The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘rent’

« Older Entries
Newer Entries »

The Norris Group Real Estate News Roundup 9/22/10

Wednesday, September 22nd, 2010

Today’s News Synopsis:

Mortgage loan applications decreased 1.4% this week. FHFA reports national house prices fell 0.5% in July. HAMP converted 33,342 trial modifications into permanent status last month. The Bush tax cuts may end soon.

In The News:

Naked Capitalism – “Latest Real Estate Time Bomb: Title of Foreclosed Properties Clouded; Wells Fargo Dumping Risk on Hapless Buyers” (9-22-10)

“there is a lot of actual and shadow residential real estate inventory in the US. The time from serious delinquency to foreclosure has lengthened considerably, due not just to crowded court dockets, but also bank/servicer disinclination to take possession (reasons include that investors take a dim view of bank real estate holdings; the bank is liable for expenses, most important real estate taxes, once it takes possession; more foreclosures would lead banks to have to write down clearly overvalued second mortgages, leading to losses and lowering bank capital levels).”

Mortgage Bankers Association – “MBA Hails Extension of National Flood Insurance Program” (9-22-10)

“Flooding is the most common natural disaster in the United States. In fact, more than five million Americans rely on the National Flood Insurance Program as their primary protection against flooding. This program has expired regularly in recent times, which has frustrated residential and commercial lenders and borrowers alike.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-22-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 17, 2010.  The Market Composite Index, a measure of mortgage loan application volume, decreased 1.4 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 22.9 percent compared with the previous week, which included the Labor Day holiday.”

Sacramento Bee – “Viewpoints: Is ‘smart growth’ law on right track? No” (9-22-10)

“Now, more than ever, the men and women out of work, construction companies that have no projects in the pipeline and local officials trying to maintain vital services are looking for a process that will bring all parties together to work toward a successful, responsible program. Unfortunately, the air board’s staff chose a path that will wreak havoc in the construction industry, prevent economic recovery, and stand as a major disincentive to future developments in our state.”

Housing Wire – “FHFA house prices slip 0.5% in July” (9-22-10)

“U.S. house prices fell 0.5% in July after increases through the second quarter, according the Federal Housing Finance Agency monthly House Price Index (HPI). The July numbers follow 1.2% drop in July, revised from a 0.3% decline.”

Housing Wire - “SEC charges 4 with fraud after failing to disclose real estate investment fund collapse” (9-22-10)

“The Securities Exchange Commission Monday charged a Minneapolis attorney and two San Francisco promoters with fraud after they failed to disclose the financial collapse of a real estate lending fund to relevant investors. Todd Duckson, Michael Bozora and Timothy Redpath allegedly raised more than $21 million from investors in the Capital Solutions Monthly Income Fund after the sole business partner defaulted on financial obligations. The fund raised approximately $74 million from 450 investors between 2004 and August 2009.”

Housing Wire – “Obama housing scorecard touts ‘advances’ in August” (9-22-10)

“The Department of Housing and Urban Development and the Treasury Department compiled data for the monthly scorecard. According to the administration, stabilizing housing prices leveled off in the past year after 30 straight months of declines. Homeowners added $95 billion in home equity in the second quarter. The scorecard did acknowledge ‘a dip’ in home sale figures in July after the expiration of the homebuyer tax credit. But since April 2009, record low mortgage rates have helped more than 7.1 million families refinance, saving more than $12.7 billion.”

Housing Wire – “Permanent HAMP mods fall 26% in August” (9-22-10)

“Servicers participating in the Home Affordable Modification Program converted 33,342 trial modifications into permanent status in August, down 26.7% from the 45,512 in July. The Treasury Department launched HAMP in March 2009 to provide incentives to servicers for the modification of loans on the verge of foreclosure. Since then, the participating servicers have provided 468,058 permanent modifications.”

Housing Wire – “Right to Rent could change the nation’s foreclosure crisis: CEPR” (9-22-10)

“The report dissects the benefits of a drafted bill, H.R. 5028, also known as The Right to Rent. Under the legislation, homeowners entering the foreclosure process would be able to occupy their homes for up to five years, while paying rent to a lender. Rent would be based on fair market price as determined by an independent appraiser and adjusted annually.”

Bloomberg - “Obama Tricks Voters as Enron Hoodwinked Public: Amity Shlaes” (9-22-10)

“Republicans want to keep the top rate at its current level while Democrats prefer to let the George W. Bush-era rate cuts expire. And some of us may even know that the tax code’s current 35 percent figure would rise to 39.6 percent if President Barack Obama gets his way.”

Looking Back:

One year ago, the Federal Housing Finance Agency announced that national home prices increased by .3% in July.  The FDIC considered borrowing money from banks to protect the insurance fund. ZipRealty reported that 25 markets displayed a reduction in home inventory from July to August.

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.

Tags: , , , , , , , , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 8/17/10

Tuesday, August 17th, 2010

Today’s News Synopsis:

Statistics from MDA DataQuick show 18,946 new and resale homes were sold in Southern California in July. Frank Nothaft of Freddie Mac announced that refinancing activity has accounted for over 80% of conventional loan activity. National housing starts increased by 7.1 percent last month, according to the NAHB. The MBA expressed concerns that recent policy changes restricting seller concessions went too far and may damage the industry.

In The News:

DQNews - “Southern California Home Sales and Median Price Dip in July” (8-17-10)

“A total of 18,946 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in July. That was down 20.6 percent from 23,871 in June, and down 21.4 percent from 24,104 for July 2009, according to MDA DataQuick of San Diego.”

NAHB - “Housing Starts Rise 1.7 Percent in July” (8-17-10)

“Nationwide housing starts inched up 1.7 percent to a seasonally adjusted annual rate of 546,000 units in July from a downwardly revised figure in the previous month, according to U.S. Commerce Department figures released today. The gain occurred entirely on the multifamily side, with single-family housing production falling 4.2 percent to 432,000 units.”

