California Real Estate Headline Roundup

Posts Tagged ‘Weekly Mortgage Applications Survey’

By Bruce Norris .

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/

 

 

FHA in Talks to Cut Down on Penalties for Mortgage Application Mistakes

Wednesday, February 11th, 2015

 

 

Today’s News Synopsis:

The Mortgage Bankers Assocation reported a 9% decrease in mortgage applications from last week.  Overall home sales are showing promising increases in various cities with pending sales up 6.2%, closed sales at 4.5%, median sales prices at 4.1%, and active inventory at 17.9%.  FHA officials are in talks to cut down on penalties for mortgage application mistakes in an attempt to increase credit.

In The News:

NAHB - “Boomerang Millennials A Promising Sign for Housing” (2-10-15)

“A recent study of “Boomerang Millennials” who move out of their parents’ home only to move back in may have important implications for this key demographic and what it means for the housing market.”

Mortgage Professional America - “Daily Market Update: Home sales show promise in some cities” (2-11-15)

“Steady sales gains reported for Washington, D.C.  Home sales in Washington, D.C., saw a steady increase in January according to a report from RealEstate Business Intelligence.”

DS News - “Castro Optimistic About Future MMI Fund Growth, Defends Lowering of Premiums” (2-11-15)

“In his first time to testify before Congress since being named HUD Secretary last July, Julián Castro on Wednesday defended the decision to lower FHA mortgage insurance premiums and predicted that the agency’s Mutual Mortgage Insurance Fund would exceed the required 2 percent ratio within two years.”

OC Housing News“China’s real estate bubble inflates California commercial values” (2-11-15)

“Is the influx of Chinese money is based on sustainable fundamental factors? I don’t think so. In my opinion, this is hot money escaping an inflated and collapsing market, subject to the policy whims of an unpredictable totalitarian government.”

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-11-15)

“ Mortgage applications decreased 9.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 6, 2015.”

Mortgage Professional America - “FHA looks to lessen mortgage mistake punishments” (2-11-15)

“In an effort to expand credit, Federal Housing Administration (FHA) officials are discussing easing up on the harsh penalties given to lenders that make mistakes on mortgage applications.”

DS News - “Megabank Makes Bid to Have Two FHFA Suits Over RMBS Dismissed” (2-11-15)

“Attorneys for New York-based megabank Morgan Stanley made a motion in the New York Supreme Court Tuesday to have two lawsuits filed by the Federal Housing Finance Agency (FHFA) accusing the bank of failing to buy back $2.5 billion worth of faulty residential mortgage-backed securities, according to media reports.”

Mortgage Professional America“More borrowers are putting more down” (2-11-15)

“According to a recent report released by LendingTree, down payment percentages for conventional 30-year, fixed-rate purchase mortgages increased in the fourth quarter to an average of 17.59%, up from 16.01% a year ago”

 

Bruce Norris of The Norris Group will be speaking at AOA San Diego presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 19.

Bruce Norris of The Norris Group will be presenting the  2015 Annual TNG Subscriber Investor Brunch on Saturday, February 21.

Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.

 

Looking Back:

This day was a big day for mortgages.  The latest report from Zillow showed mortgage rates increased again with 30-year rates at 4.13% and 15-year rates at 3.13%.  In addition, consumer confidence in regards to obtaining mortgage credit was at an all-time high as more consumers felt confident they would have easier access to mortgage credit.  Finally, the amount of mortgage credit available increased in January by 1.85% month-over-month.

 

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/hectoralejandro/

Mel Watt supportive of 3% Down Mortgage Payments

Wednesday, January 28th, 2015

 

 

Today’s News Synopsis:

In an update from Mel Watt’s meeting before the Congress yesterday, he is in support of 3% down mortgage payments as well as increase access to credit.  The Mortgage Bankers Association reported mortgage applications decreased 3.2% from last week.  More and more homeowners are choosing to live in suburban neighborhoods.

In The News:

DS News“Mortgage Risk Rises, Causing Concerns Over Expansion of Credit Access” (1-27-15)

“The market for federally insured home purchase mortgages grew riskier in December, garnering worry from analysts concerned about the government’s recent efforts to expand mortgage access.”

