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By Bruce Norris .

The Norris Group Real Estate News Roundup 5/23/13

Thursday, May 23rd, 2013


Today’s News Synopsis:

Four large federal agencies will be closed tomorrow due to budget cuts that went into effect March 1.  Sales of new homes in the U.S. increased last month by 2.3% to 454,000, their second-highest level since 2008.  Home prices also increased 7.2% for the whole year through March, their largest increase since May 2006.

In The News:

DS News - “First-Time Jobless Claims Fall; Sequester Cuts Ongoing Claims” (5-23-13)

“First-time claims for unemployment insurance for the week ended May 18 dropped 23,000 to, 340,000 from the highest level since the end of March the Labor Department reported Thursday.”

Bloomberg – “New U.S. Home Sales Rose to Second-Highest Level Since 2008″ (5-23-13)

“Sales of new U.S. homes climbed in April to the second-highest level in almost five years as lower borrowing costs and job gains drew more buyers into the market.”

CNN Money - “4 federal agencies to shut Friday” (5-23-13)

“Got a question about tax refunds, polluters or subsidized housing? Don’t expect an answer this Friday.  That’s because four federal government agencies will be closed on Friday, including the Internal Revenue Service, the Department of Housing and Urban Development, the Environmental Protection Agency and the White House Office of Management and Budget.”

Housing Wire - “OIG urges for GSE reform to determine best course of action for housing” (5-23-13)

“Initially, the Federal Housing Finance Agency understood the conservatorships of the enterprises to be more of a temporary time out to stabilize the mortgage market.”

DS News – “Millions of Above-Water Borrowers Lack Enough Equity to Move” (5-23-13)

“The number of homeowners underwater on their mortgages continued to fall in Q1, but millions still lack enough equity to afford to move, Zillow revealed in its first-quarter Negative Equity Report.”

Bloomberg – “U.S. House Prices Rose 7.2% in Year Through March” (5-23-13)

“U.S. house prices rose 7.2 percent in the year through March, the biggest gain since May 2006, the Federal Housing Finance Agency said.”

Housing Wire - “Fixed-mortgage rates continue to rise: Freddie Mac” (5-23-13)

“Fixed-mortgage rates jumped for the third consecutive week, which should further aid home sales and construction in coming weeks, Freddie Mac said in a report Thursday.”

DS News - “Income, Transactions Improve for Commercial Realtors” (5-23-13)

“The National Association of Realtors (NAR) reported members who practice commercial real estate saw median income rise to the highest level since 2008, reflecting progress in the commercial sector.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $105,000 on a 3 bedroom, 2 bathroom home appraised for $173,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.

Looking Back:

The FHFA reported a 0.5% increase in home prices in the first quarter of 2012.  In addition, home sales increased the previous month 3.3% to 343,000, a positive sign for the economy.  The National Association of Realtors believed the housing market would soon be impacted greatly by the baby and echo boomer demographic.

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.

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The Norris Group Real Estate News Roundup 5/16/13

Thursday, May 16th, 2013


Today’s News Synopsis:

NAHB reported housing starts declined 16.5% after builders cut back on the number of multi-family homes constructed.  Mortgage rates increased to their highest level in six weeks with 30-year rates at 3.51% and 15-year rates at 2.69%.  Unemployment claims are now at 360,000, their highest in six weeks.

In The News:

NAHB - “Housing Starts Slip with Multifamily Correction in April” (5-16-13)

“A correction from an unsustainably high level of production on the volatile multifamily side was largely responsible for a 16.5 percent dip in nationwide housing starts to a seasonally adjusted annual rate of 853,000 units in April, according to newly released figures from HUD and the U.S. Census Bureau.”

Housing Wire – “California continues to gain steam” (5-16-13)

“The California housing market continued to gain steam in April, with both home sales and prices experiencing strong increases due to high demand and tight inventory.”

DS News - “Inventory Finally Shows Signs of Growth in April, Rises Monthly” (5-16-13)

“While low inventory continues to curb home sales, April may have seen the first signs that the supply situation is turning around, RE/MAX says in its latest National Housing Report.”

