California Real Estate Headline Roundup

Posts Tagged ‘Weekly Mortgage Applications Survey’

By Bruce Norris .

Federal Fund Rate to Remain the Same Until Labor Market Improves

Wednesday, July 29th, 2015

 

Today’s News Synopsis:

The National Association of Realtors reported a 1.8% decrease in pending home sales, the first time this year to see sales decrease.  The Federal Reserve has decided to keep the federal fund rate the same until the labor market continues to improve.  Single-family rental securitization vacancy rates continue to show signs of increase.

 

In The News:

Housing Wire - “Bill to kill $3M raises for Fannie, Freddie CEOs gains momentum” (7-28-15)

“A bill that would eliminate the proposed $3 million pay raises for the CEOs of Fannie Mae and Freddie Mac is now one step closer to becoming law, as the bill advanced past the markup stage and is now set for a full vote of the House Financial Services Committee with bipartisan support in tow.”

DS News - “Senate Subcommittee Examines Strategies for Ending ‘Too Big to Fail’” (7-29-15)

“With many institutions still designated as “systemically important” or “too big to fail” even seven years after the financial crisis, a subcommittee of the Senate Banking Committee convened for a hearing on Wednesday to discuss ways in which bankruptcy reform could end “too big to fail” and get taxpayers off the hook for keeping large financial institutions alive.”

Bloomberg - “Private Equity Giants Hit Second-Quarter Wall as Stocks Hiccup” (7-29-15)

“The three biggest private equity firms posted lower second-quarter profit after U.S. stocks slipped for the first time since 2012.  Blackstone Group LP, Carlyle Group LP and Apollo Global Management LLC each reported a drop in economic net income, an earnings measure that includes unrealized gains and losses that are marked to the market.”

Mortgage Professional America - “Will the Fed be raising rates soon?” (7-29-15)

“Could the Fed be getting close to a rate hike? If some analysts are right, one could be coming in six weeks.  The Federal Reserve hasn’t raised interest rates – which are currently hovering close to 0% – in nearly a decade.”

Mortgage Bankers Association - “Refinance Applications Increase in Latest MBA Weekly Survey” (7-29-15)

“Mortgage applications increased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 24, 2015.”

DS News - “Treasury Clarifies HAMP Participation Numbers Reported by SIGTARP” (7-29-15)

“A government watchdog’s quarterly report to Congress released on Wednesday found that the participation numbers for the Department of Treasury’s Home Affordable Modification Program (HAMP) have fallen short of original predictions in the program’s first six years of existence. But Treasury says there is more to the story than those numbers.”

Bloomberg - “Pending Sales of U.S. Existing Homes Unexpectedly Declines” (7-29-15)

“Fewer Americans signed contracts in June to buy previously owned homes, representing a pause in the housing market’s momentum.  The index of pending home sales unexpectedly fell 1.8 percent, the first drop this year, after a revised 0.6 percent increase in May that was smaller than initially reported, figures from the National Association of Realtors showed Wednesday in Washington.”

Mortgage Professional America - “Industry calls for TRID grace period” (7-29-15)

“Over 20 real estate industry trade groups announced Monday their support of HR 3192, the Homebuyer Assistance Act, which will provide a “hold-harmless” grace period for TRID enforcement for those who make efforts to comply.”

DS News - “Vacancy Rates Among SFR Transactions Are Trending Higher” (7-29-15)

“Vacancy rates among single-family rental securitizations are trending higher, according to data reported by Morningstar Credit Ratings in its July 2015 Single-Family Research: Performance Summary Covering All Morningstar Rated Securitizations released Wednesday.”

Realty Trac - “Should We Use Real Estate Money To Fix Old Bridges?” (7-29-15)

“Usually the biggest problem with federal programs is a lack of cash, but that’s not the case with the government’s ideas for mortgage borrowers who have run into rough times. In fact, it turns out that government foreclosure prevention programs have a $20 billion surplus — money some on Capitol Hill now want for such things as road and bridge repairs.”

