The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Veros Real Estate Solutions’

By Bruce Norris .

The Norris Group Real Estate News Roundup 7/3/12

Tuesday, July 3rd, 2012

Today’s News Synopsis:

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


In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

 

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

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

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

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

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

Friday, March 23rd, 2012

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

Today’s News Synopsis:

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

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hard Money Loan Closed

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

California Real Estate Investor Events:

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

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

Looking Back:

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

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

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The Norris Group Real Estate News Roundup 1/6/12

Friday, January 6th, 2012

Sources:

Job Growth Accelerates
Apartment-Vacancy Rate Tumbles to 2001 Level
S&P: Home prices back to 2001 levels
November Pending Home Sales Index
Rescuing redevelopment
California high court puts redevelopment agencies out of business
2011 Migration Patterns
Fed Identifies Markets Primed for Bulk REO-to-Rental Programs
Federal Reserve System

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. DS News reported an 8.5% drop in unemployment with the addition of 200,000 new jobs.  In another big story, the Federal Reserve released a white paper showing support for a bulk-buy-to-rent program to help stabilize hard-hit markets.  New York and New Jersey are among the worst hit states for foreclosures.

In The News:

Bloomberg – “U.S. Office Vacancies Fell in Fourth Quarter as Economy Recovered Slowly” (1-5-12)

“U.S. office (BBREOFPY) vacancies fell in the three months through December, extending a yearlong recovery, as a dearth of new supply helped counter sluggish economic growth, Reis Inc. said in a report today.”

Housing Wire - “LPS reports mortgage delinquencies are going nowhere” (1-6-12)

“The latest mortgage monitor from Lender Processing Services (LPS: 15.82 +1.35%) shows the level of homeowners 90 days or more behind on their house payments stayed essentially flat over the second half of 2011.”

Mortgage Bankers Association - “MBA Statement on Fed’s Housing Policy White Paper “ (1-6-12)

“‘The Fed’s white paper is a thoughtful document that raises a number of very interesting issues that policymakers ought to consider as they seek to solve the ongoing ills of the housing market.  The Fed staff’s comments validate much of what we have been saying, as it relates to the balance between credit availability and consumer protection, as well as the role that Fannie Mae and Freddie Mac could play in stabilizing and revitalizing the mortgage market’.“

Realty Times - “30-year Fixed-rate Mortgage Matches All-time Record Low” (1-6-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® the average fixed mortgage rates starting the year at or near their all-time lows. The 30-year fixed averaged 3.91 percent matching its all-time record low amid recent data showing signs of improvement in the housing market and manufacturing industry.”

DS News - “Unemployment Rate Falls to 8.5%” (1-6-12)

“The nation’s unemployment rate continues to trend down. It slipped to 8.5 percent during the month of December as the economy added 200,000 new jobs, the U.S. Department of Labor said Friday morning.”

Bloomberg - “Foreclosures Worsen in New York, New Jersey as Arizona Improves” (1-6-12)

“The number of homes in the foreclosure (HOMFCLOS) pipeline is increasing in states including New York,New Jersey and Connecticut, where the process is slowed by courts, as Arizona, California and Nevada digest their backlog.”

Housing Wire - “Fitch: CMBS delinquencies down to 8.37% in December” (1-6-12)

“Delinquencies tied to commercial mortgage-backed securities experienced five-straight months of declines in 2011, but late payments on office properties are likely to challenge CMBS in 2012, Fitch Ratings said Friday.”

San Francisco Chronicle - “Apartment vacancies at decade low as rents climb” (1-6-12)

“U.S. apartment vacancies dropped to a 10-year low in the fourth quarter,  allowing for rent increases that are likely to continue this year, property  research firm Reis said.”

Bloomberg - “Obama’s Consumer Watchdog Targest Mortgage, Payday Lenders” (1-6-12)

“Richard Cordray’s appointment as director of the U.S. Consumer Financial Protection Bureau moves the new agency nearer to fulfilling its intended role as a one-stop shop for borrower safeguards.”

Housing Wire – “Veros sees slow housing recovery with 1.3% decline in home prices in 2012″ (1-6-12)

“Home prices over the next 12 months will remain relatively unchanged, with the strongest markets seeing a 4% uptick in appreciation and the weakest markets dropping by 6%, Veros Real Estate Solutions said Friday.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 5 bedroom, 2 bathroom home appraised for $147,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

According to Freddie Mac, rates on 30-year FRMs fell to 4.77% the week of January 6, 2011. Altos Research reported home prices fell 1.63% in December 2010. Timothy Geithner requested from Congress to increase the national debt limit. The debt limit at that time was $14.29 trillion, and the nation’s debt level was just $335 billion short of the limit.

