The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘treasury bond’

By Bruce Norris .

The Norris Group Real Estate News Roundup 8/26/11

Friday, August 26th, 2011

Sources:
Freddie delinquencies tick up for first time in 10 months
Increased mortgage delinquencies could adversely affect RMBS: S&P
July Pending Home Sales
Ben Bernanke Provides No Relief
C.A.R sends letters to top lenders re: short sales
Gov. Jerry Brown proposes job creation plan for California

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 events. Bloomberg reported Ben Bernanke has still not provided any good news for the economy.  Zillow recenlty estimated that the prices of homes declined over 4% last June.  Delinquencies are still on the rise, however, foreclosures and distressed sales are decreasing.  Banks are expeted to do more short sales with houses as these are expected to sell more quickly.

In The News:

Housing WireGDP growth revised down to 1% for 2Q” (8-26-11)

“Gross domestic product — or output of all goods and services — grew at an annual rate of 1% in the second quarter, compared to growth of 0.4% in the first quarter, the Commerce Department said Friday.”

Realty Times - “Foreclosures Slow but Delinquencies Rise” (8-26-11)

“A new report indicates that the number of delinquent mortgage borrowers climbed in the second quarter. That’s people who have missed at least one payment, according to the Mortgage Bankers Association (MBA).”

DS News - “California Distressed Sales Decline, Realtors Push for Streamlined Shorts” (8-26-11)

“California’s pending home sales dipped in July, as did the share of distressed property sales, according to a report released by the state’s Realtor group this week.”

Bloomberg - “New York Buildings Face Storm Damage as Property Managers Plan for Irene” (8-26-11)

“Hurricane Irene may cause seriousdamage to some New York City buildings as it threatens to bring surging floodwaters and strong winds that may spur flying debris, property managers said as they prepared for the storm.”

Housing Wire“August consumer sentiment drops to 3-year low” (8-26-11)

“Consumer sentiment in the U.S. plunged to the lowest level in three years and to one of the lowest level recorded by the Thomson Reuters/University of Michigan survey.”

Realty Times - “Mortgage Rates Follow Bond Yields Higher for the Week” (8-26-11)

“Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates moving higher from the previous week’s record lows as Treasury bond yields moved higher and other housing data showed improvement. However, the 5-year ARM did decline to 3.07 percent thereby setting a new all-time record low.

Realtor Magazine“Banks Agree to More Short Sales” (8-26-11)

“Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.”

Housing Wire - “Zillow estimates 4.3% decline in home prices” (8-26-11)

“Standard & Poor’s is likely to report a 4.3% decline in June home prices year-over-year and a 1.2% increase from the previous month when it releases its June Case-Shiller Home Price Indices study next Tuesday, Zillow said Friday.”

Los Angeles Times - “Corporate profits increase as GDP remains sluggish” (8-26-11)

“The nation’s gross domestic product may be growing at just a crawl, but corporations aren’t doing so badly in this economy, according to data released from the Bureau of Economic Analysis.  Corporate profits increased in the second quarter, as did the amount of cash businesses had available for investments, as taxes decreased.”

DS News - “Radar Logic to Propose Plan to Address Government REOs” (8-26-11)

“Radar Logic plans to publish a response to the government’s proposal to sell pools of foreclosed homes to investors to rent.”

Bloomberg“Bernanke Doesn’t Signal More Stimulus” (8-26-11)

“Federal Reserve Chairman Ben S. Bernanke said the central bank still has tools to stimulate a recovery that has been weaker than forecast while sticking to his view that growth will pick up.”

Looking Back:

The MBA’s second quarter survey showed the delinquency rate for mortgage loans on residential properties dropped to 9.85 percent. Freddie Mac reported that interest rates dropped AGAIN to 4.36%. According to CoreLogic, 23 percent of residential homes with mortgages were in negative equity at the end of the 2nd quarter of 2010. Barclays Capital claims existing home sales decreased 30% in July 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.

The Norris Group Real Estate News Roundup 6/27/11

Monday, June 27th, 2011

Today’s News Synopsis:

Realty Times reported mixed results for the market this month: an increase in housing starts but a 3.8% decrease in existing-home sales.  Analysts at Capital Economics found that cheaper and lower-quality homes will steadily decrease faster than homes at the higher end of the market.    The Wall Street Journal reported that more mortgage applications are being rejected due to banks being extra careful about lending.

In The News:

DS News - “Homes at Low End of Market Remain Most Vulnerable to Price Drops” (6-27-11)

“A continuation of tight credit conditions for first-time buyers and a foreclosure pipeline full of homes bought with subprime loans will mean that house prices at the low end of the market will continue to fall at a faster rate than prices at either the middle or high end, according to analysts at the research firm Capital Economics.”

The Wall Street Journal - “Tighter Lending Crimps Housing” (6-27-11)

“The percentage of mortgage applications rejected by the nation’s largest lenders increased last year, spotlighting how banks’ cautious lending practices are hampering the nascent housing market recovery. ”

Bloomberg - “Mortgage-Bond Slump in U.S. Deepening as Jumbo, Alt-A Loans Extend Losses” (6-27-11)

“U.S. mortgage bonds without government backing are extending losses as signs of a weakening U.S. economy and concern that Greece may default on its debt curb risk-taking.”

CNN Money - “The tax man doesn’t want housing to recover” (6-27-11)

“During the housing boom, governments enjoyed windfalls from property taxes tied closely to home prices. But since the real estate bubble burst, the revenue stream officials had come to rely on to help pay for everything from education to roads has dried up.”

Housing Wire - “Florida court upholds foreclosure ‘rocket docket’ system” (6-27-11)

“A Florida appellate court denied a request from the American Civil Liberties Union to keep a property seizure case out of an accelerated foreclosure system, known as the ‘rocket docket’.”

Inman - “Denver home prices steady, some sellers on sidelines” (6-27-11)

“Metro Denver heads into the prime summer season with fewer available homes on the market. The monthly inventory of unsold homes in May declined 11.1 percent year-over-year to 19,573 units.”

Realty Times - “Real Estate Outlook: Mixed News amid Rising Initial Jobless Claims” (6-27-11)

“It was mixed news this week in the real estate market. While new housing starts were up after a month of declines, existing-home sales were down 3.8 percent from April.”

San Francisco Chronicle - “More than 1 in 4 denied a mortgage” (6-27-11)

“The pendulum has swung the other way. Banks have been blamed for being too lax in their lending practices in the past, haven given mortgages to millions that couldn’t afford them and contributing to the foreclosure debacle. Now, they are being cited as being too restrictive. Their conservative approach, critics say, is hampering the housing market from finding some stable ground, as willing buyers are being denied a mortgage.”

DS News“Analysis: Private Markets Key to Preventing Housing Meltdown Sequel” (6-27-11)

“According to an analysis authored by Patric H. Hendershott and Kevin Villani, responsibility for the failure of Fannie Mae and Freddie Mac falls directly on regulators and indirectly on their political overseers.”

Los Angeles Times - “Treausury bond yields rise as some investors shun new debt sale” (6-27-11)

“Some investors have lost their appetite for U.S. Treasury bonds with yields at their lowest levels since late last year.  Government bond yields rose Monday after the Treasury faced surprisingly weak demand at its auction of $35 billion in new two-year notes, the first of three note auctions this week.”

Housing Wire - “Freddie Mac economist sees sunny economy in second half” (6-27-11)

“Freddie Mac Chief Economist Frank Nothaft said the overall economy should begin to accelerate in the second half of 2011 with an improved housing market close behind.”

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.