California Real Estate Headline Roundup

Posts Tagged ‘Weekly Mortgage Applications Survey’

By Bruce Norris .

Mortgage Debt Being Handled More Efficiently Due to Decrease in Delinquencies and Write-Offs

Wednesday, May 20th, 2015

 

 

Today’s News Synopsis:

 

The Mortgage Bankers Association reported a 1.5% decrease in mortgage applications from last week.  Mortgage debt is being handled better due to the decrease in delinquencies and write-offs.  Changes to the TILA-RESPA rule could lead to increased risk for mortgage-backed securities according to Moody’s Investors Service.  The median home price in California increased above $400,000, putting it at its highest in 8 years.

 

In The News:

Mortgage Bankers Association- “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-20-15)

“Mortgage applications decreased 1.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 15, 2015.”

DS News - “With Fewer Write-Offs and Severe Delinquencies, Borrowers Are Managing Mortgage Debt Better” (5-20-15)

“Borrowers are managing their mortgage debt better, reporting substantial declines in write-offs and severe delinquency rates, according to Equifax’s Q1 2015 National Consumer Credit Trends Report released earlier this week.”

Bloomberg - “Auction.com to Market U.S. Real Estate to Chinese Buyers” (5-20-15)

“Chinese investors will have a new way to buy U.S. commercial real estate without leaving home.  International property website Juwai.com formed a venture that will open Auction.com LLC’s real estate sales to Chinese-speaking users in mainland China and elsewhere. While the offerings will focus initially on apartments, hotels, retail properties and office buildings, U.S. homes will probably be added as well, the companies said in a statement Wednesday.”

Mortgage Professional America- “Privatizing Fannie & Freddie could send mortgage rates soaring – - report” (5-20-15)

“Many frustrated shareholders in Fannie Mae and Freddie Mac want the mortgage finance giants released from federal control, so they can reap the profits of their investments. But that might not be so great for the mortgage industry, according to a new study.”

Housing Wire - “Moody’s: New mortgage disclosure rule will increase risk for US RMBS” (5-20-15)

“The initial operational challenges for lenders to implement and comply with the new TILA-RESPA Integrated Disclosure Rule rule, along with the potential for increased costs in the event of non-compliance, raise the risk of losses for RMBS trusts, according to a report from Moody’s Investors Service.”

Mortgage Professional America - “Daily Market Update: Housing report reveals that the industry is picking up” (5-20-15)

“The level of new housing starts in April jumped to their highest level in more than 7 years according to the US Department of Commerce.  The latest data on the housing market revealed that new starts soared by 20.2 per cent to a seasonally-adjusted annual pace of 1.14 million units.”

DS News - “Black Knight Financial Services Debuts IPO at a Total Price of $441 Million” (5-20-15)

“An initial public offering (IPO) of 18 million shares of Class A common stock from Black Knight Financial Services, a Jacksonville, Florida-based technology, data and analytics solutions provider for the mortgage industry, debuted Wednesday morning at the New York Stock Exchange.”

Housing Wire - “Progress Residential announces third single-family rental securitization” (5-20-15)

“Progress Residential’s third single-family rental securitization is getting ready to hit the market, which will be collateralized by a $438.7 million loan secured by first priority mortgages on 3,317 income-producing single-family homes.”

Property Radar - “California Median Home Price Soars past $400,000 Mark – Highest Since December 2007″ (5-20-15)

“California single-family home and condominium sales were up 9.0 percent in April 2015. April sales were 37,009 up from 33,946 in March. The increase in sales volume was predominantly due to the 9.2 percent gain in non-distressed property sales that accounted for 83.0 percent of total sales.”

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.

 

Looking Back:

Mortgage default rates decreased to 1.11%, the lowest recorded since the recession according to the latest index from Standard & Poors.  According to the latest Realty Trac report, countries with one in five homeowners underwater were inhabited by almost 1/3 of Americans.  The total number of people underwater was at about 9.7 million, while more first-time homebuyers were underwater compared to higher-priced homes.

Copyright: Image from www.flickr.com/photos/59937401@N07/

 

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.


 

New Water Bill Passed to Prevent Too Much Federal Jurisdiction on Waterways

Wednesday, May 13th, 2015

 

 

Today’s News Synopsis:

The Mortgage Bankers Association reported a decrease in mortgage applications again this week by 3.5%.  A new water bill was passed by the NAHB that would require the Environmental Protection Agency and U.S. Army Corps of Engineers to go through a proper process before placing federal jurisdiction on waterways in the nation.  More and more money being put into the real estate market is coming from markets that are abroad.

