The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Standard & Poor’s’

By Bruce Norris .

The Norris Group Real Estate News Roundup 3/19/14

Wednesday, March 19th, 2014


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased 1.2% from last week.  New criteria for RMBS qualified and non-qualified mortgages has been finalized by Fitch.  Twenty-nine state housing finance agencies have been awarded $63.1 million by NeighborWorks America to help families and individuals in danger of foreclosure.

In The News:

Housing Wire“Opposition growing among banks, lawmakers to Camp tax reform proposal” (3-18-14)

“Banking associations, leading financial institutions and now a number of House Republicans are coming out with grave concerns and – in the case of some big banks – outright if still quiet opposition to a comprehensive tax overhaul being proposed by the head of the House Ways and Means Committee.”

Los Angeles Times - “Southern California is a real estate seller’s market this spring” (3-19-14)

“As the busy spring real estate season gets into gear, sellers appear to have the upper hand across much of Southern California.”

DS News“Fitch Finalizes U.S. RMBS Qualified and Non-Qualified Mortgage Criteria” (3-19-14)

“Fitch Ratings announced it has finalized its criteria for analyzing loans securing U.S. residential mortgage-backed securities (RMBS) under the new qualified mortgage (QM) and Ability-to-Repay rule (the Rule) recently adopted by the Consumer Financial Protection Bureau (CFPB).”

CNN Money - “Stocks flat as investors wait for Yellen” (3-19-14)

“It’s Janet Yellen’s first meeting in charge of the Fed and investors are looking forward to hearing from her after the meeting.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-19-14)

“Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 14, 2014.”

Housing Wire - “S&P upgrade pushes Assured Guaranty to top of monoline hill” (3-19-14)

“Good news for monoline Assured Guaranty (AGO) as Standard & Poor’s Ratings Services raised to AA Stable Outlook from AA- Stable Outlook the financial strength ratings for the company’s principle operating subsidiaries, giving it the highest ratings in the industry from national ratings firms.”

DS News - “$63.1 Million Awarded to Stave Off Foreclosures” (3-19-14)

“NeighborWorks America announced Tuesday in a press release that $63.1 million had been awarded to 29 state housing finance agencies, 18 HUD-approved housing counseling intermediaries, and 67 community-based NeighborWorks organizations.”

Inman - “Zillow: Market conditions growing more local” (3-19-14)

“Different regions will offer diverging levels of negotiating power for buyers and sellers across the country heading into the spring homebuying season, signaling advancement toward a healthier housing market where market conditions tend to be local rather than national, according to a recent analysis by Zillow.”

 

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $235,000 on a 2 bedroom, 1 bathroom home appraised for $381,000.

Yucaipa Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with the Downey Association of Realtors on Wednesday, April 2, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

 

Looking Back:

The U.S. Census Bureau reported the number of housing starts increased 0.8% to 917,000 the previous month.  200,000 homes were brought out of negative equity in the fourth quarter of 2012, bringing the total over the whole year to 1.7 million.  Edward DeMarco announced he would like to see the GSEs slowly dissolved over the next five years.

 

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 2/27/14

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 1/2/14

Thursday, January 2nd, 2014

Today’s News Synopsis:

Freddie Mac reported mortgage rates increased again with 30-year rates now at 4.53% and 15-year rates at 3.55%.  Six RMBS lawsuits against major banks totaling $8 billion have been resolved, although there are still 12 more left.  Consumer confidence increased last month to 78.1 according to the latest Consumer Confidence Index.

In The News:

Los Angeles Times - “Freddie Mac: 30-year mortgage rate rises to 4.53% from 4.48%” (1-2-14)

“The economy is brightening as 2014 arrives — but that could signal higher borrowing costs for homebuyers as the Federal Reserve scales back its efforts to lower interest rates and the chance of higher inflation increases.”

Housing Wire- “FHFA resolves 6 of 18 RMBS suits against big banks” (1-2-14)

“Nearly three years ago, the Federal Housing Finance Agency slapped 18 banks with lawsuits, alleging they sold private-label residential mortgage-backed securities to Fannie Mae and Freddie Mac without disclosing some of the toxic loans underlying the transactions.”

