California Real Estate Headline Roundup

Posts Tagged ‘University of Michigan’

By Bruce Norris .

The Norris Group Real Estate News Roundup 5/11/12

Friday, May 11th, 2012


Sources:

HOPE NOW: Loan mods down 31% in Q1 2012
HAMP Activity Slides, HAFA Holds Steady
Shrinking inventory boosts home prices
Home Prices Rise in Half of U.S. Cities as Markets Stabilize
Fannie Mae profits, avoids Treasury bailout in 1Q
Feds may seek fines against Wells Fargo in mortgage bias probe
FHFA wrapping up REO-to-rental program bidder reviews
Deutsche Bank settles FHA suit for $202.3 million
Stockton couple pleads guilty to stripping foreclosure of fixtures

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.  Even though market conditions improved in the first quarter for commercial real estate, investors are still concerned about consumers not being interested in sub-A assets and overall how some commercial mortgages will mature in the future.  Consumer sentiment is at its highest since the economy first went into recession, showing positive signs for the economy.

In The News:

DS News“NAR Finds Income to Qualify for Mortgage Well-Below U.S. Median” (5-11-12)

“Interest rates continue to slide further down alongside the decline in home prices. In addition to these factors improving affordability for homeowners, the National Association of Realtors (NAR) found the amount of income needed to qualify for a mortgage is actually well below the median income in most parts of the U.S.”

Housing Wire“Consumer sentiment marks post-recession high” (5-11-12)

“A preliminary reading of May consumer sentiment hit its highest level since the recession, suggesting a more positive public outlook of the U.S. economy.”

NAHB“New Website Helps Home Owners, Buyers Protect the American Dream” (5-11-12)

Despite the fact that Americans overwhelmingly support homeownership, legislative and regulatory proposals now under consideration would greatly harm home owners, home buyers, the housing market and the nation’s economy.”

Realty Times“Second Consecutive Week Of Record-Low Fixed Mortgage Rates” (5-11-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey, the average fixed mortgage rates hit a new all-time record low for the second consecutive week as they followed bond yields lower.

CNN MoneyJPMorgan suffers big loss (5-11-12)

“JPMorgan Chase, in a surprise announcement, said Thursday that it has suffered trading losses of $2 billion since the start of April. The group that suffered the losses is part of the bank’s so-called corporate unit, and had been making trades designed to hedge against risk.”

Housing Wire“Conditions improve in commercial real estate, but confidence is fleeting” (5-11-12)

“Conditions in the commercial real estate sector improved in the first quarter, but investors and executives are worried about some of the commercial mortgages set to mature in the coming year and the market’s general lack of interest in sub-A real estate assets, real estate executives said.”

Wall Street Journal- “Pointed Spat Over World Trade Spire “ (5-11-12)

“As construction of One World Trade Center in Lower Manhattan moves toward completion, the building’s owners are sparring with their architects over what goes on top of the 104-story tower—a dispute that could stop the structure being recognized as America’s tallest.”

San Francisco Chronicle“Twitter deal helps fuel office rental boom in SF” (5-11-12)

“Frank Fudem, a San Francisco broker for office tenants, realized that commercial rents were about to spike when Twitter Inc. decided to move to a gritty neighborhood, and leasing by technology companies started to accelerate.

Housing Wire“Shadow banking emerging from the shadows” (5-11-12)

“Investors interested in money market funds, government-sponsored enterprises and asset securitizations are seeing signs of shadow banking emerging from the shadows, but more work has to be done to create transparency and oversight of the segment, Standard & Poor’s said in a new report.

DS News“Three Refinancing Bills Propose Cutting Red Tape to Expand Eligibility” (5-11-12)

“At a time when mortgage rates have hit record-low numbers, HUD Secretary Shaun Donovan stressed urgency in passing housing refinance bills on President Barack Obama’s “to-do” list for Congress.

Hard Money Loan Closed

Compton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 4 bedroom, 2 bathroom home appraised for $238,000.

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:

A study from Redfin showed that REOs and short sales sold for closer to their listed value than non-distressed homes. 44% of Americans claimed their housing expenses were significantly higher from the previous. According to Fannie Mae, the housing finance system was going to be a $1 trillion market in 2011, down from $1.5 trillion in 2010. Irvine Co. planned to build 1,677 more apartments in Orange County.

