California Real Estate Investing News

Posts Tagged ‘Weekly Mortgage Applications Survey’

Number of One-Person Firms in the Construction Industry Totals 2 Million

Wednesday, June 15th, 2016

Today’s News Synopsis:

The Mortgage Bankers Association reported a 2.4% decrease in mortgage applications from last week.  The NAHB reported the number of one-person firms in the construction industry totals over 2 million.  Republicans in the House of Representatives revealed their plan yesterday to replace Dodd-Frank as well as help strengthen the economy.

In The News:

Housing Wire – “Fannie Mae unexpectedly, indefinitely delays use of trended credit data” (6-14-16)

“With just a handful of days left until Fannie Mae was set to release a heralded update to its Desktop Underwriter program that could have opened up the credit box to potential borrowers previously deemed unworthy, the government-sponsored enterprise is unexpectedly and indefinitely delaying the implementation of Desktop Underwriter Version 10.0.”

DS News – “Can Banks and Fintechs Live in Harmony?” (6-15-16)

“In various public addresses this year, Comptroller of the Currency Thomas J. Curry has staunchly defended the importance and relevancy of banks in 2016 as financial technology firms, or “fintechs,” have become increasingly popular.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-15-16)

“Mortgage applications decreased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 10, 2016.”

Construction Dive – “NAHB: Construction industry includes more than 2M one-person firms” (6-15-16)

“The NAHB said that the stability and relatively slower rebound exhibited by one-person companies could be the result of individuals forming their own businesses during and immediately following the Great Recession but then later going back to work as employees to fill open positions.”

Mortgage Professional America – “House Republicans unveil economic plan, including Dodd-Frank replacement” (6-15-16)

“House Republicans on Tuesday unveiled a plan to grow the economy that included the Republican alternative to the Dodd-Frank Act.”

Housing Wire – “Community lenders “baffled” to see major trade groups push “Wall Street” agenda” (6-15-16)

“The battle lines surrounding the potential reform of Fannie Mae and Freddie Mac are becoming firmly drawn, with the Community Mortgage Lenders of America denouncing and rejecting a recent letter from several of the largest trade groups in housing that called for the Federal Housing Finance Agency to leave Fannie and Freddie reform to Congress, rather than allowing the government-sponsored enterprises to rebuild capital.”

DS News – “Fannie Mae Appoints New Chief Audit Executive” (6-15-16)

“Fannie Mae has appointed J. Douglas Watt as SVP and chief audit executive effective July 11, according to an announcement from Fannie Mae earlier this week.”

Mortgage Professional America “Hensarling blasts Dodd-Frank, administration on economy” (6-15-16)

“At today’s full committee markup of a series of bills designed to boost the economy, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) had harsh words for the controversial Dodd-Frank Act and the administration’s handling of the economy as a whole.”

 

Hard Money Loan Closed

Walnut, California hard money loan closed. Real estate investor received loan for $380,000 on this single family property appraised for $615,000.

Walnut Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be speaking at the 12th NSDREI Birthday Celebration on Tuesday, June 21.

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

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI on Thursday, July 21.

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

 

Looking Back:

The NAHB reported an increase in builder confidence to its highest in a year this month, going from 54 to 59.  HUD came to a decision on Friday regarding allowing spouses still alive to stay in their home, a decision that was widely praised.  The FHFA gave Congress an updated report on their activities for the previous year to cover foreclosure prevention.

 

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.












Despite All Odds, Existing-Home Sales Continue to Increase

Wednesday, June 1st, 2016

Today’s News Synopsis:

Despite all odds, existing-home sales are continuing to show positive signs of increase, having risen 1.7% to 5.45 million.  Many housing advocacy groups and stakeholders in the industry are urging FHFA director Mel Watt to bring more changes to housing finance reform.  Mortgage applications decreased 4.1% according to the Mortgage Bankers Association.

In The News:

DS News – “FHFA to Make Delinquent Loan Sales More Transparent” (6-1-16)

“In mid-May, HUD announced that some changes were coming to its Distressed Asset Stabilization Program (DASP), the program through which the Department sells deeply delinquent, non-performing loans.”

