California Real Estate Headline Roundup

Posts Tagged ‘Weekly Mortgage Applications Survey’

By Bruce Norris .

The Norris Group Real Estate News Roundup 3/19/14

Wednesday, March 19th, 2014


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased 1.2% from last week.  New criteria for RMBS qualified and non-qualified mortgages has been finalized by Fitch.  Twenty-nine state housing finance agencies have been awarded $63.1 million by NeighborWorks America to help families and individuals in danger of foreclosure.

In The News:

Housing Wire“Opposition growing among banks, lawmakers to Camp tax reform proposal” (3-18-14)

“Banking associations, leading financial institutions and now a number of House Republicans are coming out with grave concerns and – in the case of some big banks – outright if still quiet opposition to a comprehensive tax overhaul being proposed by the head of the House Ways and Means Committee.”

Los Angeles Times - “Southern California is a real estate seller’s market this spring” (3-19-14)

“As the busy spring real estate season gets into gear, sellers appear to have the upper hand across much of Southern California.”

DS News“Fitch Finalizes U.S. RMBS Qualified and Non-Qualified Mortgage Criteria” (3-19-14)

“Fitch Ratings announced it has finalized its criteria for analyzing loans securing U.S. residential mortgage-backed securities (RMBS) under the new qualified mortgage (QM) and Ability-to-Repay rule (the Rule) recently adopted by the Consumer Financial Protection Bureau (CFPB).”

CNN Money - “Stocks flat as investors wait for Yellen” (3-19-14)

“It’s Janet Yellen’s first meeting in charge of the Fed and investors are looking forward to hearing from her after the meeting.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-19-14)

“Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 14, 2014.”

Housing Wire - “S&P upgrade pushes Assured Guaranty to top of monoline hill” (3-19-14)

“Good news for monoline Assured Guaranty (AGO) as Standard & Poor’s Ratings Services raised to AA Stable Outlook from AA- Stable Outlook the financial strength ratings for the company’s principle operating subsidiaries, giving it the highest ratings in the industry from national ratings firms.”

DS News - “$63.1 Million Awarded to Stave Off Foreclosures” (3-19-14)

“NeighborWorks America announced Tuesday in a press release that $63.1 million had been awarded to 29 state housing finance agencies, 18 HUD-approved housing counseling intermediaries, and 67 community-based NeighborWorks organizations.”

Inman - “Zillow: Market conditions growing more local” (3-19-14)

“Different regions will offer diverging levels of negotiating power for buyers and sellers across the country heading into the spring homebuying season, signaling advancement toward a healthier housing market where market conditions tend to be local rather than national, according to a recent analysis by Zillow.”

 

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $235,000 on a 2 bedroom, 1 bathroom home appraised for $381,000.

Yucaipa Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with the Downey Association of Realtors on Wednesday, April 2, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

 

Looking Back:

The U.S. Census Bureau reported the number of housing starts increased 0.8% to 917,000 the previous month.  200,000 homes were brought out of negative equity in the fourth quarter of 2012, bringing the total over the whole year to 1.7 million.  Edward DeMarco announced he would like to see the GSEs slowly dissolved over the next five years.

 

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 3/12/14

Wednesday, March 12th, 2014


Today’s News Synopsis:

According to the latest Mortgage Applications Survey from the Mortgage Bankers Association, mortgage applications decreased 2.1% from last week.  Outstanding mortgage debt for commercial and multifamily properties increased 1.7% in the fourth quarter, or $41.2 billion.  Several zip codes in Southern California, specifically in the San Gabriel Valley region, saw an increase in home prices to levels above or equal to where they were at before the crash.

In The News:

Bloomberg - “Mortgage Investors to Send Letters on Ocwen ‘Servicing Abuses’” (3-12-14)

“Holders of residential mortgage-backed securities are planning to communicate with trustees and master servicers about Ocwen Financial Corp. (OCN)’s practices, according to the Association of Mortgage Investors.”