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

The Norris Group Real Estate News Roundup 3/16/12

Friday, March 16th, 2012

Sources:
Number of Failed Banks Rises to 13 After Illinois Bank Closing
Southern California Home Sales Rise on Investor Purchases
San Francisco Area Home Sales Climb on Investor Purchases
Jobless claims decline by 14,000 filings
Unemployment rate drops in 45 states
Home prices rise for first time in 18 months: RE/MAX
Foreclosures Fall 8% in U.S. With Seizure Increase Coming
Consumer sentiment lags as gas prices rise
Robo-signing settlement may boost short sales
After More Than a Month, $25B Settlement Filed in Court
Ally Will Write Some Borrowers’ Principal Down to 85% LTV
FOMC Votes 9-1 to Keep Rates Low, Housing Sector Still ‘Depressed’
Fed’s Stress Test Shows 15 out of 19 Banks Would Weather Storms
New York Reacehs $25M Settlement Over MERS Actions
Mortgage Rates Rebound

Today’s News Synopsis:

This week’s video is a slideshow of the news of the week in the world of real estate and other big news of the week. .

In The News:

Housing Wire“US account deficit widens, positive housing trends emerge” (3-16-12)

“The United States account deficit widened in the fourth quarter, showing another area of economic weakness for the nation. Still, signs of a housing turnaround are emerging, analysts with Capital Economics say.”

San Francisco Chronicle“Foreclosure filings down, but ‘tide’ is coming” (3-16-12)

“Foreclosure filings in the United States fell 8 percent in February, the smallest year-over-year decrease since October 2010, as lenders began working through a backlog of seized properties, RealtyTrac said Thursday.”

DS News“First and Second Lien Holders to Share Losses Through Settlement” (3-16-12)

“Details of the $25 billion settlement involving state and federal officials and the five largest servicers will change how liens are prioritized, and in turn, opponents say, will benefit banks but hurt investors.”

Realty Times“Fixed-rate Mortgages Remain at or Near All-time Lows” (3-16-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, mortgage rates moved higher amid positive jobs data and increasing bond yields. Despite the increase, the average 30-year fixed rate mortgage has been below 4.00 percent for 15 consecutive weeks helping to keep homebuyer affordability high.”

Housing Wire - “Consumer sentiment lags as gas prices rise” (3-16-12)

“Higher gas prices and inflationary fears pushed consumer sentiment downward in a preliminary March report, according to the latest Thomson Reuters/University of Michigan Consumer Sentiment Index.”

DS News“HUD Grants $42M to Housing Counselors” (3-16-12)

“AHUD Secretary Shaun Donovan announced Friday the distribution of $42 million in grants to 468 housing counseling agencies nationwide. In his announcement Friday, Donovan called housing counseling programs ‘nothing less than indispensable’.”

Housing Wire“SEC finalizing Dodd-Frank CEO pay ratio rule within two months” (3-16-12)

“Under pressure from restless lawmakers awaiting action, Securities and Exchange Commission Chairwoman Mary Schapiro said her agency will implement the federally mandated CEO-to-employee pay ratio disclosure requirement ‘in the next couple of months’.”

Housing Wire“Cleveland prepares demolition projects under AG settlement” (3-16-12)

“The Cuyahoga County Land Bank and the City of Cleveland pledged $14 million toward vacant home demolition, and expect a match from the state foreclosure settlement coffers.”

Hard Money Loan Closed

Desert Hot Springs, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $40,000 on a 2 bedroom, 2 bathroom home appraised for $67,000.

