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The Norris Group Real Estate News Roundup 1/25/12

Wednesday, January 25th, 2012

Today’s News Synopsis:

Bloomberg reported the sales of pending homes decreased 3.5% last month, and at the same time contracts for existing home sales are at the highest in 19 months.  In his latest State of the Union Address, President Barack Obama announced that he intends start a new refinance program allowing homeowners to refinance at low interest rates and therefore save almost $3,000.

In The News:

Bloomberg - “Contracts to Purchase Existing U.S. Homes Hold Near 19-Month High: Economy” (1-25-12)

“The number of Americans signing contracts to buy previously owned homes in December held near a 19-month high, showing the stabilization in the market that began in late 2011 will extend into the new year.”

DS News – “Obama Announces New Refi Program in State of the Union Address” (1-25-12)

“Despite rumors earlier in the week that President Barack Obama would announce a settlement between the state attorneys general and the nation’s top servicers in his State of the Union address, the president made no such announcement Tuesday night.  However, he did announce his intention to save millions of homeowners approximately $3,000 annually on their mortgages by allowing them to refinance at today’s low interest rates”

Housing Wire – “Wells Fargo launches pilot programs to clear LA, Atlanta housing inventory” (1-25-12)

“Wells Fargo (WFC: 30.32 -0.72%) will launch two multibillion-dollar programs this February to clear housing inventory in Los Angeles and Atlanta.”

Bloomberg – “Fed: Benchmark Rate Will Stay Low Until Late 2014″ (1-25-12)

“Federal Reserve officials said their benchmark interest rate will stay low until at least late 2014 and anticipate that unemployment will remain high and inflation ‘subdued’.”

DS News - “ISGN Enters Into $20M Line of Credit from JPMorgan” (1-25-12)

“ISGN Corporation has obtained a $20 million secured line of credit from JPMorgan Chase., the company announced Wednesday.”

NAHB - “Builders Commend White House Focus on Helping Home Owners, Seek Additional Steps to Spur Housing” (1-25-12)

“The National Association of Home Builders (NAHB) commends President Obama for offering proposals in last night’s State of the Union address to help families stay in their homes and stanch foreclosures, and is urging policymakers to take additional actions to mend the housing market and boost the economy.”

Housing Wire - “FHFA home prices fall 1.8% in November” (1-25-12)

“Home prices declined 1.8% in November from a year earlier in the latest Federal Housing Finance Agency price index.  The seasonally adjusted index rose 1% from October, when prices fell a revised 0.7% on a monthly basis.”

Inman - “10 metros with biggest 1-year rise in real estate list prices” (1-25-12)

“No metro areas west of El Paso, Texas, earned a spot among the top 10 U.S. hot spots with the highest year-over-year hikes in median list price during 2011. Another Texas metro, San Antonio, ranked fifth on the list, based on data provided by online real estate portal Realtor.com.”

Los Angeles Times - “Eric Schneiderman promises aggressive financial fraud probe” (1-25-12)

“New York Atty. Gen. Eric Schneiderman, who was tapped by President Obama to lead a new Financial Fraud Enforcement Task Force, promised Wednesday to move aggressively to coordinate state and local investigations into the causes of the subprime mortgage market meltdown.”

Housing Wire - “Fitch downgrades RMBS bond ratings on default risk” (1-25-12)

“The default risk on 489 bonds backed by residential mortgage-backed securities prompted Fitch Ratings to slash the bonds’ ratings this week.  The bonds are part of 291 different residential mortgage-securities deals.”

DS News – “Pending Home Sales Decline Monthly, Rise Annually” (1-25-12)

“After reaching a 19-month high in November, pending home sales declined 3.5 percent in December, according to the National Association of Realtors’ (NAR) Pending Home Sales Index.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 3 bedroom, 2 bathroom home appraised for $244,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Investors Workshops and will be interviewing Shawn Watkins today.

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

Looking Back:

69,799 Notices of Default were recorded during the 4th quarter of 2010, according to MDA DataQuick. The Case-Schiller Index showed home prices decreased 1% during November 2010 in the nation’s top 20 metropolitan areas. University of the Pacific estimated unemployment would remain above 10% in California for 3 more years. IEmergent expected mortgage loan origination to fall below $1 trillion in 2011.

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

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The Norris Group Real Estate News Roundup 1/23/12

Monday, January 23rd, 2012

Today’s News Synopsis:

CNN Money reported the neighborhoods hit hardest by foreclosures are those in cul-de-sacs and tree lined streets as well as neighborhoods with modern homes.  Moody’s Investor Services reported a decrease in loan modifications.   Banks and other companies are beginning to move away from using FICO scores to determine a borrower’s credit worthiness and are instead moving toward using mathematical algorithms.

