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By Bruce Norris .

The Norris Group Real Estate News Roundup 5/23/13

Thursday, May 23rd, 2013


Today’s News Synopsis:

Four large federal agencies will be closed tomorrow due to budget cuts that went into effect March 1.  Sales of new homes in the U.S. increased last month by 2.3% to 454,000, their second-highest level since 2008.  Home prices also increased 7.2% for the whole year through March, their largest increase since May 2006.

In The News:

DS News - “First-Time Jobless Claims Fall; Sequester Cuts Ongoing Claims” (5-23-13)

“First-time claims for unemployment insurance for the week ended May 18 dropped 23,000 to, 340,000 from the highest level since the end of March the Labor Department reported Thursday.”

Bloomberg – “New U.S. Home Sales Rose to Second-Highest Level Since 2008″ (5-23-13)

“Sales of new U.S. homes climbed in April to the second-highest level in almost five years as lower borrowing costs and job gains drew more buyers into the market.”

CNN Money - “4 federal agencies to shut Friday” (5-23-13)

“Got a question about tax refunds, polluters or subsidized housing? Don’t expect an answer this Friday.  That’s because four federal government agencies will be closed on Friday, including the Internal Revenue Service, the Department of Housing and Urban Development, the Environmental Protection Agency and the White House Office of Management and Budget.”

Housing Wire - “OIG urges for GSE reform to determine best course of action for housing” (5-23-13)

“Initially, the Federal Housing Finance Agency understood the conservatorships of the enterprises to be more of a temporary time out to stabilize the mortgage market.”

DS News – “Millions of Above-Water Borrowers Lack Enough Equity to Move” (5-23-13)

“The number of homeowners underwater on their mortgages continued to fall in Q1, but millions still lack enough equity to afford to move, Zillow revealed in its first-quarter Negative Equity Report.”

Bloomberg – “U.S. House Prices Rose 7.2% in Year Through March” (5-23-13)

“U.S. house prices rose 7.2 percent in the year through March, the biggest gain since May 2006, the Federal Housing Finance Agency said.”

Housing Wire - “Fixed-mortgage rates continue to rise: Freddie Mac” (5-23-13)

“Fixed-mortgage rates jumped for the third consecutive week, which should further aid home sales and construction in coming weeks, Freddie Mac said in a report Thursday.”

DS News - “Income, Transactions Improve for Commercial Realtors” (5-23-13)

“The National Association of Realtors (NAR) reported members who practice commercial real estate saw median income rise to the highest level since 2008, reflecting progress in the commercial sector.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $105,000 on a 3 bedroom, 2 bathroom home appraised for $173,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.

Looking Back:

The FHFA reported a 0.5% increase in home prices in the first quarter of 2012.  In addition, home sales increased the previous month 3.3% to 343,000, a positive sign for the economy.  The National Association of Realtors believed the housing market would soon be impacted greatly by the baby and echo boomer demographic.

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 5/21/13

Tuesday, May 21st, 2013


Today’s News Synopsis:

Zillow reported home prices increase by 5% to $158,300, marking the sixth consecutive month to show price increases.  Fannie Mae and Freddie Mac announced today they will be offering relief to those recently affected by the tornado in Oklahoma.  The states that were helped the most by the recent national mortgage servicing settlement were those who were the most affected by the foreclosure crisis.

In The News:

Housing Wire - “Hardest-hit states record the most relief from servicers” (5-21-13)

“States hit the hardest by the foreclosure crisis benefited the most from the multi-billion dollar national mortgage servicing settlement, according to first-quarter 2013 data released by Joseph Smith, an independent monitor overseeing the distribution of aid.”

Bloomberg – “Fannie Mae Said to Plan $2 Billion CMBS Offering to Cut Holdings” (5-21-13)

“Fannie Mae plans to sell $2 billion of commercial-mortgage bonds issued before the credit market seizure as it seeks to reduce holdings of illiquid assets, according to three people familiar with the offering.”

Inman - “FHA policy shift leaves many condos ineligible for financing” (5-21-13)

“Is FHA intentionally targeting condominiums, trying to exclude hundreds or thousands of them around the country from qualifying for financing under its mortgage insurance program?”

