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By Bruce Norris .

The Norris Group Real Estate News Roundup 5/15/13

Wednesday, May 15th, 2013


Today’s News Synopsis:

The NAHB reported builder confidence increased three points to 44, while at the same time the number of affordable homes decreased to 73.7% from 74.9% in the first quarter.  The Mortgage Bankers Association reported a 7.3% decrease in mortgage applications from last week.  HOPE NOW reported 245,000 loan mods were completed in the first quarter, a 20% increase from the first quarter of 2012.

In The News:

NAHB - “Builder Confidence Improves in May” (5-15-13)

“Builder confidence in the market for newly built, single-family homes improved three points to a 44 reading on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for May, released today.”

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

“Mortgage applications decreased 7.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 10, 2013.”

DS News - “U.S. Households Barely Out of Financial Distress in Q1″ (5-15-13)

“U.S. households experienced higher levels of financial distress in the first quarter as they faced budget constraints and a drop in the savings rate, according to the CredAbility Consumer Distress Index.”

Housing Wire - “Hope Now: 245,000 loan mods completed in 1Q” (5-15-13)

“Hope Now, a private alliance of mortgage servicers, insurers and nonprofit counselors, released data showing 245,000 homeowners benefited from permanent loan modifications in the first quarter of 2013.”

Realty Trac - “Where Are The Real Estate Buyers?” (5-15-13)

“The news on the real estate front is surely looking good. Compared with a year ago, prices are up, sales are higher, and yet more than a few people worry that today’s good news really signals little more than a short-term financial oddity.”

DS News - “Home Affordability Index Slips in Q1, but Remains Strong” (5-15-13)

“As interest rates stay low, housing affordability across the country remained strong in the first quarter but showed signs of weakening, according to data from the National Association of Home Builders (NAHB)/ Wells Fargo Housing Opportunity Index (HOI).”

Housing Wire - “Title II misses Dodd-Frank’s too big to fail goals” (5-15-13)

“A provision of Dodd-Frank designed to protect taxpayers from future bank bailouts caused a stir on Capitol Hill Wednesday.  Title II of the Dodd-Frank Act has analysts wondering if procedures designed to deal with troubled financial firms will be ineffective in curtailing excessive risk taking.”

Realty Times – “Growing Confidence About Home Prices Too Little Too Late” (5-15-13)

“Home prices have been rising for more than a year, but a majority of consumers are just getting around to expecting home prices to rise over the next year.”

DS News – “Report Examines Price Improvements by Region” (5-15-13)

“The recent rebound in residential real estate investment and housing prices is proving the old adage, ‘Real estate is local’.  While national indexes paint a picture of a recovering housing market, a closer look reveals quite a wide range of activity across the country.”

Hard Money Loan Closed

Rialto, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $77,000 on a 2 bedroom, 1 bathroom home appraised for $127,000.

 

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA TODAY.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Chino Valley on Friday, May 17, 2013.

Looking Back:

According to NAHB, builder confidence increased this month by five points to a level of 29.  However, at the same time the amount of homes remodeled decreased in March 1%, although they were still at high levels.  The number of listed homes on sale decreased 21% from the previous year.

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

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The Norris Group Real Estate News Roundup 4/17/13

Wednesday, April 17th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased 4.8% from last week.  Home builder sentiment increased by three points to 53, the highest in six years.  Bank of America posted their profit for the first quarter of 2013 at $2.6 billion.

In The News:

DS News - “Fed: ‘Problems’ with Cashing Foreclosure Settlement Checks Corrected” (4-17-13)

“Although about 50,000 checks from the recent foreclosure settlement have been cashed or deposited as of Monday, April 15, according the Federal Reserve and the Office of the Comptroller of the Currency (OCC), not all recipients were able to cash their checks.”

Housing Wire – “BofA posts 1Q profit, mortgage banking a mixed bag” (4-17-13)

“Bank of America posted a profit of $2.6 billion, or 20 cents a share, for the first quarter of 2013.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-17-13)

“Mortgage applications increased 4.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 12, 2013.”

