” (11-25-14)

“Home prices in 20 U.S. cities advanced at a slower pace in the 12 months through September as the housing market continued to make gradual progress.  The S&P/Case-Shiller index of property values increased 4.9 percent from September 2013, the smallest gain since October 2012, after rising 5.6 percent in the year ended in August, the group reported today in New York.”

Mortgage Professional America“FHFA sets 2015 conforming loan limits” (11-25-14)

“The Federal Housing Finance Agency (FHFA) has set the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2015. The limit will remain at $417,000 for one-unit properties in most of the country.”

Housing Wire“Mortgage lending reverses yearlong trend” (11-25-14)

“Mortgage originations reversed a four-quarter trend in the third quarter, rising for the first time in a year, according to the Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York.”

DS News“Median Distressed Home Price Jumps 18 Percent in October” (11-25-14)

“The median price of a distressed residential property, which is one that is either in the foreclosure process or owned by a bank, jumped up by 18 percent year-over-year in October, according to RealtyTrac’s October 2014 Residential and Foreclosure Sales Report released on Wednesday.”

Bloomberg“Refinancing Boom Exposing Risks in U.S. Property Bonds” (11-25-14)

“A $40 million penalty wasn’t enough to keep the owner of San Francisco’s Parkmerced apartment complex from the chance to lock in record-low interest rates and take advantage of the property’s $1.5 billion value.”

Housing Wire“Excessive regulation of mortgage lending drags down bank profit” (11-25-14)

“Bank earnings climbed to $38.7 billion in third quarter 2014 as institutions saw jumps in trading and other revenue, according to the latest report released today by the Federal Deposit Insurance Corp.”

 

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

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

Looking Back:

Pending home sales decreased in October 0.6% month-over-month and were at their lowest in ten months.  Commercial real estate, on the other hand, increased 11% year-over-year in the third quarter for smaller properties and 9% for larger properties.  Analysts were expecting a new person would be brought in as head of the FHFA to oversee Fannie Mae and 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.

Copyright: Image from www.stockmonkeys.com

RMBS and SFR Face Greater Risks After Big Court Decisions

Monday, November 24th, 2014

Today’s News Synopsis:

The economy showed slow growth in October due to weak housing starts and employment growth.  Freddie Mac will start making loan-level loss data available to investors.  Residential mortgage-backed securities and single-family rental securitizations are facing bigger risks due to recent rulings by courts in Nevada and Washington, D.C.

In The News:

Housing Wire“Freddie Mac to make loan-level loss data available to investors” (11-24-14)

“Investors looking for more information on the makeup of credit-risk sharing deals from Freddie Mac now have a new resource at their disposal, loan-level actual loss data.”

DS News“RealtyTrac Launches Expansive Data Mining Platform” (11-24-14)

“Irvine, California-based comprehensive real estate data provider RealtyTrac has announced the launch of an expanded version of its MEGA Lead Generation Platform.”

Mortgage Professional America“Could Lowe’s profit jump be a sign of a housing remodel spur?” (11-24-14)

“Lowe’s, one of the largest home-improvement retailers in the United States, has posted third-quarter earnings that exceeded expectations as homeowners continued to grow confidence in the housing market.”

OC Housing News - “Short sale tax relief is free money to HELOC abusers” (11-24-14)

“Mortgage equity withdrawal feels like free money. When this money comes from home-price appreciation on a primary residence, the borrower did nothing to earn this money, and since a primary residence has a large capital gains tax exclusion, the borrower won’t pay any taxes, income or capital gains, on free money they extract from their house.”

Housing Wire“Lag in housing starts, employment drag on October economy” (11-24-14)

“The economy slowed in October, with much of the drag coming from a weakness in housing and consumption and a slowdown in employment growth and production, according to the Chicago Fed National Activity Index.”

Mortgage Professional America“Big bank to add 4.500 jobs next year” (11-24-14)

“In part to meet increasing regulatory demands, one of the nation’s largest banks has plans to add 4,500 more positions in 2015.  Richard Davis, CEO of U.S. Bancorp, recently said in a Bloomberg Television interview, that many of the new jobs will be in compliance and auditing and some will be filled by veterans and people out of work for longer than six months.”

Housing Wire“Court rulings in unpaid HOA fees raise risk in RMBS, SFR deals” (11-24-14)

“A new report from Moody’s Investors Service spotlights how recent rulings by the highest courts in Nevada and Washington, D.C. on unpaid HOA fees raise risk in residential mortgage-backed securities and single-family rental securitizations.”

Mortgage Professional America“Low mortgage rates fail to perk California home sales in October” (11-24-14)

“The lowest mortgage rates in 18 months failed to spark the California housing market in October as sales stayed flat and home prices increased at the slowest pace since early 2012, according to the California Association of Realtors (CAR).”

 

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

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

 

 

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

Copyright: Image from www.flickr.com/photos/ell-r-brown/

Mortgage rates continue to remain low

Thursday, November 13th, 2014

 

 

 

Sources:

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



Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

 

Looking Back:

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

 

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

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

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

Monday, November 10th, 2014

 


Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

 

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

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

Homeownership Rate Decreases to Lowest Since 1995

Tuesday, October 28th, 2014

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

 

 

 

Today’s News Synopsis:

 

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Hard Money Loan Closed

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

Perris Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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

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

 

Looking Back:

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

 

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

Risk Retention Rule Approved by Six Federal Agencies

Thursday, October 23rd, 2014

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

 

 

Today’s News Synopsis:

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

 

Looking Back:

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

 

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

Lending Business to Welcome An Interesting Member: Facebook

Tuesday, October 14th, 2014

 

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

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

 

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

New Home Purchase Applications Remain The Same From Last Week

Thursday, October 9th, 2014

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

 

 



Today’s News Synopsis:

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

 

Looking Back:

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

 

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

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

Tuesday, October 7th, 2014

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



Today’s News Synopsis:

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

 

Looking Back:

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

 

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

Debate Continues Over Loosening Mortgage Credit

Monday, October 6th, 2014

 

 

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



Today’s News Synopsis:

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

 

 

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