California Real Estate Investing News

Posts Tagged ‘Weekly Mortgage Applications Survey’

Mortgage Applications Decrease as Rates Go Down

Wednesday, February 10th, 2016

Today’s News Synopsis:

 

The MBA reported a 9.3% decrease in mortgage applications with the decrease in mortgage rates.  The National Association of Realtors reported fewer and fewer people are able to afford a home with the decrease in inventory.  The Treasury Department established new rules that are intended to keep away money launderers, although there is still a fear the new rules will also keep away honest investors.

 

In The News:

Housing Wire – “CFPB corrects error in TRID rule” (2-9-16)

“It’s been four months since the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule in October shook up the housing industry, and many in the industry are still getting used to the new normal.”

Mortgage Bankers Association – “Rates Drop, Refi Applications Surge in Latest MBA Weekly Survey” (2-10-16)

“Mortgage applications increased 9.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 5, 2016.”

NAHB – “Cindy Cepko Inducted as the 2016 NAHB Professional Women in Building Council Chair” (2-10-16)

“Cindy Cepko, CGP, CMP, MIRM, Master CSP, co-owner of Granite Homes Inc. in Paupack, Pa., was recently sworn in as the 2016 chair of the National Association of Home Builders (NAHB) Professional Women in Building (PWB) Council.”

Housing Wire – “Goldman Sachs subsidiary buys massive NPL portfolio from Fannie Mae” (2-10-16)

“Fannie Mae announced Wednesday that it selected the winning bidders in its latest sale of non-performing loans, with a subsidiary of one of Wall Street’s biggest names among the winning bidders.”

DS New – “Economic Outlook May Not Be All Positive” (2-10-16)

“While testifying before Congress on Wednesday, Federal Reserve Chair Janet Yellen noted that persistent economic headwinds have kept the federal funds target rate at a historically low level—and that future rate hikes may occur even more gradually than originally anticipated.”

Mortgage Professional America – “New Treasury rules might scare off buyers” (2-10-16)

“The U.S. Treasury’s recent announcement of its intent to crack down on money laundering conducted by unscrupulous individuals through high-cost real estate transactions has sent brokers and would-be sellers into a panic.”

Housing Wire – “NAR: Inventory shortage push homeownership further out of reach” (2-10-16)

“A lack of housing inventory continues to stifle the housing market, making it difficult for potential homeowners to get on the property ladder.”

Mortgage Professional America – “Community, culture key hiring points today” (2-10-16)

“With the recent spate of job reductions at some of the country’s major lenders, those companies that are hiring can be picky about who they hire.”

 

Hard Money Loan Closed

San Bernardino, California hard money loan closed. Real estate investor received loan for $110,000 on this single family property appraised for $170,000.

San Bernardino Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his Norris Group Property-Buying Boot Camp in Riverside on February 9-11.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with NORCALREIA on Wednesday, March 9.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCREIA on Thursday, March 10.

Image copyright source: www.flickr.com/photos/22711505@N05

 

Looking Back:

Foreclosures were continuing to show signs of decrease over the previous months, including a 34.3% decrease in December to 552,000.  In other foreclosure news, five large banks:  JPMorgan Chase, Citi, Wells Fargo, GMAC Mortgage, and BAC Home Loans Servicing, had all been required to pay $123 million in a lawsuit as a result of foreclosures that were in violation of the Servicemembers Civil Relief Act.  Over half of young millennials were shown to be living at home.

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.








Ten-X Predicts Existing-Home Sales Will Reach Normal Levels This Year

Wednesday, February 3rd, 2016

Today’s News Synopsis:

The Mortgage Bankers Association reported a 2.6% decrease in mortgage applications from last week.  In a unique story, several bankruptcy claims were handled by several different banks after the housing bubble that produced drastically different results.  Ten-X predicts existing-home sales will reach normal levels this year.

 

In The News:

NAHB – “Kansas Remodeler Tim Shigley Becomes 2016 NAHB Remodelers Chair” (2-3-16)

“Remodeler Tim Shigley, CGR, CAPS, CGP, GMB, GMR, of Wichita, Kan., was installed as the 2016 chairman of the National Association of Home Builders (NAHB) Remodelers on Jan. 17 during the International Builders’ Show in Las Vegas. As chairman of the remodeling arm of NAHB, Shigley represents the more than 55,000 members of the trade association who are involved in the remodeling industry.”

