California Real Estate Headline Roundup

Posts Tagged ‘Treasury Department’

By Bruce Norris .

The Norris Group Real Estate News Roundup 8/17/12

Friday, August 17th, 2012



Sources:

TransUnion: U.S. Mortgage, Credit-Card Delinquency Rates Decline in 2nd Quarter
Fitch: Mods Bring Down CMBS Delinquency Rate in July
Foreclosure Trends Are Mixed
HOPE NOW Reports 385K Loan Mods in First Half of 2012
Builder Confidence Continues To Improve in August
Paul Ryan favors dissolving Fannie Mae and Freddie Mac
Agencies Propose New Appraisal Rules for Higher-Risk Loans
Appraisals for Higher-Risk Mortgage Loans
Community banks: Growing regulation biggest challenge

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 Treasury Department has ordered Fannie Mae and Freddie Mac to come up with a plan that will speed up the process of repaying their money.  The CFPB is proposing new rules to make mortgage costs and origination easier to understand.

In The News:

Bloomberg“Commercial Rebounding With Less-Than-$5 Million Sales: Mortgages” (8-16-12)

“Sales of small buildings across the U.S. have risen this year to the highest since 2008 as buyers take advantage of prices that have yet to rebound from the property crash and increased access to financing.”

Housing Wire“Treasury aims to speed up Fannie, Freddie payback” (8-17-12)

“The Treasury Department directed Fannie Mae and Freddie Mac to come up with a plan to replace their quarterly dividend payment with all profits going forward.”

Realty Times“Fixed Mortgage Rates Move Higher For Third Consecutive Week” (8-17-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, fixed mortgage rates followed long-term Treasury yields higher. This marks the third straight week of fixed mortgage rates moving higher.”

AOL Real Estate“Occupy Our Homes Launches TV Ad Campaign to Fight Foreclosures” (8-17-12)

“Occupy Our Homes, an offshoot of the Occupy Wall Street movement, launched a national ad campaign this week aimed at inspiring beleaguered homeowners to battle foreclosure and eviction.”

DS News“Small to Mid-Size Servicers to Hurt Most from New Rules: Moody’s “ (8-17-12)

“The Consumer Financial Protection Bureau strikes once more – against the little guy, reports suggest.”

Bloomberg“Trulia Files for $75 Million Initial Public Offering” (8-17-12)

“Trulia Inc., an Internet startup focused on residential real estate, filed to raise $75 million in an initial public offering, aiming to capitalize on an improving U.S. housing market.”

Housing Wire“CFPB proposes loan officer compensation rules” (8-17-12)

“The Consumer Financial Protection Bureau proposed rules on Friday that it says will bring greater accountability to the mortgage origination market and make it easier for consumers to understand mortgage costs.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $52,000 on a 3 bedroom, 1 bathroom home appraised for $87,000.

 

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

 

Looking Back:

The Wall Street Journal reported that the number of homes for sale decreased significantly in several cities, but unfortunately inventory was at its lowest in five years. According to the latest Mortgage Bankers Association survey, mortgage applications increased 7.1% from the previous week, although still not at levels they had been in the past. Los Angeles Times reported layoffs were at the highest they had been in 16 months in the midst of a slow job market.

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 8/6/12

Monday, August 6th, 2012

Today’s News Synopsis:

June saw the lowest amount of HAMP trials since the program’s inception in March 2009.  NAHB listed 80 metropolitan areas out of 32 states are showing signs of improvement.  Closing costs for mortgages decreased 7.4% in the last year with banks competing for borrowers.


In The News:

NAHB“Index Spotlights 80 Improving Housing Markets in August” (8-6-12)

“A total of 80 metropolitan statistical areas across 32 states and the District of Columbia were listed as improving housing markets on the National Association of Home Builders/First American Improving Markets Index (IMI) for August, released today. This included 75 markets that retained their places on the list along with five new ones, while nine areas fell from the list due primarily to slight movements in house prices.”

DS News“Massachusetts Foreclosure Bill Signed into Law “ (8-6-12)

Governor Deval Patrick of Massachusetts signed into law a bill Friday that will require lenders to first determine the value of modifying a loan before foreclosing on a home.”

Inman“Real estate agents expecting business to grow” (8-6-12)

“Real estate agents see a bright future for the business, despite some worries about the prospects for increased government regulation, a possible erosion of industry standards, and a data free-for-all.”

Housing Wire“Treasury reduces AIG stake to 53%” (8-6-12)

“The Treasury Department took in $5.75 billion in proceeds from its sale last week of more than 188 million shares of American International Group ($32.31 0.97%) stock.”

