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The Norris Group Real Estate News Roundup 6/16/11

Thursday, June 16th, 2011

Today’s News Synopsis:

NAHB reported that the U.S. Commerce Department released new numbers reporting that housing starts increased 3.5% in the month of May.  CNN reported that the number of filings for foreclosures fell for the 8th month in a row, while DSNews reported that the U.S. Conference of Mayors and Wells Fargo Home Mortgage are collaborating to help prevent foreclosures.  On another positive note, the sales and prices of homes were the same this month as in April, showing a positive trend.

In The News:

Inman – “Mortgage rates level off at 2011 lows” (6-16-11)

“Mortgage rates leveled off this week at or near their lows for the year after declining for eight consecutive weeks, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.”

RisMedia – “Monthly Housing Market Trends Point in a Positive Direction” (6-16-11)

“Home sales and prices were both nearly the same as April in the May 2011 RE/MAX National Housing Report when compared to the same time last year. ”

DSNews – “CoreLogic Launches New Property Condition Report” (6-16-11)

“California-based CoreLogic, a provider of information, analytics, and business services, now helps regulated financial institutions meet the federal Interagency Appraisal and Evaluation Guidelines for lending decisions via its new property condition report.”

NAHB - “Housing Starts Gain 3.5 Percent in May” (6-16-11)

“Nationwide housing starts rose 3.5 percent to a seasonally adjusted annual pace of 560,000 units in May, according to newly released figures from the U.S. Commerce Department. The gain partially offsets a larger decline that was registered in April.”

Inman – “California sales, prices sag in May” (6-16-11)

“Sales of existing single-family homes in California fell 5.8 percent from April to May to a seasonally adjusted annual rate of 471,480 units, according to statistics collected by the California Association of Realtors from 90 Realtor associations and multiple listing services.”

Housing Wire - “Bair floats combining mortgage servicer consent orders with AG settlement” (6-16-11)

“Federal Deposit Insurance Corp. Chairman Sheila Bair said there is a possibility the servicing standards from both the recently signed consent orders and the ongoing negotiations with the 50 state attorneys general can be combined.”

CNN Money – “Foreclosures fall for 8th straight month” (6-16-11)

“Foreclosure filings experienced their eighth straight month of declines, according to RealtyTrac.”

Housing Wire - “Jobless claims fell to 414,000 last week” (6-16-11)

“Initial jobless claims fell last week, coming in well below most analysts’ estimates and remaining higher than 400,000.  The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended June 11 decreased about 3.7% to 414,000 from 430,000 the previous week, which was revised upward by 3,000 claims.”

Los Angeles Times – “California home sales fall 13.3% in May” (6-16-11)

“Sales of homes in California plunged 13.3% in May from the same month a year ago, when tax incentives were fueling the market, according to real estate research firm DataQuick of San Diego.”

DSNews – “Freddie: 30-Year Fixed Rate Ticks Up for First Time in Nine Weeks” (6-16-11)

“Freddie Mac released its weekly survey of mortgage interest rates Thursday, which showed that the 30-year rate edged up 1 basis point while the 15-year rate dropped 1 basis point.”

DSNews – “Wells Fargo and U.S. Mayors Form Foreclosure Prevention Alliance” (6-16-11)

“The U.S. Conference of Mayors and Wells Fargo Home Mortgage have joined forces to create a national alliance focused on foreclosure prevention, property disposition, homeownership promotion, and community development.”

Looking Back:

The Commerce Department reported housing starts fell 10% from April of 2010. According to the MBA, mortgage application volume increased 17.7 percent from the prior week. Fitch Ratings Ltd. predicted that most borrowers who received lower mortgage payments under a federal government program would default within 12 months. New home sales were down 27% in May of 2010, according to a John Burns Real Estate Consulting builder survey.

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 6/14/11

Tuesday, June 14th, 2011

Today’s News Synopsis:

Inman News reported that Zillow has updated their database to increase the number of properties and decrease their margin of error to 8.5%.  RE/MAX is optimisting of a recovering economy as they reported positive statistics for home sales.  Rismedia reported that HUD awarded $31 million in grants towards helping residents look for jobs and become self-sufficient. 