In The News:

DS News - “Study Shows Traditional Credit Scores May Not Be Accurate When Assessing Risk Millennials Pose” (5-13-15)

“Millennials, which are viewed by many analysts as the key to driving the housing market recovery, are actively seeking credit but largely being denied, according to a white paper released Tuesday by ID Analytics titled “Millennials: High Risk or Untapped Opportunity?”

Mortgage Professional America - “Court: Big banks misled Fannie, Freddie” (5-13-15)

“In a scathing decision, a federal judge has ruled that two major banks misled Fannie Mae and Freddie Mac when they sold them shoddy mortgage bonds in the run-up to the financial crisis.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-13-15)

“Mortgage applications decreased 3.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 8, 2015.”

NAHB“House Passes Water Bill That Helps Environment and Landowners” (5-13-15)

“The National Association of Home Builders (NAHB) today commended the House for passing legislation that would prevent the Environmental Protection Agency and U.S. Army Corps of Engineers from vastly increasing federal jurisdiction over the nation’s waterways and wetlands without going through the proper rulemaking process.”

Bloomberg - “Foreign Money Is Pouring Into U.S. Real Estate, and It’s Not Just Houses” (5-13-15)

“Blockbuster real estate deals are back and breaking records as cash from around the globe pours into U.S. office buildings, apartment complexes and other investment properties.”

Mortgage Professional America - “Daily Market Update: Mortgage credit availability increased in April” (5-13-15)

“Mortgage credit availability was higher in April according the Mortgage Bankers Association. Its index showed a 0.5 per cent increase, meaning that lending standards were looser than the month earlier.”

Housing Wire“Sterne Agee: The bull and bear case for housing stocks” (5-13-15)

“While inventory is tight and homebuilders are rushing to keep pace with demand, there are still a handful of factors that need to come together in order to be successful.  A recent homebuilding and furnishing stock report from Sterne Agee analyst Jay McCanless said, “Better-than-expected order volume was a common theme in the March quarter reports.”

Realty Trac“Commuter Training: Who Uses Public Transportation?” (5-13-15)

“While public transportation accounts for only five percent of commuting overall in America and a negligible half-percent in rural communities, it is a big contributor to the U.S. economy. For 2007, The Aspen Institute put total U.S. spending on transportation at $2.4 trillion, which at 17 percent of GDP is ‘approximately the same as the nation’s spending on health care’.”

 

Hard Money Loan Closed

Colton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $113,000 on a 3 bedroom, 1 bathroom home appraised for $174,000.

Colton Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the AOA “Million Dollar” Trade Show and Landlording Conference 2015 on Thursday, May 14.

Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.

Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.

 

Looking Back:

The FHA and GSEs came up with a new way for consumers to have easier access to mortgage credit and to Fannie and Freddie loans.  Housing affordability increased in the first quarter with 65.5% of new and existing homes being affordable compared to 64.7% in the fourth quarter last year.  Home prices increased 11.3% in the fourth quarter of 2013 according to the latest Case-Shiller Index.

Copyright: Image from www.flickr.com/photos/bevgoodwin/

 

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.

 

Mortgage Market Still Needs Three More Years to Reach Healthy Level of Recovery

Wednesday, May 6th, 2015

 

 

Today’s News Synopsis:

According to the latest Gallup Job Creation Index, the number of new jobs increased beyond 31 on the index to their highest in over a year.  In a big news day for mortgages, both mortgage delinquencies and applications decreased, applications by 4.6% from last week and delinquencies to 5.4% in the first quarter.  Claren Financial even stated that the mortgage market still needs three more years to continue to recover.

 

In The News:

Mortgage Bankers Association - “Mortgage Delinquencies and Foreclosures Fall in First Quarter” (5-6-15)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 5.54 percent of all loans outstanding at the end of the first quarter of 2015.  This was the lowest level since the second quarter of 2007.”

Bloomberg - “Fannie-Freddie Regulator Said to Plan Easing Some Limits” (5-6-15)

“The regulator of Freddie Mac and Fannie Mae plans to ease annual restrictions on their apartment mortgage business to prevent a lending slowdown, according to two people familiar with the matter.”

