According to the latest survey released by the Mortgage Bankers Association, mortgage applications are up 12.8% from last week.  In the whole world, home prices did not show any signs of change in the third quarter.  TransUnion forecasted mortgage delinquencies would decrease almost 7% by 2012.

In The News:

Housing Wire - “World housing prices stagnate in 3Q” (12-7-11)

“Global home prices idled in the third quarter, staying at the same level from the second quarter, according to the Knight Frank Global House Price Index.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (12-7-11)

“Mortgage applications increased 12.8 percent from one week earlier (which included the Thanksgiving holiday), according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 2, 2011.”

Realty Times - “Low Mortgage Rates Remain Stable While Mixed Reports Draw Concern” (12-7-11)

“It has been a volatile week with the stock market rising rapidly on Wednesday after renewed hope for the world economy surfaced. It was reported that major central banks came together to add liquidity to the global financial system in an effort to help the Euro zone crisis. On the other hand, mixed economic reports continue to draw concern which helped keep low mortgage rates stable.”

Bloomberg - “Insurers Offer Better Commercial Property Loan Terms Than Banks” (12-7-11)

“Insurance companies are offering the best terms on senior commercial real estate loans as banks halt or scale back lending, a study by real-estate adviser CBRE Group Inc. (CBG) showed.”

San Francisco Chronicle - “Hotel Lenders Avoid Foreclosures as $17.5 Billion in Loans Loom” (12-7-11)

“As $17.5 billion in securitized loans backed by U.S. hotels come due in the next  two years, lenders are doing more to avoid foreclosure on lodging properties  than on any other type of commercial real estate.”

Housing Wire - “Prepayment speeds on agency MBS remain flat to down” (12-7-11)

“Prepayment speeds on Fannie Mae and Freddie Mac mortgage-backed securities remained flat in October when compared to November, a new report from KBW analysts said Wednesday.”

DS News  - “Mortgage Delinquencies To Decline in 2012: Study” (12-7-11)

“The current year will close with a 7 percent yearly decline in mortgage delinquencies, matching last year’s decline, according to predictions released Wednesday by TransUnion.”

Looking Back:

UCLA economists expected unemployment to remain above 10% until the end of 2012. TransUnion predicted the national mortgage delinquency rate could fall below 5% in 2011. A survey from RealtyTrac showed 60% of Americans believed housing woulod not recover for another 2 years. According to HOPE NOW, 1.54 million permanent mortgage modifications were completed in the first 3 quarters 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 event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 200 podcasts in our free investor radio archive.

The percentage of homowners who are underwater has increased to 28.6% according to the latest Zillow report.  Home prices increased 4% in the third quarter despite the value of houses decreasing slightly from the previous quarter.  DS News reported overdue mortgages increased for the first time in almost two years.

In The News:

Housing Wire - “3Q home prices up 4%, housing value dips slightly from last quarter” (11-8-11)

“Home prices jumped 4% in the third quarter, though home values stagnated from the previous quarter, according to separate reports Tuesday.  Third-quarter prices showed two straight quarters of growth according to the
home price index from Integrated Asset Services. Second-quarter prices had increased 2% from the first quarter.”

DS News - “Past-Due Mortgages Rise for First Time Since 2009: Report” (11-8-11)

“The national mortgage delinquency rate edged up during the third quarter of 2011, marking the first increase in nearly two years, according to TransUnion.”

NAHB - “John Courson Named President and CEO of Home Builders Institute” (11-8-11)

“John A. Courson, an established housing industry executive who most recently served as the president and chief executive officer of the Mortgage Bankers Association (MBA), has been tapped to become the new president and chief executive officer of the Home Builders Institute (HBI).”

Bloomberg - “Ally’s ResCap Said to Hire Centerview for Restructuring” (11-8-11)

“Ally Financial Inc.’s unprofitable Residential Capital LLC mortgage unit hired Centerview Partners LLP to advise on a restructuring and negotiations with creditors, said people familiar with the matter.”