DS News - “Home Prices Climb by at Least 5% for 6th Straight Month in April” (5-21-13)

“The majority of metros covered in Zillow’s Real Estate Market Reports saw home values inch up from March to April, the company reported Tuesday.”

Housing Wire - “QM likely to shrink mortgage lending space” (5-21-13)

“Despite the Consumer Financial Protection Bureau attempt to make the ability-to-repay rule flexible, members of the financial committee addressed a variety of risks that come with the qualified mortgage, including the high risk of lenders reducing lending volume based on the changes.”

Realty Times – “Homeownership Is Not a Tax Loophole” (5-21-13)

“It has been said that Congress does two things well: Nothing and Overreacting. In an important sense, last week’s message from Realtors® to their representatives in Washington was that legislators should do the former and not the latter.”

DS News – “GSEs Announce Relief to Borrowers Impacted by Oklahoma Tornado” (5-21-13)

“Fannie Mae and Freddie Mac reminded servicers of mortgage relief options available to homeowners whose residences were affected by the tornado that ravaged areas in Oklahoma.”

Realty Trac - “Principal Forgiveness Would Save Taxpayers Billions” (5-21-13)

“Principal forgiveness is once again on the menu in Washington, this time spurred on by a new report which says taxpayers could save as much as $2.8 billion if troubled borrowers simply owed less.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $330,000 on a 3 bedroom, 2 bathroom home appraised for $548,000.

 

Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.

Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.

Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.

Looking Back:

A bank closed in Alabama, bringing the then total for 2012 to 24.  Delinquencies were on the rise again according to a preliminary report by the Lender Processing Services.  In another big story, four states were back at their highest employment since the recession, these states being Alaska, North Dakota, Texas, and Louisiana.

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 4/25/13

Thursday, April 25th, 2013


Today’s News Synopsis:

Mortgage rates decreased again for the fourth week with 30-year rates now at 3.4% and 15-year at 2.61%, a new low.  Unemployment claims decreased by 16,000 to 339,000, putting them at their lowest in five years.  The NAHB is seeking help from Congress to maintain support for important housing incentives.

In The News:

Housing Wire - “Unconventional servicing platforms entice investors, hurdles remain” (4-25-13)

“Nonbank mortgage servicers are increasingly using securitization to access the capital needed to fund purchases of servicing assets, increasing both the size and complexity of servicer advance transactions, Standard & Poor’s said in its latest report.”

Bloomberg – “U.S. Mortgage Rates Fall With 15-Year at Lowest on Record” (4-25-13)

“Mortgage rates in the U.S. fell for a fourth week, with the 15-year average hitting a record low, helping to strengthen the housing recovery.”

Mortgage Bankers Association – “MBA and EverFi Providing Financial Literacy Education to 10,000 American Consumers” (4-25-13)

“The Mortgage Bankers Association (MBA) today announced that the initial stage of its partnership with EverFi, the nation’s leading education technology company, will provide interactive, web-based financial literacy education to more than 10,000 Americans across the United States as part of the Association’s Financial Fitness USA program.”

DS News - “Zillow: Home Price Growth Moderates in Q1″ (4-25-13)

“After “months of robust and largely unsustainable annual home value appreciation,” the national housing market finally showed signs of moderation in this year’s first quarter, Zillow reported Thursday.”

NAHB - “Remodeler Confidence Dips in First Quarter 2013″ (4-25-13)

“Remodelers’ confidence in the market dipped in the first quarter of 2013 when the Remodeling Market Index (RMI) fell six points to 49, according to the National Association of Home Builders (NAHB).”

Bloomberg - “Deutsche Bank Must Face Los Angeles Slumlord Claim Suit” (4-25-13)

“Deutsche Bank AG (DBK) must face a lawsuit by Los Angeles claiming the bank let foreclosed properties in low-income neighborhoods fall into disrepair and illegally evicted tenants to sell foreclosed buildings.”

DS News - “First-Time Jobless Claims Drop, Continuing Claims at 5-Year Low” (4-25-13)

“First-time claims for unemployment insurance dropped for only the second time in the last six weeks, falling 16,000 to 339,000 for the week ending April 20, the Labor Department reported Thursday.”

Housing Wire - “NAHB calls on Congress to support housing tax incentives” (4-25-13)

“The National Association of Home Builders called on Congress Thursday to maintain its support for vital housing incentives in order to meet the nation’s growing need for affordable rental housing and homeownership opportunities.”

