The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘supreme court’

By Bruce Norris .

The Norris Group Real Estate News Roundup 3/18/13

Monday, March 18th, 2013


Today’s News Synopsis:

Attorney generals are demanding FHA acting director Ed DeMarco to be replaced.  Builder confidence decreased by two points to 44 according to NAHB.  Zillow predicts a 22% increase in home values by the end of 2017.

In The News:

Housing Wire- “Attorneys general call for DeMarco’s replacement” (3-18-13)

“Prominent state attorneys general are calling on Capitol Hill to remove Ed DeMarco, the acting director of the Federal Housing Finance Agency, urging for a new permanent director.”

DS News – “More than One-Third of Homes Sold Within 2 Weeks: Redfin” (3-18-13)

“More than one-third of homes were taken off the market in two weeks or less last month, Redfin revealed in its most recent monthly housing report.”

NAHB – “Builder Confidence Slips Two Notches in March” (3-18-13)

“Builder confidence in the market for newly built, single-family homes paused for a third consecutive month in March, with a two-point reduction to 44 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

Realty Times - “Fiscal Cliff Legislation Saves Tax Credits For Energy-Efficient Upgrades” (3-18-13)

“You need a scorecard to keep up with Washington’s budgetary moves these days.  When legislators kept the nation from toppling off a fiscal cliff, they left a host of key housing and mortgage related benefits intact.”

DS News - “Industry Experts Predict Price Growth into 2017″ (3-18-13)

“If projections hold out, home values will rise 22 percent cumulatively by the end of 2017, according to Zillow’s first-quarter Home Price Expectations Survey.”

Housing Wire - “Supreme Court refuses to hear Goldman Sachs RMBS case” (3-18-13)

“The U.S. Supreme Court punted on a chance to hear a case that could have a significant impact on the scope and size of residential mortgage-backed securities cases in the Second Circuit.”

DS News - “Report: Impact of Investors on REO Inventory Uneven Across Markets” (3-18-13)

“REO inventory declined at an accelerated pace in 2012 as investor activity intensified, but the impact of the reduction has been uneven across markets, according to an analysis from CoreLogic.”

Bloomberg- “Bullish Bets Jump Most Since July as Gold Rebounds: Commodities” (3-18-13)

“Investors increased wagers on a commodity rally by the most in eight months as signs of a U.S. economic recovery bolstered the outlook for demand and drove rallies in crude oil, cotton, copper and gold.”

Hard Money Loan Closed

Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $170,000 on a 2 bedroom, 1.5 bathroom home appraised for $304,000.

 

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

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

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 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 6/5/12

Tuesday, June 5th, 2012

Today’s News Synopsis:

CoreLogic reported home prices increased 1.1% percent in April and are expected to show an increase in the month of May.  Clear Capital also reported in their May 2012 Home Data Index that home prices increased both yearly and quarterly at 0.4% quarterly and 0.1% yearly. CMBS delinquncy rates increased slightly to 0.23% in the first quarter, although for CRE mortgages the delinquency rates decreased to 0.37%.

In The News:

Bloomberg – “Growth Slowdown Seen in U.S. as Recession Dodged: Economy” (6-4-12)

“The U.S. economy looks set to deliver a repeat performance in 2012: for the third straight year, it may suffer a swoon yet not slip into a recession.”

DS News – “CoreLogic: HPI Increased in April, Will Continue in May” (6-5-12)

“Home prices across the nation rose in April, and a further increase is expected for May’s index, according to CoreLogic’s April Home Price Index (HPI) report.”

Housing Wire – “Delinquency rates on CRE mortgages fall, but rise on CMBS” (6-5-12)

“Delinquency rates on commercial mortgages, including multifamily loans, declined for banks in the first quarter while rising for commercial mortgage-backed securities, an industry trade group said.”

Realty Times – “Supreme Court Decides RESPA Case On Unearned Fees” (6-5-12)

“On May 24 of this year, the Supreme Court of the United States issued its decision in the case of Freeman et al. v. Quicken Loans, Inc..”

