The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Richard Cordray’

By Bruce Norris .

The Norris Group Real Estate News Roundup 4/23/13

Tuesday, April 23rd, 2013


Today’s News Synopsis:

According to the FHFA, home prices continue to increase as inventory continues to decrease.  Prices decreased 0.7% month-over-month in February, although year-over-year they actually increased 7.1%.  New home sales increased 1.5% last month to 417,000, despite having decreased almost 5% in February.  CFPB Director Richard Cordray was denied his appointment to present his testimony before the Senate Banking Committee, claiming the appointment was not legal.

In The News:

Inman - “Best loan prospects may desert FHA” (4-23-13)

“It’s a catchy marketing pitch: “720 and above, don’t go gov.”And it has potentially far-reaching significance not only for large numbers of first-time and moderate-income home buyers this year, but for the dominant source of low down payment mortgages many buyers depended on during the past several years: FHA.”

Housing Wire – “FHFA: Home shortage pushing prices” (4-23-13)

“Supply shortages in some housing markets continue to place upward pressure on prices.  As a result, home prices inched upward 0.7% on a seasonally adjusted basis from January to February, according to the Federal Housing Finance Agency.”

DS News – “Non-Current Inventory Hits 5-Year Low, Slips Below 5M Mark” (4-23-13)

“The total number of outstanding mortgages in the nation fell below the 5 million mark for the first time since 2008, according to data from Lender Processing Services (LPS), Inc.”

Housing Wire - “Fannie Mae economist: Housing recovery faces rough road ahead” (4-23-13)

“The year 2012 was a turning point for housing with the sector contributing to overall economic growth for the first time in years.”

DS News - “House Financial Services Committee Refuses Cordray’s Testimony” (4-23-13)

“A day before Consumer Financial Protection Bureau director Richard Cordray testified before the Senate Committee on Banking, Housing and Urban Affairs to deliver his semi-annual report, Rep. Jeb Hensarling (R-Texas), chair of the House Committee on Financial Services—which was also slated to hear from Cordray—announced his committee cannot accept Cordray’s testimony as Cordray’s appointment is not legal.”

Housing Wire - “Census Bureau: New home sales turnaround” (4-23-13)

“New home sales made a U-turn after falling 4.6% in February to 411,000 homes sold. The sales of new single-family homes inched up 1.5% in March to 417,000 homes sold.”

DS News - “DataQuick’s REO-to-Rental Rankings Provide ZIP-Level Data” (4-23-13)

“Before deciding on an REO-to-rental investment, it’s important to understand distressed property trends on a neighborhood-level, according to DataQuick.”

Bloomberg - “Washington Faces Apartment Glut After Boom: Real Estate” (4-23-13)

“Washington is poised to be one of the only major U.S. cities with a decline in apartment rents this year after a surge in construction outpaced job growth, leaving the nation’s capital with a glut of properties.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $100,000 on a 3 bedroom, 2 bathroom home appraised for $159,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Looking Back:

According to the National Association of Realtors, more people were able to afford houses.  Home prices decreased in March 2012 with the increase in distressed properties.  Mortgage payments were also at low levels not seen in several decades.  Americans feared job losses and rising gas prices more than household debt.

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 3/12/13

Tuesday, March 12th, 2013


Today’s News Synopsis:

The number of layoffs for the month of January deceased 4.0% to 1,507,000, the lowest on record.  Richard Cordray is going through an intense confirmation hearing to decide his future with the Consumer Financial Protection Bureau.  In an agreement reached by Ally Bank and Ocwen Financial, Ally will be selling a portfolio of their mortgage servicing rights to Ocwen.

In The News:

DS News- “Commercial, Multifamily Debt Grows in Q4″ (3-12-13)

“In the fourth quarter of 2012, commercial and multifamily mortgage debt continued to grow, reaching the highest level in four years, according to a report from the Mortgage Bankers Association (MBA).”

Housing Wire – “Ocwen wins bidding war for Ally MSRs” (3-12-13)

“Ally Bank reached an agreement to sell a portfolio of agency mortgage servicing rights to Ocwen Financial Corp.”

Inman – “Carrington’s wholesale division commits to 30-day loan closing” (3-12-13)

“The wholesale lending division of Carrington Mortgage Services is introducing a program that could offer significant appeal to real estate agents fatigued by drawn-out loan application timelines: a promise to close qualified loans within 30 days.”