O.C. Register - “Poll: 42% want less governmnet in housing” (11-8-11)

“A politics and real estate survey from Move Inc. shows 42% of Americans polled think government’s role in the housing market should be reduced.  Meanwhile, 31% told pollsters that the role of government in housing should remain the same. Only 21.3% preferred an increased role for government in housing.”

San Francisco Chronicle - “Consumer credit rises in September” (11-8-11)

“Consumer borrowing in the United States rose in September, boosted by a gain in  non-revolving credit that includes financing for auto purchases and school loans.”

Housing Wire – “Senate wants changes to Fannie, Freddie executive pay” (11-8-11)

“A bipartisan group of 60 senators sent a scathing letter to the Federal Housing Finance Agency and the Treasury Department demanding a crack down on executive pay at Fannie Mae and Freddie Mac.”

Bloomberg Businessweek - “U.S. ‘Underwater’ Homeowners Increase to 28.6%, Zillow Reports” (11-8-11)

“The number of U.S. homeowners who owe more than their properties are worth climbed in the third quarter as lenders repossessed fewer houses, Zillow Inc. said.”

DS News - “CFPB Will Offer Some Servicers Early Warnings” (11-8-11)

“The Consumer Financial Protection Bureau (CFPB) will offer some mortgage servicers an early warning before pursuing legal action, according to an announcement released Monday.”

Bloomberg - “Toll Brothers Quarterly Revenue Increases 6% Amid Gain in Home Orders” (11-8-11)

“Toll Brothers Inc. (TOL), the largest U.S. luxury-home builder, said fourth-quarter revenue increased 6 percent amid strong sales at its East Coast communities.”

Looking Back:

The NAR reported FHA, Fannie Mae and Freddie Mac accounted for over 90% of the mortgage market. New California building codes, known as CALGreen, were expected to be enforced on January 1st, 2011. Richard Fisher of the Dallas Federal Reserve believed the low interest rates were doing little to stimulate the economy. Fannie Mae acquired 85,340 REO properties in the 3rd 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 event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released new data today showing the confidence in building new homes has remained at 15 for the second month in a row.  The sale of homes in Southern California decreased 4.5% year over year last month due to buyers being more cautious about purchasing.  Delinquencies are at their lowest since the end of the recession two years ago.

In The News:

CNN Money - “Household debt falls slightly” (8-15-11)

“Consumer borrowing fell slightly in the second quarter, as Americans shed more of their debt.  A new report released Monday by the New York Federal Reserve — which looks at mortgages, home equity lines, credit cards, auto loans and student debt held by consumers nationwide — found that total consumer debt fell to $11.4 trillion in the second quarter of this year.”

NAHB - “Builder Confidence Unchanged in August” (8-15-11)

“Builder confidence in the market for newly built, single-family homes held unchanged at a low level of 15 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for August, released today.”

Realty Times - “Real Estate Outlook: Median Prices Declined Second Quarter” (8-15-11)

“Amidst debt talks, the National Association of Realtors® (NAR) has released their latest median existing-home price figures. According to the NAR, prices fell slightly in the second quarter of 2011. Partially to blame, according to Lawrence Yun, NAR chief economist, were foreclosures which ‘can artificially depress median prices’.”

DS News - “National Delinquencies Register Greatest Drop Since Recession End” (8-15-11)

“TransUnion recorded the largest percentage drop in delinquencies since the end of the recession two years ago. According to TransUnion, mortgage delinquencies improved 5.98 percent during the quarter.”

Housing Wire – “Mortgage broker pleads guilty; Cincinnati RE agent indicted” (8-15-11)

“A Minneapolis mortgage broker pleaded guilty for his role in a $20 million mortgage fraud scheme and a Cincinnati real estate agent was indicted in an unrelated mortgage fraud, according to the U.S. Attorney’s Offices in each state.”

Bloomberg – “Southern California Home Sales Drop 4.5% as Buyers Hold Off on Purchases” (8-15-11)

“Home sales in Southern California fell 4.5 percent last month from a year earlier as mortgages were hard to obtain and the U.S. debt crisis rattled some high- end buyers, according to DataQuick.” 

