Sources:
Multifamily mortgage originations jump 13%
Builder Confidence for the 55+ Housing Market Ends Fourth Quarter on an Upswing
HAMP Mods Approach 1M Mark
Mortgage mods in 2011 down 40% from prior year
Fewer young adults hold jobs than ever before
Report Reveals Number of Foreclosures Down From Last Year
Mortgage giants to pay $25 billion in foreclosure settlement
REAL ESTATE: California receives up to $18 billion in multistate settlement
Wells Fargo to start $5.3 billion foreclosure settlement relief in March
Banks Paying Homeowners a Bonus to Avoid Foreclosures: Mortgages

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 news of the week.  30-year mortgage rates continue to hold at record lows of 3.87%.  DS News reported Bank of America will be required to pay $1 billion in settlement fees for their part in mortgage fraud.  In other news, the values of homes decreased over 1% in the fourth quarter, although the decrease for this year is expected to be lower than 2011.

In The News:

San Francisco Chronicle – “30-year mortgage rates hold at record low of 3.87%” (2-10-12)

“Rates for 30-year U.S. mortgages held at the lowest level on record as fewer Americans sought loans for home purchases.  The average rate for a 30-year fixed loan was unchanged in the week ending Thursday at 3.87 percent, the lowest in records dating to 1971, Freddie Mac said in a statement.”

DS News – “U.S. Resolves Claims Against BofA Through $1 Billion Settlement” (2-10-12)

“Bank of America will pay $1 billion to settle on the largest False Claims Act relating to mortgage fraud.   As part of the $25 billion settlement, Loretta E. Lynch, U.S. attorney for the Eastern District of New York, announced that the government will resolve its claims against Bank of America, Countrywide, and certain Countrywide subsidiaries and affiliates for underwriting and origination mortgage fraud.”

Housing Wire – “Construction job cuts account for one-third of 4Q mass layoffs” (2-10-12)

“Mass layoffs in the fourth quarter of 2011 declined to their lowest level in six years, but construction jobs still took a big hit on the end of seasonal hiring, the government said Friday.”

Bloomberg - “Pimco: Foreclosure Deal Cheap for Banks” (2-10-12)

“The government’s deal with banks over their foreclosure practices after 16 months of investigations is cheap for the loan servicers while costly for bond investors including pension funds, according to Pacific Investment Management Co.’s Scott Simon.”

CNN Money – “Mortgage deal: What the critics say” (2-10-12)

“The $26 billion mortgage settlement had a lot of support — as evidenced by the 49 out of 50 state attorneys general that signed on to it.  The deal, which was announced Thursday, also won praise from groups as diverse as the Mortgage Bankers Association, the industry trade group for lenders, and the Center for Responsible Lending, a public interest group advocating for borrowers.”

Housing Wire – “Three California real estate investors plead guilty to bid rigging” (2-10-12)

“Three Northern California real estate investors agreed to plead guilty to forming a conspiracy to rig bids at foreclosure auctions, the Department of Justice Financial Fraud Enforcement Division said Thursday.”

DS News – “Home Values Declined 1.1 Percent for Fourth Quarter” (2-10-12)

“Zillow forecasts home values will be on the decline through December 2012, but the decrease will be smaller than 2011.”

Inman – “Markets with largest percentage-based price declines in Q4 2011″ (2-10-12)

“The Boise City-Nampa, Idaho, metro area led the nation with a 20.2 percent drop in its single-family existing-home median home price in fourth-quarter 2011 compared to the same quarter in 2010, the National Association of Realtors reported this week.”

Housing Wire – “Fannie defends ending pilot principal reduction program” (2-10-12)

“A small pilot principal reduction program Fannie Mae killed in 2010 was not performing well enough for executives to expand, the mortgage giant claims.”

DS News - “Illinois Introduces Two Initiatives to Tackle Foreclosure Issues” (2-10-12)

“To alleviate issues of foreclosure in one of the hardest hit areas, Illinois Governor Pat Quinn launched two initiatives. One effort will connect homeowners to resources to keep them in their homes, and another will help revitalize areas affected by foreclosed and vacation properties.”

