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By Bruce Norris .

The Norris Group Real Estate News Roundup 4/12/13

Friday, April 12th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The number of foreclosures increased 73% from January.  Both Wells Fargo and JPMorgan reported first quarter profits were some of the best on record.

In The News:

Housing Wire - “Sen. Boxer: Servicing standards fall short of settlement” (4-12-13)

“U.S. Sen. Barbara Boxer, D-Calif., sent a letter to federal officials urging them to investigate allegations that banks are not fully complying with servicing standards laid out in the National Mortgage Settlement.”

Bloomberg - “Economy Bears Turn Bulls Seeing 3% U.S. GDP Few Saw in 2012″ (4-12-13)

“Bearish forecasts for the U.S. economy are giving way to more upbeat views of the nation’s ability to weather federal spending cuts and tax increases.”

DS News – “Wells Fargo, JPMorgan Report Record Profits in Q1″ (4-12-13)

“Wells Fargo and JPMorgan Chase both pulled in record quarterly profits during the first months of 2013, according to earnings reports released Friday by both banks.”

Inman – “Mortgage rules may put chill on Canada’s spring buying season” (4-12-13)

“Home sales in the metro Montreal market fell 18 percent during the first quarter compared to a year ago, the latest evidence that new mortgage rules introduced by Canadian regulators last summer have cooled markets there.”

DS News - “California Foreclosure Starts Up 73% from January” (4-12-13)

“Foreclosure starts in California showed a huge increase since the beginning of this year, but the long-term trend still points to an overall decrease, ForeclosureRadar reported.”

Housing Wire - “Colorado bill to end dual-tracking dies in committee” (4-12-13)

“Proposed legislation designed to end the practice of dual tracking in Colorado died in committee this week.”

Inman - “Redfin: Feels like a bubble, but it’s not” (4-12-13)

“An informal Inman News survey of agents around the country shows many real estate professionals are experiencing market conditions that, at least on a surface level, resemble those of the housing bubble.”

DS News - “Foreclosure Timelines Are Lengthening” (4-12-13)

“Foreclosure timelines are lengthening, according to recent reports from Moody’s Investors Service and RealtyTrac.  In addition to this trend, Moody’s highlighted the importance of net present value (NPV) models in the loss mitigation process for residential mortgage-backed securities.”

Hard Money Loan Closed

Yucca Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $220,000 on a 4 bedroom, 3 bathroom home appraised for $370,000.

 

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 TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with Chino Valley Real Estate on Friday, May 17, 2013.

Looking Back:

This week saw many changes in the real estate economy.  The number of foreclosures filed was at its lowest in over four years since 2007.  Unfortunately, the number of claims of unemployment increased 13,000 the previous week to a level not experienced since January.  Mortgage rates decreased again 3.88% for 30-year loans and 3.11% for 15-year loans, the lowest on record.

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 4/5/13

Friday, April 5th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Asking prices on single-family homes increased last month while rent prices continued to remain stable.  Construction jobs increased 3.8% year-over-year and are at their highest in 7 years.

In The News:

DS News - “Asking Home Prices Swing Up in March, Rents at Stand-Still” (4-5-13)

“Asking prices on single-family homes rose in March, while high inventory flattened out rent prices, according to Trulia’s Price and Rent Monitors.”

Housing Wire - “Fragility continues to threaten housing recovery” (4-5-13)

“The latest data from the Obama Administration revealed important progress in the housing rebound, but much like the last scorecard, it continues to warn that the overall recovery remains fragile.”

Inman – “Construction job growth hits 7-year high” (4-5-13)

“While today’s job’s report was disappointing on nearly all fronts, there was one bright spot that shone through the dismal numbers: sustained construction-job growth.”

Realty Times – “Desire To Buy Increasing As Confidence Returns” (4-5-13)

“Here we go. Americans are showing more desire to buy homes. In fact, the American dream is more alive than it has been in years – it’s reached a three-year high with 79 percent of U.S. residents saying that owning a home is an essential part of that all-American dream.”

DS News - “Watchdog Report Identifies Flaws in Foreclosure Review Process” (4-5-13)

“When federal regulators announced the abrupt ending of the Independent Foreclosure Review in place of a new agreement, the conclusion to the review process led to more questions than answers.”