Realty Times“Real Estate Outlook: New Homes Sale Decline” (8-6-12)

New home sales fell for the month of June, according to HUD and the U.S. Census Bureau. The pace of sales for newly built, single-family homes slowed 8.4 percent to a seasonally adjusted annual rate of 350,000 units.”

Housing Wire“Fewest HAMP trials started since program began” (8-6-12)

“Mortgage servicers started just 16,321 three-month Home Affordable Modification Program trials in June, the fewest since the program launched in March 2009, according to an analysis of Treasury Department data.”

Bloomberg“U.S. Mortgage Closing Costs Fall 7.4% as Banks Compete” (8-6-12)

“Mortgage closing costs in the U.S. declined in the past year as lenders competed to attract qualified borrowers, Bankrate Inc. (RATE) said.”

DS News“Court of Appeals Upholds Dismissal in MERS Case” (8-6-12)

“MERSCORP Holdings, Inc., announced that a three-judge panel of the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of a complaint against Mortgage Electronic Registration Systems, Inc., (MERS) and two other defendants.”

Hard Money Loan Closed

Spring Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $198,000 on a 4 bedroom, 2.5 bathroom home appraised for $330,000.

 

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 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.

The Norris Group Real Estate News Roundup 7/6/12

Friday, July 6th, 2012



Sources:

Prices Up Again in May, Trend Will Continue into June: CoreLogic
Construction Spending in U.S. Climbs to More Than Two-Year High
CMBS delinquencies up for fourth-straight month
Mortgage rates smash old record
Apartment Rents in U.S. Rise Most Since 2007 as Vacancy Falls
Barclays Chairman Steps Down Amid Scandal
Barclays Loses Two More in LIBOR Scandal Backlash
FHFA Announces Next Steps in REO Pilot Program
Countrywide Loans Sought Favor With Fannie Mae, Report Says
Homeowner Bill of Rights Passes in California, Advocates Applaud Victory after Three Years of Legislative Battles

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 Labor Department reported disappointing numbers for job growth last month with only 80,000 jobs added.  Fannie Mae and Freddie Mac will continue to focus their attention on repurchase claims, only now they will be working with smaller banks rather than the large institutions.

In The News:

DS News“Nation Adds a Weak 80,000 Jobs in June, Unemployment Rate Flat “ (7-6-12)

“The nation added 80,000 jobs in June, the Labor Department reported Friday.”

Realty Times“Sunny Forecast For The Real Estate Market, Optimism Growing Among Some” (7-6-12)

“The real estate market has had an ominous cloud looming for a long while with sunshine trying to break through. Now, according to a recently released second quarter survey by HomeGain, optimism is growing and a sunnier forecast is anticipated by some.”

Housing Wire“Mortgage servicers modify 70% of HAMP-eligible second liens” (7-6-12)

“Mortgage servicers started modifications on 70% of the second liens eligible for the Home Affordable Modification Program, but many are still left out, according to Treasury Department data released Friday.”

Inman“CoreLogic patent win withstands appeal” (7-6-12)

“A federal appeals court has affirmed a lower court decision dismissing a patent infringement suit against a multiple listing service software vendor and invalidating the patent at issue.”

Realty Trac“LIBOR: Rigged Interest Rates, Rigged Real Estate” (7-6-12)

“On Monday, the chairman of Barclays, Marcus Agius, resigned after the British bank agreed to pay $450 million to settle findings that it — and other banks — had rigged benchmark interest rates to benefit its own bottom line. Tuesday, Barclays chief executive, Robert Diamond, resigned immediately.”

DS News“HELOC Delinquency Rate Up, All Other Categories Down: ABA” (7-6-12)

“Out of 11 categories of loan types, only home equity lines of credit (HELOC) rose, according to a report from the American Bankers Association (ABA).”

Housing Wire“Foreclosure reviews less popular in hardest hit states” (7-6-12)

“As a percentage, borrowers in the states least hit by the foreclosure process accepted more foreclosure reviews offered by federal regulators than those in states most impacted by the crisis, according to an analysis of government data.”

DS News“GSEs Shifting Focus on Regional Banks for Repurchase Claims: Fitch “ (7-6-12)

“Fitch Ratings released a note Thursday stating that Fannie Mae and Freddie Mac won’t be slowing down on repurchase requests and sees a shift in focus from the largest institutions to midtier regional banks.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $73,000 on a 3 bedroom, 2 bathroom home appraised for $123,000.

 

Bruce Norris of The Norris Group will be at the AREAA 2012 Home Buyer & Real Estate Investment Fair Saturday, July 21, 2012.

Bruce Norris of The Norris Group will be at the InvestClub for Women in Los Angeles Tuesday, September 18, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the InvestClub for Women in Orange County Wednesday, September 19, 2012.

