The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘treasury’

By Bruce Norris .

The Norris Group Real Estate News Roundup 11/16/12

Friday, November 16th, 2012




Sources:
Third Quarter Commercial/Multifamily Mortgage Originations Down 7 Percent from Q3 2011
Drop in U.S. mortgage delinquency rates led by California, Arizona
CoreLogic: Rising house prices linked to rental demand
Housing market in Southern California makes October gains
October 2012 Real Estate Data
Uncertainty, QE3 push mortgage rates to new lows
Nationwide Housing Affordability Improves in Third Quarter
Deutsche Bank, Goldman Sachs Lose Bid for Securities Suit Dismissal
BofA offers 30,000 borrowers $4.75 billion in principal reductions
Bernanke: Housing is not out of the woods, lending remains too tight

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.  In order to help improve borrower relief and finances, the FHA recently announced they will be raising annual premiums by 10 basis points in addition to selling 10,000 delinquent loans.  Treasury 10-year note yields are at their lowest in 10 weeks according to a recent announcement by President Obama at a meeting to discuss the fiscal cliff.

In The News:

Housing Wire- “FHA splits REOs from pre-foreclosures” (11-16-12)

“The audit for the Federal Housing Administration found the mutual insurance fund short a projected $13.48 billion. However, it could have been worse, if not for the separation of REOs and pre-forelcosures on FHA books.”

Mortgage Bankers Association- “MBA Chairman Debra Still Reacts to FHA Actuarial Report” (11-16-12)

“Debra W. Still, CMB, Chairman of the Mortgage Bankers Association (MBA), issued the following statement today reacting to the release of the Federal Housing Administration’s (FHA) actuarial report on the Mutual Mortgage Insurance (MMI) Fund for single family programs (which differs from the GI/SRI fund that supports FHA’s multifamily programs).”

DS News“Homeownership Remains Low Despite Decreasing Burden of Owning” (11-16-12)

“The landscape of homeownership has undergone significant changes in recent years: The homeownership rate has declined, but so has the cost burden of owning a home.”

Bloomberg- “U.S. 10-Year Yields Fall to 10-Week Low on Fiscal Cliff” (11-16-12)

“Treasury 10-year note yields declined to a 10-week low as President Barack Obama convened a meeting with lawmakers to work on the so-called fiscal cliff.”

CNN Money- “FHA exhausts reserves” (11-16-12)

“The Federal Housing Administration has exhausted its reserves, forcing it to institute another round of measures to shore up its finances.”

Housing Wire- “MBIA claims could cost BofA $4 billion in rescission damages” (11-16-12)

“No matter how you cut the cake, Bank of America ($9.06 -0.03%) could be on the hook for billions of dollars in damages as the mega bank fights the claims of bond insurer MBIA ($6.96 0%) in court.”

DS News- “GSE Announces Winter Bonus for Agents Who Sell HomeSteps Homes” (11-16-12)

“Agents who sell HomeSteps homes, or Freddie Mac-owned residences, are eligible for winter bonuses.”

Bloomberg- “FHA Will Boost Premiums, Sell Mortgages to Improve Finances” (11-16-12)

“The Federal Housing Administration will raise annual premiums by 10 basis points, sell 10,000 delinquent loans per quarter and boost relief for borrowers as part of a plan to improve the agency’s finances, U.S. Housing and Urban Development Secretary Shaun Donovan said today.”

Hard Money Loan Closed

Valley Center, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $160,000 on a 2 bedroom, 1 bathroom home appraised for $255,000.

 

Bruce Norris of The Norris Group will be at the Investors Workshops at the Doubletree Hotel in Orange on Wednesday, November 28, 2012.

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at the El Camino Country Club in Riverside on Sunday, December 2, 2012.

Bruce Norris of The Norris Group will be presenting the 7 Profit Centers for 2012 and Beyond with SDCIA at the Scottish Rite Center in San Diego on Tuesday, December 11, 2012.

Looking Back:

In a big story in the news, home-builder confidence rose to 20 points in November 2011, the highest it had been since May 2010.  According to the latest Mortgage Application Survey, mortgage applications were down 10% from the previous week, although mortgage rates remained relatively the same.  Rentals in Southern California increased for the 14th straight month.