Mortgage Bankers Association - “MBA Calls on Congress to Increase FHA Multifamily and Healthcare Commitment Authority” (3-12-13)

“Debra W. Still, CMB, Chairman of the Mortgage Bankers Association (MBA), issued the following statement addressing concerns about the potential that the Federal Housing Administration (FHA) will exhaust its commitment authority for multifamily and healthcare programs.”

CNN Money - “The rich pay majority of U.S. income taxes” (3-12-13)

“Many people think that the rich are able to weasel their way out of taxes, but they actually pay an overwhelming majority of the taxes in the United States.”

Housing Wire - “Richard Cordray jumps back into the ring” (3-12-13)

“Consumer Financial Protection Bureau Director Richard Cordray is scheduled for an intense grilling by U.S. Senators at a confirmation hearing on Tuesday to discuss his future as leader of the CFPB.”

DS News - “January Layoffs Drop to Record Low” (3-12-13)

“The number of layoffs fell 4.0 percent to 1,507,000 in January, the Bureau of Labor Statistics (BLS) reported Tuesday in its monthly Job Openings and Labor Turnover Survey (JOLTS) release, which details the ins and out of the labor market.”

Inman - “NAR backing test of agent rating surveys” (3-12-13)

“A subsidiary of the National Association of Realtors is partnering with state and local Realtor associations to offer members the ability to participate in a survey-based agent rating service provided by Quality Service Certification Inc.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $81,000 on a 3 bedroom, 2 bathroom home appraised for $126,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA TOMORROW.

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, March 6 in Sacramento.

Looking Back:

In a big story, a $25 billion settlement was filed on this day regarding robo-signing, a settlement that could increase short sales.  Another bank closed in Illinois, bringing the new total to 13.  In an attempt to get mortgage settlers to act more quickly when settling mortgage write-downs, they were given higher credit on their principal reductions.

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 4/16/12

Monday, April 16th, 2012

Today’s News Synopsis:

NAHB reported a decline in builder confidence this month, bringing it down to 25.  According to Bloomberg, prices for homes increased 1.6% last month for the first time in over a year.  Remodeling jobs on homes also increased in February to 2.89 million, marking that month the third month in a row for increased remodeling.

In The News:

NAHB – “Builder Confidence Slips Three Notches in April” (4-16-12)

“Builder confidence in the market for newly built, single-family homes declined for the first time in seven months this April, sliding three notches to 25 on the National Association of Home Builders/Wells Fargo Housing Market Index, released today. The decline brings the index back to where it was in January, which was the highest level since 2007.”

Housing Wire – “February home remodeling maintains post-recession high” (4-16-12)

“A measure of home remodeling rose in February for the third straight month as it continues to run counter to other readings of residential construction.”

Bloomberg – “California Home Prices Rise for First Time in 16 Months” (4-16-12)

“California home prices rose 1.6 percent in March, the first year-over-year increase in 16 months, helped by demand for houses in the San Francisco area, the California Association of Realtors said today.”

DS News – “CFPB: Banks, Nonbanks Liable for Third-Party Violations” (4-16-12)

“The Consumer Financial Protection Bureau (CFPB) issued a bulletin Friday reminding financial institutions that they may be held accountable for violations under contracted service providers.”

CNN Money – “Small firms avoiding loans, citing slow recovery” (4-16-12)

“Small firms are faring better, but they aren’t seeing enough fortune ahead to justify taking on debt to grow.  The slow pace of the economic recovery is to blame, because while consumer demand keeps growing, it just hasn’t been strong enough for most firms to rationalize investing in themselves.”

Housing Wire – “Fitch expects 10% rise in single-family housing starts” (4-16-12)

“Fitch Ratings believes single-family housing starts will increase 10% in 2012, while new home sales will rise 8%, according to the firm’s latest U.S. homebuilding update.

DS News – “Citi Reports Net Income of $2.93B, 2% Drop from Year Ago” (4-16-12)

“Citigroup reported a 2 percent decline for the 2012 first quarter, with a net income of $2.93 billion, or $0.95 cents per share, compared to $2.99 billion, or $0.99 cents per share, the same quarter a year ago.”