Rismedia - “Market Concerns Produce New Record Low Mortgage Rates” (8-15-11)

“Freddie Mac (OTC: FMCC) recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates continuing to decline with the 30-year fixed averaging 4.32 percent marking a new low for 2011, and the 15-year fixed, 5-year ARM, and 1-year ARM averaging new all-time record lows this week.”

Housing Wire - “Two REITs still on track for new RMBS issuance in 2011″ (8-15-11)

“Two real estate investment trusts are weathering recent economic challenges and remain on track to issue three new residential mortgage-backed securities deals in the back half of 2011.  Redwood Trust (RWT: 12.60 +2.86%), the only private investor to issue an RMBS deal since credit markets locked up in 2008, said two new deals announced months ago are still on track to get to market this year”

DS News - “Capital Shortfall Could Impede New Business for PMI Mortgage” (8-15-11)

“PMI Group Inc. says its primary subsidiary PMI Mortgage Insurance Co. could be forced to stop issuing new mortgage insurance policies.  The company alerted investors of the possibility that its business could come to a halt last week, at the same time it reported a company-wide net loss of $134.8 million for the second quarter. That follows a net loss of $126.8 million the previous quarter”

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.

According to the Census Bureau, home sales rose 7.3% in April. NAR expects the national economy to add 1.5 million and 2 million jobs annually both this year and in 2012. Borrowers who default on mortgages are less likely to develop long-term poor credit in comparison to those who default on credit cards and auto loans. Ginnie Mae guaranteed over $26.4 billion in mbs during April.

In The News:

Orange County Register – “Census: Texas top site for Calif. movers” (5-24-11)

“Overall, California in 2009 — by Census math — lost 546,589 residents in 2009 to other states. On the flip side, Census found 460,161 new Californians from other states. Thus, by our calculations, California suffered a net loss of 86,428 folks to other states in 2009.”

San Francisco Chronicle – “Troubled banks made up about 12 pct of total in Q1″ (5-24-11)

“The number of banks at risk of failing made up nearly 12 percent of all federally insured banks in the first three months of 2011, the highest level in 18 years.”

CNN - “New-home sales up for 2nd straight month” (5-24-11)

“The Census Bureau reported an annual sales rate of 323,000 new homes last month. That was up 7.3% from a revised rate of 301,000 in March. Economists had forecast a sales rate of 300,000, according to consensus estimates from Briefing.com.”

NAR - “Commercial Real Estate Markets Stabilizing, Demand Growing” (5-24-11)

“Job growth creates demand for commercial space, and the economy should be adding between 1.5 million and 2 million jobs annually both this year and in 2012, with the unemployment rate falling to 8.0 percent by the end of next year”

Housing Wire - “Mortgage defaults do not predict poor credit behavior: TransUnion” (5-24-11)

“Troubled borrowers who default on their mortgages are less likely to develop long-term poor credit behavior, when compared to those who default on other kinds of loans, according to a new study from TransUnion. Consumers who default on other bills and lines of credit, such as credit cards and auto loans, are more likely to miss payments in the future.”

Housing Wire – “Bank earnings rose again in 1Q, FDIC problem list highest since 1993″ (5-24-11)

“The FDIC said banks it insures earned $29 billion in the first three months of 2011, up 66.5% from $17.4 billion a year earlier and at the highest level since the second quarter of 2007.”

Housing Wire – “Ginnie Mae MBS issuance tops $26 billion in April” (5-24-11)

“Ginnie Mae guaranteed more than $26.4 billion in mortgage-backed securities in April. That’s up from $24.1 billion in guarantees for March and similar to the February numbers of $26.2 billion.”

Looking Back:

One year ago, existing home sales increased 7.6 percent to a seasonally adjusted annual rate of 5.77 million units in April. The CIRB reports permits were pulled for 3,314 total housing units in April. Statistics from CAR show California home sales decreased 8.1 percent in April. The Federal Reserve doesn’t intend to sell any of its assets until after it begins raising interest rates.

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.