DS News – “Clear Capital: Prices See First Quarterly and Yearly Gain Since August ’10″ (6-5-12)

“For the first time since August 2010, home prices rose on both a quarterly and yearly basis, according to the May 2012 Home Data Index (HDI) report released by Clear Capital.”

Housing Wire – “Morgan Stanley, JPMorgan, Goldman see cracks in earnings potential” (6-5-12)

“Big investment banks Morgan Stanley ($12.75 0.39%), JPMorgan ($32.03 1.03%) and Goldman Sachs ($92.13 1.13%) are facing weakening revenues and a confluence of negative factors that are making the firms’ outlooks turn bleak.”

DS News – “Asking Prices Flat in May While Rent Increases: Trulia” (6-5-12)

“Asking prices fell flat in May after three consecutive monthly increases while also decreasing from the year before, according to reports from Trulia.”

CNN Money – “State economic growth slowed in 2011″ (6-5-12)

“States’ economic growth slowed sharply in 2011, coming in at half of the previous year’s rate.  Real gross domestic product by state grew 1.5% last year, after increasing 3.1% in 2010, according to a U.S. Bureau of Economic Analysis report released Tuesday.”

Inman – “Real estate industry ducks a mortgage bullet” (6-5-12)

“With the Consumer Financial Protection Bureau’s decision to put off action on its controversial “qualified mortgage” (QM) regulation, the real estate and mortgage finance industries have ducked a bullet, probably until the November elections are over.”


Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $61,000 on a 3 bedroom, 2 bathroom home appraised for $102,000.

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be at the Predictive Methods Conference today.

Bruce Norris of The Norris Group will be at the The Appraisal Institute’s 15th Annual Inland Empire Market Trends Seminar on Thursday, June 7, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the NSDREI 8th Anniversary Dinner Party Tuesday, June 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 10/12/11

Wednesday, October 12th, 2011

Today’s News Synopsis:

According to Housing Wire, mortgage applications went up over 1% with the incease of purchase activity and refinancing.  DS News reported the Supreme Court will not be reviewing its case to reconsider the ruling in its recent court case.  According to Zillow’s latest data report, home values continue to remain the same as foreclosures begin to slow.

In The News:

Housing Wire - “Mortgage applications increase 1.3%” (10-12-11)

“Mortgage application filings increased 1.3% this past week as refinance and purchase activity picked up, an industry trade group said Wednesday.  The Mortgage Bankers Association reported that the market
composite index – a measure of loan application volume – jumped 1.3% on a seasonally adjusted basis from last week.”

Realty Times - “Mixed News Keeps Low Mortgage Rates Stable” (10-12-11)

“For the past week, mixed economic news that continues to lead the headlines has helped to keep low mortgage rates stable. Financial troubles in Europe has left investors busy each day waiting to see if Greece will default or a rescue plan will be implemented. Here in the U.S., even a negative report that is not considered terribly bad is spreading optimism to the markets making any predictions unreliable.”

DS News - “Supreme Court Declines to Review MERS Challenge” (10-12-11)

“The United States Supreme Court has denied a writ of certiorari in a case involving MERS, refusing to reconsider a California court ruling, which upheld MERS’ right to initiate foreclosures.”

Los Angeles Times – “Weak demand at Treasury note sale drives rates up” (10-12-11)

“The U.S. Treasury saw weak demand at its auction of new 10-year notes, a sign that investors’ hunger for government bonds as a haven continues to ebb — at least at current low interest rates.”

Inman - “Company offers real estate agent directory app on Facebook” (10-12-11)

“N-Play, a company that offers a suite of real estate-related applications on Facebook, has rolled out a real estate agent directory app, the company announced last week.”

Realtor Magazine - “Zillow: Home Values Hold Steady, Foreclosures Slow” (10-12-11)

“Home prices mostly held flat in August, increasing a modest 0.1 percent from July to August, according to Zillow’s latest Home Value Index.”