Realty Times – “Real Estate Outlook: Improving Markets” (4-16-12)

“The latest National Association of Home Builders/First American Improving Markets Index (IMI) numbers show that a total of thirty-five states are now represented.”

Mortgage Bankers Association – “MBA Sends Letter to CFPB Calling for Broadly Defined Qualified Mortgage Definition” (4-16-12)

“The Mortgage Bankers Association (MBA) today joined a broad coalition of 33 groups in a joint letter to Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), calling for a broadly defined Qualified Mortgage (QM) definition under the Dodd-Frank Act’s “Ability to Repay” rulemaking.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $67,000 on a 2 bedroom, 1 bathroom home appraised for $108,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at Dublin on Wednesday, May 02, 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.

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The Norris Group Real Estate News Roundup 2/14/12

Tuesday, February 14th, 2012

Today’s News Synopsis:

The attorneys generals are expected to file the paperwork from the recent robo signing settlement by the end of this month according to Housing Wire.  The credit ratings for six European countries was just downgraded by Moody’s Investor Services.  In other news, the number of foreclosure sales is strong in every state on the West Coast save Washington.

In The News:

Realty Times – “HUD Provides $400 Million in Aid” (2-14-12)

“Many states across the nation saw more than their fair share of natural disasters in 2011. These disasters left entire regions struggling to recover.  That’s why the U.S. Department of Housing and Urban Development (HUD) has allocated $400 million in aid to eight states which experienced Presidentially declared natural disaster zones.”

CNN Money – “Moody’s downgrades European countries” (2-14-12)

“Moody’s cut the credit ratings of six European countries on Monday amid continued anxiety over the continent’s debt crisis and its sluggish economy.”

NAHB – “Nation’s Home Builders Elect Leadership for 2012″ (2-14-12)

“Members of the National Association of Home Builders (NAHB) elected four Senior Officers to top leadership positions within the federation during the association’s International Builders’ Show in Orlando.”

Housing Wire – “AGs weeks from filing foreclosure settlement documents” (2-14-12)

“The state attorneys general and federal prosecutors will likely file the actual $25 billion foreclosure settlement documents in court by the end of the month, according to a source familiar with the deal.”

Inman – “Zillow to feature Howard Hanna’s real estate listings” (2-14-12)

“Major online real estate search portal and marketplace Zillow and Northeast real estate brokerage heavyweight Howard Hanna Real Estate Services announced a marketing partnership Monday that will feature Howard Hanna listings atop search results in the Yahoo-Zillow Real Estate Network for searches in areas where Howard Hanna has listings.”

DS News – “Foreclosure Sales Up on for West Coast States Except Washington” (2-14-12)

“Foreclosure sales on the West Coast started strong for the year 2012, with Washington as the exception, according to ForeclosureRadar.”

Housing Wire – “House to scrutinize $448 million CFPB budget” (2-14-12)

“Consumer Financial Protection Bureau Director Richard Cordray will give his fourth testimony before Congress Wednesday since taking the post in mid-January.”

Bloomberg – “Wells Fargo’s Directors Ordered to Face Foreclosure Claims” (2-14-12)

“Directors of Wells Fargo & Co., the largest U.S. mortgage lender, must face investors’ claims the bank failed to properly disclose details of its foreclosure practices to government investigators, a judge ruled.”

Hard Money Loan Closed

Whittier, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $200,000 on a 3 bedroom, 1 bathroom home appraised for $328,000.

California Real Estate Investor Events:

The Norris Group will be holding their monthly REO Boot Camp, February 14-16, 2012.

Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

Freddie Mac predicted ARMs would represent 10% of all mortgages issued by the end of the year. A national budget was propposed that would cut the federal deficit from 10% of the overall economy to 3% in a decade. Fannie Mae and Freddie Mac was concluded to cost $73 billion through 2021, according to the Treasury Department. Freddie Mac claimed mortgage rates were likely to remain in the low-to-mid 5% range throughout the rest of 2011.

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 2/13/12

Monday, February 13th, 2012

Today’s News Synopsis:

In a big story, the owners of the Empire State Building in New York plan to become their own real estate investors by raising money to allow investors to own a piece of the property.  In the series of recent bank failures, two more banks in Indiana and Illinois closes on Friday.  Gains in housing construction is expected to be lead by construction in new multifamily units.