Housing Wire – “MBA Prefers FHA Seller Concessions Lowered to 4%” (8-17-10)

“In a letter to the US Department of Housing and Urban Development (HUD), the MBA said its members urge the federal agency ‘to ensure policies do not reach too far and needlessly discourage home buying at a time when the housing market is still fragile.’ Last month, HUD announced possible policy changes within the Federal Housing Administration (FHA) aimed at boosting capital reserves. The changes include reducing the limit on seller concessions to 3% from 6%; using a FICO credit score of 500 as a minimum for consideration in FHA programs; and lowering the maximum loan-to-value to 90% for all borrowers with credit scores less than 580.”

Housing Wire – “Fannie Mae Sees Housing Activity Flat in 2H” (8-17-10)

“The GSE also said continued uncertainty and a slower-than-normal recovery points to overall GDP growth of 2.5% for the rest of the year. In July, analysts at Fannie Mae’s economics and mortgage market analysis group projected growth of 2.8%, which was down from a June estimate of 3.2%. The agency expects the low, 30-year, fixed-rate mortgages to boost refinance activity but not result in any sort of refinance boom. The current average rate of 4.5% is expected to remain throughout 2010.”

Housing Wire – “John Burns: GSE Renting Options Will Increase Demand and Limit Supply” (8-17-10)

“The government should create an apartment real estate investment trust (REIT) to rent out foreclosed properties — a method that would avoid flooding the housing market with foreclosed properties, a real estate consultant said as President Obama’s ‘Future of Housing Finance Conference’ kicked off Tuesday. John Burns, CEO of John Burns Real Estate Consulting, said the government-created REIT would be self-sustaining via rental fees. The government-sponsored enterprises, Fannie Mae and Freddie Mac, would hire outside property-management firms to manage the rental properties, Burns said.”

Housing Wire – “Refinancing Accounts for 80% of Loan Activity over Last 2 Months: Nothaft” (8-17-10)

“Over the last two months, refinancing activity has accounted for more than 80% of all conventional loan activity, said Frank Nothaft, chief economist at Freddie Mac. In a Featured Perspectives report out Monday, Nothaft said Freddie Mac and Fannie Mae have purchased 1.4m refinance loans, including nearly 200,000 loans that have gone through the Home Affordable Refinance Program (HARP).”

Housing Wire – “Bank of America Merrill Lynch: Bearish Sentiment Eases” (8-17-10)

“BofAML, a unit of Bank of America, said the bearish sentiment for the global economic outlook and corporate earnings has eased. The most recent data show 5% of survey respondents expect the global economy will improve in the next year. In July, 12% percent of respondents predicted the world economy would deteriorate, BofAML said. But recession fears seem to have subsided, as 78% of fund managers surveyed last week don’t expect a double-dip recession. Still, 73% continue to see ‘below-trend growth and inflation.’”

Housing Wire – “TransUnion: Housing Begins to Stabilize as Delinquent Loans Fall in Q210″ (8-17-10)

“National mortgage loan delinquency rates for loans delinquent 60 days or more fell for the second quarter in a row to 6.67%, according to TransUnion’s quarterly trend analysis released Tuesday; a sign the housing sector is beginning to stabilize. The 1.48% drop in Q210 follows an 18.52% drop in Q110 for loans delinquent 60 days or more. Delinquent loans accounted for 6.77% of the all loans in Q110. The current delinquency rate is still up 14.8% from the same quarter last year when the rate was 5.81%.”

Housing Wire – “Private Sector Modifications Increase 10% in June” (8-17-10)

“The housing industry conducted 123,000 permanent modifications through private programs in June, a 10% increase from the 112,000 done in May, according to Hope Now, a private sector alliance of mortgage servicers, investors, insurers and nonprofit counselors.”

Housing Wire – “Bankrate: Loan Closing Costs Jump 36.6% Year-Over-Year” (8-17-10)

“The average origination and third-party fees on a $200,000 mortgage increased 36.6% to $3,741 from last year’s average of $2,739, according to Bankrate’s annual mortgage fee survey. Lender origination fees increased to $1,463, or 22.8%, in 2010 from $1,192 in 2009, while the average total third-party fees rose 47.2%, to $2,277 from the year-ago average of $1,547.”

Housing Wire – “Homebuyer Demand All But a ‘Standstill’: Altos Research” (8-17-10)

“The average national house price was $474,946 in July, according to the Altos 10-city composite price index. The index fell ‘significantly’ from its high in the summer of last year, when buyers were taking advantage of the homebuyer tax credit. It has declined for the past 11 months. The tax credit expired in April.”

Bloomberg - “Home Depot Profit Tops Analysts’ Estimates as Sales Increase” (8-17-10)

“Net income increased 6.8 percent to $1.19 billion, or 72 cents a share, in the quarter ended Aug. 1, from $1.12 billion, or 66 cents, a year earlier, Atlanta-based Home Depot said today in a statement. Analysts projected 71 cents, the average of 23 estimates in a Bloomberg 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.

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 8/6/10

Friday, August 6th, 2010

Sources:
http://www.housingwire.com/2010/08/05/weekl-jobless-claims-rise-more-than-expected-to-479000
http://www.realtor.org/press_room/news_releases/2010/08/pending_ease
http://www.housingwire.com/2010/08/03/zillow-rate-on-30-year-mortgage-drops-to-record-low-week-to-week
http://www.housingwire.com/2010/08/06/aig-losses-return-in-q210-on-continued-wind-down-efforts
http://latimesblogs.latimes.com/money_co/2010/08/home-loan-rates-decline-again-as-inflation-fears-abate.html
http://www.mbaa.org/NewsandMedia/PressCenter/73603.htm
http://www.dsnews.com/articles/congress-passes-bill-increasing-fha-premiums-2010-08-05
http://www.bloomberg.com/news/2010-08-04/u-s-consumer-bankruptcy-filings-rose-9-percent-in-july-from-previous-year.html
http://www.reoi.com/news/fannies-reo-volume-doubles-on-mounting-foreclosures-and-longer-disposition-times
http://www.dsnews.com/articles/ahead-of-earnings-gses-scale-back-housing-forecasts-2010-08-05
http://www.reoi.com/wp-content/uploads/Fannie-REO.jpg
http://www.reoi.com/wp-content/uploads/Fannie-REO-by-State.jpg

Today’s News Synopsis:

Non-farm payrolls decreased by 131,000 in July, according to the Department of Labor. HUD’s secretary announced a new program, which will allow borrowers to refinance on underwater mortgages. Barclay’s Capital is taking back their previous estimate of a double dip recession, and now believes we will experience ‘moderate growth’. One-third of U.S. citizens are renting, and more than 14% live in a rental apartment.