California Real Estate Investor Events:

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

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

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 1/27/12

Friday, January 27th, 2012

Sources:
Foreclosure Properties Fall to 20% of Home Buys
Loan Modifications Are on the Decline: Moody’s
First-time unemployment claims climb
American economy not healthy yet, but it’s healing
Pending Home Sales Decline Monthly, Rise Annually
Contracts to Purchase Existing U.S. Homes Hold Near 19-Month High: Economy
FHFA home prices fall 1.8% in November
Sales of U.S. New Homes Unexpectedly Decline in December
30-Year Mortgage Rates Rise From Record Low
Fed: Benchmark Rate Will Stay Low Until ’14
California Home Foreclosure Notices Decline 12% as Lenders Change Policies
First Three Bank Failures of 2012 to Cost FDIC $244M
Illinois AG Sues S&P
Eric Schneiderman promises aggressive financial fraud probe
Two banks signal they may join mortgage deal
Senate clears $1.2 trillion debt ceiling raise
Obama Announces New Refi Program in State of the Union Address
Wells Fargo launches pilot programs to clear LA, Atlanta housing inventory
FHFA: Principal reduction would cost Fannie, Freddie $100 billion
Programmers Size Up Bank Borrowers With Algorithms Rather Than FICO Scores

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 Commerce Department said the growth rate for the gross domestic product was averaged to be 2.8% in the last quarter of 2011.  LPS reported a 30 year-over-year decrease in new loan originations in November.  At the same time, loan delinquencies also decreased 25% last month.  In other news, Freddie Mac reported an increase in the average mortgage rate.

In The News:

Bloomberg - “D.R. Horton Reports First-Quarter Profit as Homebuilding Revenue Increases” (1-27-12)

“D.R. Horton Inc. (DHI), the largest U.S. homebuilder by volume, reported first-quarter profit that beat analyst estimates after a year-earlier loss as revenue from home sales rose.”

Housing Wire - “New originations drop 30%, loan delinquencies decline” (1-27-12)

“Low interest rates are spurring some activity in the mortgage market, but opportunities for borrowers with low credit scores are limited, according to the latest Mortgage Monitor Report from LPS Applied Analytics.  New loan originations, overall, fell 30% year-over-year in November, with LPS reporting 537,720 originations in November, compared to 724,364 in December 2010. The report did not include new origination amounts for December 2011.”

CNN Money - “SEC to step up scrutiny of private equity firms” (1-27-12)

“The private equity world is struggling to stay in the shadows.  It’s harder to do so with Republican presidential contender Mitt Romney getting criticized for his private equity roots. If that weren’t enough, the Securities and Exchange Commission says it plans to step up scrutiny of the industry as well.”

Realty Times - “Mortgage Rates Reverse Course on Positive Housing Data” (1-27-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® the average mortgage rates climbed as the housing market ended 2011 on a high note.”

San Francisco Chronicle“Unexpected dip in U.S. new home sales in December” (1-27-12)

“Sales of new U.S. homes unexpectedly declined in December for the first time in four months, capping the slowest year on record for builders.”

DS News - “Michigan, Ohio Lawmakers Propose Large-Scale Demolition” (1-27-12)

“With vacant and deteriorating properties taking a toll on communities throughout Ohio and Michigan, lawmakers from the two states are proposing large-scale demolition as a means of easing the burden of these problematic properties.”

Housing Wire“GDP growth rate of 2.8% for 4Q” (1-27-12)

“Higher readings on private inventory investment, consumer spending and and residential investment led the Commerce Department to estimate the gross domestic product growth rate at 2.8% for the final three months of 2011.”

DS News - “Administration Revamps HAMP to Reach More Borrowers” (1-27-12)

“The Obama administration has announced changes to its flagship foreclosure prevention initiative – the Home Affordable Modification Program (HAMP) – which officials say will expand its reach to more distressed homeowners.”

Housing Wire“January consumer sentiment posts 11-month high” (1-27-12)

“Consumer sentiment climbed to an index level of 75 in January, the best reading of the Thomson Reuters/University of Michigan survey in nearly a year.”

CNN Money - “Mortgage probe unveiled as foreclosure talks loom” (1-27-12)

“President Obama’s latest probe into the mortgage meltdown will have more power than past efforts, and federal officials say it won’t derail a possible $20 billion settlement for underwater and foreclosed homeowners.”

Hard Money Loan Closed

Riverside, 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 $135,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The NAR claimed pending home sales increased 2% in December 2010. Statistics from Freddie Mac showed mortgage rates increased to 4.8% the week of January 22, 2011. According to the Labor Department, initial jobless claims climbed nearly 12.7% the previous week. The MLS reported sales of existing houses and condos totaled $15.5 billion in 2010.