NAHB – “Builders Call for End to Regulatory Overreach During National Homeownership Month” (6-1-16)

“As the National Association of Home Builders (NAHB) celebrates National Homeownership Month in June, builders continue to demand affordable housing for all Americans, calling for sensible reforms to burdensome regulations that increase the cost of housing.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-1-16)

“Mortgage applications decreased 4.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 27, 2016.”

Housing Wire – “Do you think CFPB TRID changes will heal mortgage market pain?” (6-1-16)

“The Consumer Financial Protection Bureau TRID rule is finally up for revisions after industry cries for changes and clarifications.”

DS News – “Existing-Home Sales Defy Unfavorable Odds” (6-1-16)

“Despite the unfavorable odds including inventory shortages, continued home price appreciation, and stagnant household income growth, existing-home sales continue to emerge triumphant, and that odds-defying trend is expected to continue.”

Housing Wire – “Is the FHA about to cut mortgage insurance premiums again?” (6-1-16)

“Early last year, the Obama Administration shook up the housing world when it ordered the Federal Housing Administration to cut its annual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%.”

Mortgage Professional America – “Morning Briefing: House prices continue steady gains” (6-1-16)

“House prices edged higher across the US in March according to the latest S&P/Case-Shiller House Price Index.  There was an annual gain of 5.2 per cent, down 0.1 percentage points from February, while the 10 and 20 city composites held steady at 4.7 and 5.4 per cent.”

DS News – “Groups Call for Action on Housing Finance Reform” (6-1-16)

“This week, housing finance reform is once again taking center stage as several industry stakeholders have sounded off on the topic, stressing the importance of protecting taxpayers and the mortgage industry in general.”

 

Hard Money Loan Closed

Perris, California hard money loan closed. Real estate investor received loan for $201,000 on this single family property appraised for $3,000.

Perris Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be speaking at the Southern California Chapter of the Appraisal Institute’s 19th Annual Inland Empire Market Trends on Thursday, June 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with West End Real Estate Professional on Friday, June 3.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with CVREIA on Tuesday, June 14.

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

 

Looking Back:

Household debt continued to increases despite delinquency rates showing signs of improvement.  Spending on construction increased 2.2% in April according to the U.S. Census Bureau of the Department of Commerce.  Richard Green was brought on as the new senior advisor for HUD’s housing finance.

 

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.











Home Prices Increasing at Faster Rate With Shortage of New Homes

Wednesday, May 25th, 2016

Today’s News Synopsis:

The MBA reported a 2.3% increase in mortgage purchase applications while refis continue to remain about the same.  Home prices are increasing at a faster rate due to the shortage of supply of new homes.  Nonprime loans are making a comeback since the crash, contributing to further market growth.

 

In The News:

Housing Wire – “Here are the top 5 reasons some homeowners are still underwater [Infographic]” (5-25-16)

“As the housing market approved and prices rose over the last few years, the number of borrowers that owe more on their home than it’s worth fell dramatically, but there are still a number of borrowers that are underwater on their home.”

DS News – “Bank of America’s ‘Hustle’ Whistleblower Retains Reward” (5-25-16)

“The mortgage industry has been buzzing this week about the Second Circuit Court of Appeals’ reversal of the $1.27 billion penalty against Bank of America over Countrywide’s High Speed Swim Lane (HSSL) mortgage program, also known as the “Hustle” program.”

Mortgage Bankers Association – “Purchase Applications Increase and Refis Hold Steady in Latest MBA Weekly Survey” (5-25-16)

“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 May 20, 2016.”

Mortgage Professional America – “Nonprime rebounds from crash to become a growth market” (5-25-16)

“In business, holding steady is seldom seen as the route to success. The name of the game is growth.  In the mortgage business, nonprime is an area of rapid growth partly for the simple reason that the bottom fell out during the crash and nonprime lending pretty much started over with a baseline of almost zero.”

Housing Wire – “OCC terminates Wells Fargo’s mortgage servicing restrictions” (5-25-16)

“The Office of the Comptroller of the Currency on Wednesday finally lifted its mortgage servicing restrictions on Wells Fargo now that the bank is in compliance with the requirements of the Independent Foreclosure Review.”