In The News:

Housing Wire – “U.S. Payrolls Shed More than Expected, Dropping 131,000 in July” (8-6-10)

“Total non-farm payrolls declined by 131,000 in July, worse than a market consensus decline of 70,000. According to the Department of Labor Bureau of Labor Statistics (BLS), the firings of temporary workers after 2010 Census efforts edged up to 143,000 in July, declined from 225,000 Census layoffs a month earlier.”

Housing Wire – “HUD Secretary Donovan: Refinancing Program Coming ‘Very Soon’” (8-6-10)

“According to a mortgee letter sent out today, the new program would provide additional refinancing options to underwater homeowners starting Sept. 7. To be eligible for the new loan, the homeowner must be underwater but still current on the mortgage. A credit score of 500 or better is required, and the borrower’s existing first-lien holder must agree to write at least 10% of the unpaid principal balance.”

Housing Wire – “Barclays Capital Calls off Double-Dip Recession” (8-6-10)

“Analysts at Barclays Capital believe the latest data on the US economy leans more toward ‘moderating growth’ in the last half of 2010, rather than an outright double-dip. Last week’s real gross domestic product (GDP) in the US, which measures the output of goods and services produced by the country’s labor force, grew 2.4% in Q210 from last year, according to the US Department of Commerce Bureau of Economic Analysis (BEA).”

Housing Wire – “Apartment Rentals Hit Record Highs in 2010, as More Americans Shun Homeownership” (8-6-10)

“Currently one-third of Americans rent their housing, and over 14% live in a rental apartment. The NMHC represents the interests of rental property investors, such as Fannie Mae, Freddie Mac, Stewart Title and Starwood, to name a few.”

Housing Wire - “Navy Federal Introduces 100 Percent Mortgage to Make $7bn Origination Goal” (8-6-10)

“The world’s largest credit union said it’s prepared to originate $7bn in mortgage and refinance originations in 2010, and announced it will offer 100% financing to its members for loans up $650,000. Navy Federal Credit Union said it originated more than $6.2bn in mortgages and refinance loans in 2009. The Virginia-based credit union is the world’s largest, both in terms of total assets ($40bn) and membership (3.4m). Navy Federal serves all current and former Department of Defense military and civilian personnel and their families.”

Housing Wire – “Consumer Credit Down for Fifth Straight Month 0.7 Percent For June” (8-6-10)

“Americans are not in the mood to spend as consumer credit outstanding fell once again in June, according to the Federal Reserve, marking the fifth consecutive month of declines. The benchmark fell $1.3bn, or 0.7%, to $2.418trn due mostly to a $4.5bn, or 6.5%, drop in revolving credit, such as credit cards. Non-revolving credit, which includes mortgages, auto loans, and student loans, rose 2.4% to $1.592bln.”

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.

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Posted in News, Video Blog | 1 Comment »

The Norris Group Real Estate News Roundup 7/20/10

Tuesday, July 20th, 2010

Today’s News Synopsis:

The MBA reports independent mortgage bankers and subsidiaries made an average profit of $606 on each loan they originated in the first quarter of 2010. Statistics from the Commerce Department show housing starts fell 5% from May. FHA may soon require borrowers to have at least a 580 FICO score to buy a home with a minimum 3.5 percent down payment. First and second mortgage default rates declined to 3.3% and 2.4%, according to Experian.

In The News:

Mortgage Bankers Association - “MBA Study Shows Mortgage Banker Production Profits Dropped in First Quarter of 2010″ (7-20-10)

“Independent mortgage bankers and subsidiaries made an average profit of $606 on each loan they originated in the first quarter of 2010, down from $890 per loan in the fourth quarter of 2009 and $1,088 in the first quarter of 2009, according to the Mortgage Bankers Association (MBA)’s 1st Quarter 2010 Mortgage Bankers Production Survey released today”

CNN - “New home construction drops, but outlook brightens” (7-20-10)

“New home construction fell to an 8-month low in June, but there were indications of increased activity in coming months, the government said Tuesday. Housing starts fell 5% from May to a seasonally adjusted annual rate of 549,000 last month, the Commerce Department said. That was the lowest rate since October 2009.”

Inman - “FHA raising FICO floor, reducing seller concessions” (7-20-10)

“FHA borrowers will soon need a 580 FICO score in order purchase a home with the minimum 3.5 percent downpayment, and won’t qualify for the program at all if they have a score below 500. Federal housing officials are moving closer to implementing several policy changes announced in January that will also reduce the maximum allowable seller concession on FHA-backed loans from 6 percent to 3 percent and tighten underwriting standards for manually underwritten loans.”

Housing Wire – “First Mortgage Default Rate Plunges 40% from 2009: S&P” (7-20-10)

“First mortgages led an overall decline in credit defaults in June, according to the Standard & Poor’s/Experian indices today. First and second mortgage default rates declined to 3.3% and 2.4%, respectively in June, based on information from Experian’s consumer credit database. First mortgage default rates slipped 5% from May and 45.2% from a year earlier, while second mortgage default rates were down 0.03% from May and 44.54% from a year ago.”

Orange County Register – “O.C. rent cuts triple U.S. declines” (7-20-10)

“For the second quarter, the average Orange County rent that apartment complex owners were ‘asking’ for was $1,506 — and that rent was falling at a 2% annual rate. That’s a drop roughly triple the national rate of decline of 0.7%. Orange County renters are enjoying rent declines that are tied for the 8th largest among 82 U.S. markets tracked. Bigger drops? Las Vegas, 4.2%; L.A., 2.9%; Phoenix, 2.8%; Westchester, N.Y., 2.6%; Oakland, 2.2%; Fairfield, Conn., and San Francisco, 2.1%. We note that Orange County and L.A. near the top of top rent cuts explains how Consumer Price Index data shows the biggest SoCal rent decline by this math since 1940.”

