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The Norris Group Real Estate News Roundup 12/16/11

Friday, December 16th, 2011

Sources:

New jobless claims drop to lowest level since 2008
California unemployment falls for 4th straight month in November
Mortgage Rates for 30-Year U.S. Loans Fall to 3.94% as Record Low Matched
SoCal home sales rise on declining prices
California November Home Sales
S.E.C. Sues 6 Former Top Fannie and Freddie Executives
FHFA extends loan data implementation deadline for GSEs
Attorney General Expect to Reach Settlement Before Christmas
FDIC Announces Settlement With Washington Mutual Directors and Officers
Foreign homebuyers clicking on depressed US housing markets
Realtors: We overcounted Hoem Sales for Five Years

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. In a top story, six former Fannie Mae and Freddie Mac top executives have been accused by the SEC of fraud involving securites.  The world’s largest banks are also being downgraded by Fitch, banks including Bank of America, Morgan Stanley, and Goldman Sachs.

In The News:

Los Angeles Times - “SEC accuses former Fannie Mae, Freddie Mac bosses of fraud” (12-16-11)

“Six former top executives of housing finance giants Fannie Mae and Freddie Mac were accused of securities fraud Friday by federal regulators for allegedly misleading investors about the size of the companies’ risky subprime mortgage holdings.  30-year fixed mortgage rates are at an all-time low of 3.94%.”

Realty Times – “30-Year Fixed-Rate Mortgage Matches All-Time Record Low at 3.94 Percent” (12-16-11)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® (PMMS®), the average fixed mortgage rates at or near their all-time lows. The 30-year fixed matched the average all-time record low of 3.94 percent, and a new all-time record low was set for the 15-year fixed, both previously set in the October 6, 2011 Freddie Mac PMMS.“

San Francisco Chronicle - “Moratorium leads to dip in foreclosure filings” (12-16-11)

“U.S. foreclosure filings fell last month as delinquent homeowners got a holiday  break, RealtyTrac reported.  A total of 224,394 properties received notices of default, auction or  repossession, down 14 percent from a year earlier, the data seller said Thursday.”

CNN Money - “Fitch downgrades world’s largest banks” (12-16-11)

“The ratings firm Fitch downgraded a cluster of the world’s largest banks Thursday, pointing to trading challenges facing international markets.  The banks included Bank of America (BAC, Fortune 500), Morgan Stanley (MS, Fortune 500) and Goldman Sachs (GS, Fortune 500), as well as Europe’s Barclays, Societe Generale and BNP Paribas.”

Housing Wire - “Fed officials testify on European liquidity injections” (12-16-11)

“Steven Kamin, acting director of the division of international finance for the Federal Reserve, said in prepared congressional testimony that swap transactions to help Europe “present no exchange rate or interest rate risk to the Fed.”

Los Angeles Times – “California unemployment falls for 4th straight month in November” (12-16-11)

“California employers added 6,600 new jobs in November, driving the monthly unemployment rate down to 11.3%, its lowest level since the depths of the recession in June 2009.  The decline from October’s jobless rate of 11.7% marked the fourth consecutive month that the Golden State has generated jobs as it gradually replaces some of the 1.3 million lost in the worst economic downturn in half a century, the California Employment Development Department reported.”

Housing Wire – “Nevada AG sues LPS, alleging mishandled mortgage documentation” (12-16-11)

“Nevada Attorney General Catherine Cortez Masto filed suit against Lender Processing Services (LPS: 15.83 -8.71%) for allegedly falsify foreclosure documents with the state.”

DS News - “Mortgage Debt in the U.S. Continues to Diminish” (12-16-11)

“The ongoing turmoil still gripping housing markets across the country has manifested itself in the Federal Reserve’s macro assessment of household wealth and capital flow.”

Housing Wire - “MBIA moves to limit CMBS exposure” (12-16-11)

“Bond insurer MBIA (MBIA: 0.00 N/A) signed a deal this week to commute $20 billion of its insured exposure to shield the company from future risks on volatile commercial mortgage-backed securities.”