Housing Wire - “Principal reductions factor in heavily: HAMP report” (4-5-13)

“Of all non-GSE mortgages eligible for principal reductions through the government’s Home Affordable Modification Programs, 70% actually included a principal reduction component during the month of February, the Obama administration said Friday.”

Inman - “Multiuse development projects infuse communities with new life” (4-5-13)

“Unsprawl chronicles re-envisioned housing communities in 12 case studies.”

DS News - “Survey: CFPB and Dodd-Frank Plague Lenders with Uncertainty” (4-5-13)

““Uncertainty” is a term that has plagued the lending industry for some time. Since the introduction of Dodd-Frank three years ago, uncertainty about the future of industry regulation has been a source of concern among close to half of lenders, according to QuestSoft, a Laguna Hills, California-based software provider.”

Hard Money Loan Closed

South El Monte, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $205,000 on a 3 bedroom, 2 bathroom home appraised for $324000.

 

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.

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.

Looking Back:

Claims for unemployment declined by 6,000, while the number of jobs planned to be cut decreased by 27%.  Freddie Mac reported 30-year fixed-rate mortgages had not shown much change and were still below 4%.  Rents continued to increase as home prices remained at a standstill.

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 3/8/13

Friday, March 8th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The unemployment rate declined to 7.7% with the addition of over 200,000 new jobs.  Of all the new jobs added, 48,000 were in the construction industry.

In The News:

Housing Wire - “Construction industry adds 48,000 jobs” (3-8-13)

“The construction industry added 48,000 jobs in February, creating a dose of optimism in a segment of the economy gutted by the 2008 housing crisis.”

DS News – “Economy Adds 236K Jobs in February; Unemployment Rate Slips” (3-8-13)

“The economy added 236,000 jobs in February and the unemployment rate slipped to 7.7. percent, its lowest level since December 2008, the Bureau of Labor Statistics reported Friday.”

Bloomberg - “Bank of America Raises Forecast for Gain in Home Prices” (3-8-13)

“U.S. home prices probably will rise 8 percent this year, up from a previous estimate of a 4.7 percent increase, according to Bank of America Corp.”

Inman- “Customized reports track construction throughout California” (3-8-13)

“The California Homebuilding Foundation (CHF) has introduced a new database it says will provide real estate professionals and researchers with more comprehensive reports on construction projects throughout California.”

DS News- “Fitch: CMBS Delinquencies Down for 9th Straight Month” (3-8-13)

“U.S. CMBS delinquencies spiraled downward for the ninth straight month in February, Fitch Ratings reported Friday.”

Housing Wire – “FHA to establish its own qualified mortgage rule: Galante” (3-8-13)

“The Federal Housing Administration is constructing its own version of the qualified mortgage rule, said FHA Commissioner Carol Galante, during the JPMorgan Chase Securitization Research conference.”

Hard Money Loan Closed

Lakewood, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $250,000 on a 3 bedroom, 1.5 bathroom home appraised for $393,000.

 

Bruce Norris and Craig Hill of The Norris Group will be hosting a one hour Hard Money Loan Webinar TODAY from 12pm-1pm.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

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

Looking Back:

Mortgage rates continued to stay low, which is increasing the number of people who can afford to buy a home.  15-year loans hit a record low of 3.13%.  Despite this, household debt increased in the fourth quarter for the first time in four years.  Home prices decreased for the sixth month in a row last January.  A recent report stated the FHFA needs to improve the way they supervise Freddie Mac.

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 3/1/13

Friday, March 1st, 2013



Sources:

 

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Spending on construction decreased last month by 2.1%, the biggest since 2011.  Spending increased despite personal income dropping by almost $500 billion.

In The News:

Bloomberg - “Construction Spending in U.S. Unexpectedly Fell in January” (3-1-13)

“Construction spending in the U.S. unexpectedly fell in January following the biggest back-to-back gain in a year, reflecting a slump in nonresidential and government projects.”

DS News – “Personal Income Plunges in January; Spending Up” (3-1-13)

“Personal income dropped $505.5 billion, or 3.6 percent, and disposable personal income (DPI) fell $491.4 billion, or 4.0 percent, in January, the Bureau of Economic Analysis (BEA) reported Friday.”

Realty Times - “Mortgage Rates Break Holding Pattern, Move Lower” (3-1-13)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, average fixed mortgage rates moved lower after being largely unchanged over the past month, while continuing to help drive the housing recovery leading up to the spring home buying season.”