Hard Money Loan Closed

Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $700,000 on a 3 bedroom, 2 bathroom home appraised for $110,000.

 

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 Asian REIA on Wednesday, May 15, 2013.

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

Looking Back:

Today was a big day for mortgages.  The Mortgage Bankers Association reported a decrease in mortgage applications by 3.8% even though rates continued to stay low.  Freddie Mac’s mortgage portfolio also showed a decrease of 2.9%.  Realty Times believed troubles in Europe were one of the things keeping mortgage rates steady.

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 4/10/13

Wednesday, April 10th, 2013


Today’s News Synopsis:

The Mortgage Bankers Association reported a 4% increase in mortgage applications from last week.  The Lender Processing Services reported about 500,000 delinquent loans were repaired in February, showing an increase in the number of fixed loan mods.  Zillow reported an increase in home prices with the increase in mortgage rates.

In The News:

Housing Wire - “Mortgage applications rise as refinancing picks up” (4-10-13)

“Mortgage applications escalated 4% for the week ending April 5, recovering from a drop last week, the Mortgage Bankers Association said.”

Bloomberg – “Home Prices Seen Falling in Some Areas as Rates Increase” (4-10-13)

“Home prices are climbing too fast relative to buyer incomes, signaling that property values may fall in some U.S. cities once mortgage rates rise and reduce affordability, according to a study by Zillow Inc. (Z).”

NAHB – “FHA Reform Efforts Must Ensure Borrowers Have Access to Affordable Home Loans” (4-10-13)

“With tight mortgage lending standards preventing well-qualified home buyers from obtaining home loans and impeding the housing and economic recovery, the National Association of Home Builders (NAHB) today expressed support for congressional efforts to reform the Federal Housing Administration (FHA) but urged lawmakers to proceed in a cautious manner to avoid any disruptions to the nation’s housing finance system.”

Realty Times - “Consumers Remain Confident in Housing Market” (4-10-13)

“Fannie Mae released the March 2013 National Housing Survey which shows that consumers remain confident in the housing market even while having doubts in other areas of the economy.”

DS News - “LPS Reports a Spike in Cures, Increase in Mods in February” (4-10-13)

“Lender Processing Services (LPS) reported a spike in cure rates in February and an increase in the volume of loan modifications following decreases.”

Inman- “Inventory, prices post gains as spring buying season gets underway” (4-10-13)

“Listing inventory and median list prices posted gains from February to March, with inventory rising 2.4 percent and prices 0.5 percent, according to the latest numbers from realtor.com.”

Bloomberg - “Fannie Mae Bailout Seen Turning Profit by 2023 in Obama Budget” (4-10-13)

“Fannie Mae and Freddie Mac, the U.S.-owned mortgage-finance companies, could return billion of dollars in profits to taxpayers who bailed them out in 2008, White House budget analysts said today.”

Housing Wire - “Housing analysts push FHA reform” (4-10-13)

“Housing industry experts threw out various suggestions to the members of the Committee on Financial Services advocating for solutions under the banner of Federal Housing Administration reform.”

CNN Money - “Firms are firing less, but not hiring enough” (4-10-13)

“Far fewer Americans are getting fired or laid off these days that they were in 2009.  In fact, layoffs are back at their pre-recession lows.”

Hard Money Loan Closed

Lake Elsinore, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 4 bedroom, 2.5 bathroom home appraised for $227,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

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 How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, June 1 in Orange.

Looking Back:

Zillow reported rents were showing substantial increases over purchases, in some cities as much as 15% from the previous year.  Edward DeMarco believed if Fannie Mae and Freddie Mac forgave the principal on some troubled mortgages, it could save them $1.7 billion.  Key members of Congress introduced new bills that would extend the  Mortgage Forgiveness Debt Relief Act into 2014.

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 3/25/13

Monday, March 25th, 2013


Today’s News Synopsis:

LPS reported home prices saw a month-over-month increase in January, but they are still lower than their original peak.  Zillow reported home values are expected to increase by as much as 22% through 2017.  Bank of America Merrill Lynch said another housing bubble could occur if home prices continue to rise without leading to a reduction in unemployment.