Bloomberg - “Manufacturing Growth to Help Propel U.S. Expansion: Economy” (1-2-14)

“Manufacturing grew in December at the second-fastest pace in more than two years, fueled by a gain in orders that will help propel the U.S. expansion.”

DS News“U.S. Consumer Confidence Bounces Back” (1-2-14)

“Consumer confidence saw a boost in December on heightened optimism for the job market, the Conference Board reported Tuesday.”

Mortgage Professional America - “Home prices see biggest gain in eight years, but boom abating” (1-2-14)

“Home prices have posted their highest gain in nearly eight years, new figures have indicated.”

Housing Wire- “Nonbank mortgage firms may return in 2014: S&P” (1-2-14)

“The year 2014 is unlikely to put a damper on the U.S. housing recovery, although analysts with Standard & Poor’s are unable to completely diffuse fears of another recession.”

DS News- “50k Loan Modifications for Homeowners in Oct.” (1-2-14)

“HOPE NOW Alliance recently announced that an estimated 50,000 homeowners received permanent, affordable loan modifications from mortgage servicers during October 2013.”

Bloomberg - “Homebuyers Missing Housing Rebound Depend on Yellen” (1-2-14)

“Yellen, 67, who takes over as chairman of the Federal Reserve if the Senate confirms her in a vote scheduled for next week, will hold significant sway over the direction of the U.S. housing market in 2014.”

Inman - “As real estate technology evolves, questions about roles of major players remain” (1-2-14)

“The real estate industry had something of an identity crisis in 2013 as the ever-changing technology landscape produced clashes around shifting roles and rules, but also fueled cooperation and innovation.”

Hard Money Loan Closed

Hemet, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $102,000 on a 3 bedroom, 2 bathroom home appraised for $152,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with Prosperity Through Real Estate on Tuesday, January 7, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association on Thursday, January 9, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with Coachella Valley on Tuesday, January 14, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association in Buena Park on Thursday, January 16, 2014.

Looking Back:

Shadow inventory decreased to 2.3 million units in October and continued to decrease from its original record-level highs.  Spending on construction decreased unexpectedly in November by 0.3%.  The Mortgage Debt Relief Act, which was originally supposed to expire on December 31, 2012, was extended another year.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor 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 12/2/13

Monday, December 2nd, 2013

Today’s News Synopsis:

The FHFA has made revisions to mortgage insurance policies for Fannie Mae and Freddie Mac.  The new policies will now provide extra protection to the GSEs as well as help make clear what is required of insurers, originators, and servicers.  Bank of America has just reached a $404 million mortgage deal with Freddie Mac regarding repurchase claims and mortgages sold prior to the financial crisis.  Eminent domain is becoming more common in areas where unemployment and poverty is higher.

In The News:

Housing Wire - “FHFA revamps master insurance policies for Fannie, Freddie” (12-2-13)

“The Federal Housing Finance Agency announced its successful revision of the mortgage insurance master policy on Fannie Mae and Freddie Mac mortgages.”

DS News - “Eminent Domain Takes Root in Areas with High Unemployment, Poverty” (12-2-13)

“Plummeting home values across the country left many homeowners owing more on their mortgage than their home was worth, and although rising prices have lifted millions to positions of positive equity, one in five mortgage borrowers remains underwater today.”

Mortgage Professional America - “Banks could still see legal costs of $100bn” (12-2-13)

“Big banks will continue to see fallout – and make payouts – in the wake of the subprime mortgage crisis, according to an analysis by Standard & Poor’s.”

Housing Wire - “Independent mortgage bankers squeezed by falling production” (12-2-13)

“A survey of independent mortgage bankers conducted by analytics firm Richey May & Co. shows overall mortgage production activity fell in the third quarter, prompting lenders to silently brace for a period in which expenses could outstrip revenue enough to prompt job cuts.”

DS News - “FHFA: Conforming Loan Limits Remain Unchanged” (12-2-13)

“Loan limits will remain the same according to recent guidance issued by the Federal Housing Finance Agency (FHFA).”

