California Real Estate Headline Roundup

Posts Tagged ‘Weekly Mortgage Applications Survey’

By Bruce Norris .

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.

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.