Hard Money Loan Closed

Compton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 4 bedroom, 2 bathroom home appraised for $238,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

6,111 new and resale houses and condos were sold in the Bay Area in November 2010, according to MDA DataQuick. Freddie Mac reported the 30-year mortgage rate rose to 4.83%. Statistics from CoreLogic show home prices declined 3.93% in October from July 2010. Three members of congress introduced a bill which would possibly put an end to the use of MERS by GSEs.

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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The Norris Group Real Estate News Roundup 12/15/11

Thursday, December 15th, 2011

Today’s News Synopsis:

In a big news story, 30-year mortgages decreased to below 4%, matching with the lowest ever recorded.  Housing Wire reported an improvement in housing prices for the whole year, despite a month-over-month decrease in prices.  Unemployment claims decreased to 366,000, the lowest on record since May 2008.

In The News:

Mortgage Bankers Association – “Three of Four Major Investor Groups Increased Commercial/Multifamily Mortgage Investments During The Third Quarter “ (12-15-11)

“The level of commercial/multifamily mortgage debt outstanding was essentially unchanged in the third quarter of 2011, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA).”

Housing Wire - “California home sales show year-over-year improvements” (12-15-11)

“Home sales in the San Francisco area edged up in November over year-ago figures, although they dipped from October. Statewide, sales across California also declined month-over-month, but showed an increase from year-ago figures, DataQuick said.”

Bloomberg – “Mortgage Rates for 30-Year U.S. Loans Fall to 3.94% as Record Low Matched” (12-15-11)

“Mortgage rates for 30-year U.S. loans declined, matching the lowest level on record, as the European debt crisis drove investors to the relative safety of Treasury bonds.”

Los Angeles Times - “New jobless claims drop to lowest level since 2008″ (12-15-11)

“Initial claims for unemployment insurance dropped to 366,000 last week, the lowest level since May of 2008, in another sign that the job market is making a significant improvement.  ”

Housing Wire – “FHFA extends loan data implementation deadline for GSEs” (12-14-11)

“The Federal Housing Finance Agency extended the deadline for changes to how lenders will submit mortgages to Fannie Mae and Freddie Mac.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 3 bedroom, 2 bathroom home appraised for $244,000.

In The News:

Wall Street Journal - “Related Switches Condos to Rentals” (12-15-11)

“For at least three years, Related Cos. had been planning for the 151 apartments on the highest floors of its new apartment tower in Midtown to be condominiums, sitting atop 663 rental units in the building’s first 50 stories.  Now, with construction finishing up on the final apartments in the bulky 63-story MiMA building on 42nd Street and 10th Avenue, the developer is changing course. Related is putting all of the formerly for-sale apartments up for rent, aiming at the high-end with rents of more than $20,000 a month for a three-bedroom unit.”

Housing Wire – “Wells Fargo, Citi top Fannie list of mortgage servicers” (12-15-11)

“Wells Fargo (WFC: 25.86 0.00%) and Citigroup (C: 26.21 +0.61%) continue on pace to score high marks for foreclosure prevention in 2011, according to Fannie Mae.”

CNN Money - “Foreclosures fall, but outlook isn’t bright” (12-15-11)

“Foreclosure filings may have fallen in November but the number of homes scheduled for bank auctions grew significantly, indicating that a new wave of foreclosures are set to take place in the New Year.”

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

16,208 new and resale houses and condos sold in Southern California in November 2010. The NAR claimed 9 of the 10 most cost-effective home repair projects in terms of value recouped were exterior replacement projects. Keefe, Bruyette & Woods expected revenue from multifamily real estate investment trusts to grow at an annual rate of 4.6% in 2011. Investor confidence in U.S. commercial property is the highest since 2007, according to Bank of America.

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 event 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 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 11/28/11

Monday, November 28th, 2011

Today’s News Synopsis:

In a big news story, the sale of new homes in the U.S. increased 1.3% for the month of October.  The number of problem banks on the FDIC list is continuing to decrease for the second straight quarter.  According to Housing Wire, the New York Federal Reserve reported a decline in mortgage debt in the third quarter.

In The News:

Realty Times - “Real Estate Outlook: Existing-Home Sales Improve” (11-28-11)

“Amidst turmoil in the stock market and continued crisis in both our own and European debts, the latest figures from the National Association of Realtors show that existing-home sales improved slightly in October.”