Orange County Register – “South Coast 2nd quarter home sales up 16%” (7-20-10)

“For Q2 (April – June) – DataQuick’s freshest stats — South Coast homebuying patterns showed: 574 homes were bought in the region in the period – +16% vs. a year ago. Sales counts in all Orange County beach towns ran +22% vs. a year ago.”

Looking Back:

One year ago, The Real Estate Roundtable estimated that about $400 billion a year in commercial loans would need to be refinanced over the next decade. A TARP investigator claimed the government bailout totaled $23.7 trillion. Default levels increased to 2,500 per month.

Tags: , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 6/28/10

Monday, June 28th, 2010

Today’s News Synopsis:

Statistics from the Federal Reserve show the median borrower who ‘strategically’ defaults doesn’t walk away from the mortgage until the amount owed exceeds the value of the home by 62%. McGraw-Hill Construction reports new construction starts increased 3% in April. According to CoreLogic, more than 11 million borrowers currently owe more on their mortgage than it is worth. Experian statistics show that 19 percent of all defaults in 2009 were strategic.

In The News:

Press Enterprise – “Crash opens market for luxury apartments” (6-26-10)

“While homebuilders are aiming at a more frugal consumer by cutting frills, some apartment developments in San Bernardino and Riverside counties are going upscale with features like granite countertops and hardwood floors and rents comparable to a home mortgage. The Lewis Group of Cos., an Upland-based developer of master-planned communities and apartments, figures that partly because many people have been burned by the housing crash, there is demand from prospective tenants moving out of houses who want and can afford a house-like apartment experience.”

Chicago Tribune – “Moral bankruptcy?” (6-27-10)

“Some have struggled unsuccessfully to keep their homes, and others have just walked away. Phillips decided he wanted revenge and was willing to ruin his credit record for it. When a short sale didn’t work out as planned, the 32-year-old Chicagoan opted for Chapter 7 bankruptcy liquidation, a move that will leave Phillips with little except for the scant possessions in his one-bedroom condo. It also will leave his lender, Chase, with little except for, eventually, a condo that has lost value. Meanwhile, Phillips continues to live there, mortgage-free.”

Los Angeles Times – “Undone by their dreams” (6-26-10)

“In the last four years, according to the San Bernardino County assessor’s office, 373 of the 941 single-family homes in Mission Crest — nearly 40% — have been foreclosed on. Thirty-five have gone through foreclosure more than once. Properties that once sold for nearly $400,000 are worth less than $200,000.”

Mercury News – “Santa Clara County assessor adds Web tools to help homeowners” (6-28-10)

“More than 100,000 residents will be given access to a special website — tracking home sales by neighborhood — where they can see precisely why the assessor’s office decided to assign a particular home its worth.”

Wall Street Journal – “How Far Underwater Do Borrowers Sink Before Walking Away?” (6-28-10)

“At what point do borrowers who owe more than their homes are worth decide to stop paying the mortgage? A new study from economists at the Federal Reserve Board aims to answer that question. The research found that the median borrower who ‘strategically’ defaults doesn’t walk away from the mortgage until the amount owed exceeds the value of the home by 62%.”

Housing Wire – “Monday Morning Cup of Coffee” (6-28-10)

“The House Financial Services Committee issued a statement Sunday urging ‘bold action’ on the Dodd-Frank bill, the reconciled financial reform bill agreed to by a Congressional committee last week and named after Sen Christopher Dodd (D-CT) and Rep Barney Frank (D-MA). The final bill now travels to separate House and Senate votes and then, upon passage by Congress, to a Presidential signature into law.”

Housing Wire – “Surge in Nonresidential Building Boosts May Construction Starts” (6-28-10)

“New construction starts increased 3% from April to May, according to a monthly survey by McGraw-Hill Construction. The seasonally adjusted annual rate of total construction starts was $406.3bn in May, up 3% from $392,988bn in April. For the first five months of 2010, the unadjusted value of total construction starts was $162bn, down 2% from $165bn during the same period of 2009.”

Housing Wire – “The Slippery Slope of Short Sales” (6-28-10)

“More than 11 million borrowers currently owe more on their mortgage than it is worth, according to CoreLogic (CLGX: 18.11 +0.28%)—and this group of borrowers would love nothing more than to replace their current underwater mortgage with whatever the accepted ‘short sale price’ is deemed to be. I don’t know that such a response on the part of borrowers could be deemed irrational, either. Many will ask themselves why they have a mortgage at a higher amount, especially if the bank is willing to sell the house to another buyer for less money.”

Housing Wire – “G20 Applauds Dodd-Frank Bill in Pushing its own Global Financial Reform” (6-28-10)

“The meeting of G20 nations concluded this weekend in Toronto with communiqués reflecting a strong support for the US financial reform, called the Dodd-Frank bill. Indeed, information released from the summit show a mix of ambitious plans for growth, mixed with further calls to reduce spending, especially among countries with higher debt burdens.”

Housing Wire – “Experian Finds 19% of Mortgage Defaults in Q209 are Strategic” (6-28-10)

“Of all mortgage delinquencies in the second quarter of 2009 (Q209), nearly one in five — or 19% — were considered strategic defaults, according to the latest study of default trends by information services firm Experian.”

Bloomberg - “Commercial Mortgages Fail to Pay as Lending Increases” (6-28-10)

“Between 50 percent and 60 percent of loans on skyscrapers, hotels, shopping malls and apartment complexes failed to refinance within a few months of their maturity date this year, Bank of America Merrill Lynch analysts said in a report. That compares with 15 percent to 20 percent in 2008, according to the analysts led by Roger Lehman in New York. About $11 billion in loans, or one-third of the 2010 total, had hit their expected maturity dates through late May.”