Housing Wire - “Claren Financial: The mortgage market faces 3 more years of recovery” (5-6-15)

“It will be about three years until the mortgage lending environment returns to a healthy level and reaches a strong equilibrium.  During an interview with HousingWire, Claren Financial Services CEO Mike Biddle explained that the mortgage environment has been increasing modestly and will reach equilibrium in early 2018, barring new regulations or other scenarios.”

NAHB - “Housing Recovery Continues at Gradual Pace” (5-6-15)

“Markets in 68 of the approximately 360 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the first quarter of 2015, according to the National Association of Home Builders/First American Leading Markets Index (LMI), released today.”

Mortgage Bankers Association - “Mortgage Applications Decrease 4.6 Percent in Latest MBA Weekly Survey” (5-6-15)

“Mortgage applications decreased 4.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 1, 2015.”

Mortgage Professional America“Daily Market Update: Mayweather drops price of Florida penthouse” (5-6-15)

“Boxing champion Floyd Mayweather’s luxury Florida penthouse has been on the market for over a year without success and he has now dropped the asking price sharply.”

DS News - “Congressman Plan to Introduce Bill to Stop Freddie Mac CEO’s Potential Pay Hike” (5-6-15)

“U.S. Congressman Ed Royce (R-California) has announced that he plans to submit legislation by the end of the week to prevent a potential pay increase for Freddie Mac CEO Donald Layton.”

Housing Wire - “Gallup: Job creation index highest since September 2014″ (5-6-15)

“More American workers have reported that their employers were hiring over the past year than in the six years prior, with the latest data from April representing a new high mark.”

 

Hard Money Loan Closed

Bermuda Dunes, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $187,000 on a 3 bedroom, 2 bathroom home appraised for $280,000.

Bermuda Dunes Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

Bruce Norris of The Norris Group will be speaking at the AOA “Million Dollar” Trade Show and Landlording Conference 2015 on Thursday, May 14.

 

Looking Back:

According to a recent survey by Trulia, 2 out of 5 Americans said they preferred new homes to existing ones.  Mortgage loan originations for commercial and multifamily properties had not changed much year-over-year as they were only 1 percent lower in the first quarter of 2014 compared to 2013.  Metropolitan markets were continuing to show improvement as 300 out of 351 markets measured by the NAHB were showing economic gains.

 

Copyright: Image from www.flickr.com/photos/68751915@N05/

 

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.


 

Sales of Existing Homes Increase Substantially in Wake of Spring Buying Season

Wednesday, April 22nd, 2015

 

Today’s News Synopsis:

Black Knight Financial Services reported a 4.7% decrease in delinquency rates, marking the first time they have gone below 5% in 8 years.  Mortgage applications, on the other hand, increased 2.3% from last week.  The sales of existing homes also increased substantially to their highest in 18 months with the onset of the spring buying season.

 

In The News:

DS News - “Delinquency Rate Drops Below 5 Percent For First Time Since 2007″ (4-22-15)

“The nationwide mortgage delinquency rate fell to an eight-year low following its largest month-over-month decline in nine years, according to Black Knight Financial Services’ “First Look” at Mortgage Data for March 2015 released Wednesday.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-22-15)

“Mortgage applications increased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 17, 2015.  The Market Composite Index, a measure of mortgage loan application volume, increased 2.3 percent on a seasonally adjusted basis from one week earlier.”

Mortgage Professional America - “Daily Market Update: Balance needed between regulation and opportunity…” (4-22-15)

“A meeting held this week by the National Association of Realtors brought together industry experts and economists to discuss the state of the housing market.  Looking both at historic trends and to the future, the various keynote speakers and attendees considered the effects of regulatory and economic conditions on the market.”

Bloomberg - “Housing Market Nears U.S. Busy Sales Season on Positive Note” (4-22-15)

“Sales of previously owned homes jumped in March by the most in four years, putting the U.S. residential real estate market on firm footing heading into the busiest time of year.”

Housing Wire - “Existing home sales explode as spring homebuying season officially arrives” (4-22-15)

“Existing-homes sales surged to their highest annual rate in 18 months, showing a promising beginning to the spring homebuying season, the latest report from the National Association of Relators said.”

DS News - “Freddie Mac Announces First Extended Timeline Pool Offering Auction of NPLs” (4-22-15)

“As part of the continued effort to excise all deeply delinquent, non-performing single-family residential loans from its mortgage portfolio, Freddie Mac has announced its first-ever Extended Timeline Pool Offering (EXPO) auction.”