Housing Wire - “Mortgage debt falls in third quarter, NY Fed says” (11-28-11)

“Consumer indebtedness dropped by 0.6% in the third quarter as mortgage balances and credit card limits continued to decline, according to a report by the New York Federal Reserve.”

Wall Street Journal – “Stronger Lure for Prospective Home Buyers” (11-28-11)

“Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities.”

CNN Money - “Citigroup’s $285 million SEC settlement rejected” (11-28-11)

“A judge rejected a proposed $285 million mortgage securities fraud settlement between Citigroup and the Securities and Exchange Commission on Monday, saying the deal was ‘neither fair, nor reasonable, nor adequate, nor in the public interest’.”

San Francisco Chronicle - “Sales of new homes up in October, but prices fall” (11-28-11)

“Americans bought slightly more new homes in October, a hopeful sign for the  troubled housing market. But the median sales price fell to its lowest level of  the year, and the overall sales pace is trailing last year’s — the worst in half  a century.”

Housing Wire – “NAR expects some commercial real estate growth next year” (11-28-11)

“The commercial real estate segment could experience some growth in 2012, the National Association of Realtors said Monday.  Still, the association and market analysts remain cautiously optimistic with the
economic crisis in Europe, as well as political wrangling and a bleak jobs picture remaining a top concern domestically.”

DS News - “FDIC’s ‘Problem Bank List’ Contracts for Second Consecutive Quarter” (11-28-11)

“Bad real estate loans from the boom years of the last decade have forced 412 FDIC-insured lenders to shutter their operations since 2008.  No institution’s balance sheet has been fully insulated from the downturn in the real estate markets, but data released by the FDIC suggests those lenders who’ve survived thus far are now finding their way out of the storm.”

DS News - “RealtyTrac Secures Capital Investmenr from Renovo Capital” (11-28-11)

“RealtyTrac said Monday that it has obtained “a substantial capital investment” from Renovo Capital LLC through the private equity firm’s Renwood Opportunities Fund. ”

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 event 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 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 11/10/11

Thursday, November 10th, 2011

Sources:

Past-Due Mortgages Up for First Time Since 2009: Report
Poll: 42% want less government in housing
Foreclosure Filings Rise 7%
Senate wants changes to Fannie, Freddie executive pay
Fannie Mae Requests $7.8B From Taxpayers to Cover Q3 Deficit
California Home Prices and Home Values: Zillow Home Value Index
Home Prices Decline in Almost Three-Fourths of U.S. Metro Areas
Mortgage rates dip slightly

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events.  Foreclosure filings increased 7% last month, the highest they have been in seven months.  Housing Wire reported a slight decrease in mortgage rates of slightly less than 4%.  Unemployment claims are at the lowest levels they have been since April, a good sign for the economy.

In The News:

Housing Wire - “Mortgage rates dip slightly” (11-10-11)

“The nation’s average mortgage rates changed little from last week amid a mix of economic data reports, Freddie Mac said Thursday.  The results of Freddie’s Primary Mortgage Market Survey revealed that the 30-year, fixed-rate mortgage averaged 3.99%, dropping below 4% for the second time this year.“

Bloomberg – “Foreclosure Filings in U.S. Rise 7%” (11-10-11)

“U.S. foreclosure filings rose 7 percent in October to a seven-month high as lenders started to speed up action against delinquent borrowers after a yearlong review into documentation, according to RealtyTrac Inc.”

NAHB - “Builder Confidence Declines in Third Quarter for 55+ Housing Market” (11-10-11)

“Builder confidence in the 55+ housing market for single-family homes fell three points to 12 compared to the same period a year ago, according to the latest National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released today.”

Los Angeles Times - “New unemployment claims fall again in positive sign for job growth” (11-10-11)

“The number of people who filed for unemployment benefits last week dropped again to 390,000, the lowest level since April, continuing a trend that bodes well for job growth.  The number of initial jobless claims was down 10,000 from the previous week’s revised figure of 400,000, the Labor Department reported Thursday. The initial figure for two weeks ago was 397,000, but was revised upward.”

Housing Wire - “New law pushes Vegas off top of foreclosure list” (11-10-11)

“Las Vegas is no longer the top foreclosure city in the country. A new Nevada law that went into effect in October caused many mortgage servicers to pause the foreclosure process, knocking Vegas off the spot it held held for 22 consecutive
months, RealtyTrac said in a report Thursday.”