Looking Back:

Bloomberg believed the housing market was recoving at a slower pace due to tighter restrictions and higher standards set by the government.  On a positive note, Inman reported an increase of 6.7% in rental prices, and Realty Times reported mortgage rates remained the same while housing prices showed a slight increase.  In other news, the Republicans introduced a bill to merge Fannie Mae and Freddie Mac into one corporation.

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 7/3/12

Tuesday, July 3rd, 2012

Today’s News Synopsis:

According to HousingWire, two provisions of the California Homeowner Bill of Rights passed the California State Legislature yesterday and are awaiting approval by Governor Jerry Brown.  Barclays is losing two more top employees, director and CEO Bob Diamond and COO Jerry del Missier, in the midst of the recent scandal.  Bidders have been selected for Fannie Mae’s REO pilot initiative by the FHFA.


In The News:

Housing Wire“California Homeowner Bill of Rights passes, sent to governor” (7-2-12)

“Two central provisions of the California Homeowner Bill of Rights passed the California State Legislature Monday.”

DS News“Barclays Loses Two More in LIBOR Scandal Backlash” (7-3-12)

“Only one day after chairman Marcus Agius announced his resignation, Barclays announced that director and CEO Bob Diamond and COO Jerry del Missier are both stepping down.”

Realty Trac“Celebration Should Be Put On Hold for Now” (7-3-12)

“On the surface, things sure are looking up these days when it comes to the nation’s housing sector as a whole. And the press is eating it up, declaring a housing recovery is underway.”

Bloomberg“U.S. Office Market Has Smallest Occupancy Gain in a Year” (7-3-12)

“The U.S. office market had its smallest increase in net occupancies in a year in the second quarter as job growth slowed, Reis Inc. (REIS) said.”

Inman“FHA insured $1.44B in loans to tax deadbeats” (7-3-12)

“You might recall the scandalous findings by the Treasury Department’s Inspector General that the IRS sent $7,500 and $8,000 first-time home buyer tax credit checks to thousands of people who simply asked for them between 2008 and 2010, with no documentation showing they were eligible or had even purchased a house. Among the recipients: hundreds of prison inmates, kids as young as three, and dead people.”

DS News“Veros Forecasts Select Struggling Markets to Start Recovering” (7-3-12)

“Certain regions that once dragged the housing market down are expected to start giving the industry a lift while national home values are expected to start leveling, according to forecasts from Veros Real Estate Solutions.”

Housing Wire“FHFA selects bidders for Fannie Mae REO pilot program” (7-3-12)

“The Federal Housing Finance Agency selected the winning bidders in its Fannie Mae REO pilot initiative.”

CNN Money“Manufacturing sector contracts for first time since 2009″ (7-3-12)

“U.S. manufacturing slowed sharply in June to a level that indicates the sector is now contracting, marking the end of almost three years of growth in domestic manufacturing.”

Bloomberg“Home Sales Show Bernanke’s Low Rates Are Gaining Traction” (7-3-12)

“Fed Chairman Ben S. Bernanke’s low interest-rate policy may finally be starting to pull housing out of a six-year tailspin, providing a boost to the broader economy.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $55,000 on a 3 bedroom, 2 bathroom home appraised for $101,000.

 

Bruce Norris of The Norris Group will be at the AREAA 2012 Home Buyer & Real Estate Investment Fair Saturday, July 21, 2012.

Bruce Norris of The Norris Group will be at the InvestClub for Women in Los Angeles Tuesday, September 18, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the InvestClub for Women in Orange County Wednesday, September 19, 2012.

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

The Norris Group Real Estate News Roundup 5/10/12

Thursday, May 10th, 2012

Today’s News Synopsis:

Mortgage rates are at their lowest on record for the second week in a row at 3.8% for 30-year loans.  Builder confidence increased in the first quarter according to the NAHB.  Jobless claims decreased by 1,000 to 367,000 for the week ended May 5.  The lawsuit between the FHA and Deutsche Bank was finally settled over $200 million.

In The News:

Housing Wire“Mortgage rates hit all-time lows for second straight week” (5-10-12)

“Fixed mortgage rates hit new all-time lows for the second straight week, following declining long-term Treasury bond yields.  The Freddie Mac survey showed the 30-year, FRM averaged 3.83% for the week ending Thursday — the lowest rate ever recorded — inching down from the prior week’s record average of 3.84%. Last year at this time, the 30-year FRM averaged 4.63%.”

DS News“Initial Unemployment Claims Dip” (5-10-12)

“First time claims for unemployment insurance resumed their steady decline, dipping 1,000 to 367,000 for the week ended May 5, the Labor Department reported Thursday after the previous week’s total was revised upward by 3,000 to 368,000.”

NAHB“Builder Confidence in the 55+ Housing Market Shows Significant Improvement in the First Quarter” (5-10-12)

“Builder confidence in the 55+ housing market for single-family homes had a significant increase in the first quarter of 2012 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.”