Inman - “WAV Group survey suggests more MLSs will be shopping for new platforms” (12-2-13)

“More multiple listing services will be considering a new platform provider when their contract with their current vendor expires than in previous years, according to an annual survey from real estate consulting firm WAV Group.”

Mortgage Professional America - “Freddie extends mortgage relief policies to borrowers affected by Illinois storms” (12-2-13)

“Freddie Mac is making its mortgage relief policies available to homeowners whose homes were destroyed or damaged by recent tornadoes and other storms in Illinois, the company announced Wednesday.”

DS News - “Are Cash Sales Creating a Dangerous Mirage?” (12-2-13)

“Home prices and home sales have been rising over the past few years, pointing to a recovery in the housing market, but RealtyTrac warns that what we are seeing may not be a true recovery but instead a mirage created by investors—a dangerous mirage that could lead to trouble in the years to come.”

Bloomberg - “BofA Reaches $404 Million Mortgage Deals With Freddie Mac” (12-2-13)

“Bank of America Corp. agreed to pay $404 million to Freddie Mac in a deal that caps the lender’s efforts to resolve repurchase claims from government-sponsored enterprises on mortgages sold before the financial crisis.”

Hard Money Loan Closed

Palmdale, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $72,000 on a 3 bedroom, 2 bathroom home appraised for $125,000.

 

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at Camp Pendleton in San Diego on Sunday, December 8, 2013.

Bruce Norris of The Norris Group will be at the SDCIA Holiday Christmas Party on Tuesday, December 10, 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 9/24/13

Tuesday, September 24th, 2013

Today’s News Synopsis:

Several large banks are facing a lawsuit on terms that they lead to the failure of two credit unions by selling them faulty mortgages.  Home prices increased in July by 1.9% month-over-month and 12.3% year-over-year according to the latest Case Shiller Index.  At the same time, consumer confidence decreased this month to 79.7.


In The News:

Housing Wire - “Positive earnings build up Lennar, KB Home” (9-24-13)

“Homebuilders Lennar (LEN) and KB Home (KBH) raised some serious skepticism in the days leading up to their earnings release, but it appears both builders exceeded expectations on Tuesday.”

CNN Money“Big banks charged with causing credit union failures” (9-24-13)

“The federal regulator that oversees credit unions has filed suits against eight of the nation’s largest banks, charging they sold faulty mortgages to two credit unions that later failed.”

DS News“Low Expectations Weigh Down Consumer Confidence” (9-24-13)

Consumer confidence dipped in September as Americans expressed doubt over the current direction of economic conditions.”

Inman“Real Estate deductions on the chopping block?” (9-24-13)

“Media attention has been focused on Congress’ partisan food fight over shutting down the government and defunding Obamacare – See more at: http://www.inman.com/2013/09/24/real-estate-deductions-on-the-chopping-block/#sthash.Tat2NqTn.dpuf.”

Housing Wire“Housing begins to see signs of normalcy, but will it last?” (9-24-13)

“Several reports were released Monday that implied continued success for home prices in the U.S. — a sign that the housing market is back on its feet. The Federal Housing Administration house price index and the Standard & Poor’s/Case-Shiller HPI, both out Tuesday, followed suit.”

Bloomberg“Southern California Apartment Rents to Rise for Two Years” (9-24-13)

“Southern California residential rents are likely to rise for two years as home prices climb and apartments remain in short supply, according to a study by the University of Southern California’s Lusk Center for Real Estate and the state’s Realtors group.”

Housing Wire“Blame Citi layoffs on shifting mortgage landscape” (9-24-13)

“As demand falls for new loans, especially refinancings, banking institutions are cutting back and letting go of workers who specialize in originations.”

DS News“July Case Shiller Indices Improve More Slowly” (9-24-13)

“Home prices rose in July by less than two percent for the first time since March but still reached their highest level since August 2008, according to the Case Shiller Home Price Indexes released Tuesday.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $377,000 on a 3 bedroom, 2.5 bathroom home appraised for $580,000.

 

Bruce Norris will be speaking at the Big “Million Dollar” Trade Show & Landlording Conference on Thursday, September 26, 2013.

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

Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, October 22-24, 2013

Bruce Norris will be speaking at the Financial Tactics Brunch on Thursday, October 26, 2013.