Mortgage Professional America“More people are moving to suburbia” (1-28-15)

“Although home prices are rising faster in urban neighborhoods, population is growing faster in suburban neighborhoods.  Consumer preferences and the aging of the population are tailwinds for suburban growth; so are falling oil prices if they stay low long-term, according to Trulia.”

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (1-28-15)

“Mortgage applications decreased 3.2 percent from one week earlier,according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending  January 23, 2015.”

Bloomberg“Fed Stays Patient on Rates Amid Strong Job Gains, Low Inflation” (1-28-15)

“The Federal Reserve maintained its pledge to be “patient” on raising interest rates and boosted its assessment of the economy and labor market, even as it expects inflation to decline further.”

Housing Wire - “Moody’s: FHA premium cut will increase home sales by 45,000 this year” (1-28-15)

“In the weeks since the Obama administration announced that it was directing the Federal Housing Administration to reduce annual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%, housing industry observers have each begun to share their prognostications about what the real impact of the FHA’s action will be.”

Mortgage Professional America“Watts defends 3% down payment mortgages” (1-28-15)

“Mel Watt, the director of the Federal Housing Finance Agency (FHFA), defended his efforts to expand credit access as overseer of Fannie Mae and Freddie Mac in a heated, four-hour hearing before Congress Tuesday.”

DS News - “Foreclosure Prevention Effort Exceeds 18,000 in North Carolina” (1-28-15)

“More than 18,000 homeowners in North Carolina have saved their homes as a result of a statewide foreclosure prevention effort, according to a release from the North Carolina Housing Finance Agency (NCHFA).”

OC Housing News - “Are Orange County homebuilders over-supplying the market?” (1-28-15)

“Homebuilding usually leads the economy out of recession. The Great Recession did not end with a building boom largely because of overbuilding during the housing bubble.  A false price signal triggered excessive homebuilding, and it took five years to work off the inventories.”

 

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.

 

Looking Back:

Both the Standard and Poors and Case-Shiller indices indicated home prices increased by over 13% year-over-year, although month-over-month they decreased slightly by 0.1%.  U.S. loan delinquencies increased slightly by 0.26% month-over-month, although year-over-year they decreased by 9.85%.  Fixed-rate mortgage were becoming less popular with the increase in interest rates, leading to adjustable-rate mortgages gaining more popularity.

 

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/119599301@N02/

Housing Starts Exceed Expectations for Fourth Straight Month

Wednesday, January 21st, 2015

 

 

Today’s News Synopsis:

The Mortgage Bankers Association reported an increase in mortgage applications by 14.2%.  Housing starts increased 4.5% month-over-month and exceeded expectations for the fourth straight month.  Demand for multifamily homes is expected to stay strong this year with the increase in demand according to the latest NAHB report.

In The News:

Housing Wire“Housing starts up but permits post lowest growth since mid-2011″ (1-21-15)

“Building permits dropped for the second month in a row, down 1.9% in December and missing expectations of a 0.6% rise. Permits posted a year-over-year increase of just 1%, the weakest growth since mid-2011.”

Bloomberg“One-Family Home Gain Brightens U.S. Housing Outlook: Economy” (1-21-15)

“Builders broke ground in December on the most single-family homes in almost seven years, propelling an unexpectedly large gain in U.S. housing starts that signals construction will contribute more to economic growth in 2015.”

NAHB - “Multifamily Housing Set to Remain Strong in 2015 as Demand from Renters Continues” (1-21-15)

“The multifamily market has had strong demand in recent years and is set to remain that way in 2015 despite certain headwinds that could affect the industry, said panelists during a press conference at the National Association of Home Builders (NAHB) International Builders’ Show (IBS) in Las Vegas.”

Mortgage Bankers Association“Mortgage Applications Increase in Latest MBA Weekly Survey” (1-21-15)

“Mortgage applications increased 14.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 16, 2015.”

Housing Wire“President Obama: No more housing initiatives” (1-21-15)

“Concrete housing initiatives were absent from President Obama’s State of the Union speech Tuesday night, although he made several references to the improving economy, and indirectly praised the Consumer Financial Protection Bureau.”

