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The Norris Group Real Estate News Roundup 2/8/12

Wednesday, February 8th, 2012

Today’s News Synopsis:

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 have cost banks as much as $72 billion.  In other news, the Mortgage Bankers Association reported a 7.5% increase in mortgage applications.

In The News:

DS News – “Report Reveals Number of Foreclosures Down From Last Year” (2-8-12)

“A foreclosure report released by CoreLogic Wednesday revealed that the number of homes in foreclosure is decreasing nationwide. The report included monthly data on foreclosures, foreclosure inventory, and 90 plus delinquency rates.”

Bloomberg – “Faulty Loans Top $72 Billion as Banks Seek Deal With Regulators: Mortgages” (2-8-12)

“Costs from faulty mortgages and shoddy foreclosures have topped $72 billion at the biggest U.S. banks as they near a settlement of a 50-state probe into the industry’s practices.”

NAHB – “Home Builders Applaud Menendez Bill to Restore the Flow of Credit for Home Building” (2-8-12)

“The National Association of Home Builders (NAHB) today commended Sen. Robert Menendez (D-N.J.) for introducing the Home Building Lending Improvement Act of 2012 (S. 2078), legislation to help restore the flow of credit for new housing production in order to create jobs, meet rising housing demand and bolster the economic expansion.”

Realty Times – “Mortgage Rates Continue Low Despite Upbeat Economic Data” (2-8-12)

“According to Freerateupdate.com’s weekly survey of wholesale and direct lenders, mortgage rates have remained the same for another week and through another stock market rally. Current 30 year fixed mortgage rates are at 3.500%, 15 year fixed mortgage rates are at 2.875% and 5/1 adjustable mortgage rates are at 2.250%, all available with 0.7 to 1% origination fee to well qualified borrowers.”

Mortgage Bankers Association – “Refinance Activity Increases as Rates Hit Survey Lows” (2-8-12)

“Mortgage applications increased 7.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 3, 201.”

Bloomberg – “Mortgage Bonds Face Eye of Storm as Refinancings Decline: Credit Market” (2-8-12)

Investors in U.S. government-backed mortgage bonds who benefited from a decline in early payoffs by homeowners are bracing for the fallout from a loosening of refinancing rules at Fannie Mae and Freddie Mac.”

Housing Wire – “Consumers take on more debt: Federal Reserve” (2-8-12)

“Consumer credit outstanding rose 9.3% in December to $2.49 trillion, compared to $2.47 trillion in November and $2.46 trillion in October, the Federal Reserve said.”

Bloomberg – “BofA Stalls Refinance Applications as Wells Fargo Is ‘Open for Business’” (2-8-12)

“Bank of America Corp., struggling to handle mortgage refinancing after a U.S. program boosted demand, is telling some customers to wait 90 days before starting an application, said two people with knowledge of the policy.”

Housing Wire – “Multifamily permits outpace construction in 2011“ (2-8-12)

“Multifamily permits surpassed the sector’s construction rate for the last three months of 2011, while single-family construction remained flat.”

Hard Money Loan Closed

Fontana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $140,000 on a 4 bedroom, 2 bathroom home appraised for $245,000.

California Real Estate Investor Events:

The Norris Group posted a new event. The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

Fannie Mae and the MBA predicted the housing market would begin a rebound that would last until 2013, and Zandi predicted 4% gdp growth through 2012. IAS claimed national home prices fell 0.8% during the 4th quarter of 2010.

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 2/7/12

Tuesday, February 7th, 2012

Today’s News Synopsis:

According to DS News, the number of homeowners receiving loan modifications from HAMP is about to reach 1 million.  In other news, more than 40 states have joined in on a settlement to help homeowners in foreclosure.  Banks are beginning to help out with people in foreclosure by now offering them money to sell their properties at a lower price than what is owed.

In The News:

DS News – “HAMP Mods Approach 1M Mark” (2-6-12)

“More than 930,000 homeowners have received a permanent modification through the government’s Home Affordable Modification Program (HAMP), saving an estimated $10.5 billion in monthly mortgage payments, according to Treasury.”

Housing Wire – “Mortgage mods in 2011 down 40% from prior year” (2-7-12)

“More than 1 million American homeowners received permanent loan modifications from mortgage servicers in 2011, down 40% from 2010, Hope Now said Tuesday.”

San Francisco Chronicle – “Banks Paying Homeowners a Bonus to Avoid Foreclosures: Mortgages” (2-7-12)

“Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe.”

CNN Money – “Foreclosure deal has 40 states, but others balk” (2-7-12)

“More than 40 states have signed on to a draft settlement with the nation’s largest banks aimed at helping homeowners struggling with loans bigger than the value of their homes.”