Bloomberg - “Fannie Mae, Freddie Mac Should ‘Unwind’ Portfolios, Pimco Says” (6-28-10)

“Fannie Mae and Freddie Mac, the housing-finance companies supported by U.S. taxpayers, should take advantage of demand for government-backed mortgage debt and sell their holdings, according to Pacific Investment Management Co. ‘Since the government’s going to want to unwind them at some point anyway, why not do it at the best levels ever?’ Scott Simon, the mortgage-bond head at Newport Beach, California-based Pimco, manager of the world’s biggest fixed- income fund, said in a telephone interview.”

Inman - “Top 10 states for pending tax credit closings” (6-28-10)

“NAR estimates as many as 180,000 homebuyers who were under contract by April 30 may miss the June 30 closing deadline. To prod lawmakers into find a way to extend the deadline, NAR released a breakdown of how many home purchases are affected in each state.”

Looking Back:

One year ago, Freddie Mac estimated that sales of new and existing homes might increase to an annual pace of 5.1 million in the 3rd quarter. Real Capital Analytics forecasted that $16 billion of office transactions would be completed by the end of 2009. The number of Orange County property owners disputing their taxes jumped 23% near last year’s deadline.

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.

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 6/3/10

Thursday, June 3rd, 2010

Today’s News Synopsis:

Stats from Freddie Mac show the average rate for 30-year FRMs increased to 4.79 percent. Moody’s Investor Service reports commercial property values are down 42% from the peak in 2007. According to Trulia, many areas in the United States are now becoming cheaper to rent than own in. The US Department of Labor (DOL) received 10,000 fewer initial unemployment claims in the week ending May 29 than the previous week.

In The News:

Time - “The ‘Free Rent’ Approach: When Homeowners Just Stop Paying their Mortgages” (6-1-10)

“The average borrower in foreclosure has been delinquent for 438 days before actually being evicted, up from 251 days in January 2008, according to LPS Applied Analytics”

Los Angeles Times – “A foreclosure fix” (6-2-10)

“Banks foreclosed on almost 200,000 homes in California last year, and this year’s toll is expected to be even higher. State lawmakers have tried to encourage banks to do more loan modifications that help both sides, keeping borrowers in their homes while cutting lenders’ losses. Yet homeowner advocates say a serious problem remains. Overwhelmed and disorganized, lenders continue to foreclose on borrowers who are in the process of negotiating new loan terms. At a time when the market is flooded with repossessed properties, that’s just inexcusable.”

Mortgage Bankers Association – “Mortgage Refinance Applications Increase Slightly, Purchase Applications Decline Further in Latest MBA Weekly Survey” (6-2-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 28, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 0.9 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 0.3 percent compared with the previous week.”

NAR - “Pending Home Sales Surge Continuing” (6-2-10)

“The Pending Home Sales Index,* a forward-looking indicator, rose 6.0 percent to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6. That follows gains of 7.1 percent in March and 8.3 percent in February.”

Orange County Register – “O.C. buyers grab 56% more new homes” (6-2-10)

“Buyers signed contracts to purchase 523 new homes in Orange County during this year’s winter quarter. That’s the highest number of sales contracts for any quarter since the spring of 2008.”

Orange County Register – “Realtors fight to expand loan protections” (6-2-10)

“At issue is a proposal that would forbid lenders from seeking unpaid portions of a refinanced mortgage after a home goes through foreclosure. Currently lenders can’t do that if the loan was issued at the time the home was purchased. In a law dating to the 1930s, the homeowner’s liability is limited to the amount the lender recovers from the property at a foreclosure sale — even if that’s less than the amount owed.”

Orange County Register – “Really? Problem banks list grows to 775″ (6-2-10)

“BAD DEBT: The FDIC’s confidential list of ‘problem’ banks grew to 775 in the first quarter, with U.S. banks collapsing amid losses on residential and commercial real estate loans. EXTEND AND PRETEND: At least 25% of commercial real estate loans are doomed to foreclosure, experts in Arizona say. Another 50% could go either way.”

Mercury News – “Mortgage rates up from yearly lows, Freddie Mac says” (6-3-10)

“Rates on 30-year fixed mortgages ticked up this week from the lowest level of the year. Freddie Mac said Thursday that the average rate rose to 4.79 percent, up from 4.78 percent last week. A year ago, the rate averaged 5.29 percent.”

Wall Street Journal – “Looking for Lending” (6-3-10)

“Compared to peak prices in October 2007, commercial property values are down 42%, according to Moody’s Investors Service Inc. Price index reports compiled by Moody’s and Real Capital Analytics Inc. show that as of March 2010, the cost of industrial and office space fell 32% in the last two years. Retail space also plummeted 28%.”

Housing Wire – “REIT Activity Picks Up in 2010 After Five Year Doldrum” (6-3-10)

“In 2005, publicly traded US REITs completed 6,351 acquisitions and 2,812 dispositions, compared to 360 acquisitions and 994 dispositions in 2009. The largest decrease in acquisitions was in the retail/other sector, which declined from 1,720 in 2005 to 65 in 2009, a decrease of 96.2%. The healthcare also saw a deep decline. In that sector, there were 103 acquisitions in 2009, compared to 402 in 2005, a drop of 74.4%.”

Housing Wire – “In Some Cities, Trulia Finds It’s Now Cheaper to Rent than Own” (6-3-10)

“The top areas where house prices worked out to be more expensive than renting were New York, Seattle, Portland, and San Francisco. Omaha, Neb., Oklahoma City, Okla., and Kansas City, Mo. also cracked the top-10 list.”

Housing Wire – “Jobless Claims Ease Ahead of May Unemployment Data” (6-3-10)

“The US Department of Labor (DOL) received 10,000 fewer initial unemployment claims in the week ending May 29 than the previous week, on a seasonally adjusted basis. The news of fewer initial claims arrives a day ahead of officially updated unemployment rate figures. Economists anticipate the fragile recovery added 55,000 jobs to private sector employment and 700,000 to total non-farm payrolls in May.”

Housing Wire – “May House Prices Show Highest Increase Since 2006″ (6-3-10)

“House prices climbed 6.8% in May 2010 from last year, the largest yearly increase since July 2006, according to a report from real estate data provider Clear Capital. In June 2009, Clear Capital reported a 19.3% drop in May house prices, a ‘far cry’ from the increase shown in this report a year later, said Alex Villacorta, senior statistician at Clear Capital. The rolling quarter-over-quarter number, which measures houses prices against those three months ago showed a 1.8% decline, an improvement from the 5% drop in April.”

