California Real Estate Headline Roundup

Posts Tagged ‘RealtyTrac’

By Bruce Norris .

RealtyTrac Releases Newest List of Best and Worst Markets for Home-Flipping

Friday, August 29th, 2014

 

 

 

Sources:

New-Home Sales Down 2.4 Percent in July
Home Prices in 20 U.S. Cities Rose in June at a Slower Pace



Today’s News Synopsis:

Aaron Norris gives highlights from the news of the week in this week’s real estate headline roundup video.  The FHFA has proposed a new rule that would align in accordance with the Housing and Economic Recovery Act of 2008 to bring new changes to Fannie Mae and Freddie Mac.  The housing market is at its slowest point of the year right now when housing searches usually show declines, which could affect a turnaround in the housing market this year.  RealtyTrac just released the latest listings for the best and worst markets for flipping homes, San Francisco and Las Vegas being among the worst and Pittsburgh and Daytona Beach being among the best.

In The News:

DS News“Rule Proposed to Establish New GSE Housing Goals” (8-29-14)

“In accordance with the Housing and Economic Recovery Act of 2008, the Federal Housing Finance Agency (FHFA) announced on August 29 that it has proposed a rule to establish new housing goals for 2015 through 2017 for Fannie Mae and Freddie Mac.”

Bloomberg - “Housing Stumbling in Slowest Season for U.S.: Mortgages” (8-29-14)

“Just when the stumbling U.S. housing market could use a boost, it’s entering the slowest period of the year.  Online home searches, an indicator of demand, peak from March through August, according to Trulia, a real estate information firm that studied three years of its search activity.”

Mortgage Professional America“BOA wants to void $1.27bn Countrywide verdict” (8-29-14)

“After agreeing to pay nearly $17 billion to settle federal probes over its sale of mortgage bonds, Bank of America is trying to get out of a $1.27 billion penalty for defective loans sold by its Countrywide unit.”

Housing Wire - “Moody’s downgrades Ocwen’s servicer ratings” (8-29-14)

“The flagging reputation of Ocwen Financial Corporation (OCN) has taken another hit as Moody’s Investors Service has downgraded Ocwen Loan Servicing’s servicer quality ratings as a primary servicer of subprime mortgage loans and as a special servicer of residential mortgage loans from SQ2- to SQ3+.”

DS News - “Freddie Mac Reports Little Movement in Mortgage Rates” (8-29-14)

“Having hit their lowest level of 2014 last week, mortgage rates barely budged in the latest market report from Freddie Mac.”

OC Housing News“Are low house prices better than low mortgage interest rates?” (8-29-14)

“Whether low house prices or low interest rates are better is a matter of perspective. From a lender’s point of view today, low mortgage rates and high prices are better because they have so many underwater borrowers putting their capital at risk.”

Inman - “As Fed tapers, its European counterpart may just be getting started” (8-29-14)

“Here in the U.S. we enjoy the sturdiest economic situation in the world, no matter how creaky it may feel. But, to look outside … eyes wider and wider all the time.”

Housing Wire - “The best and worst markets for house flippers” (8-29-14)

“In the second quarter on average flippers bought properties for an 8% discount below their estimated market value (via automated valuation model) and re-sold them at an average 6% premium above their estimated market value, according to RealtyTrac.”

 

Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.

 

Looking Back:

The Labor Department reported unemployment claims decreased by 6,000 from the previous week were at 331,000.  Mortgage rates decreased slightly the previous week with 30-year rates at 4.51% and 15-year rates at 3.54%.  Banks reported they earned $42.2 billion profit in the second quarter, a record amount.

 

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.

80% of Lenders Will Not Pursue Non-QM Loans According to Fannie Mae

Thursday, August 14th, 2014

 

 

 

Today’s News Synopsis:

New home purchase applications increased last month by 2% according to a recent survey released by the Mortgage Bankers Association.  Foreclosures also increased 2% month-over-month in July, although year-over-year they are down 16%.  Fannie Mae believes 80% of lenders will not be pursuing non-QM loans as they said the QM rules have had little impact on their business.