Bloomberg - “Mortgage Rates in U.S. Rise to Highest Level in Six Weeks” (5-16-13)

“U.S. mortgage rates rose, pushing borrowing costs for a 30-year loan to the highest in six weeks.  The average rate for a 30-year fixed mortgage climbed to 3.51 percent in the week ended today, up from 3.42 percent and the highest since early April, McLean, Virginia-based Freddie Mac (FMCC) said in a statement.”

DS News - “First-Time Jobless Claims Hit Six-Week High” (5-16-13)

“First-time claims for unemployment insurance for the week ended May 11 rose 32,000 to 360,000, the highest level since the end of March, the Labor Department reported Thursday.”

NAHB - “Builder Confidence in the 55+ Housing Market Shows Strong Growth in First Quarter” (5-16-13)

“In the first quarter of 2013, the National Association of Home Builders’ (NAHB) 55+ single-family Housing Market Index (HMI) increased 19 points on a year over year basis to 46, which is the highest first-quarter number recorded since the inception of the index in 2008 and sixth consecutive quarter of year over year improvements.”

DS News – “Report: Foreclosure Timelines Lengthen with Higher Loan Amounts” (5-16-13)

“Among California homeowners encountering foreclosure, those with higher loan amounts tended to hold on to their homes longer than those with lower loan amounts, according to this month’s report from ForeclosureRadar.”

Inman – “NAR committee endorses public-facing MLS sites as ‘basic’ service” (5-16-13)

“Multiple listing services should be able to charge all members for the costs of establishing and promoting public-facing websites, a National Association of Realtors policy committee has ruled.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $100,000 on a 2 bedroom, 1 bathroom home appraised for $148,000.

 

Bruce Norris of The Norris Group presented Poised to Pop: Quadrant Four Has Arrived with TIGAR TODAY.

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

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

Looking Back:

Southern California saw a 3.6% increase in home prices, an increase not seen in 16 months.  This came with the decrease in distressed properties to their lowest level in four years.  The Mortgage Bankers Association reported a 9.2% increase in mortgage applications.  Star Wars creator George Lucas proposed a plan to build low-income housing on his ranch after having been denied to build a digital production studio there.

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.

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The Norris Group Real Estate News Roundup 4/29/13

Monday, April 29th, 2013


Today’s News Synopsis:

Two more banks closed in North Carolina and Georgia, bringing the new total for this year to 10.  Pending sales for existing homes increased 1.5% last month after having seen a 1% decrease the prior month.  New Jersey received funding of $1.83 billion to go towards rebuilding from Hurricane Sandy.

In The News:

Housing Wire - “Payouts to borrowers harmed by Goldman, Morgan Stanley set to begin” (4-29-13)

“Borrowers potentially harmed by foreclosures initiated by Goldman Sachs through its former Litton Loan Servicing subsidiary and Morgan Stanley through Saxon Mortgage Services will be compensated for their losses in the near future, the Federal Reserve said Monday.”

DS News – “Bank Failure Tally Rises to 10 After Two Weekend Closings” (4-29-13)

“This year’s bank failure tally rose to double digits over the weekend with the collapse of two more federally insured institutions.  FDIC announced the closing of Parkway Bank in Lenoir, North Carolina, and Douglas County Bank in Douglasville, Georgia, bringing the total number of bank closings this year to 10″

Bloomberg – “Pending Sales of Existing Homes in U.S. Climbed 1.5% in March” (4-29-13)

“More Americans than forecast signed contracts in March to buy previously owned homes, another indication of progress in the housing market.”

CNN Money - “For the unemployed, no reprieve on budget cuts” (4-29-13)

“Starting this week, many in California collecting federal unemployment benefits will get about 17.7% less than they got last week, thanks to Washington’s across-the-board budget cuts.”

DS News - “New Jersey Plan to Rebuild After Sandy Receives $1.83B” (4-29-13)

“New Jersey received approval and funding totaling $1.83 billion for its disaster recovery plan that will help homeowners and businesses rebuild after Hurricane Sandy, HUD Secretary Shaun Donovan announced in a release Monday. The funds were from the department’s Community Development Block Grant (CDBG) Program.”

Realty Times - “Prevention Programs to Consider to Help Keep Your Property from Becoming a Crime Statistic” (4-29-13)

“Most property managers and owners have probably at least heard of the Crime Free Multi-Housing Association, started in Mesa Arizona, by the Mesa Police Department in 1992.”

