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By Bruce Norris .

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.

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The Norris Group Real Estate News Roundup 2/6/13

Wednesday, February 6th, 2013


Today’s News Synopsis:

According to NAHB’s latest Improving Market Index, the number of improving markets increased to 259, marking the sixth month in a row to show an increase.  The Mortgage Bankers Association reported mortgage applications increased 3.4% from last week.  Standard & Poor’s is facing a lawsuit from the Federal Government for not disclosing the credit risks behind some of their mortgage-backed securities.

In The News:

Inman – “S&P accused of misrepresenting risks of bundled mortgages” (2-5-13)

“The federal government has filed a lawsuit against a prominent credit ratings agency, alleging the agency issued inflated ratings that misrepresented the true credit risks of mortgage-backed securities in the boom years leading up to the financial crisis and subsequently cost investors billions.”

Housing Wire- “Private mortgage market sidelined by housing agency dominance” (2-6-13)

“A lack of clarity about the future of federal housing agencies has kept private capital on the sidelines of the mortgage finance system, U.S. lawmakers warned Wednesday.”

Bloomberg – “Republicans Seek FHA Changes as Prelude to Housing Overhaul” (2-6-13)

“Republican lawmakers say they will seek changes at the financially troubled Federal Housing Administration as a first step toward a broader overhaul of the U.S. government role in housing finance.”

NAHB- “List of Improving Housing Markets Expands to 259 in February; All 50 States Represented” (2-6-13)

“The number of improving housing markets continued to expand for a sixth consecutive month to a total of 259 metropolitan areas on the National Association of Home Builders/First American Improving Markets Index (IMI) for February, released today.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (2-6-13)

“Mortgage applications increased 3.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 1, 2013.  Last week’s results included an adjustment for the Martin Luther King holiday.”

Housing Wire- “First RMBS putback decision clears path for litigants” (2-6-13)

“At first glance, a judge’s decision ordering Flagstar Bancorp to pay Assured Guaranty $90.1 million in damages and fees to cover representation and warranty issues stemming from insured residential mortgage-backed securities transactions seems somewhat minor.”

Realty Times - “Volatile Markets Cause Concern for Mortgage Rates” (2-6-13)

“This past week had rate watchers frequently monitoring pricing as volatile markets caused concern for mortgage rates.  Stocks took off while MBS prices were hurt by the multiple end of month economic reports that were released. Housing reports were also mixed, yet still showing a housing recovery.”

Housing Wire- “Mortgage bond investors told to prepare for sustained refinancings” (2-6-13)

“The Mortgage Bankers Association announced its refinance index grew 4% this past week. It’s an announcement that should come as no surprise to mortgage bond investors, as concerns mount on the possible three-year non-agency MBS rally reaching the beginning of the end.”

DS News- “Foreclosure Process Among Top Legislative Priorities for Florida Realtors” (2-6-13)

“Realtors in Florida are no stranger to the economic impact of foreclosures. So, it’s no surprise that the Florida Realtors addressed the state’s judicial foreclosure process in its list of five legislative priorities for 2013.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $320,000 on a 3 bedroom, 2 bathroom home appraised for $460,000.

 

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Looking Back:

According to the latest report from the U.S. Commerce Department, sales of pending existing homes increased while at the same time sales of new homes decreased all in the month of December.  According to Housing Wire, commercial and multifamily loan origination increased 13% in the fourth quarter of 2011.  NAHB reported the number of housing markets showing improvement increased to 100.

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

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The Norris Group Real Estate News Roundup 1/29/13

Tuesday, January 29th, 2013


Today’s News Synopsis:

Vacancies of homes declined in the fourth quarter.  Rentals declined to 8.7% while owner-occupied homes decreased to 1.9%.  Mortgage rates decreased slightly last month to 3.29% according to the Federal Housing Finance Agency.  Housing starts showed the biggest gain in Las Vegas, the same city hit hardest by the real estate crash.