DS News - “Fed Determines More Labor Market Growth Is Needed In Order to Raise Rates” (7-29-15)

“Although Federal Reserve officials determined that economic activity is expanding moderately, the housing sector has shown additional improvement, and job gains have been solid with declining unemployment, the federal funds rate will remain the same at a target range of 0 to 1/4 percent, according to the Federal Open Market Committee (FOMC) July meeting.”

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with TIGAR on Thursday, August 13.

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with Tri-Counties Association of Realtors on Friday, August 14.

Bruce Norris of The Norris Group will be giving his Secrets to Becoming Wealthy with Tony Watson on Tuesday, August 18.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

Copyright: Image from www.flickr.com/photos/124247024@N07/

 

Looking Back:

The latest Case-Shiller Index showed a 0.3% decrease in home price gains.  A bank in Illinois closed this week, bringing the new total for closed banks this year to 14.  The U.S. homeownership rate decreased to 64.8% from 65% in the first quarter, bringing it to its lowest since 1995.

 

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.

 

 

Bill Introduced By Texas Lawmakers to Do Away with CFPB

Wednesday, July 22nd, 2015

 

Today’s News Synopsis:

The National Association of Realtors reported existing home sales increased 3.2% to their highest in 8 years.  A new bill was introduced by lawmakers in Texas to do away with the CFPB for good.  The Mortgage Bankers Association reported an increase in their forecast for lending on home purchases.

 

In The News:

Bloomberg - “Existing U.S. Home Sales Climb to Highest Level in 8 Years” (7-22-15)

“Sales of previously owned U.S. homes climbed to an eight-year high in June as momentum in the residential real estate market accelerated.  Closings on existing homes, which usually occur a month or two after a contract is signed, climbed 3.2 percent to a 5.49 million annualized rate, the most since February 2007, the National Association of Realtors said Wednesday. Prices rose to a record amid tight supply.”

Mortgage Bankers Association - “Mortgage Applications Flat in Latest MBA Weekly Survey” (7-22-15)

“Mortgage applications increased 0.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 17, 2015.”

DS News- “Texas Lawmakers Introduce Bill to Eliminate CFPB” (7-22-15)

“Various legislation has been introduced by Republicans in an attempt to reduce the power of the Consumer Financial Protection Bureau (CFPB) in the last year, but there has not been any law proposed to completely eliminate the Bureau – until now.”

Housing Wire - “CFPB names new acting deputy director” (7-22-15)

“The Consumer Financial Protection Bureau announced that Meredith Fuchs will serve as acting deputy director when Deputy Director Steve Antonakes steps down at the end of July.”

Mortgage Professional America - “Mortgage Briefing: Realtors praise extended deadline for TRID implementation” (7-22-15)

“The National Association of Realtors has applauded the CFPB’s decision to extend the TRID implementation deadline.”

Mortgage Bankers Association - “MBA Significantly Increases Forecast for Home Purchase Lending” (7-22-15)

“The Mortgage Bankers Association (MBA) today released its updated mortgage finance and economic forecasts. The revision included a significant increase in the volume of purchase originations.  MBA now projects that purchase originations will reach $801 billion in 2015 and $885 billion in 2016. That is an increase of $71 billion and $94 billion, respectively, over the association’s previous forecast.”

DS News - “Housing Markets Continue Slow But Steady Ascent Into Stable Range” (7-22-15)

“In the latest Freddie Mac Multi-Indicator Market Index (MiMi), which measures the stability of the U.S. housing market, three additional metro areas entered the “stable” range in May while the overall index value pushed its way up to slightly below stable at 79.2.”

Housing Wire - “G-fee cuts significantly delayed by controversial Senate transportation bill” (7-21-15)

“A controversial bill currently under consideration in the U.S. Senate would substantially delay cuts to the fees that Fannie Mae and Freddie Mac charge lenders to guarantee loans, and use those very fees to fund massive transportation projects.”

DS News - “Fannie Mae Announces Enhanced Dataset for Single-Family Loans” (7-22-15)

“Fannie Mae is now providing an enhanced single-family loan performance dataset in order to offer greater transparency in advance of the Enterprise moving to an actual loss framework for the Connecticut Avenue Series (CAS) risk sharing transactions, according to an announcement from Fannie Mae on Wednesday.”