NAHB“55+ Housing Market One of the Most Robust Segments of the Market in 2014, Experts Say” (1-21-15)

“The 55+ housing market fared quite well in 2014, and 2015 should be no different, according to industry experts at a press conference held today at the National Association of Home Builders (NAHB) International Builders’ Show (IBS) in Las Vegas.”

OC Housing News - “Mortgage insurance companies sue former homeowners” (1-21-15)

“Whenever a purchase or refinance transaction amount exceeds 80% of the value of a property, the lender will force the borrower to purchase private mortgage insurance — not for the borrower’s benefit, but for the banks benefit.”

 

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.

 

Looking Back:

The DuPage National Bank in Chicago was recently closed, marking the first bank closure of 2014.  Many in the industry were opposed to the news lending rules put into effect by the CFPB despite their efforts to lower the default and foreclosure risk and make mortgage-lending easier.  Competition was getting fierce with the continued decreases in mortgage originations, community banks being the most competitive.

 

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/greatvalleycenter/

JPMorgan on List of Bidders for Facebook’s Office in Dublin

Wednesday, January 7th, 2015

 

 

Today’s News Synopsis:

The Mortgage Bankers Association reported a 9.1% decrease in mortgage applications from two weeks ago.  President Obama will be speaking in Phoenix tomorrow on the potential lowering of FHA premiums by 50 basis points.  JPMorgan Chase is on the list of bidders to obtain Facebook’s Dublin Office.

In The News:

Housing Wire - “White House may cut FHA premiums 50 bps executive action” (1-7-14)

“President Obama may announce an executive action to lower Federal Housing Administration premiums by as much as 50 basis points during his speech tomorrow in Phoenix, in the run up to his State of the Union address.”

Mortgage Bankers Association - “Mortgage Applications Decreased Over Two Week Period in Latest MBA Weekly Survey” (1-7-14)

“Mortgage applications decreased 9.1 percent from two weeks earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 2, 2015.”

Bloomberg“JPMorgan Said to be Bidding for Facebook’s Dublin Office” (1-7-14)

“A JPMorgan Chase & Co. affiliate and Union Investment are among bidders shortlisted to buy Facebook Inc.’s European headquarters buildings in Dublin, a person with knowledge of the matter said.”

Mortgage Professional America“Major bank sets aside $145M for legal expenses” (1-7-14)

“SunTrust Banks announced it will take a $145 million charge against its fourth-quarter earnings for legal expenses related to a federal inquiry into its handling of problem mortgages and foreclosures.”

Housing Wire - “Fed minutes: “Housing sector generally remained slow” (1-7-14)

“While the nation is expanding at a moderate pace, housing continues its slow trudge forward, according to the minutes for the Federal Open Market Committee’s Dec. 16-17 meeting.”

OC Housing News“Bold California housing market predictions for 2015″ (1-7-14)

“Last year Bold California housing market predictions for 2014, was the most widely read post of the whole year. In that post, I made a number of predictions, some good, some bad, but the bold predictions were all outside the consensus.”

Mortgage Professional America“Many say they’re not ready to own, despite improved economy outlook” (1-7-14)

“Americans are becoming more optimistic about the economy, but consumer confidence toward the housing market is lagging, according to results from Fannie Mae’s December 2014 National Housing Survey.”

Housing Wire- “How do borrowers define excellence?” (1-7-14)

“Calling the mortgage process “fun” may be a bit extreme, especially given the complexity. However, is the idea of making the mortgage process enjoyable, or at the very least painless, completely far fetched? Given the results seen in other industries, excellence is a concept that consumers are beginning to understand and relate to.”

 

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

 

Looking Back:

The latest CoreLogic reported showed home prices increased 11.8% in November 2013.  The amount of mortgage credit available increased only slightly the previous month by 0.6%, but overall remained relatively the same.  The NAHB reported that more Americans were choosing to build larger and more expensive homes.

 

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

Copyright: Image from www.flickr.com/photos/marcopako/ and www.flickr.com/photos/thomashawk/

 

Senate Passes Tax Increase Prevention Act of 2014

Wednesday, December 17th, 2014

 

Today’s News Synopsis:

The Mortgage Bankers Association reported a 3.3% decrease in mortgage applications from last week.  This was a big day for new bills.  The FHA established the HAWK program in order to help those with FHA loans save money.  The Senate passed the Tax Increase Prevention Act of 2014 that will extend 55 provisions on taxes.