Inman - “Trulia survey casts light on homeowner regrets” (4-17-13)

“In a nod to today’s acute inventory shortage, Trulia recently conducted  a “regrets survey,” saying in a blog post that the survey’s results are particularly relevant because the tight supply of the current market is likely to rush buyers into making purchases without doing proper due diligence.”

Bloomberg - “Student Debtors Retreat From Home Buying, NY Fed Data Show” (4-17-13)

“Student-loan borrowers under 30 are retreating from the housing and auto markets, an analysis of data by the Federal Reserve Bank of New York shows.”

Realty Times - “Home Builder Sentiment Highest in Six Years” (4-17-13)

“Although U.S. home builders are concerned about the rising costs of building materials, home builder sentiment for future sales expectations in the next six months climbed three points to 53 and is at the highest level reached in more than six years, February of 2007, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).”

Housing Wire - “Housing moves forward despite economic setbacks: Fannie Mae” (4-17-13)

“The fiscal headwinds from tax hikes and sequestration should restrain economic growth and counter the tailwinds from housing as well as the continued Federal Reserve ultra-easy monetary policy.”

Housing Wire – “HUD Secretary sounds alarm on FHA taxpayer bailout” (4-17-13)

“Members of the House Committee on Appropriations fired off questions Wednesday to Shaun Donovan, secretary of the Department of Housing and Urban Development, seeking answers to how the Federal Housing Administration will avoid a potential $943 million first-time Treasury draw.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $63,000 on a 3 bedroom, 2 bathroom home appraised for $98,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with Chino Valley Real Estate on Friday, May 17, 2013.

Looking Back:

Housing starts showed disappointing numbers the prior month with a 5.8% drop from February 2012.  The Lender Processing Services reported more short sales than foreclosures with banks agreeing to sell houses below the mortgage amount.  Housing permits increased 4.5% in March 2012, bringing them to their highest level in four years.

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

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The Norris Group Real Estate News Roundup 2/19/13

Tuesday, February 19th, 2013


Today’s News Synopsis:

According to the NAHB, builder confidence remains approximately the same, having decreased only one point to 46.  Freddie Mac reported over one-third of households for the multifamily sector are rentals, the highest since 1997.  However, for many in the economy today rental prices are still beyond what they can afford.  The number of loans refinanced through the HARP Refinance Program reached 2 million.

In The News:

Realty Trac – “Washington, D.C. Watch: Low Inventory Pushes D.C. Housing Prices Up” (2-18-13)

“In the Washington, D.C. region real estate is hot. According to MRIS, inventory is tight as fewer and fewer homes are going on the market.”

NAHB – “Builder Confidence Virtually Unchanged in February” (2-19-13)

“Builder confidence in the market for newly built, single-family homes was virtually unchanged in February with a one-point decline to 46 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

DS News- “FNC: Foreclosure Market Stabilizing as Home Values Rise” (2-19-13)

“With the ongoing housing market recovery, the foreclosure market is also stabilizing and foreclosure prices are bottoming out, according to a report from FNC Inc.”

Bloomberg - “Brookfield Says U.S. Home Rebound Just Begun” (2-19-13)

“Brookfield Residential Properties Inc., the second-best performing home-building stock in the Americas over the past year, said the recovery in U.S. housing is only just starting to add to earnings.”

Inman - “RealtyTrac launches brokerage network” (2-19-13)

“Online foreclosure marketplace RealtyTrac launched a brokerage network today the company says will provide partners with exclusive leads, market insight and media exposure.”

DS News - “Freddie Mac: Rental Affordability Lacking Amid Growth in Multifamily Sector” (2-19-13)

“In a blog post, a Freddie Mac executive revealed more than one-third of U.S. households are renters, the largest share since 1997, yet adequate, affordable rental housing is still out of reach for many.”