DS News- “Has Consumer Outlook for the Housing Market Changed?” (3-12-14)

“The latest poll from the Federal Reserve Bank of New York shows consumer expectations stayed mostly flat in February, particularly on the housing side.”

Mortgage Professional America“House Approve Bill to Overhaul CFPB” (3-12-14)

“Voting 232 for and 182 against, the House on Feb. 27 passed a Republican bill (HR 3193) to reduce the authority of the Consumer Financial Protection Bureau (CFPB).”

Inman“Fannie and Freddie fate could be known within days” (3-12-14)

“The bill deciding the future of Fannie Mae and Freddie Mac is due within days, and has been hailed as a bipartisan agreement.”

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Debt Outstanding Ends Year at Record Level” (3-12-14)

“The level of commercial/multifamily mortgage debt outstanding increased by $41.2 billion, or 1.7 percent, in the fourth quarter of 2013, as all four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA).”

Los Angeles Times - “Housing prices surpass bubble peak in some Southland ZIP Codes” (3-12-14)

“In some corners of the Southland, it’s as if the housing crash never happened.  Home prices in a dozen Southern California ZIP Codes have passed their peaks during the housing bubble, according to research firm DataQuick.”

Housing Wire - “Top 10% see greatest home value gains” (3-12-14)

“The value of homes in the top 10% wealthiest communities are worth more than six times that in the bottom 40%, the new survey from the Demand Institute says.”

DS News - “U.S. Bank Accused of Housing Discrimination” (3-12-14)

“The National Fair Housing Alliance (NFHA) and four of its member organizations announced new evidence of housing discrimination by U.S. Bank, N.A. The civil rights groups allege that U.S. Bank maintains and markets foreclosed homes in white neighborhoods, in “a much better manner than in African-American and Latino neighborhoods,” according to a press release issued by the NFHA.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-12-14)

“Mortgage applications decreased 2.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 7, 2014.”

Bloomberg - “Fed Inflation Goal Is Elusive as U.S. Rents Stabilize: Economy” (3-12-14)

“Federal Reserve efforts to nurture a more robust rate of inflation this year are likely to fall short. The reason: the biggest gains in rents are probably over.”

Hard Money Loan Closed

Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $420,000 on a 4 bedroom, 2 bathroom home appraised for $680,000.

Palm Desert Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA TOMORROW, March 13, 2014.

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with Chino Valley Real Estate Professionals on Friday, March 14, 2014.

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with the Downey Association of Realtors on Wednesday, April 2, 2014.

 

Looking Back:

The number of layoffs for the month of January deceased 4.0% to 1,507,000, the lowest on record.  Richard Cordray went through an intense confirmation hearing to decide his future with the Consumer Financial Protection Bureau.  In an agreement reached by Ally Bank and Ocwen Financial, Ally agreed to send a portfolio of their mortgage servicing rights to Ocwen.

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 1/15/14

Wednesday, January 15th, 2014


Today’s News Synopsis:

According to the latest data from the Mortgage Bankers Association, mortgage applications increased 11.9% from last week.  Nine out of the twelve Federal Reserve districts reported fair economic growth, which was actually down from before when all twelve districts reported growth.  Both Wells Fargo and JP Morgan Chase reported a decrease in mortgage originations as more people are choosing smaller lenders.

In The News:

Housing Wire - “Investors jump on Fannie Mae risk-sharing deal” (1-15-14)

“Fannie Mae priced its second risk sharing deal yesterday, its first of the year, with more expected to come.  Today, on the first day of secondary trading, the deal met with strong investor demand, judging by numbers provided by Interactive Data.”

Bloomberg - “Fed Saw ‘Moderate’ Growth in Most of U.S. on Retailing” (1-15-14)

“The Federal Reserve said “moderate” growth across most of the country last month was buoyed by gains in holiday spending by consumers, an improving labor market and strength in manufacturing.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (1-15-14)

“Mortgage applications increased 11.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 10, 2014.”