 

Hard Money Loan Closed

Santa Ana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $230,000 on a 3 bedroom, 1 bathroom home appraised for $376,000.

Santa Ana Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

Bruce Norris of The Norris Group will be presenting the California Real Estate Market Update with TIGAR on Thursday, August 13.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

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

 

Looking Back:

The total number of failed banks reached 13 with the recent closure of Conyers-based Eastside Commercial Bank in Georgia.  Existing home sales increased 2.6% month-over-month and were at 5.04 million.  Home prices increased 0.4% month-over-month in May, exceeding expectations.

 

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.

 

FHFA Reports Increase in Foreclosure Preventions, Which Now Total Almost 3.5 Million

Wednesday, July 15th, 2015

 

Today’s News Synopsis:

 

Overall mortgage applications decreased 1.9%; however, refinance applications increased to 50.8% while purchase applications decreased 8%.  CoreLogic reported foreclosure inventory decreased by 27.4% to its lowest in 8 years.  This could be attributed to an increase in the FHFA’s foreclosure preventions, now totaling near 3.5 million.

 

In The News:

DS News - “Senate Banking Committee Questions CFPB Director On Bureau’s Oversight” (7-15-15)

“The director of the controversial Consumer Financial Protection Bureau (CFPB) testified before the Senate Banking Committee on the Bureau’s perceived lack of oversight and accountability in a full committee hearing titled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress” on Tuesday.”

Mortgage Bankers Association - “Refi Applications Up, Purchase Applications Down in Latest MBA Weekly Survey” (7-15-15)

“Mortgage applications decreased 1.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 10, 2015. The prior week’s results included an adjustment for the July 4th holiday.”

Housing Wire- “Fitch: Fannie, Freddie risk-sharing deals will become more common” (7-15-15)

“With investor response to the credit risk-sharing deals from Fannie Mae and Freddie Mac continuing to be positive, look for GSE risk-sharing deals to become more common in the future, Fitch Ratings said in a new report.”

DS News - “Bank of America’s Net Income More Than Doubles in Q2; U.S. Bank, PNC Profitable” (7-15-15)

“Bank of America reported a net income of $5.3 billion for Q2, more than twice the bank’s net income from the same quarter in 2014, according to the bank’s Q2 2015 earnings statement released Tuesday.”

Mortgage Professional America - “BofA forced to pay state in foreclosure settlement” (7-15-15)

“Vermont will be paid $1.25 million by the Bank of Canada after the big bank failed to comply with state foreclosure laws.  “There were mediation attempts and agreements reached and for some reason, one way or another, one part of Bank of America didn’t know what other parts of Bank of America were doing,” Attorney General Bill Sorrell said of the bank’s activity following the federal case.”

DS News - “Economic Activity Expands and Home Sales Increase In Most Fed Districts” (7-15-15)

“For the reporting period of mid-May through June, the Federal Reserve reported in its July 2015 Beige Book released Tuesday that economic activity had expanded in all 12 Fed districts – and that real estate reports were positive in most markets.”

Housing Wire- “Fed Chair: Interest rate hike still on table for 2015″ (7-15-15)

“Federal Reserve Chair Janet Yellen told the House Financial Services Committee Wednesday that the Fed will look at raising interest rates in 2015 if and as the labor market improves and inflation hits medium-range goals.”

Mortgage Professional America - “Foreclosure inventory hits 8-year low” (7-15-15)

“Total U.S. foreclosure inventory has dropped to its lowest level since 2007, according to new data from CoreLogic.  The analytics firm reported that foreclosure inventory dropped by 27.4% year-over-year in May, and completed foreclosures fell by 19.2%. That’s a 64.9% decrease from the peak of completed foreclosures in 2010.”

DS News - “FHFA’s Total of Foreclosure Prevention Actions Nears 3.5 Million” (7-15-15)

“The Federal Housing Finance Agency (FHFA) demonstrated its progress toward the goal of helping distressed and at-risk families remain in their homes in the April 2015 Foreclosure Prevention Report released this week.”