NAHB – “NAHB, OSHA Settle Litigation on Confined Spaces Rule” (5-25-16)

“Ed Brady, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Bloomington, Ill., issued the following statement regarding the settlement with the Occupational Safety and Health Administration (OSHA) on NAHB’s challenge to the agency’s Confined Spaces in Construction final rule: See Article”

Bloomberg – “U.S. Stocks Rise Amid Optimism Economy Can Handle Higher Rates” (5-25-16)

“U.S. stocks posted the strongest two-day rally in nearly three months, as signs of a stronger economy spurred speculation it can withstand higher interest rates.”

DS News – “Short Supply Causing Faster Price Appreciation” (5-25-16)

“Fewer homes for sale over the past year have driven prices up faster than expected, according Zillow’s latest Real Estate Market Report.”

Housing Wire – “Ocwen cleared of wrongdoing in multi-billion dollar mortgage bond fight” (5-25-16)

“Early in 2015, a group of mortgage bond investors that reportedly included BlackRock, MetLife, and Pimco accused Ocwen Financial of violating its duties as a mortgage servicer by failing to properly collect payments on $82 billion of home loans and accused Ocwen of engaging in ‘imprudent and improper servicing practices.'”

 

Hard Money Loan Closed

San Bernardino, California hard money loan closed. Real estate investor received loan for $130,000 on this single family property appraised for $193,000.

San Bernardino 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 FIBI Long Beach on Thursday night, May 26.

Bruce Norris will be speaking at the Southern California Chapter of the Appraisal Institute’s 19th Annual Inland Empire Market Trends on Thursday, June 2.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with West End Real Estate Professional on Friday, June 3.

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












List of Top 25 Cities for Finding a Job Just Released

Wednesday, May 18th, 2016

Today’s News Synopsis:

 

The Mortgage Bankers Association reported a 1.6% decrease in mortgage applications from last week.  Glassdoor Inc. released a list of the top 25 cities where it might be easier finding a job.  Trump said if he were elected president, he has plans to do away with Dodd-Frank.

 

In The News:

Housing Wire – “Housing experts fear impact of Trump, Sanders presidency” (5-18-16)

“Come November, some percentage of the U.S. population will choose the next president of this country. Who wins the election is still a big mystery and what happens after that is an even larger mystery.”

DS News – “Congressman Calls for Regulatory Transparency from the CFPB” (5-18-16)

“U.S. Rep. French Hill (R-Arkansas) said Monday that the Consumer Financial Protection Bureau (CFPB) needs to do a lot more to ensure the industry understand the new TRID-compliant ‘Know Before You Owe’ rules before they take effect.”

Mortgage Professional America – “Nonprime today is healthy and thriving, says Hutchens” (5-18-16)

“Ten years ago the nonprime lending system was set up for failure, and it failed.  Today, Angel Oak Senior Vice President for Sales and Marketing Tom Hutchens said the system is set up for success, and that it is succeeding at putting qualified buyers into houses they can afford to pay for even if they don’t qualify for conventional loans.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-18-16)

“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 13, 2016.”

Bloomberg – “There Are the Best U.S. Cities for Jobs” (5-18-16)

“Not all cities are created equal when it comes to work. Sometimes it may be easy to find a job, but the cost of living is high. Or a role might offer a high salary, but would deprive you of work-life balance.”

Mortgage Professional America – “Feds accused of planning microphones to spy on real estate investors” (5-18-16)

“FBI agents reportedly planted hidden microphones around the San Francisco area in an attempt to gather evidence against several real estate investors suspected of rigging bids at foreclosure auction.”

Housing Wire – “The ‘perfect storm’ blocking your business this spring-buying season” (5-18-16)

“What’s presumed to be the hottest buying season of the year isn’t shaping up to that due to a flurry of factors that are growing into the “perfect storm” to hinder housing, explained Kevin Golden, director of analytics with a la mode, at the Mortgage Bankers Association’s Secondary conference in New York City.”