Mortgage Professional America - “Treasury says Fannie, Freddie bailout wasn’t a loan” (4-22-15)

“In early April, the head of the U.S. Senate Judiciary Committee, Sen. Charles Grassley (R-Iowa), asked federal officials to uncloak documents surrounding a 2012 decision to alter the terms of the taxpayer bailout of housing agencies Fannie Mae and Freddie Mac.”

Housing Wire“Market demand causes Freddie Mac to upsize first actual loss STACR deal” (4-22-15)

“Citing market demand, Freddie Mac increased the size of its latest Structured Agency Credit Risk series offering, which gives investors the opportunity to secure actual loss positions for the first time and offloads some of the credit risk the GSE holds.”

Mortgage Professional America - “March home sales, prices spring higher” (4-22-15)

“March home sales rose a significant 33.9% over sales in February, marking the third largest single month increase since the RE/MAX National Housing Report began in August 2008. When compared with sales last March, the increase was 9.9%.”

DS News“FHFA Reiterates Vow to Protect GSE-Backed Loans From ‘Super-Priority’ Liens” (4-22-15)

“The Federal Housing Finance Agency (FHFA) has issued a statement saying it has not consented nor will it consent to the foreclosure of a GSE-backed mortgage loan when initiated by a homeowners association (HOA) that has attached “super-priority” lien status to a mortgage loan.”

 

Hard Money Loan Closed

Riverside, 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 $273,000.

Riverside Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

The FHFA reported home prices increased 6.9% year-over-year in February and 0.6% month-over-month.  At the same time, sales of existing homes decreased the prior month by 0.2% to 4.59 million, down from 4.60 million.  Housing expectations were not as high for this year according to the GSEs with the tighter credit standards and decreased inventory.

Copyright: Image from www.flickr.com/photos/nadya/ and www.flickr.com/photos/nadya/

 

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.

 


 

CFPB Makes Final Decision Regarding Providing Lists of Homeownership Counseling Organizations

Wednesday, April 15th, 2015

 

Today’s News Synopsis:

The House passed the Mortgage Choice Act in  a 286-140 vote.  Mortgage rates increased slightly this past week with 30-year rates now at 3.58% and 15-year rates at 2.87%.  Another final decision was also made by the CFPB regarding lender rules for providing lists of homeownership counseling organizations to mortgage applicants.

 

In The News:

Mortgage Professional America - “House makes decision on points and fees bill” (4-15-15)

“The U.S. House of Representatives passed legislation yesterday that modifies regulations for home mortgages established in the 2010 Dodd Frank Wall Street Reform Act.”

DS News - “Housing Advocates Ask Regulators to Investigate Possible Pro-Foreclosure Campaigns” (4-15-15)

“A group of non-profit housing industry leaders and advocates have written a letter to the top housing regulators in the U.S. asking them to investigate alleged pro-foreclosure campaigns on the part of Wall Street investors.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (4-15-15)

“Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 10, 2015.”

Realty Trac“On the Sunny Side of the States” (4-15-15)

“Things just got tougher for those confused about which is America’s “Sunshine State.” Though the honor officially belongs to Florida, many assume it is California, and now we see they have good reason.”

Bloomberg“REIT Mergers Seen Likely to Accelerate as Activism Climbs” (4-15-15)

“Mergers and acquisitions by larger real estate investment trusts will increase, probably approaching four to five a year, after a slowdown since the financial crisis, said Michael Kirby, chairman of research firm Green Street Advisors.”

DS News“Fed Reports ‘Steady to Improving’ Residential Real Estate Activity in Most Districts” (4-15-15)

“In the Federal Reserve’s latest Beige Book released on Wednesday, residential real estate activity was reported to be “steady to improving” across most of the Fed’s 12 districts for mid-February through the end of March despite a minor slowdown in construction due to winter weather.”

Mortgage Professional America - “Daily Market Update: Mortgage rates slightly higher this week” (4-15-15)

“Average rates for 30-year fixed rate mortgages rose in the week to April 14 according to Zillow. Borrowers were quoted rates of 3.58% Tuesday, up 3 basis points from a week earlier.”

Housing Wire“CFPB issues final rule on providing housing counseling information” (4-15-15)

“The Consumer Financial Protection Bureau issued a final interpretive rule that establishes lenders’ requirements for providing mortgage applicants with a list of local homeownership counseling organizations.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

Looking Back:

Mortgage applications increased 15% according to the latest Builder Application Survey by the Mortgage Bankers Association.  Builder confidence increased below expectations to only 47 this month with relatively flat sales and buyer traffic.  A recent report by Mortgage Daily showed mergers with banks was actually outpacing bank failures despite their increase in the market.