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

Bruce Norris of The Norris Group will be presenting the California Real Estate Market Update with TIGAR on Thursday, August 13.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

Looking Back:

CoreLogic reported home prices increased 8.8% in May for the 27th week in a row, leading to a decrease in housing affordability.  Janet Yellen spoke with the Senate Banking Committee saying that the recovery for the housing market was still moving along at slower pace, primarily due to a large increase in mortgage rates the previous year.  The numbers for the latest earnings report for JPMorgan were mixed with second-quarter profits dropping almost 8% year-over-year.

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

 

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.

 

Federal Reserve Still Holding Back on Increasing Federal Funds Rate

Wednesday, July 8th, 2015

 

Today’s News Synopsis:

The Federal Reserve is still holding back on increasing the federal funds rate after holding their June Federal Open Market Committee meeting.  Home prices are showing signs of increase due to the short supply of available homes.  Mortgage REITs are also showing promising growth from where they were before the Recession.

 

In The News:

Housing Wire - “Federal Reserve still hesitant to raise rates” (7-8-15)

“The minutes from the June meeting of the Federal Open Market Committee show that nearly all the committee members and the Federal Reserve are still hesitant to increase the federal funds rate.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (7-8-15)

“Mortgage applications increased 4.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 3, 2015. This week’s results included an adjustment for the July 4th holiday.”

DS News - “Mortgage REITs Have Experienced Strongest Growth Since Recession” (7-8-15)

“Mortgage REITS (mREITs) have experienced strong growth in the decades since they debuted in the 1970s, but have enjoyed the greatest amount of growth in the years since the recession, according to a report from the Kroll Bond Ratings Agency (KBRA) released Wednesday.”

Bloomberg - “Consumer Borrowing in U.S. Increased $16.1 Billion in May” (7-8-15)

“Consumer borrowing in the U.S. climbed in May as an improving labor market and cheap financing costs emboldened Americans to take out auto loans.  The $16.1 billion increase in total credit followed a $21.4 billion gain in the prior month that was more than initially reported, Federal Reserve figures showed Wednesday in Washington.”

Housing Wire - “HUD announces “final rule” on Affirmatively Furthering Fair Housing project” (7-8-15)

“The U.S. Department of Housing and Urban Development announced a final rule on Affirmatively Furthering Fair Housing today that it says will ‘equip communities that receive HUD funding with data and tools to help them meet long-standing fair housing obligations in their use of HUD funds.”

DS News - “GSEs Partner With Industry to Form Advisory Group For Common Securitization Platform” (7-8-15)

“Freddie Mac, Fannie Mae, and Common Securitization Solutions, LLC (CSS) jointly announced on Wednesday the development of an Industry Advisory Group. The group will provide feedback and share information on efforts to build the Common Securitization Platform (CSP) and implement the Single Security.’”

Housing Wire- “Freddie Mac selling off $632 million in non-performing loans” (7-8-15)

“As part of its ongoing effort to offload non-performing loans, Freddie Mac announced the auction of four pools of deeply delinquent loans, totaling $632.2 million.  The offering is being made available in three Standard Pool Offerings, totaling $608.2 million, and one Extended Timeline Pool Offering of $23.9 million.”

DS News - “Agencies Publish Annual List of Nonmetropolitan Distressed and Undeserved Areas” (7-8-15)

“Three federal government agencies announced on Wednesday that the 2015 list of distressed or underserved nonmetropolitan middle-income geographies is now available.  The Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) have made available their annual list of non-metro areas where revitalization or stabilization activities will receive consideration as community development under the Community Reinvestment Act (CRA).”

Mortgage Professional America - “Morning Briefing: House prices higher on tight supply” (7-8-15)

“Low availability of homes in many parts of America mean prices are continuing to rise. The latest data from CoreLogic shows that prices in May were 6.3 per cent than the same period last year and 33 states are at or within 10 per cent of their peaks.”

Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

Looking Back:

CoreLogic reported foreclosures decreased again in May by 9.4% with 47,000 completed that month.  The amount of available mortgage credit increased the previous month by 0.6% to 115.8, up from 115.1.  A new ruling was issued by the CFPB that would help heirs of property to be included on the mortgage and not face foreclosure.