Housing Wire“AG robo-signing settlement monitor puts complaint forms online” (5-10-12)

“Borrowers will get a chance to file complaints electronically with the monitor of the $25 billion foreclosure settlement with the largest mortgage servicers.”

Los Angeles Times“Bernanke: Banks are stronger, but mortgage lending is sluggish” (5-10-12)

“American banks have made significant strides in boosting their financial health since the recession, but the same cannot be said of their lending activity, especially for home mortgages, Federal Reserve Chairman Ben S. Bernanke said.”

DS News“LPS: Home Prices Increased, but We’ve Been Down This Road Before” (5-10-12)

“For the first time since March 2010, data from Lender Processing Services (LPS) showed an increase in home prices, but still, the analytics company warned to embrace the positive news with some caution.”

Bloomberg“Rise in Residential Investment May Help Home Depot-Lowe’s” (5-10-12)

“Spending on construction of new residential housing and improvements to existing homes is at a three-year high, a trend that may boost sales at Home Depot Inc. (HD) and Lowe’s Cos. (LOW).”

DS News“HAMP Changes Can Expand Eligibility to More Military Members” (5-10-12)

“Starting June 1, military homeowners who are permanently displaced by a job-related move may still be able to be considered owner-occupants when applying for the Home Affordable Modification Program (HAMP).”

Housing Wire“Deutsche Bank settles FHA suit for $202.3 million” (5-10-12)

“Deutsche Bank ($40.53 1.13%) settled a lawsuit filed against it by the U.S. government for $202.3 million that alleged a Deutsche subsidiary failed to meet Federal Housing Administration underwriting guidelines.”

CNN Money“U.S. records first monthly budget surplus since 2008″ (5-10-12)

“For the first time in more than three years, Washington took in more money than it paid out last month.  The Treasury Department on Thursday recorded a $59 billion surplus. Tax receipts were higher and spending lower than they were last April.”

RealtyTrac“New Fed Rule Could Reduce Foreclosure Prices” (5-10-12)

“The federal government has proposed new rules that would significantly limit mortgage loan origination fees and possibly result in reduced foreclosure prices.”

Hard Money Loan Closed

Rancho Cucamonga, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 3 bedroom, 2 bathroom home appraised for $315,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Apartment Owners Association Million Dollar Trade Show on Saturday, May 17, 2012.

The Norris Group posted a new event. The Norris Group will hold its REO Boot Camp on May 22-24, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Cutting Edge Financial Tactics Brunch on Saturday, June 02, 2012.

Looking Back:

The NAR stated that home sales rose in 49 states during the first quarter of 2011. A study from the NAHB showed 72.8% of all U.S. homes sold in 2010 were affordable for families earning the national median income. The Financial Crimes Enforcement Network said reports of mortgage fraud reached a record high. Trulia found that third-party syndicators of listings data which did not come from an MLS had an error rate of 21.3 percent for either a listing’s price or status.

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 5/4/12

Friday, May 4th, 2012


Sources:

Failed Bank List
Homeownership Rate Falls to 15-Year Low
American family rentals reach 15-year high
Consumer Spending Slows Sharply in March; Savings Rate Edges Up
Residential construction grows slightly in March
Foreclosures Down to 69,000 in March, Inventory Also Down
2012 NAR Investment and Vacation Home Buyers Survey: Sales
Uh-oh: Big banks shrink lending
FHFA delays principal reduction ruling

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.  Only 115,000 new jobs were added last month, disappointing numbers for the Bureau of Labor Statistics.  Mortgage modifications for HAMP decreased 33% from last year.

In The News:

Housing Wire - “NY Fed opens bid on more AIG CDOs” (5-4-12)

“The Federal Reserve Bank of New York opened more American International Group ($32.79 -1.35%) CDOs for bidding.”

Realty Times“Fixed Mortgage Rates Average New All-Time Record Lows” (5-4-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, the average fixed mortgage rates found new all-time record lows, continuing to help keep homebuyer affordability high.”

DS News - “Slow Growth: 115,000 Jobs Added In April, Unemployment Rate Down” (5-4-12)

“The nation added 115,000 jobs in April, far below expectations and a drop from March’s revised payroll growth of 159,000, the Bureau of Labor Statistics reported Friday.”

RealtyTrac - “Foreclosure Loan Modifications Helping or Hurting?” (5-4-12)

“Pressure is mounting in Washington to allow loan modifications with principal balance write-downs to bail out struggling homebuyers who borrowed too much money during the housing boom or took out a second mortgage to buy Hummers or take expensive vacations they couldn’t afford.