In The News:

DS News – “Tally Rises With Two More Bank Failures” (2-13-12)

“A bank in Indiana and another in Illinois closed Friday, February 10, increasing the tally for FDIC-insured banks closed this year to nine.”

Housing Wire – “Military members may get six-figure payday for wrongful foreclosures” (2-13-12)

“Major banks will reimburse military servicemembers for any wrongful foreclosures done in the past five years.  JPMorgan Chase($37.61 -0.25%), Wells Fargo ($30.69 0.43%), Citigroup ($32.93 -0.735%), and Ally Financial ($23.50 0.14%) will resolve Servicemembers Civil Relief Act claims in connection to the wider $25 billion foreclosure settlement, U.S. Assistant Attorney General Thomas Perez said in a speech Friday.”

Bloomberg – “Multifamily Units to Lead U.S. Construction Gains” (2-13-12)

“Construction of multifamily units will lead the U.S. building industry again this year, allowing housing to contribute to growth for the first time in seven years, according to economists Michelle Meyer and Celia Chen.”

Los Angeles Times – “Consumer bureau to unveil monthly mortgage statement prototype” (2-13-12)

“The Consumer Financial Protection Bureau this week will unveil a prototype for a new monthly mortgage statement for consumers designed to clearly show important information from their servicer.”

San Francisco Chronicle – “Empire State Building Owners File $1 Billion IPO, REIT Plan” (2-13-12)

“The company that controls the Empire State Building, the landmark 102-story skyscraper in midtown Manhattan, plans to raise as much as $1 billion in an initial public offering and become a real estate investment trust.”

Housing Wire – “Mortgage servicing settlement leaves bond investors in the dark” (2-13-12)

“Members of the mortgage investor class are waiting to see if the $25 billion mortgage servicing settlement will force them to take large haircuts on mortgage securities they put their money behind.”

Bloomberg – “Foreclosure Deal May Help State Budgets” (2-13-12)

“Wisconsin (STOWI1) plans to use part of its $140 million share of the national foreclosure settlement to fill a budget hole. Missouri (STOMO1) would devote $40 million for education. Ohio (STOOH1) wants to tear down vacant homes.”

Realty Times – “Real Estate Outlook: Access to Credit” (2-13-12)

“Limited access to credit continues to plague many builders across the nation. The newly introduced Home Building Lending Improvement Act of 2012 takes aim at helping to restore the flow of credit.”

Hard Money Loan Closed

Bloomington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $69,000 on a 2 bedroom, 1 bathroom home appraised for $115,000.

California Real Estate Investor Events:

The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 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.

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The Norris Group Real Estate News Roundup 1/6/12

Friday, January 6th, 2012

Sources:

Job Growth Accelerates
Apartment-Vacancy Rate Tumbles to 2001 Level
S&P: Home prices back to 2001 levels
November Pending Home Sales Index
Rescuing redevelopment
California high court puts redevelopment agencies out of business
2011 Migration Patterns
Fed Identifies Markets Primed for Bulk REO-to-Rental Programs
Federal Reserve System

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. DS News reported an 8.5% drop in unemployment with the addition of 200,000 new jobs.  In another big story, the Federal Reserve released a white paper showing support for a bulk-buy-to-rent program to help stabilize hard-hit markets.  New York and New Jersey are among the worst hit states for foreclosures.

In The News:

Bloomberg – “U.S. Office Vacancies Fell in Fourth Quarter as Economy Recovered Slowly” (1-5-12)

“U.S. office (BBREOFPY) vacancies fell in the three months through December, extending a yearlong recovery, as a dearth of new supply helped counter sluggish economic growth, Reis Inc. said in a report today.”

Housing Wire - “LPS reports mortgage delinquencies are going nowhere” (1-6-12)

“The latest mortgage monitor from Lender Processing Services (LPS: 15.82 +1.35%) shows the level of homeowners 90 days or more behind on their house payments stayed essentially flat over the second half of 2011.”