Hard Money Loan Closed

West Covina, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $270,000 on a 7 bedroom, 4 bathroom home appraised for $420,000.

California Real Estate Investor Events:

The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

Existing home sales increased 15.4% in the 4th quarter of 2010, according to the NAR.  Housing affordability for first-time buyers increased to 69% during the final quarter of 2010, said the CAR. RealtyTrac reported foreclosure filings fell 17% year over year.  Kevin Warch resigned from the Federal Reserve Board of Governors.

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.

DS News reported both 15-year and 30-year mortgage rates are at their lowest on record.  Foreclosures increased over 20% from last quarter despite mortgage delinquencies holding steady.  Bank of America just settled their recent lawsuit with the Justice Department over unfair lending practices.  Claims of unemployment are also at their lowest since April 2008.

In The News:

Housing Wire - “OCC: New foreclosures climb 21.1% in third quarter” (12-22-11)

“Mortgage delinquencies stabilized in the third quarter, though new foreclosures jumped 21.1% from last quarter according to the Office of the Comptroller of the Currency.”

DS News - “Mortgage Rates…How Low Can They Go?” (12-22-11)

“Mortgage interest rates continue to head south. Freddie Mac reported Thursday that the 30-year fixed-mortgage rate as well as adjustable rate products all sank to new all-time record lows this week, while the 15-year fixed rate settled in to match its historic low.”

Bloomberg - “Foreclosures May Push U.S. Housing Rebound to 2013″ (12-22-11)

“Prices for resold homes are down 31 percent since the July 2006 peak, based on the S&P/Case-Shiller Index that tracks 20 major metropolitan areas.“

CNN Money - “BofA settles unfair lending claims for $335 million” (12-22-11)

“The Justice Department announced a $335 million settlement with Bank of America Wednesday over discriminatory lending practice at Countrywide Financial.”

Housing Wire - “Jobless claims down to lowest level since April 2008″ (12-22-11)

“The number of initial jobless claims fell further last week to the lowest level in more than three years. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 17 declined by 4,000 to 364,000 from 368,000 the previous week, which was revised upward 2,000.”

Los Angeles Times - “Key consumer confidence index up for fourth straight month” (12-22-11)

“A leading consumer confidence index rose in December, the fourth straight monthly increase, but the stalemate in Washington over extending the payroll tax cut could cut into those gains.  Consumers were much more positive about the overall economic prospects this month compared to November, according to the latest Thomson Reuters/University of Michigan Survey of Consumers released Thursday.”

NAHB- “Statement from NAHB Chairman Bob Nielsen on Debate to Extend and Pay for Payroll Tax Deduction” (12-22-11)

“Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev., today issued a statement on a congressional plan to pay for extending an expiring payroll tax cut by raising fees charged by Fannie Mae and Freddie Mac.”

Inman - “Zillow: US home values to drop about $681B in 2011″ (12-22-11)

“The value of overall homes nationwide has likely dropped just over $681 billion this year, according to property search and valuation site Zillow.”

Housing Wire - “Fitch: US could lose AAA rating by end of 2013″ (12-22-11)

“The United States could lose its AAA sovereign debt rating by the end of 2013 if policymakers fail to make inroads in cutting the federal deficit in the next year and a half, Fitch Ratings said Thursday.”

Hard Money Loan Closed

Norwalk, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 2 bedroom, 1 bathroom home appraised for $205,000.

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:

According to Veros, San Diego home prices were expected to rise 3.5% in 2011.  November 2010 saw an increase in home sales since decreasing significantly in July 2010.  In other news, fewer people were applying for mortgages most likely due to higher rates.  Fannie Mae expected home prices to decline in 2011, although they expected the sale of new homes to decrease and existing sales to increase.  The Obama administration believed the recent robo-signing had resulted in a decrease in foreclosures.

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.

According to CNN Money, the number of new homes being built increased 9.3% last month from October and over 20% from this time last year, putting housing starts at their highest levels.  Zillow predicted home prices would continue to declien through 2013, according to Bloomberg.  Housing Wire reported an increase in mortgage debt last month in every U.S. region.

