The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Richard Cordray’

By Bruce Norris .

The Norris Group Real Estate News Roundup 2/27/14

Thursday, February 27th, 2014


Today’s News Synopsis:

Fixed mortgage rates increased again for the fourth week in a row with 30-year rates now at 4.37%  and 15-year rates at 3.39%.  Bank of America is facing an investigation by the U.S. Attorney’s Office over their participation in the FHA’s Direct Endorsement Program.  The Treasury Department will receive $10.4 billion from Freddie Mac next month as a return for helping bail them out back in 2008.

In The News:

Housing Wire - “Bank earnings are booming, but there’s a big problem” (2-26-14)

“Commercial banks and savings institutions insured by the Federal Deposit Insurance Corp. posted the 17th quarterly increase since 2009 due to an $8.1 billion decline in loan-loss provisions in the fourth quarter of 2013.”

Mortgage Professional America - “BOA facing mortgage probe” (2-27-14)

“Bank of America is facing a federal probe into its participation in a government housing program.  The U.S. Attorney’s Office is investigating the lender’s compliance with the requirements of the Federal Housing Administration’s Direct Endorsement Program, according to a Reuters report.”

DS News“CFPB Director Calls for Increased Financial Literacy” (2-27-14)

“For Richard Cordray, the equation is simple: In the Land of the Free and the home of the free market, American citizens should be as informed about and capable of self-governance in their personal finances as they are in the democratic process, especially when it comes to borrowing for a mortgage.”

CNN Money“She’s back! Yellen testifies before the Senate” (2-27-14)

“The last time Janet Yellen testified before lawmakers, stocks rallied.  Now, she’s back.  The head of the Federal Reserve is testifying before the Senate Banking Committee on Thursday. Originally scheduled for two weeks ago, the hearing was postponed due to a snow storm in Washington.”

Housing Wire - “Ocwen Financial profits slightly under estimates” (2-27-14)

“Ocwen Financial Corp. (OCN) remains highly profitable, posting a net income of $105 million, or 74 cents per share, and revenue of $556 million in the fourth quarter.”

Bloomberg - “Freddie Mac Will Pay U.S. $10.4 Billion on Quarterly Profit” (2-27-14)

“Freddie Mac (FMCC), the U.S.-owned mortgage financier, will return $10.4 billion to the Treasury Department next month, bringing total payments to about $10 billion above what it got in aid after the 2008 credit crisis.”

Mortgage Professional America - “Fixed rates edge up for 4th week” (2-27-14)

“Fixed mortgage rates edged up this week for the fourth consecutive week while adjustable rates fell, according to data released today by Freddie Mac.”

Housing Wire- “Are foreclosures finally receding from the high-water mark?” (2-27-14)

“There were 48,000 completed foreclosures nationally in January, down from 59,000 in January 2013, a year-over-year decrease of 19%, but up 11.8% from the 43,000 reported in December 2013.”

Bloomberg - “S&P Says Too Soon to Give Rental-Home Securities Top AAA Grades” (2-27-14)

“New securities backed by U.S. rental homes don’t meet the criteria for the highest credit grade, Standard & Poor’s said, going against at least three rivals.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $215,000 on a 3 bedroom, 2 bathroom home appraised for $310,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with IVAR on Wednesday, March 5, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Wednesday, March 12, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications decreased 3.8% from the previous week.  Pending homes sales increased 4.5% the previous month to their highest level in almost 3 years.  Federal Reserve chairman Ben Bernanke spoke to the House Committee regarding changes to QRM standards and other issues with housing.

 

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.

The Norris Group Real Estate News Roundup 9/12/13

Thursday, September 12th, 2013

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased by 13.5% from last week.  Mortgage rates did not show much signs of change with 30-year rates remaining at 4.57% and 15-year rates at 3.59%.  Unemployment claims also dropped to 292,000, their lowest in over 7 years.


In The News:

Mortgage Bankers Association- “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-11-13)

“Mortgage applications decreased 13.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 6, 2013.”

CNN Money“Foreclosure crisis is drawing to a close” (9-12-13)

“The number of new foreclosure filings in August hit its lowest level in nearly eight years, according to RealtyTrac, an online marketer of foreclosed properties.”

Housing Wire“Mortgage rates remain steady on uncertain jobs data” (9-12-13)

Mortgage rates remained unchanged this past week as mixed jobs data created some uncertainty about housing and the economy, Freddie Mac reported Thursday.”

DS News“First-Time Jobless Claims Falls to 7 1/2-Year Low” (9-12-13)

“First-time claims for unemployment insurance for the week ending September 7 plunged 31,000 to 292,000, the lowest level since March 2006, the Labor Department reported Thursday.”

Bloomberg“Housing-Finance Plan Pushed for U.S. Senate Panel Vote This Year” (9-12-13)

“The U.S. Senate Banking Committee’s Democratic chairman and its top Republican said the panel will advance housing-finance legislation by the end of the year.”