In The News:

Bloomberg - “Payroll Growth Vaults to Higher Pace at U.S. Companies” (3-24-13)

“Companies from Ford Motor Co (F). to a California tortilla maker are stepping up hiring as the economy improves. The result, say Maury Harris of UBS Securities LLC and Allen Sinai of Decision Economics Inc.: Payroll growth is vaulting to a faster pace of about 200,000 a month, after averaging 167,000 in the second half of last year.”

Inman - “Freddie Mac makes loan data available” (3-25-13)

“Freddie Mac says it will disclose performance data on a swath of single-family loans that it purchased over a 13-year period representing about 53 percent of Freddie Mac’s total mortgage acquisitions, or 15.7 million mortgages, from Jan. 1, 1999 to Dec. 31, 2011.”

DS News – “LPS: Home Price Increases Continue into January” (3-25-13)

“National home prices continued to recover from December to January, but prices were still far below their peak, according to the Home Price Index (HPI) report from Lender Processing Services, Inc. (LPS).”

Housing Wire – “Continued QE3 may lead to another housing bubble: BofAML” (3-25-13)

“History seems to be repeating itself as rising home prices are not leading to a reduction in unemployment as quickly as market strength may indicate, possibly creating another housing bubble, said Bank of America Merrill Lynch in its latest report.”

Realty Times - “Zillow: Home Values To Grow 22 Percent Through 2017″ (3-25-13)

“Home values will grow incrementally by more than 4 percent a year and cumulatively by 22 percent over the next five years.”

DS News - “California’s Principal Reduction Program Expands Its Reach” (3-25-13)

“The Principal Reduction Program that functions under the Keep Your Home California program experienced a 47 percent increase in participation from the fourth quarter of 2011 to the fourth quarter of 2012, according to the Treasury.”

Housing Wire - “Credit Suisse: Faster principal payments equal less default risk” (3-25-13)

“Always current mortgage borrowers who aggressively tackle their mortgage debts are less likely to default in many cases, creating a significant indicator of ‘reduced credit risk’ for investors in non-agency residential mortgage-backed securities, Credit Suisse analysts claim in a new report.”

DS News - “Rep and Warranty, Servicing Costs Remain Elevated in Q4: KBW” (3-25-13)

“Representation and warranty costs remained elevated in the fourth quarter among top originators, though new and outstanding repurchase claims were mixed for large mortgage companies, according to a recent analysis from Keefe, Bruyette & Woods, Inc (KBW).”

Bloomberg- “Debt Flagged by Fed Bought by Funds Copying 2007: Credit Markets” (3-25-13)

“Money managers from Ares Management LLC to Onex Corp. (OCX) are borrowing at the fastest pace in six years to buy the type of speculative-grade loans that federal bank regulators warned last week is becoming riskier.”

Hard Money Loan Closed

Valley Center, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $164,000 on a 3 bedroom, 2 bathroom home appraised for $265,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 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 3/21/13

Thursday, March 21st, 2013


Today’s News Synopsis:

The FHFA reported home prices increased by a total of 6.5% throughout 2012 and up to January.  In a big news day for mortgages, 30-year mortgage rates decreased to 3.54%, while at the same time mortgage applications also decreased 7.1% from last week.  Unemployment claims by 2,000 to 336,000 last week.

In The News:

Housing Wire- “NAR: Housing inventory growing at woefully slow pace” (3-21-13)

“After Freddie Mac predicted this spring to be the healthiest in six years, the National Association of Realtors confirmed by saying February existing-home sales and prices point towards a healthy housing spring.”

DS News – “Home Values Climb for 16th Straight Month in February: Zillow” (3-21-13)

“Home values maintained their upward trajectory in February after climbing for the 16th straight month, according to Zillow’s monthly Home Value Index.”

Bloomberg – “House Prices Rose 6.5% in Year Through January, FHFA Says” (3-21-13)

“U.S. house prices rose 6.5 percent in the year through January, the biggest jump since 2006, as values surged on the West Coast and in the area including Nevada and Arizona, the Federal Housing Finance Agency said.”

Mortgage Bankers Association - “MBA Releases 2012 Rankings of Commercial/Multifamily Mortgage Firms’ Origination Volumes” (3-21-13)

“Wells Fargo was the top commercial/multifamily mortgage originator in 2012, according to a set of commercial/multifamily real estate finance league tables prepared by the Mortgage Bankers Association (MBA).”

