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The Norris Group Real Estate News Roundup 11/17/11

Thursday, November 17th, 2011

Today’s News Synopsis:

The National Association of Home Builders announced record highs for housing affordability with the stabilizing markets.  Foreclosures have risen for the first time since last year, according to Bloomberg News.  DS News reported delinqunecies in the U.S. decreased to a level not seen in three years, displaying signs of improvement for people behind on mortgage payments.

In The News:

NAHB - “As More Markets Stabilize, Housing Affordability Nears Record Levels for 10th Consecutive Quarter” (11-17-11)

“Buoyed by stabilizing home prices and sustained low interest rates, nationwide housing affordability during the third quarter of 2011 hovered near its highest level in the more than 20 years it has been measured, according to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) data released today.”

Bloomberg - “Foreclosures in U.S. Rise for First Time in a Year as Lender Backlogs Ease” (11-17-11)

“U.S. lenders started foreclosures on more properties in the third quarter, the first increase in a year, as a backlog stemming from claims of faulty home seizures began to ease.”

Housing Wire - “House rejects bill allowing modified mortgages to count as performing” (11-17-11)

“A House subcommittee rejected a bill Thursday morning that would have allowed banks to count a recently modified mortgage as an accrual or repaid.  The Common Sense Economic Recovery Act of 2011, or H.R. 1723, was sponsored by several House Republicans.”

Realty Times - “Remodeling Activity Reaches Record High” (11-17-11)

“Many of today’s homeowners find themselves unable or unwilling to enter the housing market. Some may have unsteady jobs or are upside down in their home loans.”

Wall Street Journal- “Refinancing Guidelines Reassure Investors” (11-17-11)

“Mortgage-backed securities issued by Fannie Mae and Freddie Mac jumped Wednesday, as investors grew more confident that new incentives to boost refinancing for borrowers stuck with high-interest-rate loans would have a limited impact.”

O.C. Register - “Mortgage rates still near record lows” (11-17-11)

“From Freddie Mac’s weekly survey the average 30-year fixed rate remained virtually unchanged, moving up a single hundreth of a percentage point (or, a basis point) — to 4 percent and .7 point.”

DS News - “National Delinquency Rate Falls to Lowest Level in Three Years: MBA” (11-17-11)

“Industry data released Thursday indicates the number of borrowers in the United States behind on their mortgage payments is showing signs of improving.”

Bloomberg - “Housing Starts in U.S. Declined 0.3% in October” (11-17-11)

“Builders broke ground on more homes than forecast in October and construction permits climbed to the highest level since March 2010, signs that housing may become less of a laggard in the third year of the U.S. recovery.”

Inman - “Coldwell Banker rolls out agent learning portal” (11-17-11)

“Global franchise company Coldwell Banker Real Estate has launched an online learning portal for its approximately 87,000 agents, the company announced today.”

Looking Back:

The MBA reported mortgage application volume decreased 14.4% the week of August 17, 2010. According to CoreLogic, home prices fell 2.8% from September 2009. Mortgage fraud increased 20% from early 2009. Mortgage lenders were raising their minimum credit score requirements on FHA-insured loans.

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 7/13/11

Wednesday, July 13th, 2011

Today’s News Synopsis:

Bloomberg reported a 5.1% decrease in mortgage applications last week.  A big story in the news is Ben Bernanke of the Federal Reserved just announced that the central bank is ready to do what it needs to do should the economy come to a still, even if it means purchasing extra government bonds.  In other news, Prospect Mortgage LLC and federal housing regulators have reached an agreement to settle a lawsuit involving false business deals.

In The News:

Bloomberg - “Fed Ready With Stimulus If Needed: Bernanke” (7-13-11)

“Federal Reserve Chairman Ben S. Bernanke told Congress the central bank is prepared to take additional action, including buying more government bonds, if the economy appears to be in danger of stalling.”

DS News – “PMI Weighs Economic and Market Impacts on Home Price Trajectories” (7-13-11)

“Home prices have gotten a little bit of a boost in recent months thanks to a seasonal uptick in market activity. Most analysts, however, expect further declines to characterize the later part of the year and possibly extend into next year, largely because of the huge supply of foreclosures on the market.”

Bloomberg – “U.S. Mortgage Applications Fell 5.1% Last Week on Refinancing” (7-13-11)

“Mortgage applications in the U.S. dropped for a fourth straight week, led by a decline in refinancing even as borrowing costs dropped.”