CNN Money - Postal Closures Likely to Start This Summer (5-4-12)

“Last December, the Postal Service agreed to back off closing any more post offices and postal plants until May 15. The moratorium was aimed at giving Congress time to pass legislation to help the service get back on firmer financial footing. The service lost $5 billion in its most recent year and is $12 billion in debt to the Treasury Department.”

Housing Wire - “Ohio AG begins $75 million demolition program” (5-4-12)

“Ohio Attorney General Mike DeWine will begin granting $75 million to local governments for the demolition of abandoned homes.”

DS News- “Treasury to Sell Investments in Small Banks Still in TARP Program” (5-4-12)

“While Treasury has stated it recovered $264 billion of the $245 billion invested in TARP, Treasury Assistant Secretary Timothy G. Massad announced 343 banks still remain in TARP’s taxpayer-funded bank programs.”

Housing Wire“HAMP mortgage modifications down 33% from last year” (5-4-12)

“Reginald Harper, former CEO of First Community Bank of Hammond, La., pleaded guilty to defrauding the firm out of millions of dollars in phony mortgages.

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. Bruce Norris of The Norris Group will be at the All in or Fold in Northern California on Saturday, May 05, 2012.

Looking Back:

A survey showed that 45% of homebuyers thought they should always buy mortgage discount points. Freddie Mac ended the first three months of the year with a positive net worth of $1.2 billion, and needed no additional funding from Treasury for the first quarter 0f 2011. Automatic Data Processing Inc said the private sector added 179,000 jobs in April 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.

The Norris Group Real Estate News Roundup 4/26/12

Thursday, April 26th, 2012

Today’s News Synopsis:

The National Association of Realtors reported a 4.1% increase last month in the purchases of pending homes.  More and more homes are being foreclosed on after having been put on hold due to the recent robo-signing issues.  Jobless claims declined by 9,000 from last week, but they are still at levels higher than wanted.  Fixed mortgage rates are still at their lowest on record at 3.00% for 30-year and 3.12% for 15-year.

In The News:

RealtyTrac“54 Percent of U.S. Metros Post Quarterly Increase in Foreclosure Activity in First Quarter” (4-26-12)

“RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q1 2012 Metropolitan Foreclosure Market Report, which shows first quarter foreclosure activity increased from the previous quarter in 114 out of the nation’s 212 metropolitan areas with a population of 200,000 or more.”

NAHB“Remodeling Market Index Remains Relatively Flat in First Quarter” (4-26-12)

“Remodeling activity remained relatively flat in the first quarter of 2012, as the Remodeling Market Index (RMI) compiled by the National Association of Home Builders decreased one point to 47 from the upwardly revised 48 in the previous quarter.”

Housing Wire“Donovan: No Fannie, Freddie reform ‘any time soon’” (4-26-12)

“Department of Housing and Urban Development Secretary Shaun Donovan said the Obama administration doesn’t plan to introduce Fannie Mae or Freddie Mac reform ‘any time soon’.”

DS News“C.A.R. Sponsoring Bill Preventing Foreclosures with Approved Short Sales” (4-26-12)

“The California Association of Realtors (C.A.R.) announced its sponsoring a bill that will prevent California homeowners from going into foreclosure if they have negotiated a short sale with their lender or servicer.”

CNN Money“Logjam in foreclosure filings breaking up” (4-26-12)

“There is more evidence that the foreclosure logjam is breaking up.  Filings are spiking in areas where judges had held up foreclosures because of robo-signing allegations, according to a report on 212 metro areas released Thursday by RealtyTrac, which markets foreclosed properties.”

Bloomberg“Pending Sales of U.S. Existing Homes Increased 4.1% in March” (4-26-12)

“Signed contracts to buy U.S. homes rose more than forecast in March as low interest rates drew buyers back into the market.  The index of pending home purchases rose 4.1 percent to 101.4, the highest level since April 2010, after a 0.4 percent gain in February that was revised from a previously estimated 0.5 percent drop, the National Association of Realtors reported today in Washington.”

NAHB“Economists Say Housing Outlook Continues to Slowly Brighten” (4-26-12)

“Mirroring the uneven economic recovery, the housing market is expected to move in a slow, gradual upward path in 2012, while encountering its share of speed bumps along the road, according to economists participating in yesterday’s National Association of Home Builders (NAHB) construction forecast webinar on the housing and economic outlook.”

DS News“Initial Unemployment Claims Dip But Remain Elevated” (4-26-12)

“First time claims for unemployment insurance remained over 380,000 for the third straight week for the week ended April 21, the Labor Department reported Thursday, the highest levels of the year.”

Housing Wire“Mortgage rates hold near record lows” (4-26-12)

“Fixed mortgage rates held near record lows this week as the markets waited for the Federal Reserve monetary policy announcement following two days of deliberations.

