The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Wells Fargo’

« Older Entries
Newer Entries »

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.

Tags: , , , , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

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.

Tags: , , , , , , , , , , , , , ,
Posted in News | No Comments »

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.

Tags: , , , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

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.

Tags: , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 9/16/11

Friday, September 16th, 2011

Sources:

Mortgage-Default Filings Increase by 33% in August
Fewer U.S. Homeowners ‘Underwater’ as Foreclosures Mount
Home loans rates drop again in Freddie Mac survey
C.A.R. August sales and price report
Mortgage Debacle Costs U.S. Banks $66 Billion as Bad Home Loans Sap Profit
Unemployment filings at more than 2-month high
Obama Pledges to Refinance Millions of Mortgages at Today’s Rates
Obama Program Calls for $15B for Foreclosure Rehab
The American Jobs Act
Alabama Supreme Court rules in favor of MERS

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events.  EMC Mortgage is facing a lawsuit from Wells Fargo regarding toxic mortgages.  The rate of unemployment was up 12.1% last month.  Also, according to DS News foreclosures are continuing to increase, especially for homes on the West Coast.

In The News:

Housing Wire - “Wells Fargo sues EMC Mortgage over buybacks” (9-16-11)

“Wells Fargo (: ) is jumping deeper into the MBS litigation fray by filing suit against EMC Mortgage, claiming the firm should buy back 800 toxic mortgages sold into the Bear Stearns Trust.”

DSNews - “Freddie Mac Offers REO Bulk Sales” (9-16-11)

“Freddie Mac is looking to unload some of its foreclosed properties to investors through bulk sales transactions.”

Los Angeles Times - “California unemployment rate rises to 12.1% in August” (9-16-11)

“California’s unemployment rate ticked up a notch in August, to 12.1% from 12% the month before, according to new data from the U.S. Bureau of Labor Statistics. Employers shed 8,400 jobs from payrolls.”

Realty Times - “Fixed-Rate Mortgages Continue To Find New Record Lows” (9-16-11)

“Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed-rate mortgages remaining near their 60-year lows as ongoing investor concerns over the European debt market kept Treasury bond yields low. The 30-year fixed averaged 4.09 percent, a new all-time low. The 15-year fixed, a popular refinancing option, also reached a new record low for the week averaging 3.30 percent.”

O.C. Register - “BofA says increased defaults will spur recovery” (9-16-11)

“A Bank of America spokeswoman confirmed Thursday that the lender has accelerated its pace of filing default notices in states where a court order isn’t required before lenders can foreclose.”

Inman - “Surge in default notices portends more REOs” (9-16-11)

“Foreclosure activity  fell for the 11th straight month on a yearly basis in August, but rose compared to July, according to the latest monthly report from foreclosure data site RealtyTrac.”

DS News - “West Coast States See a Surge in New Foreclosures” (9-16-11)

“Foreclosure starts soared during the month of August in states along the country’s western coast, reversing what had been a declining trend over the past several months, according to the tracking firm ForeclosureRadar.”

Housing Wire – “California home sales surge in August with prices at highest point of year” (9-16-11)

“California home sales posted an increase from both the previous month and previous year, while the median home price rose to its highest level this year, according to data from the California Association of Realtors.”

Looking Back:

According to MDA DataQuick, 6,698 houses and condos closed escrow in the Bay Area in August 2010. Also, 34,239 houses and condos were sold statewide. BarCap expected that of all the subprime mortgages were still current and originated in 2005, 70% would default.

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.

Tags: , , , , , , , , , ,
Posted in News, Video Blog | No Comments »

The Norris Group Real Estate News Roundup 8/25/11

Thursday, August 25th, 2011

Today’s News Synopsis:

Mortgage rates went up a little today to 4.22% after being at their lowest in 50 years.  Government Sponsored Enterprises, specifically Fannie Mae and Freddie Mac, are expected to receive less money from the government, almost $35 billion less according to DS News.  The market is not looking good for both commercial real estate and homebuilders as both the sale of new homes are expected to be at their lowest since the 60′s and commercial real estate is being effected by a weak economy.

In The News:

Bloomberg - “Mortgage Rates for 30-Year U.S. Loans Rise From Half-Century Low to 4.22%” (8-25-11)

“Mortgage rates in the U.S. rose for the first time in four weeks, pushing borrowing costs up from the lowest in more than half a century as a faltering economy holds back home purchases.“

Housing Wire - “Freddie delinquencies tick up for first time in 10 months” (8-25-11)

“The Freddie Mac delinquency rate increased 1 basis point in July to 3.51%, the first increase since November.”

