California Real Estate Headline Roundup

Posts Tagged ‘Weekly Mortgage Applications Survey’

By Bruce Norris .

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.


 

New Water Bill Passed to Prevent Too Much Federal Jurisdiction on Waterways

Wednesday, May 13th, 2015

 

 

Today’s News Synopsis:

The Mortgage Bankers Association reported a decrease in mortgage applications again this week by 3.5%.  A new water bill was passed by the NAHB that would require the Environmental Protection Agency and U.S. Army Corps of Engineers to go through a proper process before placing federal jurisdiction on waterways in the nation.  More and more money being put into the real estate market is coming from markets that are abroad.

In The News:

DS News - “Study Shows Traditional Credit Scores May Not Be Accurate When Assessing Risk Millennials Pose” (5-13-15)

“Millennials, which are viewed by many analysts as the key to driving the housing market recovery, are actively seeking credit but largely being denied, according to a white paper released Tuesday by ID Analytics titled “Millennials: High Risk or Untapped Opportunity?”

Mortgage Professional America - “Court: Big banks misled Fannie, Freddie” (5-13-15)

“In a scathing decision, a federal judge has ruled that two major banks misled Fannie Mae and Freddie Mac when they sold them shoddy mortgage bonds in the run-up to the financial crisis.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-13-15)

“Mortgage applications decreased 3.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 8, 2015.”

NAHB“House Passes Water Bill That Helps Environment and Landowners” (5-13-15)

“The National Association of Home Builders (NAHB) today commended the House for passing legislation that would prevent the Environmental Protection Agency and U.S. Army Corps of Engineers from vastly increasing federal jurisdiction over the nation’s waterways and wetlands without going through the proper rulemaking process.”

Bloomberg - “Foreign Money Is Pouring Into U.S. Real Estate, and It’s Not Just Houses” (5-13-15)

“Blockbuster real estate deals are back and breaking records as cash from around the globe pours into U.S. office buildings, apartment complexes and other investment properties.”

Mortgage Professional America - “Daily Market Update: Mortgage credit availability increased in April” (5-13-15)

“Mortgage credit availability was higher in April according the Mortgage Bankers Association. Its index showed a 0.5 per cent increase, meaning that lending standards were looser than the month earlier.”

Housing Wire“Sterne Agee: The bull and bear case for housing stocks” (5-13-15)

“While inventory is tight and homebuilders are rushing to keep pace with demand, there are still a handful of factors that need to come together in order to be successful.  A recent homebuilding and furnishing stock report from Sterne Agee analyst Jay McCanless said, “Better-than-expected order volume was a common theme in the March quarter reports.”

Realty Trac“Commuter Training: Who Uses Public Transportation?” (5-13-15)

“While public transportation accounts for only five percent of commuting overall in America and a negligible half-percent in rural communities, it is a big contributor to the U.S. economy. For 2007, The Aspen Institute put total U.S. spending on transportation at $2.4 trillion, which at 17 percent of GDP is ‘approximately the same as the nation’s spending on health care’.”

 

Hard Money Loan Closed

Colton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $113,000 on a 3 bedroom, 1 bathroom home appraised for $174,000.

Colton Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the AOA “Million Dollar” Trade Show and Landlording Conference 2015 on Thursday, May 14.

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.

 

Looking Back:

The FHA and GSEs came up with a new way for consumers to have easier access to mortgage credit and to Fannie and Freddie loans.  Housing affordability increased in the first quarter with 65.5% of new and existing homes being affordable compared to 64.7% in the fourth quarter last year.  Home prices increased 11.3% in the fourth quarter of 2013 according to the latest Case-Shiller Index.

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

 

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 Market Still Needs Three More Years to Reach Healthy Level of Recovery

Wednesday, May 6th, 2015

 

 

Today’s News Synopsis:

According to the latest Gallup Job Creation Index, the number of new jobs increased beyond 31 on the index to their highest in over a year.  In a big news day for mortgages, both mortgage delinquencies and applications decreased, applications by 4.6% from last week and delinquencies to 5.4% in the first quarter.  Claren Financial even stated that the mortgage market still needs three more years to continue to recover.

 

In The News:

Mortgage Bankers Association - “Mortgage Delinquencies and Foreclosures Fall in First Quarter” (5-6-15)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 5.54 percent of all loans outstanding at the end of the first quarter of 2015.  This was the lowest level since the second quarter of 2007.”

Bloomberg - “Fannie-Freddie Regulator Said to Plan Easing Some Limits” (5-6-15)

“The regulator of Freddie Mac and Fannie Mae plans to ease annual restrictions on their apartment mortgage business to prevent a lending slowdown, according to two people familiar with the matter.”