DS News – “Trump Planning Dodd-Frank Overhaul” (5-18-16)

“Calling the Dodd-Frank Act a “negative force,” presumptive Republican presidential nominee Donald Trump said on Wednesday that in the next couple of weeks he will unveil a plan to overhaul the controversial Wall Street reform law that was passed in 2010 in response to the crisis.”

 

Hard Money Loan Closed

Riverside, California hard money loan closed. Real estate investor received loan for $106,000 on this single family property appraised for $177,000.

Riverside Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday morning, May 19.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Pasadena FIBI on Thursday night, May 19.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with FIBI Long Beach on Thursday night, May 26.

Image copyright source: www.flickr.com/photos/44313045@N08

 

Looking Back:

Zombie foreclosures were continuing to be dealt with as New York Governor Andrew Cuomo had just announced new practices for these foreclosures would be carried out by 11 institutions.  Fewer people intend to own a home despite the increase in rents, which normally would push them to buy.  Builder confidence decreased by two points this month, putting it at 45.

 

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.











Mortgage Write-Offs at $9.5 Billion, their Lowest in 9 Years

Wednesday, May 11th, 2016

Today’s News Synopsis:

 

Mortgage applications increased but not by much at 0.4% according to the Mortgage Bankers Association.  The White House announced plans today to focus on building more communities that will hold up better against difficult life circumstances.  The latest Equifax National Consumer Credit Trends Report showed mortgage write-offs to be at their lowest in 9 years.

 

In The News:

DS News – “Mortgage Delinquencies Don’t Sync With Q1 Trends” (5-11-16)

“Serious delinquencies on credit cards and auto loans rose in Q1 to levels not seen in the first quarter in the last three years, largely due to the oil slump that impacted the economy in energy-sector states such North Dakota, Oklahoma, and Texas, according to TransUnion’s Q1 2016 Industry Insights released Wednesday.”

Mortgage Professional America – “Foreclosure inventory, serious delinquency hit lowest rates in years” (5-11-16)

“Foreclosure inventory dropped more than 23% year over year in March, hitting its lowest rate in years according to new data from CoreLogic.”

Housing Wire – “Is Ditech really on the verge of layoffs?” (5-11-16)

“Ditech employees in Earth City, Missouri are not completely at a loss despite reports indicating 103 employees at the location would be cut.”

Mortgage Bankers Association – “Mortgage Applications Slightly Increase in Latest MBA Weekly Survey” (5-11-16)

“Mortgage applications increased 0.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 6, 2016.”

Bloomberg – “Fed Economist Says Stop Relying on Stocks for Recession Signals” (5-11-16)

“Turbulence in stocks and bonds was part of the Federal Reserve’s calculus for slowing interest rate increases in February.  Now an economist with the central bank’s Dallas branch says relying on the equity market for economic signals is a mistake.”

Mortgage Professional America – “Consumer confidence in homebuying hits all-time low” (5-11-16)

“Fewer people than ever before think it’s a good time to buy a home, according to new data from Fannie Mae.  Fannie Mae’s latest Home Purchase Sentiment Index showed that the share of Americans who feel that it’s a good time to buy a home has dipped to 30%, an all-time survey low.”

Housing Wire – “AMI to Fannie Mae CEO: Private capital is ready for return to mortgages” (5-11-16)

“Contrary to what Fannie Mae’s CEO told HousingWire last week, private capital is ready and willing to return to the mortgage market, the Association of Mortgage Investors said this week. ”

DS News – “Mortgage Write-Offs Hit a 9-Year Low” (5-11-16)

“In the first quarter of 2016, consumers appear to be demonstrating strong repayment practices, while taking advantage of continued low-rate environment, according to data from the April 2016 Equifax National Consumer Credit Trends Report.”

Mortgage Professional America – “Morning Briefing: White House announces plans for building resilience” (5-11-16)

“The impacts of climate change necessitate a structure for building more resilient communities, the White House said Wednesday.”

 

Hard Money Loan Closed

Lancaster, California hard money loan closed. Real estate investor received loan for $112,000 on this single family property appraised for $177,000.