CNN Money - “Office Depot and OfficeMax shares soar on merger chatter” (2-19-13)

“Shares of rival office supply chains Office Depot and OfficeMax soared in early trading Tuesday following widespread reports that the two companies are in merger talks.”

Inman - “LPS signs off on another robo-signing settlement” (2-19-13)

“Real estate information and technology company Lender Processing Services Inc. has agreed to pay $35 million to resolve criminal fraud allegations in connection with a six-year scheme involving more than 1 million fraudulently signed mortgage documents, the U.S. Department of Justice said.”

Housing Wire – “Judge dismisses Florida taxation case against GSEs” (2-19-13)

“U.S. District Judge Virginia Hernandez Covington tossed out a proposed class action suit filed by the Hernando County Circuit Clerk, located about 60 miles north of Tampa, against both Fannie Mae and Freddie Mac.”

DS News- “Report: Obstacles to Policies that Encourage Low-Priced Housing” (2-19-13)

“Inclusionary housing policies—those which either require or encourage developers to provide low-priced housing within market-rate developments—have largely survived the recent housing downturn.”

Housing Wire- “HARP hits 2 million refinances” (2-19-13)

“Fannie Mae and Freddie Mac reached a milestone in refinancing more than 2 million loans through the Home Affordable Refinance Program, according to the Federal Housing Finance Agency.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $210,000 on a 4 bedroom, 2 bathroom home appraised for $346,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA on Thursday, February 21, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IEIF on Tuesday, February 26, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at FIBI Long Beach on Thursday, February 28, 2013.

 

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.

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The Norris Group Real Estate News Roundup 12/18/12

Tuesday, December 18th, 2012

Today’s News Synopsis:

Builder confidence improved this month and is now at 47.  Foreclosure inventory is decreasing with the increase in short sales, loan mods, and default cancellations.  Home prices increased both month-over-month and year-over-year in November by 3.6% and 6.9% respectively.  Home sales also increased 15.7% year-over-year.

In The News:

Bloomberg- “Blackstone, Ranieri Betting on Bad FHA Loans: Mortgages” (12-18-12)

“Hedge funds and private-equity firms are betting on delinquent home loans being sold by the U.S. Federal Housing Administration as the government agency accelerates debt sales to avert a bailout and stem foreclosures.”

NAHB- “Builder Confidence Continues Improving in December” (12-18-12)

“Builder confidence in the market for newly built, single-family homes rose for an eighth consecutive month in December to a level of 47 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

Housing Wire- “Hope Now prevented nearly 130,000 foreclosures in October” (12-18-12)

“Loan modification data released by HOPE NOW – an alliance of mortgage servicers, insurers and housing counselors – notes the month of October brought 88,583 permanent loan modifications and 38,518 short sales.”

DS News- “Prices Continue to Climb in November: RE/MAX” (12-18-12)

“Even as the market heads into its slow season, sales numbers continued to stand well above their year-ago level in November, according to RE/MAX’s latest National Housing Report.”

Realty Times – “Chicago Experts Offer Predictions For 2013′s Residential Real Estate Market” (12-18-12)

“Chicago experts gazed into the 2013 crystal ball and found good fortunes in building, renting and second homes.”

Bloomberg- “Builders Hanging Help-Wanted Signs as Industry Rebounds” (12-18-12)

“Construction employment in the U.S. is poised to rebound as a swelling pipeline of projects prompts companies to expand.”

DS News- “Webinar Addresses 2013 HAFA Short Sale Updates” (12-18-12)

“On Monday, the Charfen Institute hosted a webinar to discuss short sale updates from the government’s Home Affordable Foreclosure Alternatives Program (HAFA), which is part of the Making Home Affordable program.”

Housing Wire- “California foreclosure inventory shrinks on short sales, loan mods” (12-18-12)

“California, one of the hardest hit states during the housing bust, is facing a new situation as its foreclosure inventory shrinks on default cancellations, short sales, filing errors and statutory time frames that prevent homes from reaching the state’s distressed inventory.”