Looking Back:

The Mortgage Bankers Association reported a 0.4%, or $10.4 billion, decrease in the second quarter in commercial/multifamily mortgage debt.  Shadow inventory had decreased by 1.2 million so far that year according to JP Morgan Chase.  Mortgage litigation decreased that same year with a recent $25 billion mortgage settlement, although legal activity was still at a high.
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 8/30/13

Friday, August 30th, 2013

http://youtu.be/bQzoAxh0e0

Sources:

Home prices still surging…for now
Pending home sales fall in July

First-Time Jobless Claims Higher Than Expected
Mortgage rates continue to seesaw
Zillow: 12.2M Homeowners Underwater in Q2
Eased Mortgage-Risk Rule to Be Proposed by U.S. Agencies
Banks earn record profit in second quarter on lower loss reserves

Today’s News Synopsis:

Aaron Norris gives the news of the week in this week’s real estate headline roundup video.  Confidence in the multifamily housing market is at a new high according to the NAHB.  In addition, profits from independent mortgage bankers increased in the second quarter.

 

In The News:

DS News“NAHB: Confidence in Multifamily Housing Reaches New High” (8-30-13)

“Confidence among developers of multifamily housing units is soaring, according to survey results released Thursday by the National Association of Home Builders (NAHB).”

Housing Wire“REITs gain traction” (8-30-13)

“Although the economy will likely expand at a slower pace than initially forecasted for the year, real estate investment trusts continue to feed off positive housing data, analysts say.”

Inman“Mortgages will remain hard to get until common sense returns” (8-30-13)

“Long-term rates stayed about the same this week, mortgages just above 4.5 percent for most products.   There are many things to write about this week, but the most important news for most Americans is the first retreat from Dodd-Frank toward common sense.”

DS News“Slow Wage Growth Holds Back Income in July” (8-30-13)

“Consumers kept their cash—and credit cards—in their wallets in July as personal spending rose just 0.1 percent, while income increased 0.2 percent, the Bureau of Economic Analysis reported Friday. Economists had expected income to grow 0.2 percent but thought spending would increase 0.3 percent.”

Housing Wire“Luxury builders better positioned in rising interest rate environment” (8-30-13)

“Market analysts remain confident in homebuilders, with luxury builders expected to lead as rising interest rates freeze out entry-level buyers, analysts say.”

Bloomberg“New York to Seattle Buyers Tap Brakes After Rates Rise” (8-30-13)

“A surge in borrowing costs to a two-year high is starting to cool demand from homebuyers as higher rates combine with surging prices to reduce affordability, according to data released this week.”

Mortgage Bankers Association - “MBA: Independent Mortgage Banker Profits Decreased in the Second Quarter of 2013″ (8-30-13)

“Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $1,528 on each loan they originated in the second quarter of 2013, down from $1,772 per loan in the first quarter, the Mortgage Bankers Association (MBA) reported today.”

Mortgage Professional America - “Foreclosures Continue to Wane” (8-30-13)

“Tight lending standards may be keeping some prospective borrowers out of the market, but according to LendingTree, consumers overall are increasing their likelihood of getting approved for a home loan with higher credit scores and lower loan-to-value (LTV) ratios.”

 

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

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

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

 

Looking Back:

Mortgage rates decreased for the first time after five weeks; 30-year rates were at 3.59% and 15-year are at 2.86%.  Unemployment claims remained at 374,000 for the week ended August 25, which was higher than economists had expected.  The Bureau of Economic Analysis reported consumer spending increased more than income in July.  Consumer spending increased by $46 billion, while personal income increased by only $42.3 billion.

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 6/19/13

Wednesday, June 19th, 2013


Today’s News Synopsis:

Mortgage applications decreased in the latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey by 3.3%.  Standard & Poor’s reported residential mortgage-backed securities increased and at their highest since 2007.  Inventory levels are showing positive signs with the increase in housing starts.