In The News:

Housing Wire- “Amherst predicts $30 billion in new origination for private-label securitization” (1-29-13)

“Senior Managing Director Laurie Goodman at Amherst Securities Group noted that she expected new origination for private-label securitization to reach roughly $30 billion for the yea.”

Bloomberg – “U.S. Home Vacancies Fell in 4th Quarter From Prior Year” (1-29-13)

“U.S. residential vacancy rates declined in the fourth quarter as housing demand improved amid job gains, the Census Bureau reported.”

DS News- “Case-Shiller Indexes Show Sharp Annual Gain in November” (1-29-13)

“Despite seeing a month-over-month drop, the 10- and 20-city Case-Shiller Home Price Indexes registered their strongest year-over-year improvement in two and a half years on a non-seasonally adjusted basis, Standard & Poor’s reported Tuesday.”

Housing Wire- “Languishing Home Improvement Market ‘Poised’ for Rebound: Study” (1-29-13)

“After experiencing a downturn, spending on home improvement may finally register an increase in 2012, with the market appearing to be “poised for a solid rebound,” according to a recent report from the Harvard Joint Center for Housing Studies.”

DS News- “Las Vegas Area Leads U.S. in Home-Construction Gains” (1-29-13)

“Las Vegas, one of the hardest-hit cities in the U.S. real estate crash, had the biggest jump in housing starts in the fourth quarter, almost doubling from a year earlier.”

Inman- “Trulia providing continuous listings updates” (1-29-13)

“In an effort to provide consumers with the most current information, Trulia is now updating the listing data it receives directly from multiple listing services (MLS) on a continuous basis, the company said today.”

DS News – “Report: Remodeling Projects That Yield the Greatest ROI” (1-29-13)

“A lot of homes can use a facelift, especially properties in distress, but some projects may not be worth the sweat and dollars when considering the return on investment (ROI).”

Housing Wire- “D.R. Horton: Net income rises 139% on building activity” (1-29-13)

“Homebuilder D.R. Horton ($21.31 0%) revealed Tuesday that net income for its first fiscal quarter of 2013 increased 139% to $66.3 million, or $0.20 per diluted share.”

Hard Money Loan Closed

Wilmington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $150,000 on a 4 bedroom, 3 bathroom home appraised for $358,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 2012.

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 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.

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The Norris Group Real Estate News Roundup 12/4/12

Tuesday, December 4th, 2012

Today’s News Synopsis:

As part of a Christmas gift, Fannie Mae and Freddie Mac are suspending foreclosures from December 19 through January 2, 2013.  Home prices increased 6.3% in October to their highest in 6 years.  Trulia reported asking prices for homes increased 3.8% last month to their highest since the beginning of the recession.

In The News:

DS News- “REO Sales Diminish to Under 20% of Overall Home Sales: Clear Capital” (12-4-12)

“Clear Capital released a new market report Tuesday, tracking home prices through the end of November.”

Los Angeles Times- “Home prices show biggest jump in 6 years in October” (12-4-12)

“Home prices increased 6.3% in October from a year earlier, the biggest year-over-year gain since 2006, according to Irvine research firm CoreLogic.”

WTSP 10 News- “Fannie, Freddie halt foreclosures for the holidays” (12-4-12)

“Fannie Mae (FNMA) and Freddie Mac (FMCC), along with some of the nation’s biggest lenders, said Monday that they will suspend some foreclosures during the holidays.”

Bloomberg – “Banks Discover Money Management Again as Trading Declines” (12-4-12)

“Global banks, forced by regulators to reduce their dependence on profits from high-risk trading, have rediscovered the appeal of the mundane business of managing money for clients.”

Inman- “Asking prices stay strong into autumn” (12-4-12)

“Asking prices for homes on real estate portal Trulia’s website were up 3.8 percent in November from a year ago, the largest year-over-year increase since the housing recession began, according to a monthly report from Trulia.”