In The News:

Bloomberg – “Programmers Size Up Bank Borrowers With Algorithms Rather Than FICO Scores” (1-22-12)

“For more than 40 years, banks have counted on FICO scores to determine the credit worthiness of American consumers. Now a handful of entrepreneurs in California say it’s time for a smarter way to size up borrowers.  Los Angeles-based ZestCash Inc., along with San Francisco startups BillFloat Inc. and LendingClub Corp., are hiring computer programmers to write software that can better identify candidates for loans — including people with low credit scores. The companies, backed by venture money, also aim to provide lower fees and interest rates than banks.”

Housing Wire - “FHFA: Principal reduction would cost Fannie, Freddie $100 billion” (1-23-12)

“A massive principal reduction program applied to underwater loans held by Fannie Mae and Freddie Mac would cost the mortgage giants more than $100 billion, according to an analysis released by the Federal Housing Finance Agency Monday.”

DS News – “Loan Modifications Are on the Decline: Moody’s” (1-23-12)

“As robo-signing reviews reach completion, servicers are beginning to work through some of their foreclosure backlogs, according to a third-quarter report from Moody’s Investors Service.”

Realty Times - “Real Estate Outlook: Housing at Forefront of Concerns” (1-23-12)

“As the race for the 2012 Presidential Election gets rolling, a new survey from the National Association of Home Builders (NAHB) shows what is on voters’ minds.  Topping the list of concerns for voters is the importance of homeownership and the ease of obtaining it.”

Housing Wire - “Investors buying with cash pressure home prices” (1-23-12)

“Investors are gobbling up residential real estate with cash, pushing national home prices lower, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.”

FINS - “Wall Street Chiefs See Bonuses Lowered” (1-23-12)

“Wall Street’s pay crunch is squeezing some wallets harder than others.  J.P. Morgan Chase & Co. disclosed Friday that Chief Executive James Dimon received a 2011 stock bonus valued by the company at $17 million. That is the same as his 2010 award, despite a record profit last year at the New York financial-services company.”

Inman - “Open-house robbery puts focus on agent safety” (1-23-12)

“A recent gunpoint robbery of a homebuyer and a Realtor at an open house in Los Angeles County, Calif., compelled the Pacific West Association of Realtors (PWAR) to issue a warning to their members to be careful at open houses.”

Bloomberg – “BofA Targets Up to $3 Billion in Additional Cuts” (1-23-12)

“Bank of America Corp., the second-biggest U.S. lender by assets, may reduce annual costs by as much as an additional $3 billion in the next stage of Chief Executive Officer Brian T. Moynihan’s efficiency plan.”

Housing Wire - “Chase, Wells slash foreclosure timelines but REO lingers” (1-23-12)

“JPMorgan Chase (JPM: 37.66 +0.80%) and Wells Fargo (WFC: 30.92 +1.24%) cut their foreclosure timelines by as much as 100 days for some of the worst mortgages handled in the third quarter, according to a report from Moody’s Investors Service.”

DS News - “State AGs Reviewing Settlement Draft” (1-23-12)

“After HUD Secretary Shaun Donovan last week announced that the state attorneys general settlement with the nation’s largest banks is just weeks away – with a spokesperson for Iowa Attorney General Tom Miller’s office corroborating the claim – news today is a settlement draft is now in the hands of the state attorneys general for review.”

CNN Money - “Foreclosures: America’s hardest hit neighborhoods” (1-23-12)

“The housing collapse has dramatically changed the nation’s foreclosure landscape.  Neighborhoods boasting modern homes, cul-de-sacs and tree-lined streets in and around Western cities now dominate the list of the top 100 U.S. zip codes hit hardest by foreclosures and claim and comprise all of the top 10 spots, according to data generated for CNNMoney by RealtyTrac.”

Hard Money Loan Closed

Wilmington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $190,000 on a 3 bedroom, 3 bathroom home appraised for $315,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Investors Workshops and will be interviewing Shawn Watkins on January 25, 2012.

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 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 1/17/12

Tuesday, January 17th, 2012

Today’s News Synopsis:

According to Housing Wire, Wells Fargo reported the highest recorded income of $4.1 billion in the fourth quarter.  At the same time, Citigroup reported the lowest earnings for the fourth quarter.  The new executives of Fannie Mae and Freddie Mac are expected to be facing significant pay cuts.  Home sales increased in December 14%, according to DataQuick.

