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By Bruce Norris .

The Norris Group Real Estate News Roundup 5/22/13

Wednesday, May 22nd, 2013


Today’s News Synopsis:

Existing home sales increased 0.6% in April to a three-year high and are now at 4.97 million.  Both HUD and the Census Bureau reported builder permits increased 14.3% in April, leading to an increase in builder confidence for the month.  Mortgage applications decreased 9.8% from last week according to the Mortgage Bankers Association.

In The News:

Bloomberg - “Sales of Previously Owned U.S. Homes Rise to Three-Year High” (5-22-13)

“Sales of previously owned U.S. homes rose in April to the highest level in more than three years as housing continued to gain momentum.”

Housing Wire – “Number of Americans in foreclosure plummets: LPS” (5-22-13)

“The number of Americans in the foreclosure process plummeted by nearly 25% in the past year, according to Lender Processing Services First Look mortgage report for April.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-22-13)

“Mortgage applications decreased 9.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 17, 2013.”

DS News - “Rising Prices, Shrinking Delinquencies Reduce Future RMBS Losses” (5-22-13)

“As home values improve and servicers continue to ramp up efforts to reduce delinquent pipelines through short sales and loan modifications, the composition of RMBS loan pools outstanding should also improve, according to Moody’s most recent ResiLandscape.”

Realty Times - “Builder Confidence Rises Along With Increase in Building Permits” (5-22-13)

“Housing market improvements continue to be seen with builder confidence on the rise along with an increase in building permits.  The U.S. Census Bureau and the Department of Housing and Urban Development reported that residential building permits increased 14.3% for the month of April and was 35.8% higher than a year ago at the same time.”

Housing Wire - “Bernanke forewarns against hitting the brakes too early” (5-22-13)

“The economy is on sturdier footing than a year ago, but Ben Bernanke, chairman of the Federal Reserve, is trying to avoid squashing the current recovery.”

Realty Times – “Credit Scores Continue to Confound Consumers” (5-22-13)

“It’s just not surprising credit scores baffle 20 to 40 percent of consumers.  The Consumer Financial Credit Bureau (CFCB) recently reported credit scores sold to consumers aren’t the same as the ones lenders use – and the difference between the scores can mean the difference between a lender approving or rejecting an application for credit, including a mortgage.”

Inman – “Seller financing: an untapped resource for real estate agents” (5-22-13)

“While the residential real estate market is generally believed to be improving nationwide, some of the residual effects of the Great Recession still affect the ability of real estate agents to facilitate home sales.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $170,000 on a 4 bedroom, 2 bathroom home appraised for $250,000.

 

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

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

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

Looking Back:

The National Association of Realtors reported existing home sales increased to 4.62 million the previous month from 4.47 million in March.  At the same time, however, the number of contracts signed to buy a home decreased 8% the previous month.  Home affordability was at its highest on record at 77.5% for the quarter.

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

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The Norris Group Real Estate News Roundup 5/8/13

Wednesday, May 8th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 7% increase in mortgage applications from last week.  Freddie Mac reported their net income for the latest quarter was their second largest, and they will now pay $7 billion to the Treasury Department.  According to TransUnion, delinquency rates showed their biggest improvement since 1992.

In The News:

Housing Wire - “Suspicious loan activity reports shrink first time in a decade” (5-8-13)

“The number of suspicious activity reports from banks citing possible loan fraud decreased by 29% last year, the first drop in 16 years.”

DS News – “Trulia: Job Growth Aids Asking Home Prices, Creates New Households” (5-8-13)

“Asking home prices posted the strongest gains in cities where job growth was also solid, according to Trulia.”

Bloomberg - “Freddie Mac to Pay Treasury $7 Billion on Quarterly Profit” (5-8-13)

“Freddie Mac, the U.S.-owned mortgage-finance company, will pay $7 billion to the Treasury Department after reporting the second-largest quarterly net incomein the company’s history..”

DS News - “TransUnion: Delinquency Rate Sees Biggest Improvement Since 1992″ (5-8-13)

“The national mortgage delinquency rate recorded its biggest improvement since the credit bureau began keeping track in 1992, TransUnion reported Wednesday.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (5-8-13)

“Mortgage applications increased 7.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 3, 2013.”