In The News:

Housing Wire – “Investors reselling foreclosures quicker than banks in wake of robo-signing fiasco” (6-14-11)

“The foreclosure slowdown after the robo-signing scandal surfaced late in 2010 gave investors an advantage over banks when reselling these properties.”

Inman - “Slowdown in foreclosures affecting inventories?” (6-14-11)

“The flow of homes into the foreclosure pipeline is slowing in five Western states tracked by ForeclosureRadar.com, but lenders are also canceling fewer foreclosures once they’re under way. ”

Bloomberg - “BofA ‘Significantly Hindered’ Foreclosure Review, U.S. Says” (6-14-11)

“Bank of America Corp. (BAC), the largest U.S. lender, “significantly hindered” a federal review of its foreclosures on loans insured by the Federal Housing Administration, the U.S. said.”

RisMedia – “HUD Awards $31 Million to Promote Jobs and Self-Sufficiency for Public Housing Residents” (6-14-11)

“The U.S. Department of Housing and Urban Development recently awarded more than $31 million in grants to public housing authorities, resident associations and non-profit organizations across the U.S. to help public housing residents connect to services available in the community to find employment to increase their economic independence.”

Housing Wire - “Positive monthly housing stats point to recovery: RE/MAX” (6-14-11)

“Home sales are trending positively on a monthly basis, according to the RE/MAX May housing report, a sign the market bottomed out at the beginning of 2011.”

Inman - “Zillow grows database, boosts ‘Zestimate’ accuracy” (6-14-11)

“Property search and valuation site Zillow has expanded its property database and improved the accuracy of its “Zestimate” home valuations, the site announced today.”

NAHB - “Voters Strongly Support Politicians who Embrace Pro-Housing Policies, Mortgage Deduction, Poll Finds” (6-14-11)

“Nearly three out of four American voters believe that it is reasonable and appropriate for the federal government to provide tax incentives to promote homeownership, a sentiment that cuts across partisan and regional lines across the country, according to a recent poll conducted on behalf of the National Association of Home Builders (NAHB).”

DS News - “Fannie Mae Extends Selling Agent Bonus to Move REO Properties” (6-14-11)

“Fannie Mae announced Tuesday that it is beefing up incentives to encourage sales of its HomePath REO properties to owner occupants.”

Looking Back:

Christopher Cagan from First American predicted a dip in housing prices in the near future. A study from Harvard University showed that high unemployment was fueling the foreclosure crisis. Christopher Thornberg of Beacon Economics believeed the recession was currently, but he expected economic conditions to get worse over the next two years. REIS Inc predicted U.S. apartments would lead a rebound in commercial real estate.

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 4/19/11

Tuesday, April 19th, 2011

Today’s News Synopsis:

68,239 Notices of Default (NoDs) were recorded at county recorders offices in the 1st quarter, according to MDA DataQuick. Statistics from the Commerce Department show housing starts increased 7.2% in March. A California bankruptcy court says MERS cannot help a trustee establish legal standing to foreclose on a securitized mortgage. The FDIC closed six banks on April 15th.

In The News:

MDA DataQuick - “California Mortgage Defaults Drop Again; Foreclosures up” (4-19-11)

“A total of 68,239 Notices of Default (NoDs) were recorded at county recorders offices during the January-to-March period. That was down 2.2 percent from 69,799 for the prior quarter, and down 15.8 percent from 81,054 in first-quarter 2010, according to San Diego-based DataQuick.”

Housing Wire – “March home sales increase in almost all metros: RE/MAX” (4-19-11)

“Home sales jumped more than 10% in 53 of the 54 metros tracked by RE/MAX between February and March, with only New York not achieving double-digits gains.”

Housing Wire – “Apartment and industrial sectors to lead REIT performance in 1Q: Barclays” (4-19-11)

“Barclays said it expects apartment and industrial REIT performance to improve during the first quarter. Effective rental rates are up about 5%, according to Barclays, which should drive positive leasing trends.”

Bloomberg - “Housing Starts in U.S. Increased to 549,000 in March, Exceeding Forecasts” (4-19-11)

“Work began on 549,000 houses at an annual pace, up 7.2 percent from the prior month and exceeding the 520,000 median forecast of economists surveyed by Bloomberg News, figures from the Commerce Department showed today in Washington. Starts fell 19 percent in February to the lowest level in almost two years.”