DS News - “Shadow Inventory Lurks Behind Recent Price Gains” (11-10-11)

“Home prices rose 4 percent during the third quarter, according to the latest IAS360 House Price Index from Integrated Asset Services. The index also posted a 0.4 percent gain from the beginning of the year and a 0.6 percent gain from the third quarter of last year.”

Los Angeles Times - “Falling prices mean rising affordability, California Realtors say” (11-10-11)

“Call it the silver lining of falling home prices.  With low interest rates and cheaper housing throughout the Golden State, the percentage of homebuyers who could afford to purchase a home increased in the third quarter, a real estate group said Thursday.”

Housing Wire – “Three more mortgage servicers change foreclosures” (11-10-11)

“Three mortgage servicers agreed with the New York Department of Financial Services to make procedural changes similar to those of the consent orders signed by much larger institutions earlier in the year.”

Looking Back:

A lack of cooperation between big banks and investors caused the California foreclosure program to be delayed. The FDIC approved a proposal that would base fees on banks’ liabilities rather than their domestic deposits. Zillow expected home values to continue to depreciate through the end of 2010. The National Commission on Fiscal Responsibility and Reform suggested limiting mortgage interest rate deductions on taxes.

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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The Norris Group Real Estate News Roundup 10/31/11

Monday, October 31st, 2011

Today’s News Synopsis:

According to the Realty Times, the FHA is planning to make changes to the HARP program, including allowing more borrowers to be eligible for mortgage refinancing.  The U.S. is seeing more short sales in several different cities, Los Angeles having the highest number.  CNN Money reported home prices are expected to fall another 3.6% next year before hitting their lowest levels.

In The News:

Housing Wire - “Credit unions, community banks face ‘creeping complexity’ of regulation” (10-31-11)

“The leaders of community banks and credit unions warned the House Financial Services Committee Monday that aggressive federal regulations are hindering the institutions’ ability to lend moneytgage.”

DS News - “Economist: ARMs Not as Risky as Some Think” (10-31-11)

“Long-term, fixed-rate mortgages are often seen as a “safe” mortgage product, but one Federal Reserve economist says adjustable-rate mortgages (ARMs) are not as risky as some perceive them to be and did not play a major role in the recent housing crisis.”

Realty Times - “Real Estate Outlook: Changes to HARP” (10-31-11)

“The National Association of Home Builder’s Bob Nielsen weighed in on the recent announcement by the FHA to make some new changes to the Home Affordable Refinance Program (HARP).”

Housing Wire - “CoreLogic expects HARP 2.0 to help hardest-hit housing markets” (10-31-11)

“The government’s revamped mortgage refinance program may be somewhat of a boon to the hardest-hit housing markets because they have the largest share of borrowers in negative equity, but the plan isn’t a panacea for all that ails the
housing market, CoreLogic (CLGX: 12.17 -3.95%) said Monday.”

DS News – “Short Sales Offer Significant Discounts in Several Major Cities” (10-31-11)

“Short sales are growing throughout the nation as distressed homeowners and servicers continue to seek alternatives to foreclosure and home buyers increasingly opt for the significant discounts that come with short sales.”

CNN Money - “Home prices heading for triple-dip” (10-31-11)

“The besieged housing market has even further to fall before home prices really hit rock bottom.  According to Fiserv (FISV), a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35% below the peak reached in early 2006 and marking a triple dip in prices.”

Realtor Magazine - “Fed Leaders Divided on Future Plans” (10-31-11)

“The Federal Reserve’s policymaking committee is meeting Nov. 1 and 2, and five of the 10 voting members will be coming to the table in open disagreement with Chairman Ben Bernanke about future monetary policy. However, it is still Bernanke who determines whether the Fed will expand its campaign to stimulate growth for the third time since August.”