Housing Wire - “California Homeowner Bill of Rights blocks BofA foreclosure” (5-8-13)

“A California man successfully halted a foreclosure sale on his property using the newly minted California Homeowner Bill of Rights to obtain a court injunction against two foreclosing parties: Bank of America and its ReconTrust Co. subsidiary.”

DS News – “Home Prices on Path to Stabilization This Year” (5-8-13)

“After coming to a “turning point” last year, the housing market is now stabilizing, according to Clear Capital’s monthly Home Data Index,. This year, Clear Capital expects price gains to slow.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $65,000 on a 2 bedroom, 1 bathroom home appraised for $120,000.

 

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

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

Looking Back:

Home prices increased 0.6% from February to March as a result of inventory decreasing.  More people were able to afford homes on this day with payments on conventional mortgages representing 12% of median-family income.  Shaun Donovan made an announcement today that refinancing should be made easier for homeowners.

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

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The Norris Group Real Estate News Roundup 4/24/13

Wednesday, April 24th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased by 0.2% from last week.  HUD is consolidating their Office of Multifamily Programs down to 10 sites, which is expected to help the organization saved $45 million.  The NAHB reported both single and multifamily housing starts are expected to increase into the double-digits this year, although growth is still not expected to reach its full potential.

In The News:

DS News - “Bay State Home Sales Decline in March While Prices Rise” (4-24-13)

“While other states spent March gearing up for a busy spring season, Massachusetts saw a decline in sales throughout the month, the Boston-based Warren Group reported.”

Bloomberg – “Federal Reserve Has Fueled Housing Rebound, Pimco’s Cudzil Says” (4-24-13)

“The Federal Reserve’s debt buying has helped housing both by holding down borrowing costs for home buyers and pushing investors to purchase properties instead of bonds, Pacific Investment Management Co.’s Michael Cudzil said.”

Realty Times – “Home Sales, Housing Starts Hit Short-Term Snags” (4-24-13)

“Home sales slipped in March at a time when a seasonal upswing takes hold and the immediate future of housing starts is clouded with rising material costs, and both a labor and easily developed land shortage.”

Housing Wire - “Sequester creates cracks in HUD’s structure” (4-24-13)

“The U.S. Department of Housing and Urban Development is downsizing by consolidating its Office of Multifamily Programs into 10 sites, the agency announced Wednesday.”

NAHB - “Housing Recovery Continues but Headwinds Remain” (4-24-13)

“Buoyed by rising home prices throughout much of the nation, both single-family and multifamily housing starts are expected to post double-digit gains over last year in 2013. However, headwinds continue to hold back even stronger growth as the housing recovery evolves, according to economists at NAHB’s Spring 2013 Construction Forecast Conference Webinar.”

Housing Wire - “Experts pitch solutions for private capital comeback” (4-24-13)

“Mortgage investment experts — who have been sidelined since the housing collapse in 2008 — took a stand Wednesday, claiming they’re ready to get back into the private capital game.”

DS News - “Commentary: DeMarco Disappoints with New Streamlined Mod Program” (4-24-13)

“Starting July 1, large numbers of non-paying borrowers will have the opportunity to modify existing mortgages through a more streamlined process.”

Mortgage Bankers Association - “Mortgage Applications Increase Slightly in Latest MBA Weekly Survey” (4-24-13)

“Mortgage applications increased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 19, 2013.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $1300,000 on a 3 bedroom, 2 bathroom home appraised for $210,000.

 

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

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Looking Back:

The FHFA reported a 0.3% increase in home prices for February 2012.  At the same time, home sales decreased 7.1% the previous month to their lowest in over a year.  March also saw a decrease in the mortgage delinquency rate by 8.8% according to the Lender Processing Services.

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

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The Norris Group Real Estate News Roundup 3/20/13

Wednesday, March 20th, 2013


Today’s News Synopsis:

According to the latest MBA Mortgage Applications Survey, applications for mortgages decreased 7.1% from last week.  Several banks are facing a lawsuit from Freddie Mac for libor manipulation.  Morgan Stanley reported the housing market is showing some signs of improvement, but there are still some factors causing hindrances to a full recovery.