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

The Norris Group Real Estate News Roundup 1/13/12

Friday, January 13th, 2012

Sources:

Loan Mods and Delinquencies Rise in November: HOPE NOW
Foreclosures fall to lowest level since 2007
Mortgage Applications Increase in Latest MBA Weekly Survey
Zillow: Home values in November back at 2003 levels
Fed governor calls for new housing regulatory regime
The fight over Bernanke REO rental plan shows political divide
FED FOCUS-Fed treads new path with US housing push
Fannie Mae CEO Williams Resigns

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events.  Consumer sentiment is at its highest level in 8 months, which is now at 74.  According to DS News, Michigan is really going after people who committ mortgage fraud by passing a law that makes it a felony to committ.  Mortgage rages continue to be at their lowest on record.

In The News:

Housing Wire - “Foreclosure starts drop across the West Coast” (1-13-12)

“Foreclosure starts across the West Coast plummeted in December as California, Nevada and Washington reported double-digit declines in new mortgages entering the process, according to ForeclosureRadar.”

Bloomberg - “Housing Recovery to Give U.S. Economy Modest Push in ’12, Fannie Mae Says” (1-13-12)

“Home sales and construction will improve this year, contributing “modestly” to economic expansion after acting as a drag on growth since 2006, according to a Fannie Mae (FNMA) forecast released today.”

Realty Times - Mortgage Rates Continue Trend of Record-Breaking Lows” (1-13-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, it showed mortgage rates easing to new all-time record lows for all products covered in the survey helping to keep homebuyer affordability high.

San Francisco Chronicle - “Billionaire Paulson Persists With Rebounding Property:Mortgages” (1-13-12)

“Mortgage securities are drawing buyers after tumbling last year and handing  billionaire hedge fund manager John Paulson his first loss in the bond market.”

Housing Wire - “Jobs growth points to potential recovery in housing” (1-13-12)

“The housing market remains in the trenches, but underlying fundamentals show a recovery is possible as long as employment continues to tick up, Capital Economics said Friday.”

FINS - “JP Morgan to Hire in 2012″ (1-13-12)

“Despite a weak second half and continued market volatility last year, JPMorgan added 20,300 employees and intends to keep hiring in certain areas in 2012.”

San Francisco Chronicle - “RealtyTrac: Home seizures may jump 25% this year” (1-13-12)

“Banks may seize more than 1 million U.S. homes this year after legal scrutiny of  their foreclosure practices slowed actions against delinquent property owners in  2011, RealtyTrac said.”

CNN Money - “Europe braces for S&P downgrades” (1-13-12)

“European officials and investors were on alert Friday following reports that several eurozone countries were about to be downgraded by rating agency Standard & Poor’s.”

Housing Wire - “Consumer sentiment hits 8-month high” (1-13-12)

“A preliminary January reading of consumer sentiment rose to 74, the highest level of the Thomson Reuters/University of Michigan index since May.”

Bloomberg - “Attorneys General Discuss Mortgage Probes as Bank Talks Drag On” (1-13-12)

“About a dozen state attorneys general met this week to discuss their mortgage investigations and how they might work together as settlement talks with banks over foreclosures drag on, three people familiar with the matter said.”

DS News - “New Michigan Laws Make Mortgage Fraud a Felony” (1-13-12)

“Michigan is taking a strong stand on mortgage fraud. New state laws that went into effect at the start of the year have redefined mortgage fraud in the eyes of the law and are defining strict consequences for perpetrators.”

Hard Money Loan Closed

Lancaster, 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 $111,000.

California Real Estate Investor Events:

The Norris Group will be at the Women’s Council of Realtors on January 18, 2012.

Looking Back:

Top News Stories: Several sources reported that the number of foreclosures were expected to increase in 2011.  Bloomberg expected them to rise almost 20%.  In other news, mortgage rates declined for the second week in a row according to Freddie Mac. Corelogic reported that home prices continued to decline.  On a positive note, however, John Burns said this did not stop consumers from wanting to purchase homes.