Housing Wire – “Delayed Mortgage Liquidation Hikes Risk of RMBS Write-Downs” (6-3-10)

“The back-loading of defaults draws out liquidation timelines, impacting the expected losses to senior tranches of residential mortgage-backed securities (RMBS), according to Toronto-based credit rating agency DBRS. And in some cases, this raises the occurrence of write-downs by one-third, or 33%. Distressed loans move from 30 to 60 to 90-days delinquent and then follow the foreclosure timeline set forth in the appropriate state before entering REO status. Following this process, loans are liquidated from the RMBS trust.”

Housing Wire – “California Set to Vote on Foreclosure Mediation Bill” (6-3-10)

“Assembly Bill 1639 was introduced by a trio of Democratic members of the assemby — Pedro Nava (Santa Barbra), Ted Lieu (Torrance) and speaker emeritus Karen Bass (Los Angeles). If passed, the bill would establish the Facilitated Mortgage Workout (FMW) program. Through it, lenders are required to meet with borrowers to develop a modification plan before foreclosure. The loan must have originated before Jan. 1, 2009, and the home must be occupied by the borrower as a principal residence. The principal balance on the mortgage cannot exceed $729,750.”

Looking Back:

One year ago, MBA statistics showed that mortgage application volume decreased by 16 percent within one week. J.P. Morgan Chase, Goldman Sachs and American Express owed the government $38.4 billion. The FHA loan limit was raised to nearly $730,000 in Orange County, and was accepting 3.5% down on purchases.

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.

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 4/30/10

Friday, April 30th, 2010

Today’s News Synopsis:

MetLife is expecting a comeback in the commercial real estate market. According to LPS, More than 7.3m mortgages in the US are non-current or in REO status this month. Orange County apartment rent rates fell 5 percent during the first quarter of 2010. President Obama nominated Janet Yellen, Peter Diamond and Sarah Bloom Raskin for the Federal Reserve Board of Governors to the US Senate.

In The News:

Bloomberg - “D.R. Horton Gains After Quarterly Profit Tops Analyst Estimates” (4-30-10)

“D.R. Horton Inc., the second-largest U.S. homebuilder by revenue, climbed the most in three months after reporting its second straight quarterly profit on increased demand for houses. Net income was $11.4 million, or 4 cents a share, for the quarter ended March 31, compared with a loss of $108.6 million, or 34 cents, a year earlier, the Fort Worth, Texas-based company said today in a statement. The results beat the average of 11 estimates in a Bloomberg survey that showed analysts predicted the company would roughly break even.”

Bloomberg - “MetLife Expects Commercial Real Estate to Rebound” (4-30-10)

“MetLife Inc., the largest U.S. life insurer, said there are signs of a recovery in the commercial real estate market after property values dropped about 40 percent from their peak. The company gained the most in seven weeks in New York trading.”

Housing Wire – “Obama Nominates Three to Federal Reserve Board of Governors” (4-30-10)

“President Barack Obama on Thursday sent three nominations for the Federal Reserve Board of Governors to the US Senate. His nominees include Janet Yellen, president of the Federal Reserve Bank of San Francisco; Peter Diamond, an institute professor at the Massachusetts Institute of Technology (MIT); and Sarah Bloom Raskin, commissioner of financial regulation for the State of Maryland.”

Housing Wire – “Geithner Threatens Crack-Down on HAMP Servicers” (4-30-10)

“‘I want to be clear that we do not believe servicers are doing enough to help homeowners, not doing enough to help them navigate the difficult and often frightening process of avoiding foreclosure,’ he said in prepared remarks.”

Housing Wire - “Non-Current Mortgages, REO Reach 7.3m in March: LPS” (4-30-10)

“More than 7.3m mortgages in the US are non-current or in REO status through March 2010, according to the Lender Processing Services (LPS) (LPS: 38.065 -0.41%) Mortgage Monitor report. Data and analytics firm LPS reported the modest improvements in the amount of loans becoming current has been overshadowed by this large pool of non-current assets, which represent more than 12% of all active loans in the country. The volume of distressed mortgages is up 19.3% from a year ago.”

Orange County Register – “O.C. apartment rent down 5%” (4-30-10)

“The average rent for a unit in a large Orange County apartment complex fell 4.8 percent during the first quarter of the year, down to $1,475 a month, according to RealFacts. However, the average asking rent pulled out of its nose dive, rising $2 a month from the previous quarter. Rents had fallen steadily for the previous 15 months.”

Orange County Register – “County seeks fee for property tax appeals” (4-30-10)

“An Orange County administrator wants to impose a $30 per parcel fee on property tax appeals this summer to help offset the costs of administering the hearings and to discourage fraudulent and frivolous actions. The proposal was made by Darlene Bloom, clerk of the Board of Supervisors, whose office administers appeals of property tax assessments.”

Realty Times – “Seniors Looking to Downsize, Seek Opportunities to Socialize in Urban Living Areas” (4-30-10)

“there’s a changing mindset emerging. ‘Senior citizens no longer want to be in an isolated place.’ Many are selling their homes and looking for a community connection in the location where they plan to purchase their next home. ‘Like the rest of America, there was this movement going out toward suburbia. Now, there’s a movement going back toward more urban areas and towns are starting to be challenged,’ says Matthews.”

Looking Back:

One year ago, foreclosure filings increased dramatically during March. The U.S. Senate rejected legislation letting U.S. bankruptcy judges cut mortgage terms to help borrowers avoid foreclosure. The average rate of a 30-year mortgage dropped to 4.78 percent.

Tags: , , , , , , , , , , , , , , , , , , , , , ,
Posted in News | 1 Comment »

The Norris Group Real Estate News Roundup 4/21/10

Wednesday, April 21st, 2010

Today’s News Synopsis:

A scammer in Orange County was recently caught renting out houses which he did not own. The Business Forecasting Center predicts California unemployment will stay above 12 percent for the remainder of 2010. According to the MBA, mortgage loan application volume increased to 13.6 percent from last week. Trulia reports that 20 percent of homes in the U.S. received a deduction in asking asking price from April 2009 to April 2010.