Mortgage Bankers Association - “MBA Statement on Fed’s Housing Policy White Paper “ (1-6-12)

“‘The Fed’s white paper is a thoughtful document that raises a number of very interesting issues that policymakers ought to consider as they seek to solve the ongoing ills of the housing market.  The Fed staff’s comments validate much of what we have been saying, as it relates to the balance between credit availability and consumer protection, as well as the role that Fannie Mae and Freddie Mac could play in stabilizing and revitalizing the mortgage market’.“

Realty Times - “30-year Fixed-rate Mortgage Matches All-time Record Low” (1-6-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® the average fixed mortgage rates starting the year at or near their all-time lows. The 30-year fixed averaged 3.91 percent matching its all-time record low amid recent data showing signs of improvement in the housing market and manufacturing industry.”

DS News - “Unemployment Rate Falls to 8.5%” (1-6-12)

“The nation’s unemployment rate continues to trend down. It slipped to 8.5 percent during the month of December as the economy added 200,000 new jobs, the U.S. Department of Labor said Friday morning.”

Bloomberg - “Foreclosures Worsen in New York, New Jersey as Arizona Improves” (1-6-12)

“The number of homes in the foreclosure (HOMFCLOS) pipeline is increasing in states including New York,New Jersey and Connecticut, where the process is slowed by courts, as Arizona, California and Nevada digest their backlog.”

Housing Wire - “Fitch: CMBS delinquencies down to 8.37% in December” (1-6-12)

“Delinquencies tied to commercial mortgage-backed securities experienced five-straight months of declines in 2011, but late payments on office properties are likely to challenge CMBS in 2012, Fitch Ratings said Friday.”

San Francisco Chronicle - “Apartment vacancies at decade low as rents climb” (1-6-12)

“U.S. apartment vacancies dropped to a 10-year low in the fourth quarter,  allowing for rent increases that are likely to continue this year, property  research firm Reis said.”

Bloomberg - “Obama’s Consumer Watchdog Targest Mortgage, Payday Lenders” (1-6-12)

“Richard Cordray’s appointment as director of the U.S. Consumer Financial Protection Bureau moves the new agency nearer to fulfilling its intended role as a one-stop shop for borrower safeguards.”

Housing Wire – “Veros sees slow housing recovery with 1.3% decline in home prices in 2012″ (1-6-12)

“Home prices over the next 12 months will remain relatively unchanged, with the strongest markets seeing a 4% uptick in appreciation and the weakest markets dropping by 6%, Veros Real Estate Solutions said Friday.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 5 bedroom, 2 bathroom home appraised for $147,000.

California Real Estate Investor Events:

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

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

Looking Back:

According to Freddie Mac, rates on 30-year FRMs fell to 4.77% the week of January 6, 2011. Altos Research reported home prices fell 1.63% in December 2010. Timothy Geithner requested from Congress to increase the national debt limit. The debt limit at that time was $14.29 trillion, and the nation’s debt level was just $335 billion short of the limit.

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 1/5/12

Thursday, January 5th, 2012

Today’s News Synopsis:

In some good news for jobs, the number of unemployment claims decreased last week, while at the same time 325,000 new jobs were added in December for the private sector.  Mortgage rates start the year off at the lowest on record according to Bloomberg.  Vacancy rates for apartments are also at their lowest levels since 2001.

In The News:

Housing Wire - “Private sector adds 325,000 jobs in December” (1-5-12)

“Private sector employment grew by 325,000 jobs in December when compared to the previous month, according to the latest ADP National Employment report.”

CNN Money - “Consumer bureau: Now, it can do something” (1-5-12)

“With President Obama’s recess appointment of a new chief to run the consumer bureau, the agency can flex new powers regulating financial products from non-banks — including student loan providers, debt collectors, payday lenders, and mortgage originators and servicers.”

Wall Street Journal - “Apartment-Vacancy Rate Tumbles to 2001 Level” (1-5-12)

“The nation’s apartment-vacancy rate in the fourth quarter fell to its lowest level since late 2001 as Americans continued to favor renting homes instead of buying them.”

Housing Wire - “Jobless claims drop to 372,000 last week” (1-5-12)

“The number of Americans filing initial jobless claims declined last week, coming in lower than analysts’ estimates.  The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 31 decreased to 372,000 from 387,000 the previous week, which was revised upward 6,000.”