Hard Money Loan Closed

Hemet, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $55,000 on a 3 bedroom, 2 bathroom home appraised for $92,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at IRCA Los Angeles on Wednesday, January 2, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley on Tuesday, January 8, 2012.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association on Thursday, January 17, 2012.

 

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.

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The Norris Group Real Estate News Roundup 10/24/12

Wednesday, October 24th, 2012

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased 12% from last week.  Home prices increased 0.7% in the US according to FHFA.  New home sales also increased and are now up 27% year over year.  Bank of America is being sued by the Justice Department for alleged mortgage fraud.


In The News:

DS News- “RBS to Pay Nevada $42M for Role in Securitizing Subprime Mortgages” (10-24-12)

“RBS Financial Products (RBSFP) will pay the state of Nevada $42 million to settle allegations over the firm’s role in buying and securitizing subprime and payment option adjustable rate mortgages (ARMs), Nevada Attorney General Catherine Cortez Masto announced Wednesday.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (10-24-12)

“Mortgage applications decreased 12.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 19, 2012.”

Inman- “New-home sales up 27 percent from a year ago” (10-24-12)

“Sales of new single-family homes were up 5.7 percent from August to September and 27.1 percent from a year ago, to a seasonally adjusted annual rate of 389,000 — the strongest pace of sales since April 2010, the Census Bureau reported today.”

Realty Times – “Mortgage Rates Remain Low as Housing Reports Show Mixed Results” (10-24-12)

“With hopes that the recovering housing market will help the economy grow, monthly reports have become much more significant.”

CNN Money- “Bank of America sued for alleged mortgage fraud” (10-24-12)

“The Justice Department is seeking $1 billion from Bank of America, alleging the bank committed fraud by selling defective mortgages from a program it says was known within the bank as ‘the Hustle’.”

DS News – “FOMC Maintains Policy Stance to Hold Down Rates” (10-24-12)

“Pointing to slow employment growth and an “elevated” unemployment rate, the Federal Open Market Committee said Wednesday the Federal Reserve ‘will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month’.”

Bloomberg – “U.S. Home Prices Rose 0.7% in August From July, FHFA Says” (10-24-12)

“U.S. house prices rose 0.7 percent in August from July as buyers competed for a dwindling supply of property listings, the Federal Housing Finance Agency said.”

Housing Wire – “Ocwen, Walter Investment win bidding war for ResCap mortgage servicing” (10-24-12)

“The battle to acquire mortgage servicing rights from Residential Capital LLC, a subsidiary of Ally Financial, won the bid for Ocwen Financial ($38.81 2.61%), with a little help from Walter Investment ($43.88 3.19%). Sources tell HousingWire the two firms submitted a joint, winning bid last night.”

Hard Money Loan Closed

Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $245,000 on a 5 bedroom, 4.5 bathroom home appraised for $393,000.

 

Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.

Bruce Norris of The Norris Group will be at the Cutting-Edge Financial Tactics Brunch at the Mission Inn in Riverside on Saturday, October 27, 2012.

Bruce Norris of The Norris Group will be at the OCRE Forum at the Chinese Cultural Center in Riverside on Wednesday, November 7, 2012.

Looking Back:

Changes were being made to the refinancing program to help more homeowners who were underwater.  Campbell/Inside Mortgage Finance reported the time it took to approve a mortgage would take up to 60 days as opposed to 30 originally.  Realty Times reported an increase in builder confidence in October 2011.  In select states, foreclosed homes that were currently owned by HUD could be purchased at only a $100 down payment.

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.

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The Norris Group Real Estate News Roundup 10/22/12

Monday, October 22nd, 2012

Today’s News Synopsis:

September saw in an increase in mortgage delinquencies last month according to a recent report from the Lender Processing Services.  The rate, originally at 7.4%, is now at 7.72%.  The number of bank failures is now at 46 with the closure of three more banks in Tennessee, Minnesota, Arkansas.  In order to help JP Morgan with their mortgage margins and to keep taxpayers safe, Fannie Mae and Ginnie Mae are limiting the number of loans they are purchasing from firms.


