The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Standard & Poor’s’

By Bruce Norris .

Pending Home Sales Increase in Latest NAR Report

Monday, June 30th, 2014

 

Today’s News Synopsis:

The NAHB saw a major accomplishment this week when the Supreme Court ruled the EPA cannot require pre-construction permits for greenhouse gasses emitted on multifamily and commercial homes.  According to the latest National Association of Realtors report, pending home sales increased 6.1% month-over-month but decreased 5.2% year-over-year.  In a unique news story, a 91-year old woman bought a house for the first time in her life.

In The News:

CBIA“NAHB’s Supreme Court Stops EPA in its tracks in major victory for all builders” (6-30-14)

“In a major victory for NAHB, the U.S. Supreme Court today ruled that the Environmental Protection Agency (EPA) does not have the authority to require multifamily and commercial builders to obtain costly pre-construction permits for greenhouse gasses emitted from the buildings they construct.”

Bloomberg“S&P 500 Little Changed on Home Sales Amid Quarterly Rally” (6-30-14)

“The Standard & Poor’s 500 Index was little changed, capping the longest string of quarterly gains since 1998, as a jump in pending home sales offset weaker-than-forecast manufacturing data.”

Housing Wire - “US Bancorp pays $200M to resolve FHA mortgage-lending violations” (6-30-14)

“U.S. Bancorp (USB) has agreed to pay the United States $200 million to resolve allegations that it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the Federal Housing Administration that did not meet applicable requirements, the Justice Department announced Monday.”

DS News“Millennials are Heading to Suburbia” (6-30-14)

“Analyzing data from the United States Census, Trulia’s chief economist Jed Kolko found that the population growth of millennials in big, dense cities was outpaced by big-city suburbs and lower-density cities.”

Realty Trac - “91-Year-Old Buys Her First Home” (6-30-14)

“Vera Bigham, 91, never owned a home before. But on her 91st birthday, the Jamestown, Calif., resident unpacked the American Dream.”

Inman - “Pending home sales surge on growing inventory, lower mortgage rates” (6-30-14)

“The number of homes that went under contract in May leaped from the previous month as lower mortgage rates and growing home inventory stimulated buyer activity, according to a report from the National Association of Realtors.”

DS News“New York AG Announces State Loan Program to Prevent Foreclosures” (6-30-14)

“The government of New York is taking further steps to try to stem the tide of foreclosures that still lingers in the Empire State today.  New York Attorney General Eric T. Schneiderman announced the launch of the New York State Mortgage Assistance Program, or NYS MAP, which will provide targeted small loans to families with the aim of helping them avoid foreclosure.”

Housing Wire - “3 ways older households weren’t immune to the Great Recession” (6-30-14)

“While the Great Recession managed to creep into every crevice of the industry, householders aged 65 and over managed to deflect a lot of the damage that many other homeowners felt.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with High Desert REIA on Thursday, July 10, 2014.

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

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.

Existing Home Sales Increase Strongly Month-Over-Month

Monday, June 23rd, 2014

 

Today’s News Synopsis:

Existing home sales increased by an impressive amount last month with the increase in inventory and improving prices.  Existing home sales increased 4.9% month-over-month and are now at 4.89 million.  The number of failed banks now stands at 11 with the closure of two subsidiaries of River Valley Bancorp.  Inventory for homes increased 11.8%, although most of the homes were purchased by the middle class.

In The News:

Housing Wire“Black Knight: Home prices up 0.9% for April” (6-23-14)

“Home prices nationally rose 0.9% in April, which is up 6.4% year-over-year, according to the most comprehensive and latest report from Black Knight Financial Services.”

Bloomberg“Lew to Announce New Efforts to Aid Struggling Homeowners” (6-23-14)

“U.S. Treasury Secretary Jacob J. Lew will announce expanded programs to help struggling mortgage borrowers on June 26, marking the fifth anniversary of government efforts to aid the real-estate market, the Treasury Department said.”

Inman - “NAR: Sales of existing homes post strong gains” (6-23-14)

“Existing-home sales posted strong gains in May as increasing inventory continued to temper price growth and the market showed signs of bouncing back from a lackluster first quarter, the National Association of Realtors reported today.”

DS News - “Bank Collapses Continue to Grow; Failures Total 11″ (6-23-14)

“The list of 2014 bank collapses grew into the double digits over the weekend as River Valley Bancorp was forced to close two of its subsidiary operations.”

Realty Trac - “How to Sell More Houses and Raise Real Estate Prices” (6-23-14)

“Here’s a quick and easy way to sell more houses and raise real estate values: Just reduce credit requirements for mortgages and the whole country will be on its way to a housing rebirth of unprecedented size and power.”