Comptroller of the Currency – “Description: Revised Examination Procedures” (4-19-11)

“The Tenants Protection Act provides protections to bona fide tenants in the case of any foreclosure on a federally related mortgage loan or on any dwelling or residential real property. These protections provide that any immediate successor in interest in such a foreclosed property, including a bank that takes title to a house after foreclosure, will assume the interest subject to the rights of any bona fide tenant and must comply with certain notice requirements.”

Housing Wire – “California bankruptcy court rules against MERS” (4-19-11)

“A California bankruptcy court says Mortgage Electronic Registration Systems cannot help a trustee establish legal standing to foreclose on a securitized mortgage unless the trustee already possesses an actual assignment of interest in the loan.”

Housing Wire – “Commercial real estate makes up 77% of troubled loans at failed banks” (4-19-11)

“Regulators closed six banks on April 15, accounting for a total of $4.8 billion in assets. So far in 2011, there have been 34 closings, but Federal Deposit Insurance Corp. Chairwoman Sheila Bair said bank failures peaked the year before when 156 were shuttered.”

Looking Back:

One year ago, Irvine Co. reentered the home construction business for the first time in over 20 years. Fannie Mae statistics showed the economy decelerated in the first quarter of 2010, but would likely increase in the near future. Real estate executive Anthony Ghio pled guilty to bid rigging in a scheme to profit off sheriff sale foreclosure auctions. The U.K. and Germany were interested in taking legal action against Goldman Sachs.

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 3/17/11

Thursday, March 17th, 2011

Today’s News Synopsis:

Statistics from the MBA show outstanding commercial/multifamily mortgage debt  fell by 0.5% in the 4th quarter of 2010. FHA mortgage delinquencies decreased about 7% year over year. According to MDA DataQuick, 4,991 new and resale houses and condos sold in the Bay Area during February. Also, 27,320 new and resale houses and condos were sold statewide last month.

In The News:

MBA - “Commercial/Multifamily Mortgage Debt Outstanding Fell by $67 billion, 2.7 Percent in 2010, Driven by CMBS Declines” (3-17-11)

“The level of commercial/multifamily mortgage debt outstanding decreased by 0.5 percent in the fourth quarter of 2010, to $2.4 trillion, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data. On a year-over-year basis, the amount of mortgage debt outstanding at the end of 2010 was $67 billion lower than at the end of 2009, a decline of 2.7 percent.”

Housing Wire – “Senate committee delays foreclosure mediation bill again” (3-17-11)

“The Senate Judiciary Committee delayed voting on a bill that would authorize bankruptcy courts to establish a mediation program in foreclosure cases nationwide. It is the second delay in as many months.”

Housing Wire – “FHA delinquencies drop due to higher quality mortgage origination” (3-17-11)

“The serious delinquency rate for mortgages in the Federal Housing Administration portfolio declined about 7% in the first quarter of 2011 from one year ago. The 8.29% rate dropped from 8.9% a year earlier, according to a quarterly update from the FHA. In the fourth quarter of 2010, the delinquency rate was 8.84%.”

MDA DataQuick – “Bay Area Housing Market Stuck In Neutral; Investors, Cash Buyers Active” (3-17-11)

“A total of 4,991 new and resale houses and condos sold in the nine-county Bay Area last month. That was up 0.5 percent from 4,966 in January but down 0.9 percent from 5,035 in February 2010, according to San Diego-based DataQuick Information Systems.”

MDA DataQuick – “California February Home Sales” (3-17-11)

“An estimated 27,320 new and resale houses and condos were sold statewide last month. That was down 1.4 percent from 27,706 in January, and down 2.8 percent from 28,111 for February 2010. California sales for the month of February have varied from a low of 20,153 in 2008 to a high of 48,409 in 2004, while the average is 32,117. DataQuick’s statistics go back to 1988.”

Housing Wire – “Jobless claims drop 4%” (3-17-11)

“The number of initial jobless claims filed by unemployed Americans fell 4% last week to 385,000 initial claims filed on an seasonally adjusted basis, according to the most recent Labor Department survey.”