MDA DataQuick reports 6,789 houses and condos sold in the Bay Area during April. TransUnion claims the national mortgage delinquency rate fell to 6.19% in the first quarter. The United States is expected to reach the $14.29 trillion debt limit Monday. National mortgage debt decreased by nearly $400 billion from 2007 to 2010, according to Frank Nothaft of Freddie Mac.

In The News:

MDA DataQuick – “Bay Area Home Sales Lose Momentum; Median Price Dips Below 2010 Level – Again” (5-16-11)

“6,789 new and resale houses and condos sold in the nine-county Bay Area last month. That was down 3.7 percent from 7,051 in March and down 3.1 percent from 7,003 in April 2010, according to San Diego-based DataQuick.”

NAHB - “Builder Confidence Unchanged in May” (5-16-11)

“Builder confidence in the market for newly built, single-family homes held unchanged at the low level of 16 in May, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The index has now remained at this level for six out of the past seven months.”

Housing Wire – “In these troubled times, more Americans come current on mortgages” (5-16-11)

“The first-quarter national mortgage delinquency rate decreased to 6.19%, according to credit-reporting agency TransUnion. The numbers are down 3.4% from 6.41% in the fourth quarter and down 8.6% compared to 6.77% a year earlier.”

Housing Wire – “US to reach debt ceiling Monday” (5-16-11)

“The United States is expected to reach its $14.29 trillion debt limit Monday, a turning point that has kept members of Congress debating for months.”

CAR - “April 2011 sales and price report” (5-16-11)

“Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 499,830 units in April, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. April home sales were down 2.9 percent from March but up 5 percent from the previous year. The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the April pace throughout the year.”

Bloomberg - “Treasury Yields at Almost 2011 Lows on Concern Economic Recovery Is Weak” (5-16-11)

“Ten-year yields were little changed at 3.18 percent at 9:05 a.m. in New York, according to Bloomberg Bond Trader prices. The 3.125 percent note maturing in May 2021 dropped 2/32, or 63 cents per $1,000 face amount, to 99 17/32. The yield fell to 3.13 percent on May 13, the lowest since December.”

Housing Wire – “Outstanding mortgage debt plummets in three years” (5-16-11)

“Mortgage debt fell nearly $400 billion between the end of 2007 and 2010 as more Americans continued to pound away at their debt and turned to refinancing to reduce monthly mortgage payments, according to new analysis from Freddie Mac’s Chief Economist Frank Nothaft.”

Housing Wire – “Freddie offers closing cost help, agent bonuses on REO” (5-16-11)

“The government-sponsored enterprise held 65,000 REO properties at the end of the first quarter, but it sold a record 31,000 during the period, according to its financial supplement.”

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

The Commerce Department said home construction rose 14.5% in January. Mortgage delinquencies decreased 6.41% in the 4th quarter, according to TransUnion. The FOMC voted to keep rates between 0 to 0.25%.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-16-11)

“The Refinance Index decreased 11.4 percent from the previous week and is the lowest Refinance Index recorded in the survey since the week ending July 3, 2009. The seasonally adjusted Purchase Index decreased 5.9 percent from one week earlier. The unadjusted Purchase Index decreased 0.9 percent compared with the previous week and was 18.2 percent lower than the same week one year ago”

CNN - “Home construction rises in January” (2-16-11)

“Housing starts, the number of new homes being built, rose 14.6% to an annual rate of 596,000 in January, up from 520,000 in December, the Commerce Department said.”

Mercury News – “Silicon Valley real estate: Foreclosure lull ends in Santa Clara County” (2-16-11)

“In Santa Clara County in January, 398 home were either repossessed or sold by lenders to third-party buyers, a nearly 70 percent jump from the month before, according to real estate information service ForeclosureRadar. San Mateo County had 160 foreclosures in January, a 75 percent jump from December. ”

Housing Wire – “Decrease in mortgage delinquencies losing momentum: TransUnion” (2-16-11)

“The ratio of borrowers 60 days of more delinquent on their mortgages dropped to 6.41% in the fourth quarter from 6.44% the quarter before. Compared to the same period in 2009, mortgages delinquencies are down about 7%, TransUnion reported. In the third quarter, the national rate tumbled 3.5%.”