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

 


 

More Millennials Opting to Purchase Homes Due to Increases in Rents

Wednesday, March 25th, 2015

 

Today’s News Synopsis:

More and more millennials are opting to purchase houses as opposed to renting with the increases in rental prices.  The Mortgage Bankers Association reported mortgage applications increased 9.5% in the last week.  Freddie Mac released a list of the top 5 metropolitan areas that are showing signs of improvement.

In The News:

Bloomberg“Rising Rents Are Finally Forcing Millennials to Buy Houses” (3-25-15)

“Americans in their 20s and early 30s are getting a nudge toward homeownership a decade after sales peaked during the housing bubble. It’s not their nagging parents. It’s rents. They’ve risen so much that buying is making more sense.”

Housing Wire - “Nationstar drops 10% in early trading after $500M public offering” (3-25-15)

“Nationstar Mortgage (NSM) investors aren’t happy about its offering of 17.5 million of common stock – the mortgage nonbank is down close to 10% in morning trading after it announced yesterday common stock offering for gross proceeds of approximately $500 million.”

Mortgage Professional America“Banks push to be excluded from Dodd-Frank Act” (3-25-15)

“Since Republicans gained control over Congress last year, mortgage professionals have been vying for a change to one of the industry’s biggest regulations—the Dodd-Frank Act.  Now, a coalition of 10 banks have come together to make the pitch that they should not be held to all regulatory restrictions in Dodd-Frank.”

Housing Wire“House marking up key mortgage, regulatory reform bills” (3-25-15)

“A hard slog of a markup day continues Wednesday into early afternoon as the House Financial Services Committee moves ahead with the often tedious work of marking up 11 key regulatory relief bills, of which several could have a big impact on mortgage lending and mortgage finance.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (3-25-15)

“Mortgage applications increased 9.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 20, 2015.”

Housing Wire - “Freddie Mac: Here are the 5 top improving metro markets for housing” (3-25-15)

“As the weather warms up so should the housing market, according to the January report from Freddie Mac. A harsh winter put a damper on housing, with the updated Multi-Indicator Market Index falling to 74.6, indicating a weak housing market overall and showing a slight decline (-0.20%) from December to January and 3-month decline of (-0.37%).”

OC Housing News“China’s real estate plunge accelerates” (3-25-15)

“The Chinese government and central bankers ran a Ponzi scheme to accelerate real estate development to help China catch up to the rest of the world.  Unfortunately, since it was a Ponzi scheme, they couldn’t figure out a way to unwind it without devastating their economy, so they kept putting more and more money into it, hoping desperately that it would work itself out.”

Housing Wire“Fannie Mae to list risk-sharing bonds on Irish Stock Exchange” (3-25-15)

“European investors seeking to buy into the U.S. mortgage market will now have that opportunity, after Fannie Mae announced that it plans to list all of its outstanding risk-sharing mortgage bonds on the Irish Stock Exchange.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

In a big news story, Edward Demarco stepped down as acting director of the FHFA after almost six years in office.  The latest S&P/Case-Shiller Index showed home prices increased 13.2% in January in 20 cities in the U.S.  The HARP program, which originally turned many away, helped refinance almost 370,000 investment properties and was drawing more consumers.

 

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.

Copyright: Image from www.flickr.com/photos/itupictures/ and www.flickr.com/photos/pagedooley/


 

Analysts Scratching Heads Over Drastic Decrease in Housing Starts Last Month

Wednesday, March 18th, 2015

 

 

Today’s News Synopsis:

Housing starts dropped drastically in February, leaving analysts scratching their heads and speculating it may have been a decrease in labor.  The Mortgage Bankers Association reported a 3.9% decrease in mortgage applications from last week.  Billions of dollars are being given to nonprofit company NeighborWorks America to help bring relief to Americans, however it is appears the process the organization is utilizing is very disorganized and disorderly.

In The News:

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-18-15)

“Mortgage applications decreased 3.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 13, 2015.”

Housing Wire - “Did housing starts nose dive because of a labor shortage?” (3-18-15)

“Housing analysts are still trying to figure out why housing starts nose-dived in February.  Privately owned housing starts in February plummeted 17%, down to an annualized 897,000 from the revised January estimate of 1,081,000, with drops in the Northeast, Midwest and West leading the collapse.”

