California Real Estate Headline Roundup

Posts Tagged ‘RealtyTrac’

By Bruce Norris .

Existing Home Sales See Unexpected 3.3% Decrease

Thursday, May 21st, 2015

 

 

Today’s News Synopsis:

 

Foreclosure starts experienced a 3% growth in April and 9% year-over-year, putting them at their highest in 18 months.  However, at the same time foreclosure completions decreased by almost 25% year-over-year. Mortgage rates have shown little change with 30-year rates at 3.84% and 15-year rates at 3.05%.  A decrease in existing home sales has made a recovery difficult.

 

In The News:

Realty Trac- “U.S. Foreclosure Activity Increases 3 Percent in April to 18-Month High by Rising Bank Repossessions” (5-20-15)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its April 2015 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 125,875U.S. properties in April of 2015, up 3 percent from the previous month and up 9 percent from a year ago, an 18-month high.”

Housing Wire - “Zillow: Rents gallop past home values in April” (5-21-15)

“Rents for residential housing in the United States grew at their fastest pace in two years in April, surpassing home values, according to Zillow’s latest real estate market report.”

DS News - “Forecast Calls for Moderate Economic Growth; Housing Gaining Momentum” (5-21-15)

“Consumers’ conservative financial behavior suggests modest economic growth for the remainder of the year, though the housing industry appears to be gaining momentum, according to Fannie Mae’s Economic and Strategic Research Group’s May 2015 Economic Outlook released Thursday.”

Bloomberg - “Fewer Homes For Sale Makes U.S. Housing Recovery Painstaking” (5-21-15)

“A limited number of homes for sale and higher selling prices are making for one painstaking U.S. housing recovery.  Contract closings on previously owned properties unexpectedly dropped 3.3 percent to a 5.04 million annualized rate in April after a 5.21 million pace that was the strongest in almost two years, figures from the National Association of Realtors showed Thursday in Washington. Prices jumped the most since the start of 2014 as the inventory of houses on the market declined from the same time last year.”

Mortgage Professional America- “New federal rules target servicers” (5-21-15)

“Federal officials on Wednesday finalized rules restricting loan servicers.  The new rules from Fannie Mae and Freddie Mac will create minimums for net worth, capital and liquidity, according to a MarketWatch report.”

Housing Wire - “Senate banking committee passes massive regulatory relief bill” (5-21-15)

“The Senate Committee on Banking, Housing and Urban Affairs passed “The Financial Regulatory Improvement Act of 2015″ on Thursday.  This is a big deal for housing and mortgage finance. Among the most significant proposals in the 216-page draft bill is a requirement raising the SIFI bank threshold from $50 billion to $500 billion, altering the $10 billion threshold, and targeting specific GSE changes.”

Mortgage Professional America - “Daily Market Update: Housing report reveals that the industry is picking up” (5-20-15)

“The level of new housing starts in April jumped to their highest level in more than 7 years according to the US Department of Commerce.  The latest data on the housing market revealed that new starts soared by 20.2 per cent to a seasonally-adjusted annual pace of 1.14 million units.”

DS News - “Foreclosure Completions Plummet Year-Over-Year While Starts Increase” (5-21-15)

“Foreclosure completions were down by nearly one-fourth year-over-year in Q1 while foreclosure starts experienced an increase, according to data released by HOPE NOW, an industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants.”

Housing Wire - “Mortgage rates remain largely unchanged from last week” (5-21-15)

“Average fixed mortgage rates moved just slightly lower following three consecutive weeks of increases, according to Freddie Mac.  The 30-year fixed-rate mortgage averaged 3.84% with an average 0.7 point for the week ending May 21, 2015, down from last week when it averaged 3.85%. A year ago at this time, the 30-year FRM averaged 4.14%.”

Property Radar - “California Median Home Price Soars past $400,000 Mark – Highest Since December 2007″ (5-20-15)

“California single-family home and condominium sales were up 9.0 percent in April 2015. April sales were 37,009 up from 33,946 in March. The increase in sales volume was predominantly due to the 9.2 percent gain in non-distressed property sales that accounted for 83.0 percent of total sales.”

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI TONIGHT.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.

 

Looking Back:

Fannie Mae did not experience strong growth due to both the weather and fewer people being able to afford homes.  The Mortgage Bankers Association reported a 0.9% increase in mortgage applications from the previous week.  Home sales in California increased the previous month by 20% month-over-month.

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

 

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.