DS News- “Study Finds Real Estate Pros Are True to Their Occupational Creed” (1-15-14)

“It stands to reason that if real estate professionals believe homeownership is a good idea, then they would practice what they preach and own their own homes instead of renting.”

Housing Wire - “9 Federal Reserve districts post moderate economic growth” (1-15-14)

“Only nine out of 12 Federal Reserve districts experienced moderate economic growth in the latest Fed Beige Book, but most real estate markets continued to improve from late November to the end of 2013.”

Bloomberg - “JPMorgan With Wells Fargo Lose Share to Small Rivals: Mortgages” (1-15-14)

“The two largest U.S. home lenders are feeling the bite of competition from smaller firms as mortgage originations tumble at the fastest rate since 2011.”

Housing Wire“Is San Francisco housing headed for a crash?” (1-15-14)

“In San Francisco, there should be a saying: Buy a home at the right time, sell at the right time.”

Bloomberg - “Appraisal Standards for Higher-Risk Mortgages Approved by FDIC” (1-15-14)

“U.S. mortgage lenders will get an additional year to implement new appraisal standards for higher- risk loans after regulators revised the Dodd-Frank Act measure to address concerns raised by financial firms.”

Mortgage Professional America - “Industry leaders warn Congress on impact of CFPB rules” (1-15-14)

“Mortgage and housing industry leaders took swipes at the Consumer Financial Protection Bureau’s new mortgage rules Tuesday during a congressional hearing.”

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $98,000 on a 2 bedroom, 2 bathroom home appraised for $143,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association in Buena Park TOMORROW, January 16, 2014

Bruce Norris of The Norris Group will be speaking at the CMA 2014 Winter Seminar in Universal City on Thursday, January 30, 2014.

Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate and Tax Strategies Kick-Off Brunch in Buena Park on Saturday, February 1, 2014.

Looking Back:

CoreLogic reported homes prices increased 7.4% in November to their highest in seven years.  An $8.5 billion foreclosure settlement with JP Morgan Chase  finally came to an end, but with it came the layoff of 839 employees.  The housing market was recovering faster than anyone originally thought, leading to many homeowners coming out from underwater.

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

The Norris Group Real Estate News Roundup 12/4/13

Wednesday, December 4th, 2013

Today’s News Synopsis:

A recent report from the Mortgage Bankers Association showed mortgage applications decreased 12.8% from last week.  Sales of new homes increased by 25.4% to 444,000 units last October.  Five major banks have not met compliance requirements laid down in the National Mortgage Settlement.  These banks are Bank of America, Chase, Citigroup, ResCap, and Wells Fargo.

In The News:

NAHB - “New-Home Sales Up Sharply in October” (12-4-13)

“Sales of newly built, single-family homes rose 25.4 percent to a seasonally adjusted annual rate of 444,000 units in October, according to data released today by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Mortgage Bankers Association - “Mortgage Applications Fall During Holiday-Shortened Week” (12-4-13)

“Mortgage applications decreased 12.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 29, 2013.”

DS News - “Hudson & Marshall Selected to Auction 150 FDIC Properties” (12-4-13)

“Hudson & Marshall announced Wednesday that it will auction more than 150 single-family properties for theFDIC using a specially tailored version of the company’s online and offline auction process.”

Housing Wire“Up to $10M in Fannie MSRs up for grabs” (12-4-13)

“The massive off-loading of agency mortgage servicing rights continues, with a new offering of $5 million to $10 million in Fannie Mae MSRs.”

Mortgage Professional America - “Lawmakers blast eminent domain moves” (12-4-13)

“A group of U.S. senators has asked the Department of Housing and Urban Development to use its authority to stall the plans of some cities to use eminent domain to seize underwater mortgages.”