Lancaster 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 OCRE Forum TONIGHT.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday morning, May 19.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Pasadena FIBI on Thursday night, May 19.

 

Looking Back:

The Bureau of Labor Statistics reported almost 2,000 new jobs were added to the mortgage industry in March.  Home prices increased in the first quarter with the increase in demand and inventory levels tightening.  A new proposal was being worked on by Senator Richard Shelby that would bring changes to the Federal Reserve.

 

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.










Bank of America Settles With FHL Bank of Des Moines Over Mortgage Complaints

Wednesday, May 4th, 2016

Today’s News Synopsis:

 

Home prices are showing a steady upward trend and have almost halfway recovered.  A lawsuit between Bank of America and FHL Bank of Des Moines regarding mortgage complaints has been settled.  The latest survey from the Mortgage Bankers Association shows a 3.4% decrease in mortgage applications and a relatively flat purchase market.

 

In The News:

 

Mortgage Bankers Association – “MBA Statement on FHFA Multifamily Lending Caps Adjustment” (5-4-16)

“The Federal Housing Finance Agency (FHFA) today announced that it has increased the 2016 multifamily lending caps for Fannie Mae and Freddie Mac from $31 billion to $35 billion, effective immediately.”

DS News – “Home Prices Nearly Halfway Recovered From Bottom” (5-4-16)

“Home prices continued to keep their rising pace in March 2016 and are up 40 percent from the bottom hit five years ago, CoreLogic reported in its Home Price Index (HPI) and HPI Forecast.”

Housing Wire – “Mortgage servicing drags down Nationstar Mortgage 1Q earnings” (5-4-16)

“Nationstar Mortgage Holdings’ earnings followed in the steps of Freddie Mac and Walter Investment Management Corporation as its earnings took a hit from the first quarter’s historically low interest rates.”

Mortgage Bankers Association – “Refis Down, Purchases Flat in Latest MBA Weekly Survey” (5-4-16)

“Mortgage applications decreased 3.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 29, 2016.”

Mortgage Professional America – “Nonprime lending today looks a lot like 1990s” (5-4-16)

“If nonprime lending is not what it used to be, maybe it’s because your frame of reference is too short, suggests Angel Oak Mortgage Solutions Senior Vice President of Sales and Marketing Tom Hutchens.”

Housing Wire – “TRID trouble?  CFPB tools give exclusive advice, tips” (5-4-16)

“Regardless of how many preventative programs, meetings and discussions a company has surrounding TRID, it can’t trump the tools the Consumer Financial Protection Bureau, the enforcer of TRID, is giving out.”

DS News – “Bank of America Settles with FHLBank of Des Moines” (5-4-16)

“Bank of America announced this week that it has settled four mortgage-related complaints with a Federal Home Loan Bank (FHLBank), the bank stated in a filing with the Securities and Exchange Commission (SEC).”

 

Hard Money Loan Closed

Rosamond, California hard money loan closed. Real estate investor received loan for $55,000 on this single family property appraised for $89,000.

Rosamond Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with SDCIA on Tuesday, May 10.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

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

 

Looking Back:

Mortgage originations for commercial and multifamily properties increased 49% year-over-year according to the Mortgage Bankers Association.  Freddie Mac announced the results of their finances and profits for the first quarter.  Black Knight Financial announced a decrease in the number of underwater borrowers.

 

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.











Pending Home Sales at Yearly High

Wednesday, April 27th, 2016

Today’s News Synopsis:

 

The Mortgage Bankers Association reported a 4.1% decrease in mortgage applications from last week.  On the other hand, pending home sales increased to their highest in a year at 110.5.  Freddie Mac changed its prediction for the economy and now believes it is looking more like it was in 2006.

 

In The News:

 

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (4-27-16)

“Mortgage applications decreased 4.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 22, 2016.”

DS News – “This Year’s Housing Forecast Looks a Lot Like 2006” (4-27-16)

“Inconsistencies in the economy during the first quarter have not dampened Freddie Mac’s forecast for housing for the coming year. Freddie Mac has held fast to its prediction that 2016 will be the best year for housing since before the crisis.”