Housing Wire – “HUD Secretary: Reforms will not substantially impact affordable housing” (2-16-11)

“Raising the Federal Housing Administration’s annual mortgage insurance premium 25 basis points will not have a dramatic impact on the affordability of homes in America, U.S. Department of Housing and Urban Development Secretary Shaun Donovan said Wednesday.”

Housing Wire – “FHA’s Stevens says mortgage servicers could face potential fines, claims” (2-16-11)

“Federal Housing Administration Commissioner David Stevens said mortgage servicers under review for improper foreclosures could face fines and potentially forced reimbursements, according to his testimony before a House subcommittee Wednesday.”

Housing Wire – “FOMC: High unemployment, limited construction continue to hinder recovery” (2-16-11)

“the Federal Open Market Committee voted unanimously to keep the target federal funds rate at next to nothing – 0% to 0.25% – and continue with its controversial $600 billion bond-buying plans.”

Housing Wire – “Frank proposes amendment to increase SEC funding by $131 million” (2-16-11)

“U.S. Rep. Barney Frank (D-Mass.) is pushing to increase budget funding for the Securities and Exchange Commission as House representatives debate a bill that could cut funding to the agency by $41 million.”

Looking Back:

One year ago, the median home price in Southern California decreased by 6 percent within a month. CBIA reported that home sales in new communities decreased by 15 percent from last month. John Burns estimated that 5 million houses and condominiums with delinquent mortgages would end up in foreclosure over the next few years. TransUnion reported that mortages over 60 days delinquent increased to 6.89% in quarter four of 2009.

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.

UCLA economists expect unemployment to remain above 10% until the end of 2012. TransUnion predicts the national mortgage delinquency rate could fall below 5% in 2011. A survey from RealtyTrac shows 60% of Americans believe housing will not recover for another 2 years. According to HOPE NOW, 1.54 million permanent mortgage modifications were completed in the first 3 quarters of this year.

In The News:

The Press Enterprise – “Economic recovery to stay muted” (12-7-10)

“Unemployment in California should start to decline next year but is likely to remain above 10 percent until the end of 2012, an economic forecast released today found. The quarterly forecast from UCLA’s Anderson School of Management suggests that the state will see something in 2011 that has been lacking for more than two years: job growth.”

Wall Street Journal – “U.S. Mortgage Delinquency Rate Could Fall to 5% in ’11″ (12-7-10)

“The percentage of U.S. consumers who are delinquent on their mortgages could fall to about 5% by the end of 2011, from an expected 6.2% at the end of this year, according to a leading credit bureau. Even so, the proportion of consumers who are 60 or more days overdue on their mortgages would still be sharply higher than the historical range of 1.5% to 2%, according to TransUnion LLC, which analyzed about 27 million randomly selected consumer records from its database.”

Housing Wire – “JPMorgan sees GSE prepayment rates slowing in January” (12-7-10)

“The prepayment speeds on Fannie 15-year mortgages increased 5% last month from October, while Freddie prepayments climbed 8%, according to JPMorgan.”

Housing Wire – “Private mortgage modifications reach 1.5 million to date, 125,000 in October” (12-7-10)

“Hope Now, a private sector mortgage alliance, said the mortgage industry has completed more than 1.54 million permanent loan modifications for homeowners from January through October, as foreclosure suspensions affected foreclosure sales and starts.”

Housing Wire – “American homebuyers suffer from a crisis of faith: survey” (12-7-10)

“A housing conference call organized by real estate listing websites, Trulia and RealtyTrac, revealed 48% of potential homebuyers in America have lost faith in the ability of the mortgage industry and 24% percent lost faith in the ability of the government to manage said market.”

Bloomberg – “Half of Americans Say Home Recovery at Least Two Years Away” (12-7-10)

“Almost six in 10 U.S. adults say a housing recovery is at least two years away, and more than a third say flawed lender practices are partially to blame, according to a survey by Trulia Inc. and RealtyTrac Inc.”