In The News:

Bloomberg- “Fannie Mae Limiting Loans Helps JPMorgan Mortgage Profits” (10-21-12)

“Fannie Mae and Ginnie Mae are seeking to protect taxpayers as a flood of new lenders apply to do business with them. That’s also helping big banks’ profit and blunting Federal Reserve efforts to boost housing.”

DS News – “Three Bank Failures Raise 2012 Tally to 46″ (10-22-12)

“The FDIC’s deposit insurance fund got a little bit lighter Friday as three more banks fell, the corporation announced.”

Mortgage Bankers Association- “Stevens Calls for Federal Housing Policy Coordinator, Greater Transparency from FHFA” (10-22-12)

“David H. Stevens, President & CEO of the Mortgage Bankers Association (MBA) today delivered the following remarks at the association’s 99th Annual Convention and Expo in Chicago, IL.”

Housing Wire – “Federal housing leaders seek faster return of private capital” (10-22-12)

“The leaders of the nation’s federal housing agencies want a faster, not slower, transition to a housing finance system supported by private capital.”

Inman – “Survey: Younger generation not fazed by housing crisis” (10-22-12)

“A survey of 18- to 35-year-old Americans shows that the housing downturn hasn’t deterred most from aspiring to buy a home, and most feel that the crisis made them more knowledgeable about homeownership. ”

DS News- “Home Prices Forecast to Make Slow Progress from Floor Reached in Q1″ (10-22-12)

“Home prices reached a sustainable bottom during the first quarter of this year, according to Barclays’ U.S. residential credit strategy team.”

Realty Times – “Real Estate Outlook: Builder Confidence Rises” (10-22-12)

“According to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), builder confidence is at the strongest levels since June of 2006. What does this mean for the market?”

Housing Wire – “RealtyTrac: 65% of housing markets worse off than in 2008″ (10-22-12)

“Sixty-five percent of U.S. housing markets studied by RealtyTrac are worse off than they were four years ago, according to the Irvine, Calif.-based real estate research firm.”

DS News – “LPS: Delinquency Rate Suddenly Spikes in September” (10-22-12)

“Foreclosure inventory continued to diminish in September, but the delinquency rate saw a sudden month-over-month surge, according to the “first look” mortgage report from Lender Processing Servicers (LPS), which has a loan-level database covering about 70 percent of the market.”

Inman – “Fannie and Freddie becoming ‘wards of the state’?” (10-22-12)

“The government’s failure to overhaul mortgage giants Fannie Mae and Freddie Mac is pushing the U.S. toward nationalization of the mortgage market, and would-be homeowners will be the losers if competition between private companies isn’t restored. ”

Hard Money Loan Closed

Hemet, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $75,000 on a 4 bedroom, 4 bathroom home appraised for $126,000.

 

Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.

Bruce Norris of The Norris Group will be at the Cutting-Edge Financial Tactics Brunch at the Mission Inn in Riverside on Saturday, October 27, 2012.

Bruce Norris of The Norris Group will be at the OCRE Forum at the Chinese Cultural Center in Riverside on Wednesday, November 7, 2012.
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.

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The Norris Group Real Estate News Roundup 10/16/12

Tuesday, October 16th, 2012

Today’s News Synopsis:

Builder confidence increased this month for the sixth month in a row and is now at 41.  Vikram Pandit has stepped down from his position as Citigroup’s CEO and is being replaced by Michael Corbat.  The California Association of Realtors reported the median home price in California is now at its highest in four years at $345,000 last month.


In The News:

NAHB- “Builder Confidence Edges Higher in October” (10-16-12)

“Builder confidence in the market for newly built, single-family homes edged slightly higher for a sixth consecutive month in October, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The latest, one-point gain brings the index to 41, its strongest level since June of 2006.”

Housing Wire – “Citi CEO Vikram Pandit steps down” (10-16-12)

“Citigroup ($36.97 0.31%) announced Vikram Pandit is stepping down as CEO and board member, effective immediately.”