DS News- “FDIC-Insured Banks Improve Earnings in Q3, ‘Problem’ List Shrinks” (12-4-12)

“FDIC-insured banks continued to show improving health in the year’s third quarter, the agency reported Tuesday.”

Housing Wire- “S&P: Private-label RMBS may hit $15 billion in 2013″ (12-4-12)

“Total private-label residential mortgage backed securitized issuance is about $6 billion this year, compared with $2.8 billion from 2011, according to Standard & Poor’s ratings service.”

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $65,000 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 at the Scottish Rite Center in San Diego on Tuesday, December 11, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IRCA Los Angeles on Wednesday, January 2, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley on Tuesday, January 8, 2012.

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

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The Norris Group Real Estate News Roundup 11/27/12

Tuesday, November 27th, 2012

Today’s News Synopsis:

In a big news story, home prices increased month-over-month for the sixth month straight and year-over-year for the fourth month in a row.  According the latest S&P/Case-Shiller home price index, both 10 and 20-city indexes increased 0.3% in September, showing signs of recovery for the home market.  Fitch reported the title insurance industry will benefit the most from an improved housing market and increased revenue.

In The News:

Inman- “Sustained home price gains show strength of recovery” (11-27-12)

“Consistent home price gains demonstrate that the housing recovery is on solid ground, the publishers of a leading home price index and other industry experts say.”

DS News- “FHA Revises Loss Mitigation Program” (11-27-12)

“The Federal Housing Administration (FHA) announced revisions to parts of its loss mitigation program last week in order to expand the number of borrowers who can receive assistance.”

Housing Wire – “Proposed mortgage rules threaten private RMBS comeback” (11-27-12)

“It’s likely the future mortgage market will feature a standardized, almost plain-vanilla mortgage product, some analysts suggest.”

CNN Money- “The fiscal cliff’s impact on homeowners  (Video)” (11-27-12)

“Some homeowners rush to sell their properties in fear that the capital gains tax will go up next year.”

DS News- “Housing Recovery Benefits Title Insurance Industry: Fitch” (11-27-12)

“With revenue up and the housing market showing a sustained recovery, Fitch Ratings says the outlook for the U.S. title insurance industry is ‘stable’.”

Realty Trac- “Will There Be An FHA Bailout” (11-27-12)

“Those who dislike the Federal Housing Administration (FHA) are no doubt elated by news that the federal loan insurance program may need to borrow from the Treasury Department to bulk up disappearing reserves.”

DS News- “Lack of Distressed Properties Locks Out First-Time Homebuyers” (11-27-12)

“The share of distressed properties is shrinking and home prices are rising, but first-time homebuyers aren’t benefiting from the improvements, according to findings from a survey.”

Housing Wire- “Wells Fargo mortgage domination not due to higher origination volume: FBR” (11-27-12)

“Although Wells Fargo  ($32.90 0%) accounts for 30% of market share on paper in the origination and refinancing market, the company’s mortgage origination volumes are flat and expected to remain that way, according to FBR Capital Markets.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 5 bedroom, 2 bathroom home appraised for $273,000.

 

Bruce Norris of The Norris Group will be at the Investors Workshops at the Doubletree Hotel in Orange on Wednesday, November 28, 2012.

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at the El Camino Country Club in Riverside on Sunday, December 2, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Scottish Rite Center in San Diego on Tuesday, December 11, 2012.

 

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

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The Norris Group Real Estate News Roundup 11/1/12

Thursday, November 1st, 2012

Today’s News Synopsis:

Unemployment claims decreased again last week to 363,000 according to the Labor Department.  Mortgage rates are at record lows again after decreasing to 3.39% this week.  15-year rates are also now at 2.7%.  Spending on construction also increased to the highest level since 2009 and is now at $851.6 billion.


In The News:

DS News- “First-Time Jobless Claims Drop Again” (11-1-12)

“First-time claims for unemployment insurance fell 9,000 to 363,000 for the week ended October 27, the Labor Department reported Thursday.”