DS News- “Major Servicers Fail Seven Settlement Compliance Tests” (12-4-13)

“The former banking regulator overseeing servicers’ compliance with the National Mortgage Settlement (NMS) has released a summary of the five compliance reports he filed with the federal court in Washington, D.C.—one report for each of the servicers subject to the settlement agreement reached with 49 state attorneys general, HUD, and the U.S. Justice Department: Bank of America, Chase,Citi, ResCap, and Wells Fargo.”

Mortgage Bankers Association - “Independent Mortgage Banker Profits Fell in the Third Quarter of 2013″ (12-4-13)

“Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $743 on each loan they originated in the third quarter of 2013, down from $1,528 per loan in the second quarter, the Mortgage Bankers Association (MBA) reported today in its Quarterly Mortgage Bankers Performance Report.”

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $110,000 on a 3 bedroom, 2 bathroom home appraised for $170,000.

 

 

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at Camp Pendleton in San Diego on Sunday, December 8, 2013.

Bruce Norris of The Norris Group will be at the SDCIA Holiday Christmas Party on Tuesday, December 10, 2013.

 

Looking Back:

As part of a Christmas gift, Fannie Mae and Freddie Mac were suspending foreclosures from December 19 through January 2, 2013.  Home prices increased 6.3% in October to their highest in 6 years.  Trulia reported asking prices for homes increased 3.8% the previous month to their highest since the beginning of the recession.

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

The Norris Group Real Estate News Roundup 11/20/13

Wednesday, November 20th, 2013

Today’s News Synopsis:

Existing-home sales decreased by 3.2% to 5.12 million units last October with the increase in home prices and decrease in both affordability and inventory.  The Mortgage Bankers Association reported mortgage applications also decreased 2.3% from last week.  A new deal has just been finalized by the CFPB that will require lenders to let home loan borrowers know of the terms before lending to them.

In The News:

Housing Wire - “FHFA-OIG: Fannie servicers fall short in collecting required short sales data” (11-20-13)

“The inspector general for the Federal Housing Finance Agency sounded the alarm on what it calls a failure on the part of Fannie Mae servicers to collect all of the required information when approving borrowers for short sales.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-20-13)

“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 November 15, 2013.”

DS News - “CFPB Finalizes ‘Know Before You Owe’ Mortgage Disclosures” (11-20-13)

“The Consumer Financial Protection Bureau (CFPB) is issuing a rule Wednesday requiring lenders to use its mortgage disclosure templates to lay out the terms of home loans for borrowers.”

Bloomberg - “JPMorgan $13 Billion Mortgage Deal Seen as Lawsuit Shield” (11-20-13)

“JPMorgan Chase & Co. (JPM)’s record $13 billion deal to end probes into mortgage-bond sales may save the bank billions more because of what the agreement lacked: an explicit admission of wrongdoing.”

Housing Wire - “Mortgage fraud risk rises as jumbos attract more attention” (11-20-13)

“As more homebuyers lean towards jumbo loans given their competitive rates in today’s market, the mortgage-fraud risk for this particular product type is on the rise.”

Inman - “Despite inventory shortages, homebuyers looking for bargains this winter” (11-20-13)

“Prospective homebuyers hoping to buy a home in the next four months say the lack of inventory is their biggest challenge, but many believe winter is a good time to buy because sellers are motivated to sell and more willing to negotiate.”

Housing Wire - “Existing-home sales decline on falling affordability, tighter inventory” (11-20-13)

“The sale of all existing homes fell 3.2% to an annual rate of 5.12 million units in October as rising prices tripped up buyers – a data point further constrained by falling inventory levels, the National Association of Realtors noted Wednesday.”

DS News - “Recovering Housing Market to Spur Economic Recovery in New Year” (11-20-13)

“Next year will likely be the first year since 2000 that home purchases outpace refinances, according to Freddie Mac’s expectations.”

Hard Money Loan Closed

Yucaipa, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 3 bedroom, 2 bathroom home appraised for $255,000.

 

 

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at Camp Pendleton in San Diego on Sunday, December 8, 2013.

Bruce Norris of The Norris Group will be at the SDCIA Holiday Christmas Party on Tuesday, December 10, 2013.