In The News:

CNN Money – “S&P downgrades Europe bailout fund” (1-16-12)

“Markets across the nation are showing signs of movement and improvement. The latest report from the Mortgage Bankers Association shows that mortgage applications were up for the last week, this after a slow two week end to 2011.”

Realty Times - “Real Estate Outlook: More Markets Show Measurable Improvement “ (1-16-12)

“Markets across the nation are showing signs of movement and improvement. The latest report from the Mortgage Bankers Association shows that mortgage applications were up for the last week, this after a slow two week end to 2011.”

DS News - “Vacant Foreclosures Saddle Local Communities With High Costs” (1-16-12)

“A recent study from the Government Accountability Office (GAO) found that non-seasonal vacant properties across the United States rose 51 percent over the span of a decade, from nearly 7 million in 2000 to 10 million in April 2010.”

Housing Wire - “Wells Fargo earns record $4.1 billion in 4Q” (1-17-12)

“Wells Fargo (WFC: 29.95 +1.15%), the largest mortgage lender in the U.S., reported record income of $4.1 billion, or 73 cents a  share, for the fourth quarter, up 20% from one year ago.”

Bloomberg - “Private-Equity Firms to Increase Hotel Investments in Smaller U.S. Cities” (1-17-12)

“Private-equity firms will help drive an increase in hotel transactions this year in smaller U.S. cities, where investment returns tend to be higher than in large markets, according to Jones Lang LaSalle Hotels.”

San Francisco Chronicle - “U.S. Stock Futures Rise as Commodity Shares Gain on China Bets” (1-17-12)

“U.S. stock futures rose, following a two-week rally in the Standard & Poor’s 500 Index, as China’s economic slowdown fueled speculation monetary policy will ease.”

Wall Street Journal - “Fannie, Freddie Face Pay Cuts” (1-17-12)

“Government regulators will cut sharply the pay of the executives they hire to succeed the departing heads of Fannie Mae and Freddie Mac, said regulators, which may make it difficult for the struggling mortgage-finance giants to attract and keep qualified chief executives.”

Housing Wire – “FDIC may force banks to disclose proposed stress test results” (1-17-12)

“The Federal Deposit Insurance Corp. proposed new annual stress test requirements Tuesday for the 23 largest banks holding more than $10 billion in assets.”

CNN Money - “Citigroup reports dismal earnings, stock falls 6%” (1-17-12)

“Citigroup reported quarterly profit and revenue that fell short of forecasts, driven by ongoing weakness in trading and the unwinding of Citi Holdings, which includes Citi’s mortgage servicing business.”

FINS - “Citigroup Hikes Expense Cuts After Laying Off 5,000″ (1-17-12)

“After cutting 5,000 jobs last year, Citigroup plans to increase annual expense reductions to between $2.5 billion and $3 billion this year, executives said while reporting earnings for the year and fourth quarter.”

CNN Money - “Obama council repeats job-creating ideas” (1-17-12)

“President Obama’s jobs council on Tuesday released its latest round of recommendations detailing how the United States can be more competitive.”

Housing Wire - “Investors push Southern California home sales higher” (1-17-12)

“Investors pushed home sales in Southern California higher in December, lifting 14% from November, DataQuick said Tuesday.”

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $115,000 on a 5 bedroom, 2 bathroom home appraised for $201,000.

California Real Estate Investor Events:

Bruce Norris will be speaking today at the Apartment Owners Association-Discover Wealth Strategies for 2012 in Buena Park.

The Norris Group will be at the Women’s Council of Realtors on January 18, 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 1/5/12

Thursday, January 5th, 2012

Today’s News Synopsis:

In some good news for jobs, the number of unemployment claims decreased last week, while at the same time 325,000 new jobs were added in December for the private sector.  Mortgage rates start the year off at the lowest on record according to Bloomberg.  Vacancy rates for apartments are also at their lowest levels since 2001.

In The News:

Housing Wire - “Private sector adds 325,000 jobs in December” (1-5-12)

“Private sector employment grew by 325,000 jobs in December when compared to the previous month, according to the latest ADP National Employment report.”

CNN Money - “Consumer bureau: Now, it can do something” (1-5-12)

“With President Obama’s recess appointment of a new chief to run the consumer bureau, the agency can flex new powers regulating financial products from non-banks — including student loan providers, debt collectors, payday lenders, and mortgage originators and servicers.”