DS News - “Mortgage Modifications Scams Make Top Ten Scam List for 2011″ (1-5-12)

“Mortgage modification scams made the list of “Top Ten Scams of 2011,” assembled by the Better Business Bureau (BBB) Wednesday.”

Inman - “Top 10 US places with a net influx of movers” (1-5-12)

“Only Washington, D.C., and nine states — primarily in the Southwest and Mid-Atlantic regions — were labeled “inbound” by receiving a net influx (over 55 percent) of Atlas moves in 2011, according to Atlas Van Lines’ 2011 annual migration patterns report, released this month. Atlas has tracked annual Atlas shipment patterns for Canada and the U.S., by state, since 1993.”

Bloomberg - “Mortgage Rates for 30-Year Fixed U.S. Loans Match the Record Low of 3.91%” (1-5-12)

“Mortgage rates (NMCMFUS) for 30-year U.S. loans declined, matching the lowest level on record amid signs that demand for housing may be recovering.”

Bloomberg - “Wells Fargo Faces Scrutiny by Investors on Mortgage Bonds” (1-5-12)

“A bondholder group that won an $8.5 billion settlement (BAC) from Bank of America Corp. (BAC) on securities backed by soured home loans may also seek payments from Wells Fargo & Co. (WFC), the nation’s biggest mortgage lenderion.”

Housing Wire – “Fannie Mae to provide loan-level data on single-family MBS” (1-5-12)

“In a push for increased transparency, Fannie Mae plans to provide loan-level data on single-family mortgage-backed securities to help investors.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 5 bedroom, 2 bathroom home appraised for $147,000.

California Real Estate Investor Events:

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

Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.

Looking Back:

Altera Real Estate forecasted an increase in interest rates for 2011. Hope Now reported mortgage lenders completed nearly 1.65 million permanent loan modifications in November 2010. President Obama signed the National Credit Union Stabilization Act.

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

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The Norris Group Real Estate News Roundup 12/08/11

Thursday, December 8th, 2011

Today’s News Synopsis:

According to Housing Wire, unemployment claims are at their lowest they have been since February.  Mortgage rates are down to 4%, leading to an increase in home-purchase loans, according to the Los Angeles Times.  The Realty Times reported a postponement in foreclosure evictions by the Feds until 2012.

In The News:

Housing Wire - “Jobless claims drop to lowest level since February” (12-8-11)

“The number of people filing initial jobless claims last week dropped to the lowest level since February.  The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 3 decreased by 23,000 to 381,000 from 404,000 the previous week, which was revised upward 2,000.”

Mortgage Bankers Association - “MBA: Third Quarter Mortgage Banker Production Profits Improved with Higher Origination Volumes and Favorable Secondary Gains” (12-8-11)

“Independent mortgage banks and subsidiaries made an average profit of $1,263 on each loan they originated in the third quarter of 2011, up from $575 per loan in the second quarter of 2011, according to the Mortgage Bankers Association’s
(MBA) Third Quarter 2011 Mortgage Bankers Performance Report released today.”

Realty Times - “Feds, Banks Postpone Foreclosure Evictions Until 2012″ (12-8-11)

“Government agencies and mortgage lenders have a little something to temporarily ease your  holiday blues if you are a homeowner facing foreclosure — the existing roof over your head until after the New Year.”

Los Angeles Times - “With mortgages at 4%, demand for home-purchase loans rises” (12-8-11)

“With 30-year mortgage rates still averaging a rock-bottom 4%, applications to purchase homes rose after Thanksgiving to the highest level in four months.  Freddie Mac’s weekly report on home lender offerings, released Thursday, showed the typical rate for a 30-year loan at 3.99%, the sixth straight week at or slightly below 4%.  Last year at this time, the 30-year fixed loan averaged 4.61%.”

San Francisco Chronicle - “Plummeting Income From Investments Shaves U.S. Household Cash” (12-8-11)

“The housing market collapse, historically low interest rates and corporations  stingy with dividends helped cut the median household income in two of every  three U.S. counties, the U.S. Census Bureau reported today.”

Housing Wire – “MGIC says delinquent loan inventory declined in November” (12-8-11)

“Mortgage insurer MGIC Corp. (MTG: 3.43 -4.72%) saw its pool of delinquent insured loans drop from 179,824 mortgages at the beginning of November to 175,691 by the end of the month.”