In The News:

MSN - “Forecast: Recession over, but recovery slow” (4-21-10)

“The Great Recession may be over, but the great recovery will likely take several years in Northern California, according to a report released Wednesday. California’s jobless rate – already at a modern-day record – will remain above 12 percent for the remainder of the year, and double-digit territory through 2011. The jobless rate should dip below 10 percent in 2012, according to the Business Forecasting Center at the University of the Pacific.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-21-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 16, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 13.6 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 13.9 percent compared with the previous week.”

Wall Street Journal – “Land Prices Jump as Home Builders Move In” (4-21-10)

“Nationally, finished-lot prices, which saw low-single digit increases in the first quarter, are up nearly 20% from the trough, largely considered early 2009, according to a land survey released this week by housing-research firm Zelman & Associates. Lot prices in Phoenix and Southern California’s Inland Empire have soared more than 60%. Sacramento, Orlando and Los Angeles are up between 30% and 40%.”

Housing Wire – “Trulia Sees 26% Decline in Number of Listings with Price Reductions” (4-21-10)

“The rate of house listings where the seller made at least one reduction in asking price declined 26% in April 2010 compared to the same month one year ago, according to research by Trulia.com. Trulia said 20% of asking prices for current home listings were reduced at least once, compared to 27% of asking prices in April 2009. Las Vegas experienced a 54% decrease in listings with at least one price reduction, from 28% in April 2009 to 13% in April 2010. San Diego experienced a similar decrease at 52%. San Francisco and New York both experienced a 45% year-over-year decline and Los Angeles experienced a 40% drop.”

Housing Wire – “CMBS Defaults to Pass 11% by 2011: Fitch” (4-21-10)

“Commercial mortgage loan defaults look likely to rise through the end of the year, with another 4.4% likely in 2010 and the overall default rate expected to pass 11% among securities rated by Fitch Ratings, the credit-rating agency said today. New CMBS defaults increased more than five-fold last year, totaling 1,464 loans worth $17.75bn, Fitch said.”

Housing Wire – “Freddie Urges 12-Month Forbearance in Flood Areas” (4-21-10)

“Government-sponsored enterprise (GSE) Freddie Mac (FRE: 1.48 -0.67%) said today it is extending mortgage relief to borrowers whose houses were affected by recent floods in Massachusetts, New Jersey, Rhode Island and West Virginia. Freddie is giving its servicers discretion to reduce or suspend mortgage payments for up to 12 months for borrowers with Freddie-owned mortgages, although each case must be individually assessed to determine the appropriate alternative.”

Bloomberg - “Mortgage Servicer Profits May Threaten Obama Housing Programs” (4-21-10)

“Mortgage servicers may have to take a pay cut to participate in President Barack Obama’s programs to modify home loans and advance the sale of properties in default. Starting this month, the Treasury Department is paying companies that collect mortgage payments and examine pleas for assistance a $1,500 stipend for approving the sale of homes for less than the loan balance, known as a short sale. The servicers also get $1,000 for each completion under the government’s year- old mortgage modification program, and additional stipends over three years if borrowers stay current on their payments.”

Orange County Register – “Anaheim businessman collects rent on vacant homes he does not own” (4-21-10)

“California’s foreclosure crisis has spawned an unusual operation by a bankrupt Orange County businessman who takes control of vacant homes and rents them out, according to police, property records and neighbors. From an office at an Anaheim massage clinic, Blair Hanloh has recorded deeds on at least 12 vacant houses in Southern California that he does not own. Property records show no evidence that the owners deeded interest to him—and five owners interviewed by The Orange County Register said that they had not.”

Tags: , , , , , , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 4/20/10

Tuesday, April 20th, 2010

Today’s News Synopsis:

According to MDA DataQuick, 81,054 Notices of Default  were recorded at county recorder offices during the January-to-March period in California . Marcus & Millichap Real Estate Investment Services claims that the gap between monthly rents and mortgage payments is at its lowest level in almost 20 years, making it easier to rent. Cushman & Wakefield estimates the commercial real estate market will take the longest to recover. HAMP completed 230,000 permanent modifications over 12 months.

In The News:

DQNews - “California Foreclosure Activity Declines Again” (4-20-10)

“A total of 81,054 Notices of Default (“NODs”) were recorded at county recorder offices during the January-to-March period. That was down 4.2 percent from 84,568 for the prior quarter, and down 40.2 percent from 135,431 in first-quarter 2009, according to San Diego-based MDA DataQuick.”

Mercury News – “New Obama mortgage plan at risk from fraud, report says” (4-20-10)

“Recent changes to the Obama administration’s mortgage assistance program may make it more vulnerable to fraud, a government watchdog says. The changes, announced last month, are intended to make it easier for struggling homeowners to avoid foreclosure. But the administration hasn’t done enough to warn the public about fraud and hasn’t included sufficient safeguards to prevent abuse, said the special inspector general for the Troubled Asset Relief Program, or TARP.”

Daily News – “Should you buy or rent a home? Cost gap narrows” (4-20-10)

“Thinking of buying a home? Consider this: The gap between monthly rents and mortgage payments is at its lowest level in almost 20 years. In some markets, the difference can be less than $100, according to a national study conducted for The Associated Press by Marcus & Millichap Real Estate Investment Services.”

Housing Wire – “Regulators Say Lehman Failure Makes Case for Financial Reform” (4-20-10)

“Driven to bankruptcy by massive downgrades of its failed subprime mortgage-related assets, now-defunct Lehman Brothers presents several lessons for lawmakers writing the policy response to ongoing financial fallout, expert witnesses told the House Financial Services Committee today. Sen. Ed Perlmutter (D-Colo.) cited a recent report on the causes of the Lehman bankruptcy, which found regulators supposedly knew of accounting gimmicks that allowed the firm the liquidity freedom to take on increasingly risky investments, but did not enforce corrective action.”