Housing Wire – “Nonbank mortgage lenders required to file fraud reports” (2-7-12)

“Nonbank mortgage lenders will be required to establish anti-money laundering programs and file suspicious activity reports beginning later this year, according to rules finalized by the Financial Crimes Enforcement Network.”

Bloomberg – “States with Highest Foreclosure Rates Among Bank Deal Holdouts” (2-7-12)

California, New York, Nevada, Florida and Massachusetts are among the handful of states that haven’t signed a deal with banks over foreclosure abuses, according to state officials and two people familiar with the talks.”

Housing Wire – “Mass. House Democrats push FHFA on mortgage mods” (2-7-12)

“Three Massachusetts congressmen are asking the Federal Housing Finance Agency to reconsider options in loan modifications, saying the regulator hasn’t done enough to help homeowners.”

NAHB – “Builder Confidence for the 55+ Housing Market Ends Fourth Quarter on an Upswing” (2-7-12)

“Builder confidence in the 55+ housing market for single-family homes rose four points to 18 compared to the same period a year ago, according to the latest National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released today.”

CNN Money – “Government expects lending fund to turn taxpayers a profit” (2-7-12)

“An Obama administration lending program set up to funnel cash to small banks was expected to cost taxpayers $1.3 billion. Instead, it will turn a profit of $80 million.”

Housing Wire – “Prepayments on Fannie and Freddie MBS decline” (2-7-12)

“Prepayments on Fannie Mae and Freddie Mac mortgage-backed securities slowed in December and January, suggesting HARP 2.0 has yet to stimulate mass-refinancing activity, analysts said Tuesday.”

Hard Money Loan Closed

San Diego, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 2 bedroom, 2 bathroom home appraised for $160,000.

California Real Estate Investor Events:

The Norris Group posted a new event.  The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The MBA reported $110 billion in commercial and multifamily mortgages were originated in 2010. 36,500 mortgages were modified through government and proprietary programs in December 2010, according to Fitch Ratings. Altos Research announced plans to release a new, forward valuation model for real estate. S&P claimed 80% of the loan modifications that took place over the previous 3 years defaulted again within 2 years.

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

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The Norris Group Real Estate News Roundup 2/6/12

Monday, February 6th, 2012

Today’s News Synopsis:

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 has increased to 100.

In The News:

Bloomberg – “Foreclosure Deal Deadline Arrives” (2-5-12)

“U.S. states that balked at liability releases in a proposed $25 billion nationwide settlement over bank foreclosure practices must decide today whether its mortgage relief and reforms are worth legal claims they’ll lose.”

Housing Wire – “Multifamily mortgage originations jump 13%” (2-6-12)

“Originations of commercial and multifamily loans grew 13% year-over-year in the fourth quarter of 2011, while still declining 7% from the third quarter, an industry trade group said Monday.”

Realty Times – “Real Estate Outlook: New Home Sales and Prices Decline” (2-6-12)

“Pending existing-home sales may be up across the nation, but new home sales fell for the first the first time in three months in December. These latest figures come from the U.S. Commerce Department.”

Bloomberg – “Bernanke: Fed will protect U.S. economy from Europe” (2-6-12)

“The U.S. foreclosure crisis has risen to new heights.  Atlanta’s 55-story Bank of America Plaza, the tallest tower in the Southeast, is set to be sold at an open outcry auction on the steps of the Fulton County Courthouse tomorrow after landlord BentleyForbes missed mortgage payments.”

Mortgage Bankers Association – “MBA Forecasts $230 Billion of Commercial/Multifamily Mortgage Originations in 2012; $2.4 Trillion of Commercial/Multifamily Mortgage Debt Outstanding” (2-6-12)

“In its inaugural forecast of the commercial/multifamily real estate finance markets, the Mortgage Bankers Association (MBA) projects originations of commercial and multifamily mortgages will hit $230 billion in 2012, an increase of 17 percent from 2011 volumes, and continue to rise to $290 billion in 2015.”

NAHB – “List of Improving Housing Markets Expands to Nearly 100″ (2-6-12)

“The list of housing markets showing measurable improvement expanded by 29 metros in February to include a total of 98 entries on the National Association of Home Builders/First American Improving Markets Index (IMI), released today. Thirty-six states are now represented by at least one market on the list.”

Los Angeles Times – “Lawmakers push Fannie, Freddie to write-down mortgage principle” (2-6-12)

“Rep. Barney Frank and two other House Financial Services Committee Democrats on Monday pressed Edward DeMarco, the regulator of seized housing finance giants Fannie Mae and Freddie Mac, to write-down the principal on mortgages of underwater homes.”

Housing Wire – “Capital Economics: REO to rental program possibly ‘best housing fix so far’” (2-6-12)

“In a statement released Monday, Capital Economics called the REO to rental program possibly the “best housing fix so far,” calling it “possibly more significant” than President Obama’s refinancing proposals announced late last month.”