Housing Wire – “Pending home sales jump to highest level in nearly a year” (4-27-16)

“Overcoming several roadblocks in housing, pending home sales managed to increase in March for the second consecutive month, reaching their highest level in almost a year, according to the National Association of Realtors.”

Mortgage Professional America – “Fed holds interest rates steady for now” (4-27-16)

“As expected, the Fed is holding steady on interest rates for now.  At its meeting today, the Federal Open Market Committee chose to forego a rate hike for now, citing soft exports and inflation that continues to run below the Fed’s 2% target.”

DS News – “Ocwen Stung by First Quarter Loss” (4-27-16)

“The first quarter of 2016 has not been kind to the profits of banks and investment banking firms, as evidenced by the substantial year-over-year declines most of them experienced.”

Housing Wire – “Brian Benson out as CEO of ClosingCorp” (4-27-16)

“ClosingCorp is now looking for a new chief executive officer as the company tells HousingWire that Brian Benson is out as the company’s CEO. ”

Mortgage Professional America – “Morning Briefing: Home price growth is easing off” (4-27-16)

“The growth of home prices slowed in February according to the latest S&/Case-Shiller Home Price Index.  Year-over-year there was a 5.3 per cent gain nationally but the monthly increase was 0.2 per cent while the 10-city index gained 0.1 per cent in the month.”

DS News – “Is Something Amiss in the Reverse Mortgage Industry?” (4-27-16)

“San Francisco-based advocacy group California Reinvestment Coalition (CRC) has asked HUD to impose a moratorium on home equity conversion mortgage (HECM, or reverse mortgage) foreclosures by CIT Group and its subsidiary, Financial Freedom.”

 

Hard Money Loan Closed

Burbank, California hard money loan closed. Real estate investor received loan for $530,000 on this single family property appraised for $817,000.

Burbank 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 IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

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

 

Looking Back:

The risk for Freddie and FHFA loans increased 0.3% year-over-year in March to 11.84%, putting them at a new high but not showing much change over all from the previous three months.  According to the latest Homeowner Sentiment Survey, homeowners were placing new value on their homes that involved more than just price. HOPE NOW provided new outreach opportunities to homeowners struggling the most.

 

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.









NAR Reports 5.1% Increase in Existing-Home Sales

Wednesday, April 20th, 2016

Today’s News Synopsis:

 

The National Association of Realtors reported existing-home sales increased 5.1% month-over-month in March.  The Mortgage Bankers Association reported mortgage applications increased 1.3% from last week.  More and more people are interested in buying a home with interest rates continuing to decrease.

 

In The News:

Housing Wire – “Existing home sales rebound 5.1% in March” (4-20-16)

“Existing home sales increased 5.1% in March from February, reaching a seasonally adjusted rate of 5.33 million, which represents an increase of 1.5% from March 2015, according to the latest data from the National Association of Realtors.”

Mortgage Professional America – “As interest rates fall, interest among buyers rise” (4-20-16)

“Last week, mortgage rates fell again to a three-year low. According to Freddie Mac, rates were at the lowest level since 2013 when it slipped to 3.58 percent for a 30-year fixed-rate mortgage. With rates on a downward slope, mortgage offices across the nation are feeling the effects.”

Realty Trac – “U.S. Home Sellers in March 2016 Realized Highest Home Price Gains Since December 2007” (4-20-16)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its March and Q1 2016 U.S. Home Sales report, which shows that U.S. home sellers in March on average sold for $30,500 more than they purchased for, a 17 percent average gain in price — the highest average price gain for home sellers in any month since December 2007 at the onset of the Great Recession.”

DS News – “‘Hardest Hit’ States Get More Relief from Treasury” (4-20-16)

“The final $1 billion in funds under the Hardest Hit Fund (HHF) has been allocated to 13 of the 19 participating HHF states, according to an announcement from the U.S. Department of Treasury on Tuesday. ”

Mortgage Professional America – “Senator calls for investigation into Fannie, Freddie” (4-20-16)

“The chairman of the Senate Banking Committee is calling for an investigation of Fannie Mae and Freddie Mac.”