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

 

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.

 

 

Regulator Test Failed by Several Big Banks

Wednesday, July 1st, 2015

 

Today’s News Synopsis:

 

According to Fannie Mae’s latest Housing Insight Report, the homes more millennials prefer are single-family.  Spending on construction increased 0.8% in May, although spending on residential properties was below expectations.  Several big banks, including Wells Fargo, JPMorgan Chase U.S. Bancorp, failed on their regulator satisfactory tests.

 

In The News:

Housing Wire - “Construction spending rises in May but residential component weak” (7-1-15)

“Construction spending during May 2015 was estimated at a seasonally adjusted annual rate of $1,035.8 billion, 0.8% above the revised April estimate of $1,027.0 billion, the U.S. Census Bureau of the Department of Commerce announced today.”

Mortgage Professional America - “California leads pack in hottest housing markets” (7-1-15)

“California continued to dominate the list of the hottest U.S. housing markets in June – but if recent trends continue, housing markets across the country are on their way to being the best since 2006, according to new data from realtor.com.”

DS News - “CFPB Asks For Comments on Enhanced Consumer Complaint Database” (7-1-15)

“The Consumer Financial Protection Bureau (CFPB) has issued a request for information regarding its consumer complaint database after going live with an enhanced version of the database last week, according to the CFPB.”

Mortgage Bankers Association - “Mortgage Applications Drop in Latest MBA Weekly Survey as Rates Increase” (7-1-15)

“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 June 26, 2015.”

Bloomberg - “Oaktree, JPMorgan Buy $3.2 Billion of Loans From Commerzbank” (7-1-15)

“Commerzbank AG sold 2.9 billion euros ($3.2 billion) of commercial real estate loans to Oaktree Capital Group LLC and JPMorgan Chase & Co., making headway with its plan to reduce riskier assets.”

DS News - “Freddie Mac’s Mortgage Portfolio Expands for Eighth Time in Nine Months” (7-1-15)

“Freddie Mac’s total mortgage portfolio expanded at an annualized rate of 2.2 percent in May up to a balance of about $1.919 trillion, an increase of about $3.5 billion from April, according to Freddie Mac’s May 2015 Monthly Volume Summary.”

Housing Wire- “Millennials demand single-family homes” (7-1-15)

“Young adults prefer single-family homes, and in fact, 25-34 year-old homeowners are found to be more likely to reside in a single-family home today than their predecessors, Fannie Mae’s latest Housing Insight report showed.”

DS News - “Newspaper Files Motion to Unseal Depositions in Fairholme GSE Profits Lawsuit” (7-1-15)

“The New York Times Company has filed a motion with the U.S. Court of Federal Claims to intervene and to have the “protected information” designation removed from the testimony of key government officials in Fairholme Funds’ GSE profits lawsuit.”

Mortgage Professional America - “Big banks fail regulator tests” (7-1-15)

“Despite promising to rectify numerous foreclosure abuses, Wells Fargo, JPMorgan Chase U.S. Bancorp and several others have not properly satisfied the regulators.”

Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

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

 

Looking Back:

Zillow and Bloomberg recently collaborated to come up with a list of the twenty most risky and most stable markets in the U.S.  Hartford, Connecticut was found to be the most risky while Buffalo, New York was the most stable.  Due to the booming commercial mortgage market, more and more debt from the bubble was being shaved off and helping the market improve.  A recent dismissal of a lawsuit against MERSCORP was affirmed by the U.S. Court of Appeals.

 

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.

 

 

Know Before You Owe Rule Will Not Go Into Effect Until October

Wednesday, June 17th, 2015

 

 

Today’s News Synopsis:

 

Today is a big day for foreclosures and delinquencies.  Delinquencies are showing signs of increase as more Americans are struggling to make interest payments on HELOCs.  At the same time, HOPE NOW reported solutions for non-foreclosures have outweighed foreclosure completions.  A new piece of legislation was proposed by Senator Bob Menendez to help homeowners struggling with being underwater to not have to face foreclosure.  In another big story, the Know Before You Owe Rule that was supposed to go into effect this August has now been pushed to early October.