Wall Street Journal - “Apartment-Vacancy Rate Tumbles to 2001 Level” (1-5-12)

“The nation’s apartment-vacancy rate in the fourth quarter fell to its lowest level since late 2001 as Americans continued to favor renting homes instead of buying them.”

Housing Wire - “Jobless claims drop to 372,000 last week” (1-5-12)

“The number of Americans filing initial jobless claims declined last week, coming in lower than analysts’ estimates.  The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 31 decreased to 372,000 from 387,000 the previous week, which was revised upward 6,000.”

DS News - “Mortgage Modifications Scams Make Top Ten Scam List for 2011″ (1-5-12)

“Mortgage modification scams made the list of “Top Ten Scams of 2011,” assembled by the Better Business Bureau (BBB) Wednesday.”

Inman - “Top 10 US places with a net influx of movers” (1-5-12)

“Only Washington, D.C., and nine states — primarily in the Southwest and Mid-Atlantic regions — were labeled “inbound” by receiving a net influx (over 55 percent) of Atlas moves in 2011, according to Atlas Van Lines’ 2011 annual migration patterns report, released this month. Atlas has tracked annual Atlas shipment patterns for Canada and the U.S., by state, since 1993.”

Bloomberg - “Mortgage Rates for 30-Year Fixed U.S. Loans Match the Record Low of 3.91%” (1-5-12)

“Mortgage rates (NMCMFUS) for 30-year U.S. loans declined, matching the lowest level on record amid signs that demand for housing may be recovering.”

Bloomberg - “Wells Fargo Faces Scrutiny by Investors on Mortgage Bonds” (1-5-12)

“A bondholder group that won an $8.5 billion settlement (BAC) from Bank of America Corp. (BAC) on securities backed by soured home loans may also seek payments from Wells Fargo & Co. (WFC), the nation’s biggest mortgage lenderion.”

Housing Wire – “Fannie Mae to provide loan-level data on single-family MBS” (1-5-12)

“In a push for increased transparency, Fannie Mae plans to provide loan-level data on single-family mortgage-backed securities to help investors.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 5 bedroom, 2 bathroom home appraised for $147,000.

California Real Estate Investor Events:

The Norris Group posted a new event. The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.

Looking Back:

Altera Real Estate forecasted an increase in interest rates for 2011. Hope Now reported mortgage lenders completed nearly 1.65 million permanent loan modifications in November 2010. President Obama signed the National Credit Union Stabilization Act.

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 12/15/11

Thursday, December 15th, 2011

Today’s News Synopsis:

In a big news story, 30-year mortgages decreased to below 4%, matching with the lowest ever recorded.  Housing Wire reported an improvement in housing prices for the whole year, despite a month-over-month decrease in prices.  Unemployment claims decreased to 366,000, the lowest on record since May 2008.

In The News:

Mortgage Bankers Association – “Three of Four Major Investor Groups Increased Commercial/Multifamily Mortgage Investments During The Third Quarter “ (12-15-11)

“The level of commercial/multifamily mortgage debt outstanding was essentially unchanged in the third quarter of 2011, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA).”

Housing Wire - “California home sales show year-over-year improvements” (12-15-11)

“Home sales in the San Francisco area edged up in November over year-ago figures, although they dipped from October. Statewide, sales across California also declined month-over-month, but showed an increase from year-ago figures, DataQuick said.”

Bloomberg – “Mortgage Rates for 30-Year U.S. Loans Fall to 3.94% as Record Low Matched” (12-15-11)

“Mortgage rates for 30-year U.S. loans declined, matching the lowest level on record, as the European debt crisis drove investors to the relative safety of Treasury bonds.”

Los Angeles Times - “New jobless claims drop to lowest level since 2008″ (12-15-11)

“Initial claims for unemployment insurance dropped to 366,000 last week, the lowest level since May of 2008, in another sign that the job market is making a significant improvement.  ”

Housing Wire – “FHFA extends loan data implementation deadline for GSEs” (12-14-11)

“The Federal Housing Finance Agency extended the deadline for changes to how lenders will submit mortgages to Fannie Mae and Freddie Mac.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 3 bedroom, 2 bathroom home appraised for $244,000.

In The News:

Wall Street Journal - “Related Switches Condos to Rentals” (12-15-11)

“For at least three years, Related Cos. had been planning for the 151 apartments on the highest floors of its new apartment tower in Midtown to be condominiums, sitting atop 663 rental units in the building’s first 50 stories.  Now, with construction finishing up on the final apartments in the bulky 63-story MiMA building on 42nd Street and 10th Avenue, the developer is changing course. Related is putting all of the formerly for-sale apartments up for rent, aiming at the high-end with rents of more than $20,000 a month for a three-bedroom unit.”