Housing Wire – “Small investors play big role in healing housing market” (3-17-11)

“Small, local investors who earn less than $100,000 a year are playing a major role in the housing recovery by acquiring distressed REO properties, fixing them up and renting them out to future buyers.”

NAHB - “Young Home Buyers Will Lead Housing Market Recovery, Says NAHB” (3-17-11)

“Generation X –young families and adults ages 31 to 45 – are likely to lead the home buying recovery as it gets underway, according to real estate experts who spoke at an educational webinar produced by the National Association of Home Builders”

Housing Wire – “RE/MAX: February home sales down 3%” (3-17-11)

“February home sales dropped 3% from one year ago, but increased from January, according to the RE/MAX national housing report.”

Looking Backing:

One year ago, the CBIA reported that new home sales decreased by 12 percent from January of 2009. Mortgage loan applications decreased by 1.9 percent from the previous week. HOPE NOW made over 99,000 modifications in January 2010, and HAMP made over 50,000.

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 2/18/11

Friday, February 18th, 2011

  

Home Construction Rises in January

January Sales and Price Report

Majority of Freddie Mac borrowers refinanced to fixed-rate loans in 4Q 

West Coast Foreclosure Sales Clime to Pre-Robo-Signing Levels 

FHA to increase mortgage insurance premiums one quarter of one point

Short-term Delinquencies Fall to Pre-Recession Levels, Loans in Foreclosure Tie All-Time Record in Latest MBA National Delinquency Survey

Testimony of John Walsh Acting Compcontroller of the Currency Before the Committee on Banking, Housing, and Urban Affairs

Big Banks Face Fines on Role of Servicers

MERS

Today’s News Synopsis:

The Federal Reserve will require borrowers who get their mortgages through a broker to receive the lowest  possible interest rate. LPS claims the national delinquency rate increased to 8.9% in January. A lawyer was held in contempt of court for helping his clients break back into their house after the foreclosure was ruled legitimate. RadarLogic said national home prices decreased 1.6% in December.

In The News:

New York Times – “New Fed Rule for Mortgage Brokers” (2-17-11)

“STARTING April 1, under a new compensation rule from the Federal Reserve, borrowers who get their mortgages through brokers will most likely pay less for their services and must be offered the lowest possible interest rate and fees for which they qualify.”

Housing Wire – “Fort Myers attorney indicted in mortgage fraud scheme” (2-18-11)

“A disbarred Florida attorney is facing three decades behind bars for lying on a mortgage application as part of a much larger $4.2 million scheme.”

Housing Wire – “Homeowner attorney found in contempt for breaking into foreclosed home” (2-18-11)

“The Ventura County Superior Court in California found attorney Michael T. Pines in contempt of court Wednesday for helping his clients Jim and Danielle Earl break back into their home after the foreclosure was ruled legitimate.”

Housing Wire – “January delinquencies decline over year-ago period: LPS” (2-18-11)

“The national delinquency rate stood at 8.9% in January, up 0.8% from the month prior, but down 18.8% over the year-ago period, according to the ‘First Look’ report from Lender Processing Services (LPS: 33.37 +0.30%).”

Housing Wire – “RE/MAX: US home sales returned to positive territory in January” (2-18-11)

“the RE/MAX National Housing Report also reported a 3.6% month-over-month drop in housing inventory and a 5.6% decline in inventory on a year-over-year basis.”

Housing Wire – “Critics say MERS foreclosure halt shows broken business model” (2-18-11)

“He said a New York bankruptcy judge already held that MERS cannot assign a mortgage, so Pennell explains, if they can’t make the assignment, they are not going to be able to legally assign the mortgage out of MERS and back to servicers as part of this recent change, he said.”

Housing Wire – “RadarLogic home prices revert downward” (2-18-11)

“For December, RadarLogic reported a 1.6% decrease compared to the month prior, as well as a 3.6% drop compared to 2009.”

Bloomberg - “Apartment Construction Climbs in U.S. as Switch to Renting Crimps Supply” (2-18-11)

“‘There will be a spike in rents over the next one to three years,’ Parker said in an interview at the company’s U.S. headquarters in Seattle.”