Housing Wire- “Ocwen profit and revenue rise on mortgage business acquistions” (11-1-12)

“Mortgage servicer Ocwen Financial Corp. ($38.57 0%) posted a higher profit and record-setting revenue for the third quarter as the firm expanded its balance sheet with the acquisition of mortgage servicing rights valued at $6.1 billion of unpaid principal balance.”

Los Angeles Times- “Mortgage rates remain near record lows” (11-1-12)

“Mortgage interest rates moved slightly lower this week, according to housing finance giant Freddie Mac, with lenders offering 30-year fixed-rate home loans to solid borrowers at an average of 3.39%, compared with 3.41% last week.”

DS News- “CFPB Finds Violations of Consumer Financial Laws Among Lenders” (11-1-12)

“The Consumer Financial Protection Bureau (CFPB) released a Supervisory Highlights report Wednesday, providing an overview of its supervisory actions between July 2011 and September 2012.”

Housing Wire- “Appraisers rush to repeat work in Hurricane Sandy aftermath” (11-1-12)

“Standard & Poor’s released an early view into the extent of Hurricane Sandy damage to the economy.”

Bloomberg – “Construction Spending in U.S. Climbs to Highest Level Since 2009″ (11-1-12)

“Construction spending climbed in September to the highest level in almost three years, led by a rebound in homebuilding that is rippling through the U.S. economy.”

DS News – “Fitch: Impact of Sandy on RMBS” (11-1-12)

“If Hurricane Sandy has any impact on the performance of residential mortgage-backed securities (RMBS), it will probably be one that is short-term, according to Fitch Ratings.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $69,000 on a 3 bedroom, 1 bathroom home appraised for $115,000.

 

Bruce Norris of The Norris Group will be at the OCRE Forum at the Chinese Cultural Center in Riverside on Wednesday, November 7, 2012.

Bruce Norris of The Norris Group will be at the Investors Workshops at the Doubletree Hotel in Orange on Wednesday, November 28, 2012.

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at the El Camino Country Club in Riverside on Sunday, December 2, 2012.

Looking Back:

In a big news story, 14 mortgage servicers were undergoing reviews of their foreclosure processes as reuired by consent orders they signed.  Pending home sales fell another 4.6% the previous week according to the Realty Times.  Allied Home Mortgage Capital faced a lawsuit by federal officials for claims of fraud.  The Commerce Department reported a slight increase on construction and manufacturing.

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

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The Norris Group Real Estate News Roundup 10/30/12

Tuesday, October 30th, 2012

Today’s News Synopsis:

According to the latest S&P/Case-Shiller Index, home prices increased in August for the fifth consecutive month.  At the same time, home vacancies decreased last quarter according to the Census Bureau.  Rented homes decreased to 8.6%, and owner-occupied homes decreased to 1.9%.  30 year mortgage rates increased again by 2 basis points to 3.76% last September.


In The News:

Inman- “August home prices continue steady rise” (10-30-12)

“The 10- and 20-city S&P/Case-Shiller home price indices posted monthly increases for the fifth month in a row in August, according to a report released today.”

Bloomberg – “U.S. Housing Vacancies Fall and Ownership Flat as Rentals Rise” (10-30-12)

“U.S. residential vacancy rates fell in the third quarter as the growth in households outpaced construction, the Census Bureau reported.”

DS News- “LPS Settles with Colorado AG for $1.8M” (10-30-12)

“Lender Processing Services, Inc. (LPS) reached a settlement with Colorado Attorney General John Suthers for $1.8 million over former document execution practices by LPS subsidiaries, DocX, LLC and LPS Default Solutions.”

Realty Times – “California REALTORS® Change The Rules For Short Sale Offers of Compensation” (10-30-12)

“Directors of the California Association of Realtors® (CAR) recently voted to amend the state model MLS rules as they apply to short sales.”