 

Mortgage Lending Increased 17% According to RealtyTrac

Thursday, May 14th, 2015

 

 

Today’s News Synopsis:

Home prices increased in April by 6.5% according to the latest report from Redfin.  RealtyTrac reported lending on mortgages increased 17% in the first quarter.  In another story related to mortgages, rates increased again for the third week in a row with 30-year rates now at 3.85% and 15-year rates at 3.07%.

In The News:

Housing Wire“Redfin: Home prices rise 6.5% in April as homes sell at fast clip” (5-14-15)

“Home sales across Redfin markets increased at a rate of 5.4% compared to a year earlier, according to real estate broker Redfin.  Home prices also trended upward. The median sale price rose 6.5% year-over-year to $275,700.”

Mortgage Professional America - “Judge slams originators in mortgage bond case” (5-14-15)

“The judge who ruled that two large banks had defrauded Fannie Mae and Freddie Mac had some harsh words for originators in her 361-page decision.  Judge Denise L. Cotes ruled Tuesday that Nomura Holdings and the Royal Bank of Scotland misled Fannie and Freddie about the quality of mortgage bonds sold to the agencies in the run-up to the financial crisis.”

DS News - “Agency MSR Deal Worth $45 Billion Finalized Between Chase, Ocwen” (5-14-15)

“An Agency mortgage servicing rights deal worth approximately $45 billion between Chase and Ocwen Financial Corp. has been finalized after two and a half months, according to an announcement from Chase on Thursday.”

Housing Wire“RealtyTrac: Mortgage lending rose 17% in first quarter” (5-14-15)

“Thanks in large part to the continually low interest rate, mortgage originations rose 17% year-over-year in the first quarter, according to a new report from RealtyTrac.”

NAHB“Housing Affordability Posts Solid Gain in First Quarter” (5-14-15)

“Lower interest rates and home prices contributed to a solid boost in nationwide affordability in the first quarter of 2015, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released today.”

Bloomberg - “Calgary New Home Prices Decline in March for 1st Time Since 2011″ (5-14-15)

“Average prices for new homes in Calgary, Canada’s oil capital, fell 0.4 percent in March, the first drop in three and a half years.  The decline was offset by increases in Toronto and Winnipeg, Statistics Canada said Thursday. Nationwide, average prices for new homes were little changed versus a forecast for a 0.1 percent increase, the median of nine responses in a Bloomberg survey of economists.”

DS News - “House Subcommittee Says Bad Policy Caused Crisis, Dodd-Frank Missed the Mark” (5-14-15)

“Witnesses at a House subcommittee hearing on Wednesday testified that the Dodd-Frank Act introduced new problems and may have even laid the groundwork for another financial crisis, according to an announcement from the House Financial Services Committee earlier this week.”

Housing Wire“Mortgage rates move higher for third week in a row” (5-14-15)

“Average fixed mortgage rates followed 10-year Treasury yields higher and rose for the third consecutive week, according to Freddie Mac.  At 3.85%, the average 30-year fixed-rate mortgage is just below the high for 2015.”

 

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.

 

Looking Back:

FHFA director Mel Watt announced he will not be getting involved in the mortgage reform debate nor be increasing the limits on loans.  Rather, he will be leaving this work to Congress.  In addition, Democrat Gary Peters from Michigan said he did not see reform happening for Fannie and Freddie any time in 2014.  The latest Case-Shiller Index from CoreLogic showed home prices increased 11.3% in the fourth quarter of 2013.

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

 

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.

 

Borrowing by Consumers at Eight-Month High

Thursday, May 7th, 2015

 

 

Today’s News Synopsis:

Borrowing by consumers in the US increased to an eight-month high to $20.5 billion.  Following Freddie Mac’s announcement this week, Fannie Mae announced its net income at $1.9 billion.  Freddie Mac reported mortgage rates increased 0.6% with 30-year rates now at 3.80% and 15-year rates at 3.02%.

 

In The News:

Mortgage Professional America - “The future of employment in the mortgage industry” (5-7-15)

“The past few years for the mortgage industry have been rocky, to say the least. With a challenging economy and ever increasing regulation, our future has become unstable.”

Bloomberg - “Consumer Borrowing in U.S. Increased by Most in Eight Months” (5-7-15)

“American consumer borrowing rose in March by the most in eight months, helped by a rebound in credit card debt after two straight declines.  The $20.5 billion increase in total credit followed a revised $14.8 billion gain in the previous month, Federal Reserve figures showed Thursday in Washington.”

