Posts Tagged ‘Treasury Department’

The Norris Group Real Estate News Roundup 5/8/13

Wednesday, May 8th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 7% increase in mortgage applications from last week.  Freddie Mac reported their net income for the latest quarter was their second largest, and they will now pay $7 billion to the Treasury Department.  According to TransUnion, delinquency rates showed their biggest improvement since 1992.

In The News:

Housing Wire “Suspicious loan activity reports shrink first time in a decade” (5-8-13)

“The number of suspicious activity reports from banks citing possible loan fraud decreased by 29% last year, the first drop in 16 years.”

DS News“Trulia: Job Growth Aids Asking Home Prices, Creates New Households” (5-8-13)

“Asking home prices posted the strongest gains in cities where job growth was also solid, according to Trulia.”

Bloomberg “Freddie Mac to Pay Treasury $7 Billion on Quarterly Profit” (5-8-13)

“Freddie Mac, the U.S.-owned mortgage-finance company, will pay $7 billion to the Treasury Department after reporting the second-largest quarterly net incomein the company’s history..”

DS News “TransUnion: Delinquency Rate Sees Biggest Improvement Since 1992” (5-8-13)

“The national mortgage delinquency rate recorded its biggest improvement since the credit bureau began keeping track in 1992, TransUnion reported Wednesday.”

Mortgage Bankers Association “Mortgage Applications Increase in Latest MBA Weekly Survey” (5-8-13)

“Mortgage applications increased 7.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 3, 2013.”

Housing Wire “California Homeowner Bill of Rights blocks BofA foreclosure” (5-8-13)

“A California man successfully halted a foreclosure sale on his property using the newly minted California Homeowner Bill of Rights to obtain a court injunction against two foreclosing parties: Bank of America and its ReconTrust Co. subsidiary.”

DS News“Home Prices on Path to Stabilization This Year” (5-8-13)

“After coming to a “turning point” last year, the housing market is now stabilizing, according to Clear Capital’s monthly Home Data Index,. This year, Clear Capital expects price gains to slow.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $65,000 on a 2 bedroom, 1 bathroom home appraised for $120,000.

 

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

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

Looking Back:

Home prices increased 0.6% from February to March as a result of inventory decreasing.  More people were able to afford homes on this day with payments on conventional mortgages representing 12% of median-family income.  Shaun Donovan made an announcement today that refinancing should be made easier for homeowners.

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 1/31/13

Thursday, January 31st, 2013


Today’s News Synopsis:

Freddie Mac reported mortgage rates increased for the second week in a row, with 30-year rates now at 3.353%, their highest in four months.  The Lender Processing Services reported trends in delinquencies, which increased 0.7% month-over-month in December, foreclosure starts up from 4.8%, and negative equity.  The FHA announced yesterday that they will raise premiums by 0.1% on new mortgages.

In The News:

DS News “LPS: 2012 Trends for Delinquencies, Foreclosures, and Negative Equity” (1-31-13)

“While the national delinquency rate remains elevated and even increased slightly month-over-month in December, the delinquency rate ended the year 32 percent lower than the January 2010 peak, according to the December Mortgage Monitor report from Lender Processing Services (LPS).”

Housing Wire“Investors uncertain about due diligence loan disclosures” (1-31-13)

“About 50% of U.S. investors in the securitization market are unsure as to whether there is sufficient disclosures to perform due diligence, even with a more mature infrastructure and streams of quality data when compared to other global markets such as the European Union, according to Principia.”

Bloomberg “U.S. Mortgage Rates Rise With 30-Year Highest in 4 Months” (1-31-13)

“U.S. mortgage rates rose for a second week, increasing borrowing costs as tight supplies of listings drive up home prices.”

Realty Times “Rents Hit Ceiling As More Renters Become Buyers” (1-31-13)

“With more and more households fed up with the rising cost of rent and with homeownership often more affordable on a month-to-month basis, rents hit a wall in the fourth quarter last year.”

CNN Money“FHA to hike premiums on mortgages” (1-31-13)

“Government-insured mortgages are about to get more expensive.  The Federal Housing Administration, which is the largest insurer of low-down payment mortgages, announced Wednesday that it will raise premiums by 10 basis points, or 0.1%, on most of the new mortgages it insures.”

DS News “LPS Resolves ‘Robo-Signing’ Allegations in $127M Multistate Settlement” (1-31-13)

“Forty-six state attorneys general and the District of Columbia reached a settlement agreement with Lender Processing Services, Inc. and its subsidiaries—LPS Default Solutions and DocX—to resolve allegations concerning the company’s foreclosure practices.”

Inman“RealtyTrac names ’20 best places to buy foreclosures'” (1-31-13)

“Most large metro markets in the U.S. saw increased foreclosure activity in 2012, according to a report from foreclosure data aggregator RealtyTrac.”