DS News – “Fitch Forecasts Continued Improvements for Housing “ (10-16-12)

“Fitch Ratings is predicting a continued recovery into 2012, according to a recent report titled U.S. Homebuilding and Construction: The Chalk Line.”

Bloomberg – “Investors Abandon Home Loan REITs Under Fed Assault: Mortgages” (10-16-12)

“Wellington Denahan-Norris helped deliver returns of 99 percent to investors in Annaly Capital Management Inc. (NLY) over the past five years. Now, after becoming co-chief executive officer, she’s being forced to play defense. ”

Los Angeles Times – “Most consumer default rates hit post-recession lows in September” (10-16-12)

“Consumers did a better job making on-time payments for mortgages and credit cards last month than at any point since the end of the Great Recession.”

DS News- “Kroll Factual Data Finds Possibility of Fraud in Applications Rising” (10-16-12)

“Kroll Factual Data, Inc. found risks in mortgage applications appears to be increasing.  The company recently revealed that the loans it processes had a 1.3 percent increase in the possibility of fraudulent activity in the second quarter compared to the previous quarter.”

Housing Wire – “FHFA: HARP leaps forward, 99,000 refinancings in August” (10-16-12)

“Close to 99,000 homeowners refinanced their mortgages through the Home Affordable Refinance Program in August, according to the Federal Housing Finance Agency.”

DS News – “California’s Median Home Price at Four-Year High: C.A.R.” (10-16-12)

“The California Association of Realtors (C.A.R.) continued to report a shortage of inventory in September, which is limiting home sales but seems to be pushing up median home prices.”

Hard Money Loan Closed

Highland, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $143,000 on a 3 bedroom, 2 bathroom home appraised for $222,000.

 

Bruce Norris of The Norris Group will be at the Apartment Owners Association in Los Angeles on Wednesday, October 17, 2012.

The Norris Group is holding its fifth annual I Survived Real Estate 2012 in Yorba Linda on Friday, October 19, 2012.

Bruce Norris of The Norris Group will be at the OC Investors Club in Tustin on Friday, October 26, 2012.

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.

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The Norris Group Real Estate News Roundup 9/18/12

Tuesday, September 18th, 2012

Today’s News Synopsis:

Builder confidence increased for the fifth month in a row to 40 according to the National Association of Home Builders.  According to recent data from both Standard & Poor’s and Experien, for eight months straight now fewer people are defaulting on their mortgages.  Housing inventory decreased 18.68% from last year, leading to a stabilization in several housing markets.


In The News:

NAHB – “Builder Confidence Continues to Gain Momentum in September” (9-18-12)

Builder confidence in the market for newly built, single-family homes rose for a fifth consecutive month in September to a level of 40 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.  This latest three-point gain brings the index to its highest reading since June of 2006.”

Housing Wire – “Housing in most markets stable or in recovery: Realtors” (9-18-12)

“Most U.S. housing markets are stable or in recovery with a few industrial areas still battling high unemployment and a weak real estate market, the National Association of Realtors said Tuesday.”

Inman – “Shrinking inventory bolstering many housing markets” (9-18-12)

“The number of homes for sale nationwide fell 18.68 percent from a year ago in August, to 1.84 million, Realtor.com reported today, continuing a trend that’s manifested itself every month so far this year.”

Realty Times – “California Revises Broker Requirements” (9-18-12)

“Just a few weeks ago California Governor, Jerry Brown, signed into law a piece of legislation that will make it more difficult for some people to obtain a real estate broker license.”

CNN Money – “Bankers nabbed in bid-rigging scandal” (9-18-12)

“A federal crackdown is proceeding quietly against bankers accused of systematically defrauding states, local governments and non-profits.”

Bloomberg – “Fannie Mae Audit Finds BofA Wasn’t Overpaid for Servicing Rights” (9-18-12)

“Fannie Mae didn’t give Bank of America Corp. special consideration in agreeing to pay more than $500 million to transfer servicing of 384,000 mortgages to firms more likely to prevent foreclosures, a U.S. auditor said.”