Housing Wire - “Freddie Mac calls for $100 billion in annual multifamily investment” (10-31-11)

“The head of Freddie Mac’s multifamily division projects that the asset class needs $1 trillion in capital over the next decade.  That is $100 billion every year earmarked to build 10 million additional
apartment units over the next 10 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 event 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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The Norris Group Real Estate News Roundup 10/13/11

Thursday, October 13th, 2011

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Today’s News Synopsis:

In this week’s video, Aaron Norris talks about I Survived Real Estate 2011 and how you can participate in the live event.  Home sales in Southern California have remained relatively stable, although the median price has decreased.  Rates on 30-year mortgages bounced back up again this week with a 4% increase.  According to Housing Wire, Freddie Mac has changed the way it will pay its employees, now basing it off of surveys showing how satisfied the lenders were.

In The News:

Los Angeles Times - “Southern California housing market stalls in September” (10-13-11)

“Southern California’s housing market stalled in September as sales were essentially flat over the same month a year earlier and the region’s median price fell.  Sales increased 0.3% from the same month a year earlier, when the market was reeling from the effect of an expired tax credit that had boosted sales for much of the year.“

DS News - “Thirty-Year Rate Jumps Back Up Above 4% Mark in One Week’s Time” (10-13-11)

“The run for below-four-percent 30-year mortgage rates was short-lived. After a history-making drop to 3.94 percent last week, Freddie Mac has recorded an 18 basis point jump in the average interest rate on a conventional fixed-rate mortgage with a 30-year term.”

Inman - “Foreclosue activity shows signs of ramping up in Q3″ (10-13-11)

“In the third quarter, a downward trend in nationwide foreclosure activity showed signs of reversing, according to the latest report  from foreclosure data site RealtyTrac. At the same time, foreclosure  processing and sales timelines hit record highs, the report said.”

Housing Wire - “Jobless claims down slightly last week” (10-13-11)

“Initial jobless claims remained essentially flat last week, staying higher than 400,000.The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Oct. 8 fell by 1,000 to 404,000 from 405,000 the previous week, which was revised upward 4,000.”

Bloomberg - “HomeServicers’ Peltier Says Housing Recovery Will Begin Next Year” (10-13-11)

“A U.S. housing recovery will begin by late 2012, building on a “pent-up demand” for homeownership, according to Ron Peltier, chief executive officer of HomeServices of America Inc.”

DS News - “CFPB Releases Servicing Examination Procedures” (10-13-11)

“In preparation to begin reviewing the nation’s largest banks, the Consumer Financial Protection Bureau (CFPB) Thursday released its examination procedures for mortgage servicers.”

Housing Wire – “Freddie to link employee pay with customer satisfaction” (10-13-11)

“How Freddie Mac pays its employees will be linked directly to future lender satisfaction surveys.  Freddie CEO Charles “Ed” Haldeman told a group of Mortgage Bankers Association members on Tuesday the firm will be changing the focus of how its employees work with banks that sell, service and invest with the company.”

CNN Money - “JPMorgan ‘cautious’ as income dips” (10-13-11)

“JPMorgan reported declining profits and sales figures Thursday as volatile financial markets hit the company’s trading and investment banking operations.”

Looking Back:

Mortgage application volume increased 14.6% the week of October 14, 2010. All 50 state attorney generals were currently involved in an investigation into lenders that filed faulty foreclosure affidavits. The FHFA urged GSEs to accelerate the foreclosure process once the AG reviews were over. Foreign investors planned to purchase large amounts of commercial property.

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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The Norris Group Real Estate News Roundup 9/29/11

Thursday, September 29th, 2011

Today’s News Synopsis:

Bloomberg reported a 1.2% decrease in pending home sales, while shadow inventory of distressed homes also decreased according to the O.C. Register.  DS News reported fixed mortgage rates are at their lowest, although Basel III has plans that will increase mortgage rates.  Rick Sharga, formerly of RealtyTrac, has left to begin working now for Carrington Mortgage Holdings.

In The News:

Bloomberg - “Pending U.S. Home Sales Decline 1.2% as Lower Prices Fail to Stoke Demand” (9-29-11)

“The number of contracts to purchase previously owned U.S. homes fell in August, a sign that lower prices and borrowing costs are doing little to stoke demand.”

Housing Wire - “FHFA warns Basel III may increase mortgage rates” (9-29-11)

“Basel III will increase capital requirements for big banks, resulting in higher mortgage rates, the Federal Housing Finance Agency said.”