Housing Wire- “Bank of America admits to NY AG probe and other investigations” (3-1-13)

“Mortgage-backed securities continue to plague Bank of America ($11.42 0.19%), the major lender that acquired subprime giant Countrywide during the financial crisis .”

DS News - “Consumer Debt Rises in Q4, Mortgage Debt Flattens: Fed” (3-1-13)

“Mortgage debt for U.S. households was roughly unchanged quarter-over-quarter, according to the Federal Reserve Bank of New York’s Household Debt and Credit report. Mortgage debt stood at $8.03 trillion in Q4, making up the largest component of household debt.”

DS News- “Firm Says National Home Price Gains Are Unsustainable” (3-1-13)

“While some read recent home price gains as a sign of an improving market, Radar Logic warns the recent gains are “unsustainable” and may actually be dampening market recovery.”

Housing Wire – “Judge revives multi-billion dollar MBS dispute against banks” (3-1-13)

“The Second Circuit Court of Appeals overturned a lower court’s dismissal of a major residential mortgage-backed securities lawsuit filed against U.S. investment banks.”

Hard Money Loan Closed

Santee, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $192,000 on a 3 bedroom, 2 bathroom home appraised for $297,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IVAOR on Wednesday, March 6, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

Looking Back:

In a big week for foreclosures, RealtyTrac said 24% of all home sales in the fourth quarter of 2011 were homes in foreclosure.  In other news, a bill got passed by the Florida House of Representatives that helped speed up several foreclosure processes.  Mortgage rates were back again to their 60-year lows after dropping a little the previous week.  Unemployment claims also decreased by 2000.

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 2/8/13

Friday, February 8th, 2013



Sources:
CoreLogic: Prices End 2012 with Biggest Annual Gain in Six Years
Winter Season Slows Home Price Gains
Rent Gains Soften as More Multiunit Buildings Enter Market: Trulia
List of Improving Housing Markets Expands to 259 in February; All 50 States Represented
Mortgage Applications Increase in Latest MBA Weekly Survey
Consumer confidence breaks darkness surrounding housing
Mortgage rates settle back down
MBA: Multifamily originations grew 49% in 4Q
Fannie Mae Provides $33.8B to Multifamily Sector in 2012
MBA Forecasts $254 Billion of Commercial/Multifamily Mortgage Originations in 2013, Up 11% From 2012
Carrington Mortgage Services rolls out 25-day loan closings
S&P accused of misrepresenting risks of bundled mortgages
House Democrats Ask Obama to Replace Fannie Mae Regulator
Capital Economics: Rise in Household Wealth to Boost GDP

Today’s News Synopsis:

This week’s video is a slideshow of some of the big news stories in real estate.  Capital Economics expects GDP to increase with the increase in home and equity prices.  The White House announced budget cuts they will be making, which include cuts from both defense and non-defense programs.

In The News:

DS News- “Fitch: CMBS Delinquencies Fall Again; Georgia Remains ‘Problem Spot’” (2-8-13)

“The national delinquency rate for commercial mortgage-backed securities (CMBS) began the year with another decline, marking the eighth consecutive month of decreases, according to Fitch Ratings. The rating agency, however, noted regional struggles in Georgia.”

Housing Wire – “Moody’s earnings skyrocket despite credit rating scrutiny” (2-8-13)

“During a week when credit rating agencies faced increased scrutiny, Moody’s Corporation profits soared, beating market expectations.”

Inman - “Referral site for global listings grows in the US” (2-8-13)

“A Los Angeles-based referral site with more than 200,000 overseas property listings is expanding into the U.S., with exclusive partners in seven states so far.”

Housing Wire- “Schneiderman probe: Another chip in the armour of credit rating agencies?” (2-8-13)

“With the $5 billion civil suit against Standard and Poor’s Rating Services putting a target on the credit rating agency’s back, the door may have been pushed open for inspection of rival credit rating agencies.”

CNN Money - “White House details pending budget cuts” (2-8-13)

“Some 600,000 poor women and children will no longer get free milk and cheese, and some 2,100 fewer food inspections will take place if federal budget cuts expected to kick in March 1 actually take place.”

Bloomberg – “Housing Slump and Canada Job Cuts Mark Slow Start to 2013″ (2-8-13)

“Canadian employers unexpectedly cut jobs in January while home builders slowed the pace of new construction to the least since 2009, suggesting a languid start to the new year for the country’s economy.”