Housing Wire – “C&W: Commercial Real Estate Recovery Uneven Across US” (4-20-10)

“The national real estate market is in better shape than analysts anticipated given the largest employment declines in more than 70 years, but regional markets with the highest job losses, and the related overabundance of commercial properties vacant as businesses fail, will take longer to dig out of the recession, according to a report from Cushman & Wakefield (C&W). C&W, a real estate advising firm, said in its Economic Pulse report, that the recession did not hit all real estate markets equally.”

Housing Wire – “Financial Services Authority Begins Investigation of Goldman Sachs” (4-20-10)

“The Financial Services Authority (FSA), the market watchdog in the UK, will begin a formal enforcement investigation into Goldman Sachs (GS: 159.98 -2.05%) in the wake of the recent action by the Securities and Exchange Commission (SEC). Last week, the SEC charged Goldman for allegedly defrauding investors in a financial product tied to subprime mortgages. The SEC alleges Goldman and Fabrice Tourre, a vice president in the firm, misled and even omitted key facts about a synthetic collateralized debt obligation (CDO), ABACUS 2007-AC1.”

Housing Wire – “TARP Watchdog Says HAMP Changes Could Impede Modifications” (4-20-10)

“While foreclosures and bank repossessions rose in Q110 above year-ago levels — 16% and 35%, respectively — HAMP results in ‘very little progress’ so far, SIGTARP said, with only 230,000 permanent modifications completed over 12 months of operation (illustrated below). This represents only 8.2% of the foreclosures initiated in 2009, and fewer than only the most recent quarter’s bank repossessions.”

Bloomberg - “U.S. REITs May Raise More Than $25 Billion in 2010, NAREIT Says” (4-20-10)

“Real estate investment trusts in the U.S. may exceed the $25 billion they raised last year in share sales as an economic recovery boosts investor confidence, according to the industry’s main lobbying group. The money raised in the stock market last year principally went toward improving balance sheets after companies became too highly leveraged, said Michael Grupe, executive vice president of research at the National Association of Real Estate Investment Trusts. REITs will seek funds to acquire properties this year, he said.”

Orange County Register – “Laguna Beach homes taking 32% less time to sell” (4-20-10)

“The community’s share of its new deals in escrow involving distressed properties — foreclosures or short sales — is 8% or -21.95 percentage points vs. countrywide share. Note that this community has 1.2% of all the deals in escrow countywide — and 1.1% of all distressed deals in the works. Meanwhile, the city of Laguna Beach has 4.0% of the entire supply of resale residences that are listed for sale in Orange County.”

Tags: , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 4/6/10

Tuesday, April 6th, 2010

Today’s News Synopsis:

A recent Fannie Mae survey shows that approximately two-thirds of Americans would still prefer to own a home. Independent mortgage bankers and subsidiaries made an average profit of $890 on each loan they originated in the fourth quarter of 2009. The National Bankruptcy Research Center claims that bankruptcies could total over 1.5 million this year. According to Reis Inc, rent prices declined by 1.6 percent from last year.

In The News:

CBIA - “Road to Recovery” (4-6-10)

“The economic downturn has put California in a critical position, but homebuilders could play a major role in helping with the state’s recovery. CBIA has focused on six pieces of legislation this session that could help lead the state on that road. None is more important than an extended homebuyer tax credit, but all six are vital to helping the state, and the building industry, move forward.”

CNN - “With caution, Americans still want a house” (4-6-10)

“Nearly two-thirds of Americans would still prefer to own a home, although the recent housing market turmoil and uncertain economy have made them a little more cautious about how and when, according to a survey released Tuesday. A nationwide survey conducted by mortgage lender Fannie Mae found 65% of the homeowners and renters believe there is still value in owning a home.”

Mortgage Bankers Association – “Production Profits Held Steady in 4th Quarter 2009, According to MBA Study of Independent Mortgage Bankers and Subsidiaries” (4-6-10)

“Independent mortgage bankers and subsidiaries made an average profit of $890 on each loan they originated in the fourth quarter of 2009, down from $902 per loan in the third quarter of 2009, but up from $296 in the fourth quarter of 2008, according to the Mortgage Bankers Association (MBA).”

Sacramento Bee – “California expected to cancel tax on forgiven mortgage debts” (4-6-10)

“Relief appears imminent for thousands of Sacramento homeowners hit with state tax bills for mortgage debts forgiven in 2009. State lawmakers said Monday they plan to cancel the state tax obligations with a vote Thursday.”

Inman - “Bankruptcies could exceed 1.5M this year” (4-6-10)

“More consumers filed for bankruptcy in March than in any other month after Congress overhauled federal bankruptcy laws in 2005, according to a release by the American Bankruptcy Institute. Monthly filings for March reached 149,268, a 34 percent increase from the month before when filings totaled 111,693, and a 23 percent year-over-year increase when consumers submitted 121,413 filings, the institute said. The findings are based on data from the National Bankruptcy Research Center.”

Housing Wire – “Lenders Look to Prevent Mortgage Fraud Before Origination With New Software” (4-6-10)

“Wells Fargo (WFC: 32.10 +1.87%) recently implemented mortgage fraud detection software, called LoanSafe Fraud Manager and developed by First American CoreLogic. At least 10 other lenders are following Wells’ lead and testing out the software to see how well it works against their current systems.”

Bloomberg - “U.S. Apartment Rents Decline as Vacancies at Record, Reis Says” (4-6-10)

“U.S. apartment rents dropped in the first quarter and the vacancy rate remained at a record as unemployment near a 26-year high limited tenant demand. Actual rents paid by tenants, known as effective rents, declined 1.5 percent from a year earlier, Reis Inc. said in a report today. Asking rents fell 1.6 percent, according to the New York-based property research firm. Vacancies were unchanged at 8 percent, the highest level since 1980, when Reis began tracking the number, said Victor Calanog, director of research.”

Looking Back:

One year ago, General Growth announced that its bankruptcy would not occur quickly. Altera Real Estate reported a total of 4,092 distressed properties in Orange County. One-third of California’s 267,000 foreclosure sales in 2008 were rental units

Tags: , , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

« Older Entries
Newer Entries »