Housing Wire“S&P awards AAA ratings to $303M jumbo RMBS from JPMorgan” (6-23-14)

“Standard & Poor’s Ratings Services has awarded AAA ratings to the vast majority of the classes of a jumbo prime residential mortgage-backed securitization from JPMorgan Chase & Co.”

DS News - “FHFA: April Refinance Volume Similar to 2008″ (6-23-14)

“The Federal Housing Finance Agency (FHFA) released its latest Refinance Report, examining data as of the end of April 2014.”

Housing Wire - “Housing Inventory jumps 11.8% but first-time buyers still locked out” (6-23-14)

“After plunging throughout 2012 and for much of 2013, and rising only modestly through the beginning of this year, the inventory of all for-sale homes nationwide spiked in May, jumping 11.8% year-over-year according to Zillow.”

Mortgage Professional America - “BOA wants to meet with Holder” (6-23-14)

“In talks over a possible multibillion dollar lawsuit, it looks like Bank of America has decided it wants to deal with the top dog.”

DS News - “Home Flippers See Impressive Gains in 2013″ (6-23-14)

“Home flippers reported more gains in 2013 than in any year on record, according to national real estate brokerage Redfin.”

 

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

 

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.

Zillow Reports Number of Homeowners Underwater is 9.7 Million

Tuesday, May 20th, 2014

 

Today’s News Synopsis:

Mortgage default rates decreased to 1.11%, the lowest recorded since the recession according to the latest index from Standard & Poors.  According to the latest Realty Trac report, countries with one in five homeowners underwater are inhabited by almost 1/3 of Americans.  The total number of people underwater is at about 9.7 million, while more first-time homebuyers are underwater compared to higher-priced homes.

In The News:

Realty Trac - “Nearly One-Third of Americans Live in Counties Where One in Five Homeowners in Underwater: Heat Map” (5-19-14)

“A high percentage of homes with negative equity, or underwater, is a lingering legacy from the recent housing and foreclosure crisis.”

DS News - “Default Rates Decline in April to Lowest Post-Recession Rate” (5-20-14)

“Data through April 2014 showed a decline in the national default rate from March, according to S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices.”

Mortgage Professional America - “Spiking mortgage rates strangled sales in 2013″ (5-20-14)

“Spiking mortgage rates bore the brunt of responsibility for the marked slowdown in existing home sales in the second half of 2013, according to new data.”

Inman - “First-time homebuyer inventory is still underwater” (5-20-14)

“Homes that are affordable to first-time homebuyers are more likely to be underwater than homes in higher price ranges, exacerbating inventory shortages in many markets because their owners are unwilling or unable to pull off a short sale or bring cash to the closing table.”

DS News - “9.7 Million Homeowners Underwater” (5-20-14)

“The number of underwater borrowers continues to fall, but that was about the only good news Zillow had to report in its latest look at negative equity.”

Bloomberg - “Citigroup Plans to Expand Mortgage Lending, Fraser Says” (5-20-14)

“Citigroup Inc. (C) is seeking to reverse the contraction of its U.S. mortgage business, partly by increasing purchases of home loans from other firms, according to Jane Fraser, who oversees the lending.”

Housing Wire - “Home Depot stock carries market after positive earnings call” (5-20-14)

“The impact of the harsh winter on the housing market is fizzling out, as Home Depot (HD) records robust May sales. And investors and the stock market are basking in the good news.”

DS News - “Tornado Ravaged Area Seeing Reduced Foreclosures” (5-20-14)

“Nearly a year after a tornado devastated the town of Moore, Oklahoma, foreclosure activity is slowly dwindling in the area, specifically in Oklahoma City, Oklahoma.  RealtyTrac found that bank repossessions spiked 58 percent in the four months following the tornado but are pulling back as the area experiences recovery.”

Mortgage Professional America - “Feds urge judge to toss challenge to $13bn JPMorgan settlement” (5-20-14)

“The government is urging a federal judge to toss a lawsuit that seeks to torpedo its $13 billion settlement with JPMorgan Chase.  The lawsuit claims that the feds let the big bank off too easily.”

Hard Money Loan Closed

Jurupa Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $257,000 on a 4 bedroom, 2 bathroom home appraised for $396,000.

Jurupa Valley Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

 

Looking Back:

The OCC announced that as of May 16 over 2.4 million foreclosure review checks valued at $2.2 billion were cashed.  The Center for Responsible Lending expressed objection to H.R. 1077 (Consumer Mortgage Choice Act) citing it would force borrowers to take out more expensive loans and lead to higher loan costs and fees.  The NAHREP said immigration could be a big contributing factor to helping the housing market grow.

 

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 3/19/14

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.