Realty Trac- “RealtyTrac on The Willis Report: Why Most Housing Markets Worse Off Than 2008″ (10-30-12)

“A housing report issued last week by RealtyTrac found that housing markets in 65 percent of U.S. counties are worse off than it was four years ago.”

DS News – “Disaster Relief Available for Homeowners with Freddie Mac Loans “ (10-30-12)

“Homeowners with mortgages guaranteed by Freddie Mac may be eligible for payment relief if they are located in an area that has been devastated by Hurricane Sandy.”

Housing Wire- “Wells Fargo mails checks to thousands with FHA-backed mortgages” (10-30-12)

“Wells Fargo ($33.97 -0.09%)recently surprised thousands of home loan customers by sending refund checks to a fraction of its Federal Housing Administration-backed borrowers.”

Bloomberg – “Real Estate Recovery Challenged by Sandy: Mortgages” (10-30-12)

“The U.S. real estate recovery that’s gained strength this year faces a setback from flooding and property damage inflicted by Hurricane Sandy, the biggest tropical gale to hit the Atlantic seaboard.”

Housing Wire – “FHFA: 30-year mortgage rate edges up” (10-30-12)

“The average interest rate recorded on a conventional 30-year, fixed-rate mortgage rose 2 basis points to 3.76% in September, the Federal Housing Finance Agency said Tuesday.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $58,000 on a 4 bedroom, 2 bathroom home appraised for $90,000.

 

Bruce Norris of The Norris Group will be at the OCRE Forum at the Chinese Cultural Center in Riverside on Wednesday, November 7, 2012.

The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 2012.

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

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The Norris Group Real Estate News Roundup 9/25/12

Tuesday, September 25th, 2012

Today’s News Synopsis:

The recent Case-Shiller Index showed a 1.5% month-over month increase in home prices in July.   This marks the third month in a row where prices have increased.  The economy also saw an increase in consumer confidence this month with an increasing optimistic outlook on the job market.  Home and condo sales also increased 20% year-over-year last month.


In The News:

Housing Wire – “Home prices rise in July for third consecutive month: S&P/Case-Shiller” (9-25-12)

“Both home price indices measured by Standard & Poor’s show home prices rising from June to July, according to the latest S&P/Case-Shiller report.”

Bloomberg – “Property Taxes Jump for Local Governments, Census Reports” (9-25-12)

“U.S. local governments’ property- tax collections increased 6.2 percent during the second quarter from the year before, the Census Bureau reported, easing the strain on cities from the housing market crash.”

CNN Money – “Consumer confidence rises, boosted by jobs optimism” (9-25-12)

“Consumer confidence rose in September, as renewed optimism about the job market gave the economic indicator a boost.”

DS News- “Home and Condo Sales Rise in August for Bay State: Report” (9-25-12)

“Sales for single-family homes and condominiums in Massachusetts posted yearly increases in August, according to a report from The Warren Group, publisher of Banker & Tradesman.”

Bloomberg – “Home Prices Unlikely to Come ‘Roaring’ Back, Case Says” (9-25-12)

“U.S. home prices, which climbed more than forecast in July, are unlikely to come “roaring” back as the housing market reaches bottom, according to Karl Case, the economist who co-created the S&P/Case-Shiller index.”

DS News – “More than 400k California Borrowers Will Get Claim Forms for Settlement Funds “ (9-25-12)

“California Attorney General Kamala D. Harris announced Tuesday that claim forms will be sent out to borrowers who may be eligible for settlement funds after losing their home to foreclosure.”

Housing Wire – “One in five borrowers receives conflicting credit score reports: CFPB” (9-25-12)

“Consumers buying new homes may find themselves accepting loan transactions that either overvalue or undervalue their credit histories, potentially leading to poor credit choices.”