Bloomberg - “Lennar Bets on Ex-Officer Housing `Party’ as Calif. Rebounds” (2-18-11)

“Emile Haddad, a former Lennar Corp. executive, sold 12,000 acres in California for a $277 million profit at the housing market’s peak four years ago. He and his partners then reacquired it at half the price in 2009. Now, Haddad says, it’s time to build.”

Looking Back:

One year ago, Freddie Mac’s weekly survey showed that mortgage rates dropped this week. 4,853 new and resale houses and condos closed escrow within a month in the Bay Area. The U.S. Treasury claimed that its foreclosure prevention program had cut mortgage payments for approximately 947,000 homeowners. S&P estimated there were approximately 947,000 houses in shadow inventory, which would take nearly 3 years to sell.

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 1/19/11

Wednesday, January 19th, 2011

Today’s News Synopsis:

The Commerce Department reports housing starts decreased in December. However, Fannie Mae expects housing starts to triple by 2013, and the nation’s largest home builders announced plans to increase activity by 10%.  RealtyTrac claims foreclosure starts in California decreased 33% in 2010.

In The News:

Mortgage Bankers Association – “Applications Increase in Latest MBA Weekly Survey” (1-19-11)

“The Market Composite Index, a measure of mortgage loan application volume, increased 5.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6.4 percent compared with the previous week.”

New York Times – “U.S. Housing Starts Slowed Sharply in December” (1-19-11)

“Housing starts in the United States dropped to an annual rate of 529,000 units, the Commerce Department said on Wednesday, down from November’s 553,000 and well below forecasts of about 550,000 in a Reuters poll. At current levels, starts account for less than a quarter of their boom-time peaks.”

Housing Wire – “Bair pushes for foreclosure claims review panel” (1-19-11)

“Federal Deposit Insurance Corp. Chairman Sheila Bair wants a foreclosure claims commission set up, similar to the one established during the oil spill crisis in the Gulf of Mexico last year, to help homeowners victimized by improper foreclosures.”

Housing Wire – “December home sales down 5% over a year: RE/MAX” (1-19-11)

“After five consecutive months of declines, monthly home sales rose 13.2% in December from the prior month, according to the RE/MAX National Housing Report released Wednesday.”

Housing Wire – “Fannie Mae: Housing starts to triple by 2013 to nearly 1.5 million” (1-19-11)

“Despite the still fragile housing market, Fannie Mae expects housing starts to triple by 2013. According to the agency’s economic outlook, housing starts are predicted to increase 17.3% and hit 710,000 this year, with another 47% increase to 1.1 million in 2012 and another gain of 42% in 2013 to nearly 1.5 million.”

Housing Wire – “Foreclosures increase 2% in 2010, decline in hotspots” (1-18-11)

“ForeclosureRadar, which tracks foreclosure data on the West Coast, reported 338,999 foreclosure starts in California in 2010, down 33% from one year prior. Arizona filings fell 18% to 119,790, and Nevada filings fell 19% to 86,010.”

Bloomberg - “Biggest U.S. Homebuilders Take Over Market as New-Home Sales Begin Rebound” (1-18-11)

“D.R. Horton Inc., Lennar Corp. and Toll Brothers Inc. are among companies planning to boost their community counts by at least 10 percent this year after writing down property values, buying land at discounted prices and obtaining financing unavailable to smaller, closely held builders.”

Bloomberg - “Wells Fargo Refuses to Settle Fannie, Freddie Refund Demands” (1-18-11)

“Prodded by lawmakers, Fannie Mae and Freddie Mac have pressed banks including Wells Fargo to buy back mortgages that were based on faulty data about the homes and borrowers. Wells Fargo said today in its fourth-quarter report that demands from the government-owned mortgage companies declined for a second straight quarter and now stand at $1.5 billion.”

Bloomberg - “Global Commercial Property Investment May Rise 25% in 2011, JLL Reports” (1-18-11)

“Investment in commercial property may rise by 25 percent worldwide this year, after returning confidence produced the most deals in the fourth quarter since 2007, Jones Lang La Salle Inc. said.”