Looking Back:

The U.S. Commerce Department reported housing starts increased 3.6% the previous month.  Consumer default rates also increased that month after nine months of steady improvement due to more consumers failing to pay their bills on time.  The housing market continued to show improvement; however, home sales were not expected to increase dramatically any time in the near future.

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

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

Wednesday, November 13th, 2013

 

Today’s News Synopsis:

The Mortgage Bankers Association reported a 1.8 decrease in mortgage applications from last week.  The U.S. budget deficit was smaller for the start of 2014 as a result of spending cuts and the partial government shutdown.  Reform for the GSEs has become a central focus in Capitol Hill in the wake of mid-term elections.

In The News:

Housing Wire- “GSE reform captures political attention” (11-13-13)

“As Capitol Hill enters the mid-term election year, policymakers are scrambling to be the first to propose and pass legislation for housing reform to get one up on the competition, market experts cautioned Wednesday.”

DS News - “Slow Household Formation Cyclical Like All Things Real Estate: Moody’s” (11-13-13)

“Though the slow rate of household formation among millenials—those born after 1980—has been cause for alarm among some economists, analysts at Moody’s Investors Service say reports of a “lost generation of homebuyers” are overblown.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-13-13)

“Mortgage applications decreased 1.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 8, 2013.”

Bloomberg- “Central Banks Risk Asset Bubbles in Battle With Deflation” (11-13-13)

“Central banks are finding it’s easier to push up stock and home prices than it is to prevent inflation from falling short of their targets.”

Realty Times - “Don’t Take Housing Tax deductions Away!” (11-13-13)

“Home ownership tax incentives can no longer be taken for granted.  In May 2013, the House Ways and Means Committee heard testimonies from housing and policy experts who want to leave the mortgage interest rate deduction (MID), the real estate capital gains exemption and low income tax credit in place.”

Housing Wire- “TARP bank exec charged with bank fraud” (11-13-13)

“A former vice president and controller of Little Rock, Ark.-based One Bank & Trust was indicted and charged with 30 counts of bank fraud and 30 counts of money laundering for his abuse of funds allocated to him as a recipient of Troubled Asset Relief Program (TARP) funds.”

Inman- “Redfin launches custom listing service for homebuilders in 22 US markets” (11-13-13)

“Tech-based brokerage Redfin has launched a custom listing service for homebuilders in the 22 markets the brokerage serves nationwide, which it promises will provide builders with “massive exposure” to buyers surfing Redfin.com, targeted email marketing capabilities, and data-driven market research.”

Associated Press - “Spending cuts, shutdown lower US budget deficit” (11-13-13)

“The U.S. government started the first month of the 2014 budget year with a $91.6 billion deficit, signaling further improvement in the nation’s finances at a time when lawmakers are wrestling to reach a deal that would keep the government open past January.”

Housing Wire- “CFPB sets enforcement sights on Green Tree” (11-13-13)

“Green Tree, a specialty servicer operating under Walter Investment Management Corp. (WAC), faces a potential Consumer Financial Protection Bureau enforcement action, according to a securities filing from its parent company.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $95,000 on a 3 bedroom, 2 bathroom home appraised for $139,000.

 

Looking Back:

CoreLogic reported the increase in home prices may have been the result of increased demand for rentals.  Commercial/Multifamily Mortgage Originations decreased in the third quarter according to a quarterly survey by the Mortgage Bankers Association.  California and Arizona were in the lead for states that saw a decrease in mortgage delinquency rates.

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

The Norris Group Real Estate News Roundup 10/9/13

Wednesday, October 9th, 2013

Today’s News Synopsis:

The Mortgage Bankers Association reported a 1.3% increase in mortgage applications this past week.  Shadow inventory decreased to the lowest level since August 2008 and now stands at 1.9 million.  Janet Yellen has been nominated to serve as the head of the Federal Reserve.  Should she be elected, she will be the first woman to serve in this position.