Realty Times - “Mortgage Rates: Lingering Low Mortgage Rates Remain a Great Deal” (7-13-11)

“Although mortgage rates have remained steady for several weeks, economic stress here in the U.S. and abroad in Europe is putting enough pressure on investors who are seeking safety and driving MBS prices higher.”

Housing Wire - “Rally on subprime CDS prices ends with Maiden Lane suspension” (7-13-11)

“The suspension of Maiden Lane II auctions by the Federal Reserve at the end of June dampened the outlook for prices of U.S. subprime credit default swap prices, Fitch Solutions said Wednesday.”

Mortgage Bankers Association - “MBA Sends Recommendations to Federal Agencies on Risk Retention Guidelines from Commercial and Multifamily Mortgage Finance Perspective” (7-13-11)

“On Monday, July 11, 2011, the Mortgage Bankers Association (MBA) sent the attached letter to federal regulators outlining MBA’s views and recommendations from the commercial and multifamily mortgage finance perspective in response to the proposed risk retention rule under Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.”

RisMedia - “DIY Real Estate Solutions Strengthens Property Management Platform with Point2 Listing Synidcation” (7-13-11)

“Point2, a leading provider of real estate marketing and listing syndication solutions recently announced that Cleveland-based DIY Real Estate Solutions, also a Yardi brand, has integrated listing syndication as part of its property management software solution offering to its clients

Housing Wire - “MBA advocates an end to premium capture cash reserve account on CRE deals” (7-13-11)

“A proposed rule that requires financial institutions to retain a 5% stake in the credit risk of securitized loan products should be revamped to ensure liquidity is not constrained in the commercial/multifamily sector, the Mortgage Bankers Association said in a letter to regulators this week.”

Inman - “HUD: Lender paid kickbacks to real estate brokers, agents” (7-13-11)

“Prospect Mortgage LLC has agreed to pay $3.1 million to settle allegations by federal housing regulators that the company entered into sham affiliated business arrangements in order to pay kickbacks to real estate brokers, agents, banks, mortgage servicers and others who referred business to it.”

RisMedia - “A Closer Look at Home Pricing Forecasts, Local Markets Vary Widely” (7-13-11)

“Economic consulting firm Clear Capital reported prices nationally have decreased by 3.2 percent in the first six months of 2011 and are forecast to drop another 2.4 percent in the second half of 2011.”

Looking Back:

MDA DataQuick reported 23,871 homes were sold in Southern California the previous month. Statistics from CoreLogic showed that prices in May 2010 grew 0.9% from the previous month. According to Foreclosure Radar, lenders canceled nearly 22,000 California foreclosure sales in June of 2010. A comparative analysis from Credit Suisse showed that the cost of owning a home was cheaper than renting in multiple areas.

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 3/14/11

Monday, March 14th, 2011

Today’s News Synopsis:

FHA extended HARP until June 30, 2012. The Supreme Court of  New York ruled in favor of MERS, confirming it’s ability to foreclose on a mortgage and assign it. An attorney general accused Meredian Financial of tricking homeowners into believing it was their current mortgage company and took fees for refinancing services that never transpired. California home values decreased 4.25% for the year ended January, according to MDA DataQuick.

In The News:

Mercury News – “Peninsula keeps adding housing, but few moving in” (3-12-11)

“The 2010 U.S. Census report released last week shows that San Mateo County added just 10,453 housing units in the past decade, and two-thirds of the extra homes are empty”

Housing Wire – “BarCap expects minimal secondary market impact from HARP extension” (3-14-11)

“The Federal Housing Finance Agency extended HARP for one year. The program launched in March 2009, allowing borrowers to refinance their Fannie Mae and Freddie Mac mortgage out of negative equity and into a lower-rate mortgage. The program is now set to expire June 30, 2012.”

Wall Street Journal – “Fannie, Freddie Probe Focuses on Disclosure” (3-14-11)

“A Wells notice indicates that the SEC staff is preparing to recommend civil enforcement actions and gives individuals the opportunity to persuade regulators against such an action. Similar notifications have been sent to at least two other officials who worked with Mr. Mudd at Fannie, according to people familiar with the matter.”

Housing Wire – “New York Supreme Court upholds MERS ability to foreclose” (3-14-11)

“The Supreme Court of the State of New York ruled in favor of Mortgage Electronic Registration Systems last week, validating the company’s ability to foreclose on a mortgage and assign it.”