In The News:

Realty Trac - “Video Analysis: Bank Repossessions Jump 11 Percent, Foreclosure Starts Up 4 Percent in May” (6-18-13)

“U.S. bank repossessions jumped 11 percent from the previous month in May, the first monthly increase since November 2012, while foreclosure starts increased 4 percent from the previous month and now have increased on a monthly basis in three of the last four months, according to the latest RealtyTrac U.S. Foreclosure Market Report.”

Bloomberg - “Empire State Building Gets $2 Billion Offer” (6-19-13)

“Rubin Schron, a New York real estate investor, offered to buy the Empire State Building for $2 billion in cash as the skyscraper’s supervisor prepares to make it the centerpiece of an initial public offering.”

Housing Wire - “CoreLogic: Housing recovery is durable, but not bulletproof” (6-19-13)

“The trend of rising home prices continues and is expected to carry on, but don’t expect double-digit gains as a norm, analysts say.  April home prices rose 12.1%, the 14th consecutive month of year-over-year increases, according to the latest CoreLogic Home Price Index.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-19-13)

“Mortgage applications decreased 3.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 14, 2013.”

Mortgage Professional America“Housing supply showing signs of stability” (6-19-13)

“Housing starts are up, and inventory is finally showing signs of stabilizing.  Two new reports have indicated that the low inventory that has dogged the housing market may be showing signs of improvement.”

DS News - “Settlement Monitor: Servicers Need to Address Loan Mod, SPOC Issues” (6-19-13)

“After testing compliance among the five servicers part of the $25 billion national mortgage settlement, monitor Joseph A. Smith concluded more works needs to be done since issues with the loan modification process, providing a single point of contact, and customer records still persist”

Housing Wire - “Closer look: Mortgage servicers pass most key tests” (6-19-13)

“The sky is not completely falling at mortgage servicing shops across the United States, despite a new report from the National Mortgage Monitor, which shows some of the nation’s top five servicers failing to meet loan modification documentation timelines and single-point-of-contact requirements.”

Bloomberg“Banks’ Mortgage-Service Fixes Faulted by Settlement Monitor” (6-19-13)

“The largest U.S. mortgage servicers, including Citigroup Inc (C). and Bank of America Corp., haven’t done enough to upgrade their treatment of customers in danger of foreclosure, according to a court-appointed monitor.”

Housing Wire“Nonagency RMBS activity hits highest point since housing heyday” (6-19-13)

“The year 2013 has marked a turning point for residential mortgage-backed securities in many ways.  For starters, new issue RMBS activity is at its highest point since 2007, according to Standard & Poor’s latest report.”

Hard Money Loan Closed

Cathedral City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $153,000 on a 3 bedroom, 2 bathroom home appraised for $222,000.

 

Bruce Norris of The Norris Group will be speaking at the Real Estate Industry Update in Rancho Cucamonga on Thursday, June 20, 2013.

Bruce Norris of The Norris Group will be speaking at California Comeback 2: Fast, Furious, and Dangerous in Ontario on Saturday, July 13, 2013.

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

Looking Back:

In a big news story, housing starts on single-family homes jumped up 3.2% the previous month.  Fannie Mae predicted home prices would bottom in 2013 while other risks were foreseeable in the market as a whole.  The County of San Bernardino was planning to put into effect a new proposal that would allow them to use eminent domain to take ownership of the loans from homeowners who were underwater.

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 6/11/13

Tuesday, June 11th, 2013


Today’s News Synopsis:

Shareholders for Fannie Mae and Freddie Mac are challenging the government’s decision to do away with the GSEs, claiming billions of dollars were lost by investors from the takeover.  In an interesting piece of news, real estate brokers may soon be demanding aerial drones to take pictures of their properties for real estate listings.  The number of jobs available decrease in April, although more places are hiring then ever since 2008.

In The News:

Bloomberg - “Fannie Mae Shareholders Challenge U.S. Takeover in Suit” (6-11-13)

“Fannie Mae and Freddie Mac shareholders sued the U.S., alleging that the 2008 takeover of the housing lending giants was illegal and cost investors billions of dollars.”

DS News“Fed Report Proposes Use of Eminent Domain for Underwater Mortgages” (6-11-13)

“There’s a mortgage debt “overhang” that threatens the health of the national economy, and one possible solution to the problem comes in the form of eminent domain, according to a Federal Reserve Bank of New York report authored by Robert Hockett.”