In The News:

Housing Wire“Cash sales drop to lowest level since May 2010″ (8-13-14)

“The share of homes purchased in cash continued its decline in May, falling to 34.4% of total home sales, which represents the lowest share of cash sales since May 2010.”

DS News - “Ocwen Hit with Class Action Suit” (8-14-14)

“A Pennsylvania law firm announced Wednesday it has filed a class action lawsuit against Ocwen, claiming the company misled shareholders about its practices and earnings.”

Bloomberg“Wells Fargo Tries Boosting Pay Amid Mortgage-Revenue Drop” (8-14-14)

“Wells Fargo & Co. (WFC)’s mortgage business, the largest in the U.S., is looking to halt a revenue slump by sweetening the payoff for employees amid a shift to new home purchases.  Loan officers’ top commission rate rose to 70 basis points, or 0.7 percentage point, from 63 basis points, according to a copy of the policy obtained by Bloomberg News.”

Housing Wire - “Fannie Mae: 80% of lenders won’t enter non-QM space” (8-14-14)

“For more than half a year, the mortgage finance industry grew to accommodate to the Consumer Financial Protection Bureau’s new Qualified Mortgage and Ability-to-Repay rules.”

Mortgage Bankers Association - “Applications for New Home Purchases Increased in July 2014″ (8-14-14)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for July 2014 shows mortgage applications for new home purchases increased by 2 percent relative to the previous month.”

OC Housing News“Tepid wage growth and rising house costs prices out low-income households” (8-14-14)

“Each prospective buyer investigates current financing terms as part of their process. Lenders apply current underwriting standards and determine the loan balance they will approve and down payment required before they will fund.”

Bloomberg - “More Money Down Adds to U.S. First-Time Buyer Blues: Economy” (8-14-14)

“The challenges facing prospective buyers of the least expensive homes in the U.S. are getting harder to overcome.  Already beset by stagnant wages, growing student debt and competition from investors who are snapping up listings, those looking to purchase moderately priced houses must also provide more cash up front.”

Housing Wire - “Freddie Mac: Rates to revisit May 2014 lows?” (8-14-14)

“Mortgage rates dipped slightly for the week ended Aug. 14, reversing any increase made last week, according to the latest Freddie Mac Primary Mortgage Market Survey.”

DS News - “Foreclosure Filings Up in July” (8-14-14)

“Foreclosure activity on U.S. housing units showed a 2 percent increase in July from the previous month but was still down 16 percent from the same month last year, according to RealtyTrac’s July 2014 U.S. Foreclosure Market Report released on August 14.”

Mortgage Professional America “Reverse industry headed for a growth period — exec” (8-14-14)

“There are 10 million homeowners out there who are eligible for reverse mortgages, and that number is growing every day as the Baby Boomers reach retirement age.”

 

Hard Money Loan Closed

Menifee, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $115,000 on a 2 bedroom, 2 bathroom home appraised for $175,000.

Menifee Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the InvestClub for Women on Wednesday, September 17, 2014.

 

Looking Back:

According to the Mortgage Bankers Association, mortgage applications declined 4.7% from the previous week.  Foreclosure starts also decreased with the increase in mortgage modifications.  Two former bankers of JP Morgan Chase have been charged in what was known as the “London Whale” trade for losses brought about by false records and fraud.

 

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.

Increase in Jobs Tied to Increasing Home Prices in South and Midwest

Friday, August 8th, 2014

Sources:

Homeownership at near 20-year low, but some bright spots
Home price gains slow to 7.5% as forecast calls for further decline


Today’s News Synopsis:

Aaron Norris of The Norris Group gives some highlights from the news of the week in this week’s real estate headline roundup.  Trulia believes job growth in the Midwest and South are directly responsible for home price increases in the area.  RealtyTrac said they are more concerned about the track the housing recovery is on since 1/3 is still below affordability.  SIFMA has stated that if Fannie Mae and Freddie Mac are to raise guarantee fees, then they should do it slowly and steadily.