DS News - “Government to Spend Significantly Less on GSEs This Year” (8-25-11)

“In its August 2011 Budget and Economic Outlook update, the Congressional Budget Office (CBO) predicts the government will spend $35 billion less on Fannie Mae and Freddie Mac in 2011 than in 2010.”

Rismedia - “Mortgage Applications Decrease; Purchase Index Lowest in 15 Years” (8-25-11)

“Mortgage applications decreased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 19, 2011.”

O.C. Register - “Analyst: Homebuilders face growing challenges” (8-25-11)

“Recent statistics point to weakening marketing conditions for the homebuilding industry.  This week’s new home sales report by the US Census Bureau showed that new home sales ran at a seasonally adjusted rate of 298,000 in July — down 0.7% from June yet up 6.8% from a year ago. Still, the industry is on pace for slowest annual sales since 1963.”

Inman - “REO, preforclosure properties selling at a larger discount” (8-25-11)

“The share of bank-owned homes and homes in some stage  of foreclosure dropped 5 percent from the first quarter to the second  quarter, falling from 36 percent to 31 percent, but was up from 24 percent in second-quarter 2010, according to a report released today by foreclosure data  provider RealtyTrac.”

Housing Wire – “Wells Fargo tops MBA’s commercial/multifamily servicer list” (8-25-11)

“Wells Fargo (WFC: 24.76 +1.35%) ranks first among master and primary servicers for its handling of $442.9 billion in commercial/multifamily loans tied to commercial mortgage-backed securities, collateralized debt obligations and other
asset-backed securities, the Mortgage Bankers Association said Thursday.”

Los Angeles Times - “Gov. Jerry Brown proposes job creation plan for California” (8-25-11)

“Gov. Jerry Brown wants to expand a hiring tax credit and provide tax relief to businesses that buy manufacturing equipment, while getting rid of a loophole that voters supported in elections in 2010.”

Realtor Magazine - “Foreclosures Sell for Up to 40% Less” (8-25-11)

“Foreclosures made up about one-third of all home sales during the spring quarter (April to June), and sales were about six times the percentage of foreclosures in a healthy housing market, RealtyTrac Inc. reports.”

Housing Wire – “Commercial real estate outlook turns grim” (8-25-11)

“Just as the commercial real estate sector showed signs of recovery, analysts now forecast a renewed struggle as the economy slumps.”

Looking Back:

One year ago, the MBA’s weekly survey showed that mortgage loan application volume increased by 4.9%. The Commerce Department reported new homes sales decreased 12.4% in July 2010. According to Zillow, most Western states experienced a decrease in 20-year mortgage rates the prior week. California’s 30-year rate decreased to 4.30%.

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.

Tags: , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 8/3/11

Wednesday, August 3rd, 2011

Today’s News Synopsis

The Wall Street Journal reported that the number of homes for sale decreased significantly in several cities, but unfortunately inventory is at its lowest in five years.  According to the latest Mortgage Bankers Association survey, mortgage applications increased 7.1% from last week, although still not at levels they have been in the past.  Los Angeles Times reported layoffs are at the highest they have been in 16 months in the midst of a slow job market. 

In The News:

Housing Wire - “Ally Financial mortgage buyback claims surpass $1 billion” (8-3-11)

“Ally Financial (GJM: 23.38 +0.56%) reported more than $1 billion in outstanding claims for the bank to repurchase troubled mortgages from investors in the second quarter, up 28% from the previous period.”

Bloomberg - “BofA Seeks Separate Home Foreclosure Deal” (8-3-11)

“Bank of America Corp. (BAC) has held settlement negotiations with some states over home foreclosures separately from talks with a larger group of state and federal officials, two people familiar with the matter said.”

DS News - “Five Star Institute and Fannie Mae Partner for Short Sale Program” (8-3-11)

“The Five Star Institute, a mortgage industry group based in Dallas, Texas, announced a partnership with Fannie Mae to educate real estate agents on Fannie Mae’s Short Sale Assistance Desk (SSAD).”