In The News:

Bloomberg – “Fannie Mae, Freddie Mac Sued by California Attorney General” (12-20-11)

“Fannie Mae (FNMA) and Freddie Mac were accused in a lawsuit by California Attorney General Kamala Harris of hindering her probe into mortgage lending and foreclosure practices.”

Mortgage Bankers Association - “MBA Urges House to Vote Down Payroll Tax Extension” (12-19-11)

“The Mortgage Bankers Association (MBA) today urged members of the U.S. House of Representatives to vote against the Senate-passed bill that would extend the payroll tax holiday for two months by adding an additional tax on most
homebuyers for the next ten years.”

Realty Times - “HOA Files Suit against Dissenting Homeowner” (12-20-11)

“While it is not common, it certainly is not unheard of for a homeowner to sue the association over some issue or another.  But what about the association suing a homeowner?  Maybe it’s one of those “only in California” things; but, yes, it has happened in California.  (Country Side Villas Homeowners Association v. Susan Ivie, California Court of Appeal, Sixth Appellate District) The results are instructive.”

Housing Wire – “Mortgage debt jumps in every US region in November” (12-20-11)

“Americans increased their mortgage debt in November and default rates rose to 2.17%, according to the latest Standard & Poor’s/Experian indices.“

DS News - “StreetLinks Unveils Liquidation Valuation Solution for Distressed Assets” (12-20-11)

“StreetLinks Lender Solutions, an Indiana-based provider of valuation services, has announced the launch of StreetLinks LVR, a new liquidation valuation report developed for mortgage servicers and asset management firms which is compliant with the Uniform Standards of Professional Appraisal Practice (USPAP).”

Los Angeles Times - “Stocks surge on good economic data from U.S., Europe” (12-20-11)

“Stock markets rose around the globe after a handful of surprisingly good reports about the U.S. and European economies.  The Dow Jones industrial average was recently up 269.43 points, or 2.29%, to 12035.69. The broader Standard & Poor’s 500 index was up 2.4%, or 29.01 points, to 1234.24 in early trading.”

Bloomberg - “U.S. Home Prices to Fall in 2012: Zillow” (12-20-11)

“U.S. home prices will continue to decline through late 2012 or early 2013 as negative equity and weak job growth hinder a real estate recovery, according to a survey by Zillow Inc.”

CNN Money - “Home building spikes higher” (12-20-11)

“Home building spiked up in November to the strongest level in almost two years, as record-low mortgage rates and a surge in apartment and condo construction lifted activity.  Housing starts shot up to an annual rate of 685,000 in the month, up 9.3% from October and 24.3% higher than a year earlier.”

Housing Wire - “Fannie says housing ends year on high note, but risks remain” (12-20-11)

“The housing market is ending 2011 on a high note with sales activity edging up in the fourth quarter, stronger employment data in November and economic growth of 2.5% for the fourth quarter, Fannie Mae said Tuesday.”

DS News - “Florida Supreme Court Terminates State Mediation Program” (12-20-11)

“Florida’s mandatory foreclosure mediation program has come to an end.  State Supreme Court Chief Justice Charles Canady issued an order this week stating that no new cases may be referred to mediators as part of the court-run initiative and citing the program’s lack of success in resolving foreclosure disputes between lenders and borrowers.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $92,000 on a 3 bedroom, 2 bathroom home appraised for $153,000.

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:

Bank of America Merrill Lynch stated that house owners may have to default their underwater mortgages in order to take care of their debt.  In October 2009, pending home sale prices rose 10.4%, according to Realty Times.   Prices on commercial property rose for the second month in a row in 2010 according to Moody’s Investors Service and were expected to continue to fluctuate, according to Moody’s Investors Service.  According to the National Association of Home Builders/Wells Fargo Housing Market Index, consumer cofidence in newly-built houses declined 4 points from November 2010 in the West.   In other news, Moody’s Investors Service reported that prices of commercial property increased 1.3% in October 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 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.