Housing Wire“Policymakers go head-to-head with CFPB director” (9-12-13)

“Representatives took turns firing off questions to Consumer Financial Protection Bureau director Richard Cordray, amid fears that the mortgage market is not properly equipped to handle the implementation of the qualified mortgage rule and the qualified residential mortgage standard in 2014.”

DS News“Regulations Expected to Squeeze Industry and Consumers” (9-12-13)

“Everyone agrees: The mortgage industry is about to become more expensive and more restrictive for lenders and borrowers.”

Bloomberg“Pessimism deepens over budget standoff” (9-12-13)

“Budget experts are worried: The chances of a government shutdown and a harrowing ride to raising the debt limit have gone up in the past few weeks.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $215,000 on a 2 bedroom, 2 bathroom home appraised for $310,000.

 

Bruce Norris will be presenting InvestClub for Women Poised to Pop on Tuesday, September 17, 2013.

Bruce Norris will be presenting InvestClub for Women Poised to Pop in Orange County on Wednesday, September 18, 2013.

Bruce Norris will be presenting Robert Hall & Associates Poised to Pop on Thursday, September 19, 2013

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.

Looking Back:

In a big news story, CoreLogic reported increasing home prices were bringing more and more underwater borrowers out of debt.  Mortgage applications increased the previous week by 11.1% according to the Mortgage Bankers Association.  The Federal Housing Administration Fiscal Solvency Act was passed by the House, a bill that would increase funding for the FHA.

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.

The Norris Group Real Estate News Roundup 7/19/13

Friday, July 19th, 2013

Today’s News Synopsis:

Aaron Norris gives the news of the week in this week’s real estate headline roundup video.  You can check out the full stories in the blog below.

In The News:

NAHB“Builder Confidence Rises Six Points in July” (7-16-13)

“Builder confidence in the market for newly built, single-family homes rose six points to 57 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for July, released today.”

CNN Money“Prices climb in June, but annual inflation still tame” (7-16-13)

“Prices for groceries and clothing and other goods all increased in June, but inflation remains below 2% a year.”

NAHB“Multifamily Dip Drives Housing Starts Lower in June” (7-17-13)

“Nationwide housing starts declined 9.9 percent to a seasonally adjusted annual rate of 836,000 units in June as construction of multifamily buildings slowed following recent months of strong activity in that sector, according to newly released figures from HUD and the U.S. Census Bureau.”

DS News“First-Time Jobless Claims Drop to 10-Week Low” (7-18-13)

“One week after spiking to a two-month high, first-time claims for unemployment insurance dropped 24,000 to 334,000 for the week ending July 13—the lowest level in 10 weeks, the Labor Department reported Thursday.”

Mortgage Professional America“FHFA plan could offer streamlined mortgage relief” (7-15-13)

“A new FHFA plan could make it easier for borrowers to qualify for mortgage relief.”

Mortgage Professional America - “Senate Confirms Cordray as CFPB Director” (7-16-13)

“The U.S. Senate voted Tuesday to confirm Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB).”

Mortgage Professional America“No bubble in sight in housing outlook” (7-17-13)

“Some are saying that the sharp rise in mortgage interest rates in June, driven by bond market responses to the Fed, is leading to a bubbling housing market.”

DS News“Cashed Foreclosure Settlement Checks at 2.9M” (7-15-13)

“Close to 2.9 million borrowers who received a payout under the foreclosure review settlement have cashed or deposited their check, the Office of the Comptroller (OCC) announced Friday.”

Hard Money Loan Closed

Menifee, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $183,000 on a 3 bedroom, 2 bathroom home appraised for $263,000.

 

Bruce Norris of The Norris Group will be speaking at FIBI Thousand Oaks Poised to Pop Wednesday, August 7, 2013.

Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.

Bruce Norris will be presenting How to Make a Million in 24 Months in San Jose on Saturday, September 7, 2013.

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.

Looking Back:

Big week in the news.  Mortgage interest rates were continuing to decrease and were now at 3.53%, down from 3.56% the week prior.  Unemployment claims increased 34,000 to 386,000, the highest they had been in four weeks.  Existing home sales decreased 5.4% to 4.37 million the previous month, although this number was actually 4.5% higher than the previous year.  Median home prices increased 7.9% from the previous year and were at their highest level since 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.

The Norris Group Real Estate News Roundup 7/16/13

Tuesday, July 16th, 2013


Today’s News Synopsis:

Builder confidence increased by six points to 57 according to the latest housing market index report from NAHB.  The Consumer Price Index increased 0.5% in June with the increase in all consumer goods, although inflation continues to remain low at below 2%.  The Senate voted today on Richard Cordray’s nomination as director of the Consumer Financial Protection Bureau.

In The News:

Mortgage Professional America - “Bidding wars on the decline, but still hot in California” (7-16-13)

“The number of buyers competing for a home has declined as a nation again, according to a study, but bidding wars are still extremely high in metro cities of Southern California.”

NAHB - “Builder Confidence Rises Six Points in July” (7-16-13)

“Builder confidence in the market for newly built, single-family homes rose six points to 57 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for July, released today. This is the index’s third consecutive monthly gain and its strongest reading since January of 2006.”

