The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘repossession’

The Norris Group Real Estate News Roundup 10/14/10

Thursday, October 14th, 2010

Today’s News Synopsis:

Multifamily lenders provided 40 less financing for apartment buildings in 2009, according to the MBA. RealtyTrac reports bank repossessions and foreclosure auctions hit record levels in the 3rd quarter. Jobless claims rose 2.8% last week, said the Labor Department. A survey shows that 93% of military homeowners have mortgages compared to just 64% of civilians.

In The News:

Mortgage Bankers Association – “MBA Reports 40 Percent Decline in Multifamily Borrowing in 2009 Among Diverse Lenders and Loan Sizes” (10-14-10)

“In 2009, 2,725 different multifamily lenders provided a total of $52.5 billion in new financing for apartment buildings with five or more units, according to the Mortgage Bankers Association’s (MBA) Annual Report on Multifamily Lending for  2009.  The 2009 dollar volume represents a 40 percent decline from 2008 levels.  The most active 122 lenders represented just four percent of active lenders, but 77 percent of the dollar volume lent.  Three-quarters of the active lenders made five or fewer loans over the course of the year.”

Los Angeles Times – “Freddie Mac: Mortgage rates drop again, now at 1951 levels” (10-14-10)

“Mortgage interest rates continue their descent into record territory, with the 30-year fixed-rate loan dropping to an average of 4.19% this week from 4.27% a week earlier, according to the latest Freddie Mac survey of lender offering rates.”

CNN - “Foreclosure auctions hit record as document crisis unfolds” (10-14-10)

“Bank repossessions and foreclosure auctions hit record levels in the third quarter, RealtyTrac said on Thursday. 372,445 foreclosure auctions were scheduled in July, August and September, while 288,345 properties were repossessed by lenders over the same time period.”

Housing Wire – “Jobless claims rise 2.8%; most analysts expected a decline” (10-14-10)

“Initial jobless claims rose 2.8% last week to 462,000, coming in well above most analysts’ estimates. The Labor Department said the seasonally adjusted figure of initial claims for the week ended Oct. 9 increased by 13,000 from the previous week’s revised figure of 449,000.”

Housing Wire – “TARP oversight panel calls for more transparency after conflicts emerge” (10-14-10)

“In its October report, the Congressional Oversight Panel reviewing the program enacted by President Bush two years ago said private businesses operate 91 different contracts worth up to $434 million under the Troubled Asset Relief Program. The program ended a few weeks ago and the Treasury estimates the final cost to be about $50 billion.”

Housing Wire – “Military members deeper in mortgage debt than average Americans” (10-14-10)

“More military members are paying a mortgage, and more tend to have larger amounts of credit card debt, when compared to the civilian population. The survey shows just more than half of military respondents (51%) report owning a home, compared with 57% of civilians. Nearly all military homeowners (93%) reported having a mortgage, far greater than the 64% among civilians.”

Housing Wire – “Moody’s: CMBS delinquencies up to 8.24% in September” (10-14-10)

“Moody’s Investors Service said the number of delinquencies within commercial mortgage-backed securities rose 14 basis points last month to 8.24%. Analysts said the increase was the smallest since October 2008 and the represents fourth-straight month of modest growth in the national CMBS delinquency rate. Moody’s said there are now 3,971 delinquent mortgages with a total value of $52.07 billion.”

Housing Wire – “Trepp analysts expect CMBS delinquencies to drop after highest month on record” (10-14-10)

“The percentage of delinquent commercial mortgage-backed securities increased in September to the highest rate ever recorded by CMBS data analytics firm Trepp, up 13 basis points to 9.05%. However, this is the smallest month-over-month increase recorded in 2010, and Trepp analysts expect the rate to dip much further in next month’s statistics.”

Bloomberg - “Mortgage Investors Urge State Attorneys General Not to Punish Bondholders” (10-14-10)

“A hasty and ill-formulated legal settlement may harm the investors of mortgage-backed securities, namely retirees, municipalities, government entities, state pension funds, retirement systems, universities, and charitable endowments. Chris Katopis, the Washington-based trade group’s executive director, said today in an e-mailed statement.”