In The News:

DS News- “Housing Market Running at 85% of Normal, Pre-Recession Activity” (10-9-13)

“A new index from First American and the National Association of Home Builders (NAHB) suggests that about one in seven housing markets have returned to or surpassed their pre-recessionary levels of activity.”

Mortgage Bankers Association“Mortgage Refinance Applications Increase in Latest MBA Weekly Survey” (10-9-13)

“Mortgage applications increased 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 October 4, 2013.”

CNN Money“Obama nominates Janet Yellen to head the Fed” (10-9-13)

President Obama made what he called “one of the most important appointments that any president can make” Wednesday, nominating Janet Yellen to serve as the first female head of the Federal Reserve.”

Housing Wire“FOMC minutes show Fed officials fretting over QE tapering decision” (10-9-13)

“Minutes from the Federal Reserve’s most recent Federal Open Market Committee meeting suggest key monetary policymakers spent their last gathering pulled in different directions, whipsawed back and forth between the reality of employment growth and the expectations of investors. ”

Bloomberg- “Housing Boom Bigger in Texas as Home Bidding Wars Erupt” (10-9-13)

“Texas, known for its open spaces and cheap property, is experiencing the types of real estate bidding frenzies seen in tightly built markets from New York to San Francisco as job gains generate a suburban land rush.”

Mortgage Bankers Association - “MBA’s Burke Testifies on Multifamily Housing Finance Reform” (10-9-13)

“E.J. Burke, Chairman-Elect of the Mortgage Bankers Association (MBA), testified today before the U.S. Senate Committee on Banking, Housing and Urban Affairs at a hearing titled ‘Housing Finance Reform:  Essential Elements of the Multifamily Housing Finance System’.”

DS News“Shadow Inventory Falls to Lowest Level Since August 2008″ (10-9-13)

“Overall residential shadow inventory, as of July 2013, was 1.9 million homes, according to CoreLogic.  That’s the lowest shadow inventory tally reported since August 2008.”

Inman“Re/Max retains top global real estate franchisor spot” (10-9-13)

“Re/Max, which netted $225 million in an  initial public offering last week, has retained its title as the top real estate franchisor — and is also the 14th largest U.S.-based franchise operation in any industry by worldwide sales volume, according to an annual ranking from the Franchise Times.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $103,000 on a 2 bedroom, 1 bathroom home appraised for $157,000.

 

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.

Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, October 22-24, 2013

Bruce Norris will be speaking at the Financial Tactics Brunch on Thursday, October 26, 2013.

Looking Back:

530 people were charged in mortgage schemes that caused homeowners to lose over $1 billion.  Shadow inventory decreased 10.2% year-over-year in July, putting it at a 6-month supply.  Optimism in the housing market greatly increased the previous month with both the increase in home prices and decreasing mortgage rates.

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 9/18/13

Wednesday, September 18th, 2013

Today’s News Synopsis:

Mortgage applications saw an 11.2% increase this past week according to the Mortgage Bankers Association.  According to the latest FNC Residential Price Index report, home prices are at their highest in three years with a 0.7% increase last July.  However, housing starts were below expectations, having risen by only 0.9% to 891,000.


In The News:

Mortgage Professional America - “Big bank lawsuit tossed as underwater mortgage plan moves ahead” (9-18-13)

“A federal judge on Monday threw out a lawsuit filed by big banks against a city that is pursuing a controversial plan to help underwater homeowners.”

Housing Wire“Mortgage refinance activity edges back up” (9-18-13)

“Mortgage applications shot back up this past week as the market corrected itself in the wake of the Labor Day weekend, analysts said Wednesday morning.”

Bloomberg“Home Starts Weaker Than Forecast Highlight Risk for Fed: Economy” (9-18-13)

Builders began work on fewer U.S. homes than projected in August, highlighting the risk that rising borrowing costs will hurt a mainstay of the expansion as Federal Reserve policy makers consider reducing stimulus.”