Housing Wire - “Investors face new housing era obstacles” (4-29-13)

“In this new era, trading mortgages has been challenging over the past year for investors due to a number of reasons.”

DS News - “Slow Wage Growth Holds Down March Personal Income” (4-29-13)

“Restrained by slow wage growth, personal income rose a disappointing $30.9 billion (0.2 percent) in March—half of what economists expected—as spending rose $21.0 billion or 0.2 percent, the Bureau of Economic Analysis, reported Monday.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $64,000 on a 3 bedroom, 2 bathroom home appraised for $108,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

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.

 

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.

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The Norris Group Real Estate News Roundup 4/11/13

Thursday, April 11th, 2013


Today’s News Synopsis:

Regulators for Fannie Mae said borrowers will now be able to receive new loans from the HARP program all the way through 2015.  Foreclosures in the first quarter declined 12% quarterly and 23% yearly to their lowest in six years.  Mortgage rates continue to be on the decline according to Freddie Mac.

In The News:

Housing Wire - “Freddie Mac: Fixed-mortgage rates continue to drop” (4-11-13)

“Fixed-mortgage rates inched down for the second consecutive week, aligning with weak employment reports, Freddie Mac said in its latest Primary Mortgage Market Survey.”

Bloomberg – “Fannie Mae Regulator Extends HARP Refinance Program Through 2015″ (4-11-13)

“Borrowers with mortgages backed by Fannie Mae (FNMA) or Freddie Mac (FMCC) will have until the end of 2015 to obtain new loans under the Home Affordable Refinance Program, the Federal Housing Finance Agency said today.”

DS News – “RealtyTrac: Foreclosure Activity Falls to Lowest Level Since 2007″ (4-11-13)

“Despite a monthly uptick in foreclosure starts, first quarter foreclosure activity fell to a six-year low, according to RealtyTrac’s foreclosure market report for the first quarter and March.”

Housing Wire- “Sen. Warren spars with regulators over foreclosure review settlement” (4-11-13)

“U.S. Sen. Elizabeth Warren sparred with prudential regulators on Capitol Hill, suggesting the recent $9.3 billion independent foreclosure review settlement between regulators and mortgage servicers failed to account for how many illegal foreclosures potentially impacted American borrowers.”

CNN Money - “Jobless claims point to fewer layoffs” (4-11-13)

“Claims for unemployment benefits are on a roller coaster ride again, falling dramatically last week after rising sharply a week earlier.”

DS News - “Advocacy Groups Call for National Homeowner Bill of Rights” (4-11-13)

“The Center for Responsible Lending and the Consumers Union, two consumer advocacy organizations, are calling on national lawmakers to create a Homeowner Bill of Rights in order to prevent ‘unnecessary foreclosures’.”

Inman - “Federal budget projects $943 million bailout for FHA” (4-11-13)

“The Federal Housing Administration will likely need a $943 million taxpayer bailout in the next fiscal year to cover losses stemming from defaults on loans made both during and after the housing boom, according to a 2014 budget proposal released by the Obama administration today.”

Housing Wire - “New York ruling is credit positive for RMBS trusts” (4-11-13)

“A recent decision by a New York Appellate Court in regards to MBIA’s reps and warranties litigation against Countrywide Home Loan is credit positive for both residential mortgage-backed securities and commercial mortgage-backed securities trusts, Moody’s Investors Service said in its latest credit outlook.”

Bloomberg - “Manhattan Apartment Rents Near Peak as Gains Accelerate” (4-11-13)

“Manhattan apartment rents jumped in March at the fastest pace in six months, sending rates to within about 2 percent of their peak, as limited inventory in the sales market fueled competition among tenants.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 4 bedroom, 2 bathroom home appraised for $282,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate TODAY.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, June 1 in Orange.

Looking Back:

The Mortgage Bankers Association reported a 2.4% decrease in mortgage applications from the previous week but an increase in Commercial and multifamily mortgage origination volumes.  New data from Corelogic showed the amount of money returned from REO-to-rental properties could reach as high as $100 billion.  The FDIC was planning to offer up for auction properties in Midwest states including Indiana, Illinois, Michigan, and Wisconsin.