Mortgage Professional America – “Investigators expose legal workarounds in real estate” (2-3-16)

“On the heels of the U.S. Treasury’s recent drive to clamp down on money laundering via real estate transactions, investigators revealed that unscrupulous elements make full use of legal workarounds to funnel dirty money into the United States.”

DS News – “Fairholme CEO: ‘Common Sense Solution Will Prevail” in Battle Over GSE Profits” (2-3-16)

“Drawing on a quote from economist Herbert Stein, who once said that “If something cannot go on forever, it will stop,” Fairholme Funds CEO Bruce Berkowitz stated in his annual letter to shareholders on Wednesday that he believes the sweeping of GSE profits into the U.S. Department of Treasury, aka the Net Worth Sweep, will stop and that a “common sense solution” will prevail.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-3-16)

“Mortgage applications decreased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 29, 2016.”

Bloomberg – “Why Hundreds of Nearly Identical Bankruptcy Claims Yielded Vastly Difference Results in the Aftermath of the Housing Bubble” (2-3-16)

“In late 2006, a Spanish-speaking housekeeper bought a $425,000 property (PDF) for her son in the scenic town of Richmond, Calif.  Funded entirely with two mortgages from WMC Mortgage Corp. (a senior loan in the amount of $340,000 and a junior lien for $85,000), the deal was emblematic of a frothy real estate market in which borrowers of questionable means enjoyed ready access to no-down-payment loans.”

DS News“Ten-X Forecasts Normalization of Existing-Home Sales” (2-3-16)

“Since the TILA-RESPA Integrated Disclosure (TRID) rule was enacted, existing-home sales have been on a series of highs and lows, but Ten-X.com (formerly Auction.com) predicts that things could begin to level out as more lenders adjust to the regulation.”

Mortgage Professional America – “Not just prices on the rise in this hot market” (2-3-16)

“This seemingly unstoppable housing market may soon see an influx of investors looking for originator business.  The stats continue to pour in favoring Colorado as home to one of the hottest housing markets.”

DS News“Wells Fargo Agrees to Pay a Steep Price for FHA-Insured Defaults” (2-3-16)

“Wells Fargo announced Wednesday that it has reached a billion-dollar settlement agreement in principle to resolve claims surrounding its Federal Housing Administration (FHA) lending activities.”

 

 

Hard Money Loan Closed

Moreno Valley, California hard money loan closed. Real estate investor received loan for $159,000 on this single family property appraised for $286,000.

Moreno Valley Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDIC FIBI on Thursday, February 4.

Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 with Bruce Norris in Riverside on Saturday, February 6.

Bruce Norris will be presenting his Norris Group Property-Buying Boot Camp in Riverside on February 9-11.

 

Looking Back:

CoreLogic reported an increase in home prices by 7.4% year-over-year in December.  Mortgage originations increased 27% quarter-over-quarter for both commercial and multifamily properties.  Mortgage fraud decreased the previous year by 2% quarter-over-quarter and 9% year-over-year according to Interthinx.

 

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.









Real Estate Agents Putting More Time Into Helping Disabled Find Right Home

Wednesday, January 27th, 2016

Today’s News Synopsis:

 

The NAHB reported a 14.5% increase in new home sales, its highest in eight years.  At the same time, the MBA reported mortgage applications also increased 8.8% with the drop in mortgage rates.  Real estate agents are putting more time and effort into helping those with disabilities find the right home.

 

In The News:

DS New – “Freddie Mac’s Investment Portfolio Reverses Course” (1-26-16)

“Urban Institute reported earlier this week that he mortgage-related investment portfolios for both Fannie Mae and Freddie Mac continue to contract and were both well below their 2015 portfolio cap as of the end of November.”