The Wall Street Journal - “Home Listings Fall but Woes Persist” (8-3-11)

“The number of homes listed for sale declined sharply in a number of U.S. cities during the second quarter, offering glimmers of hope that some housing markets are starting to recover.  At the end of June, nearly 2.34 million homes were listed for sale on multiple-listing services in more than 900 metro areas, the lowest level for that time of year since at least 2007, according to Realtor.com. In some cases, inventory levels are at their lowest levels since the housing downturn began five years ago”

Mortgage Bankers Association - “Mortgage Applications Increase, But Still Low in Latest MBA Weekly Survey” (8-3-11)

“Mortgage applications increased 7.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 29, 2011.  ”

Los Angeles Times - “Job growth slows and layoffs rise to 16-month high, reports say” (8-3-11)

“Companies with fewer than 50 employees added 58,000 jobs nationwide last month, while businesses with 50 to 500 workers hired 47,000 people, according to the study. Only 9,000 new positions were at large firms with more than 500 staffers.”

Housing Wire - “Home prices edge up in June, but fail to meet 2010 levels”  (8-3-11)

“Home prices in the United States edged up a slight 0.7% between May and June, making it the third consecutive month-over-month jump in prices. However the value of homes in some core areas saw heavy declines.”

Los Angeles Times - “Senate delays hearing for consumer agency nominee Richard Cordray” (8-3-11)

“This week’s scheduled confirmation hearing for Richard Cordray, the nominee to head the Consumer Financial Protection Bureau, has been delayed until September as senators left early for their August recess.”

Realtor Magazine - “Real Estate OK in Debt Deal But Risks Remain” (8-3-11)

“The debt ceiling agreement signed into law on August 2 has no direct impact on real estate tax rules or spending provisions, but the industry isn’t out of the woods yet, because the deal includes authority that could make it easier for Congress to make tax law changes in the months ahead.”

CNN Money - “What about us? Responsible homeowners left out in the cold” (8-3-11)

“Consider it yet another cruel irony of the housing bust: While hundreds of thousands of mortgage borrowers have been able to squat in their homes without making a single mortgage payment in months or even years, many responsible homeowners who have good credit and consistently meet their monthly obligations haven’t been able to refinance in order to avoid losing their homes.”

Looking Back:

According to the NAR, pending home sales declined 2.6 percent in June 2010. Data from the Southern California Multiple Listing Service showed that 25 percent of homes sold in Orange County were sold for less than the owner in June 2010 owed on the mortgage. Zillow reported the average 30-year mortgage rate decreased to 4.28 percent from the previous week. 84 percent of buyers began searching for homes online.

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.

Tags: , , , , , , , , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 7/29/11

Friday, July 29th, 2011

Sources:

Pending Sales of Previously Owned Homes in the U.S. Increased 2.4% in June
USB Is Sued for Mortgage Losses
Homeownership Falls to Lowest Since 1998
Case-Shiller Index Posts Second Straight Increase
84 Percent of U.S. Metros Post Lower Foreclosure Activity in First Half of 2011
Trulia Launches Social Search, Bringin Word-Of-Mouth Refferals Online for the Real Estate Industry
BofA Donates Then Demolishes Houses to Cut Glut of Foreclosures
Ocwen Financial Offers New Loan Modification Program

Today’s News Synopsis:

In this week’s video, Aaron Norris of The Norris Group gives the news of the week in the world of real estate and other big events. According to Bloomberg, homeownership rates are at their lowest level since 1998.  Wells Fargo and National Urban League are teaming up together to help homeowners who are behind on their mortgage payments

In The News:

Bloomberg- “U.S. Homeownership Rate Hits Lowest Level in 13 Years on Stricter Lending” (7-29-11)

“The U.S. homeownership rate fell to the lowest level since 1998 in the second quarter as stricter lending standards blocked purchases and foreclosures forced people out of their residences.  The ownership rate through June was 65.9 percent, the lowest since the same rate 13 years ago, the U.S. Census Bureau said in a report today.”

Housing Wire - “Fixed-rate CMBS defaults near 13%” (7-29-11)

“Defaults on loans in fixed-rate, commercial mortgage-backed securities continue to grow, with the default rate hitting 12.9% at the end of the second quarter, up 228 basis points from Dec. 31, Fitch Ratings said.”

DS News - “Wells Fargo Teams with National Urban League to Aid Homeowners” (7-29-11)

“Wells Fargo and the National Urban League have released the second edition of ‘The Foreclosure Workbook: The Complete Guide to Understanding Foreclosure and Saving Your Home’.”

Realty Times - “30-Year Fixed-Rate Mortgage Follows Treasury Yields Higher” (7-29-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage changing little for the week amid mixed macroeconomic data. The 30-year fixed averaged 4.55 percent, while the 15-year remained unchanged from its previous week average of 3.66 percent.”