In The News:

Housing Wire“SIFMA says FHFA must raise g-fees but carefully” (8-8-14)

“Slow, steady and measured is how the Securities Industry and Financial Markets Association thinks the Federal Housing Finance Agency should approach raising Freddie Mac and Fannie Mae guarantee fees.”

Bloomberg“Corporate 1% in U.S. Gets Wealthier While Cash Piles Up” (8-8-14)

“Income inequality has company — make that companies. A new wealth gap is opening among U.S. corporations, where cash holdings are growing more concentrated as the rich get richer.”

DS News - “Job Growth Responsible for Home Price Gains” (8-8-14)

“The highest home price gains for July 2014 are in the Midwest and South, and those gains are more likely a result of job growth as opposed to other market influences, according to the Trulia Price Monitor.”

OC Housing News“Will home sellers’ motivation increase with the changing market?” (8-8-14)

“It’s no longer a seller’s market; wishful thinking and hope of a fall turnaround won’t change that basic fact.  Sellers are stubborn: even during the crash, many were unwilling to lower their prices to make a sale; after all, real estate only goes up, right?”

DS News - “Government Partnership Marks Five Year Anniversary” (8-8-14)

“To celebrate the five-year anniversary of the founding of the Partnership for Sustainable Communities, three government agencies released a report entitled “Five Years of Learning from Communities and Coordinating Federal Investments,” which details the progress made toward improving housing, environmental protection, and transportation systems in the last five years.”

Housing Wire - “Nationstar completes exit from reverse mortgage origination business” (8-8-14)

“Business is booming at Nationstar Mortgage (NSM), which reported quarterly net income of $67 million, or $0.74 per share, for the second quarter, a 174% increase over the $24 million or $0.27 per share in the first quarter 2014.”

Bloomberg - “Ginnie Mae Reviews Rules for Services as Nonbanks Expand” (8-8-14)

“Ginnie Mae President Ted Tozer, whose agency increasingly relies on nonbank mortgage companies, said he’s evaluating if they have enough easy-to-sell assets to survive in times of distress.”

Los Angeles Times - “China developer buys Robinsons-May site in Beverly Hills” (8-8-14)

“Establishing a major new beachhead in Hollywood, Wanda Group — China’s largest commercial property developer and owner of the AMC theater chain — said Friday it has bought the site of the former Robinsons-May department store in Beverly Hills and will invest $1.2 billion to build a mixed-use development on the plot. No sales price was revealed.”

DS News - “Affordability a Concern in Housing Recovery” (8-8-14)

“As the U.S housing market climbs back to healthy, a third of it is less affordable now than it’s been all century, according to RealtyTrac.  The firm’s latest housing affordability report  found that 34 percent of the 1,200 U.S. counties it surveyed are at their least affordable, on average, since 2000.”

 

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 3 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 presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the InvestClub for Women on Wednesday, September 17, 2014.

 

Looking Back:

Unemployment claims increased by 5,000 to 333,000 during the week according to the Labor Department, although they still did not exceed expectations.  Mortgage rates continued to remain where they were with 30-year rates at 4.40% and 15-year rates at 3.43%.  Home prices increased by 87% in the second quarter.

 

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 Sales Decrease Again in June

Thursday, July 24th, 2014

 

Today’s News Synopsis:

New home sales decreased again in June by 8.1%, the largest revision on record.  The number of homes seriously underwater decreased to 9.1 million, totaling 17.2% of homes in the nation.  Unemployment claims decreased by 19,000 to 284,000, the lowest in 8 years.

In The News:

Housing Wire - “Home price increases boost PulteGroup revenue and profit in 2Q2014″ (7-24-14)

“PulteGroup (PHM) posted net income was $42 million, or $0.11 per share, after pretax charges of $88 million, or $0.14 per share, for insurance reserves and office relocation costs for the second quarter of 2014.”

DS News“Homes “Seriously Underwater” Down in Second Quarter” (7-24-14)

“In a positive sign for the housing market, RealtyTrac reported Thursday a decrease nationwide in homes that were classified as “seriously underwater”, down to  9.1 million homes in the second quarter of 2014, representing 17.2 percent of all homes nationwide.”