DS News - “Fitch: Special Servicers Mitigate CMBS Losses” (10-12-11)

“The number of commercial mortgage backed securities (CMBS) resolved by special servicers in 2010 was more than four times the amount in 2009, according to Fitch’s CMBS loss study released Wednesday.”

Housing Wire – “Senators press for mass mortgage refi plan” (10-12-11)

“A group of 16 senators sent a letter to regulators Tuesday, pressing for a plan to boost mortgage refinancing for more homeowners as soon as possible. Such a plan is being widely discussed admittedly, and now the lawmakers are ready to
see some action.”

Looking Back:

Multiple states were cooperating in an investigation to determine whether or not lenders violated foreclosure laws when seizing houses from delinquent borrowers. The U.S. was the second largest holder of U.S. debt. A survey from the National Association for Business Economics showed that economists expected gross domestic product would increase 2.6% in 2010 and 2011. According to a Thomson Reuters survey, 63% of potential home buyers were discouraged from buying a home because of the the current economic conditions.

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

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The Norris Group Real Estate News Roundup 8/17/11

Wednesday, August 17th, 2011

Today’s News Synopsis:

Top story in the news is the sales of California homes dropped 11% last month from 38,975 in June to 34,695.  In other news, Housing Wire reported that a case against MERS that sparked much controversy is going to the Supreme Court.  Consumers fears of the market and unstable economy have led to a decrease in mortgage rates.

In The News:

Housing Wire – “California home sales decline 11% in July” (8-17-11)

“California home sales fell 11% in July with 34,695 homes sold last month compared to 38,975 in June, real estate data firm DataQuick said Wednesday.“

Inman - “MLSs, Realtor associations pitch in $7.5M for patent license” (8-17-11)

“Multiple listing services and Realtor associations now have blanket protection from legal claims by a company that holds several patents on location-based Internet search techniques, after the National Association of Realtors raised $7.5 million in licensing fees by Tuesday’s deadline.”

Bloomberg - “Fortress Joins LBO Firms Seeking Real Estate Funds as Fees Under Pressure” (8-17-11)

“Fortress Investment Group LLC (FIG), Colony Capital LLC and Starwood Capital Group LLC are among a record number of private-equity firms raising real estate funds, according to people familiar with the process, driving down fees in a business reeling from earlier losses.”

Realty Times - “Mortgage Rates Sink Lower With Unsteady Markets” (8-17-11)

“Another active week occurred with mortgage rates sinking lower as uneasiness continues to create unsteady markets. Concerns over economic stress around the globe has markets reacting unpredictably each day of the week and have resulted in sliding mortgage ratesrket.”

DS News - “HUD Offers Discounted REOs to Storm Victims” (8-17-11)

“HUD has announced it will sell almost 90 REO properties to public housing authorities in central Alabama and Joplin, Missouri — areas suffering the impact of this spring’s tornadoes.”

NAHB - “NAHB Applauds EPA Decision on ELGs” (8-17-11)

“The Environmental Protection Agency’s decision today to reconsider the imposition of a nationwide cap on how much sediment can be part of the stormwater draining from a construction site is a nod to the importance of sound science – and a big victory for home buyers, according to the National Association of Home Builders (NAHB).”

Housing Wire - “Case against MERS reaches Supreme Court” (8-17-11)

“A controversial case challenging the ability of Mortgage Electronic Registration Systems to foreclose on a California man was filed with the Supreme Court Monday, making it the first major MERS case to reach the nation’s highest court.”

Mortgage Bankers Association - “Refinance Applications Increase in Latest MBA Weekly Survey” (8-17-11)

“Mortgage applications increased 4.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 12, 2011.”

CNN Money - “Fed dissenters speak out” (8-17-11)

“Three Federal Reserve officials are starting to speak out about why they disagree with Chairman Ben Bernanke on the central bank’s latest policy move.  The Federal Reserve decided last Tuesday to leave interest rates exceptionally low until at least 2013 — a dramatic move considering the Fed doesn’t typically give hints, let alone outright time frames, for monetary policy that far in advance.”