NAHB - “Index Shows Continued Improvement for Apartment and Condominium Market” (12-8-11)

“The Multifamily Production Index (MPI), a leading indicator for the multifamily market, released by the National Association of Home Builders (NAHB) today showed continued improvement for the fifth consecutive quarter for the apartment and condominium housing market.”

DS News - “Cordray Fails to Win Approval from Senate for Top CFPB Post” (12-8-11)

“The Consumer Financial Protection Bureau (CFPB) is still headless.  Senators had scheduled a confirmation vote Thursday morning for Richard Cordray – President Obama’s pick to lead the newly formed watchdog agency. Republicans, though, blocked the process before lawmakers could even get to a final vote.”

Looking Back:

One year ago, The MBA’s weekly survey showed mortgage applications decreased 22.8 percent. Morgan Stanley predicted U.S. home prices would decline as much as 11% by 2012, while Douglas Yearley of Toll Brother expected home sales to increase in 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 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 8/3/11

Wednesday, August 3rd, 2011

Today’s News Synopsis

The Wall Street Journal reported that the number of homes for sale decreased significantly in several cities, but unfortunately inventory is at its lowest in five years.  According to the latest Mortgage Bankers Association survey, mortgage applications increased 7.1% from last week, although still not at levels they have been in the past.  Los Angeles Times reported layoffs are at the highest they have been in 16 months in the midst of a slow job market. 

In The News:

Housing Wire - “Ally Financial mortgage buyback claims surpass $1 billion” (8-3-11)

“Ally Financial (GJM: 23.38 +0.56%) reported more than $1 billion in outstanding claims for the bank to repurchase troubled mortgages from investors in the second quarter, up 28% from the previous period.”

Bloomberg - “BofA Seeks Separate Home Foreclosure Deal” (8-3-11)

“Bank of America Corp. (BAC) has held settlement negotiations with some states over home foreclosures separately from talks with a larger group of state and federal officials, two people familiar with the matter said.”

DS News - “Five Star Institute and Fannie Mae Partner for Short Sale Program” (8-3-11)

“The Five Star Institute, a mortgage industry group based in Dallas, Texas, announced a partnership with Fannie Mae to educate real estate agents on Fannie Mae’s Short Sale Assistance Desk (SSAD).”

The Wall Street Journal - “Home Listings Fall but Woes Persist” (8-3-11)

“The number of homes listed for sale declined sharply in a number of U.S. cities during the second quarter, offering glimmers of hope that some housing markets are starting to recover.  At the end of June, nearly 2.34 million homes were listed for sale on multiple-listing services in more than 900 metro areas, the lowest level for that time of year since at least 2007, according to Realtor.com. In some cases, inventory levels are at their lowest levels since the housing downturn began five years ago”

Mortgage Bankers Association - “Mortgage Applications Increase, But Still Low in Latest MBA Weekly Survey” (8-3-11)

“Mortgage applications increased 7.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 29, 2011.  ”

Los Angeles Times - “Job growth slows and layoffs rise to 16-month high, reports say” (8-3-11)

“Companies with fewer than 50 employees added 58,000 jobs nationwide last month, while businesses with 50 to 500 workers hired 47,000 people, according to the study. Only 9,000 new positions were at large firms with more than 500 staffers.”

Housing Wire - “Home prices edge up in June, but fail to meet 2010 levels”  (8-3-11)

“Home prices in the United States edged up a slight 0.7% between May and June, making it the third consecutive month-over-month jump in prices. However the value of homes in some core areas saw heavy declines.”

Los Angeles Times - “Senate delays hearing for consumer agency nominee Richard Cordray” (8-3-11)

“This week’s scheduled confirmation hearing for Richard Cordray, the nominee to head the Consumer Financial Protection Bureau, has been delayed until September as senators left early for their August recess.”

Realtor Magazine - “Real Estate OK in Debt Deal But Risks Remain” (8-3-11)

“The debt ceiling agreement signed into law on August 2 has no direct impact on real estate tax rules or spending provisions, but the industry isn’t out of the woods yet, because the deal includes authority that could make it easier for Congress to make tax law changes in the months ahead.”