DS News reported optimism in the housing market as housing prices are showing signs of reaching their lowest and stabilizing despite continuing price declines.  According to Housing Wire, a settlement was reached between Morgan Stanley and MBIA regarding credit default swaps.  In addition, the Realty Times reported housing will play a big part in the upcoming 2012 election.

In The News:

Realty Times – “Housing to Be Key Factor in 2012 Election” (12-13-11)

“HouseLogic, the consumer website for the National Association of Realtors® has released the results from their latest survey. They found that when it comes to the upcoming 2012 election, jobs and housing are at the forefront of voters’ minds.”

Housing Wire - “Morgan Stanley and MBIA reach settlement over CDS” (12-13-11)

“Morgan Stanley (MS: 15.74 +2.34%) said Tuesday that it has reached a comprehensive settlement with MBIA (MBI: 11.52 +1.05%) over credit default swaps that better positions the firm for Basel III compliance by resolving outstanding legacy exposures.”

DS News - “Prices Decline Slightly But Show Signs of Stabilizing” (12-13-11)

“While home values are continuing to decline, they are beginning to stabilize as the market nears the bottom, according to the Zillow Real Estate Market Report, released Tuesday.”

Bloomberg - “Mortgage Bonds Rally as Fed Backstop Seen” (12-13-11)

“Relative yields on mortgage-backed securities that guide new loan rates fell to the lowest in five months as investors wager the Federal Reserve is on standby to expand its holdings if the U.S. economy or Europe’s sovereign debt crisis worsens.”

San Francisco Chronicle - “Real estate recovery likely to be slow” (12-13-11)

“Fair warning to U.S. real estate  players: Resign yourselves to “a slowing grind-it-out recovery” in 2012, as  “enduring economic doldrums” continue to weigh heavily on the market.”

Hard Money Loan Closed

Fontana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $140,000 on a 4 bedroom, 2 bathroom home appraised for $245,000.

In The News:

Housing Wire – “Optimism rises among small businesses” (12-13-11)

“Small businesses grew more confident again in November, though optimism remains well below the pre-recession average.  The National Federation of Independent Business reported an increase to 92 in its optimism index, up from 90.8 in October. That’s still lower than the 100 score the index averaged before 2008.”

DS News – “Attorneys General Expect to Reach Settlement Before Christmas” (12-13-11)

“The state attorneys general and the nation’s five largest mortgage servicers have been supposedly close to a settlement for quite some time. The latest estimate, according to the Des Moines Register is that they are likely to reach a settlement before Christmas.”

Wall Street Journal - “Home Bargains Abound, But Willing Lenders Are Rare Breed” (12-13-11)

“Faced with finicky lenders, would-be home buyers are increasingly turning to Dad, Grandma or rich Uncle Barton—even perfect strangers they met online. While these solutions are understandable, given the abundant bargains on the market, they also present significant risks.”

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:

22.5% of all mortgages were underwater in the 3rd quarter of 2010, according to CoreLogic. The FHA extended deadlines for condo projects seeking to renew their mortgage insurance. Altera Real Estate reported demand for O.C. homes decreased by 12%.

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.

Sources:

Young workers getting hired again
Jobless claims edge up to 402,000
Case-Shiller Puts Home Prices 3.9% Below Last Year
Pending Sales of Existing U.S. Hoems Exceed Forecasts With 10.4% Increase
NAR expects some commercial real estate growth next year
Construction Spending in U.S. Rose for Third Consecutive Month in October
30-Year Mortgage Rates Increase to 4%
Average time to foreclose sets new record of 631 days
Citigroup’s $285 million SEC settlement rejected
Central banks join forces to ease debt crisis
PMI Insurance

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.  In a big news story, unemployment decreased to 8.6%, the lowest it has been since March 2009.  The number of homes in foreclosure also set a record at over 2 million.  In Massachusetts, Ally Financial has stopped buying home loans after the biggest mortgage lenders in the state were accused of conducting illegal foreclosure practices.