Housing Wire – “Internet whistle-blower e-mails show loose link to Bank of America” (3-14-11)

“An activist internet group called Anonymous dumped a string of confidential, internal Balboa Insurance Group e-mails online Monday morning. The group is claiming the correspondence reveals improprieties in how the firm handled mortgages — even possibly hiding foreclosure tracking information — while Balboa was still under the Bank of America umbrella.”

Orange County Register - “Minn. prosecutor sues Costa Mesa mortgage firm” (3-14-11)

“The Minnesota Attorney General’s office is suing a Costa Mesa mortgage firm, saying that the company, Meredian Financial Corp., duped homeowners into believing it was their current mortgage company, then took fees for refinancing services that never transpired.”

Housing Wire – “Some government backing beneficial to multifamily REITs: Moody’s” (3-14-11)

“A Treasury Department reform plan that creates a fee-based emergency fund to support the mortgage market in times of crisis is the best plan for multifamily real estate investment trusts, according to Moody’s Investors Service (MCO: 31.96 -1.24%). The plan is one of three possible mortgage market reforms outlined by the Treasury in February.”

Orange County Register – “Calif. home prices’ biggest fall in 14 months” (3-14-11)

“Statewide values were down 4.25 percent for the year ended January vs. a 2.6 percent year-to-year drop in the previous month. The last time California prices were falling at a faster rate was 14 months earlier — November 2009, when year-to-year depreciation ran 4.78 percent.”

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 3/3/11

Thursday, March 3rd, 2011

Today’s News Synopsis:

Freddie Mac reports mortgage rates have dropped again, and are now at 4.87%. Jobless claims decreased 5% last week, according to the Labor Department. California lawmakers are supporting a bill that would prevent servicers from foreclosing on borrowers in the process of applying for a loan modification. The House Financial Services Committee may end FHA’s short refi program.

In The News:

The Modesto Bee – “Mortgage deduction under renewed scrutiny” (3-3-11)

“There’s a hallowed rule in U.S. housing policy: If you own a home, you get a tax deduction on your mortgage interest. But there’s also a growing push to sacrifice this sacred cow, and the reasons are disparate. Some people argue that the policy should be changed because it doesn’t really encourage homeownership like it’s supposed to. Others say the government shouldn’t be encouraging homeownership anyway.”

San Francisco Chronicle - “Mortgage Rates in U.S. Drop for Third Week, Freddie Mac Says” (3-3-11)

“The average rate for a 30-year fixed loan fell to 4.87 percent in the week ended today from 4.95 percent a week ago, according to Freddie Mac. The average 15-year rate was 4.15 percent, down from 4.22 percent, the McLean, Virginia-based mortgage-finance company said in a statement.”

Housing Wire – “Jobless claims fell another 5% last week” (3-3-11)

“Initial jobless claims fell another 5% last week coming in lower than most analysts’ estimates and remaining below 400,000.”

Housing Wire – “California lawmakers revive bill that would kill dual-track foreclosures” (3-3-11)

“Two California lawmakers are moving ahead with a bill that would prevent servicers in the Golden State from foreclosing on homes when the borrower is in the process of applying for a loan modification.”

Housing Wire - “House committee votes to end FHA Short Refi” (3-3-11)

“The House Financial Services Committee voted Thursday to end two new programs that would provide assistance to troubled homeowners. If passed, one bill will end the Federal Housing Administration’s Short Refi program, which assists underwater homeowners with new FHA-insured loans.”

Housing Wire – “Home refinancings through HARP up 30% in fourth quarter” (3-3-11)

“The number of loan refinancings processed through the government’s Home Affordable Refinance Program grew by 30% in the fourth quarter, according to the Federal Housing Finance Agency.”

Looking Back:

Bruce Norris estimated that lenders may lose up to $2.1 to 3.8 trillion before all the bad loans are taken off their books. According to the MBA, mortgage application volume increased from last week. The FHFA reports that Orange County home values increased by 6.38 percent in 2009. Last year, nearly 1,400 lawsuits were filed against lenders by homeowners in foreclosure.

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

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The Norris Group Real Estate News Roundup 1/25/11

Tuesday, January 25th, 2011

Today’s News Synopsis:

69,799 Notices of Default were recorded during the 4th quarter of 2010, according to MDA DataQuick. The Case-Schiller Index shows home prices decreased 1% during November in the nation’s top 20 metropolitan areas. University of the Pacific estimates unemployment will remain above 10% in California for 3 more years. IEmergent expects mortgage loan origination to fall below $1 trillion this year.