DS News- “Capital Economics: Rise in Household Wealth to Boost GDP” (2-8-13)

“With the increase in home and equity prices, Capital Economics suggests net household wealth may be on its way to rising above pre-recession levels later this year, which will lead to a boost to GDP.”

Housing Wire – “PMI’s mortgage insurance assets to be acquired” (2-8-13)

“PMI Mortgage Insurance has faced turbulent times these past few years after the mortgage insurer was pulled into receivership and then a bankruptcy proceeding by its primary regulator, the Arizona Department of Insurance.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $118,000 on a 4 bedroom, 2 bathroom home appraised for $171,000.

 

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:

CoreLogic reported a decrease in foreclosures for the whole year in 2011 with 830,000 compared to 1.1 million in 2010.  According to Bloomberg, mishandled mortgages and foreclosures cost banks as much as $72 billion.  In other news, the Mortgage Bankers Association reported a 7.5% increase in mortgage applications.

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 11/30/12

Friday, November 30th, 2012



Sources:
October pending and distressed sales report
October Marks 12 Months of Home Value Increases
Sustained home price gains show strength of recovery
Sales of New U.S. Homes Fell 0.3% in October
New-home sales up 17.2 percent from a year ago
Pending home sales reach five-year high
GDP Up 2.7% in Q3, Corporate Profits Grow
Initial Unemployment Claims Fall as Sandy’s Impact Dissipates
Home Equity Loans Make Comeback Fueling U.S. Spending
Bankrate: Consumers Less Positive About Personal Finances
Zig Ziglar
Rising Prices Could Lift 3.5M Homeowners Out of Negative Equity

Today’s News Synopsis:

Aaron Norris of the Norris Group provides the news of the week for the world of real estate.  With little change in personal income, consumer spending decreased 0.2% after increasing 0.8% in September.   Over 90,000 loans were refinanced by Fannie Mae and Freddie Mac through the HARP program last September.  The total number of loans refinanced through the program is now at 1.7 million.

In The News:

DS News- “Trulia: Housing Recovery Nears Halfway Mark” (11-30-12)

“The housing recovery is nearly halfway complete, according to Trulia’s Housing Barometer, which in October posted its largest increase since it began tracking recovery 18 months ago.”

Bloomberg- “Goldman Pushes Subprime ABX Index as Housing Rebounds: Mortgages” (11-30-12)

“Goldman Sachs (GS) Group Inc., which survived the U.S. real estate collapse five years ago with the help of derivative bets against subprime mortgages, is promoting the opposite trade to clients as housing recovers”

CNN Money- “Consumer spending drops as income stalls” (11-30-12)

“Consumers spent less in October, as income growth stalled.  The Commerce Department reported Friday that consumer spending fell 0.2% after an 0.8% jump in September.”

Realty Times- “Mortgage Rates Virtually Unchanged” (11-30-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, fixed mortgage rates were virtually unchanged and remaining near their record lows amid growing concerns around the fiscal cliff.”

Housing Wire- “Barclays down plays chance of FHA Treasury draw” (11-30-12)

“Barclays Capital ($15.83 0.17%) does not expect any significant changes to the Federal Housing Administration, and downplays the chance of a Treasury draw, despite headlines suggesting otherwise based on the recent actuarial report.”

DS News – “Sandy Crashes October Income, Spending” (11-30-12)

“Consumer spending fell $20.2 billion in October as personal income remained relatively flat, the Bureau of Economic Analysis (BEA) reported Friday.”

Realty Trac- “Win the Foreclosure Bidding Wars” (11-30-12)

“Buying foreclosures with retirement funds provides real estate investors with tax benefits and the ability to diversify their retirement investing — in any market.”

DS News- “HARP’s Numbers Continue to Climb Since Revisions” (11-30-12)

“Fannie Mae and Freddie Mac refinanced more than 90,000 mortgages through the Home Affordable Refinance Program (HARP) in September, bringing the program’s total reach to 1.7 million since its inception in 2009, according to the latest refinance report from the Federal Housing Finance Agency.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $54,000 on a 3 bedroom, 2 bathroom home appraised for $90,000.

 

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.