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 12/22/10

Wednesday, December 22nd, 2010

Today’s News Synopsis:

According to Veros, San Diego home prices will rise 3.5% next year.  November saw an increase in home sales since decreasing significantly in July.  In other news, fewer people are applying for mortgages most likely due to higher rates.  Fannie Mae expects home prices to decline in 2011, although they expect the sale of new homes to decrease and existing sales to increase.  The Obama administration believes the recent robo-signing has resulted in a decrease in foreclosures.

In The News:

Housing Wire - “Home prices expected to rise in 40% of major metros in 2011: Veros” (12-22-10)

“San Diego should see home prices rise 3.5% next year, but prices in Florida and Nevada, two states where the foreclosure crisis is especially acute, will drop 6% to 7%, according to a real estate market forecast.”

DS News - “Sales of Existing Homes Gain Ground in November” (12-22-10)

“Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July, the National Association of Realtors (NAR) reported Wednesday.”

Bloomberg - “U.S Treasury’s Home Loan Modifications Pass 500,000, Short of Obama Goal” (12-22-10)

“The number of U.S. homeowners who qualified for permanent loan modifications through a federal program topped 500,000 in November for the first time, remaining short of the Obama administration’s goal of 3 million.”

Mercury News – “Mortgage Applications Fell Last Week” (12-22-10)

“The number of people applying for a mortgage fell last week as higher rates discouraged borrowing. The Mortgage Bankers Association said Wednesday its overall mortgage application index decreased 18.6 percent from the previous week. The refinance index dropped 24.6 percent, marking the sixth decline in a row. The purchase index slipped 2.5 percent last week.”

Inman – “5 new real estate search tools” (12-22-10)

“Pretty soon, you’ll need an app to keep track of just-introduced real estate apps and websites.”

Housing Wire – “Monthly permanent HAMP modifications increase 26% in November” (12-22-10)

“Mortgage servicers completed 29,972 permanent modifications through the Home Affordable Modification Program in November, 26% more than October and the first monthly increase since May.”

RisMedia - “Real Estate’s ‘RREIN’ Makers-RisMedia’s Real Estate Information Network (RREIN) is leading the information revolution” (12-22-10)

“What is a business network? According to Wikipedia, a business network is: “a social economic activity by which groups of like-minded businesspeople recognize, create or act upon business opportunities.” What is the value of information? The value of information lies in its ability to enable consumers to make the optimal decision. The right information, therefore, is truly invaluable.”

Mortgage News Daily – “Fannie Mae: Home Prices and Mortgage Originations to Decline in 2011″ (12-22-10)

“The fourth quarter was not a stellar time for home sales according to Fannie Mae’s Housing Forecast for December.  While existing sales are projected to improve from 289,000 to 299,000, new home
sales will drop from 151,000 to 125,000.”

Bloomberg - “Home Prices in U.S. Declined 3.4% in October from Year Earlier, FHFA Says” (12-22-10)

“U.S. home prices fell 3.4 percent in October from a year earlier as sales of foreclosed properties dragged down values, the Federal Housing Finance Agency said.”

Housing Wire - “Obama housing scorecard: Robo-signing takes hold of market in November” (12-22-10)

“The housing market felt the effects of the robo-signing scandal in November as foreclosure starts and completions fell significantly, according to the Obama administration’s November 2010 housing scorecard.”

Realty Times- “Deciding to Sell” (12-22-10)

“Deciding whether or not to sell your house can be a trying time. Many questions pervade your mind. “Is now the best time to make a move?” “Will I make money from this sale?” Will a move disrupt my family’s routine?” There are numerous factors that come into play when making this decision. Let’s look at just a few to consider.”

Looking Back:

Research from the Office of Thrift Supervision and the Office of the Comptroller of the Currency showed that the number of U.S. homes in foreclosure passed the 1-million mark. The NAR reported that existing homes sales increased by 7.4 percent in November of 2009. According to IHS Global Insight, U.S. home prices increased by 0.2 percent during the 3rd quarter of 2009. Barclay’s predicted that the unemployment rate would reduce to 9.1 percent by the end of 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 event 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 200 podcasts in our free investor radio archive.

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