Orange County Register – “Chapman says prospects dim for housing” (12-7-10)

“Although Chapman University foresees modest price gains and increased homebuilding in Orange County next year, lingering problems from the housing bust will continue to dog the market. The number of homes for sale will be large, defaults and foreclosures will grow and consumer anxiety will be high, according to Chapman University’s 2011 economic forecast.”

Looking Back:

One year ago, the MBA reported that delinquency rates increased during the third quarter for most mortgage investor groups. Bernanke claimed the recovery would continue for at least a year, but that the U.S. still had  some trouble to overcome. Six banks were shut down Friday, which would cost the FDIC a total of $2.384billion.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 200 podcasts in our free investor radio archive.

According to CoreLogic, shadow inventory levels increased to 2.1 million units in August. TransUnion reports mortgage delinquency rates fell to 6.7%. Data from Campbell Surveys shows the current foreclosure problems are significantly delaying closings.

In The News:

Orange County Register - “Calif. ranked 3rd best U.S. home market” (11-20-10)

“Tops on the list for year-over-year price gains for all transactions — distressed sales, included — was New York (up 2.67 percent) then North Dakota (a 1.73 percent gain.) After California came Nebraska (+.78 percent), and Virginia (+.77 percent).”

Inman - “Lenders scoring lower on customer satisfaction” (11-22-10)

“Customer satisfaction with mortgage originators is on the decline as the time from loan application to approval has grown to 27.5 days, up from 20 days last year, according to a study by J.D. Power and Associates.”

Wall Street Journal – “Shadow Inventory of Homes Rising” (11-22-10)

“The ‘shadow inventory’ of unlisted bank-owned homes and potential foreclosures increased to 2.1 million units in August, up 10% from one year earlier, according to new estimates from CoreLogic, a real-estate research firm.”

Housing Wire - “Investors eye opportunities in distressed properties and loans” (11-22-10)

“Market indications, not just living on rumors of a billion dollar Pimco fund for distressed loans and properties, are such that global investors are also looking more at the U.S. According to a global distressed property monitor from the Royal Institute of Chartered Surveyors, investor interest in distressed sales is now double that of a year ago.”

Housing Wire – “Moody’s: CRE prices rose 4.3% in Sept. to highest since May” (11-22-10)

“Commercial real estate property prices increased for the first time since May with a 4.3% gain for September, according to Moody’s Investors Service.”

Housing Wire – “Mortgage delinquency rate tumbles 3.5% in 3Q: TransUnion” (11-22-10)

“The national mortgage delinquency rate fell 3.5% from the second to the third quarter to a rate of 6.7%, according to a report released Monday by TransUnion. This is the largest quarterly drop the firm witnessed since the fourth quarter of 2006. The rate still remains 3% higher than the third quarter of 2009, however.”

Housing Wire - “Foreclosure mess scares off homebuyers: Campbell/Inside Mortgage Finance” (11-22-10)

“Servicing problems disrupted both short sales and REO sales. Survey results show that 24% of closings scheduled for October were delayed or canceled due to issues with short sales, while 12% were delayed or canceled due to REO title issues.”

Bloomberg - “Mortgage Documentation Failures Extend Past Securitizations, Cantor Says” (11-22-10)

“In some cases faulty files are lowering loan prices or extending the time it takes to complete sales, said Jason Kopcak, the head of whole-loan trading at the New York-based broker. Residential and commercial mortgages owned by banks looking to sell often lack the papers required by buyers, including documents needed to foreclose, Kopcak said.”

Orange County Register – “O.C. homes: 4th costliest vs. income” (11-22-10)

“FiServ’s recent home-price outlook contained intriguing stats on 212 markets and the relationship between the median selling price of homes (for second quarter 2010) in major metropolitan areas across the nation and the local household median incomes from 2009.”

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 200 podcasts in our free investor radio archive.