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 11/5/12

Monday, November 5th, 2012

 

Today’s News Synopsis:

The number of bank failures increased to 49 this week with the closure of two more banks in Illinois and Florida.  Home prices increased 2.9% in October, while rentals increased 5.1% from last year.  Several real estate companies are banding together to provide relief for the victims of Hurricane Sandy.

In The News:

DS News- “MetLife Agrees to Sell Servicing Portfolio to JPMorgan” (11-5-12)

“The country’s largest life insurance provider announced it is selling its mortgage servicing portfolio to one of the country’s biggest mortgage servicers.”

Housing Wire- “October home prices rise 2.9% as rents soar above 5%” (11-5-12)

“Home prices rose 2.9% over last year in October, but had nothing on the rental market which saw rates rise 5.1% from 2011 levels, Trulia said Monday.”

Realty Times“Real Estate Outlook: Pending Sales Little Unchanged “ (11-5-12)

“Pending home sales remained mostly unchanged in September, but are holding higher than year ago levels.”

Bloomberg- “FHA Said to Set Stage for Treasury Draw as Losses Mount” (11-5-12)

“The Federal Housing Administration, faced with continuing losses from the housing bubble, will issue a financial analysis next week setting the stage for what could be its first draw from the U.S. Treasury in its 78-year history, according to three people briefed on the report.”

Housing Wire- “Bank of America doubles repurchase risk exposure” (11-5-12)

“Bank of America ($9.69 -0.16%) doubled exposure to unresolved mortgage-buyback risk in the first nine months of the year as more putback claims surfaced.”

Inman- “Real estate companies join Sandy relief efforts” (11-5-12)

“Realtors and real estate companies — many of them hard hit by Hurricane Sandy themselves — are bolstering official relief efforts for storm victims with initiatives of their own.”

DS News- “Goldman Sachs Asks Court to Dismiss Class Action Securities Suit “ (11-5-12)

“Goldman Sachs is asking the U.S. Supreme Court to dismiss a mortgage securities class action lawsuit that the company says could cost Wall Street tens of billions of dollars, according to a report from Reuters.”

Los Angeles Times- “Sellers’ return to housing market could be slow, surveys indicate” (11-5-12)

“When will sellers return? That’s a burning question in residential real estate circles these days as inventory has fallen and the market has grown increasingly competitive.”

Inman- “Zillow buying mortgage pricing engine” (11-5-12)

“Real estate information marketplace Zillow Inc. says it has an agreement to acquire mortgage product and pricing engine Mortech Inc. that will accelerate the development of Zillow’s Mortgage Marketplace.”

DS News- “Two Bank Failures Raise 2012 Total to 49″ (11-5-12)

“The FDIC added two more banks to this year’s failed bank list Friday, bringing the total year-to-date to 49.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $195,000 on a 5 bedroom, 4 bathroom home appraised for $332,000.

 

Bruce Norris of The Norris Group will be at the OCRE Forum at the Chinese Cultural Center in Riverside on Wednesday, November 7, 2012.

Bruce Norris of The Norris Group will be at the Investors Workshops at the Doubletree Hotel in Orange on Wednesday, November 28, 2012.

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at the El Camino Country Club in Riverside on Sunday, December 2, 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 10/26/12

Friday, October 26th, 2012



Sources:

LPS: Delinquency Rate Suddenly Spikes in September
Three Bank Failures Raise 2012 Tally to 46
Mortgage Applications Decrease in Latest MBA Weekly Survey
U.S. Home Prices Rose 0.7% in August From July, FHFA Says
New-home sales up 27 percent from a year ago
Pending home sales up for 17th consecutive month
Mortgage Rates in U.S. Increase With 30-Year at 3.41%
First-Time Jobless Claims Drop Sharply
Fannie Mae Limiting Loans Helps JPMorgan Mortgage Profits
More Americans delaying retirement until their 80s
Bank of America sued for alleged mortgage fraud

Homebuilders need more land as housing recovery continues
RBS Settles Nevada Subprime Allegations for $42M

Today’s News Synopsis:

This week’s video is a slideshow of a few big news stories of the week.  LPS reported home prices increased 2.6% year-over-year in August.  GDP also increased 2% in the third quarter, a faster rate than what forecasters predicted.    Citigroup is being fined by Massachusetts regulators over leaked information regarding an initial public offering by Facebook.

In The News:

Housing Wire- “Annual home prices rebound and rise 2.6%: LPS” (10-26-12)

“Home prices grew 2.6% over last year in August with the average home price hitting $205,000, according to the latest Home Price Index from Lender Processing Services.”