Looking Back:

One year ago, MDA Dataquick’s monthly report showed that 22,328 homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange County in one month . AFIRE conducted a survey in which 51 percent of foreign investors claimed the US provided the best opportunity for capital appreciation. Builder confidence decreased from the previous month. Fitch Ratings saw many positive signals for housing and other related industries which they believed would lead to a strong 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 11/19/10

Monday, November 22nd, 2010

Resources:
Delinquencies and Loans in Foreclosure Decrease
Southland Home Sales Fall, Prices Flat
CoreLogic: Mortgage fraud up 20% from 2009
Freddie Mac survey shows mortgage rates at highest level since August
Freddie Mac survey shows mortgage rates at highest level since August
Home Buying Gets Tougher as Lenders Restrict FHA Loans
FHA Reserves Fall to Lowest on Record as Agency Boosts Capital
MERS to testify it forecloses only by mortgage servicer request
http://banking.senate.gov/public/index.cfm?FuseAction=Hearings.LiveStream&Hearing_id=df8cb685-c1bf-4eea-941d-cf9d5173873a
Problems in Mortgage Servicing From Modification to Foreclosure
MERS CEO Defends Technology to Senate Committee
The Consequences of Mortgage Irregularities for Financial Stability… in Plain English
CAI Survey: Associations Hit Hard by Housing, Economic Slump
FTC Issues Final Rule to Protect Struggling Homeowners from Mortgage Relief Scams
Fiserv expects another big drop in home prices next year
S&P predicts more home price declines through 2011

Today’s News Synopsis:

October home sales fell 9.8%, according to RE/MAX. The Federal Trade Commission released a new rule banning companies from accepting fees on mortgage mods before a homeowner’s loan servicer deems the services rendered acceptable. The Federal Housing Finance Administration announced that loan limits on jumbo conforming loans will stay the same for the first nine months of 2011. The Treasury reports borrowers aided by HAMP increased to nearly 520,000 last month.

In The News:

Inman - “Median housing value fell 5.8% in 2009″ (11-19-10)

“Median housing value fell 5.8 percent in 2009, to $185,200 from $196,700 in 2008, the U.S. Census Bureau reported, according to data obtained from the American Community Survey (ACS).”

Housing Wire – “Fed chairman disappointed in slow economic recovery” (11-19-10)

“Disappointingly slow. That’s Federal Reserve Chairman Ben Bernanke’s latest assessment of the economic recovery in the U.S. But, he does believe the central bank’s policy changes are helping.”

Housing Wire – “Tightening mortgage tax code limits housing recovery: John Burns” (11-19-10)

“John Burns Real Estate Consulting said in a report Friday that government intervention is hurting the housing market, and the firm is growing more concerned that lawmakers will reduce the cap on mortgage interest rates that qualify for tax deductions ‘significantly.’”

Housing Wire – “Credit Suisse lists mortgage servicers with highest Ginnie Mae delinquencies” (11-19-10)

“Ally Financial’s (GJM: 22.39 +0.40%) GMAC Mortgage holds the highest serious delinquency rate of Ginnie Mae-backed mortgages for any servicer, according to a report from investment bank Credit Suisse.”

Housing Wire – “New FTC rule aimed at mortgage-relief scams” (11-19-10)

“The Federal Trade Commission unveiled a new rule that bans companies from accepting fees for mortgage modifications before a homeowner’s bank or loan servicer deems the services rendered acceptable.”

Housing Wire – “Failed HAMP mod short sales increase through September” (11-19-10)

“Top mortgage servicers have completed 91,827 short sales or deeds-in-lieu of foreclosure on canceled trial or declined modifications through the Home Affordable Modification Program as of September, up 27% from the previous month, according to data from the Treasury Department.”

Bloomberg - “U.S. Homeowners Drop Out of Foreclosure Program Amid Record Defaults” (11-19-10)

“Borrowers aided by the Home Affordable Modification Program grew to nearly 520,000 in October, up 23,750 from a month earlier, the Treasury said in its monthly report. The increase was less than five percent. A total of 36,300 borrowers have dropped out of the plan for failing to make their payments, an increase of 24 percent from a month earlier.”

Housing Wire – “RE/MAX: October home sales slide as seasonal slowdown hits market” (11-19-10)

“October home sales slid 9.8% from September and 30.2% compared to the year-ago period as seasonal slowdowns and the expired homebuyer’s tax credit took their toll, according to the RE/MAX National Housing Report released Friday.”