Realty Times - “California Legislators Hold Distressed Homeonwers Hostage To a Hike In Recording Feeds” (6-11-13)

“Political maneuvering in Sacramento has recently put the California Association of Realtors® (CAR) between the proverbial rock and a hard place.”

Realty Trac - “Drones Move from the War Zone to the Real Estate Front” (6-11-13)

“Small, remote-controlled drone helicopters with high-definition still and motion picture cameras could soon become the latest must-have photo accessory for real estate brokers who want aerial photography for their listings.”

DS News - “Churchill Mortgage Approved for First-Time Homebuyer Program” (6-11-13)

“Churchill Mortgage received approval to take part in a program that offers assistance to first-time homebuyers in Texas.”

Housing Wire“Bond investors strategize return to interest rate volatility” (6-11-13)

“The recent spike in rates conjured up past fears of a massive sell-off, considering a sustained and rapid increase in interest rates would extend mortgage duration and slow prepayments. It’s been a while since the markets contended with volatility in interest rates, and analysts are taking note.”

Bloomberg“Eminent Domain Debate for Mortgages Revived by Fed Paper” (6-11-13)

“A report by a visiting professor at the New York Federal Reserve is reviving the debate over using government powers of eminent domain to seize mortgages of underwater homeowners to ease their debt.”

DS News - “Job Openings Dip in April; Hiring in Fastest Pace Since 2008″ (6-11-13)

“The number of job openings fell in April for the fourth time in the last five months as the number of people leaving their jobs jumped to the highest level since August, the Bureau of Labor Statistics (BLS) reported Tuesday in its month Job Openings and Labor Turnover Survey (JOLTS).”

Hard Money Loan Closed

Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $104,000 on a 4 bedroom, 3 bathroom home appraised for $151,000.

 

Bruce Norris of The Norris Group will be speaking at the NSDREI 9th Anniversary Dinner Party in Oceanside on Tuesday, June 18, 2013.

Bruce Norris of The Norris Group will be speaking at California Comeback 2: Fast, Furious, and Dangerous in Ontario on Saturday, July 13, 2013.

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

Looking Back:

Four banks closed on Friday, bringing the new total to 28.  CoreLogic believed negative equity in the market was actually benefiting the housing market by helping to increase home prices.  Also on the increase was homes sold to foreigners, which increased 24% over the course of a year through March 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 6/10/13

Monday, June 10th, 2013


Today’s News Synopsis:

Another bank closed in Tennessee over the weekend, bringing the new total for bank closures to 16.  Housing confidence increased drastically by 10 percentage points last month, rising from 30% to 40% month-over-month.  Inventory also increased last month, leading to an easing in competition.

In The News:

Housing Wire - “Mortgage investors raise alarm as eminent domain spreads” (6-10-13)

“A number of securitization trade groups sounded the alarm when Mortgage Resolution Partners entered into contracts with two additional municipalities to form the use of eminent domain programs.”

Inman“Confidence in housing market spikes” (6-10-13)

“In May, Americans got a lot more optimistic about the housing market.  Both the share of Americans who believe now is a good time to sell and the share of Americans who think now is a good time to buy rose sharply from April to May, with widespread reports of rising home prices, according to Fannie Mae.”

Bloomberg“U.S. Expansion Poised for Longevity” (6-10-13)

“The modest pace of the U.S. economic recovery has a silver lining, as the expansion shows signs of lasting almost twice as long as average.”

DS News - “Tennessee Bank Collapses Over Weekend” (6-10-13)

“The weekend saw more bad news from FDIC: the closure of a Tennessee bank, bringing the nation’s year-to-date total to 16.”

CNN Money - “Spending cuts likely deeper in 2014″ (6-10-13)

“There’s been a lot of concern about the effects of the spending cuts under the so-called sequester this year. But it’s likely that federal spending will soon go down even further in many ways.”

DS News - “Monthly Increase in Inventory Eases Competition for Homes in May” (6-10-13)

“Competition for homes eased in May due to a monthly increase in inventory, according to Redfin’s latest bidding wars report.”