Bloomberg- “Economy in U.S. Grows at 2%Rate, More Than Forecast” (10-26-12)

“The U.S. economy expanded more than forecast in the third quarter, paced by a pickup in consumer spending, a rebound in government outlays and gains in residential construction.”

DS News“GDP Up 2% in Q3, Beating Forecasts” (10-26-12)

“Led by increases in personal consumption, government spending, and residential investment, the U.S. economy grew at an annual rate of 2.0 percent in the third quarter, the Bureau of Economic Analysis (BEA) reported Friday, faster than economists expected and a strong rebound from the 1.3 percent growth rate in the second quarter.”

Realty Times- “Mortgage Rates Relatively Unchanged” (10-26-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, fixed mortgage rates moved slightly higher while continuing to remain near their all-time lows helping to support the housing market.”

CNN Money- “Citigroup unit fined $2 million over Facebook disclosures” (10-26-12)

“Massachusetts regulators on Friday fined a Citigroup unit $2 million for failing to prevent analysts from illegally leaking confidential information about Facebook’s initial public offering.”

DS News“Yearly Price Gains Maintained by Decrease in Distressed Sales” (10-26-12)

“Summer’s end may have led to the close of a strong home-buying season, but a decrease in distressed sales is helping prices maintain their yearly gain and some regions are still experiencing monthly price increases.”

Bloomberg- “Colony Spends $1.5 Billion on Homes as Next REIT Boom: Mortgages” (10-26-12)

“Colony Capital LLC founder Tom Barrack is betting $1.5 billion that single-family homes caught in the U.S. “butcher factory” of foreclosures are the basis for a new class of real estate investment.”

Housing Wire- “Homebuilders need more land as housing recovery continues” (10-26-12)

“While the U.S. housing industry continues to stay positive, obstacles remain in the wake of the next decade, according to Moody’s Investors Service analysts.”

DS News“FHFA Projects Decreasing Borrowing Costs for GSEs” (10-26-12)

“The projected taxpayer cost to preserve the profitability of Fannie Mae and Freddie Mac is lower now that the GSEs are not expected to draw from Treasury to pay dividends and home prices are increasing, according to a report from the Federal Housing Finance Agency (FHFA).”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $112,000 on a 3 bedroom, 1 bathroom home appraised for $174,000.

 

Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin today, October 26, 2012.

Bruce Norris of The Norris Group will be at the Cutting-Edge Financial Tactics Brunch at the Mission Inn in Riverside on Saturday, October 27, 2012.

Bruce Norris of The Norris Group will be at the OCRE Forum at the Chinese Cultural Center in Riverside on Wednesday, November 7, 2012.

Looking Back:

New homes increased 5.7% the previous month, the highest they had been in 5 months.  According to the latest Mortgage Bankers Association survey, mortgage applications were up almost 5% from last week.  According to The Wall Street Journal, both the values and rent for apartments were on the rise.

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 10/5/12

Friday, October 5th, 2012



Sources:

CoreLogic: Home prices rise 4.6% from last year
Illinois Bank Failure Raises 2012 Tally to 43
Real Estate Outlook: Housing Starts Rise
Foreclosures Decline but Remain High, Prepayments Surge: LPS
Unemployment Rate Falls to 7.8%
NY AG files mortgage bond suit against JPMorgan, Bear Stearns, EMC
FHFA announces second winning bidder in REO pilot program
Waypoint Secures $245 Million Loan From Citigroup
Bank of America to extinguish up to 150,000 second liens
Americans face $3,500 fiscal cliff tax hit

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 unemployment rate decreased to 7.8% and is now below 8% for the first time in four years.  The FHFA just released a new white paper yesterday regarding mortgage securitization details, and they are now asking for the public’s advice.

In The News:

Associated Press- “US jobless rate falls to 7.8 pct., 44-month low” (10-5-12)

“The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years and giving President Barack Obama a potential boost with the election a month away.”

DS News“FHFA’s White Paper Proposes New Infrastructure for Secondary Market “ (10-5-12)

“The Federal Housing Finance Agency (FHFA) is asking for the public’s input on a white paper it released Thursday containing proposals for a common securitization platform and a model Pooling and Servicing Agreement.”