Bloomberg“The Nonprofit Behind Billions in Mortgage Aid Is a Mess” (3-18-15)

“Hoping to deliver relief to Americans pounded by the financial crisis, the government has poured billions of dollars into a sort of Red Cross for homeowners.  NeighborWorks America, a nonprofit chartered by Congress, distributes much of that money to counseling groups that dispense mortgage advice and sometimes financial aid.”

Mortgage Professional America - “JPMortgan to acquire $45B of troubled company’s servicing rights” (3-18-15)

“In early March, Ocwen Financial Corp. had said it was on track to sell the servicing rights for mortgages with a balance of $55 billion. The firm had previously announced that it had sold almost $10 billion of those rights to Nationstar, but it didn’t identify who was acquiring the other $45 billion.”

DS News - “Auction.com and Five Star Institute Pledge Support to Operation Homefront and Veteran Home Donation Program” (3-18-15)

“The Five Star Institute President and CEO Ed Delgado announced earlier today at the Five Star Government Forum in Washington, D.C., that the Institute would be partnering with the nation’s leading online real estate marketplace, Irvine, California-based Auction.com, and national nonprofit Operation Homefront in support of a home donation program that provides mortgage-free homes to veterans.”

Mortgage Professional America“Daily Market Update: Housing affordability creates challenge for employers” (3-18-15)

“Employers are struggling to hire from out-of-town in some U.S. markets due to the high cost of housing. New York is particularly problematic and it’s prompting some people to live in illegally cramped shares.”

Housing Wire“Mortgage lenders want regulatory relief” (3-18-15)

“Mortgage lenders and others told the House Financial Services Subcommittee on Financial Institutions and Consumer Credit that the mortgage industry needs regulatory relief, or else borrowers – especially lower income and minority borrowers – will continue to be left out.”

DS News“DhanInfo Expands Further With $1 Million State-of-the-Art Office” (3-18-15)

“India-based IT firm DhanInfo followed up last October’s move into a new office complex in Nagpur that can house up to 600 employees with more expansion in order to meet the mortgage industry’s growing demand for reputable, reliable, and accurate property preservation and data processing outsourcing and Internet marketing.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

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.

Copyright: Image from www.flickr.com/photos/photojonny/

 

 

Increase in HUD Budget Should Help Guarantee Americans a Home

Wednesday, March 11th, 2015

 

 

Today’s News Synopsis:

In a recent ruling by the Supreme Court, loan officers can now be eligible to work full-time and be paid overtime.  In his latest speech before the U.S. Senate Banking Committee, HUD Secetary Julian Castro said changes and increased to HUD’s budget should benefit more Americans by helping them guarantee owning a home.  The Mortgage Bankers Association reported a 1.3% decrease in mortgage applications from last week.

In The News:

Housing Wire“CMLA: Time to reduce the FHFA g-fees, mortgage insurance” (3-11-15)

“The Community Mortgage Lenders of America wants the Federal Housing Finance Agency to lower the costs of mortgages by cutting g-fees.  The trade association says it’s time for FHFA Director Mel Watt to exercise his authority and have Freddie Mac and Fannie Mae lower the guaranty fees and loan level fees they levy.”

DS News“Legislation to Extend Tax Relief to Distressed Homeowners Currently in House, Senate Committees” (3-11-15)

“Two similar pieces of legislation introduced last month in the House and Senate that would extend tax relief to homeowners who are underwater on their mortgage loans have been referred to committees and are waiting to be heard.”

OC Housing News“Can the federal reserve identify and prevent financial bubbles?” (3-11-15)

“Financial manias are costly to society because they divert scarce resources away from productive ends toward wasteful enterprises that consume resources without creating any real value. If we could identify asset bubbles and eliminate them before they started, our economy would more efficiently allocate the resources available.”

Housing Wire“Financial conditions little changed in first week of March” (3-11-15)

“The National Financial Conditions Index ticked down to –0.73 in the week ending March 6.  The risk, credit, and leverage subindexes decreased slightly from the previous week, while the nonfinancial leverage subindex was unchanged.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-11-15)

“Mortgage applications decreased 1.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 6, 2015.”

Mortgage Professional America“Supreme Court rules mortgage loan officers are now eligible for overtime” (3-11-15)

“The U.S. Supreme Court ruled this week that mortgage loan officers are now eligible to a 40-hour work week and overtime pay.  The decision itself reversed a 2006 decision by the Department of Labor that changed loan officers to exempt status.”