DS News – “Back to Basics: 4 Ways to Transform the GSEs” (4-20-16)

“Fannie Mae and Freddie Mac have been under conservatorship for almost eight years following a massive taxpayer-funded bailout.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-20-16)

“Mortgage applications increased 1.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 15, 2016. ”

DS News – “Is TRID to Blame for Jumbo MBS Disappearance?” (4-20-16)

“For the last 10 years, jumbo mortgage-backed securities (MBS) have been easing their way back into the market, but did the implementation of TRID and other factors put a stop to growth in this sector?”

Mortgage Professional America – “Judge clears way for lawsuit over AIG’s subprime exposure” (4-20-16)

“A federal judge has okayed a California lawsuit by Pacific Investment Management Co that accuses American International Group – better known as AIG – of lying about its subprime mortgage exposure prior to its 2008 bailout, according to a Reuters report.”

 

Hard Money Loan Closed

Vista, California hard money loan closed. Real estate investor received loan for $650,000 on this single family property appraised for $1,000,000.

Vista 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 IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

Image copyright source: www.flickr.com/photos/59937401@N07

 

Looking Back:

Builder confidence continued to remain low despite housing starts increasing 2% the previous month.  Many people who lost their homes during the housing crisis were not expected to purchase again soon as they continued to remain cautious with the tight credit.  Home sales continued to increase, especially in California where buyers were rushing in to purchase 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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.










Five Large Banks Would Need Bailout Money Should Financial Crisis Hit

Wednesday, April 13th, 2016

Today’s News Synopsis:

The latest survey from the Mortgage Bankers Association showed mortgage applications increased 10% from last week.  The amount of mortgage credit available to consumers increased to 5.6% from 4.9% in the fourth quarter.  Five large banks did not pass the test for surviving a financial crisis and would need money to be bailed out.

 

In The News:

DS News – “Profits Down for JPMorgan Chase” (4-13-16)

“On the day that the Federal Reserve and FDIC announced that JPMorgan Chase was one of five systemically important financial institutions whose resolution plans were “not credible,” JPMorgan Chase announced that the bank’s first quarter profits for 2016 were down over-the-year by 7 percent.”

Bloomberg – “Goldman Sachs: These Companies Could Be Hurt the Most by Rising U.S. Wage Growth” (4-13-16)

“Good news for employees’ pockets could prove to be bad news for some companies’ bottom lines.  Wage growth has remained elusive during the recent U.S. economic recovery, but there are now signs of pay picking up, especially with new laws raising minimum wages in some cities.”

Housing Wire – “Five major banks fail bailout test, would need taxpayer money in crisis” (4-13-16)

“Five of the nation’s largest banks are not prepared for a financial crisis and would need taxpayer bailouts, the Board of Governors of the Federal Reserve System and the Board of Directors of the Federal Deposit Insurance Corporation announced Wednesday.”

Mortgage Professional America – “Court documents undermine government’s position on Fannie, Freddie” (4-13-16)

“When the government changed the terms of its bailout of Fannie Mae and Freddie Mac in 2012, sending all the firms’ profits to the Treasury, it claimed it was doing so because the mortgage giants were financially shaky and taking their profits was a way to protect taxpayers from future losses.”

DS News – “The TRID Effect on Lender Securitizations” (4-13-16)

“The implementation of the Consumer Financial Protection Bureau’s (CFPB’s) TILA-RESPA Integrated Disclosure (TRID) rule brought a number of both changes and headaches for originators, but what will be the impact on loan securitizations?”

Mortgage Bankers Association – “Mortgage Apps Jump 10 percent in Latest MBA Weekly Survey” (4-13-16)

“Mortgage applications increased 10 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 8, 2016.”

Housing Wire – “Will PHH accomplish the unthinkable against the CFPB” (4-13-16)

“Opening arguments are underway in the case of mortgage lender PHH in its challenge against fines levied by the federal regulator, the Consumer Financial Protection Bureau.”

Mortgage Professional America – “Homebuyers willing to pay more for energy efficiency — survey” (4-13-16)

“Typical new homes built in 2016 will include efficiency measures that will prospective home buyers looking for energy savings, according to the National Association of Home Builders.”