Realty Trac – “Is the REO Boom Over?” (9-18-12)

“For five years, foreclosures and bank-owned REOs, have dominated the real estate landscape nationwide.”

DS News – “Fannie Mae Projects ‘Sluggish’ Economic Growth for 2012″ (9-18-12)

“Economic growth isn’t looking good for the rest of the year, according to Fannie Mae’s Economic & Strategic Research Group.”

Bloomberg – “NAR calls for easier mortgage lending” (9-18-12)

“While home values increased in July from a year earlier in 42 states, New Jersey prices fell 0.8 percent, according to CoreLogic (CLGX), a real estate services company based in Santa Ana, California.”

Housing Wire – “Mortgage defaults keep declining” (9-18-12)

“Fewer borrowers defaulted on their first mortgage than for the eighth straight month, according to consumer credit data from Standard & Poor’s and Experian, keeping the trend alive for all of 2012.”

Hard Money Loan Closed

Glendora, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $250,000 on a 4 bedroom, 2 bathroom home appraised for $400,000.

 

Bruce Norris of The Norris Group will be at the InvestClub for Women in Los Angeles today, September 18, 2012.

Bruce Norris of The Norris Group will be at the InvestClub for Women in Orange County Wednesday, September 19, 2012.

Bruce Norris of The Norris Group will be at the Real Wealth Game Changers Expo in Costa Mesa Friday-Sunday, September 28-30, 2012

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.

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The Norris Group Real Estate News Roundup 8/22/12

Wednesday, August 22nd, 2012

Today’s News Synopsis:

According to the National Association of Realtors, existing home sales increased 2.3% for the first time in eight months.  Mortgage applications decreased 7.4% last week according to the latest survey released by the Mortgage Bankers Association.  Home builder confidence increased by 2 points to 37 and is now at the highest it has been since February 2007.


In The News:

Bloomberg – “Sales of U.S. Existing Homes Increase From Eight-Month Low” (8-22-12)

“Sales of existing homes climbed in July from an eight-month low, adding to signs U.S. housing may pick up in the second half.”

DS News – “Households Climb Out of Financial Distress in Q2: CredAbility” (8-22-12)

“U.S. households have found their way out of financial distress for the first time in nearly four years, with housing as the main reason for the improvement, according to the CredAbility Consumer Distress Index released Wednesday.”

Housing Wire – “Nearly half of Fannie Mae REO unable to reach market” (8-22-12)

“Only half of the previously foreclosed homes owned by Fannie Mae are either on the market or being prepared for sale. The remaining properties are currently locked away in some step of the foreclosure system.”

Inman – “Home prices post strongest growth since 2006″ (8-22-12)

“Demand for homes grew faster than the inventory of homes for sale in July, helping push the national median price of existing homes up for the fifth month in a row despite a modest increase in sales that fell short of some analysts’ expectations.”

DS News – “Analysis: Investors Driving Recovery as Activity Surges” (8-22-12)

“A recent analysis from John Burns Real Estate Consulting suggests that investors may be the biggest driving force in the housing recovery.”

Realty Times – “Home Builder Confidence Improves as Mortgage Rates Stay Low” (8-22-12)

“As mortgage rates have continued to stay low, builders’ confidence has improved for the fourth consecutive month in August according to the National Association of Home Builders/Wells Fargo Housing Market Index.”

Mortgage Bankers Association – “Refinance Applications Decline as Rates Increase” (8-22-12)

“Mortgage applications decreased 7.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 17, 2012.”

Housing Wire – “FOMC minutes show lower economic expectations” (8-22-12)

“The Federal Reserve declined to provide more stimulus after its last meeting, but minutes released Wednesday show more members of the Federal Open Market Committee lowered their outlook for the economy.”