Housing Wire- “Calif. hands trial lawyers ‘nuclear weapon’ to use against mortgage industry: legal expert” (10-5-12)

“The Homeowner Bill of Rights launched in California not only changed hundreds of years of real estate law, it may have turned the West Coast state into a judicial foreclosure state with financial firms on high alert, legal experts claim.”

Realty Times“Mortgage Rates Hit All-time Record Lows For Second Consecutive Week “ (10-5-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, average fixed mortgage rates fell to a new all-time record low for the second consecutive week on mortgage securities purchases by the Federal Reserve and indicators of a weakening economy.”

CNN Money- “Individual investors have insatiable appetite for ETFs” (10-5-12)

“Individual investors’ appetite for exchange traded funds is growing stronger. In fact, more than 80% of 1,000 U.S. investors surveyed by Charles Schwab agreed that ETFs are “here to stay,” and over 40% said they plan in invest in more ETFs during the course of the next year.”

Housing Wire“Freddie’s REO inventory down 30% from peak levels” (10-5-12)

“Freddie Mac executives feel more optimistic about the housing market with Freddie’s REO inventory down 30% from peak levels, home prices on the rise and unemployment edging lower.”

DS News“Asking Prices Up, Rent Prices Rising Faster than Home Prices: Trulia” (10-5-12)

“If current trends persist, this year may be the first year since 2006 the housing market records an annual price increase, according to a report released Thursday by Trulia.”

CNN Money- “Deficit tops $1 trillion for 4th straight year” (10-5-12)

“The federal government logged a $1.1 trillion deficit in fiscal year 2012 — marking the fourth straight year of trillion-dollar shortfalls.”

Housing Wire- “Obama scorecard shows home equity highest since 3Q 2008″ (10-5-12)

“The Obama administration’s latest housing scorecard reflects an improving market, with rising home values taking homeowner equity to its highest level since the third quarter of 2008.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $65,000 on a 3 bedroom, 2 bathroom home appraised for $108,000.

 

Bruce Norris of The Norris Group will be at the Apartment Owners Association in Los Angeles on Wednesday, October 17, 2012.

The Norris Group is holding its fifth annual I Survived Real Estate 2012 in Yorba Linda on Friday, October 19, 2012.

Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.

Looking Back:

According to the latest survey released by the Mortgage Bankers Association, mortgage applications decreased 4.3% from the previous week.  Housing Wire reported the number of job cuts for the month of September were at the highest they had been at in two years, having doubled from the month of August 2011.  Members of NAR and other leaders in the real estate industry met together with the Progressive Policy Institute and Economic Policies for the 21st Century to discuss ways to help the economy recover.

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 8/16/12

Thursday, August 16th, 2012

Today’s News Synopsis:

Mortgage increased again for the third week in a row to 3.62%.  Housing starts decreased 1.1% to 746,000 according to NAHB.  Unemployment claims increased by 2,000 last week according to the Labor Department.  According to a recent study by Ellie Mae, more community banks feels affected by the increased regulations.


In The News:

Bloomberg“Mortgage Rates for U.S. Home Loans Climb for a Third Week” (8-16-12)

“U.S. mortgage rates rose for a third week as 10-year Treasury yields, a benchmark for consumer debt, jumped amid signs the economy is improving.”

NAHB“Housing Starts Edge Down 1.1 Percent, Permits Rise In July” (8-16-12)

“Nationwide housing production edged down 1.1 percent to a seasonally adjusted annual rate of 746,000 units in July, according to newly released figures from HUD and the U.S. Census Bureau.”

DS News“Initial Jobless Claims Move Up” (8-16-12)

“First-time claims for unemployment insurance edged up 2,000 for the week ended Aug. 11 to 366,000, the Labor Department reported Thursday.”

Inman“Startup rolls out online rental application tool” (8-16-12)

“Chicago-based startup Rocket Lease has launched a Web-based, paperless rental application service for landlords and property managers.”

Bloomberg“BofA Trails JPMorgan on Refinancings Under U.S. Deal” (8-16-12)

Bank of America Corp., plagued by complaints about customer service in its mortgage unit, said it hasn’t yet refinanced a “significant number” of loans as part of the industry’s $25 billion settlement of foreclosure abuses.”

CNN Money“Why the jobs recovery favors single workers” (8-16-12)

“As the economy slowly recovers, single people are finding jobs much faster than their married peers.”