Mortgage Professional America“S&P may face fraud charges over mortgage bond ratings” (7-24-14)

“Standard & Poor’s may be looking at a securities fraud lawsuit over ratings it gave to commercial mortgage bonds.  S&P said Wednesday that it had received a notice from the Securities and Exchange Commission that its enforcement staff intended to recommend pursuing civil charges against the company.”

Bloomberg“Sales of U.S. New Homes Fell in June After Large Revision” (7-24-14)

“Fewer new U.S. homes were sold in June than forecast and May data showed the biggest downward revision on record, painting a more troubling picture of a housing market that is struggling to gain traction.”

Housing Wire - “Jobless claims drop to 8-year low” (7-24-14)

“Jobless claims plummeted by 19,000 filings to 284,000 for the week ended July 19, the lowest level for initial claims since Feb. 18, 2006 when there were 283,000 claims, the U.S. Department of Labor said.”

OC Housing NewsOwner-occupant sales stall while distressed sales plummet“ (7-24-14)

“In 2011, lenders aggressively pursued loan modifications to avoid foreclosures. They offered any deadbeat who would play along a sweetheart deal just to get some money back on otherwise non-performing loans.”

Bloomberg - “Hamptons Home Sales Rise as Buyers Find More Inventory” (7-24-14)

“Home sales in New York’s Hamptons, the Long Island vacation locale popular among financiers and celebrities, climbed in the second quarter as more inventory became available for buyers.”

Inman“Ellie Mae’s self-service mortgage platform targets ‘tech-savvy’ borrowers” (7-24-14)

“Ellie Mae is now offering mortgage lenders a consumer direct solution for its Encompass mortgage management platform that can guide homebuyers through a step-by-step application process in less than 15 minutes, giving borrowers greater control and insight throughout.”

Housing Wire - “Freddie Mac: Mortgage rates push buyers to market” (7-24-14)

“Although mortgage rates remained relatively still for the week ended July 24, they are still just above the lows for 2014, helping push more potential homeowners into the market, Freddie Mac’s latest Primary Mortgage Market Survey said.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be speaking at the CMLS 2014 – Learning the In-and-Outs of Real Estate Forecasting From September 24-September 27, 2014.

Looking Back:

Sales of new homes increased by 8.3% to 497,000 the previous month with the decrease in home prices.  At the same time, mortgage applications decreased by 1.2% from the previous week according to the latest survey from the Mortgage Bankers Association.  Freddie Mac planned to sell nearly $500 million of mortgage-backed securities.

 

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.

Analysts More Optimistic About Housing Market

Friday, July 18th, 2014

Sources:

Consumers Expect Economic Improvement
NAR: One chart shows widening affordability gap


Today’s News Synopsis:

This week’s video is a slideshow of the news of the week in this weeks real estate headline roundup video.  The unemployment rate and economic growth are both affected by the labor force participation rate according to a recent study.  Analysts are more optimistic about the housing market despite it performing below expectations in the first half of 2014.  According to the latest Index of Consumer Sentiment, consumer confidence decreased to its lowest in four months and now stands at 81.3.

In The News:

DS News“Labor Force Participation Rate Problematic for Recovery” (7-18-14)

“Much has been made of the recent drop in the unemployment from its highs during the great recession to the where it currently sits at 6.1 percent.”

OC Housing News - “British legislators learned the housing bubble perils while Americans did not” (7-18-14)

“During the 00s lenders attempted foolish financial innovations that proved dismal failures; these loan products, deterioration of standards, and securitization of mortgages inflated massive housing bubbles in several countries around the world.”

Housing Wire - “Housing troubles continue drag on economy” (7-18-14)

“The trouble in the housing sector, specifically Thursday’s data on building permits, is holding down the economic outlook, expressed in the index of leading economic indicators which missed analyst expectations as it rose a lower-than-expected 0.3% in June.”

DS News“Consumer Sentiment Drops to Four Month Low” (7-18-14)

“A preliminary measure of consumer sentiment released Friday shows confidence in the economy has dropped to its lowest level in the last four months.”