Los Angeles Times – “Consumer Confidential: Mortgage deal, Redbox service, Clint rules” (2-6-12)

“Today’s the day for state attorneys general to decide whether they want a piece of a multibillion-dollar mortgage settlement with the nation’s largest banks.”

Inman – “Texas regulator issues cease and desist order against flat-fee FSBO site” (2-6-12)

“A Texas real estate regulator is investigating a flat-fee, for-sale-by-owner site for alleged unlicensed brokerage activities in the state and has issued a cease and desist order against the company.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $150,000 on a 3 bedroom, 2 bathroom home appraised for $250,000.

California Real Estate Investor Events:

The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 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 2/3/12

Friday, February 3rd, 2012

Sources:
Real Estate Outlook: Existing-Home Sales Rise Again
CoreLogic Records 4.7% Drop in Home Prices in 2011
ADP: Private sector adds 170,000 jobs in January
Jobless rate drops to lowest level in almost three years
Unemployment rate falls to 8.3%
Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage Rates for 30-Year Fixed U.S. Loans Decline to Record-Low 3.87%
Housing construction spending hits 16-year low
Homeownership rate falls to 14-year low
Robo-Signing Settlement Update: Friday is Cutoff for States to Join
Foreclosures Draw Private Equity as U.S. Sells Homes
Report: Freddie Mac bets against homeowner refinancings
Obama administration details refinance plan for underwater borrowers
Senate joins House in effort to cut pay at Fannie Mae, Freddie Mac

Today’s News Synopsis:

This week’s video features a slide show of the news of the week in the world of real estate and other big news stories.  According to CoreLogic, prices for homes decreased 4.7% in 2011, making it the fifth year in a row home prices declined over the year.  Unemployment is at 8.3%, the lowest in three years with the addition of 243,000 new jobs added last month.

In The News:

DS News – “CoreLogic Records 4.7% Drop in Home Prices in 2011″ (2-2-12)

“Year-end data from CoreLogic shows home prices fell by 4.7 percent over 2011. It marks the fifth consecutive year the company has recorded an annual decline in residential property values.”

Housing Wire – “Unemployment rate falls to 8.3%” (2-3-12)

“The economy added 243,000 jobs in January and the unemployment rate fell to 8.3%, its lowest level since February 2009.  The Labor Department said large gains in professional and business services, leisure and hospitality, and manufacturing jobs drove the gains, which came in well above most analysts’ estimates. The rate in December was 8.5%.”

CNN Money - “Stealth jobs boom: 6 months, 2 million jobs” (2-3-12)

“Companies are saying the job market is getting better. Workers are saying it’s already kicked into high gear.  Friday’s jobs report showed a gain of 243,000 jobs. But a separate survey of households used to determine the unemployment rate shows much, much stronger job gains.”

Realty Times – “Average Mortgage Rates Ease Setting New Record Lows” (2-3-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, the average mortgage rates dropped to new all-time record lows as data on economic growth fell short of market projections. All products in the PMMS survey, except the 1-Year ARM, averaged new lows.”

Housing Wire – “Obama mortgage refinance plan accelerates equity rebuild” (2-3-12)

“One option under the most recent refinancing plan from the Obama administration would allow borrowers to not only surface from underwater but actually begin building equity in their home at a quicker pace.”

Realty Times – “Real Estate Drops But Second Home Market May See Increase” (2-3-12)

“Interest rates continue to remain low for mortgages and it looks as though the Federal Reserve will keep the rate at which banks lend to each other overnight low through 2014. The federal funds rate is expected to remain at zero to 1/4 percent for the next few years due to the depressed housing market and slow business investments.”

San Francisco Chronicle – “Mortgage rates for 30-year loans hit record low” (2-3-12)

“Rates for 30-year U.S. mortgages declined to the lowest level on record after the Obama administration announced measures to make it easier for homeowners to reduce their monthly payments by refinancing.”

Housing Wire – “Senate adds Fannie, Freddie bonus ban to Stock Act” (2-3-12)

“The Senate agreed to a resolution that would stop executive bonuses at Fannie Mae and Freddie Mac, attaching the measure to a larger congressional insider-trading bill.”

Bloomberg - “Goldman Sachs Mortgage-Backed Securities Suit Granted Class-Action Status” (2-3-12)

“A suit against Goldman Sachs Group Inc. (GS) may go forward as a class action on behalf of all investors in a $698 million mortgage-backed securities offering, a federal judge in Manhattan ruled.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $72,000 on a 2 bedroom, 2 bathroom home appraised for $120,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

Freddie Mac reported the average rate for 30-year mortgages increased to 4.81%. The Labor Department said jobless claims declined the previous week. Freddie Mac funded $15 billion worth of multifamily transactions through its multifamily whole loan and bond guarantee business in 2010. The Treasury Department expected the government to hit the $14.29 trillion debt limit before June 2011.