In The News:

DS News- “Average Months in Distress Extended in Judicial, Non-Judicial States” (3-20-13)

“The time properties stay in distress before going to sale has increased nearly five fold since 2003 in non-judicial states, according to CoreLogic’s March MarketPulse report.”

Bloomberg – “Freddie Mac Sues Multiple Banks Over Libor Manipulation” (3-20-13)

“Freddie Mac (FMCC) sued Bank of America Corp., UBS AG (UBSN), JPMorgan Chase & Co. (JPM) and a dozen other banks over alleged manipulation of the London interbank offered rate, saying the mortgage financier suffered substantial losses as a result of the companies’ conduct.”

Housing Wire – “Housing on track to improve, but hurdles remain: Morgan Stanley” (3-20-13)

“Strong momentum in home prices as well as housing activity gave Morgan Stanley analysts enough confidence to upgrade their home price appreciation projections to roughly 7% for 2013, according to its latest global securitized credit report..”

CNN Money - “Veteran unemployment dropped to 9.9% in 2012″ (3-20-13)

“The unemployment rate for veterans dropped last year, according to a report out Wednesday from the U.S. Bureau of Labor Statistics, but vets still lag behind non-vets in the job market.”

Realty Times - “Growing Home Equity Makes Refinancing Possible” (3-20-13)

“The Federal Reserve recently released data which shows that American homeowners’ net equity holdings in their homes has increased by nearly half a trillion dollars during the last last three months of 2012.”

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

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

DS News - “Trulia: Owning Costs 44% Less Than Renting” (3-20-13)

“Home price gains may be outpacing increases in rent, but the cost of being a homeowner is still much less than that of being a renter, according to Trulia’s Winter 2013 Rent vs. Buy report.”

Housing Wire- “Ellie Mae: Continued LTV upswing indicates HARP traction” (3-20-13)

“Mortgages with loan-to-value ratios of 95% and above experienced a refinancing spike in February, indicating that the Home Affordable Refinancing Program continues to gain traction, Ellie Mae said in its latest origination report.”

Hard Money Loan Closed

Studio City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $765,000 on a 5 bedroom, 3.5 bathroom home appraised for $1,275,000.

 

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

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

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

Looking Back:

As of the previous month, housing starts were at their highest they had been in three years as well as building permits increased.  Fannie Mae and Freddie Mac completed a total of 1.1 million loan modifications since September 2008.  The Chief Financial Officer for Taylor, Bean, and Whitaker pleaded guilty on this day for his role in a $2.9 billion mortgage fraud scheme.

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

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

Wednesday, March 13th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased 4.7% from last week.  The number of Fannie and Freddie mortgages refinanced through HARP was at 1.1 million, exceeding expectations for 2012.  Storm victims in Mississippi are being offered relief by Freddie Mac.

In The News:

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

“Mortgage applications decreased 4.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 8, 2013.”

Bloomberg – “HARP Surpasses 2012 Estimates on Homeowner Refinances” (3-13-13)

“Homeowners with underwater mortgages in U.S. states worst-hit by foreclosures are leading refinancings after the government expanded programs to aid borrowers, strengthening the weakest link in the housing recovery.”

DS News – “No Signs of a Slowdown for Prices; Market Poised for Supply Increase” (3-13-13)

“Housing inventory is now at its lowest level since January 1994; home sales have exceeded listings for the past 25 months; and the upward trajectory in home prices starting at the end of last year continues, according to the latest “US Housing Market Monthly” from Capital Economics.”

Realty Times - “Borrowers Step Up Pace to Obtain Low Mortgage Rates” (3-13-13)

“Recent economic data has been consistently showing signs of improvement, especially in relation to the housing sector. While this is good news, it often leads mortgage rates to move higher. With this in mind, borrowers are stepping up the pace to obtain low mortgage rates while they are still available.”

DS News - “Freddie Mac Provides Mortgage Relief to Mississippi Storm Victims” (3-13-13)

“Freddie Mac announced it is offering mortgage relief to homeowners who were victims of the storms that swept through Mississippi in February.”