Housing Wire“California AG says mortgage servicers slow to adopt settlement changes” (8-16-12)

“The California monitor of the $25 billion national mortgage servicing settlement received roughly 1,100 complaints in the last month from borrowers reporting a slow uptake to the new rules, according to an official in the state attorney general office.”

DS News“RE/MAX Announces Growth in U.S. and Abroad “ (8-16-12)

“As the housing market continues to show signs of improvement, RE/MAX looked to motivate its members to become leaders in the housing industry at an annual conference.”

Housing Wire“Community banks: Growing regulation biggest challenge” (8-16-12)

“More than half of community bankers view increasing regulations and the attached uncertainty as the greatest immediate challenge to their mortgage businesses, according to a new study commissioned by Ellie Mae ($28.01 1.03%).”

Inman“Top 10 metros with largest drop in for-sale inventory in July” (8-16-12)

“The number of for-sale real estate listings continued to drop on an annual basis in July, falling 19.3 percent from July 2011 to a total of 1.87 million listings nationwide, according to Realtor.com data through July 2012.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $67,000 on a 3 bedroom, 2 bathroom home appraised for $112,000.

 

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

As of July, fewer homes were being built, having decreased 1.5%.  The Obama Administration continued to review policies to help the housing market, including continued involvement by the government.  According to recent data released by Trulia, real estate purchases were actually cheaper than rental in most major cities in the U.S.

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 7/26/12

Thursday, July 26th, 2012

Today’s News Synopsis:

Mortgage rates are at 3.49% for 30-year mortgages and 2.8% for 15-year, new record lows according to Freddie Mac.  Unemployment claims decreased 35,000 for the week ended July 21 and were at 353,000.  Pending home sales decreased 1.4% last month despite showing an increase the month prior.


In The News:

DS News“Lack of Inventory Blamed for June’s Dip in Pending Home Sales” (7-26-12)

“In another sign the housing sector may be languishing – again – the Pending Home Sales Index (PHSI) dipped 1.4 percent in June to 99.3 from a downwardly revised 100.7 in May, the National Association of Realtors reported Thursday.”

Housing Wire“Mortgage rates drop to historic lows” (7-26-12)

Market concern over the strength of the economic recovery took Treasury yields to new depths, causing both 30- and 15-year fixed-rate mortgages to continue tumbling to historic lows.”

CNN Money“Jobless claims fall “ (7-26-12)

“First-time claims for unemployment benefits fell last week, but whether this signals strength in the broader job market remains to be seen.”

Bloomberg“Pending Sales of U.S. Homes Unexpectedly Fell 1.4% in June” (7-26-12)

“Contracts to purchase previously owned homes unexpectedly dropped in June for the second time in the last three months, a sign of limited momentum in housing.”

Inman“NAR urges lenders to release REOs” (7-26-12)

The National Association of Realtors today urged lenders to release any bank-owned properties that have been held back in markets with inventory shortages, blaming a shortage of homes as a factor in a 1.4 percent decline in pending home sales from May to June.”

Housing Wire“Morgan Stanley: Shadow inventory sheared 35% from peak” (7-26-12)

The shadow inventory of homes likely to be sold after foreclosure declined by 35% since the peak reached two years ago, according to Morgan Stanley ($13.09 0.13%) researchers.”

DS News“Oregon Bill Lets Homeowners Meet Lender Face-to-Face with Mediator” (7-26-12)

“In Oregon, homeowners who are falling behind on payments can talk face-to-face with their lender to work out an agreement outside of foreclosure.”

Realty Times“Returning Veterans Hunker Down In Hostile Housing Market” (7-26-12)

“The Center For Housing Policy (CFHP) offers the latest in a flurry of recent studies that reveal how those who bravely serve to protect the nation – as well as the nations of others – face a steep, uphill battle at home, in the housing market.”

NAHB“Remodeling Marketing Index Adjusts Downward from Recent High, Future Market Activity Steady” (7-26-12)

“The second quarter results of the Remodeling Market Index (RMI) slipped under pressure from a softening labor market, according to the National Association of Home Builders (NAHB), dropping two points to 45. The downward adjustment comes after the RMI reached 48 twice in 2011, the highest reading since 2006.”

Housing Wire“Geithner to work with Sen. Merkley on latest mortgage refi plan” (7-26-12)

Treasury Secretary Timothy Geithner said he would look into launching pilot programs for a new idea to help more than 8 million underwater borrowers refinance.”