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.

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The Norris Group Real Estate News Roundup 3/28/13

Thursday, March 28th, 2013



Sources:

Today’s News Synopsis:

This week’s video is a slideshow of the top news stories in real estate.  Unemployment claims made a surprise increase by 16,000 to 357,000 last week.  This is the biggest increase since mid-February according to the Labor Department.  The Bureau of Economic Analysis reported GDP increased 0.4% annually in the fourth quarter of 2012.  Several large banks have all filed a petition together to have several rulings against them overturned.

In The News:

DS News - “OCC: Mortgage Performance Improves in Q4″ (3-28-13)

“A higher share of mortgages were current and performing at the end of the fourth quarter, while the number of new foreclosures hit a record low, the Office of the Comptroller of the Currency (OCC) in its Mortgage Metrics Report.”

DS News - “Jobless Claims in Surprise Jump” (3-28-13)

“First-time claims for unemployment insurance jumped 16,000 to 357,000 for the week ended March 23, the strongest jump since mid-February, the Labor Department reported Thursday.”

Realty Times – “Home Values Near Public Transit Better At Riding Out The Recession” (3-28-13)

“The next time you squawk about higher gasoline prices and that dreadful commute, consider this: during the last recession, home values near high-frequency public transit performed nearly 42 percent better than homes away from transit lines.”

Housing Wire – “Big banks request intervention in FHFA lawsuits” (3-28-13)

“More than a dozen banking giants filed a joint petition, urging a U.S. Appeals Court to step in and reverse several rulings by U.S. District Court Judge Denise Cote, who is accused of depriving the companies of evidence to defend their cases.”

Bureau of Economic Analysis - “Gross Domestic Product, 4th quarter and annual 2012 (third estimate)” (3-28-13)

“Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 0.4 percent in the fourth quarter of 2012 (that is, from the third quarter to the fourth quarter), according to the “third” estimate released by the Bureau of Economic Analysis.”

Housing Wire - “CFPB ups the transparency, launches consumer complaint data” (3-28-13)

“The Consumer Financial Protection Bureau launched the nation’s largest public database of federal consumer financial complaints Thursday, giving researchers and the public-at-large a first-hand look at how servicers and lenders handled various complaints from customers.”

Inman - “Number of homes in foreclosure down 21 percent in February” (3-28-13)

“The 1.2 million homes in some stage of foreclosure in February, about 2.8 percent of all homes with a mortgage, represents a 21 percent drop from year-ago foreclosure inventory, a monthly report from data company CoreLogic shows.”

Bloomberg - “U.S. Mortgage Rates Climb With 30-Year Fixed at 3.57%” (3-28-13)

“Mortgage rates in the U.S. rose slightly, holding near record lows as cheap borrowing costs help fuel the housing recovery.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 3 bedroom, 1 bathroom home appraised for $131,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

Looking Back:

Conflicting reports were being released regarding the housing market with Standard and Poor’s reporting a 5-month decline in prices, while John Burns Real Estate Consulting actually reported an increase in home prices.  Foreclosures initiated by banks decreased 16% in the fourth quarter according to the Office of the Comptroller of the Currency.  A recent survey from the Mortgage Bankers Association showed a 2.7% decrease in mortgage applications from the previous week.

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.

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The Norris Group Real Estate News Roundup 3/21/13

Thursday, March 21st, 2013


Today’s News Synopsis:

The FHFA reported home prices increased by a total of 6.5% throughout 2012 and up to January.  In a big news day for mortgages, 30-year mortgage rates decreased to 3.54%, while at the same time mortgage applications also decreased 7.1% from last week.  Unemployment claims by 2,000 to 336,000 last week.

In The News:

Housing Wire- “NAR: Housing inventory growing at woefully slow pace” (3-21-13)

“After Freddie Mac predicted this spring to be the healthiest in six years, the National Association of Realtors confirmed by saying February existing-home sales and prices point towards a healthy housing spring.”

DS News – “Home Values Climb for 16th Straight Month in February: Zillow” (3-21-13)

“Home values maintained their upward trajectory in February after climbing for the 16th straight month, according to Zillow’s monthly Home Value Index.”