Looking Back:

One year ago, Citigroup and other banks were held accountable for fraudulent loans which costed them more than $688 million. The Mortgage Bankers Association reported that mortgage loan application volume had decreased by 1.8 percent from the previous week.  JP Morgan Chase approved of trial modifications for 90 percent of its borrowers.

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 8/12/10

Thursday, August 12th, 2010

Today’s News Synopsis:

Freddie Mac’s claims the average rate for 30-year fixed loans this week fell to 4.44 percent. RealtyTrac reports that national foreclosures increased 3.6% from last month. Initial unemployment insurance claims increased this week by 2,000 to 484,000, according to the Department of Labor. Foreclosure Radar announced notices of default filings in California slipped 4.8% from June, and notices of trustee sale fell 18.9%.

In The News:

NAHB - “Active Adult Home Builder Activity, Confidence Drop” (8-12-10)

“Builder confidence in the mature-housing market retreated during this year’s second quarter, according to data from the National Association of Home Builders’ 55+ Housing Market Index (55+ HMI) – a quarterly survey of the association’s builder members engaged in the production of mature-market housing. This past quarter’s index values dropped for all areas surveyed, compared to the previous year’s second quarter.”

Associated Press – “Mortgage rates hit low of 4.44 pct.” (8-12-10)

“Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans this week was 4.44 percent, down from 4.49 percent last week. That’s the lowest since Freddie Mac began tracking rates in 1971.”

Inman - “FHA premium changes pushed to Oct. 4″ (8-12-10)

“FHA Commissioner David Stevens announced last week that upfront premiums for FHA mortgage insurance would be rolled back from 2.25 percent to 1 percent on Sept. 7, while annual premiums would nearly double. FHA had raised upfront premiums from 1.75 percent to 2.25 percent in April, to cope with rising losses on FHA-guaranteed loans. The Obama administration promised to reduce upfront premiums if Congress gave it the authority to raise annual premiums beyond their statutory limit of 0.55 percent.”

CNN - “Foreclosures rise in July” (8-12-10)

“The latest foreclosure numbers carried a mixed message: They’re up 3.6% from the month before but down 9.7% from 12 months earlier. In July there were more than 325,000 foreclosure filings — including notices of default, auctions notices and bank repossessions. That is the 17th month in a row total filings exceeded 300,000, said RealtyTrac’s CEO, James Saccacio.”

Sacramento Bee – “42,000 of California’s jobless will get help with mortgages” (8-12-10)

“More than 42,000 laid-off California homeowners are about to get a break. Starting Nov. 1, the government will help them make mortgage payments while they look for another job. Wednesday, the U.S. Treasury Department added $476.2 million to a $64 million state program that will pay jobless homeowners up to $1,500 a month.”

Housing Wire – “Weekly Jobless Claims Swell to 484,000″ (8-12-10)

“The number of initial unemployment insurance claims grew by 2,000 to 484,000 in the week ending August 7, swelling more than expected after last week’s initial figure was revised upward. The four-week moving average rose to 473,500, from the previous week’s revised average of 459,250, according to new data today from the US Department of Labor (DOL).”

Housing Wire - “California Foreclosure Activity Remains Mixed in July” (8-12-10)

“California mortgage defaults and foreclosure activity remained mixed in July, according to ForeclosureRadar, which tracks filings across the state. Foreclosure filings and cancellations dropped in July after rising in June while foreclosure sales rose after dropping last month. Notices of default filings slipped 4.8% from June and 47% from the same month last year. Notices of trustee sale fell 18.9% from June and 30.5% from July 2009″

Housing Wire – “Freddie Mac Economist Finds Growing Investor Preference for Hard Cash” (8-12-10)

“In Freddie Mac’s report, ‘Where Have All the Originations Gone?’ released Wednesday, the government sponsored entity (GSE) said that 25% of 2010 existing home sales are all-cash transactions. This proves to be a growing trend in home buying as the percentage of cash transactions was between 5% and 10% just a few years ago.”