Housing Wire – “Wells Fargo, Citi top Fannie list of mortgage servicers” (12-15-11)

“Wells Fargo (WFC: 25.86 0.00%) and Citigroup (C: 26.21 +0.61%) continue on pace to score high marks for foreclosure prevention in 2011, according to Fannie Mae.”

CNN Money - “Foreclosures fall, but outlook isn’t bright” (12-15-11)

“Foreclosure filings may have fallen in November but the number of homes scheduled for bank auctions grew significantly, indicating that a new wave of foreclosures are set to take place in the New Year.”

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

16,208 new and resale houses and condos sold in Southern California in November 2010. The NAR claimed 9 of the 10 most cost-effective home repair projects in terms of value recouped were exterior replacement projects. Keefe, Bruyette & Woods expected revenue from multifamily real estate investment trusts to grow at an annual rate of 4.6% in 2011. Investor confidence in U.S. commercial property is the highest since 2007, according to Bank of America.

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 event 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 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 11/16/11

Wednesday, November 16th, 2011

Today’s News Synopsis:

In a big story in the news, home-builder confidence rose to 20 points this month, the highest it has been since May 2010.  According to the latest Mortgage Application Survey, mortgage applications are down 10% from last week, although mortgage rates have remained relatively the same.  Rentals in Southern California increased for the 14th straight month.

In The News:

Bloomberg - “Southern California Home Prices Fall 4.8%” (11-15-11)

“Sales of high-end properties in Southern California dropped last month to the lowest level in more than two years after the size of mortgages backed by the government was reduced, according to DataQuick.”

NAHB - “Builder Confidence Rises Three Points in November” (11-16-11)

“Builder confidence in the market for newly built, single-family homes rose by three points to 20 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for November, released today. The gain builds on a revised three-point increase in October, and brings the confidence gauge to its highest level since May of 2010.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-16-11)

“Mortgage applications decreased 10.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 11, 2011.  This week’s results include an adjustment to account for the Veterans Day holiday.”

Housing Wire - “DePaul study warns of growing gap in affordable rental housing” (11-16-11)

“The need for affordable rental housing increased substantially over the past decade in Cook County, Ill., in what mirrors a national trend, according to a study from the Institute for Housing Studies at DePaul University in Chicago.”

Realty Times - “Mortgage Rates Remain Unchanged As Investors Eye Europe” (11-16-11)

“Low conforming mortgage rates have been the driving factor for the increase in mortgage applications. According to the Mortgage Banker’s Association, mortgage refinance applications increased 12.1% and purchase applications increased 4.8% for the week ending November 4th. Current 30 year fixed mortgage rates are at 3.750%, 15 year fixed mortgage rates are at 3.125% and 5/1 adjustable mortgage rates are at 2.500%.”

O.C. Register - “SoCal rents rise for 14th straight month” (11-16-11)

“Rents in Southern California rose on an annual basis for the 14th consecutive month, the U.S. Bureau of Labor Statistics reports.  The rent slice of the regional Consumer Price Index shows “rent of primary residence” rising in October at 1.1% annual rate.”

Realtor Magazine - “Freddie Mac Launches Winter REO Sale” (11-16-11)

“HomeSteps, a Freddie Mac real estate sales unit, kicked off a sales promotion this week to unload some of its inventory of foreclosed homes in several cities.”

Wall Street Journal - “Zell Firm Leads Bids for Archstone” (11-16-11)

“Equity Residential, the apartment company headed by real-estate mogul  Sam Zell, has emerged as the lead bidder in the contest to buy roughly half of rival Archstone in what would be one of the largest real-estate transactions since the downturn, according to people familiar with the situation.”

Housing Wire – “Architecture billings index up, overall demand still down” (11-16-11)

“The architecture billings index improved its score by nearly three points from September, though the 49.4 score still reflects low demand, according to the American Institute of Architects.”

Looking Back:

16,744 new and resale homes sold in Southern California during October of 2010. Builder confidence increased slightly this in November 2010, according to the NAHB. Sean O’Toole of ForeclosureRadar believed the foreclosure investigation would only have a brief effect on the market. FHA wrote $319 billion in new insurance in 2010.

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 event 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 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 11/1/11

Tuesday, November 1st, 2011

Today’s News Synopsis:

In a big news story, 14 mortgage servicers are undergoing reviews of their foreclosure processes as reuired by consent orders they signed.  Pending home sales fell another 4.6% last week according to the Realty Times.  Allied Home Mortgage Capital is facing a lawsuit by federal officials for claims of fraud.  The Commerce Department reported a slight increase on construction and manufacturing.