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 2/2/12

Thursday, February 2nd, 2012

Today’s News Synopsis:

Mortgage rates for 30 year fixed U.S. loans are at their lowest on record at 3.87%.  In other news, unemployment claims also decreased last week as did claims for unemployment insurance.  A bill was introduced in the Senate yesterday that would change the way employees at Fannie Mae and Freddie Mac will be paid.

In The News:

Housing Wire – “Senate joins House in effort to cut pay at Fannie Mae, Freddie Mac” (2-1-12)

“A Senate bill introduced Wednesday would place employees at Fannie Mae and Freddie Mac under a federal pay scale, similar to legislation already in the works in the House.”

Inman – “Obama administration details refinance pan for underwater borrowers” (2-1-12)

“Last week, in his State of the Union address, President Obama introduced a proposal to help millions of homeowners, who are underwater on their mortgages, refinance their loans at current low rates. Today, the administration released details of the plan.”

CNN Money – “Bernanke: Fed will protect U.S. economy from Europe” (2-2-12)

“The recovery remains “frustrating slow” in the United States, and now Europe’s debt crisis is posing additional challenges, Federal Reserve Chairman Ben Bernanke told Congress Thursday.”

Bloomberg – “Mortgage Rates for 30-Year U.S. Fixed Loans Decline to a Record-Low of 3.87%” (2-2-12)

Rates for 30-year U.S. mortgages declined to the lowest level on record after the Obama administration announced measures to make it easier for homeowners to reduce their monthly payments by refinancing.”

Housing Wire – “Jobless claims decline, lower than most estimates” (2-2-12)

“The number of Americans filing initial jobless claims declined about 3% last week, coming in lower than most analysts’ estimates and staying below 400,000.”

San Francisco Chronicle – “BofA Tumbles to 5.6% Share of Mortgages as Wells Fargo Dominates” (2-2-12)

“Bank of America Corp. lost about three-quarters of its market share in U.S. home mortgages since 2007 as the firm grappled with defective loans, while Wells Fargo & Co.’s presence almost doubled, FBR Capital Markets said.”

DS News – “Claims for Unemployment Insurance Improve as January Ends” (2-2-12)

“First time claims for unemployment insurance fell 12,000 for the week ended January 28 to 367,000, reversing half of the increase of the previous week, the Department of Labor reported Thursday.”

Bloomberg – “Obama Uses Housing Crisis as Foil to Romney’s ‘Hit-Bottom’ Strategy” (2-2-12)

“The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.”

Housing Wire – “PMI Group latest mortgage insurer to give Fannie Mae short-sale authority” (2-2-12)

“Fannie Mae mortgage servicers can complete short sales and deeds in lieu of foreclosure without getting separate approval from the now bankrupt mortgage insurer The PMI Group, a change that’s expected to further reduce barriers to short sales.”

DS News – “Real Estate Professionals Feeling Brunt of Recession” (2-2-12)

“The effects of the housing crisis are widespread, but nowhere do they hit home more than in the real estate community.  Eighty-eight percent of real estate professionals in a recent survey said they have lost money since 2008 or are living off significantly less income. Many are dipping into savings to make ends meet.”

Realtor Magazine – “Rural Refinance Pilot Program Announced” (2-2-12)

“The USDA is launching the Single Family Housing Guaranteed Rural Refinance Pilot Program, which is designed to help rural home owners refinance their mortgages in order to reduce monthly payments.”

Hard Money Loan Closed

San Diego, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 2 bedroom, 2 bathroom home appraised for $160,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 tomorrow, February 4, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

Mortgage application volume increased 11.3% from the previous week, according to the MBA. Fannie Mae and Freddie Mac were raising risk fees they charged lenders on loans they bought for resale to investors. HOPE NOW reported 1.76 million homeowners received a mortgage modification in 2010. Statistics from DBRS showed 50 percent of loan modifications resulted in re-default.

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 2/1/12

Wednesday, February 1st, 2012

Today’s News Synopsis:

170,000 jobs were added to the private sector, although job growth overall was slower for the month of January as companies were hiring fewer people.  In updated news from yesterday, the home ownership rate has decreased for 7 years straight and is now at levels that have not been seen in almost 14 years.  Both mortgage rates and applications continue to stay low.

In The News:

DS News – “Robo-Signing Settlement Update: Friday is Cutoff for States to Join” (1-31-12)

“State attorneys general have until Friday to sign on to the settlement draft proposed last Monday that would resolve claims against the nation’s top five mortgage servicers surrounding documentation errors in foreclosure processing, according to the Wall Street Journal’s Ruth Simon.”