Realtor Magazine – “Borrowers Opt for Shorter Loan Terms” (8-17-11)

“Record-reaching low interest rates have prompted more home owners to shorten the terms of their mortgages. Thirty-four percent of refinancers changed their loan to a 20- or 15-year mortgage during the first quarter — the highest level in seven years, Freddie Mac reports.”

Looking Back:

Statistics from MDA DataQuick showed 18,946 new and resale homes were sold in Southern California in July 2010. Frank Nothaft of Freddie Mac announced that refinancing activity had accounted for over 80% of conventional loan activity. National housing starts increased by 7.1 percent in July 2010, according to the NAHB. The MBA expressed concerns that recent policy changes restricting seller concessions went too far and would damage the industry.

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 1/7/11

Friday, January 7th, 2011

Today’s News Synopsis:

ZipRealty reports housing inventory increased 11.2% in 26 major markets from last year. Bernanke told congress he expects a moderate recovery this year. The Massachussets Supreme Court ruled against Wells Fargo in a major foreclosure case. Radar Logic claims home prices remained nearly unchanged from last year.

In The News:

Inman - “For-sale real estate inventory rises 11.2% in December” (1-7-11)

“More homeowners listed their homes for sale in December compared to the same month the year before, according to a report from national real estate brokerage ZipRealty. The number of multiple listing service listings for single-family homes and condominiums in 26 major markets rose 11.2 percent year-over-year in December, to 595,922 total.”

New York Times – “Bernanke Expects a ‘Moderately Stronger’ Recovery” (1-7-11)

“The Federal Reserve chairman, Ben S. Bernanke, told senators on Friday that he expected the recovery to be ‘moderately stronger’ this year. He also defended the central bank’s $600 billion program to stimulate the economy by buying government bonds, and urged Congress to put a credible plan in place to reduce the federal deficit.”

Housing Wire – “Mass. Supreme Court rules against US Bancorp, Wells Fargo in foreclosure case” (1-7-11)

“In a case that could cause many others to be reviewed, a Massachusetts Supreme Judge ruled against U.S. Bancorp (USB: 26.12 -0.65%) and Wells Fargo (WFC: 31.62 -1.65%) Friday saying the banks were not the mortgage holders when they foreclosed on two separate homes.”

Housing Wire – “Senator claims HUD help for unemployed has not reached homeowners” (1-7-11)

“Sen. Bob Casey (D-Pa.) sent a letter to Department of Housing and Urban Development Secretary Shaun Donovan, urging him and the agency to disburse funds allocated to help unemployed homeowners avoid foreclosure. As it stands, Casey claims $100 million in promised funding is now more than three months overdue.”

Housing Wire - “Unemployment falls to 9.4%” (1-7-11)

“Nonfarm payroll employment rose last month although lower than most analysts expected, and the unemployment level decreased to 9.4%, the lowest since May 2009. The Labor Department’s Bureau of Labor Statistics said the economy added 103,000 jobs in December”

Housing Wire – “Radar Logic: Stable home prices in October not market trend” (1-7-11)

“Home prices remained virtually unchanged in October of last year, increasing just 0.1% from the month prior on the RPX Composite price index released by Radar Logic Thursday. However, the firm said the monthly data does not signify a substantial stabilization across the market.”

Bloomberg - “Geithner Urged by Senators to Tackle Home-Foreclosure Process `Forcefully’” (1-7-11)

“Treasury Secretary Timothy F. Geithner and federal regulators need to fix the mortgage foreclosure process so that it doesn’t derail the economic recovery, Senator Jack Reed and 16 other senators wrote in a letter yesterday.”

Los Angeles Times – “Jerry Brown takes a hard look at Prop. 13″ (1-7-11)

“In an interview Tuesday, Brown said he did not support an increase in property taxes. But he said that much of the fallout from the measure should be undone and that he planned to propose a ‘complex reordering’ of government that would address some of the problems the measure created.”

For m ore 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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