Housing Wire - “NAR: Big banks exiting FHA loans is a ‘bad trend’” (7-18-14)

“As the Federal Housing Administration celebrates its 80th anniversary, the big banks are debating ending their lending relationships with the administration.”

Realty Trac - “What Homes Are the Best Real Estate Deals and Where to Find Them” (7-18-14)

“Last week RealtyTrac released an analysis of what profiles of homes offer the best potential for discount, and which markets have the most properties matching those hot discount profiles.”

DS News - “Analysts See Reasons for Housing Optimism” (7-18-14)

“Even though the first half of 2014 didn’t live up to the hope and hype, industry insiders are still calling for better days in the housing market for the rest of this year.”

Housing Wire - “4 charts show the problem: Wages can’t keep up with home prices” (7-18-14)

“While home-price increases have slowed, they are still trending higher, and have seen 26 months of consecutive year-over-year increases nationally.”

 

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

Unemployment claims decreased by 24,000 to 334,000 and were at their lowest in ten weeks.  Mortgage rates decreased again after being at their highest in two years.  At the same time, inventory was shown to be on the rise according to a recent report from Realtor.com.

 

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.

Bank of America Prepares for Impending Lawsuit

Wednesday, June 11th, 2014

Today’s News Synopsis:

Foreclosures decreased last month to their lowest in 8 years at 109,824.  Bank of America is putting a hold on their discussions regarding mortgages and are preparing for their impending lawsuit by the U.S.  Mortgage applications showed strong growth following the Memorial Day weekend, having increased 10.3% from the prior week.

In The News:

Bloomberg - “BofA Mortgage Talks Said to Stall as U.S. Prepares Suit” (6-11-14)

“The U.S. is preparing to sue Bank of America Corp. after reaching an impasse in talks to resolve government probes of the lender’s sales of mortgage-backed bonds before the financial crisis, a person familiar with the matter said.”

Housing Wire - “Warren’s student loan bill blocked by Senate Republicans” (6-11-14)

“Despite receiving full-throated support from President Barack Obama, a bill designed to ease the burden of student loan debt could not garner enough support in the Senate and will not move forward in its current form.”

NAHB - “Proposed Clean Water Act Rule is More Federal Overreach, Builders Tell Congress” (6-11-14)

“A proposed rule recently released by the Environmental Protection Agency (EPA) and U.S. Army Corps of Engineers (Corps) to expand the reach of the Clean Water Act could increase the cost of new homes without a corresponding benefit to America’s lakes, rivers and other water bodies, the National Association of Home Builders (NAHB) told Congress today.”

DS News - “Job Growth Outpacing New Home Construction” (6-11-14)

“Annualized housing starts crossed the 1 million mark in April for the first time this year, but little of that improvement came on the single-family side—and that’s a serious problem, says the National Association of Realtors (NAR).”

Mortgage Bankers Association“Strong Growth in Mortgage Application Volume Following Memorial Day Holiday” (6-11-14)

“Mortgage applications increased 10.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 6, 2014.  The previous week’s results included an adjustment for the Memorial Day holiday.”

Housing Wire“Realtors expect median home prices to rise 4%” (6-11-14)

“Realtors expect home prices to continue to appreciate over the next year, with a median price increase expected of 4% over the next 12 months, according to the latest survey of the National Association of Realtors in their confidence index.”

Mortgage Professional America - “Foreclosure filings hit 8-year low” (6-11-14)

“Foreclosure filings hit their lowest level in more than eight years last month, according to data released Tuesday.  Foreclosure filings – default notices, scheduled actions and bank repossessions – were reported on 109,824 US properties last month, according to housing data firm RealtyTrac.”

DS News - “HUD Settlement Creates Housing Opportunities for People with Disabilities” (6-11-14)

“The U.S. Department of Housing and Urban Development (HUD) announced it has entered into a Voluntary Compliance Agreement with the Englewood Housing Authority (EHA) in Englewood, Colorado.”

 

Hard Money Loan Closed

Chula Vista, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $149,000 on a 2 bedroom, 2 bathroom home appraised for $230,000.