Bloomberg – “House Prices Rose 6.5% in Year Through January, FHFA Says” (3-21-13)

“U.S. house prices rose 6.5 percent in the year through January, the biggest jump since 2006, as values surged on the West Coast and in the area including Nevada and Arizona, the Federal Housing Finance Agency said.”

Mortgage Bankers Association - “MBA Releases 2012 Rankings of Commercial/Multifamily Mortgage Firms’ Origination Volumes” (3-21-13)

“Wells Fargo was the top commercial/multifamily mortgage originator in 2012, according to a set of commercial/multifamily real estate finance league tables prepared by the Mortgage Bankers Association (MBA).”

NAHB - “List of Improving Housing Markets Rises to 274 in March” (3-21-13)

“The list of improving U.S. housing markets expanded for a seventh consecutive month in March to include 274 metros on the National Association of Home Builders/First American Improving Markets Index (IMI), released today.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-20-13)

“Mortgage applications decreased 7.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 15, 2013.”

DS News - “First-Time Jobless Claims Edge Up; Trend Stays Positive” (3-21-13)

“First-time claims for unemployment insurance increased 2,000 to 336,000 for the week ending March 16—the first increase in a month—the Labor Department reported Thursday.”

Bloomberg- “U.S. Mortgage Rates Decline With 30-Year Fixed at 3.54%” (3-21-13)

“U.S. mortgage rates fell as concern that Cyprus’s debt crisis might worsen drove investors to the safety of the government bonds that guide home loans.”

Hard Money Loan Closed

Hawthorne, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $225,000 on a 4 bedroom, 4.5 bathroom home appraised for $420,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

Looking Back:

Sales of existing homes decreased 0.9% the previous month; although year-over-year they increased over 8%.  Mortgage applications were down 7.4% from the previous week, although mortgage rates were increasing slightly to above 4%.  In addition, the number of mortgages 30 days overdue decreased 5% month-over-month and 14% year-over-year.

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.

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The Norris Group Real Estate News Roundup 3/14/13

Thursday, March 14th, 2013


Today’s News Synopsis:

30-year mortgage rates are up again at a six-month high at 3.63% following a strong growth in employment.  The number of foreclosures filed last month decreased 25% year-over-year, although month-over-month they saw a slight 2% increase.  Unemployment claims decreased again by 10,000 to 332,000 according to the Labor Department.

In The News:

Housing Wire- “February foreclosure filings plummet 25%” (3-14-13)

“Foreclosure filings plummeted 25% from year earlier levels in February even as filings edged up 2% from the previous month, RealtyTrac said Thursday.”

Bloomberg – “U.S. 30-Year Mortgage Rates Rise to a Six-Month High” (3-14-13)

“U.S. mortgage rates for 30-year loans rose to a six-month high after stronger-than-expected employment growth drove up yields for the government securities that guide home loans.”

DS News – “First-Time and Continuing Jobless Claims Fall Again” (3-14-13)

“First-time claims for unemployment insurance fell 10,000 to 332,000 for the week ending March 9, the Labor Department reported Thursday.”

Realty Times - “Real Estate Agent Confidence Up On 2013 Housing Market” (3-14-13)

“There’s nothing like boots on the ground to get down to earth information about the real estate market – especially during a housing recovery.”

NAHB - “Regulatory Burdens on Small Business Hurt Housing, Economy, Builders Tell Congress” (3-14-13)

“Federal agencies are circumventing the intent and the letter of a law to make the regulatory process more cost effective and less burdensome for small businesses, the National Association of Home Builders (NAHB) told Congress today.”

CNN Money - “IRS has $917 million in unclaimed 2009 tax refunds” (3-14-13)

“Taxpayers who haven’t filed 2009 tax returns are missing out on federal tax refunds totaling $917 million, the IRS announced Thursday.”

DS News - “HOPE NOW: 7.3M Foreclosure Prevention Actions Completed Since 2009″ (3-14-13)

“In January, servicers completed about 78,400 modifications, bringing the total since 2007 to 6.15 million, according to data from HOPE NOW, an alliance of mortgage servicers, investors, mortgage insurers and nonprofit counselors.”

Inman - “Flat-fee vs. commission debate set for public forum” (3-14-13)

“Like many fee-for-service brokers, Daniel Desmond isn’t afraid to say what he thinks about the traditional, commission-based compensation model for brokers: that it’s baloney.”