Mortgage Professional America – “Morning Briefing: Sellers’ market says S&P/Case-Shiller” (1-27-16)

“The latest National Home Price Index from S&P/Case-Shiller shows that prices continued to increase in November 2015.  Year-over-year there was a 5.3 percent rise, up slightly from the 5.1 per cent seen in October.”

Mortgage Bankers Association – “Mortgage Applications Increase as Rates Continue to Drop in Latest MBA Weekly Survey” (1-27-16)

“Mortgage applications increased 8.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 22, 2016.”

Bloomberg – “Re/Max Holdings Climbs on Plan to Join S&P SmallCap 600 Index” (1-27-16)

“Re/Max Holdings Inc. rose the most in more than a year after an announcement that the franchiser of real estate brokerages will be added to the Standard & Poor’s SmallCap 600 Index.”

Los Angeles Times – “Real estate agents adapt to needs of clients with disabilities seeking the right home” (1-27-16)

“Pierre Jazraoui felt more than discouraged. He had visited almost 120 homes in four months, sometimes viewing six properties in a day with Jack Dagher, his real estate agent.”

NAHB – “2015 New-Home Sales Reach Eight-year High” (1-27-16)

“Sales of newly built, single-family homes rose 14.5 percent to 501,000 units in 2015, the highest level since 2007, according to newly released data from HUD and the U.S. Census Bureau.”

Mortgage Professional America – “What can originators expect this year?” (1-27-16)

“Hammerhouse, a mortgage recruitment agency, launched its 6th annual survey of mortgage originator opinions – which includes an outlook on business prospects for 2016.”

DS New – “Declining Distressed Inventory Forces a Change in Strategy” (1-27-16)

“Distressed home sales have been on a steady decline since hitting their peak seven years ago in January 2009 at the height of the housing crisis. For years, agents prospered while there was no shortage of REO properties available for them to put on the market.”

Bloomberg – “Toronto and Calgary Housing Markets Are Problematic, CMHC Says” (1-27-16)

“Toronto and Calgary residential real estate markets are showing strong evidence of “problematic” conditions, Canada’s federal housing agency said in a report, adding to concern risks in the nation’s housing sector are growing.”

 

Hard Money Loan Closed

Another California flip hard money closed in Los Angeles. Real estate investor received loan for $180,000 on this single family property appraised for $320,000.

Los Angeles Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Orange County FIBI on Tuesday, February 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDIC FIBI on Thursday, February 4.

Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 with Bruce Norris in Riverside on Saturday, February 6.

Image copyright source: www.flickr.com/photos/keoni101

 

Looking Back:

HUD and U.S. Census Bureau reported sales of new homes increased 11.6% the previous month and stood at 481,000.  Twenty cities in the U.S. showed signs of an increase in home prices by 4.3% in November.  Four big banks, JP Morgan Chase, Bank of America, Wells Fargo Bank and Citi, paid the state of Massachusetts $2.7 million for foreclosing on homes to which they did not hold the right.

 

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.







Homeowners Can Apply for $3,000 Grant to Have Home Structured for Earthquake

Wednesday, January 20th, 2016

 

Today’s News Synopsis:

 

 In a big news story, homeowners can apply for a $3,000 grant to have their home structured to withstand an earthquake.  The Mortgage Bankers Association reported an increase of 9% in mortgage applications and a decrease of 5% for new home purchase applications.  The NAHB reported housing starts increased 10.8% while permits increased 12%.

 

In The News:

Los Angeles Times – “Registration begins for $3,000 grants to retrofit homes against earthquakes” (1-20-16)

“Officials will begin accepting applications Wednesday for homeowners to get grants of up to $3,000 to earthquake retrofit single-family homes with a common structural flaw that can cause houses to fall off their foundation.”

DS News“Freddie Mac Drops Suit Against Deloitte” (1-20-16)

“Freddie Mac has dropped its $1.3 billion lawsuit against Deloitte & Touche that accused the accounting firm of negligence regarding the auditing of certain mortgage loans the GSE purchased from now-defunct mortgage lender Taylor Bean & Whitaker, according to media reports.”

Mortgage Bankers Association – “Applications for New Home Purchases Decreased in December” (1-20-16)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for December 2015 shows mortgage applications for new home purchases decreased by 5 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.”