Hard Money Loan Closed

Pacoima, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $175,000 on a 4 bedroom, 2 bathroom home appraised for $297,000.

 

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 prices of homes decreased 4.5% year over year, but on a positive note they increased on a monthly basis for two months straight.  The San Francisco Chronicle reported the sale of new homes decreased 1% for the second straight month in 2011.  Ocwen Financial created a new loan modification program to help owners whose homes were underwater.

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 7/25/12

Wednesday, July 25th, 2012

Today’s News Synopsis:

New home sales decreased to 350,000 in June and are now at their lowest in five months.  Mortgage applications increased 0.9% from last week according to the Mortgage Bankers Association.  Senator Jef Merkley just submitted a plan to help underwater homeowners by having the government buy up to 8 million underwater mortgages and refinance them to decrease their rates.


In The News:

CNN Money“New-home sales slump” (7-25-12)

“New-home sales flopped in June, an indication that the housing market may take longer than expected to recover.”

Housing Wire“Senator unveils plan to refi 8 million underwater borrowers” (7-25-12)

Sen. Jeff Merkley, D-Ore., submitted a new plan Tuesday for the government to buy up to 8 million underwater mortgages and refinance them into lower rates.”

Mortgage Bankers Association“As Low Rate Environment Persists, Refinance Applications Reach Highest Level Since 2009 in Latest MBA Weekly Survey” (7-25-12)

“Mortgage applications increased 0.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 20, 2012.”

Bloomberg“Wells Fargo Ranks No. 1 in Hard-to-Value Assets, S&P Says ” (7-25-12)

“Wells Fargo & Co. (WFC), the largest U.S. home lender, ranked first among the six biggest U.S. commercial banks with the highest percentage of hard-to-value assets in its securities portfolio, Standard & Poor’s said.”

Housing Wire“Lawmakers press Geithner to release AIG escape plan” (7-25-12)

House Republicans pressed Treasury Secretary Timothy Geithner Tuesday to release a detailed plan to unwind remaining taxpayer exposure to American International Group ($30.25 -0.275%).”

DS News“LPS Releases June First-Look Delinquency Data “ (7-25-12)

“Lender Processing Services (LPS) released Wednesday its “first look” month-end mortgage performance data for June, revealing that the loan delinquency rate fell year-over-year.”

Bloomberg“TARP Funds for Housing Relief 90 Percent Unspent, Auditor Says” (7-25-12)

“Distressed homeowners have received only 10 percent of nearly $46 billion in federal aid since the money was allocated in 2009 under the Troubled Asset Relief Program, a U.S. auditor’s report said today.”

Housing Wire“Housing turnaround becomes tailwind for weak economy” (7-25-12)

“The housing market is converting into a tailwind for the broader economy as construction activity gains momentum at a double-digit pace and home prices finally rise, says Joseph LaVorgna, housing analyst at Deutsche Bank ($27.34 -0.83%).”

DS News“Barclays: Distressed Areas Leading Recovery” (7-25-12)

Data in Barclays’ newest Securitization Products Weekly suggests that distressed markets are outperforming others in home appreciation and paving the way for a broad-based housing recovery.”

Hard Money Loan Closed

Ontario, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $143,000 on a 3 bedroom, 2 bathroom home appraised for $235,000.

 

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 more foreclosed homes would be featured on reality television shows.  In other news, the Reality Times reported that the sale of existing homes fell the previous month, the Northeast being the lowest.  According to Housing Wire, some of the big banks showed improvement in the second quarter of 2011 with increased loans and bigger pre-provision earnings.

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 6/29/12

Friday, June 29th, 2012



Sources:

New home sales surge to 2-year high; prices rising
Moody’s/RCA: CRE Prices Fell in April, Major Markets Lead Recovery
Consumer confidence falls for 4th straight month
Mortgage Applications Decrease in Latest MBA Weekly Survey
Pending Home Sales Index Jumps in May
Jobless claims fall slightly
Mortgage rates hardly move: Freddie Mac
GDP Growth at 1.9% in Q1 as Expected
Banks take on ‘investment grade’ duties under final OCC rule
Mortgage Seizures Create ‘Very Serious Concerns,’ Sifma Says

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. GDP was weaker in the second quarter with the decrease in consumer spending.  The number of foreclosures last month decreased on a monthly basis, although they are still high with an increase for the year.