Housing Wire - “Claren Financial: The mortgage market faces 3 more years of recovery” (5-6-15)

“It will be about three years until the mortgage lending environment returns to a healthy level and reaches a strong equilibrium.  During an interview with HousingWire, Claren Financial Services CEO Mike Biddle explained that the mortgage environment has been increasing modestly and will reach equilibrium in early 2018, barring new regulations or other scenarios.”

NAHB - “Housing Recovery Continues at Gradual Pace” (5-6-15)

“Markets in 68 of the approximately 360 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the first quarter of 2015, according to the National Association of Home Builders/First American Leading Markets Index (LMI), released today.”

Mortgage Bankers Association - “Mortgage Applications Decrease 4.6 Percent in Latest MBA Weekly Survey” (5-6-15)

“Mortgage applications decreased 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 May 1, 2015.”

Mortgage Professional America“Daily Market Update: Mayweather drops price of Florida penthouse” (5-6-15)

“Boxing champion Floyd Mayweather’s luxury Florida penthouse has been on the market for over a year without success and he has now dropped the asking price sharply.”

DS News - “Congressman Plan to Introduce Bill to Stop Freddie Mac CEO’s Potential Pay Hike” (5-6-15)

“U.S. Congressman Ed Royce (R-California) has announced that he plans to submit legislation by the end of the week to prevent a potential pay increase for Freddie Mac CEO Donald Layton.”

Housing Wire - “Gallup: Job creation index highest since September 2014″ (5-6-15)

“More American workers have reported that their employers were hiring over the past year than in the six years prior, with the latest data from April representing a new high mark.”

 

Hard Money Loan Closed

Bermuda Dunes, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $187,000 on a 3 bedroom, 2 bathroom home appraised for $280,000.

Bermuda Dunes Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

Bruce Norris of The Norris Group will be speaking at the AOA “Million Dollar” Trade Show and Landlording Conference 2015 on Thursday, May 14.

 

Looking Back:

According to a recent survey by Trulia, 2 out of 5 Americans said they preferred new homes to existing ones.  Mortgage loan originations for commercial and multifamily properties had not changed much year-over-year as they were only 1 percent lower in the first quarter of 2014 compared to 2013.  Metropolitan markets were continuing to show improvement as 300 out of 351 markets measured by the NAHB were showing economic gains.

 

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

 

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.


 

Sales of Existing Homes Increase Substantially in Wake of Spring Buying Season

Wednesday, April 22nd, 2015

 

Today’s News Synopsis:

Black Knight Financial Services reported a 4.7% decrease in delinquency rates, marking the first time they have gone below 5% in 8 years.  Mortgage applications, on the other hand, increased 2.3% from last week.  The sales of existing homes also increased substantially to their highest in 18 months with the onset of the spring buying season.

 

In The News:

DS News - “Delinquency Rate Drops Below 5 Percent For First Time Since 2007″ (4-22-15)

“The nationwide mortgage delinquency rate fell to an eight-year low following its largest month-over-month decline in nine years, according to Black Knight Financial Services’ “First Look” at Mortgage Data for March 2015 released Wednesday.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-22-15)

“Mortgage applications increased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 17, 2015.  The Market Composite Index, a measure of mortgage loan application volume, increased 2.3 percent on a seasonally adjusted basis from one week earlier.”

Mortgage Professional America - “Daily Market Update: Balance needed between regulation and opportunity…” (4-22-15)

“A meeting held this week by the National Association of Realtors brought together industry experts and economists to discuss the state of the housing market.  Looking both at historic trends and to the future, the various keynote speakers and attendees considered the effects of regulatory and economic conditions on the market.”

Bloomberg - “Housing Market Nears U.S. Busy Sales Season on Positive Note” (4-22-15)

“Sales of previously owned homes jumped in March by the most in four years, putting the U.S. residential real estate market on firm footing heading into the busiest time of year.”

Housing Wire - “Existing home sales explode as spring homebuying season officially arrives” (4-22-15)

“Existing-homes sales surged to their highest annual rate in 18 months, showing a promising beginning to the spring homebuying season, the latest report from the National Association of Relators said.”

DS News - “Freddie Mac Announces First Extended Timeline Pool Offering Auction of NPLs” (4-22-15)

“As part of the continued effort to excise all deeply delinquent, non-performing single-family residential loans from its mortgage portfolio, Freddie Mac has announced its first-ever Extended Timeline Pool Offering (EXPO) auction.”