DS News - “Fixed Mortgage Rates Sink to Lowest on Record” (9-29-11)

“Fixed mortgage rates fell to all-time record lows this week following the Federal Reserve’s announcement of “Operation Twist”.”

Inman - “RealtyTrac exec departs to Carrington Mortgage Holdings” (9-29-11)

“Rick Sharga, the RealtyTrac senior vice president who was often the company’s public face in news reports about its widely followed foreclosure reports, has left the company after seven years to take on a similar role with Carrington Mortgage Holdings.”

Los Angeles Times - “Second quarter economic growth revised up as jobless claims fall” (9-29-11)

“The economy grew at an annual rate of 1.3% from April through June, an anemic but slightly better pace than the most recent estimate of 1%, federal officials said Thursday.”

Housing Wire – “CoreLogic sees $7 billion in mortgage fraud” (9-29-11)

“Analysts at CoreLogic (CLGX: 11.07 +0.64%) predicted $7 billion in originated mortgages this year would show some signs of fraud.”

Inman - “NAR forecasts slow economic growth in 2011-12″ (9-29-11)

“A monthly index that gauges pending  sales of U.S. resale homes jumped 7.7 percent year-over-year in August but  dipped 1.2 percent compared to July 2011, the National Association of Realtors  reported today.”

Orange County Register – “‘Shadow Inventory’ of distressed homes shrinks” (9-29-11)

“The hidden market of distressed homes – the so-called “shadow inventory” – is shrinking, but likely will be a drag on the housing market “for an extended period of time,” Santa Ana-based data giant CoreLogic reported this week.”

Bloomberg - “1 in 5 Modified Loans Default Again: Comptroller” (9-29-11)

“One in five homeowners whose mortgages were modified under a program aimed at reducing foreclosures defaulted again within a year after their payments were cut, the U.S. Comptroller of the Currency reported today.”

Looking Back:

The MBA’s weekly survey showed mortgage application volume decreased 0.8%. Fannie Mae’s mortgage portfolio increased 3.8% year over year. Harvey Rosenblum of the Dallas Fed predicted the recovery would be long and slow. Witten Advisors reported more people were moving to multifamily housing.

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 event 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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The Norris Group Real Estate News Roundup 9/15/11

Thursday, September 15th, 2011

Today’s News Synopsis:

RE/MAX reported that home sales for the month of August increased 18% on a year-over-year basis.  Bloomberg also reported a 33% increase in default notices due to faster foreclosures.  Unfortunately, Inman reported mortgage rates are continuing to decrease, resulting in an increase in loan requests.  Witnesses at a hearing for the Senate Committee on Banking, Housing, and Urban Affairs urged for a larger refinace program to help homeowners underwater.

In The News:

Housing Wire - “RE/MAX: Annual home sales up 18%” (9-15-11)

“Home sales are experiencing the equivalent of an Indian Summer.  August home sales are up year-on-year, as nationwide house prices continue to fall, according to Denver-based real estate agent network RE/MAX.”

Bloomberg - “Mortgage-Default Filings Increase By 33% in August” (9-15-11)

“Default notices sent to delinquent U.S. homeowners surged 33 percent in August from the previous month, a sign that lenders are speeding up the foreclosure process after almost a year of delays, RealtyTrac Inc. said.”

Inman - “Loan requests pick up as rates hit new lows” (9-15-11)

“Mortgage rates continued to inch downward into new record territory this week as worries about the European debt crisis continued to make Treasuries and mortgage-backed securities that fund most home loans look like safe bets to investors.”

Los Angeles Times - “Home loans rates drop again in Freddie Mac survey” (9-15-11)

“Fixed-rate mortgages continued their descent into record territory early this week, but now may be poised to move higher again.”

DS News - “Industry Calls for Expanded Refinance Program” (9-15-11)

“At a hearing before the Senate Committee on Banking, Housing, and Urban Affairs, witnesses urged Congress to help more underwater homeowners refinance their loans at current, record-low interest rates.”

CNN Money - “Unemployment filings at more than 2-month high” (9-15-11)

“First-time unemployment claims rose again last week, reflecting a job market that is still struggling to get on a consistent road to recovery.”