DS News - “Castro: HUD Budget Increase Will Help More Americans Achieve Homeownership” (3-11-15)

“U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro testified in front of the U.S. Senate Committee on Appropriations today regarding the HUD budget for the 2016 fiscal year, emphasizing the new budget will be used to help more Americans secure a home. The proposed budget would increase $4 billion from last year to a total of $49.3 billion. HUD’s budget proposes more than $21 billion for the Housing Choice Voucher Program, which Secretary Castro said would extend support to more than 2.4 million low-income families.”

Housing Wire“3 signals that the Fed is about to raise interest rates” (3-11-15)

“A new white paper from a Boston attorney who represents several clients in the housing economy in New England suggests that an interest rate hike may come later in 2015 than most think, and it may not be a net negative for several segments in the industry.”

 

Bruce Norris of The Norris Group will be speaking at NORCAL REIA presenting How to create a $100,000 Payday Per Deal in 2015 TONIGHT.

Bruce Norris of The Norris Group will be speaking at OCREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, March 12.

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

 

Looking Back:

The amount of mortgage credit available increased slightly the previous month by 0.44% to 113.5, up from 113.0 in January.  The Wells Fargo Economics Group released a report showing that jobs decreased in January by 31,600, the largest month-over-month decrease in five years.  Due to the decreasing availability of real estate acquisition margins, more investors were choosing to purchase non-performing loans.

 

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.

Copyright: Image from www.flickr.com/photos/106574022@N04/


 

$50 Million Robo-Signing Settlement Reached with JP Morgan

Wednesday, March 4th, 2015

 

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased only slightly from last week by 0.1%.  New data from the Census Bureau showed homeownership rates were at their lowest in 20 years in 2014.  JP Morgan Chase just reached a settlement of $50 million regarding robo-signing.

In The News:

Housing Wire“Mortgage applications hold the line” (3-4-15)

“Mortgage applications increased 0.1% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 27, 2015.”

Mortgage Professional America - “Homeownership rates at lowest level since 1994″ (3-4-15)

“Homeownership rates in 2014 were the lowest they have been in over 20 years, according to new information released by the U.S. Census Bureau.  In the Midwest, homeownership rates were highest at 68.3% and lowest in the West at 58.6%.”

OC Housing News“Would eliminating the GSEs doom the 30-year mortgage?” (3-4-15)

“Most people recognize the GSEs should be eliminated because their implied government backing is now explicit. These entities are not private entities, although many private investors would like them to be so they could profit off the government guarantee.”

Housing Wire“At long last: ING completes exit from disastrous US business ventures” (3-4-15)

“With the sale of 45.6 million shares of Voya Financial (VOYA), ING Group (ING) announced Wednesday that its exit from the U.S. retirement, investment and insurance business is complete.”

DS News“Nationwide Title Clearing Hires New VP of Marketing” (3-4-15)

“Post-closing services provider Nationwide Title Clearing, Inc. (NTC) has announced the hiring of Gina Morales, APR, as VP of Marketing.  In her new position with NTC, Morales will be responsible for creating and implementing effective integrated marketing and public relations programs regarding NTC’s mission to protect homeowners and preserve land records.”

Mortgage Professional America - “JP Morgan to pay $50M in ‘robo-signing’ settlement” (3-4-15)

“JP Morgan Chase & Co. has reached a $50 million settlement with regulators over accusations the bank robo-signed mortgage documents to bankruptcy courts across the country.”

Housing Wire“Early soundings suggest slowing job creating in February” (3-4-15)

“The official employment situation report for February will come out on Friday, but in the meantime two early metrics suggest job creation slowed in February.  ADP sees slowing for Friday’s February payrolls, estimating that private payrolls rose 212,000 which is 8,000 below consensus for the ADP report.”

Mortgage Professional America - “Congress grills CFPB director” (3-4-15)

“As much as Consumer Financial Protection Bureau (CFPB) Director Richard Cordray tried to used his most recent semi-annual report to Congress to boast about recent achievements of the bureau in the mortgage industry, Republicans appeared not pleased.”

DS News“Report: Citigroup Preparing to Pay $20 Million to Overlooked Victims of Foreclosure Violations” (3-4-15)

“Citigroup is preparing to pay approximately $20 million to thousands of homeowners who were eligible to receive compensation as part of the Independent Foreclosure Settlement reached between the government and 10 mortgage servicers two years ago over loan servicing and foreclosure procedure violations, according to media reports.”