Mortgage Professional America – “Top marketing strategies for 2016” (1-20-16)

“Having a well thought out marketing strategy – along with the right tools – makes it easier for loan officers and branch managers to generate more production with far less effort. There are plenty of tools that mortgage loan officers and branch managers have at their disposal, but developing a good marketing strategy is a key component to success.”

NAHB – “2015 Housing Starts End Year Up 10.8 Percent, Permits Up 12 Percent” (1-20-16)

“Nationwide housing starts increased 10.8 percent to 1.11 million units in 2015, according to newly released figures from HUD and the U.S. Commerce Department. Single-family starts posted a yearly gain of 10.4 percent to 715,000 units.”

Mortgage Bankers Association – “Refinance Mortgage Applications Increase as Rates Fall in Latest MBA Weekly Survey” (1-20-16)

“Mortgage applications increased 9.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 15, 2016.”

Housing Wire – “Goldman Sachs earnings dented by RMBS settlement” (1-20-16)

“Goldman Sachs recorded net revenues of $33.82 billion and net earnings of $6.08 billion for the year ended Dec. 31, 2015, with diluted earnings per common share dropping to $12.14 compared with $17.07 last year.”

Mortgage Professional America – “Big bank mortgage trends revealed” (1-20-16)

“Three of the biggest mortgage originators have now released their fourth quarter income; this is how their mortgage portfolios performed.  Wells Fargo, Chase, and – most recently – the Bank of America have all released their respective fourth quarter earnings information, detailing how their mortgage share is changing.”

DS News“Freddie Mac, Lenders One Partner to Help Mortgage Bankers in 2016” (1-20-16)

“Freddie Mac and the Lenders One Mortgage Cooperative recently partnered to help mortgage bankers boost their business in 2016.”

 

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending department. Real estate investor received loan for $107,000 on this single family property appraised for $165,000.

Riverside Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Los Angeles on Thursday, January 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA San Diego on Tuesday, January 26.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Orange County FIBI on Tuesday, February 2.

Image copyright source: www.flickr.com/photos/fdotguido

 

Looking Back:

The NAHB reported builder confidence decreased by one point and stood at 57.  Obama’s State of the Union Address focused on issues regarding housing, including increases in taxes.  Freddie Mac said they expected housing to see a brief increase in 2015, although it was not known for how long.

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.

 

Baltimore Plans to Demolish 4,000 Vacant Homes as Way to Improve the Country

Wednesday, January 13th, 2016

Today’s News Synopsis:

In a big story, Baltimore is the latest in the cities planning to demolish several vacant buildings, in their case 4,000, in an attempt to improve the country.  Mortgage applications increased 21.3% from last week in the latest MBA survey.  Despite improvements in many areas, there is still one Achilles heal for the housing market: tight inventory.

 

In The News:

 

Bloomberg – “Can We Fix American Cities by Tearing Them Down?” (1-13-16)

“Maryland Governor Larry Hogan held a sidewalk press conference last week in Baltimore’s Sandtown-Winchester neighborhood. He promised to revitalize the city by spending $75 million to tear down 4,000 vacant houses.  “Fixing what is broken in Baltimore requires that we address the sea of abandoned, dilapidated buildings that are infecting entire neighborhoods,” he said.”

DS News“How Effective are Fannie Mae and Freddie Mac at Preventing Foreclosures?” (1-13-16)

“It may be tougher to qualify for a mortgage loan to buy a home now than it was 10 years ago. But at least Fannie Mae and Freddie Mac are helping borrowers who already have homes to stay in them.”

Mortgage Bankers Association – “Standard Mortgage’s Steven Bradshaw Testifies on Flood Insurance” (1-13-16)

“Steven Bradshaw, Executive Vice President of Standard Mortgage Corporation, on behalf of the Mortgage Bankers Association (MBA), testified today before the House Financial Services Subcommittee on Housing and Insurance at a hearing titled, ‘How to Create a More Robust and Private Flood Insurance Marketplace.'”