Bloomberg“Homebuilder Shares Climb After Orders for New Houses Rise” (4-26-12)

“U.S. homebuilders climbed in New York trading after four companies reported an increase in orders and contracts to buy existing homes climbed more than forecast, signs that the housing market may be reaching bottom.”

Hard Money Loan Closed

Santa Ana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $215,000 on a 4 bedroom, 2.5 bathroom home appraised for $371,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at Dublin on Wednesday, May 02, 2012.

Looking Back:

The Commerce Department reported new home sales increased 11% in March 2011. A study showed that short sales and foreclosures equally damaged FICO scores. A survey from Pew showed 81% of adults believed purchasing a home was the best long-term investment a person could make. Morgan Stanley believed home prices would fall 6-11% 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.

The Norris Group Real Estate News Roundup 4/9/12

Monday, April 9th, 2012

Today’s News Synopsis:

Sales of investment and vacation properties increased considerably in 2011, according to the National Association of Realtors.  Despite the number of new jobs falling below expectations last month, the number of people searching for jobs and part-time workers searching for full-time work was actually at its lowest in three years.  Fannie and Freddie backed mortgage bonds linked to apartments is also at a record high.

In The News:

Realty Times“Real Estate Outlook: Vacation Sales Surge” (4-9-12)

“According to the National Association of Realtors’ 2012 Investment and Vacation Home Buyers Survey, there was a surge in sales of both investment in vacation homes in 2011.”

Housing Wire“Delinquent properties redraw regional real estate” (4-9-12)

“The overhang of distressed properties and strength of the regional economy will cause various housing markets over the next few years to look increasingly different.”

CNN Money“Silver lining in weak jobs report – underemployment” (4-9-12)

“Friday’s March jobs report was widely seen as a big disappointment, but there was one key aspect in it that showed a big improvement.  The so-called underemployment rate, which counts jobless people looking for work, part-time workers who need full-time jobs and discouraged job seekers, fell to a three-year low of 14.5% from 14.9% in February.”

DS News“Mortgage Litigation Reaches All-Time High, Mortgage Daily Reports” (4-9-12)

“Mortgages are becoming more and more of a litigious matter, with the number of mortgage-related cases reaching an all-time high, according to Mortgage Daily’s 2011 fourth quarter Mortgage Litigation Index, which first began in 2007.”

Bloomberg“Multifamily Bonds Surging to Record U.S. as CMBS Fade: Mortgages” (4-9-12)

“Bonds backed by Fannie Mae and Freddie Mac tied to apartments soared to a record as the government-supported mortgage companies made low-cost loans on rental properties amid a continued slide in home values.”

San Francisco Chronicle“U.S. Stock-Index Futures Decline as Jobs Report Misses Estimates” (4-9-12)

U.S. stock futures fell, signaling more Standard & Poor’s 500 Index losses following the biggest weekly retreat of the year, after American employers added fewer jobs than forecast in March.”

Housing Wire“Clear Capital predicts modest home price gains for 2012″ (4-9-12)

“Ally Financial made another dividend payment to its largest shareholder — the federal government.  The Treasury Department will receive $134 million as part of the quarterly payment, Ally said Monday. The Detroit-based bank made a similar payment in January to the Treasury, which owns 73.8% of company stock.”

DS News“FHA Delaying Disputed Debt Rule Until July” (4-9-12)

“The FHA rule preventing potential borrowers with outstanding collections debt of $1,000 or more from getting an FHA-insured loan is on hold until July 1.”

Inman“Lenders settle discrimination claims by new, expectant moms” (4-9-12)

“Lenders can’t deny mortgage loans to women solely because they are pregnant or on temporary maternity leave, federal regulators said in announcing settlements with two lenders who were accused of doing so.”

Hard Money Loan Closed

Taft, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $52,000 on a 3 bedroom, 1 bathroom home appraised for $85,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at The Women’s Council of Realtors Victorville on Wednesday, April 11, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 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.

The Norris Group Real Estate News Roundup 3/23/12

Friday, March 23rd, 2012

Sources:
Mortgage Rates Up, With 30-Year Fixed Above 4 Percent
U.S. Home Prices Have Smallest Decline in More Than 2 Years
Buying a home cheaper than renting in most places
Weekly jobless claims fall 5,000 to 4-year low
Federal judge shuts down Santa Ana mortgage-relief operation
Average 30-year mortgage rate edges up, above 4%, Bankrate says
Existing home sales dip 0.9% in February
Interest Rates Highest Since December, Applications Decrease in Latest MBA Weekly Survey
Homebuilding permits returning in top foreclosure states
U.S. Housing Heals as Starts Near Three-Year High: Economy
Taylor, Bean & Whitaker CFO pleads guilty in mortgage fraud scheme
Builder Confidence Unchanged in March
Treasury Announces a $25B Return Through its MBS Portfolio
Federal Reserve to fine eight more banks on foreclosure violations

Today’s News Synopsis:

This week’s video is a slideshow of the news of the week in the world of real estate and other big news of the week.  Sales of new homes decreased 1.6% last month according to the Commerce Department.  30-year fixed rate mortgages are now up to 4.08%.   As a way to help homeowners facing foreclosure, title on the property will be transferred to the bank, who in turn will turn the home into a rental.