CNN Money - “What about us? Responsible homeowners left out in the cold” (8-3-11)

“Consider it yet another cruel irony of the housing bust: While hundreds of thousands of mortgage borrowers have been able to squat in their homes without making a single mortgage payment in months or even years, many responsible homeowners who have good credit and consistently meet their monthly obligations haven’t been able to refinance in order to avoid losing their homes.”

Looking Back:

According to the NAR, pending home sales declined 2.6 percent in June 2010. Data from the Southern California Multiple Listing Service showed that 25 percent of homes sold in Orange County were sold for less than the owner in June 2010 owed on the mortgage. Zillow reported the average 30-year mortgage rate decreased to 4.28 percent from the previous week. 84 percent of buyers began searching for homes online.

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 7/18/11

Monday, July 18th, 2011

Today’s News Synopsis:

According to NAHB index, confidence for newly-built single-family homes increases two points.  DS News reported former Ohio attorney genereal has been nominated by Obama as the new head of the Consumer Financial Protection Bureau.  Republicans John Campbell and Gary Ackerman have introduced a new bill that will increase the loan limits on mortgages backed by Fannie Mae and Freddie Mac.

In The News:

NAHB - “Builder Confidence Gains Two Points in July” (7-18-11)

“Builder confidence in the market for newly built, single-family homes rose two points to 15 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for July, released today. The gain largely offsets a three-point dip recorded in June, and marks the ninth time out of the past 10 months in which the index has held within the same three-point range.”

Inman - “NAR hits second CIVIX milestone “ (7-18-11)

“The National Association of Realtors has met a second milestone in a goal of raising $7.5 million in licensing fees to obtain blanket immunity for multiple listing services and Realtor associations from legal claims by a company that holds several patents on location-based Internet search techniques.”

DS News – “Obama Nominates Former Ohio Attorney General to Head CFPB” (7-18-11)

“President Obama on Sunday announced his pick to lead the new Consumer Financial Protection Bureau (CFPB) – Richard Cordray, former attorney general for the state of Ohio.”

Housing Wire - “Freddie Mac says housing sector unlikely to see double-dip” (7-18-11)

“Despite uncertainty about the debt ceiling and an unemployment rate that remains stubbornly higher than 9%, Freddie Mac said the housing market is unlikely to experience a double dip.”

Realty Times – “Real Estate Outlook: Housing Market Struggles” (7-18-11)

“While it might not be at the pace that economists would like, the economy is recovering. Federal Reserve Chairman, Ben Bernanke, reported last week to the Committee on Financial Services, that “the pace of the expansion so far this year has been modest.”

Bloomberg - “BofA Needs $50 Billion Cushion as Mortgage Expenses Swell” (7-18-11)

“Bank of America Corp. (BAC) may have to build its capital cushion by $50 billion and renege again on Chief Executive Officer Brian T. Moynihan’s pledge to raise the firm’s dividend as mortgage losses drain funds.”

Housing Wire - “Freddie Mac offering $1 billion of multifamily bonds” (7-18-11)

“Freddie Mac plans to offer $1 billion of pass-through certificates this week backed by 90 recently originated multifamily mortgages.”

DS News - “Top Lenders’ Early Earnings Point to Continuing Mortgage Losses” (7-18-11)

“JPMorgan Chase kicked off the banking sector’s second-quarter earnings season with a $5.4 billion profit. It was followed by Citigroup’s announcement late last week that it pulled in net income of $3.3 billion during the April-June timeframe.”

Realtor Magazine - “Bill Calls for Extending Jumbo Loan Limits” (7-18-11)

“A bill introduced late last week calls for extending the current conforming loan limits on government-backed mortgages at Fannie Mae and Freddie Mac for another two years.  The bill, introduced by Rep. John Campbell, R-Calif., and Rep. Gary Ackerman, D-N.Y., would allow the government-sponsored enterprises and the Federal Housing Administration to guarantee or buy mortgages worth up to $729,750 in many neighborhoods.”

Bloomberg - “Builders Push ‘Green’ Homes to Stand Out in Foreclosure-Filled U.S. Market” (7-18-11)

“In the 20 years Ron Betenbough’s company has been building homes in west Texas, he’s always been willing to compete on price. Now, in a market crowded with cheap properties, he’s also touting environmentally friendly construction and energy-saving features.”

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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