NAHB – “More than 800 Attend Rally for Homeownership in Independence, Mo.” (9-25-12)

“More than 800 people from Missouri and three neighboring states took part in a Rally for Homeownership today in Independence, Mo. to send a message to their local, state and federal lawmakers that homeownership is critical to a strong and prosperous nation and vitally important to America’s families.”

Housing Wire – “Disparate impact case comes back to haunt DOJ” (9-25-12)

“A U.S. Justice Department attorney is taking heat from several lawmakers who believe he may have played a role in pushing a key housing discrimination case off the U.S. Supreme Court docket, according to a letter Congressional leaders sent to Attorney General Eric Holder this week.”

DS News – “Wells Fargo Announces Military Affairs Program” (9-25-12)

“As part of its effort to better serve active duty military and veterans, Wells Fargo announced the creation of a Military Affairs Program.”

Hard Money Loan Closed

Pomona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $142,000 on a 3 bedroom, 2 bathroom home appraised for $236,000.

 

Bruce Norris of The Norris Group will be at the Real Wealth Game Changers Expo in Costa Mesa Friday-Sunday, September 28-30, 2012.

Bruce Norris of The Norris Group will be at the Apartment Owners Association in Los Angeles on Wednesday, October 17, 2012.

The Norris Group is holding its fifth annual I Survived Real Estate 2012 in Yorba Linda on Friday, October 19, 2012.
For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 9/24/12

Monday, September 24th, 2012

Today’s News Synopsis:

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


In The News:

Bloomberg – “U.S. Earnings Gains Obscured by Retreat in Energy Profit” (9-24-12)

“The unbroken streak of Standard & Poor’s 500 Index profit growth that spurred a three-year bull market would last another quarter if not for energy companies, whose profits are poised to slump the most since 2009.”

Mortgage Bankers Association – “Commercial/Multifamily Mortgage Debt Outstanding Declines Fueled by Drop in CMBS Loans” (9-24-12)

“The level of commercial/multifamily mortgage debt outstanding decreased by $10.4 billion, or 0.4 percent, in the second quarter of 2012, as the balance of loans in CMBS, CDO and other ABS issues continued to decline, according to the Mortgage Bankers Association (MBA).”

DS News – “Mortgage Financing Increases as Distressed Sales Fall: Survey” (9-24-12)

“The popularity of FHA mortgages is slowing down, while the use of mortgage financing is growing overall, according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.”

Realty Times – “Real Estate Outlook: Sensible Lending for Better Home Sales” (9-24-12)

“Lending, or the lack thereof, has been a hot button issue since the housing bubble burst seen in the mid-2000′s. The recession of 2009 quickly followed and many would-be buyers found themselves out in the cold, unable to procure a home mortgage”

Inman – “New MLS is retail only” (9-24-12)

“A New York City-based portal, RetailMLS.com, claims to be the first multiple listing service that’s dedicated solely to retail properties.”

DS News – “Report: Mortgage Litigation Eases in Q1, Expected to Level Off “ (9-24-12)

“While this year’s $25 billion mortgage settlement may have eased mortgage litigation in the first quarter, legal activity still remains relatively high, according to a report from Mortgage Daily.”

Housing Wire – “QE3 enriches subprime mortgage bonds” (9-24-12)

“The scarcity of agency mortgage-backed securities intensified by the Federal Reserve third round of quantitative easing is adding momentum to the non-agency subprime MBS sector rally.”

Bloomberg – “Realtors Lead Election Giving as Housing Revives: BGOV Barometer” (9-24-12)

“The National Association of Realtors is poised to lead in political giving this year as the housing market rebounds from the deepest slump since the 1930s.”

Housing Wire – “Shadow inventory declines by 1.2 million in 2012″ (9-24-12)

“Banks trimmed 1.2 million troubled mortgages or foreclosed homes out of the massive shadow inventory hanging over the housing market in the first half of 2012, according to JPMorgan Chase ($41.45 0.57%) research.”