Housing Wire - “CoreLogic: Rising rates are not fueling a housing bubble” (7-16-13)

“Despite a steep rise in mortgage rates last month, escalating rates are not fueling another housing bubble, CoreLogic declared in its latest MarketPulse Report.”

Inman“Surprise: Shiller, NAR differ on the MID” (7-16-13)

“Homeownership has helped Americans who might otherwise be unable to scrape together a nest egg do just that, Yale economics professor Robert Shiller noted in a New York Times editorial over the weekend.”

Mortgage Professional America - “Plan to save underwater homeowners meets pushback” (7-16-13)

“The debate over eminent domain rages on, this time in North Las Vegas, one distressed city that voted to move forward with the controversial plan in late June.”

CNN Money - “Prices climb in June, but annual inflation still tame” (7-16-13)

“Prices for groceries and clothing and other goods all increased in June, but inflation remains below 2% a year.”

Bloomberg“Subprime Borrowers With Best Credit Score Denied Help” (7-16-13)

“Travis Armstrong, a long-haul trucker, has made his mortgage payments for six years and has a credit score of about 800 that would entice most lenders. Because he owes more than his home is worth and his debt lacks federal backing, he’s stuck paying 7.5 percent interest, almost twice the rate of new loans.”

DS News - “Senate to Vote on Cordray Nomination” (7-16-13)

“The U.S. Senate voted Tuesday to invoke cloture on the nomination of Richard Cordray as director for the Consumer Financial Protection Bureau (CFPB).”

Housing Wire - “Bipartisan legislation unveils measures to reform FHA” (7-16-13)

“The latest trend developing amongst policymakers is the creation of proposals to reconstruct the mortgage finance system.”

Realty Times - “J.D. Power: Prudential Ranks Highest In Three Real Estate Consumer Categories” (7-16-13)

“Prudential Real Estate earned top honors in the latest J.D. Power Home Buyer/Seller Satisfaction Study by scoring highest in three of four categories, first time home buyers, repeat home buyers and first time home sellers.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $113,000 on a 3 bedroom, 1 bathroom home appraised for $163,000.

 

 

Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, July 16-18, 2013.

Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.

Looking Back:

Another bank closed in Missouri, bringing the new total to 33.  The FHFA reported an increase in underwater borrowers who switched to shorter-term loans as a way to quickly restore equity in their homes.  The LPS home price index increased the most this year since 2005.

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.

The Norris Group Real Estate News Roundup 7/15/13

Monday, July 15th, 2013


Today’s News Synopsis:

The FHFA is working on a new plan called the Streamlined Modification Initiative in hopes to allow more borrowers to qualify for mortgage relief.  Demand for housing has seen an increase over the last two years.  Almost 2.9 million checks from the latest foreclosure settlement have been cashed or deposited.

In The News:

Bloomberg - “Wells Fargo Profit Rises as Lender Puts Brakes on Costs” (7-15-13)

“Commerzbank AG (CBK), Germany’s second-biggest bank, agreed to sell its Eurohypo U.K. real estate lending unit to Wells Fargo & Co. and Lone Star Funds to comply with European Union state-aid rules following its bailout.”

DS News - “Fitch: Sales of REO Assets Lowers CMBS Delinquency Rate in June” (7-15-13)

“In June, an increase in the sale of REO properties drove down the CMBS delinquency rate, bringing it to a three-year low, Fitch Ratings reported.”

Housing Wire“Conditions are ripe for household formation” (7-15-13)

“A sharply positive turn in U.S. household formation has caused a rising demand for all types of housing over the last two years, including multifamily and single-family rental and ownership, according to data from a number of analysts.”

Mortgage Professional America“FHFA plan could offer streamlined mortgage relief” (7-15-13)

“A new FHFA plan could make it easier for borrowers to qualify for mortgage relief.”

Inman - “Inventory shortages ease” (7-15-13)

“Inventory shortages that constrained home sales this spring are beginning to ease, with the number of homes listed for sale trending upwards in June, according to realtor.com data, The Wall Street Journal reports.”

Housing Wire“Sen. Reid attempts to block filibuster of Cordray nomination” (7-15-13)

“Senate Democrats want Richard Cordray nominated to the Consumer Financial Protection Bureau director post, and they’re willing to block all Republican filibuster attempts to secure his seat.”

Bloomberg - “Housing Unfazed as Dimon Sees JPMorgan Profit Squeeze” (7-15-13)

“JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon told investors last week that rising interest rates could trigger a “dramatic reduction” in the bank’s mortgage profits. According to its own analysts, the U.S. housing market will extend its recovery regardless.”

DS News - “Cashed Foreclosure Settlement Checks at 2.9M” (7-15-13)

“Close to 2.9 million borrowers who received a payout under the foreclosure review settlement have cashed or deposited their check, the Office of the Comptroller (OCC) announced Friday. The cashed payments represent a value of $2.5 billion.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $157,000 on a 3 bedroom, 1 bathroom home appraised for $227,000.

 

Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, July 16-18, 2013.

Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.

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.

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.

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.

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.

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.

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.