NAHB – “Statement from NAHB Chairman Tom Woods on House Passage of Resolution Overturning WOTUS Rule” (1-13-16)

“Tom Woods, chairman of the National Association of Home Builders (NAHB) and a home builder from Blue Springs, Mo., today issued the following statement on the passage of a House resolution (S. J. Res. 22) that would rescind the Environmental Protection Agency’s “waters of the United States” rule.”

Mortgage Professional America – “Recruiting trends top loan officers should watch in 2016” (1-13-16)

“Demand for the country’s best mortgage producers will continue strong in 2016, and with good reason. A study by the Stratmor Group revealed that the top 20% of a company’s originators are generally responsible for 57.4% of the firm’s overall loan volume.”

DS News“Fed: Tight Inventory Still Dogs Housing Markets” (1-13-16)

“Despite existing-home sales falling to their slowest pace in 19 months in November, the 12 Federal Reserve Districts reported mixed but slightly improved housing markets for the six-week period leading up to January 4, according to the Federal Reserve’s first Beige Book of 2016 released on Wednesday.”

Housing Wire – “Fitch: Six housing predictions for 2016” (1-13-16)

“There’s general consensus that mortgage interest rates are going to rise in 2016 after the Federal Open Market Committee announced in December that it is increasing the federal funds rate for the first time since June 2006.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (1-13-16)

“Mortgage applications increased 21.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 8, 2016.  The previous week’s results included an adjustment for the New Year’s holiday.”

 

Bruce Norris will be speaking at the 2016 Los Angeles Real Estate Summit in Glendale on Thursday, January 14.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Orange County on Tuesday, January 19.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Los Angeles on Thursday, January 21.

Image copyright source: www.flickr.com/photos/fanofretail

 

Looking Back:

Lenders expected to see growth this year for both commercial and multifamily lending.  Values of homes decreased again the previous month; however, the gap between the home-value opinions for homeowners and appraisers was wider.  Home sales for both existing and new homes decreased significantly in November, leading to weak home sales at the start of the year.

 

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.

Vacancies for U.S. Apartments Showing Signs of Increase

Wednesday, January 6th, 2016

 

Today’s News Synopsis:

 

The Mortgage Bankers Association reported a total decrease of 27% for mortgage applications over the last two weeks.  At the same time, vacancies for apartments in the U.S. are continuing to show signs of increase.  In their latest settlement, JPMorgan has agreed to pay $48 million to cover costs of robosigning.

 

In The News:

Bloomberg – “U.S. Apartment Vacancies Climb as New Buildings Crowd the Market” (1-5-16)

“U.S. apartment vacancies rose in the fourth quarter as a construction surge in pricier urban locations overshadowed rising demand for older properties in the suburbs, Reis Inc. said.”

Mortgage Professional America – “Morning Briefing: Home prices unlikely to see widespread decline says mortgage insurer” (1-6-16)

“Home prices across America are unlikely to decline according to analysis from mortgage insurer Arch Mortgage Insurance Company.”

Realty Trac – “Will FHA Mortgages Become Cheaper in 2016?” (1-6-16)

“There’s a growing sense in Washington that the smartest people in finance are nestled together in the warm, cozy offices of the Federal Housing Administration (FHA). It’s difficult to name another federal program which has done so well during the past year, so naturally it’s fair to wonder what they will do in 2016. One possibility is a new and big FHA discount.”

DS News – “What Will it Take to Get Private Capital Back into Jumbo RMBS in 2016?” (1-6-16)

“The issuance of jumbo residential mortgage-backed securities has been slow—and the outlook for jumbo RMBS issuance for 2016 doesn’t look good, according to the January 2016 RMBS Research Report issued by Morningstar Credit Ratings this week.”

Housing Wire – “Proof of the housing market can survive a Fed interest rate hike” (1-6-16)

“Although mortgage applications significantly tumbled this week, the Federal Reserve’s recent interest rate hike is not to blame, according to a new report from Capital Economics.”

Mortgage Professional America – “TRID impacting fulfillment centers” (1-6-16)

“More originators rely on them to help facilitate deals following increased disclosure requirements; so much so that it’s creating delays, according to one professional.”