 

In The News:

Housing Wire- “TransUnion: 1.5M hit by mortgage crisis can re-enter housing market in next 3 years” (6-17-15)

“More than 1.5 million homebuyers negatively impacted by the financial crisis could potentially re-enter the mortgage market in the next three years, according to a new study from TransUnion.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-17-15)

“Mortgage applications decreased 5.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 12, 2015.”

Mortgage Professional America - “Second round of delinquencies hits home” (6-17-15)

“Many Americans who have only had to pay interest on HELOCs taken out ten years ago are set to struggle with massive upticks in monthly payments, and delinquencies are already increasing as a result.”

Housing Wire - “Fannie Mae: More mortgage lenders feeling positive on purchase demand” (6-17-15)

“Mortgage lenders remain optimistic about purchase mortgage demand and their profit margin during the next three months, according to Fannie Mae’s second quarter 2015 Mortgage Lender Sentiment Survey.”

DS News - “Non-Foreclosure Solutions Continue to Outpace Completions Five to One” (6-17-15)

“Non-foreclosure solutions continued to outpace completed foreclosures by a rate of approximately five to one in April while serious delinquencies continued their steady decline, according to data released on Wednesday by HOPE NOW, an industry-created private sector alliance of mortgage servicers, investors, counselors, and other mortgage market participants.”

Housing Wire - “FOMC: Federal fund rate remains unchanged, on track for 2015 increase” (6-17-15)

“The Federal Open Market Committee choose to keep the current 0 to 1/4 percent target range for the federal funds rate in its June meeting, the FOMC announced Wednesday.”

Mortgage Professional America - “TRID effective date pushed back to October” (6-17-15)

“The Consumer Financial Protection Bureau has announced it will delay the effective date of the Know Before You Owe rule.  “We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks,” said CFPB Director Richard Cordray.”

DS News - “Senator Proposes Legislation to Help Underwater Borrowers Avoid Foreclosure” (6-17-15)

“U.S. Senator Bob Menendez (D-New Jersey) has proposed legislation that will help underwater homeowners avoid foreclosure and remain in their homes, according to an announcement on Menendez’s website.”

Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

Looking Back:

Since its inception in 2007, HOPE NOW had given loan modifications to almost 7.02 million homeowners.  Housing starts for both single and multi-family homes decreased 6.5% the prior month.  The latest S&P Dow Jones Indices showed the national default rate decreased the prior month and was at 1.04$, its lowest in 8 years.

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

 

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.

 

Housing Crisis Is Not Over Yet According to 3 out of 5 Americans Surveyed

Wednesday, June 10th, 2015

 

 

Today’s News Synopsis:

Foreclosures saw a 25% decrease last month, 10% of which were completed in four of the large metropolitan areas.  Mortgage applications increased again by 8.4% according to the latest survey from the Mortgage Bankers Association.  According to a recent survey by the MacArthur Foundation, 3 out of 5 Americans still believe we are in a housing crisis.

 

In The News:

DS News“Four Metro Areas Account For 10 Percent of Nation’s Completed Foreclosures” (6-10-15)

“While the number of foreclosures has been steadily declining since reach a peak four to five years ago, large percentages of the nation’s foreclosures are still concentrated in a few areas, according to recent reports.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (6-10-15)

“Mortgage applications increased 8.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 5, 2015.  The previous week’s results included an adjustment for the Memorial Day holiday.”

Mortgage Professional America - “Consumers more positive about housing market, says Fannie” (6-10-15)

“Consumer attitudes about the housing market are on the upswing, according to new data from Fannie Mae.  The results of Fannie’s May 2015 National Housing Survey show consumers are becoming more positive about the housing market as average hourly earnings accelerate and personal income growth firms up.”

Housing Wire - “The history of housing in 5 charts” (6-10-15)

“A financial crisis and recovery later, the housing market looks nothing like it did 20 years ago. A new survey from Coldwell Banker explained that the recession not only changed the housing market, but it also changed the way home sellers approach the sale of their home.”