Credit Suisse estimates Fannie Mae and Freddie Mac will have cumulative losses of $321 billion. Private mortgage servicers modified 119,585 loans in September, over 4 times as many modifications performed through HAMP. Statistics from the Federal Reserve show home equity accounted for 16.2% of net worth in the 2nd quarter.

In The News:

RecordNet.com - “Economic forecast heads south” (10-31-10)

“He previously forecast California’s unemployment rate would drop to 11 percent in 2011 and to less than 10 percent the year after. The October report now has state jobless rates remaining above 10 percent well into 2013. San Joaquin County will remain in the doldrums a while longer, with annual jobless rates hovering above 17 percent for the next two years before easing to 16.4 percent in 2013, according to the Pacific forecast.”

Market Watch – “White-collar recession, blue-collar depression” (10-30-10)

“the disparity between white-collar and blue-collar unemployment is stunning: 4.5% among college graduates versus 10.8% for those with a high-school diploma, and 14.3% for those without one.”

Daily Finance – “The Foreclosure Mess: It’s Even Worse in ‘Nonjudicial’ States” (10-30-10)

“In 23 states, before a lender can foreclose on a homeowner for defaulting on a mortgage, it must take the homeowner to court. As we’ve seen, even with judicial review that process has still been shot through with problems. But for a troubled homeowner in California, Texas and 25 other ‘nonjudicial’ states, the robo-signing scandal and foreclosure mess are even more dangerous because the lender doesn’t have to go to court to foreclose. Fraudulent paperwork can be used with impunity unless the homeowner is in bankruptcy, which is a judicial process, or unless the homeowner is represented in the foreclosure by an attorney who knows what to look for.”

Housing Wire – “SEC reminds banks to disclose impacts of mortgage repurchases, foreclosure reviews” (11-1-10)

“Major banks are struggling to get an accurate estimate on how much agency and private-label mortgage-backed securities losses they will be responsible for repaying to the purchasers of those securities, such as Fannie Mae and Freddie Mac.”

Housing Wire – “Credit Suisse projects $321 billion more losses for Fannie, Freddie” (11-1-10)

“Credit Suisse analysts estimate $321 billion in cumulative losses at Fannie Mae and Freddie Mac, based on a further 10% decline in home prices over the next year. Under that scenario, prices would flatten over in following year and experience a 3% annual appreciation going forward.”

Housing Wire – “TransUnion: delinquent mortgage roll rates highest in month after recession” (11-1-10)

“The number of delinquent mortgages that moved to a more serious status peaked the month after the recession officially ended, according to a study by TransUnion. The credit information company said the level of consumers who rolled their delinquency status to 60 days from 30 and to 90 days from 60 reached its highest point in July 2009. Nearly a quarter of those who were 30-days late on their mortgage payments in June 2009 became 60 days past due in July 2009, according to TransUnion”

Housing Wire – “Private mortgage modifications outnumber HAMP 4 to 1 in September” (11-1-10)

“Mortgage servicers modified 119,585 loans through private programs in September, more than four times the 27,840 done through the Treasury’s Home Affordable Modification Program, according to the Hope Now alliance.”

Housing Wire – “Monday Morning Cup of Coffee” (11-1-10)

“Fannie Mae directed servicers to work closely with Housing Finance Agencies across the country now that the HFAs received a total $7.6 billion in Hardest Hit Funds from the Treasury Department. The money will be used to provide temporary relief to unemployed mortgage borrowers through the HHF Unemployment Programs and delinquent borrowers through the HHF Reinstatement Programs.”

Bloomberg - “Housing Matters Little to U.S. Consumers’ Wealth: Chart of the Day” (11-1-10)

“home equity accounted for 16.2 percent of net worth at the end of the second quarter, the Fed’s data showed.”

Bloomberg - “JPMorgan Trims Biggest Mortgage Putback Estimate to $90 Billion” (11-1-10)

“JPMorgan Chase & Co. analysts lowered their estimate for the cost to sellers of repurchasing soured U.S. mortgages to as much as $90 billion from a range that went as high as $120 billion.”