In The News:

DS News“Foreclosures Remain High but Improving Yearly: CoreLogic” (6-29-12)

“The number of completed foreclosures decreased yearly and increase slightly month-over-month in May, reported CoreLogic Friday.”

Realty Times“Fixed Mortgage Rates Match All-time Record Lows” (6-29-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, the average fixed mortgage rates were largely unchanged helping to keep homebuyer affordability high for those in the market to purchase or looking to refinance.”

Housing Wire“Government watchdog criticizes FHFA principal reduction delays” (6-29-12)

“The Government Accountability Office found principal reduction would help some struggling homeowners and criticized the Federal Housing Finance Agency for delaying a decision to involve Fannie Mae and Freddie Mac in the effort, according to a report released Friday.”

Inman“Iowa’s largest brokerage sued over commission splits” (6-29-12)

“A Clive, Iowa-based Keller Williams franchise has filed suit against the largest brokerage in Iowa over the latter’s refusal to split commissions with Keller Williams’ buyer’s agents.”

Realty Trac“Foreclosure Machinery Lubricated by Feds” (6-29-12)

“Now that the federal government has lubricated the foreclosure machinery with $25 billion in settlement money, and the big banks have put the robo-signing scandal behind them, they will fire-up the foreclosure assembly line in the coming months and push through thousands of foreclosure filings, according to an article by Barry Ritholtz in The Washington Post last Sunday.”

DS News“Consumer Spending Drops in May, Pointing to Weaker 2nd Quarter GDP” (6-29-12)

“In May, consumer spending fell less than 0.1 percent, or by $4.7 billion, reversing the 0.15 percent increase in April, the Bureau of Economic Analysis reported Friday.”

Housing Wire“Las Vegas home prices reach highest level since 2010″ (6-29-12)

“The median price on new and resold homes in Las Vegas increased 2.5% to $122,000 in May, the highest level since December 2010, according to DataQuick.”

DS News“GAO: Foreclosure Mitigation Efforts Need Improvement” (6-29-12)

“Outreach programs designed to help struggling borrowers just aren’t doing enough to mitigate foreclosure, the U.S. Government Accountability Office (GAO) said in a report Thursday.”

Hard Money Loan Closed

Huntington Beach, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $260,000 on a 3 bedroom, 2 bathroom home appraised for $520,000.

 

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 reported an increase of 8.26% in pending sales for existing homes.  Bank of America and RMBS investors reached a settlement in their recent suit regarding a loss of money for investors.  Mortgage applications saw a decrease of of 2.7%, according to the Mortgage Bankers Association.  Ally Financial was subpoenaed by Federal Regulators in hopes to obtain information connected to a current investigation by the Justice Department.

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

The Norris Group Real Estate News Roundup 6/25/12

Monday, June 25th, 2012

Today’s News Synopsis:

In a big news story, new home sales were at 369,000 last month, the highest they have been in two years as prics continue to increase.  Prices for commercial real estate property decreased last April in almost every sector.  Pending home sales also decreased 5.5% in April according to the National Association of Realtors.  HousingPulse claims the increase in home prices may be related to the decrease in inventory.


In The News:

DS News - “Moody’s/RCA: CRE Prices Fell in April, Major Markets Lead Recovery” (6-25-12)

“Commercial real estate prices fell in April across nearly all sectors, according to the Commercial Property Price Index from Moody’s and Real Capital Analytics.”

Housing Wire - “Mortgage refi boost may be short-lived” (6-25-12)

“The refinancing surge on government-backed mortgages may run out in August, bank analysts said Monday.”

Bloomberg“Treasuries Beat Rest of Bonds as Mortgages Show 1% Growth” (6-25-12)

“Treasuries are beating all other U.S. fixed-income securities for the first time in three quarters as investors around the world seek the safest assets.”

Inman - “Economists expect 2013 home price rebound” (6-25-12)

“After experiencing a slight dip this year, home prices will see modest increases starting in 2013 and through 2016, according to a quarterly survey of more than 100 economists, real estate experts and investment strategists.”

Realty Trac - “Short Sales Will Eclipse REO Sales in Las Vegas” (6-25-12)

“For the first time since the foreclosure crisis struck Las Vegas five years ago, short sales are on track to eclipse bank-owned, foreclosure sales.”

Realty Times - “Real Estate Outlook: Pending Home Sales Decline” (6-25-12)

“After three straight months of gains, the latest Pending Home Sales Index (PSHI) from the National Association of Realtors showed a decline of 5.5 percent for the month of April.”