Housing Wire - “Fannie Mae: More consumers positive on housing, but still on sidelines” (5-7-15)

“Results from Fannie Mae’s April 2015 National Housing Survey show some improvement in housing sentiment, but likely not enough to trigger any breakout improvements in housing market activity this year.”

DS News - “Regulatory Changes, Reputational Risk, Economics Are Factors in Shift to Non-Bank Servicing” (5-7-15)

“The rules for originating a mortgage have changed in the seven years since the housing crisis, which in turn have changed loan servicing and even caused a transition of servicing from banks to non-depository institutions.”

Housing Wire - “Fannie Mae reports net income of $1.9B in 1Q” (5-7-15)

“Fannie Mae reported net income of $1.9 billion for the first quarter of 2015 and comprehensive income of $1.8 billion.  The government-sponsored enterprise reported a positive net worth of $3.6 billion as of March 31, 2015 resulting in a dividend obligation to Treasury of $1.8 billion, which the company expects to pay in June 2015.”

Bloomberg“These Are the Top 20 U.S. Metro Areas for Flipping a Home” (5-7-15)

“Home flippers turned a quick and tidy profit on their real estate investments in Baltimore, Central Florida, and Detroit last quarter, according to a report released Thursday by RealtyTrac.”

DS News - “Monitor: Ocwen Failed Part of Compliance Test; Internal Review Group Has Improved” (5-7-15)

“Retesting of Ocwen Financial’s compliance with the terms of the 2012 National Mortgage Settlement(NMS) for the first quarter of 2014 revealed that the Atlanta-based servicer failed one metric originally reported as a pass, but passed the other eight metrics, according to a release from the Office of Mortgage Settlement Oversight.”

Housing Wire - “Freddie Mac: Mortgage rates rise 0.6%” (5-7-15)

“Average fixed mortgage rates following 10-year Treasury yields moved slightly higher in the week ending May 7, according to Freddie Mac’s Primary Mortgage Market Survey.”

 

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $215,000 on a 3 bedroom, 1 bathroom home appraised for $326,000.

Los Angeles Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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.

Bruce Norris of The Norris Group will be speaking at the AOA “Million Dollar” Trade Show and Landlording Conference 2015 on Thursday, May 14.

 

Looking Back:

According to the latest survey from the Mortgage Bankers Association, mortgage applications increased again by 5.3% from the previous week.  At the same time, mortgage delinquency rates actually decreased 24% over the whole year and were down to 3.61% as of last quarter.  According to Fannie Mae, more and more Americans were less cautious about the economy and more optimistic it would continue to improve.

 

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

 

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.


 

Seriously Underwater Homes Increase for First Time in Three Years

Thursday, April 23rd, 2015

 

Today’s News Synopsis:

Sales of new homes decreased last month by 11.4% to 481,000 from 543,000.  Freddie Mac reported mortgage rates decreased again this week with 30-year rates at 3.65% and 15-year rates at 2.92%.  The number of homes underwater increased in the first quarter for the first time in three years.

 

In The News:

Realty Trac - “Share of Seriously Underwater Homes Increases in First Quarter For First Time Since Second Quarter 2012″ (4-22-15)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its U.S. Home Equity & Underwater Report for the first quarter of 2015, which shows that at the end of the first quarter of 2015 there were 7,341,922 U.S. residential properties seriously underwater — where the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value — representing 13.2 percent of all properties with a mortgage.”

DS News - “Bank of America Asks for Removal of $1.27 Billion Penalty, Accuses Judge of Impartiality” (4-23-15)

“Bank of America has requested an appeals court to dismiss a $1.27 billion court-imposed penalty against the bank over mortgage fraud and has also asked that the judge who imposed the penalty be removed from the case.”

Housing Wire - “Redfin: Home inventory shortage worse than it looks” (4-23-15)

“As the spring selling season gets into full swing, Redfin examined 50 markets to see if fresh inventory is growing, and whether it’s growing enough.  As of March 31, nearly 70% of homes on the market were stale, meaning they had languished unsold for more than a month, according to the latest report by real estate brokerage Redfin.”

NAHB“Housing Recovery Slow and Steady in 2015, Will Pick Up Pace Next Year” (4-23-15)

“Solid employment gains, attractive mortgage rates, a growing economy and pent-up demand will help keep the housing market moving forward throughout 2015 and into next year, according to economists who participated in yesterday’s National Association of Home Builders (NAHB) 2015 Spring Construction Forecast Webinar.”

Los Angeles Times - “New-home sales collapse in March” (4-23-15)

“Sales of new U.S. homes plummeted in March, as the spring buying season opened with sharp declines in the Northeast and South.  The Commerce Department said Thursday that new-home sales fell 11.4 percent last month to a seasonally adjusted annual rate of 481,000.”