In The News:

Housing Wire - “Foreclosure reviews of largest servicers begins” (11-1-11)

“Independent third-party reviews of foreclosure cases at the 14 largest mortgage servicers began Tuesday.  The reviews are a requirement under consent orders signed between regulators and the servicers
such as Bank of America (BAC: 6.53 -4.39%), JPMorgan Chase (JPM: 33.14 -4.66%), Wells Fargo (WFC: 25.30 -2.35%) and Citigroup (C: 29.39 -6.96%).”

DS News - “Moody’s Cites “Strong Servicing Practices” at GMAC, Ocwen, Wells” (11-1-11)

“Mortgage servicing practices have a major impact on the performance of a portfolio, and according to Moody’s Investors Service, risk composition is diverging based on how individual servicers are dealing with borrowers.”

Realty Times - “Pending Home Sales Decline” (11-1-11)

“Housing took another hit last week with the National Association of Realtors® latest Pending Homes Sales Index report showing that contract signings fells 4.6 percent in September.”

Bloomberg - “Mortgage Bond Prices Show Refinancing Limits: Credit Markets” (11-1-11)

“The mortgage-bond market is signaling changes to refinancing rules will aid fewer homeowners who owe more than their properties’ value than was initially anticipated.  Fannie Mae’s 30-year, 5.5 percent securities have risen to the highest since Oct. 3, erasing a decline later in the month sparked by a plan to expand the Home Affordable Refinance Program.”

Los Angeles Times - “Construction spending and manufacturing growing–slightly” (11-1-11)

“Construction spending and manufacturing activity are both growing, though not by much, according to two reports Tuesday.  Builders in the U.S. spent at a seasonally adjusted annual rate of $787.2 billion in September, up 0.2% from August in the second-straight monthly increase, according to the Commerce Department.”

Housing Wire – “US files $834 million lawsuit against Allied Home Mortgage” (11-1-11)

“Federal officials filed a lawsuit Tuesday against Allied Home Mortgage Capital and two of its senior officials, seeking to recover $834 million in damages stemming from allegedly fraudulent mortgage insurance claims.”

Bloomberg - “Bernanke: Housing Hinges on Refinancing” (11-1-11)

“Fed policy makers, who start a two-day meeting today, are considering buying mortgage-backed securities to push down borrowing costs and help homeowners refinance their debt.  That would reduce monthly payments, freeing up cash for other purchases that could spur the economy and reduce unemployment, Fed Governor Daniel Tarullo said Oct. 20″

Housing Wire - “Sharga: Several more years with nearly 1M foreclosures per year” (11-1-11)

“The housing market faces several more years with 800,000 to 1 million new foreclosed properties per year, according to Rick Sharga, an executive vice president with Carrington Mortgage Services.”

Looking Back:

Credit Suisse estimated Fannie Mae and Freddie Mac would have cumulative losses of $321 billion. Private mortgage servicers modified 119,585 loans in September 2010, over 4 times as many modifications performed through HAMP. Statistics from the Federal Reserve showed home equity accounted for 16.2% of net worth in the 2nd quarter of 2010.

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 event 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 10/20/11

Thursday, October 20th, 2011

Today’s News Synopsis:

A big story in the world of real estate is the decrease in existing home sales by 3%.  Freddie Mac recently announced 30-year mortgage rates are continuing to remain steady at just a little over 4%.  The San Francisco Chronicle reported a slowdown in the commercial real estate market, as well as jobless claims declined slightly last week.

In The News:

Housing Wire - “Existing home sales fall 3% in September” (10-20-11)

“Existing home sales fell 3% in September, but remain above year ago levels, the National Association of Realtors said Thursday.”

NAHB - “Presidential Hopefuls Must Address Housing Issues” (10-20-11)

“As noted by the Wall Street Journal, MSNBC and other media outlets, the Republican presidential candidates let a great opportunity slip away during Tuesday night’s presidential debate to explain how they would address the nation’s housing problems in order to get the housing market and economy back on track, according to the National Association of Home Builders (NAHB).”

Bloomberg - “Wells Sees ‘Opportunity’ as BofA Cuts Loans” (10-20-11)

“Wells Fargo & Co. (WFC), the biggest U.S. home lender, may earn higher profits in the U.S. mortgage market as rivals flee from angry homeowners, more powerful regulators and billions of dollars in losses.”