Housing Wire – “Homeownership rate falls to 14-year low” (1-31-12)

“The nation’s home ownership rate fell for the seventh year in a row, nearly touching levels unseen in 14 years.  U.S. home ownership in the fourth quarter of 2011 dropped 0.5% from the year-ago period to 66%, according to a U.S. Census Bureau report released Tuesday. The rate hasn’t dropped that low since 1997 when it was 65.7%. Since then, it steadily rose until 2005, reaching 69%.”

CNN Money – “Job growth slows in January” (2-1-12)

“Companies slowed their hiring in January, according to a report by payroll processor ADP.  The private sector added 170,000 jobs in the month, ADP said Wednesday, missing forecasts of 200,000 jobs that economists polled by Briefing.com had predicted.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-1-12)

Mortgage applications decreased 2.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 27, 2012.”

Housing Wire – “Housing construction spending hit 16-year low” (2-1-12)

“Residential construction rose on a seasonally adjusted basis in December from the year-ago period, despite yearly totals at their lowest level since 1995.”

Realty Times – “Mortgage Rates Remain Low While Mixed Reports Flourish” (2-1-12)

“After several positive housing reports released this month, the National Association of Realtor’s Pending Home Sales Index decreased 3.5% in December.  For another week, while mixed reports flourish, mortgage rates have remained low and stable according to Freerateupdate.com’s weekly survey of wholesale and direct lenders.”

Los Angeles Times – “White House details mortgage refinancing plan for homeowners” (2-1-12)

“The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.”

Housing Wire – “FHFA will pre-qualify investors for bulk REO program” (2-1-12)

“Investors who want to acquire and rent out real-estate owned properties from the Federal Housing Finance Agency can begin pre-qualifying for participation in the bulk REO rental program.”

DS News – “Mortgage and Foreclosure Complaints Quadruple in Massachusetts” (2-1-12)

“Massachusetts Attorney General Martha Coakley has seen mortgage and foreclosure-related complaints quadruple in her state over the past two years. In fact, the category now overshadows all other types of consumer complaints.”

Realtor Magazine – “Where List Prices Have Fallen the Most in a Year” (2-1-12)

“While nationally, the median list price has been on the rise the last year, increasing 5 percent year-over-year to $188,000, according to December 2011 housing data published by Realtor.com.  But home prices the past year haven’t been rising everywhere. For example, Detroit continues to face a plague of foreclosures that are bringing home values down in the area. The metro area had the biggest drop in median list prices the past year.”

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 2 bedroom, 1 bathroom home appraised for $242,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The Commerce Department said construction spending fell 2.5% from July 2011. Fiserv forecasted a 5.5% decline in home prices for 2011. According to the Treasury Department, the re-default rate for the Making Home Affordable Program averaged 20.4% after 1 year. Marcus & Millichap expected Orange County rents to rise 4.5% in 2011.

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 1/31/12

Tuesday, January 31st, 2012

Today’s News Synopsis:

According to the latest Standard & Poor’s/Case-Shiller Index, the prices of homes decreased 3.7% from last year.  In other news, the Conference Board reported consumer confidence declined again this month after having increased at the end of 2011.   The Congressional Budget Office expects taxpayers will pay $27 billion to aid Fannie and Freddie from 2013 to 2022.

In The News:

CNN Money – “Freddie Mac: A mess, and likely to stay that way” (1-30-12)

“It’s not tough to find critics of Freddie Mac and Fannie Mae on either the right or the left. But there has been little progress made in rehabilitating the mortgage giants.”

Housing Wire – “S&P/Case-Shiller Nov. home prices down 3.7% from year earlier” (1-31-12)

“The average price of a single-family home fell again in November, with decreases in 19 of the 20 largest metropolitan areas during the month, according to the Standard & Poor’s/Case-Shiller index.”

Realty Times – “California Association of REALTORS® To Build Ethics Violations Data Base” (1-31-12)

Approve that C.A.R. build a system, to be developed by staff, to create a database that contains all final findings – within the last three (3) years – of a member’s Code of Ethics and membership duty violations, including whether the member fulfilled the sanction imposed, for use by local Associations in making their decision on membership applications.”

Housing Wire – “CBO slashes cost of Fannie, Freddie over next decade” (1-31-12)

“Taxpayers will spend another $27 billion between 2013 and 2022 subsidizing Fannie Mae and Freddie Mac, according to the Congressional Budget Office estimates released Tuesday.”

DS News – “Appraisal Institute Offers Guidance on Distressed Comparables” (1-31-12)

“The Appraisal Institute recently released new guidelines to instruct its members on how to deal with distressed sales and foreclosures when seeking comparables.”

Housing Wire – “Consumer confidence retreats in January” (1-31-12)

“Consumer confidence slumped in January after rebounding in the final months of 2011, The Conference Board said in its consumer sentiment index.”