Chula Vista Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

 

Looking Back:

Shareholders for Fannie Mae and Freddie Mac were challenging the government’s decision to do away with the GSEs, claiming billions of dollars were lost by investors from the takeover.  In an interesting piece of news, real estate brokers were starting to demand aerial drones to take pictures of their properties for real estate listings.  The number of jobs available decreased in April, although more places were hiring then ever since 2008.

 

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

Credit Union Lending Sees 9.7% Increases in the First Quarter

Wednesday, June 4th, 2014

 

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased by 3.1% from last week.  According to the latest Beige Book by the Federal Reserve, although real estate activity did improve, it is not expected to make up for the slowdown from January to April.  The amount of lending by Credit Unions increased by 9.7% year-over-year in the first quarter of 2014.

In The News:

DS News - “Millennials Use ‘Bank of Mom and Dad’ for Down Payment Help” (6-4-14)

“Survey results released Wednesday shows half of Millennials plan to seek help from family in putting together down payment funds for a home.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-4-14)

“Mortgage applications decreased 3.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 30, 2014.  This week’s results include an adjustment for the Memorial Day holiday.”

Housing Wire - “Beige Book: Housing for rest of 2014 won’t make up for Jan-April slump” (6-4-14)

“Residential real estate activity was mixed across the country, with some reports of low inventories constraining sales, while home prices continue to increase driven by investor purchases, according to the new Beige Book from the Federal Reserve.”

Inman“Survey Finds That Kids May Be the New ‘Chief Purchasing Officers’ of the Family” (6-4-14)

“Do kids rule the roost? A new study from Coldwell Banker Real Estate finds that children may be the “Chief Purchasing Officers” of the family.”

DS News“Credit Union Lending Jumps in Q1 2014″ (6-4-14)

“Credit Unions continued to grow during the first quarter of 2014, although higher interest rates slowed mortgage originations, according to the National Credit Union Administration (NCUA).”

Mortgage Professional America - “Fed should raise rates when taper complete, official says” (6-4-14)

“A Federal Reserve official official says she wants to raise interest rates as soon as the Fed finishes tapering its bond buys.”

Housing Wire - “CFPB warns student DTI ratio blocks housing recovery” (6-4-14)

“Student debt-to-income ratios are helping put a ruin on the housing recovery by impeding potential first-time homebuyers.”

DS News“Total Home Flipping Down Yearly, but Profit Increases” (6-4-14)

“In a blog post, RealtyTrac VP Daren Blomquist analyzed data from the company’s newly created and interactive, county-level heat map, which shows the returns on home flipping over the last 12 months in 1,050 counties nationwide.”

 

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $215,000 on a 3 bedroom, 2 bathroom home appraised for $325,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with South Los Angeles REIA on Monday, June 9, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

 

Looking Back:

Mortgage rates for commercial and multifamily properties decreased overall in the first quarter of 2013 according to the Mortgage Bankers Association.  Home prices increased year-over-year by 12.1% in April and 8.2% year-over-year the previous month.  The credit report system was being revised to separate short sales from foreclosures rather than including them in the same category.

 

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.

Number of Failed Banks Now up to 8

Tuesday, May 27th, 2014

 

Today’s News Synopsis:

The number of failed banks for the year is now up to eight with the recent closure of the Columbia Savings Bank bank in Ohio.  According to the latest Case-Shiller Index, home prices increased in March by 0.9% month-over-month and 12.6% year-over-year.  Consumer confidence also showed signs of increase with an increasing positive outlook on the job market.

In The News:

DS News - “Ohio Bank Fails; Eighth This Year” (5-27-14)

“Columbia Savings Bank of Cincinnati, Ohio was closed by the Ohio Division of Financial Institutions, which appointed the FDIC as receiver.”

Housing Wire“Moody’s warns on Green Tree after servicing failures” (5-27-14)

“When the Office of Mortgage Settlement Oversight released its latest compliance report, the news wasn’t good for Green Tree Servicing.”

Inman“Home price gains slow in March” (5-27-14)

“Home prices continued to rise in March but at a slower pace in many markets, according to the latest S&P/Case-Shiller Home Price Indices.”