In The News:

Housing Wire - “Lenders fear weakening mortgage demand in 2015″ (12-17-14)

“Fewer mortgage lenders are reporting tighter credit, but weak consumer demand is increasingly cited as driving lenders’ decreased profit margin outlook, according to results from Fannie Mae’s fourth quarter 2014 Mortgage Lender Sentiment Survey.”

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (12-17-14)

“Mortgage applications decreased 3.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 12, 2014.”

Bloomberg“Boomers Seen Boosting New-Home Sales as Millennials Wait” (12-17-14)

“Southwest Florida is the fastest-growing U.S. market for new houses, a sign that retirees such as the Jays are poised to buoy growth in the country’s depressed homebuilding industry next year.”

Mortgage Professional America“Big bank fails two mortgage settlement tests” (12-17-14)

“Bank of America has failed two of 31 mortgage settlement tests aimed at seeing whether the bank is complying, according to a report from an independent watchdog.”

Housing Wire - “State of New York bans fracking” (12-17-14)

“Gas companies and homeowners hoping to strike it rich by mining the oil and gas reserves buried deep beneath the ground of the state of New York are officially out of luck, because New York’s governor, Andrew Cuomo, has just banned the oil and gas extraction process known as fracking throughout New York.”

Los Angeles Times“Ex-Countrywide exec to get $57 million from BofA whistle-blower suit” (12-17-14)

“Former Countrywide Financial Corp. executive Edward O’Donnell will get $57 million for his part in bringing a whistle-blower lawsuit against Bank of America Corp. that helped the U.S. force the lender to pay almost $16.7 billion to settle mortgage fraud charges..”

DS News - “Tax Provisions Covered By New Senate Bill Include Mortgage Deductions” (12-17-14)

“The U.S. Senate passed a bill on Tuesday night that retroactively extends 55 tax provisions, among which are allowing deductions for mortgage insurance premium interest and tax relief on forgiven mortgage debt.”

Realty Trac“Where Wall Street Is Most Likely To Cash Out of the Single Family Rental Market” (12-16-14)

“After nearly three years and hundreds of thousands of property purchases, the nascent single family rental industry is at a crossroads in terms of future growth and long-term staying power.”

Housing Wire - “Congressional budget bill kills HUD homeowner assistance program” (12-17-14)

“When the Federal Housing Administration announced its “Blueprint for Access” in May, it said the program was designed to open up the credit box for ‘underserved borrowers.’”

Mortgage Professional America“Michigan Senate OKs tax foreclosure bidder ban” (12-17-14)

“The Michigan State Senate passed a bill last week to prevent those with delinquent property tax payments to bid in foreclosure auctions.”

 

Bruce Norris of The Norris Group will be speaking at Prosperity Through Real Estate presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, January 6.

Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.

Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31

 

Looking Back:

The NAHB reported builder confidence for new single-family homes  increased by four points to 58.  The increase in home prices led to 791,000 properties being brought out of negative equity, although 6.4 million remained underwater.  The FHFA reported HARP refinances decreased in the third quarter to less than 900,000 despite the increase in interest 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.

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

 

Latest Federal Reserve Beige Book Shows Positive Results

Wednesday, December 3rd, 2014

 

Today’s News Synopsis:

Consumer optimism increased for the fourth quarter and is at its highest it has been during the economic recovery.  The Mortgage Bankers Association reported a 7.3% decrease in mortgage applications from last week.  The Federal Reserve’s latest Beige Book statistics were positive and showed continual growth.

In The News:

DS News“Report: Consumers Optimistic About Housing Market for 2015″ (12-3-14)

“The level of optimism for the housing market in the U.S. for the fourth quarter of 2014 is at its highest point as it has been at any point during the recovery, according to a recent survey conducted by Trulia.”

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

“Mortgage applications decreased 7.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 28, 2014.  This week’s results included an adjustment for the Thanksgiving holiday.”