CNN Money - “The wealth effect might be shrinking” (3-13-13)

“The Dow keeps hitting all-time highs and home prices are rising.  But many Americans do not feel any richer. That could be bad news for the economy.”

DS News - “Gasoline Sales Boost February Retail Activity” (3-13-13)

“Led by a surge in gasoline prices, retail sales rose 1.1 percent in February, the Census Bureau reported Wednesday. Economists had expected an increase of 0.5 percent. In January, retails sales rose 0.2 percent.”

Bloomberg - “Lenders Expand HARP Loans to More Borrowers as Rules Change” (3-13-13)

“Lenders are becoming more willing to offer new loans to borrowers who don’t have any home equity after changes to the rules of the U.S. government’s Home Affordable Refinance Program.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $70,000 on a 4 bedroom, 2 bathroom home appraised for $120,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA TOMORROW.

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

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

Looking Back:

As part of the robo-signing settlement, Ally Financial offered more principal reductions than they were required to pay by lowering principal to 85%.  The unemployment rate decreased in 45 states in January 2012 according to the Labor Department.  The FOMC decided by a 9-1 vote to keep Fed Fund rates at record lows after announcing that the housing sector continued to remain low despite a moderately expanding economy.

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

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The Norris Group Real Estate News Roundup 2/26/13

Tuesday, February 26th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 1.7% decrease in mortgage applications from last week.  New home sales increased last month 15.6%, while home prices also increased at the fastest pace in almost seven years.  The FHFA reported mortgage rates are ever so slightly increasing again with 30-year rates now at 3.35%.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-25-13)

“Mortgage applications decreased 1.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 15, 2013.”

DS News – “Case-Shiller Indices Show Fastest Gain in 6 Years” (2-26-13)

“Home prices rose at their fastest pace since July 2006, according to Standard and Poor’s Case-Shiller 10- and 20-city Home Price Indices.”

Bloomberg - “New-Home Sales in U.S. Surge to Highest Level Since 2008″ (2-26-13)

“Purchases of new homes surged in January by the most in two decades and consumer confidence jumped this month, signs of a rebound in U.S. economic growth at the start of 2013.”

CNN Money - “Bernanke: Spending cuts add ‘significant’ burden to recovery” (2-26-13)

“Automatic budget cuts set to go into effect this week will slow the already sluggish U.S. economy even further, Federal Reserve Chairman Ben Bernanke warned senators Tuesday.”

Housing Wire - “FHFA: Mortgage rates edge back up” (2-26-13)

“The Federal Housing Finance Agency reported Tuesday that the national average contract mortgage rate for the purchase of a previously occupied home – an index for ARM loans – edged back up to 3.35% in January from 3.29% in December.”

Bloomberg - “JPMorgan Mortgage, Community Units to Lose Up to 19,000 Jobs” (2-26-13)

“JPMorgan Chase & Co. (JPM), the biggest U.S. bank, plans to reduce headcount by as many as 19,000 people in its mortgage and community banking businesses through 2014 as Chief Executive Officer Jamie Dimon cuts expenses.”

DS News- “Think Tank Promotes Limited Government Role in Housing Finance” (2-26-13)

“The Bipartisan Policy Center calls for a new housing finance system with a continued but severely limited role for the federal government.”

Housing Wire- “FDIC-insured institutions post $34.7 billion in 4Q earnings” (2-26-13)

“Banks and financial firms insured by the Federal Deposit Insurance Corp. posted earnings of $34.7 billion in the fourth quarter of 2012, a $9.3 billion rise from a profit of $25.3 billion a year earlier.”

Inman - “RPR partners with Fannie Mae on short sales” (2-26-13)

“Realtors Property Resource, a subsidiary of the National Association of Realtors, has formed a strategic partnership with mortgage giant Fannie Mae focused on closing short sales more efficiently.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $230,000 on a 3 bedroom, 2 bathroom home appraised for $351,000.

 

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

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

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

 

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

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

Wednesday, February 13th, 2013


Today’s News Synopsis:

Mortgage applications decreased last week by 6.4% with the decrease in both refinancing and home repurchases.  With the improving employment status and more households carefully managing their budgets, more and more homes avoided financial distress for the third quarter in a row.  Payroll taxes increased this year, but this did not stop consumers from spending as retail sales increased 0.1%.