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

Looking Back:

According to the Los Angeles Times, the Federal Reserve and five major central banks were hoping to help solve the debt crisis by joining together to help European lenders obtain money more easily.  In other news, Bloomberg reported a 10.4% increase in pending home sales.   According to the latest MBA Weekly Mortgage Applications Survey, mortgage applications decreased over 11% from the previous week.

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 11/9/12

Friday, November 9th, 2012




Today’s News Synopsis:

Join us for Give Big Riverside on Tuesday, November 13.  In the news today, Zillow reported discounts and deals on foreclosures is decreasing with discounts falling from 9.1% in September.  MGIC Investment Corp. reported a $247 million loss with the increased claim rates.

In The News:

Housing Wire- “Fed Gov. pushes separate lending rules for community banks” (11-9-12)

“The threat of losing community banks in the home lending space, prompted Federal Reserve Board Governor Elizabeth Duke to propose the creation of a separate regulatory regime for smaller banks this week.”

Los Angeles Times- “Report: Deals on foreclosed homes dwindling” (11-9-12)

“The days of deals on foreclosures appear numbered, one analysis indicates.  A new look at foreclosure discounts by the website Zillow found that the price difference between a foreclosed house and one sold outside of foreclosure was just 7.7% nationally in September.”

Bloomberg – “Lower Manhattan Quiet as Sandy Shuts One-Third of Offices” (11-9-12)

“The drone of generators fills the silence of lower Manhattan on a weekday afternoon. A newsstand is open at the corner of Wall and Water streets, its main customers now cleanup crews rather than bankers, lawyers and other financial district office workers.”

Realty Times- “Mortgage Rates Settle in Near Record Lows” (11-9-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, fixed mortgage rates are mixed following the monthly employment report but continuing to hover near their record lows over the past six weeks.”

Inman- “Zillow expands pilot broker program to 48 firms” (11-9-12)

“Online real estate marketplace Zillow Inc. has expanded a pilot program where it receives listings directly from real estate brokerages in return for enhancing their visibility on the portal.”

Housing Wire- “Higher claim rate pushes MGIC to a $247 million loss” (11-9-12)

“Claims for insurance coverage on defaulted mortgages pushed MGIC Investment Corp. ($1.58 -0.0998%) to a deeper third-quarter loss, according to the company’s latest earnings report.”

DS News- “GSEs Update Provisions for Sandy Victims “ (11-9-12)

“Fannie Mae and Freddie Mac updated their disaster relief policies for borrowers impacted by Hurricane Sandy.”

Bloomberg- “Bank of America Loses Bid to Dismiss FHFA Mortgage Bonds” (11-9-12)

“Bank of America Corp.’s Merrill Lynch & Co. unit must face a lawsuit by the Federal Housing Finance Agency, the conservator for Fannie Mae and Freddie Mac, over mortgage-backed securities sold by the investment bank.”

Hard Money Loan Closed

Apple Valley, 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.

 

The Norris Group and numerous real estate professionals converge for a good cause and networking for Give BIG Riverside on Tuesday, November 13, 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:

According to the San Francisco Chronicle, home prices decreased in 111 metropolitan areas from 2010.  Housing Wire reported a decrease in both home prices and mortgage rates, leading to more people being able to afford homes.  According to latest survey from the Mortgage Bankers Association, mortgage applications increased over 10% from the previous week.

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 10/19/12

Friday, October 19th, 2012



Today’s News Synopsis:

Join us tonight for I Survived Real Estate 2012. The event will feature speakers from all over the country, including Gary Thomas, Sara Stephens, Sean O’Toole, and many more.  Together we have raised over $350,000.  In the news, existing home sales decreased 1.7% last month, although this has not had a huge impact on housing trends.  Recovery is not looking like it will be a quick one for the commercial real estate sector.  Mortgage rates continue to stay at record lows with 30-years at 3.37% and 15-years 2.66%.

In The News:

DS News – “Program in City of Reading Aims to Revitalize Community” (10-19-12)

“The city of Reading in Pennsylvania is taking the issue of vacant properties into their own hands through a program called CORE.”

Housing Wire- “Fannie Mae takes finger off automatic repurchase trigger” (10-19-12)

“Fannie Mae said it won’t require lenders to automatically repurchase loans with early payment defaults, reversing course on a key provision in the government-sponsored enterprise’s new representation and warranty framework.”