Hard Money Loan Closed

Winchester, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $140,000 on a 3 bedroom, 2 bathroom home appraised for $217,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013

Looking Back:

In February 2012, home sales increased in Southern California 8.4% year-over-year, while home prices also increased year-over-year for the first time in 18 months.  According to the lastest survey by the Mortgage Bankers Association, mortgage applications decreased 2.4% from the previous week.  Stress tests administered by the Fed to 19 banks showed 15 of them would continue to survive even in weak economic conditions.

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.

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The Norris Group Real Estate News Roundup 3/8/13

Friday, March 8th, 2013



Sources:

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  The unemployment rate declined to 7.7% with the addition of over 200,000 new jobs.  Of all the new jobs added, 48,000 were in the construction industry.

In The News:

Housing Wire - “Construction industry adds 48,000 jobs” (3-8-13)

“The construction industry added 48,000 jobs in February, creating a dose of optimism in a segment of the economy gutted by the 2008 housing crisis.”

DS News – “Economy Adds 236K Jobs in February; Unemployment Rate Slips” (3-8-13)

“The economy added 236,000 jobs in February and the unemployment rate slipped to 7.7. percent, its lowest level since December 2008, the Bureau of Labor Statistics reported Friday.”

Bloomberg - “Bank of America Raises Forecast for Gain in Home Prices” (3-8-13)

“U.S. home prices probably will rise 8 percent this year, up from a previous estimate of a 4.7 percent increase, according to Bank of America Corp.”

Inman- “Customized reports track construction throughout California” (3-8-13)

“The California Homebuilding Foundation (CHF) has introduced a new database it says will provide real estate professionals and researchers with more comprehensive reports on construction projects throughout California.”

DS News- “Fitch: CMBS Delinquencies Down for 9th Straight Month” (3-8-13)

“U.S. CMBS delinquencies spiraled downward for the ninth straight month in February, Fitch Ratings reported Friday.”

Housing Wire – “FHA to establish its own qualified mortgage rule: Galante” (3-8-13)

“The Federal Housing Administration is constructing its own version of the qualified mortgage rule, said FHA Commissioner Carol Galante, during the JPMorgan Chase Securitization Research conference.”

Hard Money Loan Closed

Lakewood, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $250,000 on a 3 bedroom, 1.5 bathroom home appraised for $393,000.

 

Bruce Norris and Craig Hill of The Norris Group will be hosting a one hour Hard Money Loan Webinar TODAY from 12pm-1pm.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Looking Back:

Mortgage rates continued to stay low, which is increasing the number of people who can afford to buy a home.  15-year loans hit a record low of 3.13%.  Despite this, household debt increased in the fourth quarter for the first time in four years.  Home prices decreased for the sixth month in a row last January.  A recent report stated the FHFA needs to improve the way they supervise Freddie Mac.

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.

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The Norris Group Real Estate News Roundup 3/7/13

Thursday, March 7th, 2013


Today’s News Synopsis:

Jobless claims decreased by 7,000 to 340,000 last week according to the Labor Department.  Freddie Mac reported mortgage rates continue to remain unchanged at 3.52%.  The worth of homes increased by $1.17 trillion in the fourth quarter by the highest in five years.

In The News:

Bloomberg - “U.S. Mortgage Rates Little Changed With 30-Year at 3.52%” (3-7-13)

“U.S. mortgage rates were little changed, keeping borrowing costs close to record lows after home prices rose the most in almost seven years.”

DS News – “Firm Grip on Foreclosure Inventory Continues in Judicial States” (3-7-13)

“Although rates for foreclosure starts and sales remain volatile, one underlying trend continues: foreclosure inventory in judicial states is still three times higher than that of non-judicial states, according to Lender Processing Services (LPS).”

Realty Times – “Banks Foreclosed on Hundreds of Military Veterans – In Violation of Federal Law” (3-7-13)

“A report released this week revealed that hundreds of military veterans were wrongfully foreclosed on by some of the nation’s largest banks – in direct violation of federal law.”

Housing Wire - “Consumer outlook on economy, housing diverge: Fannie Mae” (3-7-13)

“Consumers are living in a bipolar world, where optimism about housing is on the rise even as Americans remain wary of the economy as a whole.”