In The News:

Realty Times – “Housing Continues to Advance While Mortgage Rates Remain Mostly Stable” (2-13-13)

“It doesn’t matter where you look, the overall data regarding the housing market continues to show advances while, at the same time, mortgage rates remain mostly stable.”

DS News- “U.S. Households Stay Out of Financial Distress for Third Straight Quarter” (2-13-13)

“U.S. households stayed out of financial distress for the third consecutive quarter as the employment situation improves and households manage their budget, according to the Consumer Distress Index from CredAbility, a nonprofit credit counseling agency.”

CNN Money - “Retail sales up despite payroll tax hike” (2-13-13)

“Higher payroll taxes didn’t stop U.S. consumers from hitting the malls in January.  Overall, retail sales rose 0.1% during the month, according to the Census Bureau.”

Housing Wire - “Falling mortgage applications dampen the mood around housing” (2-13-13)

“Mortgage application filings fell 6.4% for the week ending February 8 as both refinancing and home purchase activity declined, an industry trade group.”

DS News - “MortgageKeeper Reports Record Month in January” (2-13-13)

“MortgageKeeper Referral Services, the developer of a database that connects struggling homeowners with local, qualified nonprofit and government agencies, reported its best month thus far in January after more than 111,000 referrals were issued.”

Inman - “Move Inc. expecting double-digit 2013 revenue growth” (2-13-13)

“Realtor.com operator Move Inc. saw profits fall by more than half during the final three months of 2012, thanks in part to acquisitions that the company said will drive double-digit revenue growth this year.”

Housing Wire – “Galante: FHA takes action to reduce likelihood of Treasury bailout” (2-13-13)

“Federal Housing Administration Commissioner Carol Galante testified before the House Financial Services Committee, asserting that the federal agency can avoid an immediate Treasury bailout.”

Realty Trac - “Are We About to See a Massive Set-Back in the Housing Sector?” (2-13-13)

“It really could happen. It’s possible that thousands of pages of financial rules just issued by the Consumer Financial Protection Bureau (CFPB) could be tossed out, leaving a mortgage marketplace with far-higher loan rates, lower home values and far-ranging uncertainty.”

Housing Wire - “CFPB lays pathway to compliance for lenders, servicers” (2-13-13)

“The Consumer Financial Protection Bureau will provide lenders and servicers with plain-language guides, rule interpretations and other materials to help them comply with new mortgage lending and servicing rules.”

Realty Times- “Fair Housing Rules Updated to Address Bust-Boom Era Discrimination” (2-13-13)

“The U.S. Department of Housing and Urban Development (HUD) recently announced a final rule to update and formalize the national standard for determining whether a housing practice violates the Fair Housing Act as the result of discriminatory effect.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $143,000 on a 3 bedroom, 1 bathroom home appraised for $206,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

Looking Back:

In a big story, the owners of the Empire State Building in New York were planning to become their own real estate investors by raising money to allow investors to own a piece of the property.  In a series of  bank failures, two more banks in Indiana and Illinois closed over the weekend.  Gains in housing construction were expected to be lead by construction in new multifamily units.

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

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The Norris Group Real Estate News Roundup 2/6/13

Wednesday, February 6th, 2013


Today’s News Synopsis:

According to NAHB’s latest Improving Market Index, the number of improving markets increased to 259, marking the sixth month in a row to show an increase.  The Mortgage Bankers Association reported mortgage applications increased 3.4% from last week.  Standard & Poor’s is facing a lawsuit from the Federal Government for not disclosing the credit risks behind some of their mortgage-backed securities.

In The News:

Inman – “S&P accused of misrepresenting risks of bundled mortgages” (2-5-13)

“The federal government has filed a lawsuit against a prominent credit ratings agency, alleging the agency issued inflated ratings that misrepresented the true credit risks of mortgage-backed securities in the boom years leading up to the financial crisis and subsequently cost investors billions.”

Housing Wire- “Private mortgage market sidelined by housing agency dominance” (2-6-13)

“A lack of clarity about the future of federal housing agencies has kept private capital on the sidelines of the mortgage finance system, U.S. lawmakers warned Wednesday.”