NAHB - “List of Improving Housing Markets Rises to 274 in March” (3-21-13)

“The list of improving U.S. housing markets expanded for a seventh consecutive month in March to include 274 metros on the National Association of Home Builders/First American Improving Markets Index (IMI), released today.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-20-13)

“Mortgage applications decreased 7.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 15, 2013.”

DS News - “First-Time Jobless Claims Edge Up; Trend Stays Positive” (3-21-13)

“First-time claims for unemployment insurance increased 2,000 to 336,000 for the week ending March 16—the first increase in a month—the Labor Department reported Thursday.”

Bloomberg- “U.S. Mortgage Rates Decline With 30-Year Fixed at 3.54%” (3-21-13)

“U.S. mortgage rates fell as concern that Cyprus’s debt crisis might worsen drove investors to the safety of the government bonds that guide home loans.”

Hard Money Loan Closed

Hawthorne, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $225,000 on a 4 bedroom, 4.5 bathroom home appraised for $420,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 2013.

Looking Back:

Sales of existing homes decreased 0.9% the previous month; although year-over-year they increased over 8%.  Mortgage applications were down 7.4% from the previous week, although mortgage rates were increasing slightly to above 4%.  In addition, the number of mortgages 30 days overdue decreased 5% month-over-month and 14% year-over-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 3/18/13

Monday, March 18th, 2013


Today’s News Synopsis:

Attorney generals are demanding FHA acting director Ed DeMarco to be replaced.  Builder confidence decreased by two points to 44 according to NAHB.  Zillow predicts a 22% increase in home values by the end of 2017.

In The News:

Housing Wire- “Attorneys general call for DeMarco’s replacement” (3-18-13)

“Prominent state attorneys general are calling on Capitol Hill to remove Ed DeMarco, the acting director of the Federal Housing Finance Agency, urging for a new permanent director.”

DS News – “More than One-Third of Homes Sold Within 2 Weeks: Redfin” (3-18-13)

“More than one-third of homes were taken off the market in two weeks or less last month, Redfin revealed in its most recent monthly housing report.”

NAHB – “Builder Confidence Slips Two Notches in March” (3-18-13)

“Builder confidence in the market for newly built, single-family homes paused for a third consecutive month in March, with a two-point reduction to 44 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.”

Realty Times - “Fiscal Cliff Legislation Saves Tax Credits For Energy-Efficient Upgrades” (3-18-13)

“You need a scorecard to keep up with Washington’s budgetary moves these days.  When legislators kept the nation from toppling off a fiscal cliff, they left a host of key housing and mortgage related benefits intact.”

DS News - “Industry Experts Predict Price Growth into 2017″ (3-18-13)

“If projections hold out, home values will rise 22 percent cumulatively by the end of 2017, according to Zillow’s first-quarter Home Price Expectations Survey.”

Housing Wire - “Supreme Court refuses to hear Goldman Sachs RMBS case” (3-18-13)

“The U.S. Supreme Court punted on a chance to hear a case that could have a significant impact on the scope and size of residential mortgage-backed securities cases in the Second Circuit.”

DS News - “Report: Impact of Investors on REO Inventory Uneven Across Markets” (3-18-13)

“REO inventory declined at an accelerated pace in 2012 as investor activity intensified, but the impact of the reduction has been uneven across markets, according to an analysis from CoreLogic.”

Bloomberg- “Bullish Bets Jump Most Since July as Gold Rebounds: Commodities” (3-18-13)

“Investors increased wagers on a commodity rally by the most in eight months as signs of a U.S. economic recovery bolstered the outlook for demand and drove rallies in crude oil, cotton, copper and gold.”

Hard Money Loan Closed

Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $170,000 on a 2 bedroom, 1.5 bathroom home appraised for $304,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.

Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, April 6 in Sacramento.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate on Thursday, April 11, 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 3/7/13

Thursday, March 7th, 2013


Today’s News Synopsis:

Jobless claims decreased by 7,000 to 340,000 last week according to the Labor Department.  Freddie Mac reported mortgage rates continue to remain unchanged at 3.52%.  The worth of homes increased by $1.17 trillion in the fourth quarter by the highest in five years.