Housing Wire - “Early November jobs data paints mixed but worrisome signal” (12-3-14)

“Just in time for the part-time retail hiring season, employment growth seems to be slumping again, even as self-reported confidence in hiring is ticking up.”

Bloomberg“Corporate Travel at Record Lures Investors to Resorts” (12-3-14)

“Luxury resorts — shunned after the real estate crash in 2008 because they’re expensive to run and hit hard by recessions — are back in demand as investors aim to take advantage of the economic rebound and record corporate-travel spending.”

Mortgage Professional America“Senate confirms HUD deputy secretary” (12-3-14)

“The United States Senate confirmed President Obama’s nomination of Nani Coloretti to serve as deputy secretary of the U.S. Department of Housing and Urban Development (HUD).”

Housing Wire - “Trulia 2015 Forecast: Home price gains slow, affordability worsens” (12-3-14)

“The boom and bust in housing over the past nine years is still casting a shadow over the housing market, according to the formal 2015 forecast from Trulia (TRLA), and while five major measures of housing’s health are not back to normal, three are getting close.”

DS News“Fed Reports Continued Growth In Final Beige Book of 2014″ (12-3-14)

“Federal Reserve officials released on Wednesday their final summary of economic conditions in 2014, ending the year on an upbeat note with reports of continued growth.”

 

Hard Money Loan Closed

Hemet, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $132,000 on a 3 bedroom, 2 bathroom home appraised for $220,000.

Hemet Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

Home prices increased slightly by 0.2% in October, continuing their slow but steady move upwards.  Recent trends in the market, including increased inventory and consumer pessimism against home prices, led many to believe the market would become less buyer-driven in the future.  A new educational initiative was announced by First Guaranty Mortgage Corp. whose goal was to help make it easier for brokers to become lenders and expand their business.

 

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/59937401@N07/

Housing Starts for Single-Family homes Increase 4.2%

Wednesday, November 19th, 2014

 

Today’s News Synopsis:

Housing starts for single-family homes increased 4.2% in October, although production as a whole decreased 2.8%.  Foreclosure sales decreased 36% year-over-year in the third quarter, totaling almost 108,000.  Mortgage applications showed increased this past week, up 4.9%.

In The News:

DS News“Lawmakers Ask Financial Firms for Information on Data Breaches” (11-18-14)

“Senator Elizabeth Warren (D-Massachusetts) and Congressman Elijah Cummings (D-Maryland) sent letters on Tuesday to 16 financial institutions requesting detailed information regarding data breaches and seeking information about briefings from corporate IT officials, according to an announcement on Warren’s web site.”

NAHB“Single-Family Starts Up 4.2 Percent While Overall Production Drops Slightly in October” (11-19-14)

“Single-family housing production in October reached its highest level since November 2013 while the more volatile multifamily sector brought combined nationwide starts activity down 2.8 percent to a seasonally adjusted annual rate of 1.009 million units, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Housing Wire“FHFA Director: “Significant challenges remain” for Fannie Mae and Freddie Mac” (11-19-14)

“In his first appearance before Congress as the first acting director of the Federal Housing Finance Agency, Mel Watt, started by giving an update on Fannie Mae, Freddie Mac and the Federal Home Loan Banks. He spoke before the U.S. Senate Committee on Banking, Housing, and Urban Affairs Wednesday morning.”

Mortgage Professional America“CFPB issues guidelines on Social Security disability income applicants” (11-19-14)

“The Consumer Financial Protection Bureau (CFPB) is reminding lenders not to impose illegal burdens on mortgage applicants who receive Social Security disability income.”

Bloomberg“Fannie-Freddie Overseer Urged to Seek Exit From Conservatorships” (11-19-14)

“The U.S. Treasury and the federal overseer for Fannie Mae and Freddie Mac (FMCC) should consider ending government control of the two companies if Congress fails to reform the housing-finance system, Senator Tim Johnson said.”

OC Housing News“Renters can acquire wealth as well as homeowners” (11-19-14)

“Over the long term, home ownership is superior to renting because homeowners fix their housing costs whereas renters pay an ever-increasing housing cost. In fact, I believe owning a home without a mortgage is the best retirement savings plan available because it provides the opportunity to permanently and dramatically lower an owner’s housing costs.”