Bloomberg – “Republicans Seek FHA Changes as Prelude to Housing Overhaul” (2-6-13)

“Republican lawmakers say they will seek changes at the financially troubled Federal Housing Administration as a first step toward a broader overhaul of the U.S. government role in housing finance.”

NAHB- “List of Improving Housing Markets Expands to 259 in February; All 50 States Represented” (2-6-13)

“The number of improving housing markets continued to expand for a sixth consecutive month to a total of 259 metropolitan areas on the National Association of Home Builders/First American Improving Markets Index (IMI) for February, released today.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (2-6-13)

“Mortgage applications increased 3.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 1, 2013.  Last week’s results included an adjustment for the Martin Luther King holiday.”

Housing Wire- “First RMBS putback decision clears path for litigants” (2-6-13)

“At first glance, a judge’s decision ordering Flagstar Bancorp to pay Assured Guaranty $90.1 million in damages and fees to cover representation and warranty issues stemming from insured residential mortgage-backed securities transactions seems somewhat minor.”

Realty Times - “Volatile Markets Cause Concern for Mortgage Rates” (2-6-13)

“This past week had rate watchers frequently monitoring pricing as volatile markets caused concern for mortgage rates.  Stocks took off while MBS prices were hurt by the multiple end of month economic reports that were released. Housing reports were also mixed, yet still showing a housing recovery.”

Housing Wire- “Mortgage bond investors told to prepare for sustained refinancings” (2-6-13)

“The Mortgage Bankers Association announced its refinance index grew 4% this past week. It’s an announcement that should come as no surprise to mortgage bond investors, as concerns mount on the possible three-year non-agency MBS rally reaching the beginning of the end.”

DS News- “Foreclosure Process Among Top Legislative Priorities for Florida Realtors” (2-6-13)

“Realtors in Florida are no stranger to the economic impact of foreclosures. So, it’s no surprise that the Florida Realtors addressed the state’s judicial foreclosure process in its list of five legislative priorities for 2013.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $320,000 on a 3 bedroom, 2 bathroom home appraised for $460,000.

 

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Looking Back:

According to the latest report from the U.S. Commerce Department, sales of pending existing homes increased while at the same time sales of new homes decreased all in the month of December.  According to Housing Wire, commercial and multifamily loan origination increased 13% in the fourth quarter of 2011.  NAHB reported the number of housing markets showing improvement increased to 100.

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

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The Norris Group Real Estate News Roundup 1/30/13

Wednesday, January 30th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased 8.1% from last week.  192,000 new jobs were added to the private sector this month, exceeding expectations.  GDP decreased 0.1% in the fourth quarter for the first time since the end of the recession.

In The News:

DS News - “Q4 GDP Falls for First Time Since Recession Ended” (1-30-13)

“Battered by storms and droughts, real gross domestic product (GDP) fell 0.1 percent in the fourth quarter, the Bureau of Economic Analysis reported Wednesday.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (1-30-13)

“Mortgage applications decreased 8.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 25, 2013.”

CNN Money - “ADP: Private sector adds 192,000 jobs” (1-30-13)

“The private sector added 192,000 jobs in January, slightly higher than expected, according to the latest report from payroll processing firm ADP.”

Realty Times - “Housing Recovery Hit by Low Inventory” (1-30-13)

“The latest housing market reports are indicating that the housing recovery is being hit by low inventory which is resulting in a drop in sales.  Low supply is blamed for a decrease of 1% in existing home sales in December, although sales were still at the second highest level since November, 2009, according to the National Association of Realtors (NAR).”

DS News- “Freddie Mac Reports Record Volume for Multifamily Business” (1-30-13)

“As the multifamily sector continues to flourish, Freddie Mac also announced it hit record volume for its multifamily business.”

Housing Wire - “Fed likely to continue MBS purchases to secure housing recovery” (1-30-13)

“The Federal Open Market Committee has another distinct opportunity in its latest Federal Open Market Committee statement to argue its third-round of open-ended quantitative easing is working, according to Bank of America Merrill Lynch ($11.49 0%)”

Bloomberg – “Million-Dollar California Home Sales Reach Five-Year High” (1-30-13)

“The number of California homes that sold for at least $1 million reached a five-year high in 2012, fueled by a recovering economy and a record number of cash purchases, DataQuick said today.”