DS News“Job Market Optimism Boosts Consumer Confidence” (5-27-14)

“After dipping in April, the Conference Board’s Consumer Confidence Index saw modest improvement in May as optimism for the job market grew.”

Realty Trac - “Five Reasons the Housing Market is Failing” (5-27-14)

“By now the housing market was supposed to be booming. Combine a growing population, low mortgage rates, years of pent-up demand, fewer foreclosures, lower unemployment plus a generally-better economy and the stage should be set for a very nice real  estate lift-off.”

DS News - “Julian Castro Officially Nominated as HUD Secretary” (5-27-14)

“The White House has made it official: President Obama has nominated San Antonio Mayor Julián Castro as the next Secretary of Housing and Urban Development (HUD).”

Mortgage Professional America - “Home sales up, but market still sluggish” (5-27-14)

“Sales of new single-family homes were up in April, but economists said the market wasn’t picking up fast enough.”

Inman - “RealtyTrac hires another LPS vet to grow new property tax records business” (5-27-14)

“A legal settlement that put data aggregator RealtyTrac in the business of selling tax, deed and mortgage records also has the company on the hunt for talent.”

DS News - “Study: Housing ‘Recovery’ is Bypassing Many Communities” (5-27-14)

“Despite claims that the recent rise in housing prices is solving the nation’s foreclosure and economic crises, millions of families continue to face financial problems from which they may never recover, according to research from the Haas Institute for a Fair and Inclusive Society at the University of California, Berkeley.”

 

Hard Money Loan Closed

Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $480,000 on a 4 bedroom, 2.5 bathroom home appraised for $745,000.

Burbank Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

 

 

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.

Julian Castro Nominated as the New Head of HUD

Friday, May 23rd, 2014

Sources:

REO Inventory Rising Again
Default Rates Decline in April to Lowest Post-Recession Rate


Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  Julian Castro has been nominated by Obama as the new head of HUD.  Sales of new homes increased last month by 6.4% to 433,000 after a three-month decline.  The new Water Resources and Development Act was just passed by the Senate, gaining much applause from the NAHB.

In The News:

DS News“Is the United States Primed for Economic Growth?” (5-23-14)

“An index measuring leading economic indicators in the United States posted its third straight increase in April, suggesting economic growth might be ready to take off in the coming months following a weak first quarter.”

Housing Wire - “Obama: “All-star” Julian Castro to lead HUD” (5-23-14)

“President Barack Obama officially nominated San Antonio Mayor Julián Castro to lead the U.S. Department of Housing and Urban Development in a ceremony on Friday afternoon. “I am nominating another all-star who’s done a fantastic job in San Antonio over the last five years,” Obama said.”

NAHB - “Senate Passage of Water Resources Bill Strengthens At-Risk Communities” (5-23-14)

“The National Association of Home Builders (NAHB) applauded Senate passage of the Water Resources and Development Act, legislation that would provide much-needed funding to strengthen levees and protect more home owners from the tragic consequences of flooding and storm damage in communities all over the country.”

DS News - “Hawaii Dominates ‘Top 20 Best Beach Town Markets’” (5-23-14)

“In a recent ranking of the best beach town’s by RealtyTrac, Hawaii held a slim majority over California and Florida with 11 of the top 20 beach markets in the nation.”

Bloomberg - “CommonWealth REIT Investors Approve Related-Corvex Board” (5-23-14)

“CommonWealth REIT (CWH) shareholders voted in a new board including billionaire Sam Zell, marking the completion of a 15-month effort by Corvex Management LP and Related Cos. to overthrow management and install new trustees.”

Inman“There are no quick fixes for inventory shortages, but market is moving in the right direction” (5-23-14)

“There’s been a lot of speculation about why for-sale inventory levels remain so stubbornly low.  With home prices still well off peak levels from 2005-2006 and mortgages still near historically low interest rates, many industry observers were expecting to see home sales increase much more rapidly than they have.  (This article was written by Rick Sharga of Auction.com).”