Housing Wire - “Alabama Supreme Court rules in favor of MERS” (9-15-11)

“The Alabama Supreme Court ruled Mortgage Electronic Registration Systems has standing to foreclose when it is nominee for the owner of an underlying debt and holder of the original mortgage note.”

Realtor Magazine - “NAR: Increased Lending, Short Sales Will Reduce REOs” (9-15-11)

“Improving access to affordable mortgage financing for qualified home buyers and investors and committing additional resources to loan modifications and short sales will help reduce current and future inventories of real estate owned (REO) properties held by government agencies, according to the National Association of REALTORS.”

Looking Back:

Mortgage applications decreased 8.9% the week of September 15, according to the MBA. Fannie Mae predicted 2010 sales would total 7.4% less than sales in 2009. UCLA economists predicted the unemployment rate would remain above 10% until the end of 2012. GSEs had lost $226 billion since the end 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 event 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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The Norris Group Real Estate News Roundup 8/26/11

Friday, August 26th, 2011

Sources:
Freddie delinquencies tick up for first time in 10 months
Increased mortgage delinquencies could adversely affect RMBS: S&P
July Pending Home Sales
Ben Bernanke Provides No Relief
C.A.R sends letters to top lenders re: short sales
Gov. Jerry Brown proposes job creation plan for California

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. Bloomberg reported Ben Bernanke has still not provided any good news for the economy.  Zillow recenlty estimated that the prices of homes declined over 4% last June.  Delinquencies are still on the rise, however, foreclosures and distressed sales are decreasing.  Banks are expeted to do more short sales with houses as these are expected to sell more quickly.

In The News:

Housing Wire – “GDP growth revised down to 1% for 2Q” (8-26-11)

“Gross domestic product — or output of all goods and services — grew at an annual rate of 1% in the second quarter, compared to growth of 0.4% in the first quarter, the Commerce Department said Friday.”

Realty Times - “Foreclosures Slow but Delinquencies Rise” (8-26-11)

“A new report indicates that the number of delinquent mortgage borrowers climbed in the second quarter. That’s people who have missed at least one payment, according to the Mortgage Bankers Association (MBA).”

DS News - “California Distressed Sales Decline, Realtors Push for Streamlined Shorts” (8-26-11)

“California’s pending home sales dipped in July, as did the share of distressed property sales, according to a report released by the state’s Realtor group this week.”

Bloomberg - “New York Buildings Face Storm Damage as Property Managers Plan for Irene” (8-26-11)

“Hurricane Irene may cause seriousdamage to some New York City buildings as it threatens to bring surging floodwaters and strong winds that may spur flying debris, property managers said as they prepared for the storm.”

Housing Wire – “August consumer sentiment drops to 3-year low” (8-26-11)

“Consumer sentiment in the U.S. plunged to the lowest level in three years and to one of the lowest level recorded by the Thomson Reuters/University of Michigan survey.”

Realty Times - “Mortgage Rates Follow Bond Yields Higher for the Week” (8-26-11)

“Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates moving higher from the previous week’s record lows as Treasury bond yields moved higher and other housing data showed improvement. However, the 5-year ARM did decline to 3.07 percent thereby setting a new all-time record low.

Realtor Magazine – “Banks Agree to More Short Sales” (8-26-11)

“Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.”

Housing Wire - “Zillow estimates 4.3% decline in home prices” (8-26-11)

“Standard & Poor’s is likely to report a 4.3% decline in June home prices year-over-year and a 1.2% increase from the previous month when it releases its June Case-Shiller Home Price Indices study next Tuesday, Zillow said Friday.”

Los Angeles Times - “Corporate profits increase as GDP remains sluggish” (8-26-11)

“The nation’s gross domestic product may be growing at just a crawl, but corporations aren’t doing so badly in this economy, according to data released from the Bureau of Economic Analysis.  Corporate profits increased in the second quarter, as did the amount of cash businesses had available for investments, as taxes decreased.”

DS News - “Radar Logic to Propose Plan to Address Government REOs” (8-26-11)

“Radar Logic plans to publish a response to the government’s proposal to sell pools of foreclosed homes to investors to rent.”

Bloomberg – “Bernanke Doesn’t Signal More Stimulus” (8-26-11)

“Federal Reserve Chairman Ben S. Bernanke said the central bank still has tools to stimulate a recovery that has been weaker than forecast while sticking to his view that growth will pick up.”