Mortgage Bankers Association“Mortgage Applications Decreased Over Two Week Period in Latest MBA Weekly Survey” (1-6-16)

“Mortgage applications decreased 27 percent from two weeks earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 1, 2016.”

DS News – “Safeguard Properties Receives Partnership Award from Code Enforcement Agency” (1-6-16)

“Safeguard Properties, the largest mortgage field services company in the United States, received the inaugural public-private partnership award from the American Association of Code Enforcement (AACE) at the AACE’s conference in Florida late last year.”

Mortgage Professional America – “JPMorgan pays $48 million for robosigning faults in OCC deal” (1-6-16)

“The largest U.S. bank by assets will be fined for failing to meet terms of a 2013 accord over mortgage-servicing flaws, the agency said in a statement Tuesday.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Orange County on Tuesday, January 19.

Image copyright source: www.flickr.com/photos/jeremybrooks

 

Looking Back:

President Obama spoke in Phoenix to follow up his state of the Union address regarding housing and the GSEs.  CoreLogic reported home prices increased 5.5% the previous November and were continuing to fluctuate.  Growth for rent also increased 4.7% and was at levels not seen since 2011.

 

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.

Foreclosure Starts at Lowest Month-Over-Month in Ten Years

Wednesday, December 23rd, 2015

Sources:

Sales of Existing U.S. Homes Slump on Delayed Contract Closings
Home prices set new record – FHFA

 

Today’s News Synopsis:

 

Aaron Norris of the Norris Group gives the news of the week in the world of real estate in this week’s Norris Group real estate headline roundup.  Foreclosure starts showed significant decrease and are now at their lowest month-over-month in ten years.  Sales of new homes increased 4.3% last month and are now at 490,000.  The Mortgage Bankers Association reported a 7.3% increase in mortgage applications from last week.

 

In The News:

NAHB – “New-Home Sales Rise 4.3% Percent in November” (12-23-15)

“Sales of newly built, single-family homes rose 4.3 percent to a seasonally adjusted annual rate of 490,000 units in November, according to newly released data from HUD and the U.S. Census Bureau.”

Mortgage Bankers Association – “Refinance, Purchase Applications Both Up in Latest MBA Weekly Survey” (12-23-15)

“Mortgage applications increased 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 December 18, 2015.”

Realty Trac – “Best Markets for Millennials to Rent in 2o16 (VIDEO)” (12-23-15)

“Daren Blomquist RealtyTrac Vice President goes over best markets for Millennials to rent in 2016.”

Mortgage Professional America – “Morgan Stanley to pay $8.8m over SEC ‘parking’ claims” (12-23-15)

“Morgan Stanley will pay $8.8 million to resolve U.S. Securities and Exchange Commission allegations that a portfolio manager used prearranged trades to favor some clients over others.”

 

Mortgage Professional America – “Morning Briefing: Cheaper to buy than rent in majority of markets” (12-23-15)

“New analysis of official data across America shows that renters are paying more than homeowners in the majority of markets.”

DS News“Foreclosure Starts Plunge to Lowest Monthly Total in Nearly a Decade” (12-23-15)

“Some foreclosure metrics have long been approaching or below pre-crisis levels. Foreclosure starts reached a new low in November, however, falling to their lowest level in nearly 10 years, according to Black Knight Financial Services’ First Look at Mortgage Data for November 2015 released Wednesday.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Orange County on Tuesday, January 19.

Image copyright source: www.flickr.com/photos/lendingmemo

 

Looking Back:

New home sales decreased 1.6% the previuos month according to both HUD and the U.S. Census Bureau.  Home prices increased in October by 0.6%, exceeding expectations.  The FHFA announced they will not allow Fannie and Freddie-backed mortgages to be placed in a secondary position.

 

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.


www.flickr.com/photos/maureendidde
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www.flickr.com/photos/lendingmemo
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After Long Process, Fed Has Decided to Raise Interest Rates

Wednesday, December 16th, 2015

Today’s News Synopsis:

 

Breaking News: After a long process, the Fed made the decision today to raise interest rates by 25 basis points.  Housing starts for single-family homes increased 10.5% according to the U.S. Department of Housing and Urban Development and the Commerce Department.  Despite having been passed in October of last year, H.R. 3192 was not included in the year-end spending bill that was announced yesterday.