In The News:

MDA DataQuick – “Another Decline in California Foreclosure Activity” (12-25-10)

“A total of 69,799 Notices of Default (NoDs) were recorded at county recorders offices during the October-to-December period. That was down 16.2 percent from 83,261 for the prior quarter, and down 17.5 percent from 84,568 in fourth quarter 2009, according to San Diego-based DataQuick Information Systems.”

New York Times – “U.S. Home Prices Slump Again, Hitting New Lows” (12-25-10)

“Prices in 20 major metropolitan areas fell 1 percent in November from October, according to the Standard & Poor’s Case-Shiller Home Price Index. The index is only 3.3 percent above the low it reached in April 2009 and has fallen fell 1.6 percent from a year ago.”

Sacramento Bee – “Grim economic forecast for California, capital” (12-25-10)

“Even though job growth is picking up, unemployment will remain above 10 percent in California for three more years, according to the latest forecast from the University of the Pacific.”

Housing Wire – “Home prices on federally backed mortgages unchanged in November: FHFA” (12-25-10)

“Home prices fell 4.3% between November 2009 and November 2010. The FHFA revised the previously reported 0.7% increase in October down to a gain of 0.2%. The agency’s monthly index is calculated using purchase prices of houses backing mortgages sold to or guaranteed by Fannie Mae or Freddie Mac.”

Housing Wire – “$1 billion in mortgage help to unemployed won’t come until spring” (12-25-10)

“The Department of Housing and Urban Development will release $1 billion in mortgage assistance to the unemployed this spring, a HUD spokesman confirmed to HousingWire Tuesday, after receiving complaints from lawmakers and advocacy groups that HUD was dragging its feet.”

Housing Wire – “Mortgage loan origination to drop below $1 trillion in 2011″ (12-25-10)

“iEmergent expects mortgage loan purchase volume plus refinancings of between $903.8 billion and $990.7 billion this year.”

Housing Wire – “Moody’s says keeping Fannie, Freddie intact is lose-lose” (12-25-10)

“The Treasury Department is delaying a report on the future of the government-sponsored enterprises from the end of January until mid-February. Meanwhile, Moody’s Investors Service is throwing its hat into the ring, arguing that the current model is not only unsustainable, but against government vision.”

Housing Wire – “Housing analysts expect home price declines through 2011″ (12-25-10)

“Radar Logic made a similar assessment when it released its RPX composite price index last week, which showed a 0.3% increase in home prices from October to November. Research firm Capital Economics also forecasts a price drop. The firm predicts a 5% drop by the end of 2011.”

Housing Wire – “Ten indicted in California mortgage fraud scheme” (12-25-10)

“A newly unsealed 56-count indictment charges 10 people in California in a $20 million mortgage fraud scheme in Bakersfield, Calif., said U.S. Attorney Benjamin Wagner.”

Looking Back:

One year ago, existing home sales decreased by 16.7 percent in December. The HVCC repeal bill, named HR 1728, passed in the House of Representatvies and was waiting approval from Congress. The FDIC took over 5 more failed banks in one week. FTN Financial reported that declining home values had little effect on the nation’s economic recovery.

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 1/3/11

Monday, January 3rd, 2011

Today’s News Synopsis:

Tom Wind of J.I. Kislak Mortgage expects refinancing activity to drop by nearly 66% in 2011. Moody’s Investor Service forecasts lower supply and higher demand for rental apartments in 2011. The 50 state attorneys general probing U.S. foreclosure practices will first settle with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial. Rick Sharga believes foreclosure activity will improve in Orange County during 2011.

In The News:

Bankrate.com – “Zero-down mortgages endure in rural areas” (1-3-11)

“borrowers must demonstrate they can afford the mortgage payments by meeting the USDA debt-to-income ratios of 29 percent for the housing payment and 41 percent for the overall debt to gross monthly income.”

Housing Wire – “J.I. Kislak expects higher purchase loan activity in 2011″ (1-3-11)

“Tom Wind, managing director of J.I. Kislak Mortgage, expects the refinancing activity to fall to $350 billion in 2011 from $1 trillion last year.”

Housing Wire – “Moody’s sees multifamily REIT credit strengthening in 2011″ (1-3-11)

“Moody’s Investors Service expects lower supply and higher demand to stoke growth in rental apartments and subsequently help the credit of multifamily real estate investment trusts.”