In The News:

Housing Wire“February new home sales fall 1.6%: Commerce Dept.” (3-23-12)

“New home sales dipped 1.6% in February to 313,000 from January, but rose 11.6% from the same period a year earlier.  The seasonally adjusted annual measure, released by the Commerce Department Friday, fell from a downwardly revised January estimate of 318,000 from 321,000.”

Realty Times“30-Year Fixed-Rate Mortgage Averages 4.08 Percent” (3-23-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, mortgage rates continued to follow bond yields higher amid improving economic data. The average 30-fixed rate mortgage averaged 4.08 percent for the week clearing the 4 percent barrier for the first time since October 27, 2011, when it averaged 4.10 percent.”

DS News“Moody’s: Foreclosure Timelines on the Rise; More Losses to RMBS” (3-23-12)

Foreclosure timelines are on the rise, and the increase is resulting in greater losses to residential mortgage backed securities (RMBS), according to Moody’s Investor Service’s Servicer Dashboard for the fourth quarter 2011, released Thursday.”

Los Angeles Times“Bank of America turns foreclosure-facing homeowners into renters” (3-23-12)

“Bank of America: Lenient landlord? The bank is launching a pilot program that would allow customers with underwater mortgages to avoid foreclosure by becoming renters.  In its testing stages, the Mortgage to Lease program will involve fewer than 1,000 customers in Arizona, Nevada and New York who are at least 60 days behind on payments for their Bank of America loan. Their homes must be worth less than what is owed on their mortgages.”

Housing Wire“Mass layoffs decline, 345 metros report falling jobless rates” (3-23-12)

“Mass layoffs declined in February, and 345 metro areas reported lower unemployment rates for the month of January, according to the Bureau of Labor Statistics.”

DS News“AREAA Launches International Networking Platform” (3-23-12)

“The Asian Real Estate Association of America (AREAA) recently launched AREAA Net, an international networking platform to connect members with 400,000 real estate professionals from over 100 countries, according to a release from the association.”

Bloomberg“NYC Office Leases Lowest Since 2009 on Wall Street Cuts” (3-23-12)

“Manhattan office leasing in the first quarter is poised to be the lowest in almost three years as Wall Street cut jobs and needed less space, according to preliminary data from brokerage Studley Inc.”

Housing Wire“Freddie CEO signals GSE principal reduction could be soon” (3-23-12)

“Freddie Mac CEO Charles “Ed” Haldeman gave a strong signal Friday that new incentives from the Treasury Department may be enough to start principal reduction on mortgages backed by the government-sponsored enterprises.”

Mortgage Bankers Association“CampusMBA Teams with The Lincoln Leadership Institute at Gettysburg (LLI) to Offer Unique Leadership Development Opportunity” (3-23-12)

“CampusMBA, the award-winning education division of the Mortgage Bankers Association (MBA), today announced it is teaming up with The Lincoln Leadership Institute at Gettysburg (LLI) to offer a unique and innovative team and leadership development program, A Transformational Journey from Gettysburg, a comprehensive on-site training program which uses the Battle of Gettysburg as a metaphor to address current real estate finance industry challenges.”

Inman“Top 10 markets to invest in” (3-23-12)

“Realtor.com’s latest top 10 investment markets report shows metros just off the beaten path leading the way.  Built from Realtor.com data updated through February 2012, the report put Tucson, Ariz.; Austin, Texas; and Kansas City, Mo., as the top current real estate markets to invest in.”

DS News“Former Fannie Mae VP Joins Veros as SVP of Strategic Initiatives” (3-23-12)

“A former Fannie Mae VP of single-family strategic initiatives joined Veros Real Estate Solutions as SVP of strategic initiatives.”

Hard Money Loan Closed

Altadena, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $375,000 on a 5 bedroom, 3 bathroom home appraised for $618,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Bigger Pockets REI Summit on Friday and Saturday, March 23 and 24, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 2012.

Looking Back:

The Commerce Department said single-family home sales dropped 16.9% in February 2011.  However, a survey from Bloomberg showed many economists believed home sales probably increased in February. Mortgage applications increased 2.7% the previous week, according to the MBA.