Los Angeles Times - “Average 30-year mortgage rate remains above 4%, Freddie Mac says” (10-20-11)

“The typical rate for a 30-year mortgage has leveled off at a bit over 4%, a widely watched survey shows.  Lenders were offering the standard 30-year home loan at an average of 4.11% early this week, a statistically insignificant drop from 4.12% last week, Freddie Mac said Thursday.”

San Francisco Chronicle - “Commercial Real Estate Deals Decline in U.S. as Rebound Cools” (10-20-11)

“The U.S. commercial real estate market has slowed in the past three months as  the sputtering economy and a pullback in debt financing limited deals, cooling a  recovery from Washington to California.”

Housing Wire – “Poverty rates continue to rise, southern states hardest hit” (10-20-11)

“Poverty rates rose to 15.3% in 2010 from 14.3% 2009 as the nation’s economic malaise and housing crisis persist, according to Census Bureau data released Thursday.”

DS News - “Proposed Bill Would Offer Visas to Foreign Homebuyers in U.S.” (10-20-11)

“Foreigners may get an added bonus when they invest in residential real estate in the U.S. – a visa.  Sens. Charles Schumer (D-New York) and Mike Lee (R-Utah) are proposing a bill that would offer residence visas to foreigners when they spend at least $500,000 in the U.S. residential real estate market, according to the Wall Street Journal.”

Los Angeles Times - “New jobless claims continue modest decline” (10-20-11)

“The number of workers filing for new unemployment benefits dipped slightly last week, a sign the job market is improving, albeit very slowly.  The Labor Department said Thursday initial jobless claims filed in the week ending Oct. 15 dropped to 403,000 from an upwardly revised 409,000 in the prior week. That’s down from the summer high of more than 430,000, but still far from comforting given that employers haven’t stepped up their hiring much.”

Looking Back:

Mortgage application volume decreased 10.5% from the previous week, said the Mortgage Bankers Association. RealPoint reported CMBS delinquencies increased 1.3% in August 2010. The Federal Reserve’s Beige Book showed economic growth continued in September 2010. Fannie Mae expected total economic growth for 2010 to equal approximately 2.5%.

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 event 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 9/22/11

Thursday, September 22nd, 2011

Today’s News Synopsis:

According to Bloomberg, claims for unemployment benefits decreased 9,000 last week, although still more filed claims than was predicted.  Month over month prices for homes increased last July, but are still down year-over-year by about 3%.  According to Freddie Mac’s latest survey, mortgage rates continue to remain at their lowest.

In The News:

Housing Wire - “FHFA: Home prices hit 2004 levels” (9-22-11)

“House prices inched higher in July, but are down 3.3% for the year ended July 31 and 18.4% lower than the April 2007 peak, according to the Federal Housing Finance Agency.”

Bloomberg - “Initial Jobless Claims in U.S. Fell Last Week” (9-22-11)

“More Americans than forecast filed first-time claims for unemployment insurance payments last week as the labor market struggled to improve.”

Sacramento Bee - “Fixed-Rate Mortgages Hold Steady, Remain Near Record Lows” (9-22-11)

“Freddie Mac (OTC: FMCC) today released  the results of its Primary Mortgage  Market Survey® (PMMS®), showing fixed-rate mortgages changing little amid  sluggish economic, mixed housing data, and ongoing concerns over the European debt markets. The 30-year fixed remained unchanged at 4.09  percent, while the 15-year fixed dropped a single basis point to 3.29 percent,  marking a new record low.”

DS News - “Banks Respond to Moody’s Ratings Downgrades” (9-22-11)

“The three major banks that received downgraded ratings from Moody’s Wednesday responded with disappointment and assertions of their value.”

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Debt Outstanding Increased For First Time Since 2009″ (9-22-11)

“The level of commercial/multifamily mortgage debt outstanding increased by 0.1 percent in the second quarter of 2011, the first quarterly increase since the third quarter of 2009, according to the Mortgage Bankers Association (MBA).”

Inman - “Fed keeping lid on mortgage rates” (9-22-11)

“Mortgage rates remained at or near record lows this week as the  Federal Reserve moved to keep a lid on long-term interest rates in order  to encourage borrowing in the face of ongoing concerns that the  European debt crisis will derail an economic recovery.”

Housing Wire – “Cornerstone Real Estate Advisers names Higgins president” (9-22-11)

“Real estate investment advisory firm Cornerstone Real Estate Advisers appointed Mark Higgins president.  Hartford, Conn.-based Cornerstone promoted Higgins as the firm aggressively
expands activities tied to its portfolio of commercial properties.”