Housing Wire – “Ginnie Mae moves up multiple issuer deadline” (1-3-11)

“The cut-off time for issuers submitting multiple loan packages into real estate mortgage investment conduits (REMICs) was three days before the end of the month. Ginnie is now moving that up to six days before the end of the month.”

Bloomberg - “BofA Resolves Fannie Mae, Freddie Mac Loan Dispute” (1-3-11)

“Bank of America Corp., the biggest U.S. lender by assets, paid $2.8 billion to Freddie Mac and Fannie Mae after the U.S.-owned firms demanded the company buy back mortgages they said were based on faulty data.”

Bloomberg - “Foreclosure Deals to Start With Big Lenders, Iowa Says” (1-3-11)

“The 50 state attorneys general probing U.S. foreclosure practices will first settle with the five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co., Iowa Attorney General Tom Miller said. No settlements have been reached yet, Miller said in a telephone interview today. The other three are Citigroup Inc., Wells Fargo & Co. and Ally Financial Inc., said Miller, the leader of the 50-state investigation. The five have 59 percent of the market, Miller said.”

Orange County Register – “Dip in O.C. foreclosures for 2011?” (1-3-11)

“Orange County foreclosure activity has been trending downward over the course of 2010, and may continue to improve marginally over the course of 2011. There are a number of reasons for this, including an unemployment rate that is better than elsewhere in the state, and the fact that Orange County doesn’t have as much excess housing inventory as other areas in California.”

Orange County Register – “No end to high-end foreclosures eyed for ’11″ (1-3-11)

“A recent study by the State Foreclosure Prevention Working Group found that nearly 3 years into the mortgage crisis, more than 60% of homeowners with seriously delinquent loans are still not involved in any loss mitigation/loan modification activity.”

For m ore 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 12/14/10

Tuesday, December 14th, 2010

In The News:

Mortgage Bankers Association – “MBA Study Shows Mortgage Banker Production Profits Improved with Higher Refinancing Activity in Third Quarter 2010″ (12-14-10)

“Independent mortgage banks and subsidiaries made an average profit of $1,423 on each loan they originated in the third quarter of 2010, up from $917 per loan in the second quarter of 2010, according to the Mortgage Bankers Association (MBA)’s 3rd Quarter 2010 Mortgage Bankers Performance Report released today.”

Mortgage Bankers Association – “Commercial/Multifamily Mortgage Debt Outstanding Down 1.3 Percent on Bank and CMBS Balances in 3Q 2010″ (12-14-10)

“The level of commercial/multifamily mortgage debt outstanding decreased in the third quarter, to $3.2 trillion, according to the Mortgage Bankers Association’s (MBA) analysis of the Federal Reserve Board Flow of Funds data.”

Housing Wire – “Robo-signing hangover slows foreclosures in Western states” (12-14-10)

“Foreclosure sales in Arizona, California, Nevada, Oregon and Washington fell 38.7% in October and November, according to ForeclosureRadar.”

Los Angeles Times – “Survey: Consumers prefer small banks, credit unions” (12-14-10)

“Americans continue to prefer small banks and credit unions to larger institutions, according to an annual survey of satisfaction with financial services. Small banks held steady in this year’s American Customer Satisfaction Index, with a combined rating of 80 out of 100. Major banks scored mainly in the high 60s, with only Wells Fargo & Co. exceeding 70.”

CNN - “Obama’s mortgage mod plan is still lacking” (12-14-10)

“Last April, the Congressional Oversight Panel found the program to be struggling to get off the ground despite having been in action for a year and a half. The latest evaluation of the Home Affordable Modification Program (HAMP) came out Tuesday and the result was — same deal.”

San Francisco Chronicle - “Loss of estate tax leaves hole in state budget” (12-14-10)

“The proposed tax deal in Congress would fail to deliver about $2.7 billion in estate tax revenues California was counting on receiving this fiscal year and next, but some say the state should never have expected those revenues in the first place.”

Housing Wire – “Strategic defaulters opt to continue paying on second liens” (12-14-10)

“Borrowers who strategically default on their first mortgage often continue to pay on home equity lines of credit, according to a new white paper from two authors with the Philadelphia Federal Reserve.”

Housing Wire – “Mortgage fraud suspicious activity reports up 7% in first half of 2010″ (12-14-10)

“Lenders filed 35,135 suspicious activity reports indicating mortgage fraud in the first half of 2010, up 7% from the same period a year ago, according to the Financial Crimes Enforcement Network.”