Looking Back:

The MBA’s second quarter survey showed the delinquency rate for mortgage loans on residential properties dropped to 9.85 percent. Freddie Mac reported that interest rates dropped AGAIN to 4.36%. According to CoreLogic, 23 percent of residential homes with mortgages were in negative equity at the end of the 2nd quarter of 2010. Barclays Capital claims existing home sales decreased 30% in July 2010.

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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The Norris Group Real Estate News Roundup 8/25/11

Thursday, August 25th, 2011

Today’s News Synopsis:

Mortgage rates went up a little today to 4.22% after being at their lowest in 50 years.  Government Sponsored Enterprises, specifically Fannie Mae and Freddie Mac, are expected to receive less money from the government, almost $35 billion less according to DS News.  The market is not looking good for both commercial real estate and homebuilders as both the sale of new homes are expected to be at their lowest since the 60′s and commercial real estate is being effected by a weak economy.

In The News:

Bloomberg - “Mortgage Rates for 30-Year U.S. Loans Rise From Half-Century Low to 4.22%” (8-25-11)

“Mortgage rates in the U.S. rose for the first time in four weeks, pushing borrowing costs up from the lowest in more than half a century as a faltering economy holds back home purchases.“

Housing Wire - “Freddie delinquencies tick up for first time in 10 months” (8-25-11)

“The Freddie Mac delinquency rate increased 1 basis point in July to 3.51%, the first increase since November.”

DS News - “Government to Spend Significantly Less on GSEs This Year” (8-25-11)

“In its August 2011 Budget and Economic Outlook update, the Congressional Budget Office (CBO) predicts the government will spend $35 billion less on Fannie Mae and Freddie Mac in 2011 than in 2010.”

Rismedia - “Mortgage Applications Decrease; Purchase Index Lowest in 15 Years” (8-25-11)

“Mortgage applications decreased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 19, 2011.”

O.C. Register - “Analyst: Homebuilders face growing challenges” (8-25-11)

“Recent statistics point to weakening marketing conditions for the homebuilding industry.  This week’s new home sales report by the US Census Bureau showed that new home sales ran at a seasonally adjusted rate of 298,000 in July — down 0.7% from June yet up 6.8% from a year ago. Still, the industry is on pace for slowest annual sales since 1963.”

Inman - “REO, preforclosure properties selling at a larger discount” (8-25-11)

“The share of bank-owned homes and homes in some stage  of foreclosure dropped 5 percent from the first quarter to the second  quarter, falling from 36 percent to 31 percent, but was up from 24 percent in second-quarter 2010, according to a report released today by foreclosure data  provider RealtyTrac.”

Housing Wire – “Wells Fargo tops MBA’s commercial/multifamily servicer list” (8-25-11)

“Wells Fargo (WFC: 24.76 +1.35%) ranks first among master and primary servicers for its handling of $442.9 billion in commercial/multifamily loans tied to commercial mortgage-backed securities, collateralized debt obligations and other
asset-backed securities, the Mortgage Bankers Association said Thursday.”

Los Angeles Times - “Gov. Jerry Brown proposes job creation plan for California” (8-25-11)

“Gov. Jerry Brown wants to expand a hiring tax credit and provide tax relief to businesses that buy manufacturing equipment, while getting rid of a loophole that voters supported in elections in 2010.”

Realtor Magazine - “Foreclosures Sell for Up to 40% Less” (8-25-11)

“Foreclosures made up about one-third of all home sales during the spring quarter (April to June), and sales were about six times the percentage of foreclosures in a healthy housing market, RealtyTrac Inc. reports.”

Housing Wire – “Commercial real estate outlook turns grim” (8-25-11)

“Just as the commercial real estate sector showed signs of recovery, analysts now forecast a renewed struggle as the economy slumps.”

Looking Back:

One year ago, the MBA’s weekly survey showed that mortgage loan application volume increased by 4.9%. The Commerce Department reported new homes sales decreased 12.4% in July 2010. According to Zillow, most Western states experienced a decrease in 20-year mortgage rates the prior week. California’s 30-year rate decreased to 4.30%.

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 event 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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