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 3/9/12

Friday, March 9th, 2012

Sources:
One Georgia Bank Closed Friday; Tally Is Now 12
Foreclosure Sales Outpace Modifications for January
Real Estate Outlook: Pending Home Sales Trend Upward
Consumers shed debt, cut mortgage balances
Repeat foreclosures hit an all-time high in January
Reported Mortgage Fraud Filings Increased in Q3
Home price declines resilient against REO saturation: Clear Capital
Private sector adds 216,000 jobs in February
Initial Unemployment Claims Rise For Third Straight Week
Judicial Watch sues FHFA over MBS disclosures
FHA to Lower Insurance Premiums for Mortgage Refis
FHA to lower refinance premiums
Wells Fargo’s CFO Says Branches May Be Closed, Merged
BofA Makes a Deal on Side

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 pay for the chief executives of Fannie Mae and Freddie Mac was cut this week by the FHFA.  227,000 new jobs were added in February, although the unemployment rate remains unchanged at 8.3%.  Freddie mac asked for another $146 million from the Treasury.

In The News:

Housing Wire“Government-held REO halved during robo-signing freeze” (3-9-12)

“The government cut its inventory of foreclosed homes by half in 2011.  Fannie Mae, Freddie Mac and the Department of Housing and Urban Development held roughly 150,700 REO properties as of Dec. 31, down 49% from the 296,000 at the end of 2010, according to an analysis of their collective financial statements.”

Bloomberg“Ghost of Fannie Mae Haunts Canadian Housing as Exposure Worsens: Mortgages” (3-9-12)

“The Canadian housing agency’s vulnerability to mortgage defaults has soared nine-fold in 20 years, approaching levels reached by Fannie Mae and Freddie Mac in the U.S. at the height of the housing boom. Canada Mortgage & Housing Corp. says its finances are secure unless the country plunges into deep recession for several years.”

Realty Times“Fixed-rate Mortgages Remain at or Near All-time Lows” (3-9-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® (PMMS®), fixed-rate mortgages are at or near their 60-year lows helping to drive record high homebuyer affordability. The 15-year fixed, a popular choice among refinance borrowers, averaged a new all-time record low of 3.13 percent.”

DS News - “Payrolls Up 227,000 in February; Unemployment Rate Steady” (3-9-12)

“The nation added 227,000 jobs in February – the seventh straight month of 100,000-plus payroll gains, the longest such string since 2005 – as the unemployment rate held steady at 8.3 percent, the Bureau of Labor Statistics reported Friday morning.”

San Francisco Chronicle“Apple growth helps fuel Silicon Valley office boom” (3-9-12)

“Apple is helping fuel the biggest Silicon Valley office-leasing boom since the dot-com era, as the fast-growing company waits for its futuristic new “spaceship” headquarters to land.  Office occupancy in the region rose by 2.7 million square feet last year, the most since 2000, and rents may advance 11 percent to an average $36 a square foot in 2012, according to brokerage Cassidy Turley.”

Housing Wire“FHFA axes executive pay at Fannie and Freddie” (3-9-12)

“The Federal Housing Finance Agency in its role as conservator of Fannie Mae and Freddie Mac significantly reduced the amount of pay chief executive officers at the firm will earn in the future.”

DS News“Florida MLS Requires Agents to State If Property Is Bank-Owned” (3-9-12)

“A multiple listing service (MLS) based in Palm Beach Gardens, Florida is requiring real estate agents to disclose if a property they are listing is bank-owned.”

Housing Wire“Freddie Mac to request $146 million from Treasury” (3-9-12)

“Freddie Mac requested another $146 million from the Treasury Department for the three months ended Dec. 31.  The GSE reported $619 million in net income for the fourth quarter, plus an additional $887 million in other income.”

Inman“Mortgage deduction limits: per residence, not per person” (3-9-12)

“Last week brought bad news for wealthy unmarried couples who own homes together. The U.S. Tax Court held that the $1.1 million limit on the mortgage interest deduction must be applied per residence, not per taxpayer, even where the co-owners are unmarried and file separate tax return.”

Los Angeles Times“Bank of America to reduce principal for up to 200,000 homeowners” (3-9-12)

“Home prices and sales remain fragile as foreclosure starts ticked up in January, according to the latest housing scorecard from the Obama administration.”

Hard Money Loan Closed

Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $48,000 on a 4 bedroom, 2 bathroom home appraised for $81,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Evening with the Leaders of the Real Estate Industry on March 13, 2012

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 2012

Looking Back:

Mortgage applications increased 15.5% the previous week, according to the MBA. UCLA economists predicted California’s unemployment rate would remain above 10% until 2013. Freddie Mac’s level of REO properties grew 145.7% over the past two years. Obama threatened to veto bills terminating the Federal Housing Administration’s Short Refi and the Department of Housing and Urban Development’s Emergency Homeowner Loan Program.

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.