DS News - “Survey: Three In Five Americans Believe Country is Still in Midst of Housing Crisis” (6-10-15)

“A new survey of housing attitudes released by the MacArthur Foundation found that a majority of Americans believe the country is still not past the housing crisis that began seven years ago. The 2015 How Housing Matters Survey found that three in five Americans believe we are “still in the middle” of the housing crisis or “the worst part is yet to come” of the crisis.”

Mortgage Professional America - “CFPB fines mortgage bank for illegal compensation” (6-10-15)

“The Consumer Financial Protection Bureau has ordered a defunct California mortgage bank to pay $228,000 for paying illegal incentives to its loan officers.  The CFPB ordered Guarantee Mortgage Corporation to pay the penalty for paying its branch managers based in part on the interest rates of the loans they closed.”

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

Looking Back:

A major bill that would help clear calculations for mortgage fees was passed by the House.  This bill is known as the “Mortgage Choice Act of 2013.”  The lack of increase in RMBS prepayments resulted in a longer risk term according to the latest Fitch Ratings.  Losses of $194 per loan were reported by independent mortgage bankers in the first quarter of 2014.

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

 

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.

 

How Good Were Job Gains Last Month? Two Early Reports Show Promising Signs

Wednesday, June 3rd, 2015

 

 

Today’s News Synopsis:

 

Although the official report has yet to be released, signs form ADP estimates and Gallups showed things are looking good for May job gains.  Mortgage applications decreased 7.6% from last week according to the Mortgage Bankers Association.  In a recent case with Bank of American regarding Americans with second mortgages and declaring bankruptcy to void the loans, the Supreme Court ruled in the bank’s favor.

 

In The News:

Mortgage Bankers Association - “Independent Mortgage Banks’ Profits Up in 1st Quarter 2015″ (6-3-15)

“Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $1,447 on each loan they originated in the first quarter of 2015, up from a reported gain of $744 per loan in the fourth quarter of 2014, the Mortgage Bankers Association (MBA) reported today in its Quarterly Mortgage Bankers Performance Report.”

Bloomberg - “Mortgage-Bond Yields Rise to Highest Since October in Debt Rout” (6-3-15)

“A global bond-market slump pushed yields on benchmark U.S. mortgage securities to the highest level in more than seven months, signaling potential pressure on the American housing market amid its peak selling season.”

DS News - “Fed Reports Expanded Residential Real Estate Activity For Most Districts” (6-3-15)

“The Federal Reserve reported in its Beige Book on Current Economic Conditions for May 2015 that residential real estate activity and construction has expanded in most districts since the previous Beige Book report in mid-April and that outlooks were ‘largely positive.’”

Mortgage Professional America - “CFPB to delay TILA-RESPA enforcement” (6-3-15)

“The TILA-RESPA Integrated Disclosure rule will still go into effect on Aug. 1, but there will be a grace period on enforcement, according to the CFPB.  Both Congress and industry groups had been pushing for a grace period, saying the new rule didn’t provide lenders an opportunity to implement the new rule before August. The resulting inability to test their systems, lenders worried, might mean unanticipated problems with implementation.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-3-15)

“Mortgage applications decreased 7.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 29, 2015. This week’s results include an adjustment to account for the Memorial Day holiday.”

Bloomberg- “Slower U.S. Services Growth Signals Subdued Economic Rebound” (6-3-15)

“The slowest going in 13 months for service providers including retailers and restaurants indicates a weaker pace for the U.S. recovery from a first-quarter contraction.  The Institute for Supply Management’s non-manufacturing index declined to 55.7 from April’s 57.8, the Tempe, Arizona-based group said Wednesday. The May gauge was weaker than the median forecast of 57 in a Bloomberg survey of economists.”

DS News - “AACER: Bankruptcy Filings Down Nearly 20 Percent Year-Over-Year in May” (6-3-15)

“Bankruptcy filings in May 2015 were down nearly 20 percent from the same month a year earlier and down by nearly 50 percent from their peak total five years ago, according to May 2015 AACER bankruptcy data reported by Epiq Systems.”