Realty Times- “Mortgage Rates Near Record Lows As Home Construction Builds Up Steam” (10-19-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, fixed mortgage rates edged slightly lower with the 30-year fixed averaging 3.37 percent, just above its all-time record low of 3.36 percent, and the average 15-year fixed dipping to a new all-time record low at 2.66 percent.”

Los Angeles Times- “Existing homes sales fell 1.7% in September, but trends still good” (10-19-12)

“Sales of existing homes fell 1.7% in September after a big increase the previous month, but the trends in the housing market remain positive, the National Assn. of Realtors said Friday.”

Housing Wire- “FDIC sold $1.5 billion in real estate assets in 2011: OIG” (10-19-12)

“The Federal Deposit Insurance Corp.’s resolution and receivership division (DRR) managed to sell off 2,259 real estate assets from failed depository institutions for a sales price of $620 million last year, according to a new report from the FDIC Office of Inspector General.”

DS News – “Slow, Steady Recovery Expected for Commercial Real Estate: Report” (10-19-12)

“The commercial real estate sector is improving, but investors need to be patient and not expect “quick wins,” according to findings from Emerging Trends in Real Estate 2013, which was jointly released by PwC and the Urban Land Institute (ULI).”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $88,000 on a 3 bedroom, 1 bathroom home appraised for $149,000.

 

The Norris Group is holding its fifth annual I Survived Real Estate 2012 tonight in Yorba Linda at the Nixon Library.

Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.

Bruce Norris of The Norris Group will be at the Cutting-Edge Financial Tactics Brunch at the Mission Inn in Riverside on Saturday, October 27, 2012.

Looking Back:

A big story in the news was construction on homes increased 15% as of the previous month, according to NAHB.  The Mortgage Bankers Association released their latest survey showing that mortgage applications decreased week-over-week.  A new bill was introduced putting new standards on issuing a government-backed mortgage, at that time considering energy costs.

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 10/12/12

Friday, October 12th, 2012



Sources:
Shadow Inventory falls to 6-month supply
Consumers Firming Up Faith in Recovery: Survey
Mortgage Rates in the U.S. Increase From Record Lows
Foreclosure filings drop to five-year low in September
First-Time Jobless Claims Hit Lowest Level Since February 2008
U.S. Files Civil Mortgage Fraud Suit Against Wells Fargo
REAL ESTATE: C.A.R. says no to eminent domain
FHFA Releases Updated Strategic Plan
California Rep Introduces Homeowner Refi Bill

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  Both Wells Fargo and JP Morgan Chase reported record profits for the third quarter.  Home prices are showing gains in Southern California with the decrease in foreclosures.  Rates for commercial mortgage-backed securities decreased again for the fourth month in a row.

In The News:

Housing Wire- “Wells Fargo mortgage originations grow, profit climbs” (10-12-12)

“Mega bank Wells Fargo & Co. ($34.01 -1.1699%) posted a third-quarter profit of $4.9 billion, or 88 cents a share, up from $4.6 billion, or 82 cents a share, last year.”

CNN Money- “JPMorgan Chase posts record profits” (10-12-12)

“JPMorgan Chase reported record profits for the third quarter, with increased revenue in every business line.”

DS News – “Reports: Refi Numbers Low Despite Low Mortgage Rates” (10-12-12)

“It was no surprise when mortgage rates dropped in the weeks following the Fed’s announcement that it would purchase $40 billion of agency mortgage-backed securities (MBS) each month until the labor market shows substantial improvement.”

Los Angeles Times- “Major dip in foreclosure sales drives Southland home price gains” (10-12-12)

“Foreclosed homes made up just a sixth of the Southland’s resale market last month – a level not seen in nearly five years and a major reason the market is rebounding so rapidly.”

Housing Wire – “Fed’s Lacker sees QE3 mortgage bond buys as wrong economic cure” (10-12-12)

“Federal Reserve Bank of Richmond President Jeffrey Lacker admitted Friday that he dissented at all six of the Federal Open Market Committee meetings this year because he remains opposed to specific parts of the Fed’s quantitative easing policies.”

DS News – “CMBS Delinquency Rate Falls Again for Fourth Straight Month: Fitch” (10-12-12)

“Although the improvement was slight, the drop in the delinquency rate for commercial mortgage-backed securities (CMBS) in September was still an improvement, and the decline marks the fourth straight monthly drop, Fitch Ratings reported Friday.”