Housing Wire - “Fannie and Freddie help brighten America’s credit outlook” (6-10-13)

“Nearly two years ago, Standard & Poor’s downgraded the U.S. credit rating from triple-A late Friday to double-A-plus — with a negative outlook.”

Bloomberg - “No Inflation as Yields Jump Belies Point of No Return View” (6-10-13)

“For the first time since 2009, U.S. bond yields are rising at the same time inflation is slowing, providing a cushion for investors in Treasuries whether or not the Federal Reserve slows the pace of its debt purchases.”

Hard Money Loan Closed

Hemet, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $79,000 on a 2 bedroom, 2 bathroom home appraised for $118,000.

 

Bruce Norris of The Norris Group will be speaking at the NSDREI 9th Anniversary Dinner Party in Oceanside on Tuesday, June 18, 2013.

Bruce Norris of The Norris Group will be speaking at California Comeback 2: Fast, Furious, and Dangerous in Ontario on Saturday, July 13, 2013.

Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp  Tuesday-Thursday, July 16-18, 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 4/25/13

Thursday, April 25th, 2013


Today’s News Synopsis:

Mortgage rates decreased again for the fourth week with 30-year rates now at 3.4% and 15-year at 2.61%, a new low.  Unemployment claims decreased by 16,000 to 339,000, putting them at their lowest in five years.  The NAHB is seeking help from Congress to maintain support for important housing incentives.

In The News:

Housing Wire - “Unconventional servicing platforms entice investors, hurdles remain” (4-25-13)

“Nonbank mortgage servicers are increasingly using securitization to access the capital needed to fund purchases of servicing assets, increasing both the size and complexity of servicer advance transactions, Standard & Poor’s said in its latest report.”

Bloomberg“U.S. Mortgage Rates Fall With 15-Year at Lowest on Record” (4-25-13)

“Mortgage rates in the U.S. fell for a fourth week, with the 15-year average hitting a record low, helping to strengthen the housing recovery.”

Mortgage Bankers Association“MBA and EverFi Providing Financial Literacy Education to 10,000 American Consumers” (4-25-13)

“The Mortgage Bankers Association (MBA) today announced that the initial stage of its partnership with EverFi, the nation’s leading education technology company, will provide interactive, web-based financial literacy education to more than 10,000 Americans across the United States as part of the Association’s Financial Fitness USA program.”

DS News - “Zillow: Home Price Growth Moderates in Q1″ (4-25-13)

“After “months of robust and largely unsustainable annual home value appreciation,” the national housing market finally showed signs of moderation in this year’s first quarter, Zillow reported Thursday.”

NAHB - “Remodeler Confidence Dips in First Quarter 2013″ (4-25-13)

“Remodelers’ confidence in the market dipped in the first quarter of 2013 when the Remodeling Market Index (RMI) fell six points to 49, according to the National Association of Home Builders (NAHB).”

Bloomberg - “Deutsche Bank Must Face Los Angeles Slumlord Claim Suit” (4-25-13)

“Deutsche Bank AG (DBK) must face a lawsuit by Los Angeles claiming the bank let foreclosed properties in low-income neighborhoods fall into disrepair and illegally evicted tenants to sell foreclosed buildings.”

DS News - “First-Time Jobless Claims Drop, Continuing Claims at 5-Year Low” (4-25-13)

“First-time claims for unemployment insurance dropped for only the second time in the last six weeks, falling 16,000 to 339,000 for the week ending April 20, the Labor Department reported Thursday.”

Housing Wire - “NAHB calls on Congress to support housing tax incentives” (4-25-13)

“The National Association of Home Builders called on Congress Thursday to maintain its support for vital housing incentives in order to meet the nation’s growing need for affordable rental housing and homeownership opportunities.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $700,000 on a 3 bedroom, 2 bathroom home appraised for $110,000.

 

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:

Today was a big day for mortgages.  The Mortgage Bankers Association reported a decrease in mortgage applications by 3.8% even though rates continued to stay low.  Freddie Mac’s mortgage portfolio also showed a decrease of 2.9%.  Realty Times believed troubles in Europe were one of the things keeping mortgage rates steady.

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.