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

The MBA’s weekly survey shows that mortgage loan application volume increased by 4.9%. The Commerce Department reported new homes sales decreased 12.4% in July. According to Zillow, most Western states experienced a decrease in 20-year mortgage rates last week. California’s 30-year rate decreased to 4.30%.

In The News:

Mortgage Bankers Association - “Mortgage Refinance Applications Continue to Increase as Rates Decrease in Latest MBA Weekly Survey” (8-25-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending August 20, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 4.9 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 4.5 percent compared with the previous week”

Washington Post – “New home sales hit lowest level” (8-25-10)

“The Commerce Department reported Wednesday that new homes sold in July at an annual rate of 276,000, down 12.4 percent from June and down 32.4 percent compared with the same time last year”

Housing Wire – “Dow Closes Down Nearly 134 Points Following Bad Housing Data” (8-25-10)

“The American stock markets closed lower today following the news of homes sales dropping a staggering 27%. Stocks of big banks that have large mortgage-finance operations such as Citigroup (C: 3.68 -0.81%), Bank of America (BAC: 12.63 -0.08%), Wells Fargo (WFC: 23.4907 -0.63%) and JPMorgan (JPM: 36.179 -0.09%) closed lower despite doing large amounts of trading volume, according to the New York Stock Exchange”

Housing Wire – “Zillow: Rate on 30-Year Mortgage Remains Flat on Average” (8-25-10)

“Most western states saw a decline in rates: California’s current rate of 4.3% is down from 4.33% last week; Colorado’s at 4.17% is down from 4.19%; Washington’s at 4.29% is down from 4.33%; Illinois’ at 4.24% is down from 4.3%, and Florida’s at 4.2% is down from 4.21%.”

Housing Wire – “Deutsche Bank Summarizes Future of GSEs, Government Guarantee” (8-25-10)

“Key elements included re-launching of the MBS guarantee business backed by catastrophe insurance from the US government. This guarantee would implicitly serve as a backstop to the TBA pass-through market. In a panel with investors in the space, both of these aspects were considered key to maintaining adequate liquidity at the GSEs.”

Housing Wire – “House Prices Begin to Climb, Up 0.9% in Q2 in FHFA Index” (8-25-10)

“The agency said its second quarter HPI – calculated using information from mortgages acquired by Fannie Mae and Freddie Mac – rose 0.9% on a seasonally adjusted basis from the prior quarter, yet fell 1.6% from the year ago. Still, prices of other goods and services in the second quarter were 3% higher than the year earlier. This puts the second quarter inflation-adjusted home price about 4.4% higher than last year, according to the FHFA.”

Housing Wire - “Americans Continue to Deleverage with Credit Card Debt Below $5k per Person” (8-25-10)

“The average national credit card borrower debt slid downward for the fifth consecutive quarter by 4.1% to $4,951, marking the first time the average has been below $5,000 since 2002, according to a report released today by TransUnion. This, coupled with the fact the national credit card delinquency rate for borrowers 90-plus days delinquent plummeted to 0.92% in Q210 (down 17.1% from the first quarter and 21.3% from last year) suggests that borrowers are saving more and spending more responsibly.”

Orange County Register – “Thinking of a refi? Tips for borrowers” (8-25-10)

“This summer’s bout of falling mortgage rates has sparked yet another frenzy of homeowners looking to refinance their loans. Now could be a good time to do it, too, with interest rates at their lowest in decades — lower than in 2001, lower than in 2003 and even lower than in 2004, when we last told you rates were at record lows. They’re lower now.”

Orange County Register – “O.C. housing risk 9th highest in U.S.” (8-25-10)

“Orange County home prices have 99.7% chance of price loss in two years, or by the winter of 2012. PMI Group doesn’t say how big of a price drop that would be, so the declines could be small or large. Nationwide, the average risk for price drops was 51.9% — down from 53.8% the previous quarter.”

Looking Back:

One year ago, the CAR reported Home sales increased 12 percent in July in California. Nationally home prices fell 6.1 percent in the second quarter from 2008, claimed the FHFA.

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