 

In The News:

DS News“It’s Official: The Fed Finally Raises Rates” (12-16-15)

“The Federal Reserve made the long-awaited, much-anticipated announcement on Wednesday afternoon that federal funds target rate will increase by 25 basis points from its near-zero level where it has been since 2006.”

Mortgage Bankers Association – “MBA Releases White Paper on Affordable Rental Housing and Need for Holistic Policy Solutions” (12-16-15)

“The Mortgage Bankers Association (MBA) today released a white paper outlining the importance of – and recommendations to expand – affordable rental housing.”

Housing Wire – “Fannie Mae: Expect 3 more Fed rate hikes in 2016” (12-16-15)

“December 16, 2015, will forever be known as the day that the Federal Open Market Committee increased the federal funds rate for the first time since June 2006, but one housing industry insider expects that this rate hike won’t be the last one — far from it, in fact.”

Realty Trac – “How Home Affordability Will Suffer as Interest Rates Rise: County-Level Heat Map” (12-16-15)

“With the Federal Reserve announcement today that it will be raising short-term interest rates by a quarter point — the first time it has done so since June 2006 — RealtyTrac took a look at the potential impact of rising interest rates on home affordability.”

Mortgage Professional America – “Morning Briefing: Buyers won’t be put off by higher interest rates” (12-16-15)

“With the Fed widely expected to increase interest rates by 25 basis points this week with further hikes to come, Zillow Mortgages has polled consumers to gauge how it might affect their home-buying plans.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (12-16-15)

“Mortgage applications decreased 1.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 11, 2015.”

NAHB – “Single-Family Starts Reach Seven-Year High in November” (12-16-15)

“Nationwide housing starts rose 10.5 percent to a seasonally adjusted annual rate of 1.173 million units in November, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department.”

Housing Wire – “TRID grace period bill looks for a plan B” (12-16-15)

“The Homebuyers Assistance Act, H.R. 3192, which passed the House in October by a vote of 303-121, failed to make it into the year-end spending bill that was announced late Tuesday.”

DS News – “GSEs Approaching Foreclosure Prevention Milestone” (12-16-15)

“The Federal Housing Finance Agency (FHFA), conservator of Fannie Mae and Freddie Mac, reported that the GSEs have completed almost three million home retention actions since the beginning of the conservatorships in September 2008.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Orange County on Tuesday, January 19.

 Image copyright source: www.flickr.com/photos/lendingmemo

 

Looking Back:

Production on new homes Decreased 1.6% the previous month according to NAHB.  Mortgage debt for commercial/multifamily properties increased by $28.6 billion, or 1.1%, its highest on record.  Freddie Mac reported that they expected to see  the highest amount of home sales in 2015.

 

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.





FHA Loan Limits For Next Year Announced

Wednesday, December 9th, 2015

Today’s News Synopsis:

 

The Mortgage Bankers Association reported mortgage applications increased 1.2% from last week in their latest survey.  FHA loan limits for next year were just announced today, and it looks like the limits will be increasing due to housing price changes.  The difference between the opinions of appraisers and homeowners is growing smaller.

 

In The News:

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (12-9-15)

“Mortgage applications increased 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 December 4, 2015.  The previous week’s results included an adjustment for the Thanksgiving holiday.”

Mortgage Professional America – “FHA/VA still dominates high-LTV lending” (12-9-15)

“In December, the Data & Analytics division of Black Knight Financial Services looked at high loan-to-value (LTV) products – greater than 95% LTV – in light of the GSEs’ reintroduction of high-LTV products at the end of 2014, coupled with the 50-basis-point reduction in FHA annual mortgage insurance premiums earlier this year.”

Bloomberg – “Wall Street Lending Standards Remind Regulators of Crisis Run-Up” (12-9-15)

“The biggest U.S. banks continue to weaken standards for some of the highest-risk lending in a trend similar to what their examiners saw before the 2008 financial crisis, according to a regulator’s report.”