Mortgage Professional America - “Treasury says Fannie, Freddie bailout wasn’t a loan” (4-22-15)

“In early April, the head of the U.S. Senate Judiciary Committee, Sen. Charles Grassley (R-Iowa), asked federal officials to uncloak documents surrounding a 2012 decision to alter the terms of the taxpayer bailout of housing agencies Fannie Mae and Freddie Mac.”

Housing Wire“Market demand causes Freddie Mac to upsize first actual loss STACR deal” (4-22-15)

“Citing market demand, Freddie Mac increased the size of its latest Structured Agency Credit Risk series offering, which gives investors the opportunity to secure actual loss positions for the first time and offloads some of the credit risk the GSE holds.”

Mortgage Professional America - “March home sales, prices spring higher” (4-22-15)

“March home sales rose a significant 33.9% over sales in February, marking the third largest single month increase since the RE/MAX National Housing Report began in August 2008. When compared with sales last March, the increase was 9.9%.”

DS News“FHFA Reiterates Vow to Protect GSE-Backed Loans From ‘Super-Priority’ Liens” (4-22-15)

“The Federal Housing Finance Agency (FHFA) has issued a statement saying it has not consented nor will it consent to the foreclosure of a GSE-backed mortgage loan when initiated by a homeowners association (HOA) that has attached “super-priority” lien status to a mortgage loan.”

 

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 4 bedroom, 2 bathroom home appraised for $273,000.

Riverside Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

 

Looking Back:

The FHFA reported home prices increased 6.9% year-over-year in February and 0.6% month-over-month.  At the same time, sales of existing homes decreased the prior month by 0.2% to 4.59 million, down from 4.60 million.  Housing expectations were not as high for this year according to the GSEs with the tighter credit standards and decreased inventory.

Copyright: Image from www.flickr.com/photos/nadya/ and www.flickr.com/photos/nadya/

 

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.

 


 

CFPB Makes Final Decision Regarding Providing Lists of Homeownership Counseling Organizations

Wednesday, April 15th, 2015

 

Today’s News Synopsis:

The House passed the Mortgage Choice Act in  a 286-140 vote.  Mortgage rates increased slightly this past week with 30-year rates now at 3.58% and 15-year rates at 2.87%.  Another final decision was also made by the CFPB regarding lender rules for providing lists of homeownership counseling organizations to mortgage applicants.

 

In The News:

Mortgage Professional America - “House makes decision on points and fees bill” (4-15-15)

“The U.S. House of Representatives passed legislation yesterday that modifies regulations for home mortgages established in the 2010 Dodd Frank Wall Street Reform Act.”

DS News - “Housing Advocates Ask Regulators to Investigate Possible Pro-Foreclosure Campaigns” (4-15-15)

“A group of non-profit housing industry leaders and advocates have written a letter to the top housing regulators in the U.S. asking them to investigate alleged pro-foreclosure campaigns on the part of Wall Street investors.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (4-15-15)

“Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 10, 2015.”

Realty Trac“On the Sunny Side of the States” (4-15-15)

“Things just got tougher for those confused about which is America’s “Sunshine State.” Though the honor officially belongs to Florida, many assume it is California, and now we see they have good reason.”

Bloomberg“REIT Mergers Seen Likely to Accelerate as Activism Climbs” (4-15-15)

“Mergers and acquisitions by larger real estate investment trusts will increase, probably approaching four to five a year, after a slowdown since the financial crisis, said Michael Kirby, chairman of research firm Green Street Advisors.”

DS News“Fed Reports ‘Steady to Improving’ Residential Real Estate Activity in Most Districts” (4-15-15)

“In the Federal Reserve’s latest Beige Book released on Wednesday, residential real estate activity was reported to be “steady to improving” across most of the Fed’s 12 districts for mid-February through the end of March despite a minor slowdown in construction due to winter weather.”

Mortgage Professional America - “Daily Market Update: Mortgage rates slightly higher this week” (4-15-15)

“Average rates for 30-year fixed rate mortgages rose in the week to April 14 according to Zillow. Borrowers were quoted rates of 3.58% Tuesday, up 3 basis points from a week earlier.”

Housing Wire“CFPB issues final rule on providing housing counseling information” (4-15-15)

“The Consumer Financial Protection Bureau issued a final interpretive rule that establishes lenders’ requirements for providing mortgage applicants with a list of local homeownership counseling organizations.”

Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7

Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.

Looking Back:

Mortgage applications increased 15% according to the latest Builder Application Survey by the Mortgage Bankers Association.  Builder confidence increased below expectations to only 47 this month with relatively flat sales and buyer traffic.  A recent report by Mortgage Daily showed mergers with banks was actually outpacing bank failures despite their increase in the market.

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.