Bloomberg – “Foreclosures Draw Private Equity as U.S. Rents Homes” (1-31-12)

“Private equity firms are jumping into distressed housing as the U.S. government plans to market 200,000 foreclosed homes as rentals to speed up the economic recovery.”

Inman – “LPS asks Nevada court to throw out consumer fraud suit” (1-31-12)

“Lender Processing Services Inc., provider of real estate technology, services, and mortgage performance data, today filed a motion to dismiss a consumer fraud lawsuit against the company filed by the state of Nevada that alleges the company falsified foreclosure documents.”

Housing Wire – “Foreclosure claims dominate CFPB mortgage complaints” (1-31-12)

“More than 38% of the 2,300 mortgage complaints sent to the Consumer Financial Protection Bureau in December related to loan modification and foreclosure concerns, the largest share in this category.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 4 bedroom, 2.5 bathroom home appraised for $200,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

Rismedia reported that new home sales increased 17.5% in December of 2010.  However, the Obama Administration reported that sales were still lower than levels at the beginning of the year.  According to Bloomberg, the rate of unoccupied homes increased to 2.7%, making the number of people who own homes the lowest it had been in 10 years.  Standard and Poor’s announced that home prices were still declining and most likely would continue, according to the Realty Times.

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 1/30/12

Monday, January 30th, 2012

Today’s News Synopsis:

In the latest survey released by the National Association of Realtors, existing home sales increased for the third month in a row.  At the same time, the latest Case-Shiller Index expects home prices will decrease another 1% this year, but they predict an overall 3.8% in the economy by 2013.  Construction on private nonresidential homes is also expected to be on the rise with the growing demand for more construction jobs.

In The News:

Bloomberg – “Construction Rises as Architects Show U.S. Nonresidential Bounce” (1-29-12)

“Private nonresidential construction may pick up this year, as demand grows for new U.S. projects.  The Architecture Billings Index held at 52 last month, a sign of expansion, according to the American Institute of Architects. The commercial and industrial component — a proxy for private building activity — climbed to 54.1 in December, the highest in 10 months, the Washington-based association said Jan. 18.”

Los Angeles Times – “Industrial property leases jumped nationally in 2011″ (1-29-12)

“New industrial real estate leases signed in 2011 returned to levels not seen since prior to the recession of 2008-09, according to year-end statistics for the nation’s industrial market compiled by a real estate brokerage.”

Housing Wire – “Home prices to fall 1% in 2012, rebound in 2013: Fiserv Case-Shiller” (1-30-12)

“The double-dip in home prices that began two years ago continued through the third quarter of 2011, according to the Fiserv (FISV: 62.61 -0.70%) Case-Shiller Indexes released Monday. However, there are signs of a recovery for 2013.”

Bloomberg – “Commercial-Mortgage Bond Rally May Have Run Out of Steam, Citigroup Says” (1-30-12)

“A rally in risky commercial-mortgage bonds may have run its course after a surge in trading, according to Citigroup Inc. (C)  Values on so-called AM and AJ securities, some of which have been cut to junk after being assigned top grades at issuance, increased “remarkably” during the first half of January, Citigroup analysts led by Jeffrey Berenbaum said in a Jan. 27 report.”

Realty Times – “Real Estate Outlook: Existing-Home Sales Rise Again” (1-30-12)

“The National Association of Realtors latest existing-home sales survey shows that sales are on the rise again. This is the third straight month of increases as well the rate rising above year ago levels.”

DS News – “Homeowner Satisfaction Rate at 72%, Highest for Short Sale Purchasers” (1-30-12)

“Seventy-two percent of homeowners say they are satisfied with homeownership, according to a recent survey of more than 1,400 homeowners conducted by HomeGain, a provider of online marketing programs that connect agents and brokers with home buyers and sellers.”

San Francisco Chronicle – “Bernanke Beats Obama for Mortgage-Bond Investors: Credit Markets” (1-30-12)

“Mortgage-bond investors have been betting that Federal Reserve Chairman Ben S. Bernanke will do more to aid housing than President Barack Obama.  Government-backed mortgage bonds are poised to return the most this month since October relative to Treasuries, with the Fed helping push yields on lower-coupon notes that guide loan rates to record lows.”

Inman – “Report: Freddie Mac bets against homeowner refinancings” (1-30-12)

“In 2010 and 2011, mortgage giant Freddie Mac invested billions of dollars on bets that homeowners with high-interest mortgages would not be able to refinance at today’s lower interest rates, according to a joint investigation conducted by NPR and ProPublica, a nonprofit, independent news agency.”