Housing Wire- “FHA raises mortgage insurance, for life of loan” (1-30-13)

“Federal Housing Administration Commissioner Carol Galante announced a series of changes to be issued this week that will allow the agency to better manage risk and further strengthen the health of the Mutual Mortgage Insurance Fund.”

Hard Money Loan Closed

Chula Vista, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $215,000 on a 3 bedroom, 2 bathroom home appraised for $360,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 2012.

Bruce Norris of The Norris Group will be speaking at the 2013 Real Estate and Tax Strategies Kick-Off Brunch on Saturday, February 9, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Looking Back:

In the latest survey released by the National Association of Realtors, existing home sales increased for the third month in a row.  At the same time, the latest Case-Shiller Index expected home prices would decrease another 1% in 2012, but they predicted an overall 3.8% in the economy by this year  Construction on private nonresidential homes was also expected to be on the rise with the growing demand for more construction jobs.

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

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The Norris Group Real Estate News Roundup 1/23/13

Wednesday, January 23rd, 2013


Today’s News Synopsis:

According to the Federal Housing Finance Agency, home prices increased 0.6% month-over-month in November.  The Lender Processing Services reported inventory and mortgage delinquency rates were both down for the month of December.  Customers withdrew the most money this month since 9/11, leading to the biggest decrease in deposits since then.

In The News:

Housing Wire – “Home prices maintain upward trajectory” (1-23-13)

“Home prices in the U.S. rose 0.6% from October to November, according to the Federal Housing Finance Agency’s latest house price index. This compares to the index’s 0.5% increase in October.”

DS News- “LPS: Foreclosure Inventory, Delinquency Rates Decrease from Year Ago” (1-23-13)

“Lender Processing Services (LPS) offered preliminary data on mortgage performance in December, revealing foreclosure inventory and delinquency rates were both down year-over-year.”

Mortgage Bankers Association- “Biggest Banks Back to Black in Fed-Fueled Recovery: Mortgages” (1-23-13)

“Mortgage applications increased 7.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 18, 2013.”

Bloomberg- “U.S. Bank Deposits Drop Most Since 9/11 Terror Attacks” (1-23-13)

“Clients of the largest U.S. banks withdrew funds this month at the fastest weekly pace since the Sept. 11 attacks as a deposit-insurance program ended and customers tapped into their year-end cash hoards.”

Inman- “Feds propose social media guidance for mortgage lenders” (1-23-13)

“Responding to requests from industry and consumer groups, federal regulators have released proposed guidance for financial institutions to follow when using social media to market products including residential mortgage loans.”

DS News – “FFN Announces Offering for $85M in Loans from NOVA Bank” (1-23-13)

“On belief of the FDIC, First Financial Network, Inc. (FFN) is selling $85 million in loans from the failed NOVA Bank based in Berwyn, Pennsylvania.”

Bloomberg- “New York Protecting Defaulters Stalls Rebound: Mortgages” (1-23-13)

“New Yorkers Paul and Angelica Kashman, declared in default on their mortgage in July 2010 and foreclosed on by Wells Fargo & Co. (WFC) in February 2011, say they aren’t deadbeats.”

Housing Wire- “Wealth effect creeps back into American households” (1-23-13)

“The nascent housing recovery is beginning a shift from economic headwind to tailwind, creating the indirect effect of giving average American households hope to, once again, begin to retain a level of wealth.”

Hard Money Loan Closed

Palmdale, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $98,000 on a 4 bedroom, 2 bathroom home appraised for $156,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Buena Park Apartment Owners Association today.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association at the Scottish Rite Center on Thursday, January 24, 2013.

The Norris Group will be holding their Distressed Property Boot Camp from January 29-31, 2012.

Looking Back:

CNN Money reported the neighborhoods hit hardest by foreclosures were those in cul-de-sacs and tree lined streets as well as neighborhoods with modern homes.  Moody’s Investor Services reported a decrease in loan modifications.   Banks and other companies were beginning to move away from using FICO scores to determine a borrower’s credit worthiness and were instead moving toward using mathematical algorithms.

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

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