Mortgage Bankers Association“Mortgage Applications Increase in Latest MBA Weekly Survey” (9-18-13)

“Mortgage applications increased 11.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 13, 2013.”

CNN Money“CBO chief: Government shutdown bad for economy” (9-18-13)

“Congress’ budget chief warned on Wednesday that a federal shutdown could hurt the economy.”

Bloomberg“Home-Loan Drop Pushes Fed Away from Mortgage Bond Taper” (9-18-13)

“Federal Reserve policy makers, while considering today whether to taper $85 billion in monthly bond buying, confront a drop in demand for home loans that argues against a cut to their mortgage bond purchases.”

Realty Times“Changing Mortgage Rates Have No Impact On Home Builder Confidence” (9-18-13)

“Even though markets have continued to be volatile, changing mortgage rates have had no impact on home builder confidence. According to the National Association of Home Builders/Wells Fargo Confidence Index, builder confidence remained at 58 for the month of September, the highest level in nearly eight years.”

Mortgage Professional America - “House prices at three-year high” (9-18-13)

“House prices have climbed to a three-year high as the housing recovery continues.”

Hard Money Loan Closed

San Jacinto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $57,000 on a 3 bedroom, 2 bathroom home appraised for $90,000.

 

Bruce Norris will be presenting InvestClub for Women Poised to Pop in Orange County TODAY.

Bruce Norris will be presenting Robert Hall & Associates Poised to Pop on Thursday, September 19, 2013.

Bruce Norris will be speaking at the Big “Million Dollar” Trade Show & Landlording Conference on Thursday, September 26, 2013.

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate

Looking Back:

Builder confidence increased for the fifth month in a row to 40 according to the National Association of Home Builders.  According to recent data from both Standard & Poor’s and Experien, for eight months straight fewer people were defaulting on their mortgages.  Housing inventory decreased 18.68% from the previous year, leading to a stabilization in several housing markets.

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 9/12/13

Thursday, September 12th, 2013

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased by 13.5% from last week.  Mortgage rates did not show much signs of change with 30-year rates remaining at 4.57% and 15-year rates at 3.59%.  Unemployment claims also dropped to 292,000, their lowest in over 7 years.


In The News:

Mortgage Bankers Association- “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-11-13)

“Mortgage applications decreased 13.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 6, 2013.”

CNN Money“Foreclosure crisis is drawing to a close” (9-12-13)

“The number of new foreclosure filings in August hit its lowest level in nearly eight years, according to RealtyTrac, an online marketer of foreclosed properties.”

Housing Wire“Mortgage rates remain steady on uncertain jobs data” (9-12-13)

Mortgage rates remained unchanged this past week as mixed jobs data created some uncertainty about housing and the economy, Freddie Mac reported Thursday.”

DS News“First-Time Jobless Claims Falls to 7 1/2-Year Low” (9-12-13)

“First-time claims for unemployment insurance for the week ending September 7 plunged 31,000 to 292,000, the lowest level since March 2006, the Labor Department reported Thursday.”

Bloomberg“Housing-Finance Plan Pushed for U.S. Senate Panel Vote This Year” (9-12-13)

“The U.S. Senate Banking Committee’s Democratic chairman and its top Republican said the panel will advance housing-finance legislation by the end of the year.”

Housing Wire“Policymakers go head-to-head with CFPB director” (9-12-13)

“Representatives took turns firing off questions to Consumer Financial Protection Bureau director Richard Cordray, amid fears that the mortgage market is not properly equipped to handle the implementation of the qualified mortgage rule and the qualified residential mortgage standard in 2014.”

DS News“Regulations Expected to Squeeze Industry and Consumers” (9-12-13)

“Everyone agrees: The mortgage industry is about to become more expensive and more restrictive for lenders and borrowers.”

Bloomberg“Pessimism deepens over budget standoff” (9-12-13)

“Budget experts are worried: The chances of a government shutdown and a harrowing ride to raising the debt limit have gone up in the past few weeks.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $215,000 on a 2 bedroom, 2 bathroom home appraised for $310,000.