DS News - “Initial Unemployment Claims Slip Again” (3-7-13)

“Initial unemployment insurance claims fell 7,000 for the week ending March 2, closing the week at an advance estimate of 340,000, the Labor Department reported Thursday.”

Bloomberg - “Household Worth in U.S. Rises by $1.17 Trillion on Housing” (3-7-13)

“Household wealth in the U.S. climbed in the fourth quarter to the highest level in five years, propelled by a gain in home prices that is helping repair family finances.”

Housing Wire - “Falling foreclosures keep national housing supply tight” (3-7-13)

“National housing inventory remains at a traditional low, leading to healthy demand and pushing prices higher. And there is good reason for it: fewer foreclosures on the market prevent a bottoming out.”

Hard Money Loan Closed

Cabazon, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $35,000 on a 3 bedroom, 2 bathroom home appraised for $59,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Bruce Norris and Craig Hill of The Norris Group will be hosting a one hour Hard Money Loan Webinar TOMORROW.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

Looking Back:

Apartments were the driving force for economic recovery as more and more people were choosing to live there.  On a monthly basis, mortgage applications increased in January 2012, although on a weekly basis they actually decreased from the previous week.  216,000 new jobs were added to the private sector in February 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.

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The Norris Group Real Estate News Roundup 2/28/13

Thursday, February 28th, 2013


Today’s News Synopsis:

Unemployment claims decreased drastically last week to 344,000 from 366,000.  30-year mortgage rates decreased for the first time in over a month and are now at 3.51%.  The number of homes in foreclosure decreased 21% from last year.

In The News:

CNN Money – “Jobless claims fall sharply” (2-28-13)

“First-time claims for unemployment benefits fell sharply last week, according to a government report that showed an unexpected improvement in the labor market.”

Bloomberg – “U.S. Mortgage Rates Drop, With 30-Year Fixed at 3.51%” (2-28-13)

“U.S. mortgage rates for 30-year fixed loans fell for the first time in six weeks, decreasing borrowing costs as home-price gains accelerated.”

Housing Wire - “Freddie Mac $11 billion annual net income shows improving housing market” (2-28-13)

“Mortgage giant Freddie Mac reported net income of $11 billion for 2012, compared to a net loss of $5.3 billion a year earlier, as a result of the housing market turning a corner and the firm working to minimize legacy losses.”

DS News - “Foreclosure Inventory Shrinks 21% from Year Ago” (2-28-13)

“While still at an elevated level, foreclosure inventory is fading and has fallen for 15 straight months as of January 2013, CoreLogic reported Thursday.”

Bloomberg - “FHA Hits Brakes on Housing With Budget Cuts: Mortgages” (2-28-13)

“U.S. spending cuts scheduled to kick in tomorrow will constrain the availability of Federal Housing Administration mortgages that account for about a quarter of originations, threatening its role in the year-long housing recovery.”

DS News- “Delinquencies, Foreclosures See Downward Trend in January: LPS” (2-28-13)

“Lender Processing Services, Inc. (LPS) offered an early look at mortgage performance in January 2013 and reported a downward trend for mortgage delinquencies and foreclosures.”

Housing Wire- “LPS: Home prices could skyrocket 35% without affecting affordability” (2-28-13)

“Home prices could rise 35% without stretching affordability, said Raj Dosaj, vice president of the behavioral library and home price index at LPS Applied Analytics.”

Bloomberg - “Builders Find Investors Eager to Finance Housing Growth” (2-28-13)

“Joel Shine, chief executive officer of Woodside Homes, raised $228 million in a debt and equity recapitalization in October, two years after the Salt Lake City- based builder exited bankruptcy.”

Hard Money Loan Closed

Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $455,000 on a 4 bedroom, 2.5 bathroom home appraised for $725,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach TODAY.

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IVAOR on Wednesday, March 6, 2013.

Looking Back:

The recent Case Shiller Home Price Index showed new lows for the year ended 2011 with home prices being at their lowest since 2006.  The FHFA reported mortgage rates increased slightly to 4.25% the previous month.  Secretary of HUD Shaun Donovan was questioned about the true number of people really hurt by mishandled foreclosures.

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.

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