Housing Wire - “Desert oasis: State housing agencies turn to secondary mortgage market” (6-25-12)

“State housing finance agencies are looking to the secondary market to fund mortgages for borrowers seeking help with down payments and closing costs.”

DS News“Low Inventory Boosting Prices, Says HousingPulse” (6-25-12)

“Home price purchases were mixed month-over-month in May, with non-distressed prices up and short sales down, according to the Campbell/Inside Mortgage Finance HousingPulse tracking survey.”

Los Angeles Times - “New home sales surge to 2-year high; prices rising” (6-25-12)

“New sales of single-family homes soared to a seasonally adjusted annual rate of 369,000 in May, reaching their highest point since April 2010, according to the government.”

Hard Money Loan Closed

Murrieta, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 4 bedroom, 2 bathroom home appraised for $222,000.

 

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 Tuesday, September 18, 2012.

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

The Norris Group Real Estate News Roundup 5/14/12

Monday, May 14th, 2012

Today’s News Synopsis:

In a big news story, Ally Financial’s mortgage unit ResCap filed for bankruptcy.  With this bankruptcy, Ally Financial will focus their efforts on paying off their debt to the Treasury from a $17.2 billion bailout.  Due to the increase in foreclosures, serious delinquencies increased .5% last December for the first time since showing signs of decreases between December 2009 and June 2011.

In The News:

Housing Wire“Robo-signing fractures REO inventory at GSEs” (5-14-12)

“Fannie Mae and Freddie Mac are managing bifurcated REO inventories because of the robo-signing effect on different areas of the country.”

DS News“Shadow Inventory: 46 Months to Clear Distressed Housing Supply” (5-14-12)

“It will take 46 months to clear the market’s supply of distressed homes, or the shadow inventory, according to estimates from Standard & Poor’s Rating Services based on first-quarter 2012 data.”

Realty Times“Real Estate Outlook: Median Existing Home Prices Balance” (5-14-12)

“The latest quarterly report from the National Association of Realtors (NAR) shows that median existing single-family home prices are indicating more balanced conditions.”

DS News“Higher Foreclosure Rates Bump Up Serious Delinquencies” (5-14-12)

“According to a report from Foreclosure-Response.org, the serious delinquency rate, which includes loans 90 or more days past due plus foreclosures, increased for the first time after a downward trend between December 2009 and June 2011″

CNN Money“JPMorgan trading flap stirs Congress” (5-14-12)

“Congress is beginning to weigh in on the news that JPMorgan Chase lost $2 billion on complex trades intended to hedge against economic risk, and that the losses could mount.”

Bloomberg“Ally to Sell Non-U.S. Units as ResCap Goes Bankrupt” (5-14-12)

“Ally Financial Inc. (ALLY), the auto lender whose mortgage unit went bankrupt, may sell international car- finance and insurance operations to help repay a $17.2 billion U.S. bailout, Chief Executive Officer Michael Carpenter said.”

Housing Wire“Federal Reserve, OCC and FDIC finalize stress test guidance” (5-14-12)

“The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corp. on Monday issued final supervisory guidance regarding stress-testing practices at banking organizations with total assets of more than $10 billion.”

DS News“NAR Reports Members’ Income Rose for First Time Since 2002″ (5-14-12)

“For the first time since 2002, the National Association of Realtors (NAR) reported that income for its members (REALTORS®) increased in 2011.”

Inman“New Freddie Mac CEO takes pay cut” (5-14-12)

“Freddie Mac’s new chief executive officer, former JPMorgan Chase & Co. executive Donald H. Layton, will make just a fraction of what his predecessor did.”

Housing Wire“Foreclosure sales fall in Detroit” (5-14-12)

“A drop-off in April foreclosure sales in the Detroit market reflected better on conditions in the suburbs than in the inner city.”

DS News“FinCEN: Mortgage Loan Fraud Sees Yearly Increase Since 1996″ (5-14-12)

“Out of seven different categories of fraud reported by depository institutions (banks, thrifts, credit unions), mortgage loan fraud (MLF) saw the second great increase from 2010 to 2011 and had the highest number of suspicious activity report (SAR) filings, according to a report from the Financial Crimes Enforcement Network (FinCEN).”

Hard Money Loan Closed

Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $36,000 on a 3 bedroom, 2 bathroom home appraised for $62,000.

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.

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.