Housing Wire – “FHA announces 2016 loan limits” (12-9-15)

“The Federal Housing Administration announced its loan limits for 2016, with the loan limits in 188 counties set to increase due to changes in housing prices.”

Mortgage Professional America – “Mortgage profits drop” (12-9-15)

“Fear not originators; profits may be down from last quarter, but they’re up year-over-year according to the Mortgage Bankers Association.”

Housing Wire – “TransUnion: Mortgage market will completely recover next year” (12-9-15)

“The long, steady recovery from the housing crisis and the recession that followed is nearly over, with the consumer lending market, including mortgages, expected to recover completely in 2016, according to a new report from Transunion.”

DS News – “Gap Between Homeowner, Appraiser Opinions Narrows” (12-9-15)

“The average appraisal in November was 1.87 percent lower than the value the homeowner expected, according to the Quicken Loans’ national Home Price Perception Index.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Orange County on Tuesday, January 19.


Image copyright source: www.flickr.com/photos/jakerust

 

Looking Back:

The amount of mortgage credit available increased the previous month by 1.2% according to the latest Mortgage Credit Availability Index.  Out of the total amount of homes sold in September 2014, 34.8% of them were cash sales, down from 37.2% year-over-year.  A new moratorium for evictions had just been announced by Fannie Mae and Freddie Mac as a way to help those with single-family foreclosed homes.

 

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

More Large Banks Cutting Back on Lending to Small Businesses

Wednesday, December 2nd, 2015

Today’s News Synopsis:

 

The Mortgage Bankers Association reported a slight 0.2% decrease in mortgage applications from last week.  CoreLogic also reported the sale of distressed homes is also decreasing and are now at 9.7%.  More and more large banks are cutting back on how much they are lending to small businesses.

 

In The News:

Housing Wire – “CoreLogic: Distressed home sales continue to trend lower” (12-2-15)

“Distressed sales, which include real estate-owned properties and short sales, continued to drop and accounted for 9.7% of total home sales nationally in September 2015, according to the latest report from CoreLogic (CLGX).”

Mortgage Bankers Association – “Mortgage Applications Decrease Slightly in Latest MBA Weekly Survey” (12-2-15)

“Mortgage applications decreased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 27, 2015.  This week’s results included an adjustment for the Thanksgiving holiday.”

Mortgage Professional America – “Major banks dial down on small business lending” (12-2-15)

“The United States’ biggest banks are making even less loans to small businesses than they did about ten years ago, according to a Wall Street Journal story. Because of this, alternative non-bank lenders have acquired the market share of some of these banks and are able to charge considerably higher rates for their services.”

DS News“Rising Home Sales in Most Fed Districts Indicate ‘Moderate’ Improvement” (12-2-15)

“While tight inventory combined with increasing home prices have caused some concern about affordability as of late, the Federal Reserve reported in its December Beige Book released Wednesday that housing markets improved at a “moderate” pace on balance since the previous Beige Book was issued in mid-October.”

Housing Wire – “Quicken Loans considers quitting FHA loans” (12-2-15)

“The contentious legal battle between Quicken Loans and the Department of Justice over the DOJ’s allegations that Quicken violated the False Claims Act by “knowingly” submitting hundreds of “improperly underwritten” loans insured by the Federal Housing Administration may just be enough to drive Quicken Loans out of FHA lending completely.”

Mortgage Professional America – “Industry warned about fraudulent reverse mortgage appraisals” (12-2-15)

“The Office of the Inspector General for the Department of Housing and Urban Development (HUD OIG) is warning the industry about inflated reverse mortgage appraisals.”

DS News – “HUD Secretary Castro: Country is Experiencing an Affordable Housing Crisis” (12-2-15)

“The future of housing in America can seem so close, yet so far away, but government officials and housing experts are already hot on the case making their evaluations of the present state of the market and predictions for the future.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.


Image copyright source: www.flickr.com/photos/jakerust

 

Looking Back:

The Mortgage Bankers Association reported delinquency rates for commercial and multifamily loans decreased in the third quarter by 0.37%.  Both home sales and existing home prices increased for the month of October and were higher than the 10-year average.  Spending on construction also increased in October by 1.1%.

 

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.