Inman - “Consumers, real estate pros tap shift to rentals” (7-29-11)

“In a sluggish economy, diversification into renting can provide new income streams for both consumers and real estate professionals, according to two speakers at Real Estate Connect Thursday.”

The Wall Street Journal - “Mortgages Hold Steady” (7-29-11)

“Mortgage rates in the U.S. were again little changed over the past week, as readings on the U.S. economy continued to show mixed signals, according to Freddie Mac’s weekly survey of mortgage rates.”

San Francisco Chronicle - “BofA turns bulldozer on glut of abandoned homes” (7-29-11)

“Bank of America Corp., faced with a glut of foreclosed and abandoned houses it can’t sell, has a new tool to get rid of the most decrepit ones: a bulldozer.”

Housing Wire - “Mortgage insurers write $4.8 billion in new business in June” (7-29-11)

“Private mortgage insurers, who are fighting for a place in the future mortgage finance space, wrote $4.8 billion in new insurance on mortgage loans originated in June, up from $3.92 billion in May.”

Realtor Magazine - “To Save Home Values, Bill Asks Banks to Rent Foreclosures” (7-29-11)

“As a glut of foreclosures on the market weighs down home values across the country, a bipartisan bill introduced this week in the House proposes a solution to reducing the high inventories: Rent the properties out.”

DS News - “Community Land Trusts Have Lower Delinquency and Foreclosure Rates” (7-29-11)

“A recent report by the Lincoln Institute of Land Policy found that delinquency and foreclosure rates among owner-occupants living in homes in Community Land Trusts (CLT) were consistently lower than rates among owner-occupants in the market overall.”

Looking Back:

RealtyTrac reported foreclosure filings increased in 75% of the nation’s metro areas during the first 2 quarters of 2010. Statistics from the Department of Labor showed unemployment insurance claims fell by 11,000 the previous week. According to Freddie Mac’s weekly survey, the average rate for a 30-year fixed-rate mortgage decreased to 4.54%. Fiserv predicted that single-family home prices would fall 4.9 percent during 2010-2011.

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.

Tags: , , , , , , , , , , , , , , , , ,
Posted in News, Video Blog | No Comments »

The Norris Group Real Estate News Roundup 7/25/11

Monday, July 25th, 2011

Today’s News Synopsis:

The Wall Street Journal reported that more foreclosed homes will be featured on reality television shows.  In other news, the Reality Times reported that the sale of existing homes fell last month, the Northeast being the lowest.  According to Housing Wire, some of the big banks showed improvement in the second quarter with increased loans and bigger pre-provision earnings. 

In The News:

DS News - “Home Prices May Not Have Hit Bottom Yet: Survey” (7-25-11)

“Home prices, which have been sputtering along for much of the year, are likely to dip further by the end of 2011, according to the results of a nationwide industry survey of real estate agents.”

Inman – “Real estate exec jailed on drug trafficking charge” (7-25-11)

“Robert Lord Morris, president-elect of the Realtors Association of Lake and Sumter Counties in central Florida, is in jail after claiming a package filled with crystal methamphetamine worth an estimated $30,000 hidden inside a bag of Meow Mix cat food, the Orlando Sentinel reported Thursday.”

Bloomberg - “JPMorgan Cuts Commercial -Mortgage Bound Forecast as Volatility Hurts Profit” (7-25-11)

“JPMorgan Chase & Co. (JPM) cut its 2011 forecast for sales of bonds tied to commercial mortgages by as much as $15 billion as volatile prices curb profitability for Wall Street banks, impeding a recovery in the property market.”

Housing Wire - “Lack of financing may derail growing housing investments” (7-25-11)

“Investors are a driving force in the housing market, but their enthusiasm is constrained by limited financing options with more investors forced to pay cash for their homes as debt-driven financing remains restricted.”

Realty Times – “Real Estate Outlook: Existing-Home Sales” (7-25-11)

“Existing-home sales fell in June amidst contract cancellations, according to the National Association of Realtors.”

The Wall Street Journal - “TV Home Shows Flip Scripts” (7-25-11)

“Where are the hundreds of thousands of foreclosed homes in the U.S. ending up? On reality television.  This summer and fall, several TV networks are unveiling reality shows about buying foreclosed houses as a way to reinvent the popular “house flipping” formula, which proliferated in cable programming alongside the real-estate boom.”

Housing Wire - “Banks’ second-quarter earnings show some loan growth” (7-25-11)

“Second-quarter earnings from the nation’s big banks show the firms experiencing modest loan growth and higher pre-provision earnings during the period, FBR Capital Markets said in a new report.”