Housing Wire – “Ginnie Mae earnings up 6% for fiscal year, issuance down” (12-14-10)

“Ginnie Mae earned $541.5 million in its fiscal year of 2010, up 6.2% from the previous year, but issuance dropped for the first time since 2006.”

Housing Wire – “LendingTree survey shows 40% of homeowners took first loan offer” (12-14-10)

“Roughly 40% of current homeowners surveyed by the online lender exchange LendingTree obtained just one mortgage loan quote before purchasing their home. LendingTree and the Harris Interactive surveyed 1,317 homeowners online, and of those 96% said they compare prices when shopping for anything – except mortgages. This, according to LendingTree, explains why only 28% surveyed feel confident they got the best possible deal on their loan.”

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 12/08/10

Wednesday, December 8th, 2010

Today’s News Synopsis:

The MBA’s weekly survey shows mortgage applications decreased 22.8 percent. Morgan Stanley predicts U.S. home prices will decline as much as 11% by 2012, while Douglas Yearley of Toll Brother expects home sales to increase in 2012.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (12-8-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending December 3, 2010.  The Market Composite Index, a measure of mortgage loan application volume, decreased 0.9 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 22.8 percent compared with the previous week, which included the Thanksgiving Holiday.”

Housing Wire – “Refinancing opportunity for $500 billion mortgage pool wiped out: Deutsche Bank” (12-8-10)

“A $500 billion pool of 30-year fixed-rate mortgages, wrapped in the 4% coupon stack on Fannie Mae and Freddie Mac bonds, is no longer available for refinancing due to rising interest rates.”

Bloomberg - “U.S. Home Prices to Fall Up to 11% Before 2012 Bottom, Morgan Stanley Says” (12-8-10)

“U.S. home prices will decline as much as 11 percent as weak demand and rising inventory extend the housing slump into 2012, according to Morgan Stanley. Prices will be as much as 36 percent below their 2006 peak before finding a bottom, Morgan Stanley analysts led by Oliver Chang wrote in a report today.”

Bloomberg - “Toll Brothers CEO Sees Nascent Rebound in U.S. Home Sales” (12-8-10)

“The worst is over for the U.S. housing market and a rebound will gain momentum in 2012, according to Douglas Yearley, chief executive officer of Toll Brothers Inc.”

Orange County Register – “Hot real estate? O.C. factories!” (12-8-10)

“Increased demand for industrial space will cause vacancy rates to fall 2.1 percentage points over the next two years, from 6.6% last summer to 4.5% by 2012. Average monthly rent will increase 30% by the spring of 2012, rising from a low of 49 cents per square foot last summer to 64 cents a foot in the spring of 2012.”

Looking Back:

One year ago, Chase Home Finance reported that 29 percent of its HAMP trial plans failed to become permanent. Research from Altos Research showed that home prices decreased in 24 of the 25 markets that the company observed. A credit analysis of 27 million consumers lead TransUnion to estimate that delinquencies of 60 days or more would drop 3 percent by the end of 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 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 10/25/10

Monday, October 25th, 2010

Today’s News Synopsis:

California government agencies got rid of 37,300 jobs in September. NAR reports existing home sales increased 10% last month. 47.5% of sales performed by agents last month were from distressed homes. U.S. home prices decreased 1.5% from a year ago, according to CoreLogic.

In The News:

Los Angeles Times – “Government job cuts ravage California” (10-23-10)

“Weighed down by a struggling economy, government agencies in California shed 37,300 workers last month — more jobs than were lost in the private sector — as cities and counties made their biggest payroll cutbacks since at least 1990.”

CBIA - “California Housing Starts Post Decline in September, CBIA Announces” (10-25-10)

“According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 2,562 total housing units in September, down 16 percent from the same month a year ago and down 31 percent from August. Permits for single-family homes totaled 1,604, down 30 percent from September 2009 and down 14 percent from the previous month, while multifamily permits totaled 958, up 27 percent from a year ago but down 48 percent from August.”

NAR - “September Existing-Home Sales Show Another Strong Gain” (10-25-10)

“Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, jumped 10.0 percent to a seasonally adjusted annual rate of 4.53 million in September from a downwardly revised 4.12 million in August, but remain 19.1 percent below the 5.60 million-unit pace in September 2009 when first-time buyers were ramping up in advance of the initial deadline for the tax credit last November.”