Bloomberg“U.S. Mortgage Refinancing Push Said to Advance in Congress” (1-31-13)

“The U.S. Treasury Department and members of Congress are preparing to move forward with plans to expand government-backed refinancing programs to underwater homeowners whose loans are packaged in private-label securities.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $176,000 on a 5 bedroom, 3 bathroom home appraised for $275,000.

 

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

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Looking Back:

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

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.

Year-End Retirement Planning by Kaaren Hall of uDirect IRA

Friday, December 21st, 2012

Kaaren Hall, uDirect IRARIVERSIDE, Calif., Dec. 12, 2012 – We here at uDirect IRA Services want to help you direct your retirement money into great investments that make your retirement financially secure. Whatever it is you decide to invest in (and the list is pretty long) the point is to get going and save for retirement!

I was in Washington, DC in March this year and heard the Department of Treasury tell a group of us that there is something like a $6.6 trillion deficit between what baby boomers have and what is needed to retire. Needless to say, that’s a huge gap!

So what can you do about it? The first thing to do is to make a contribution to your retirement account. While you’re wrapping up 2012, think about what you’re going to be paying for taxes and then ask yourself if you would rather send some of that money to your retirement account instead of to the IRS. Kind of a no-brainer I would say.

Check with your tax professional because the amount you can contribute depends on a few factors like your account type, your age, your income and how much you may have already contributed. If you are 50 or over there is a provision called a “catch-up contribution” where you can contribute more than if you were younger. It’s nice to have some perks of aging!!

When it comes to deciding what to invest in, the list is long. We are administrators and not advisors so we don’t give investment advice. Whatever you decide to do, make sure you do your due diligence. It’s not easy to put away that retirement money, so make sure you’re investing in something that is going to give you the pay-off you hope for. Nothing is certain (except death and taxes) but you can certainly minimize your risk with some good old-fashioned research.

Here are some helpful resources:

www.investor.gov
800 732 0330 The Securities and Exchange Commission (SEC) is dedicated to helping Americans protect their investments.

www.nasaa.org
202 737 0900 The North American Securities Administrators’ Association (NASAA) provides information on investor education.

www.finra.org
301 590 6500 The Financial Industry Regulatory Authority (FINRA) has an “Investor” section on Smart Investing.

www.aarp.com
888 687 2277 American Association of Retired Persons (AARP) includes a section on scams, fraud and consumer protection.

Connect with uDirect IRA

www.udirectira.com

 

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The Norris Group Real Estate News Roundup 8/20/12

Monday, August 20th, 2012

Today’s News Synopsis:

Home sales increased throughout all of California last month according to the California Association of Realtors.  However, at the same time homes are becoming less affordable with the increase in home prices.  Redfin surveyed almost 2,000 home sellers, and the results showed more people are not as eager to sell their homes with the increase in home prices.


In The News:

Housing Wire“Treasury may accelerate TARP bank exits” (8-20-12)

“The Treasury Department may offer more stock it holds in bailed out banks as profits from its sales in larger firms cover the losses, according to some analysts.”

DS News“Expectation for Prices to Rise Deters Would-Be Sellers: Survey” (8-20-12)

After surveying more than 1,800 active home sellers, Redfin found that its customers are holding back from selling now because they believe patience will pay off in the form of higher offers for their home.”

Realty Times“Real Estate Outlook: Housing Affordability Posts Marginal Decline” (8-20-12)

“Home prices strengthened in the second quarter of this year, leading to a slight decline in housing affordability. Ninety-two percent of metro areas posted gains in home prices.”

Bloomberg“Trulia Files for $75 Million Initial Public Offering” (8-20-12)

“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 marketw.”

Inman“Proposed mortgage rules would preserve points and fees” (8-20-12)

Mortgage lenders would have to give consumers the option of a no-point, no-fee loan under proposed rules put forward by the Consumer Financial Protection Bureau with the intention of helping consumers understand mortgage costs and comparison shop.”

Housing Wire“Obama to renew push for wider mortgage refinance plan” (8-20-12)

“The Obama administration will renew efforts to pass a wider refinance plan for more underwater homeowners when Congress reconvenes in September.”

Los Angeles Times“Lowe’s profit drops 10% in second quarter” (8-20-12)

“Home improvement chain Lowe’s Cos. reported that profit dropped 10% in the second quarter because of  weak sales and competition from rivals.”

DS News“Golden State Sees Overall July Growth in Sales, Prices” (8-20-12)

“True to the state’s nickname, California’s housing market posted a gold-medal performance for July.”

Housing Wire“New Jersey looks to speed foreclosures on abandoned homes” (8-20-12)

“A New Jersey state senate bill that would allow financial firms to expedite the foreclosure process on abandoned, vacant homes is advancing after making it out of committee.”

Hard Money Loan Closed

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

 

Bruce Norris of The Norris Group will be at the 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 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.