Bloomberg – “Fannie Mae Tightens Mortgage Standards for Some Home Buyers” (8-22-12)

“Fannie Mae, the largest source of money for U.S mortgages, told lenders that it’s tightening some of its qualification standards for people buying homes or refinancing loans.”

Hard Money Loan Closed

Wilmington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $178,000 on a home appraised for $296,000.

 

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

Looking Back:

The mortgage Bankers Association reported an increase in delinquency rates for 1-4 unit homes, and also an decrease in foreclosures.  According to the latest Moody’s survey, the prices for commerical real estate properties rose .9% in June 2011.  Also, Fannie Mae warned of another potential double-dip recession, according to Housing Wire.

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.

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The Norris Group Real Estate News Roundup 8/15/12

Wednesday, August 15th, 2012

Today’s News Synopsis:

Builder confidence increased for the fourth month in a row and is at its highest since February 2007 with a two point gain.  New rules are being established for conducting appraisals for loans that have a higher risk.  An investigation into mortgage fraud by the combined action of the federal and state agencies is eminent.


In The News:

Housing Wire – “Ocwen to securitize FHA mortgages” (8-15-12)

A special vehicle put together by subprime mortgage servicer Ocwen Financial Corp. ($23.99 -0.12%) plans to acquire government-backed loans soon and package them into bonds for investors.”

NAHB – “Builder Confidence Continues To Improve in August” (8-15-12)

“Builder confidence in the market for newly built, single-family homes improved for a fourth consecutive month in August with a two-point gain to 37 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. This gain builds on a six-point increase in July and brings the index to its highest level since February of 2007.”

DS News – “Agencies Propose New Appraisal Rules for Higher-Risk Loans” (8-15-12)

“Higher-risk mortgage loans may have a new set of rules to go by when it comes to appraisals.”

Bloomberg – “Freddie-Fannie Push Bank Bad Debt Cost to $84 Billion: Mortgages” (8-15-12)

“Fannie Mae and Freddie Mac have expanded efforts to get refunds on soured mortgages, boosting the cost of faulty home loans and foreclosures at the biggest U.S. banks since 2007 to at least $84 billion.”

Realty Times – “Home Prices on the Rise While Mortgage Rates Remain Low” (8-15-12)

“This past week, Freddie Mac released their U.S. Economic and Housing Market Outlook for the month of August, 2012 which revealed a much needed home price increase. The Freddie Mac House Price Index increased 4.8% from March to June, 2012 which was the largest quarterly increase in eight years.”

CNN Money – “Mortgage probe could lead to action soon” (8-15-12)

“A joint federal and state probe into mortgage-backed securities fraud is close to “significant action,” with a possible announcement in coming weeks or months, according to a source familiar with the probe.”

DS News – “Proposed CFPB Rule Requires Lenders to Provide Free Appraisal Reports” (8-15-12)

“The Consumer Financial Protection Bureau (CFPB) released Wednesday a new proposed rule that would require mortgage lenders to provide home loan applicants with appraisal reports to determine how the value of a property was determined.”

Bloomberg – “Mortgage Bond Market Dwindles to Aid Fed Punch: Credit Markets” (8-15-12)

“The market for mortgage securities backed by the U.S. government is the smallest in three years, bolstering the value of the debt and potentially expanding the effects of any new buying by the Federal Reserve.”

Inman – “RealtyTrac names Web entrepreneur Jamie Moyle CEO” (8-15-12)

“For the second time in less than a year, foreclosure data company RealtyTrac has a new CEO. The company tapped RealtyTrac President and Chief Operating Officer Jamie Moyle to the role, citing his success in advancing Internet-based businesses.”

Hard Money Loan Closed

Apple Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $51,000 on a 3 bedroom, 2 bathroom home appraised for $85,000.

 

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

Looking Back

The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released new data today showing the confidence in building new homes remained at 15 for the second month in a row.  The sale of homes in Southern California decreased 4.5% year over year the previous month due to buyers being more cautious about purchasing.  Delinquencies were at their lowest since the end of the recession two years prior.

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.

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