DS News – “Mortgage Credit Access Reverses Course” (4-13-16)

“Credit availability in the mortgage industry increased slightly in the fourth quarter, reversing a long-time downward trend over the last four quarters.”

 

Hard Money Loan Closed

Escondido, California hard money loan closed. Real estate investor received loan for $225,000 on this single family property appraised for $330,000.

Escondido 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 IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

Image copyright source: www.flickr.com/photos/dborman2

 

Looking Back:

Applications for homebuyers increased 7%  to their highest level since summer of 2013.  Analysts were still optimistic about the housing market recovering this year with recent improvements in new and pending home sales.  Redfin recently conducted a survey showing that 38% of millennials would rather spend money on a nice home than their wedding or honeymoon.

 

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.









New Homes This Year to Include More Energy-Saving Features

Wednesday, April 6th, 2016

Today’s News Synopsis:

The Mortgage Bankers Association reported a 2.7% increase in mortgage refinance applications from last week.  In celebration of New Homes Month, the building industry will be sharing new features seen on new homes, particularly energy-saving attributes.  CoreLogic reported home prices increased 6.8% year-over-year and 1.1% month-over-month.

 

In The News:

DS News – “JPMorgan Chase RMBS Deal First to Qualify Under Safe Harbor” (4-6-16)

“JPMorgan Chase Bank has become the first institution to file a residential mortgage-backed securitizations deal that qualifies under the Federal Deposit Insurance Corporation’s six-year-old Safe Harbor rule, and it’s filed a doozy.”

Mortgage Professional America – “Morning Briefing: Real estate boss says this will drive disruption in the industry” (4-6-16)

“There’s a looming disruptor for the real estate industry that may not even be on your radar yet but the CEO of real estate site Redfin says it will change the way America lives. It’s the driverless car.”

Mortgage Bankers Association – “Refinance Applications Drive Increase in Latest MBA Weekly Survey” (4-6-16)

“Mortgage applications increased 2.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 1, 2016.”

NAHB – “New Homes Attract Consumers Looking to Save on Energy Costs” (4-6-16)

“The home building industry celebrates New Homes Month in April by sharing the top features that will be seen in typical new homes built in 2016.”

Mortgage Professional America – “Home prices continue nationwide rise” (4-6-16)

“Home prices continued to rise nationwide in February, according to new data from CoreLogic.  Home prices across the country, including distressed sales, saw a 6.8% year-over-year increase in February, and a 1.1% increase month over month, according to CoreLogic’s Home Price Index.”

DS News – “Rising Compliance Costs Are Problematic for Home Builders” (4-6-16)

“Home builders have hit a roadblock. The ramped-up regulatory environment has made it difficult for builders to produce affordable homes.”

Housing Wire – “Freddie Mac partnering with Hope LoanPort to ‘modernize’ housing counseling” (4-6-16)

“As part of an effort to help housing counselors reach more borrowers, Freddie Mac is partnering with Hope LoanPort to “modernize” the housing counseling industry.”

Mortgage Professional America – “Court raises constitutional questions about CFPB’s structure” (4-6-16)

“Appeals court judges raised constitutional questions about the structure of the CFPB Monday.  Last year, the CFPB rendered a $109.2 million judgment against PHH Corp. for allegedly accepting illegal kickbacks.”

 

Hard Money Loan Closed

Palm Springs, California hard money loan closed. Real estate investor received loan for $350,000 on this single family property appraised for $555,000.

Palm Springs 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 LA South REIA on Monday, April 11.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Image copyright source: www.stockmonkeys.com

 

Looking Back:

Distressed Sales, which include both short sales and REOs, increased by 2.2%, the most in three years, in the first quarter of 2015.  However, for the whole year distressed sales were actually down in 2014 at 12.7%, their lowest in eight years.  A survey from Chase Slate Credit showed the group most confident about credit scores were actually the millennials of this generation.  Due to credit tightening among banks, they were coming up with new standards that were less lenient and cutting back on their amount of residential mortgage production.  This led more non-banks to step in and take on this task.

 

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.