New York Times – “Foreclosures Had Errors, Bank Finds” (10-25-10)

“Even as Bank of America begins to restart foreclosure proceedings in 23 states on Monday, the bank confirmed that it had discovered errors, including incorrect data and misspelled names, in the paperwork it has reviewed.”

Housing Wire – “Monday Morning Cup of Coffee” (10-25-10)

“In his weekly address, President Obama said the coming financial reform will defend the interests of the middle class, as the Consumer Financial Protection Bureau will guard against unfair practices in mortgages and foreclosures.”

Housing Wire – “Bernanke: Federal banking agencies reviewing mortgage servicing operations” (10-25-10)

“Federal banking agencies are conducting an in-depth review of practices at the nation’s largest mortgage servicing operations as a result of reported irregularities in foreclosure practices, Federal Reserve Chairman Ben Bernanke said Monday. Preliminary results are expected next month.”

Housing Wire – “Real estate agents surveyed say distressed home sales nearly half of market” (10-25-10)

“Distressed home sales took up 47.5% of the total home purchases in September, up from 45.7% in August and 44.8% a year ago, according to a survey of more than 3,000 real estate agents. Campbell Surveys and Inside Mortgage Finance tapped a network of agents across the country to determine home sales and mortgage patterns.”

Housing Wire – “Fitch Ratings assigned triple-A to $735.9M Wells Fargo issue” (10-25-10)

“Fitch Ratings assigned its triple-A rating to most classes in a coming $735.9 million issue of commercial mortgage-backed securities by Wells Fargo.”

Housing Wire – “S&P: Defaults on CMBS loans to peak beyond 2011″ (10-25-10)

“S&P studied commercial real estate loans in CMBS it rates through June 2010. Roughly 1,200 CMBS loans defaulted in the first half of 2010 and should pass the 2,138 that occurred throughout 2009. Between January 2009 and June 2010, more than 3,300 defaulted for a cumulative default rate of 9.4% of those loans studied.”

Housing Wire – “CoreLogic home price index drops for first time in 2010″ (10-25-10)

“Home prices in the U.S. dropped 1.5% in August from a year ago, the first annual drop in prices measured in the CoreLogic (CLGX: 17.99 0.00%) Home Price Index in 2010.”

Housing Wire – “Obama housing scorecard: Market fragile with signs of stabilization” (10-25-10)

“The U.S. housing market remains fragile but is showing some signs of stabilization, according to the Obama administration’s 2010 October housing scorecard. Rates for 30-year, fixed-rate mortgages remain at all-time lows, helping 7.1 million homeowners refinance since April 2009 and resulting in $12.7 billion in homeowner savings, the scorecard noted.”

Bloomberg - “Bair Says Regulators Will Uncover More Flaws in Foreclosures” (10-25-10)

“Regulators are likely to discover more problems related to loan servicing by some of the biggest banks as they probe claims that documents were mishandled, Federal Deposit Insurance Corp. Chairman Sheila Bair said.”

Bloomberg - “Mortgage Lenders Say `Enough Is Enough’ as Buybacks Curb Loans” (10-25-10)

“Home lenders are making it tougher to get loans as investors step up demands for refunds on defective mortgages, damaging the housing market, executives said today at an industry conference.”

Bloomberg - “U.S. Mortgage Modifications Slow as Fewer Borrowers Qualify, Treasury Says” (10-25-10)

“An additional 27,840 delinquent borrowers qualified for permanent loan modifications through the Treasury’s Home Affordable Modification Program, bringing the total to 495,898. The 5.9 percent increase from August was the smallest gain since at least September 2009.”

Bloomberg - “Refinancing Surge Lifts Banks Amid Foreclosure Scrutiny” (10-25-10)

“Wells Fargo & Co., the biggest U.S. mortgage lender, received $194 billion of loan applications in the third quarter, the second-most in its history, Chief Financial Officer Howard Atkins said last week. About 80 percent were to refinance. Bank of America Corp. CFO Charles Noski said lending margins are up and demand should remain robust through yearend.”

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 9/21/10

Tuesday, September 21st, 2010

Today’s News Synopsis:

Loan originations increased 25% from 2008, according to the Federal Financial Institutions Examination Council. The Commerce Department reports new home and apartment construction rose 10.5% last month to a seasonally adjusted annual rate of 598,000. Zillow claims interest rates fell again to 4.25%.