In The News:

Bloomberg - “U.S. Mortgage Rates Little Changed With 30-Year at 3.52%” (3-7-13)

“U.S. mortgage rates were little changed, keeping borrowing costs close to record lows after home prices rose the most in almost seven years.”

DS News – “Firm Grip on Foreclosure Inventory Continues in Judicial States” (3-7-13)

“Although rates for foreclosure starts and sales remain volatile, one underlying trend continues: foreclosure inventory in judicial states is still three times higher than that of non-judicial states, according to Lender Processing Services (LPS).”

Realty Times – “Banks Foreclosed on Hundreds of Military Veterans – In Violation of Federal Law” (3-7-13)

“A report released this week revealed that hundreds of military veterans were wrongfully foreclosed on by some of the nation’s largest banks – in direct violation of federal law.”

Housing Wire - “Consumer outlook on economy, housing diverge: Fannie Mae” (3-7-13)

“Consumers are living in a bipolar world, where optimism about housing is on the rise even as Americans remain wary of the economy as a whole.”

DS News - “Initial Unemployment Claims Slip Again” (3-7-13)

“Initial unemployment insurance claims fell 7,000 for the week ending March 2, closing the week at an advance estimate of 340,000, the Labor Department reported Thursday.”

Bloomberg - “Household Worth in U.S. Rises by $1.17 Trillion on Housing” (3-7-13)

“Household wealth in the U.S. climbed in the fourth quarter to the highest level in five years, propelled by a gain in home prices that is helping repair family finances.”

Housing Wire - “Falling foreclosures keep national housing supply tight” (3-7-13)

“National housing inventory remains at a traditional low, leading to healthy demand and pushing prices higher. And there is good reason for it: fewer foreclosures on the market prevent a bottoming out.”

Hard Money Loan Closed

Cabazon, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $35,000 on a 3 bedroom, 2 bathroom home appraised for $59,000.

 

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Bruce Norris and Craig Hill of The Norris Group will be hosting a one hour Hard Money Loan Webinar TOMORROW.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA on Wednesday, March 13, 2013.

Looking Back:

Apartments were the driving force for economic recovery as more and more people were choosing to live there.  On a monthly basis, mortgage applications increased in January 2012, although on a weekly basis they actually decreased from the previous week.  216,000 new jobs were added to the private sector in February 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 2/22/13

Friday, February 22nd, 2013



Sources:
Builder Confidence Virtually Unchanged in February
Freddie Mac: Rental Sector Shows Growth, but Lacks Affordability
HARP hits 2 million refinances
Housing Starts Down on Typical Multifamily Volatility; Permits Hit Four-Year High
U.S. 30-Year Mortgage Rates Rise to Highest Since August
Existing-Home Sales Inch Up; Inventory at Lowest Level Since 1999
January Existing-Home Sales Hold with Steady Price Gains, Seller’s Market Developing
Zillow: 1.9M Homeowners Released from Negative Equity in 2012
Limited Mortgage Finance Role for U.S. Government Gains Support

Today’s News Synopsis:

Aaron Norris gives the news of the week in the world of real estate in this week’s video.  Zillow reported home values increased in January for the 15th month in a row to $158,100, the biggest yearly increase in seven years.  Fannie Mae predicted economic growth will continue to remain slow despite the increase in taxes and spending cuts.

In The News:

Bloomberg - “Fattened Margins Seen Shrinking 40% at Banks: Mortgages” (2-22-13)

“Record mortgage profits that drove earnings at Wells Fargo & Co. (WFC) and JPMorgan Chase & Co. (JPM) are fading as increased competition keeps the rates banks are offering on new loans near all-time lows.”

DS News – “Fitch Finds Weaknesses in Recent RMBS Transactions” (2-22-13)

“While most representation and warranty guidelines for recent residential mortgage-backed securities (RMBS) have been “substantially stronger than observed in pre-crisis transactions,” according to Fitch, the ratings agency has begun to encounter some proposals that fall short of the industry’s recently-enhanced standards.”

Realty Times - “Average 30-Year Fixed-Rate Mortgage Up a Smidgen” (2-22-13)

“In Freddie Mac’s results of its Primary Mortgage Market Survey®, the average fixed mortgage rates have changed little over the past four weeks which is helping to spur new home construction.”