Mortgage Professional America - “Bank of America wins mortgage case” (6-3-15)

“The Supreme Court ruled Monday that Americans with second mortgages can’t void those loans by declaring bankruptcy.  It was a unanimous decision and one that reversed an appeals court ruling that allowed homeowners to seek relief on homes worth less than the amount owed on their first mortgage.”

Housing Wire - “Early signs point to modest employment gains in May” (6-3-15)

“On Friday the industry will get the formal read on how many jobs U.S. employers added in May, but in the short term, two early forecasts give a sneak preview.  Payroll giant ADP estimates that private payrolls rose a moderate 201,000 in May which is right at the Street consensus for 200,000.”

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

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

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

 

Looking Back:

Commercial and multifamily delinquency rates decreased again in the first quarter by 0.69% to 6.16%.  CoreLogic reported home prices increased 10.5% year-over-year, although it was expected for appreciation to continue at only half of the previous year’s rate.  At the same time, home sales decreased 2.3% in Massachusetts in the month of April.

Copyright: Image from www.flickr.com/photos/44313045@N08/

 

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.

 

Fannie Mae Reports Better News for Housing Market Compared to Economy as a Whole

Wednesday, May 27th, 2015

 

 

Today’s News Synopsis:

 

The Mortgage Bankers Association reported another decrease in mortgage applications from last week, this time by 1.6%.  Meanwhile, sales of new homes increased by 6.8% at 517,000.  Fannie Mae reported good news for the housing market, which appears to be doing better than the economy as a whole.

 

In The News:

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-27-15)

“Mortgage applications decreased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 22, 2015.”

Mortgage Professional America- “Housing doing better than broader economy” (5-27-15)

“The housing market is expected to do better than the economy in 2015, according to Fannie Mae.  Fannie has downgraded its economic growth forecast for the year, expecting economic gains to be3 slowed by the weight of a weak first quarter. In all, the economy is expected to grow just 2.3% in all of 2015 – a downgrade of 0.5 percentage points from Fannie’s earlier forecasts.”

Bloomberg- “The Mansions That Are Swallowing Suburban Homes” (5-27-15)

“Merion Homes bought two dozen rambler-style houses in Northern Virginia’s Pimmit Hills community for about $450,000 each, just to knock them down. Now it’s selling customized residences three times larger at prices topping $1 million.”

Mortgage Professional America- “Morning Briefing: New home sales rise 6.8 per cent” (5-27-15)

“April saw a 6.8 per cent increase in sales of single-family homes. The seasonally-adjusted figures from the US Census Bureau and HUD show 517,000 units were sold. There were large regional variations with a 36.8 per cent rise in the Midwest and a 5.8 per cent increase in the South; sales declined by 5.6 per cent in the Northeast and by 2.3 per cent in the West.”

Housing Wire - “Freddie Mac eliminates Loan Prospector fee” (5-27-15)

“Starting on June 1, Freddie Mac will no longer charge lenders $20 to use its automated underwriting service, Loan Prospector, in order to make doing business together simpler.”

DS News - “Eighty Percent of Top 100 Metros Seeing Stronger Demand for Homes Heading Into Spring” (5-27-15)

“The Multi-Indicator Market Index (MiMi) released monthly by Freddie Mac, revealed today that the housing market is continuing to stabilize with the most improving metro markets seeing stronger demand for home sales for the spring homebuying season in March 2015.”

Mortgage Professional America- “Are we riding a new housing bubble?” (5-27-15)

“March’s 4.1% year-over-year gain in home prices means that the housing market has now seen yearly gains for 35 consecutive months. That’s good – but does it mean we’re currently riding a housing bubble that’s about to burst?”

 

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

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

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

 

Looking Back:

The number of failed banks for the year was up to eight with the recent closure of the Columbia Savings Bank bank in Ohio.  According to the latest Case-Shiller Index, home prices increased in March by 0.9% month-over-month and 12.6% year-over-year.  Consumer confidence also showed signs of increase with an increasing positive outlook on the job market.

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

 

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

 

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

Wednesday, May 20th, 2015

 

 

Today’s News Synopsis:

 

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

 

In The News:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Looking Back:

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

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

 

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