Wall Street Journal – “Warehouses Fill, Brightening Industrial Space” (1-30-12)

“One often-overlooked corner of commercial real estate showed signs of stabilizing in the fourth quarter, as healthy demand for warehouse space helped push down the industrial vacancy rate.”

Bloomberg – “CBRE Drops on Investors’ Transaction-Volume Scrutiny: San Francisco Mover” (1-30-12)

“CBRE Group Inc., the world’s largest commercial real estate services firm, fell the most in six weeks as investors focus on fourth-quarter transaction volumes ahead of earnings reports.”

Housing Wire – “New York 2011 home sales off pace, prices stabilize” (1-30-12)

“Fueled by a strong fourth quarter, home sales in New York state rebounded somewhat but still finished 3.9% behind 2010 figures. The New York State Association of Realtors said the more positive 2010 numbers likely reflect the boost from the federal homebuyers’ tax credit.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 3 bedroom, 2 bathroom home appraised for $244,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 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 1/27/12

Friday, January 27th, 2012

Sources:
Foreclosure Properties Fall to 20% of Home Buys
Loan Modifications Are on the Decline: Moody’s
First-time unemployment claims climb
American economy not healthy yet, but it’s healing
Pending Home Sales Decline Monthly, Rise Annually
Contracts to Purchase Existing U.S. Homes Hold Near 19-Month High: Economy
FHFA home prices fall 1.8% in November
Sales of U.S. New Homes Unexpectedly Decline in December
30-Year Mortgage Rates Rise From Record Low
Fed: Benchmark Rate Will Stay Low Until ’14
California Home Foreclosure Notices Decline 12% as Lenders Change Policies
First Three Bank Failures of 2012 to Cost FDIC $244M
Illinois AG Sues S&P
Eric Schneiderman promises aggressive financial fraud probe
Two banks signal they may join mortgage deal
Senate clears $1.2 trillion debt ceiling raise
Obama Announces New Refi Program in State of the Union Address
Wells Fargo launches pilot programs to clear LA, Atlanta housing inventory
FHFA: Principal reduction would cost Fannie, Freddie $100 billion
Programmers Size Up Bank Borrowers With Algorithms Rather Than FICO Scores

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 Commerce Department said the growth rate for the gross domestic product was averaged to be 2.8% in the last quarter of 2011.  LPS reported a 30 year-over-year decrease in new loan originations in November.  At the same time, loan delinquencies also decreased 25% last month.  In other news, Freddie Mac reported an increase in the average mortgage rate.

In The News:

Bloomberg - “D.R. Horton Reports First-Quarter Profit as Homebuilding Revenue Increases” (1-27-12)

“D.R. Horton Inc. (DHI), the largest U.S. homebuilder by volume, reported first-quarter profit that beat analyst estimates after a year-earlier loss as revenue from home sales rose.”

Housing Wire - “New originations drop 30%, loan delinquencies decline” (1-27-12)

“Low interest rates are spurring some activity in the mortgage market, but opportunities for borrowers with low credit scores are limited, according to the latest Mortgage Monitor Report from LPS Applied Analytics.  New loan originations, overall, fell 30% year-over-year in November, with LPS reporting 537,720 originations in November, compared to 724,364 in December 2010. The report did not include new origination amounts for December 2011.”

CNN Money - “SEC to step up scrutiny of private equity firms” (1-27-12)

“The private equity world is struggling to stay in the shadows.  It’s harder to do so with Republican presidential contender Mitt Romney getting criticized for his private equity roots. If that weren’t enough, the Securities and Exchange Commission says it plans to step up scrutiny of the industry as well.”

Realty Times - “Mortgage Rates Reverse Course on Positive Housing Data” (1-27-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® the average mortgage rates climbed as the housing market ended 2011 on a high note.”

San Francisco Chronicle – “Unexpected dip in U.S. new home sales in December” (1-27-12)

“Sales of new U.S. homes unexpectedly declined in December for the first time in four months, capping the slowest year on record for builders.”

DS News - “Michigan, Ohio Lawmakers Propose Large-Scale Demolition” (1-27-12)

“With vacant and deteriorating properties taking a toll on communities throughout Ohio and Michigan, lawmakers from the two states are proposing large-scale demolition as a means of easing the burden of these problematic properties.”

Housing Wire – “GDP growth rate of 2.8% for 4Q” (1-27-12)

“Higher readings on private inventory investment, consumer spending and and residential investment led the Commerce Department to estimate the gross domestic product growth rate at 2.8% for the final three months of 2011.”

DS News - “Administration Revamps HAMP to Reach More Borrowers” (1-27-12)

“The Obama administration has announced changes to its flagship foreclosure prevention initiative – the Home Affordable Modification Program (HAMP) – which officials say will expand its reach to more distressed homeowners.”