Wall Street Journal - “Foreclosed On—By the U.S.” (8-12-10)

“The Federal Reserve Bank of New York is facing the prospect of foreclosing on a number of properties in the coming months, from homes to commercial buildings, a result of a souring mortgage portfolio it took over when it helped bail out Bear Stearns in 2008.”

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 6/11/10

Friday, June 11th, 2010

Today’s News Synopsis:

The MBA believes the new FHA Reform Act will have a positive effect on FHA’s finances. Tom Beede of Metrolist Services reports 58 percent of May home sales in Sacramento County were short sales. Congress may extend the home-buyer tax credit due to the inability of lenders to finish all applications within the current due date.

In The News:

Mortgage Bankers Association – “MBA Reacts to House Passage of FHA Reform Act” (6-11-10)

“FHA is playing a critical role in today’s housing market, helping to provide more affordable financing for borrowers looking to purchase or refinance a home.  The reforms contained in this bill will help stabilize FHA’s finances by allowing the agency to raise its annual premiums and better take corrective action against lenders who are putting the program at risk.”

Sacramento Bee – “Home Front: Short sales — and ways to exploit them — rise in Sacramento” (6-11-10)

“In mid-May, 58 percent of homes for sale in Sacramento County were short sales and only 13 percent were bank repossessions, said Tom Beede, president and chief executive officer of Metrolist Services Inc.”

Wall Street Journal – “Congress Could Extend Home-Buyer Tax Credit Closing Deadline” (6-10-10)

“What if the home-buyer tax credit worked too well? That’s the latest concern from the real-estate industry, which says that a last-minute home-buying rush in April created bottlenecks at lenders and real-estate service companies that may not be able to finalize purchases in time for tens of thousands of buyers to receive a tax credit worth up to $8,000.”

Bloomberg - “Builders Rush to Complete Houses by U.S. Tax Credit Deadline” (6-11-10)

“U.S. builders such as LGI Homes are on a tight deadline to finish houses by the end of June so purchasers can get a federal tax credit of as much as $8,000. Buyers had to sign a contract by April 30 and must complete the transaction by July 1 to qualify. That’s speeding up a construction process that for some builders can take five to six months.”

Bloomberg - “JPMorgan Sells $716.3 Million of Commercial Mortgages” (6-11-10)

“JPMorgan Chase & Co. sold $716.3 million of bonds backed by commercial mortgages in the second offering of the debt this year, according to a person familiar with the transaction.”

Inman - “Understanding the Gen Y gender gap” (6-11-10)

“women are fundamentally different than men in what they look for in a home, Chung said. Part of being fiscally conservative is that they are more willing to make trade-offs as far as home luxuries in favor of preferred community characteristics.”

Inman - “Yahoo Real Estate climbs to No. 2″ (6-11-10)

“Realtor.com maintained its lock on the No. 1 spot with 6.2 percent of traffic; Rent.com also kept its No.4 spot with 2.8 percent of traffic. Trulia jumped into the top five with 2.7 percent of traffic, bumping ZipRealty down to sixth place with 2.4 percent market share.”

Wall Street Journal - “Is It Better to Buy New Home or ‘Used’?” (6-11-10)

“It’s impossible to know how much negotiating power you’ll have with each of these sellers until you know how desperate each is to sell. So the first thing you should do is to ask your agent to find out as much as possible about what’s motivating each: Is the resale seller just testing the market, or going through a divorce? Is the builder opening up new projects or has he been sitting for months on stale inventory? You should find out how long each house has been on the market, whether there have been price drops, how often these have occurred and how deep they were. This will give you a sense of how eager each party is to deal with you.”

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 6/10/10

Thursday, June 10th, 2010

Today’s News Synopsis:

According to the NAHB, both demand and production of apartments increased from Q1 2009. Freddie Mac reports rates on 30-year fixed mortgages fell to 4.72 percent this week. RealtyTrac claims U.S. foreclosure activity decreased by 3 percent in May. Household net worth rose by 2.1 percent in the first quarter.