In The News:

Housing Wire – “REO investors squeezing out owner-occupants” (12-02-11)

“Owner-occupancy rates of real estate owned sales are plummeting as investors who recognize their economic value are taking advantage of bulk transactions, a trend that nonprofits and trade groups are closely monitoring.“

Bloomberg - “Ally Financial Halts Mortgage Purchases in Massachusetts After State Sues” (12-02-11)

“Ally Financial Inc.’s GMAC Mortgage unit stopped buying home loans in Massachusetts after the state accused the five biggest mortgage lenders of conducting illegal foreclosures.”

Inman - “Record number of homes in foreclosure” (12-02-11)

“The foreclosure pipeline has never been more crammed, with lenders attempting to push 2.2 million homes through the process as of the end of October, according to a monthly report issued today by Lender Processing Services Inc.”

DS News – “OCC Investigates Foreclosures of 5,000 Military Members” (12-02-11)

“The Office of the Comptroller of the Currency (OCC) launched an investigation into the possible wrongful foreclosures of about 5,000 military members by 10 of the nation’s largest banks.”

Los Angeles Times - “Jobless rate falls to 8.6%, sending mixed message on economy” (12-02-11)

“The U.S. jobless rate fell sharply last month to its lowest level since March 2009 as employers stepped up their hiring in the latest sign of a steadily improving economy.”

Housing Wire – “California real estate execs arrested in alleged foreclosure scam” (12-02-11)

“Authorities arrested three top officers at Stockton, Calif., real estate company who allegedly took in steep fees without performing loan modifications.”

San Francisco Chronicle - “Property managers busy as rental market surges” (12-02-11)

“Just as the U.S. housing boom gave birth to such home buyer websites as Zillow and Redfin, services for rental properties are thriving following a surge in  foreclosures and stiffening of mortgage standards. Membership in the National  Association of Residential Property Managers has almost doubled in five years to  a record 3,400 members, according to the trade group.”

Realtor Magazine - “Mortgage Rates Continue to Hover at Record Lows” (12-02-11)

“Averages on fixed-mortgage rates continued to hover near historic lows for the week, while adjustable-rate mortgages inched down slightly to reach new record lows, Freddie Mac reports in its weekly mortgage market survey.”

Looking Back:

The NAR reported pending home sales increased 10.4% in October 2010. According to RealtyTrac, foreclosure sales decreased 25% in the 3rd quarter of 2010. Statistics from the Labor Department showed jobless claims rose 6.3% the previous week. Greg Lippmann of LibreMax Capital predicted national home prices would drop another 10%.

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.

The percentage of homowners who are underwater has increased to 28.6% according to the latest Zillow report.  Home prices increased 4% in the third quarter despite the value of houses decreasing slightly from the previous quarter.  DS News reported overdue mortgages increased for the first time in almost two years.

In The News:

Housing Wire - “3Q home prices up 4%, housing value dips slightly from last quarter” (11-8-11)

“Home prices jumped 4% in the third quarter, though home values stagnated from the previous quarter, according to separate reports Tuesday.  Third-quarter prices showed two straight quarters of growth according to the
home price index from Integrated Asset Services. Second-quarter prices had increased 2% from the first quarter.”

DS News - “Past-Due Mortgages Rise for First Time Since 2009: Report” (11-8-11)

“The national mortgage delinquency rate edged up during the third quarter of 2011, marking the first increase in nearly two years, according to TransUnion.”

NAHB - “John Courson Named President and CEO of Home Builders Institute” (11-8-11)

“John A. Courson, an established housing industry executive who most recently served as the president and chief executive officer of the Mortgage Bankers Association (MBA), has been tapped to become the new president and chief executive officer of the Home Builders Institute (HBI).”

Bloomberg - “Ally’s ResCap Said to Hire Centerview for Restructuring” (11-8-11)

“Ally Financial Inc.’s unprofitable Residential Capital LLC mortgage unit hired Centerview Partners LLP to advise on a restructuring and negotiations with creditors, said people familiar with the matter.”