In The News:

San Francisco Chronicle - “More mortgage loans – first time since ’05 peak” (9-21-10)

“U.S. mortgage lending rose for the first time in four years in 2009 as a decline in borrowing rates spurred refinancings, according to regulatory data. The number of loans originated climbed 25 percent to 8.95 million from 2008, according to a report released Monday in Washington by the Federal Financial Institutions Examination Council. Refinancings rose 66 percent to 5.76 million, while loans to purchase homes dropped 11 percent to 2.78 million. Home-improvement and multifamily-dwelling loans also fell.”

Los Angeles Times – “Home construction jumps 10.5% in August” (9-21-10)

“Construction of new homes and apartments rose 10.5% in August from July to a seasonally adjusted annual rate of 598,000, the Commerce Department said Tuesday. That’s the highest level since April.”

Housing Wire – “Flattened Ginnie roll rates in 2Q could mean slower prepays: Credit Suisse” (9-21-10)

“The amount of Ginnie Mae-held loans rolling from 60 days to 90 days delinquent slowed in the second quarter, after spiking last year. According to research from Credit Suisse, this could signal slower involuntary prepayments going forward. The Ginnie Mae share of agency fixed-rate issuance dropped to 33% in August, from 36% in July. Its total 30-year gross and net issuances in August were $28.8 billion and $22.7 billion respectively, both down from $31.4 billion and $15.2 billion in July.”

Housing Wire – “CRE investment gearing up, but analysts don’t expect comeback until 2012″ (9-21-10)

“Trouble in the commercial real estate sector is not likely to be resolved until the economy picks up and job creation boosts demand for office, retail, hotel and other commercial properties, according to a Standard & Poor’s commentary released Monday. Even though the market research firm sees a trough in some CRE subsections, overall improvement isn’t expected until at least 2012.”

Housing Wire – “Zillow: 30-year, fixed rates reach another low at 4.25%” (9-21-10)

“Interest rates continue to set all-time lows, as Zillow reported its Mortgage Marketplace showed the average rate for a 30-year, fixed mortgage is currently 4.25%. The real estate information firm said the rate if down seven basis points from 4.32% the week earlier and at the lowest level since the report launched in April 2008.”

Housing Wire – “Home sales level off in August after recent plunge: RE/MAX” (9-20-10)

“August home sales dropped 0.5% after plummeting in July, according to real estate franchise RE/MAX. Home sales are still down 17.9% from August of last year. While some real estate agents reported increased showings, few have translated into closed transactions after the expiration of the homebuyer tax credit at the end of April.”

Bloomberg - “Fed Under Pressure Amid Confusion Over New Easing” (9-21-10)

“Federal Reserve officials are under pressure to avoid creating confusion among investors about any new effort to spur the U.S. recovery. The Federal Open Market Committee, which meets today, triggered a stock selloff with its last statement on Aug. 10 as investors took it as a signal the economy will falter. The Standard & Poor’s 500 Index tumbled 7.1 percent during the two weeks following the statement after reaching a three-month high on Aug. 9. The MSCI World Index fell 7.3 percent.”

Orange County Register – “CA. mortgage defaults climb 4th month in row” (9-21-10)

“Notices of default filings in California, the first step in the foreclosure process, climbed for the 4th month in a row in August, up by 16.6% from July and 16% from August, 2009, ForeclosureRadar reports. Homes in the state that went back to lenders were up 20% over July and 0.8% from August last year. Foreclosure sale cancellations were down 11%. The inventory of bank-owned homes went up 3.63% from last month and 8.28% year over year.”

Orange County Register – “Fed keeping cheap money policy” (9-21-10)

“the pace of recovery in output and employment has slowed in recent months. Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, though less rapidly than earlier in the year, while investment in nonresidential structures continues to be weak. Employers remain reluctant to add to payrolls. Housing starts are at a depressed level. Bank lending has continued to contract, but at a reduced rate in recent months.”

Inman - “Survey: Home-price outlooks sour in Q3″ (9-21-10)

“Ninety percent of real estate agents and brokers expect home prices to either fall or stay the same over the next six months, according to a survey by online real estate marketing site HomeGain. HomeGain conducted the survey from Sept. 7-14, with participation from more than 1,100 real estate agents and brokers and 2,600 homeowners nationwide.”

Looking Back:

One year ago, the federal government claimed it had plans to “tinker” with mortgage interest reporting. First American estimated that California had approximately $30 billion dollars worth of bad home loans. A review of over 24 million credit files showed that people with good credit scores were more likely to ‘strategically default’. Lennar Corp. forecasted a profitable year, despite a bad 3rd quarter.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor 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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