Housing Wire- “Wells Fargo lightens contributions to mortgage putback risk buffer” (10-12-12)

“The provisions set aside to cover potential loan repurchase requests at Wells Fargo & Co. ($34.01 -1.1699%) grew 15% during the third quarter, according to the company’s earnings report.”

Los Angeles Times- “Median home price in Southland climbs as supply is squeezed” (10-12-12)

“Southern California’s median home price climbed to a high not seen in more than four years even as sales plummeted — the latest sign that the housing market is becoming increasingly competitive, with fewer homes available.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $73,000 on a 3 bedroom, 1 bathroom home appraised for $121,000.

 

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.

Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.

Looking Back:

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

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 10/5/12

Friday, October 5th, 2012



Sources:
CoreLogic: Home prices rise 4.6% from last year
Illinois Bank Failure Raises 2012 Tally to 43
Real Estate Outlook: Housing Starts Rise
Foreclosures Decline but Remain High, Prepayments Surge: LPS
Unemployment Rate Falls to 7.8%
NY AG files mortgage bond suit against JPMorgan, Bear Stearns, EMC
FHFA announces second winning bidder in REO pilot program
Waypoint Secures $245 Million Loan From Citigroup
Bank of America to extinguish up to 150,000 second liens
Americans face $3,500 fiscal cliff tax hit

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big news of the week.  The unemployment rate decreased to 7.8% and is now below 8% for the first time in four years.  The FHFA just released a new white paper yesterday regarding mortgage securitization details, and they are now asking for the public’s advice.

In The News:

Associated Press- “US jobless rate falls to 7.8 pct., 44-month low” (10-5-12)

“The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years and giving President Barack Obama a potential boost with the election a month away.”

DS News – “FHFA’s White Paper Proposes New Infrastructure for Secondary Market “ (10-5-12)

“The Federal Housing Finance Agency (FHFA) is asking for the public’s input on a white paper it released Thursday containing proposals for a common securitization platform and a model Pooling and Servicing Agreement.”

Housing Wire- “Calif. hands trial lawyers ‘nuclear weapon’ to use against mortgage industry: legal expert” (10-5-12)

“The Homeowner Bill of Rights launched in California not only changed hundreds of years of real estate law, it may have turned the West Coast state into a judicial foreclosure state with financial firms on high alert, legal experts claim.”

Realty Times – “Mortgage Rates Hit All-time Record Lows For Second Consecutive Week “ (10-5-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, average fixed mortgage rates fell to a new all-time record low for the second consecutive week on mortgage securities purchases by the Federal Reserve and indicators of a weakening economy.”

CNN Money- “Individual investors have insatiable appetite for ETFs” (10-5-12)

“Individual investors’ appetite for exchange traded funds is growing stronger. In fact, more than 80% of 1,000 U.S. investors surveyed by Charles Schwab agreed that ETFs are “here to stay,” and over 40% said they plan in invest in more ETFs during the course of the next year.”

Housing Wire – “Freddie’s REO inventory down 30% from peak levels” (10-5-12)

“Freddie Mac executives feel more optimistic about the housing market with Freddie’s REO inventory down 30% from peak levels, home prices on the rise and unemployment edging lower.”

DS News – “Asking Prices Up, Rent Prices Rising Faster than Home Prices: Trulia” (10-5-12)

“If current trends persist, this year may be the first year since 2006 the housing market records an annual price increase, according to a report released Thursday by Trulia.”

CNN Money- “Deficit tops $1 trillion for 4th straight year” (10-5-12)

“The federal government logged a $1.1 trillion deficit in fiscal year 2012 — marking the fourth straight year of trillion-dollar shortfalls.”

Housing Wire- “Obama scorecard shows home equity highest since 3Q 2008″ (10-5-12)

“The Obama administration’s latest housing scorecard reflects an improving market, with rising home values taking homeowner equity to its highest level since the third quarter of 2008.”

Hard Money Loan Closed

Moreno Valley, 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 $108,000.

 

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.

Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.

Looking Back:

According to the latest survey released by the Mortgage Bankers Association, mortgage applications decreased 4.3% from the previous week.  Housing Wire reported the number of job cuts for the month of September were at the highest they had been at in two years, having doubled from the month of August 2011.  Members of NAR and other leaders in the real estate industry met together with the Progressive Policy Institute and Economic Policies for the 21st Century to discuss ways to help the economy recover.

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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