Realtor Magazine - “Down Payment Remains Obstacle to Home Ownership” (9-22-11)

“More than half of renters who wish to buy a home say they are unable to because they’re not able to save enough for a down payment, according to Trulia’s Fall 2011 American Dream survey.”

CNN Money - “Federal Reserve launches Operation Twist” (9-22-11)

“The Federal Reserve announced “Operation Twist” Wednesday, a widely expected stimulus move reviving a policy from the 1960s.”

Wall Street Journal - “Home Resales Up, But Remain Weak” (9-22-11)

“Sales of previously occupied homes in the U.S. rose in August to the highest level in five months but remained weak overall as the sputtering housing market fails to propel the economy.”

Looking Back:

Mortgage loan applications decreased 1.4% the week of September 20, 2010. FHFA reported national house prices fell 0.5% in July 2010. HAMP converted 33,342 trial modifications into permanent status in August 2010. The Bush tax cuts were expected to end soon.

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 event 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 9/21/11

Wednesday, September 21st, 2011

Today’s News Synopsis:

CNN Money reported that existing home sales increased 7.7%.  Mortgage rates are still at their lowest, but not showed any signs of change.  Mortgage delinquencies increase .08% in August from July, although market conditions are expected to improve according to CreditForecast.com’s latest report.

In The News:

MSNBC.com - “Fed moves to push rates lower, boost economy” (9-21-11)

“Faced with a lethargic economy and a jobless rate hovering at 9 percent, the nation’s central bank reached deep into its bag of tricks on Wednesday and pulled out a move to spur growth that it hadn’t used in 50 years.  The move, dubbed “Operation Twist” when it was first used in 1961, is intended to push long-term interest rates lower, which the Fed hopes will spur lending, induce businesses to expand and tempt consumers into spending more.”

DS News - “Report: Mortgage Delinquencies Rise, But Improvement on the Horizon” (9-21-11)

“Mortgage delinquencies rose to 6.62 percent in August, according to a report from CreditForecast.com, supported by Moody’s Analytics and Equifax. This is up from 6.54 percent in July.”

Bloomberg - “BofA, Wells Fargo Downgraded by Moody’s” (9-21-11)

“Bank of America Corp. (BAC) and Wells Fargo & Co. (WFC) had long-term credit ratings downgraded by Moody’s Investors Service, which said U.S. support is less likely in an emergency. Citigroup Inc. (C)’s short-term rating also was cut.”

Housing Wire - “Fed to buy more GSE MBS” (9-21-11)

“The Federal Open Market Committee left interest rates unchanged Wednesday and said it would buy $400 billion of Treasury bonds in an effort to lower long-term borrowing costs. The bond buying program begins Oct. 3.”

Realty Times - “Mortgage Rates Continue to be Stable at Record Lows” (9-21-11)

“Mortgage rates this week continued to be stable at record lows which is the result of the slow economic recovery that has become somewhat worrisome to investors.  On the bright side, this give consumers more time to get in and take advantage of low mortgage rates and low home prices, a double opportunity that does not happen often.”

O.C. Register - “Calif. homesellers pocketing more cash” (9-21-11)

“California homeowners are pocketing the more cash after a home sale this year, with sellers keeping the largest amount after a deal in three years, a Realtor survey of California real estate agents shows.”

CNN Money - “Existing home sales jump in August” (9-21-11)

“Home buyers are starting to creep back into the housing market, lured by rock-bottom prices.  Sales of existing homes rose 7.7% last month to an annual rate of 5.03 million homes, from 4.67 million homes in July, according to the National Association of Realtors.”

Housing Wire - “A nice surprise: Architecture billings index turns positive” (9-21-11)

“The architecture billings index, an economic indicator of construction activity, turned positive in August, according to the American Institute of Architects.”

DS News - “Survey: Home Prices Expected to Increase 1.1% Over Next Five Years” (9-21-11)

“Home prices are expected to grow at an average rate of 1.1 percent through 2015, according to a survey released Wednesday by New Jersey-based MacroMarkets LLC.”

Inman - “California real estate market ‘struggling to gain momentum’” (9-21-11)

“California home sales are expected to remain essentially flat this  year  and rise slightly in 2012, according to a housing market forecast  from the California Association of Realtors.”

Looking Back:

One year ago, loan originations increased 25% from 2008, according to the Federal Financial Institutions Examination Council. The Commerce Department reported new home and apartment construction rose 10.5% in August 2010 to a seasonally adjusted annual rate of 598,000. Zillow claimed interest rates fell again to 4.25%.

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 event 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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