Housing Wire- “Refis of underwater loans shrink Ohio’s distressed inventory” (2-22-13)

“While loan modifications continue to ease distress for a small fraction of delinquent loans in Ohio, the refinancing of current underwater loans is also decreasing the state’s inventory of troubled mortgages.”

DS News - “Home Values Post Biggest Annual Increase Since 2006; Rent Gains Slow” (2-22-13)

“Home values in January posted their biggest annual increase since July 2006, beating national gains in rent, according to a recent report from Zillow.”

Housing Wire – “California captures 40% of aid from the national mortgage settlement” (2-22-13)

“The state of California received a disproportionate share of relief dollars from the 49-state national mortgage settlement, according to data released this week.”

DS News- “Fannie Mae Projects Slow Economic Growth Amid Fiscal Policy Concerns” (2-22-13)

“Even with tax hikes and spending cuts creating a significant headwind to the economy, Fannie Mae’s Economic & Strategic Research Group is maintaining its outlook for slow and steady growth in 2013.”

Housing Wire – “MBA economist sees home price recovery, but hurdles remain” (2-22-13)

“The Mortgage Bankers Association’s chief economist rejects the idea that today’s home price recovery and improvements in housing are the result of artificial market lifts such as legislation and federal intervention.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $74,000 on a 4 bedroom, 2 bathroom home appraised for $116,000.

 

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.

The Norris Group will be holding their Distressed Property Boot Camp from March 5-7, 2013.

Looking Back:

Sales of existing homes increased in January of last year for the third month in a row.  Construction jobs also increased with people’s positive outlook on the housing market and increase in remodeling projects.  In the housing market as a whole, market trends were showing signs of improvement amidst a weak market.

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

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The Norris Group Real Estate News Roundup 2/21/13

Thursday, February 21st, 2013


Today’s News Synopsis:

The National Association of Realtors reported existing home sales increased 0.4% last month to 4.92 million.  Meanwhile, Goldman Sachs is expecting home sales to increase and continue to increase over the next for years.  30-year mortgage rates increased to 3.56%, the highest they have been in 7 months.  Zillow reported almost 2 million homeowners were brought out of negative equity last year.

In The News:

DS News – “Zillow: 1.9M Homeowners Released from Negative Equity in 2012″ (2-21-13)

“Over the course of last year, nearly 2 million homeowners were released from negative equity, Zillow reported Thursday.”

Housing Wire – “Fannie Mae expects QE3 to end this year” (2-21-13)

“Interest rates continue on an upward trend so far in 2013 with the 10-year U.S. Treasury yield recently growing above 2% for the first time since April 2011, Fannie Mae said in its latest economic outlook report.”

Bloomberg - “Serious U.S. Mortgage Delinquencies Fall to Four-Year Low” (2-21-13)

“Seriously delinquent U.S. mortgages fell to the lowest level since 2008 as employment improved and recovering housing demand enabled struggling borrowers to sell without losing money.”

NAHB - “Nationwide Housing Affordability Increases at Year-End 2012″ (2-21-13)

“Exceptionally low interest rates helped ensure a slight gain in nationwide housing affordability amid relatively stable house prices in the final quarter of 2012, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today.”

Housing Wire - “National mortgage settlement provides $45 billion in homeowner relief” (2-21-13)

“Almost one year after the national mortgage settlement, 550,000 homeowners received support due to the nation’s largest mortgage servicers distributing $45.83 billion in direct relief, according to a independent settlement monitor Joseph Smith of the Office of Mortgage Settlement Oversight.”

DS News - “Existing-Home Sales Inch Up; Inventory at Lowest Level Since 1999″ (2-21-13)

“Existing-home sales rose 0.4 percent in January to 4.92 million after December sales were revised downward, the National Association of Realtors (NAR) reported Thursday.”

Bloomberg - “U.S. 30-Year Mortgage Rates Rise to Highest Since August” (2-21-13)

“U.S. mortgage rates for 30-year fixed loans rose, increasing long-term borrowing costs after construction of single-family homes climbed to a four-year high.”

Housing Wire – “Goldman Sachs predicts home sales will keep increasing for four years” (2-21-13)

“Wall Street investment bank Goldman Sachs ($155.18 0%) is telling clients that the housing recovery is real and happening.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $138,000 on a 3 bedroom, 1.5 bathroom home appraised for $201,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at OCREIA TODAY.

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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