O.C. Register - “Poll: 42% want less governmnet in housing” (11-8-11)

“A politics and real estate survey from Move Inc. shows 42% of Americans polled think government’s role in the housing market should be reduced.  Meanwhile, 31% told pollsters that the role of government in housing should remain the same. Only 21.3% preferred an increased role for government in housing.”

San Francisco Chronicle - “Consumer credit rises in September” (11-8-11)

“Consumer borrowing in the United States rose in September, boosted by a gain in  non-revolving credit that includes financing for auto purchases and school loans.”

Housing Wire – “Senate wants changes to Fannie, Freddie executive pay” (11-8-11)

“A bipartisan group of 60 senators sent a scathing letter to the Federal Housing Finance Agency and the Treasury Department demanding a crack down on executive pay at Fannie Mae and Freddie Mac.”

Bloomberg Businessweek - “U.S. ‘Underwater’ Homeowners Increase to 28.6%, Zillow Reports” (11-8-11)

“The number of U.S. homeowners who owe more than their properties are worth climbed in the third quarter as lenders repossessed fewer houses, Zillow Inc. said.”

DS News - “CFPB Will Offer Some Servicers Early Warnings” (11-8-11)

“The Consumer Financial Protection Bureau (CFPB) will offer some mortgage servicers an early warning before pursuing legal action, according to an announcement released Monday.”

Bloomberg - “Toll Brothers Quarterly Revenue Increases 6% Amid Gain in Home Orders” (11-8-11)

“Toll Brothers Inc. (TOL), the largest U.S. luxury-home builder, said fourth-quarter revenue increased 6 percent amid strong sales at its East Coast communities.”

Looking Back:

The NAR reported FHA, Fannie Mae and Freddie Mac accounted for over 90% of the mortgage market. New California building codes, known as CALGreen, were expected to be enforced on January 1st, 2011. Richard Fisher of the Dallas Federal Reserve believed the low interest rates were doing little to stimulate the economy. Fannie Mae acquired 85,340 REO properties in the 3rd 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.

According to Housing Wire, mortgage applications went up over 1% with the incease of purchase activity and refinancing.  DS News reported the Supreme Court will not be reviewing its case to reconsider the ruling in its recent court case.  According to Zillow’s latest data report, home values continue to remain the same as foreclosures begin to slow.

In The News:

Housing Wire - “Mortgage applications increase 1.3%” (10-12-11)

“Mortgage application filings increased 1.3% this past week as refinance and purchase activity picked up, an industry trade group said Wednesday.  The Mortgage Bankers Association reported that the market
composite index – a measure of loan application volume – jumped 1.3% on a seasonally adjusted basis from last week.”

Realty Times - “Mixed News Keeps Low Mortgage Rates Stable” (10-12-11)

“For the past week, mixed economic news that continues to lead the headlines has helped to keep low mortgage rates stable. Financial troubles in Europe has left investors busy each day waiting to see if Greece will default or a rescue plan will be implemented. Here in the U.S., even a negative report that is not considered terribly bad is spreading optimism to the markets making any predictions unreliable.”

DS News - “Supreme Court Declines to Review MERS Challenge” (10-12-11)

“The United States Supreme Court has denied a writ of certiorari in a case involving MERS, refusing to reconsider a California court ruling, which upheld MERS’ right to initiate foreclosures.”

Los Angeles Times – “Weak demand at Treasury note sale drives rates up” (10-12-11)

“The U.S. Treasury saw weak demand at its auction of new 10-year notes, a sign that investors’ hunger for government bonds as a haven continues to ebb — at least at current low interest rates.”

Inman - “Company offers real estate agent directory app on Facebook” (10-12-11)

“N-Play, a company that offers a suite of real estate-related applications on Facebook, has rolled out a real estate agent directory app, the company announced last week.”

Realtor Magazine - “Zillow: Home Values Hold Steady, Foreclosures Slow” (10-12-11)

“Home prices mostly held flat in August, increasing a modest 0.1 percent from July to August, according to Zillow’s latest Home Value Index.”