 

San Diego, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $275,000 on a 4 bedroom, 2 bathroom home appraised for $425,000.

San Diego Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.

Bruce Norris of The Norris Group will be speaking at NORCAL REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, March 11.

 

Looking Back:

The Mortgage Bankers Association reported commercial and multifamily delinquency rates decreased 0.01 percentage points to 0.05% in the fourth quarter.  Another bank closed in Pennsylvania, putting the number of bank closures for 2014 at 5.  HUD secretary Shaun Donovan had just released the newest proposed budget for 2015.

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.

Copyright: Image from www.flickr.com/photos/dragonflyeye/

 

 

Housing Reform a Bigger Issue Now with GSE’s Low Profits

Wednesday, February 25th, 2015

 

Today’s News Synopsis:

New home sales continue to hold high at six years with 481,000 properties being purchased last month and having increased by 21% since last July.  Mortgage delinquencies decreased again in the fourth quarter by a rate of 5.68%.  Fannie Mae and Freddie Mac both posted decreasing profits recently, raising more awareness of additional housing finance reform.

In The News:

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-25-15)

“Mortgage applications decreased 3.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 20, 2015.”

Mortgage Professional America“Wall Street companies close to reaching major deal with U.S. regulators” (2-25-15)

“Morgan Stanley and Goldman Sachs Group Inc. are close to reaching a deal with federal litigators regarding allegations the two Wall Street companies mislead investors in mortgage bonds that decreased in value during the economic downturn.”

Bloomberg“Purchases of New Homes in U.S. Hold Near Six-Year High: Economy” (2-25-15)

“New-home sales in January held close to the fastest pace in more than six years, consistent with slow and steady progress that’s been the hallmark of the U.S. housing market since early 2012.  Americans purchased 481,000 properties at an annualized rate last month, little changed from the 482,000 pace in December that was the strongest since June 2008, Commerce Department data showed Wednesday in Washington. Since a lull in July, sales of new homes have climbed 21 percent.”

DS News“Foreclosure Inventory Down Despite Rise in Starts” (2-25-15)

“Foreclosure inventory was way down nationwide year-over-year in January  despite a 5.5 percent month-over-month increase in foreclosure starts, according to Black Knight Financial Services’ First Look at January Mortgage Data.”

Housing Wire“Mortgage Risk Index hits series high in January” (2-25-15)

“At 11.97%, the composite National Mortgage Risk Index for Agency purchase loans, compiled by the AEI’s International Center on Housing Risk, hit a series high in January, up 0.4 percentage point from the average for the prior three months and 0.8 percentage point from a year earlier.”

Mortgage Professional America“Improving home prices push distressed sales to 7-year low” (2-25-15)

“The share of distressed sales in December reached a seven-year low, according to the latest data from CoreLogic.  The data reported distressed sales (REO and short sales) accounted for 12.8% of total home sales nationally in December 2014, a 2.8 percentage point decrease from December 2013, and a 1.2 percentage point decrease from November 2014.”

OC Housing News“FHA wants to allow banks to make more bad loans” (2-25-15)

“At the most basic level, lenders, realtors, and borrowers inflated a housing bubble because they got everything they asked for.  From 2004 to 2006, there were no barriers whatsoever to completely real estate transactions as inventory was abundant, prices were financeable, and buyers were motivated. It was the best of all possible real estate markets.”

Housing Wire - “MBA: Mortgage delinquencies continue decline in 4Q14″ (2-25-15)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 5.68% of all loans outstanding at the end of the fourth quarter of 2014.”

Mortgage Professional America“Fannie, Freddie declining profits revive push for housing reform” (2-25-15)

“The recent announcement of the declining profits at Fannie Mae and Freddie Mac is reviving previous efforts made by policymakers pushing Congress to move quickly on advancing housing finance reform.”

 

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $315,000 on a 10 bedroom, 10 bathroom home appraised for $487,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at Coldwell Banker’s  2015 Real Estate Forecast Wednesday, March 4.

Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.

 

Looking Back:

In order to sell off their REO properties, Fannie Mae and Freddie Mac allowed both real estate agents and homebuyers accest to limited-time incentives established through two separate programs.  Despite new QM guidelines put in place by the CFPB, risk continued to remain high for mortgages.  Katie Reynolds Johnson was chosen as the new general counsel for the National Association of Realtors.

 

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.

Copyright: Image from www.flickr.com/photos/lendingmemo/