NAHB - “Remodelers Confident In Gradual Market Improvement” (4-23-15)

“The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) posted a reading of 57 in the first quarter of 2015, off slightly from the historically high level of 60 in the last quarter of 2014, but above the key break-even point of 50.”

Mortgage Professional America - “Purchases drive mortgage volume gains” (4-23-15)

“Amid the news that house prices across the nation are continuing to rise, the good news that total mortgage application volume rose 2.3% last week underlines that we are well on the way to a full housing recovery.”

Housing Wire“Mortgage rates decline again, hover at 2015 lows” (4-23-15)

“Average fixed mortgage rates moved down slightly this week and remained near their 2015 lows as the spring homebuying season continues, according to Freddie Mac.”

 

Hard Money Loan Closed

Chino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $275,000 on a 3 bedroom, 2 bathroom home appraised for $417,000.

Chino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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:

Sales of new homes decreased by 14.5% to 384,000, their lowest in 8 months.  Mortgage applications on also decreased from the previous week by 3.3%.  The Leading Economic Index by the Conference Board, which kept track of everything from unemployment to consumer expectations, increased 0.8% the previous month to 100.9.

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

 

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.

 


 

CFPB Could Have Funding Cut if H.R. 1195 Vetoed

Tuesday, April 21st, 2015

 

Today’s News Synopsis:

The CFPB could have its funding cut should bill H.R. 1195 be vetoed as President Obama has expressed his possible intention of doing.  More and more landlords for single-family homes are planning to raise rents by over 5% this year.  Morgan Stanley is coming to the closing stages of a settlement with the New York attorney general to pay $500 million to cover costs of bad mortgage bonds sold during the crisis.

 

In The News:

DS News - “White House Threatens to Veto Bill That Cuts CFPB Funding” (4-21-15)

“President Barack Obama has threatened to veto a proposed amendment to the Consumer Financial Protection Act of 2010 that the White House claims would reduce the amount of funding the CFPB director can request.”

Mortgage Professional America - “Housing advocates ask regulators to silence pro-foreclosure calls” (4-21-15)

“A group of nonprofit housing industry leaders and advocates have written a letter to U.S. housing regulators calling on them to investigate alleged pro-foreclosure campaigns that they claim have been launched by several Wall Street giants.”

Bloomberg - “U.S. Single-Family Landlords Are Raising Rents, CEOs Say” (4-21-15)

“The largest U.S. single-family home landlords plan to raise their rents as much as 5.7 percent this year as they shift focus from buying properties to boosting their bottom lines.”

Housing Wire - “Freddie Mac targets smaller investors with new non-performing loan sales” (4-21-15)

“Aiming to attract new investors, Freddie Mac announced a new program for auctioning off pools of deeply delinquent non-performing loans from its mortgage investment portfolio.”

Mortgage Professional America - “Morgan Stanley in talks to pay $500M to settle mortgage bond probe” (4-21-15)

“Morgan Stanley is reportedly in talks with the Attorney General of New York to pay about $500 million to settle claims of misleading investors into shoddy mortgage bonds during the run-up to the financial crisis.”

DS News“Strong Equity Sales and Investments Drive Solid Q1 for Morgan Stanley” (4-21-15)

“Morgan Stanley closed a solid first quarter driven by strong equity sales and investments, according to a financial statement the company released Monday.  The financial firm reported $9.9 billion in net revenues overall in Q1, which is up from the $9 billion Morgan Stanley posted a year ago. Income from continuing operations amounted to $2.4 billion, compared to $1.5 billion for the same period a year ago.”

Housing Wire“Forum: If housing is to break stagnation, it needs regulatory reform” (4-21-15)

“Home prices are rising roughly twice as fast as wages, putting pressure on potential homebuyers and heightening the risk that any uptick in interest rates could be a setback.”

Mortgage Professional America - “The return of inflation could ruin real estate” (4-21-15)

“Inflation by some measures may be back and if that’s the case all bets for increased real estate sales are off, according to Peter Miller of RealtyTrac.”

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-backed securities totaling $3.5 billion were issued by Fannie Mae in the first quarter of 2014.  More and more homeowners were choosing to use all cash to finance their homes according to a recent survey by the Campbell/Inside Mortgage Finance.  Representative John K. Delaney had just announced his plans to change housing finance by reducing the government’s part in setting prices for mortgage finance.

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

 

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.

 


 

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.

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


 

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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