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 8/12/11

Friday, August 12th, 2011

Sources:
Foreclosure activity falls to 44-month low
Jobless claims hover around 400,000 for third week
Mortgage Rates for 30-Year U.S. Loans Decline to Nine-Month Low
Housing Affordability up in California with home price decline
Rates on 15-Year Fixed Lowest Ever Recorded
Home Prices Decline in Almost Three-Fourths of U.S. Metropolitan Areas
Fed to Keep Interest Rates Low until 2013
Goldman Sachs Says AIG, Fannie, Freddie Threatening to Sue Over Mortgages
Realogy calls for White House housing summit
Dow plunges after S&P downgrade
Demand for real estate rentals rises, homeownership rate drops

Today’s News Synopsis:

This week’s video gives the news of the week in the world of real estate and other big events. Bloomberg reported again today that foreclosure filings are at the lowest they have been in 4 years.  DS News reported that mortgage fraud has still remained a problem over the last five quarters despite a 2.3% decrease this year.  Barclay’s said the best locations for building new homes is Atlanta and Phoenix. 

In The News:

Housing WireFully excused second-lien mortgages spike in June” (8-12-11)

“Servicers participating in the Home Affordable Modifications Program extinguished more than 1,000 second-lien mortgages in June, according to Treasury Department data.”

DS News - “National Mortgage Fraud Remains Relatively Steady, Shifts Regionally” (8-12-11)

“On a national level, mortgage fraud risk has declined 2.3 percent over the year but has remained relatively steady for the last five quarters, according to Interthinx’s Second-Quarter Mortgage Fraud Risk Report.”

Realty Times - “Market Concerns Produce New Record Low Mortgage Rates” (8-12-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates continuing to decline with the 30-year fixed averaging 4.32 percent marking a new low for 2011, and the 15-year fixed, 5-year ARM, and 1-year ARM averaging new all-time record lows this week.”

Inman - “Portal displays Fannie, Freddie, FHA REOs” (8-12-11)

“The U.S. Department of Housing and Urban Development has unveiled a Web-based mapping tool displaying the location of all foreclosed properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) — nearly half of all “real estate owned” (REO) properties in the U.S.”

Los Angeles Times - “Consumer confidence at lowest point since 1980, report says” (8-12-11)

“Consumer confidence in August took a swan dive to its lowest level in three decades.  Even as they pushed retail sales up 0.5%, Americans were the most pessimistic they’ve been since May 1980, according to a preliminary index of sentiment created by Thomson Reuters and the University of Michigan.”

Housing Wire - “SEC ready for new whistleblowers” (8-12-11)

“The new Securities and Exchange Commission whistleblower program officially launched Friday, giving new protection and rewards to those who come forward with information.”

San Francisco Chronicle - “Foreclosure filings near a 4-year low” (8-12-11)

“U.S. foreclosure filings dropped 35 percent last month to the lowest level in almost four years as lenders and state and federal agencies increased efforts to keep delinquent borrowers in their homes, RealtyTrac Inc. said.”

Bloomberg - “Phoenix and Atlanta Will Be Best New-Home Markets in U.S., Barclays Says” (8-12-11)

“Phoenix, where foreclosures have surged and prices plummeted since the U.S. housing bubble burst, and Atlanta are the best potential markets for the sale of newly built homes, Barclays Capital said in a report today.”

DS News - “Heavy Distress Sends Las Vegas Home Prices to 15-Year Low” (8-12-11)

“Sales of foreclosed REO homes and short sales continue to dominate the Las Vegas market. These distressed sales made up nearly 70 percent of the region’s home resales in June, according to the research firm DataQuick.”

Realtor Magazine - “Weak Appraisals Hamper Home Sales, Experts Say” (8-12-11)

“Weak appraisals are “driving down the real estate market” and “borders on buffoonery,” says William Maxwell, an expert in finance and professor at Southern Methodist University’s business school, who has seen his own Dallas property fluctuate in appraised value by $60,000 in just a year.”

Looking Back:

Freddie Mac claimed the average rate for 30-year fixed loans fell to 4.44 percent during the week of August 9, 2010. RealtyTrac reported that national foreclosures increased 3.6% from the previous month. Initial unemployment insurance claims increased the week of August 9, 2010 by 2,000 to 484,000, according to the Department of Labor. Foreclosure Radar announced notices of default filings in California slipped 4.8% from June 2010, and notices of trustee sale fell 18.9%.

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.