DS News – “Regulators Shut Down Florida and Colorado Lenders” (7-25-11)

“Regulators closed the doors on three lending institutions over the weekend – two in Florida and one in Colorado. This latest round of closings brings the number of names on the FDIC’s failed-bank list to 58 for the year.”

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

Tags: , , , , , , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

The Norris Group Real Estate News Roundup 7/20/11

Wednesday, July 20th, 2011

Today’s News Synopsis:

As of June, existing home sales are at their lowest they have been in seven months according to Bloomberg.  However, the prices for commercial property increased 6.3% in May according to Moody’s.  Wells Fargo was fined $85 million by the Federal Reserve for producing false information on incomes and pressuring consumers to use subprime loans who were already borrowing prime mortgages. 

In The News:

Housing Wire - “More Americans to exit homeownership” (7-20-11)

“Political deadlock mixed with terrible housing market conditions will eventually turn America into a society of renters, according to the latest Housing Market Insights report from Morgan Stanley (MS: 21.72 +3.53%).”

Bloomberg - “U.S. Existing-Home Sales Unexpectedly Declined in June to Seven-Month Low ” (7-20-11)

“Sales of previously owned U.S. homes unexpectedly declined in June to a seven-month low as the industry struggled to overcome rising unemployment and foreclosures.  Purchases dropped 0.8 percent to a 4.77 million pace, data from the National Association of Realtors showed today in Washington.”

DS News - “Distressed Properties Comprise Smalle Share of Declining Home Resales” (7-20-11)

“Foreclosures and short sales made up 30 percent of all existing-home sales in June, according to data released Wednesday by the National Association of Realtors (NAR).”

RisMedia - “Regional News: Housing Trust Funds Receives Federal Grant” (7-20-11)

“A countywide organization that promotes below-market-price housing has received a $600,000 grant from the federal government.   The San Luis Obispo County Housing Trust Fund says it will use the grant, which comes from the Treasury Department, to subsidize housing projects in the county.”

Bloomberg – “U.S. Commercial Property Prices Increased 6.3% in May, Moody’s Says” (7-20-11)

“U.S. commercial property prices increased in May for the first time in six months as a rebound in distressed real estate helped boost values, according to Moody’s Investors Service.  The Moody’s/REAL Commercial Property Price Index rose 6.3 percent from April, the largest gain since the measure began in 2000.”

Los Angeles Times - “Consumer Financial Protection Bureau gets strong support in poll” (7-20-11)

“Democrats and Republicans in Washington remain sharply split on the new Consumer Financial Protection Bureau. But a new poll from Consumers Union shows that about three-quarters of the public supports it.”

Housing Wire - “Fed fines Wells Fargo $85 million for questionable mortgages” (7-20-11)

“The Federal Reserve fined Wells Fargo (WFC: 28.70 +1.02%) $85 million and issued a cease and desist order for allegedly steering prime mortgage borrowers into subprime loans, along with falsifying income information on applications.”

The Wall Street Journal - “Investments Muddy Dirt-Bond Holders” (7-20-11)

“During the boom years, as big housing developments mushroomed throughout the country, developers worked with local governments to raise billions of dollars for roads, sewers and sidewalks through a municipal-debt security known as “dirt bonds’.”

Realty Times - “Mortgage Rates Decline as Economic Data Continues to Influence Investors” (7-20-11)

“As economic data continues to influence investors with their decisions, mortgage rates declined again last week bringing them to their lowest levels of 2011. Freerateupdate.com’s daily survey of wholesale and direct lenders show that conforming 15 year fixed mortgage rates decreased by .125% and are at 3.375%.”

DS News - “California Defaults Reach Lowest Rate in Four Years” (7-20-11)

“For the second quarter of 2011, California homes entering the foreclosure process decreased to their lowest rate in four years, according to DataQuick, a San Diego-based company
that tracks nationwide real estate activity.”

Looking Back:

The MBA reported independent mortgage bankers and subsidiaries made an average profit of $606 on each loan they originated in the first quarter of 2010. Statistics from the Commerce Department showed housing starts fell 5% from May 2010. FHA required borrowers to have at least a 580 FICO score to buy a home with a minimum 3.5 percent down payment. First and second mortgage default rates declined to 3.3% and 2.4%, according to Experian.

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.

Tags: , , , , , , , , , , , , , , , , , , ,
Posted in News | No Comments »

« Older Entries
Newer Entries »