 

Bruce Norris will be presenting InvestClub for Women Poised to Pop on Tuesday, September 17, 2013.

Bruce Norris will be presenting InvestClub for Women Poised to Pop in Orange County on Wednesday, September 18, 2013.

Bruce Norris will be presenting Robert Hall & Associates Poised to Pop on Thursday, September 19, 2013

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.

Looking Back:

In a big news story, CoreLogic reported increasing home prices were bringing more and more underwater borrowers out of debt.  Mortgage applications increased the previous week by 11.1% according to the Mortgage Bankers Association.  The Federal Housing Administration Fiscal Solvency Act was passed by the House, a bill that would increase funding for the FHA.

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 8/28/13

Wednesday, August 28th, 2013

Today’s News Synopsis:

According to the latest Mortgage Bankers Association survey, mortgage applications decreased by 2.5% from last week.  Pending home sales also decreased 1.3% month-over-month in July.  Regulators are proposing a new QRM plan to put less pressure on mortgage-risk.


In The News:

Housing Wire“Multifamily demand outpaces supply” (8-27-13)

“As home prices and mortgage rates rise, it will become more difficult for potential homebuyers to purchase a home in light of today’s tighter lending standards.”

DS News“Trulia: Housing in Third Phase of Recovery, Awaiting Fourth” (8-28-13)

“The housing market is now 64 percent of the way back to “normal,” and we are entering the third phase of the recovery, according to Trulia’s monthly Housing Barometer.”

Bloomberg“Eased Mortgage-Risk Rule to Be Proposed by U.S. Agencies” (8-28-13)

Regulators today proposed easing a measure to require lenders to keep a stake in mortgages that they securitize, an effort designed to discourage the kind of risky loans that contributed to the subprime credit crisis.”

Inman“Zillow to open new office in Nebraska” (8-28-13)

“Zillow announced that it is opening a new office in Lincoln, Neb. on September 12 to expand its mortgage software division led by Lincoln-based Mortech Inc., which it acquired last year for $12 million in cash and 150,000 shares of its stock.”

NAHB“OSHA’s Proposed Silica Rule Raises Concerns for Construction Industry, Says NAHB” (8-28-13)

“A coalition of construction industry groups is concerned about a proposed rule from the Occupational Safety and Health Administration (OSHA) that’s intended to protect workers from inhaling dust containing silica, created by activities such as cutting brick or block, and sawing, grinding or drilling concrete.”

Housing Wire“Market experts shrug off 30% downpayment QRM proposal” (8-28-13)

“Six regulators took to Capitol Hill Wednesday to consider the risk retention rule mandated by the Dodd-Frank Act, which will directly impact mortgage securitizations and the secondary mortgage market.”

Los Angeles Times“Pending home sales fall in July” (8-28-13)

“New contracts for existing homes fell nationally in July, a sign the housing recovery may be taking a breather.  The National Assn. of Realtors said that its pending sales index fell 1.3% from June, the second consecutive monthly decline.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (8-28-13)

“Mortgage applications decreased 2.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 23, 2013.”

Inman - “Survey suggests rewards of providing ancillary services outweigh risks” (8-28-13)

“Three out of 4 real estate executives say their brokerages offer at least one ancillary service, with mortgages, title insurance and home warranties among the most popular offerings, according to an online survey by Imprev Inc.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $162,000 on a 3 bedroom, 1.5 bathroom home appraised for $237,000.

 

Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.

Bruce Norris will be presenting How to Make a Million in 24 Months in San Jose on Saturday, September 7, 2013.

On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.

Looking Back:

According the latest S&P/Case-Shiller Index, U.S. home prices increased 0.5% in June for the first time since 2010.  The number of foreclosures completed in July was at 58,000, a 16% decrease from the previous year.  Radar Logic reported distressed sales were at their lowest levels not seen since 2008.

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.