DS News“Hensarling Re-Elected as House Financial Services Committee Chairman” (11-19-14)

“Congressman Jeb Hensarling (R-Texas) was elected to a second term as chairman of the House Financial Services Committee on Wednesday for the 114th Congress.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (11-19-14)

“Mortgage applications increased 4.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 14, 2014.  This week’s results included an adjustment for the Veterans Day holiday.”

Housing Wire“Foreclosure sales were down a solid 36% YOY in 3Q” (11-19-14)

“About 468,000 homeowners received non-foreclosure solutions from mortgage servicers in July, August and September, according to the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors known as Hope Now.”

 

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

JPMorgan officially reached a settlement with the Justice Department to pay $13 billion to cover faulty mortgages.  National default rates continued to remain unchanged overall as of October with the first-mortgage default rate only increasing to 1.30% from 1.28%.  8 million foreclosures were prevented following the collaboration between the private and public sectors.

 

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/wwworks/

MBA Reports Drop in Mortgage Applications by 0.9%

Wednesday, November 12th, 2014

 

Today’s News Synopsis:

Big day for mortgages.  The amount of mortgage credit available decreased last month as a result of cuts to real estate programs.   The Mortgage Bankers Association also reported a drop in mortgage applications from last week by 0.9%.  A recent report from Pew Charitable Trusts showed that most major cities in the U.S. are still struggling to recover from the recession and are having difficulty getting revenue back to where it was before the recession.

In The News:

Bloomberg“Cities Struggle to Recover From U.S. Recession, Pew Says” (11-11-14)

“Most big U.S. cities have struggled to restore revenue to pre-recession peaks amid lagging property-tax receipts and cuts in state and federal funds, according to a report from the Pew Charitable Trusts.”

Mortgage Professional America“Credit availability tightens” (11-12-14)

“Mortgage credit availability dropped last month, but mostly due to the elimination of programs strictly geared to real estate-owned properties, according to new data from the Mortgage Bankers Association.”

Mortgage Bankers Association - “Mortgage Applications Decrease Slightly in Latest MBA Weekly Survey” (11-12-14)

“Mortgage applications decreased 0.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 7, 2014.”

OC Housing News - “Realtors predict rising home sales and rising mortgage rates” (11-12-14)

“A project manager is concerned with time, quality and price, and in any project it’s only possible to get two of the three. To obtain high quality work quickly, the price will be high; to obtain high quality work and a good price, it will take longer; and to finish the job quickly for a low price, quality will suffer. It isn’t possible to maximize all three.”

Inman“Zillow agrees to hold off Trulia acquisition until at least February” (11-12-14)

“Zillow has agreed not to close its pending acquisition of Trulia before Feb. 1 as the Federal Trade Commission continues its review of the deal.  The FTC has been studying how a Zillow-Trulia merger could impact competition, and made second requests for information from the companies in early September.”

Mortgage Professional America - “Big bank axes 1,000 mortgage jobs” (11-12-14)

“The nation’s largest bank is cutting even more mortgage jobs.  JPMorgan Chase is planning to cut 3,000 more jobs than it had originally forecast, according to a New York Post article.”

Bloomberg“Bank of America Won’t Loosen Mortgage Standards, CEO Says” (11-12-14)

“Bank of America Corp., which paid more in legal settlements tied to the U.S. housing collapse than any other company, will avoid easing mortgage standards even as regulators seek to expand lending, Chief Executive Officer Brian T. Moynihan said.”

DS News“Nationstar Taps Raman for CEO of Subsidiary” (11-12-14)

“Lewisville, Texas-based Nationstar Mortgage Holdings Inc. has announced the hiring or Kal Raman, a leading technology executive, as CEO of the company’s wholly-owned subsidiary, Solutionstar.”

 

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.

Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.

 

Looking Back:

The Mortgage Bankers Association reported an increase in mortgage credit availability in the month of October, up 0.7% to 111.5.  More borrowers were choosing short-term loans through Freddie Mac with now 37% choosing this alternative, up from 5%.  mREIT earnings in the third quarter did not match estimates predicted, with book values decreasing to between 1% and 3%.

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 3/19/14

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.