In The News:

NAHB - “Multifamily Builders Less Pessimistic” (6-10-10)

“The multifamily market showed signs of moving back toward stability in the first quarter of 2010, according to the latest NAHB’s Multifamily Market Index (MMI).  The current production index for market-rent apartments jumped to 30.6, 14 points higher than a year earlier, while future demand expectations for Class A apartments rose to 49.6 from 34 and for Class B to 53.1 from 43.9.  For lower-rent units and for-sale condominiums, the current production indexes rose to 38.2 and 25.0, respectively, more than 10 points higher than in the first quarter of 2009.”

Freddie Mac – “Freddie Mac: Mortgage rates hit low for year” (6-10-10)

“Rates on 30-year fixed mortgages fell this week to the lowest level of the year and were barely shy of the all-time low. Mortgage finance company Freddie Mac says the average rate sank to 4.72 percent, down from 4.79 percent last week. It was just above the record of 4.71 set last December.”

Wall Street Journal – “KB Home Buys in Inland Empire” (6-10-10)

“Builder KB Home snapped up 664 partially finished lots in California’s Inland Empire, a sign that one of the nation’s biggest boom-to-bust markets is coming back to life.”

Los Angeles Times – “Foreclosure filings decline 3% in May” (6-10-10)

“Foreclosure activity in the U.S. continued to level off in May with the number of homes caught up in some stage of the process falling 3% from April, a real estate firm said. A total of 322,920 properties received some kind of foreclosure filing last month — either default notices, scheduled auctions or bank repossessions — a 3% drop from April and an increase of less than 1% from May 2009, according to RealtyTrac in Irvine.”

San Francisco Chronicle – “Americans’ wealth rises for 4th straight quarter” (6-10-10)

“The Federal Reserve reported Thursday that household net worth rose by 2.1 percent in the first three months of this year to $54.6 trillion. It marked the fourth consecutive quarter that Americans’ wealth grew.”

Housing Wire – “RealtyTrac: Most Foreclosure Properties Not Underwater” (6-10-10)

“Of all of the foreclosures in the RealtyTrac online database, less than 50% have mortgages worth less than what is owed, said Rick Sharga, senior vice president at RealtyTrac, during a session at REO Expo, which concludes in Dallas Wednesday.”

Housing Wire – “Congress to Consider FHA Reform, Mortgage Insurance Hike” (6-10-10)

“House Resolution (HR) 5072, the FHA Reform Act of 2010, was reported to the House of Representatives Tuesday and could begin facing votes as early as this week. The FHA reform bill would raise the annual mortgage insurance premium to 1.55% from 0.55%.”

Bloomberg - “Subprime Delinquencies Show Clear ‘Positive Shift,’ RBS Says” (6-10-10)

“The proportion of U.S. homeowners turning delinquent on mortgages backing the securities that roiled the global financial system has tumbled in the past three months, even after accounting for a typical seasonal improvement, according to RBS Securities Inc. Of borrowers with subprime loans in 2007-issued bonds who had never missed payments, an average of 2.6 percent fell behind each month, a drop from 3.7 percent in February, representing a 15 percent decline after seasonal adjustments, according to RBS analysts.”

Bloomberg - “Banks Face Short-Sale Fraud as Home ‘Flopping’ Rises” (6-10-10)

“Sergio Natera and Anna McElaney are scheduled to be sentenced in Hartford’s federal court in August after pleading guilty to fraud. Their crime involved persuading lenders to approve the sale of homes for less than the balance owed –known as a short sale — without disclosing that there were better offers. They then flipped the houses for a profit. The Federal Bureau of Investigation, the California Department of Real Estate and mortgage finance company Freddie Mac have warned that such schemes may be spreading after a plunge in values left homeowners owing more than their properties are worth. The scams threaten to deepen losses for lenders that are increasingly agreeing to short sales as an alternative to more costly foreclosures.”

Looking Back:

One year ago, 2,771 new homes and condominiums were sold within one month in the subdivisions tracked by Costa Mesa-based HWMI. The MBA reported that mortgage application volume decreased by 7.2 percent in one week. Steven Kandarian said commercial mortgage defaults will rise in 2011 to 2012.

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 »