Housing Wire – “January consumer sentiment posts 11-month high” (1-27-12)

“Consumer sentiment climbed to an index level of 75 in January, the best reading of the Thomson Reuters/University of Michigan survey in nearly a year.”

CNN Money - “Mortgage probe unveiled as foreclosure talks loom” (1-27-12)

“President Obama’s latest probe into the mortgage meltdown will have more power than past efforts, and federal officials say it won’t derail a possible $20 billion settlement for underwater and foreclosed homeowners.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 3 bedroom, 1 bathroom home appraised for $135,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The NAR claimed pending home sales increased 2% in December 2010. Statistics from Freddie Mac showed mortgage rates increased to 4.8% the week of January 22, 2011. According to the Labor Department, initial jobless claims climbed nearly 12.7% the previous week. The MLS reported sales of existing houses and condos totaled $15.5 billion in 2010.

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 1/26/12

Thursday, January 26th, 2012

Today’s News Synopsis:

New U.S. home sales declined 2.2% in December according to Bloomberg.  In other news, 30-year mortgage rates increased for the first time from their lowest recorded level, having come about after the Federal Reserve promised to keep interest rates near 0.  In a recent vote in the Senate, Obama was allowed to raise the debt ceiling to $16.4 trillion.

In The News:

Bloomberg – “Foreclosure Properties Fall to 20% of Home Buys” (1-25-12)

“Foreclosure and distressed sales fell to 20 percent of U.S. home purchases in the third quarter of last year as legal scrutiny of property seizures reduced the number of deals, according to RealtyTrac Inc.”

DS News - “Illinois AG Sues S&P” (1-26-12)

“Illinois Attorney General Lisa Madigan filed a lawsuit against Standard & Poor’s (S&P) this week alleging the ratings agency inflated ratings of mortgage-backed securities investments, an act Madigan believes stemmed the financial crisis.”

Bloomberg - “Sales of U.S. New Homes Unexpectedly Decline in December” (1-26-12)

“Sales of new U.S. homes unexpectedly declined in December for the first time in four months, capping the slowest year on record for builders.”

NAHB - “Remodeling Market Index Rises to Five-Year High” (1-26-12)

“Remodeling sentiment rose to the highest level in five years, according to the National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) for the fourth quarter of 2011. Released today, the RMI increased to 46.6 in the fourth quarter from 41.7 in the third quarter.”

Bloomberg – “30-Yr Mortgage Rates Rise From Record Low” (1-26-12)

“Rates for U.S. 30-year mortgages climbed from the lowest level on record after Federal Reserve officials pledged to keep their benchmark interest rate near zero through at least late 2014 to help bolster the economy.”

Housing Wire - “Unemployed homebuilders migrate to multifamily jobs” (1-26-12)

“Single-family housing starts plummeted in 2011, but construction workers are finding jobs anyway by migrating to multifamily projects.”

Los Angeles Times - “Recovery roadblock?  Mortgage burdens keep job seekers from moving” (1-26-12)

“In what could end up becoming a vicious cycle of economic hurt, struggling homeowners who aren’t relocating for new jobs may stymie employers’ long-range growth.  So says a report from outplacement consultancy Challenger, Gray & Christmas Inc., which finds that about 7.5% of job hunters who found new positions ended up moving to a new home for work in the latter half of 2011.”

CNN Money - “First-time unemployment claims climb” (1-26-12)

“After plunging the week before, first-time claims for unemployment benefits ticked up last week.  The Labor Department reported Thursday that 377,000 people filed for initial unemployment benefits in the week ended Jan. 21, up 21,000 from a revised reading of 356,000 claims the week before.”

San Francisco Chronicle - “Economy gains as businesses spend more, fire less” (1-26-12)

“Businesses are growing more confident in the economy, investing in more equipment and laying off fewer workers.  Government figures on manufacturing and unemployment claims released Thursday raised hopes on the eve of a report on how much the economy grew in the October-December quarter.”

Bloomberg - “Commercial Property Sales Rose to More Than $220 Billion in U.S. Last Year” (1-26-12)

“Commercial property sales rose 57 percent to more than $220 billion U.S. last year, led by retail properties and garden apartments, Real Capital Analytics Inc. said in a report today.”

Housing Wire – “Senate clears $1.2 trillion debt ceiling raise” (1-26-12)

“The Senate voted 44-52 Thursday clearing President Obama to raise the debt ceiling by $1.2 trillion.  The ceiling will go to $16.4 trillion and, according to some estimates, may be breached again around the time of the November elections.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $40,000 on a 2 bedroom, 1 bathroom home appraised for $67,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The MBA reported mortgage application volume fell 12.9% the week of January 21, 2011. According to the Commerce Department, new home sales dropped 7.6% year over year. $1.5 trillion in commercial debt was set to mature by 2014. A total of 58,020 loan modifications were canceled, said the Treasury Department.

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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