DS News – “New York Allots $60M for Legal Services to Avoid Foreclosure” (9-24-12)

“New York Attorney General Eric T. Schneiderman announced his state will spend $60 million on housing counseling and legal services for struggling homeowners.”

Hard Money Loan Closed

Palmdale, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $57,000 on a 2 bedroom, 2 bathroom home appraised for $95,000.

 

Bruce Norris of The Norris Group will be at the Real Wealth Game Changers Expo in Costa Mesa Friday-Sunday, September 28-30, 2012.

Bruce Norris of The Norris Group will be at the Apartment Owners Association in Los Angeles on Wednesday, October 17, 2012.

The Norris Group is holding its fifth annual I Survived Real Estate 2012 in Yorba Linda on Friday, October 19, 2012.
For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 9/19/12

Wednesday, September 19th, 2012

Today’s News Synopsis:

Construction on new homes increased 2.3% according to the National Association of Home Builders.  At the same time, remodeling on homes increased 15% in July to 3,144,000.  Existing home sales also increased 7.8% last month to their highest level since May 2010.


In The News:

NAHB – “Housing Starts Rise 2.3 Percent in August on Strength in Single-Family” (9-19-12)

“Nationwide housing production rose 2.3 percent to a seasonally adjusted annual rate of 750,000 units in August, according to newly released figures from HUD and the U.S. Census Bureau.”

Housing Wire – “Home remodeling activity spikes 15% in July: BuildFax” (9-19-12)

“Residential remodels authorized by building permits rose 15% in July to 3,144,000 from the year-ago figure of 2,725,000, according to real estate data provider BuildFax.”

DS News – “Existing Home Sales at 27-Month High in August “ (9-19-12)

“Existing home sales rose 7.8 percent to 4.82 million in August – the highest level since May 2010 – the National Association of Realtors reported Wednesday.”

Realty Times – “Feds Release QE3 To Keep Mortgage Rates Down” (9-19-12)

“Last Thursday, the Feds announced their latest plan to aid economic growth and the stagnant unemployment rate.”

Bloomberg – “Wells Fargo, Morgan Stanley Faulted on RMBS Servicing” (9-19-12)

“A law firm that won an $8.5 billion settlement from Bank of America Corp. (BAC) tied to faulty mortgage bonds said Wells Fargo (WFC) & Co. and Morgan Stanley (MS) failed to service $73 billion of similar securities, creating a default.”

Mortgage Bankers Association – “Mortgage Rates Drop to New Survey Lows” (9-19-12)

“Mortgage applications decreased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 14, 2012.”

DS News – “Mortgage Default Rates Down in August: S&P/Experian” (9-19-12)

“Default rates across four categories were down in August, hitting their lowest rates since the end of the 2007/2009 recession, according to data from the S&P/Experian Consumer Credit Default Indices.”

DS News – “2011 Lending Data Reveals Declining Conventional, FHA Activity” (9-19-12)

“The Federal Financial Institutions Examination Council (FFIEC) released Tuesday data on mortgage lending transactions in 2011 at 7,632 financial institutions in the United States.”

Hard Money Loan Closed

Fullerton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $420,000 on a 4 bedroom, 3 bathroom home appraised for $752,000.

 

Bruce Norris of The Norris Group will be at the InvestClub for Women in Orange County today, September 19, 2012.

Bruce Norris of The Norris Group will be at the Real Wealth Game Changers Expo in Costa Mesa Friday-Sunday, September 28-30, 2012.

Bruce Norris of The Norris Group will be at the Apartment Owners Association in Los Angeles on Wednesday, October 17, 2012

Looking Back:

Confidence in building new homes in the U.S. was at the lowest it had been in three months.  The International Monetary Fund released a study showing an increase in foreclosures and unemployment happening as a result of banks not having enough restrictions and tighter regulations on loans.  According to DS News, properties owned by the bank now totaled about 476,000, a decrease of about 17% from almost a year earlier.

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

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