Bloomberg - “U.S. Home Sales Come Out of Deep Freeze” (5-23-14)

“Sales of new U.S. homes climbed in April for the first time in three months, allaying concerns of an extended setback in the residential real-estate market.”

DS News - “HUD Awards Housing Counseling Grants” (5-23-14)

“In an ongoing effort to improve housing education for consumers, the U.S. Department of Housing and Urban Development (HUD) announced it has awarded $40 million in grants to hundreds of national, regional, and local organizations to bolster housing counseling programs.”

Hard Money Loan Closed

Murrieta, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $150,000 on a 3 bedroom, 2 bathroom home appraised for $230,000.

Murrieta Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

 

Looking Back:

NAHB reported housing starts declined 16.5% after builders cut back on the number of multi-family homes constructed.  Mortgage rates increased to their highest level in six weeks with 30-year rates at 3.51% and 15-year rates at 2.69%.  Unemployment claims were at 360,000, their highest in six weeks.

 

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.

Foreclosure Filings Down 1% in April

Thursday, May 15th, 2014

 

Today’s News Synopsis:

Builder confidence remains relatively the same, having dropped only one point this month to 45.  The latest foreclosure report from RealtyTrac showed activity decreased 1% from March to 115,000.  The NAR predicts the sales of existing homes to be slower than last year.

In The News:

DS News“Foreclosure Activity Decreases in April” (5-15-14)

“RealtyTrac’s latest U.S. Foreclosure Market Report for April 2014, revealed foreclosure filings were down 1 percent from March, totaling approximately 115,000. April’s figure reflects a year-over-year decrease of 20 percent.”

NAHB“Builder Confidence Remains in Holding Pattern” (5-15-14)

“Builder confidence in the market for newly built, single-family homes in May fell one point to 45 from a downwardly revised April reading of 46 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today.”

Inman - “NAR may commit $20M to implement stricter ‘core standards’ for associations” (5-15-14)

“The finance committee of the National Association of Realtors (NAR) has advised NAR to allocate up to $20 million to implement core standards for Realtor associations that could fuel consolidation of small associations across the country.”

Mortgage Bankers Association - “Delinquency and Foreclosure Rates Continue to Improve” (5-15-14)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 6.11 percent of all loans outstanding at the end of the first quarter of 2014, the lowest level since the fourth quarter of 2007.”

Mortgage Professional America - “Hensarling blasts Senate plan for Fannie, Freddie reform” (5-15-14)

“A top House Republican is slamming the Senate’s plan to wind down Fannie Mae and Freddie Mac – but the alternative he’s offering has already been opposed by practically every industry group.”

Bloomberg - “Mortgage Rates Dropping With Bond Yields at 11-Month Low” (5-15-14)

“A rally in the mortgage-bond market may send U.S. home-loan rates to the lowest in almost a year, bolstering a slowing real-estate recovery.”

Inman - “NAR forecasts 2014 existing-home sales won’t match last year’s tally” (5-15-14)

“Stock market investors may have been spooked today by news that Wal-Mart is expecting its smallest quarterly sales growth in almost five years, but the National Association of Realtors issued a rosy housing forecast blaming a “subpar” first quarter in part on ‘severe weather patterns’.”

DS News - “Johnson-Crapo Bill Clears Senate Banking Committee” (5-15-14)

“Despite some recent pushback from Senate Democrats, the Johnson-Crapo reform bill that plans to phase out Fannie Mae and Freddie Mac passed the Senate Banking Committee by a bipartisan vote of 13-9.”

Hard Money Loan Closed

Lake Forest, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $525,000 on a 4 bedroom, 3 bathroom home appraised for $806,000.

Lake Forest Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group is presenting the Real Estate Market Update with AOA in Long Beach TODAY.

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

 

Looking Back:

The NAHB reported builder confidence increased three points to 44, while at the same time the number of affordable homes decreased to 73.7% from 74.9% in the first quarter.  The Mortgage Bankers Association reported a 7.3% decrease in mortgage applications from the previous week.  HOPE NOW reported 245,000 loan mods were completed in the first quarter, a 20% increase from the first quarter of 2012.

 

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