Housing Wire – “Jumbo loan limits remain the same in 2011″ (11-19-10)

“The loan limits on jumbo conforming loans will remain unchanged for the first nine months of 2011 the Federal Housing Finance Administration said Friday. The agency recently enacted a congressional continuing resolution to maintain the limits.”

Housing Wire - “Failed HAMP mod short sales increase through September” (11-19-10)

“Top mortgage servicers have completed 91,827 short sales or deeds-in-lieu of foreclosure on canceled trial or declined modifications through the Home Affordable Modification Program as of September, up 27% from the previous month, according to data from the Treasury Department.”

Looking Back:

One year ago, an amendment was passed allowing federal regulators to dismantle financial firms considered to be “too big to fail”.  According to PMI Group, new home sales had decreased by 3.6 percent. The NAHB estimated that families earning the national median income could afford 70.1 percent of the new and existing homes sold in Q3 of 2009. First American CoreLogic reported that home prices declined by 9.8 percent in September from the previous year.

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 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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The Norris Group Real Estate News Roundup 7/19/10

Monday, July 19th, 2010

Today’s News Synopsis:

The NAHB reports that builder confidence in the singe-family home market decreased to the lowest point in a year. Builders began work on 580,000 houses last month, according to the Commerce Department. A survey from REMAX shows that existing home sales increased in June by 5.6% in comparison to the same month a year ago. The Bay Area lost more than 10,000 jobs in June.

In The News:

Sign On San Diego – “Economists say recovery continues, but pace slows” (7-18-10)

“The National Association for Business Economics said its latest survey, released Monday, found 31 percent of businesses added workers between April and June, the highest level in three years. And 39 percent of those surveyed say they expect to hire more workers over the next six months – the most since January 2008. Manufacturers reported the strongest increase in demand and profitability. Finance, insurance and real estate sectors saw the slowest growth.”

NAHB - “Builder Confidence Declines in July” (7-19-10)

“Builder confidence in the market for newly built, single-family homes declined for a second consecutive month in July to its lowest level since April of 2009, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today. The HMI fell two points from a downwardly revised number in the previous month to 14 for July.”

Housing Wire – “Monday Morning Cup of Coffee” (7-19-10)

“According to a Sunday story in the Wall Street Journal, the Securities and Exchange Commission (SEC) was split on its decision to accept the $550m settlement in its case against Goldman Sachs (GS: 145.68 -0.34%). The investment bank agreed to pay the biggest fine in SEC history without having to admit fraud in a case that alleged it misguided clients when selling mortgage-backed securities.”

Housing Wire – “Annual Home Sales, Prices ‘Holding its Own’: ReMax Survey” (7-19-10)

“Buyers looking to close on home sales in time to collect the homebuyer tax credit pushed existing home sales up in June 5.6% compared to the same month a year ago, according to a monthly survey of 54 metro areas conducted by the national brokerage chain ReMax. In addition, Denver-based ReMax said home sales prices were up 3.5% year-over-year. Compared to May, transaction volume was up 7.2%. The increases were attributed on the tax credit and said despite the increases, the heightened volume will not be sustained. The chart below tracks transaction volume.”

Contra Costa Times – “10,300 jobs gone in June” (7-19-10)

“The Bay Area lost more than 10,000 jobs in June, crushing hopes that the private sector could spur a quick recovery for the region’s wobbly economy, a state labor report showed. The loss of 10,300 payroll jobs in the Bay Area marked the nine-county region’s worst one-month performance since September, according to the report by the state’s Employment Development Department.”

Bloomberg - “Housing, Leading Index in U.S. Probably Slumped in Sign Recovery Slowing” (7-19-10)

“Builders began work on 580,000 houses last month at an annual rate, down 2.2 percent from May and the slowest pace this year, according to the median estimate of 61 economists surveyed by Bloomberg News before Commerce Department data due July 20. Other reports may show sales of existing homes decreased for a second month and the index of leading indicators declined for the first time in more than a year.”

Realty Times – “Real Estate Outlook: Market Report” (7-19-10)

“The findings: Despite nervousness about the stock market and employment, 66 percent of all consumers ‘believe the economy will hold steady or improve over the next six months.’ Eighty three percent believe their own personal finances will get better or at least hold their own.”

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