DS News - “Fitch: Special Servicers Mitigate CMBS Losses” (10-12-11)

“The number of commercial mortgage backed securities (CMBS) resolved by special servicers in 2010 was more than four times the amount in 2009, according to Fitch’s CMBS loss study released Wednesday.”

Housing Wire – “Senators press for mass mortgage refi plan” (10-12-11)

“A group of 16 senators sent a letter to regulators Tuesday, pressing for a plan to boost mortgage refinancing for more homeowners as soon as possible. Such a plan is being widely discussed admittedly, and now the lawmakers are ready to
see some action.”

Looking Back:

Multiple states were cooperating in an investigation to determine whether or not lenders violated foreclosure laws when seizing houses from delinquent borrowers. The U.S. was the second largest holder of U.S. debt. A survey from the National Association for Business Economics showed that economists expected gross domestic product would increase 2.6% in 2010 and 2011. According to a Thomson Reuters survey, 63% of potential home buyers were discouraged from buying a home because of the the current economic conditions.

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.

Zillow reported there has not been much change in foreclosures and home values since prices remained steady in the month of August.  Fannie Mae and Freddie Mac are increasing their demands for repurchasing mortgages and buying back loans.  Goldman Sachs’ quarterly profit is at its lowest since 2008 with its 43% decrease in its shares.

In The News:

Housing Wire - “Zillow: Monthly home values steady, but yearly prices down 4.5%” (10-11-11)

“Home values saw minimal monthly gains, and the foreclosure rate stayed steady in August, according to Zillow (Z: 25.935 -1.01%).  Housing prices increased 0.1% from July to August, with mostly marginal gains in
68 of the 157 markets covered by Zillow. The national average price of a home was $172,600, down 4.5% from August 2010, and down 28.3% since its peak in June 2006.”

DS News - “Stewart Lender Services Offers Foreclosure Review Services” (10-11-11)

“Stewart Lender Services, a wholly owned subsidiary of Stewart Title Company, now provides nationwide foreclosure file processing reviews for mortgage servicers to ensure their compliance with standard foreclosure practices.”

Bloomberg - “Fannie, Freddie Cast Wider Net in Loan-Repurchase Demands, Lender PHH Says” (10-11-11)

“Fannie Mae and Freddie Mac are increasingly demanding sellers repurchase mortgages that default years after they were made and buy back recent loans that aren’t even delinquent, according to PHH Corp. (PHH), the sixth-largest U.S. home lender.”

San Francisco Chronicle - “Goldman Sachs Earnings Collapse in Wells Fargo’s Record Year” (10-11-11)

“Goldman Sachs Group Inc., whose shares have fallen 43 percent this year, may  report its lowest quarterly profit since the 2008 financial crisis. Far from  Wall Street, Wells Fargo & Co. is headed for record earnings.”

Housing Wire - “Nonperforming commercial loans continue to plague banks” (10-11-11)

“Commercial loans remained the driving force behind bank failures in September, according to commercial real estate data analytics firm Trepp.”

DS News - “Bank of America Launches ‘Test-and-Learn’ Short Sale Program in Florida” (10-11-11)

“Bank of America has begun a pilot program in Florida offering extra incentive payouts to distressed homeowners who agree to and successfully close on a short sale.”

Inman - “It’s a seller’s real estate market in Boise” (10-11-11)

“Metro Boise home sales in August  jumped 30.7 percent on a year-over-year basis, to 1,180 properties, amid a  seller’s market. Even so, home prices continue to sag under the weight of  distressed properties across the region. Short sales and bank-owned properties  account for nearly half of all home sales.”

Los Angeles Times - “10-year Treasury note yield at six-week high as haven demand ebbs” (10-11-11)

“It turns out there is another direction for Treasury bond yields besides down.  The benchmark 10-year Treasury note yield rose Tuesday to its highest level in six weeks as the government tests the market this week with $66 billion in new note and bond sales.  The 10-year yield was at 2.16% at noon PDT, up from 2.08% on Friday and the highest since Aug. 31. The 30-year T-bond yield was at 3.11%, up from 3.02% on Friday and the highest since Sept. 20.”

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.

30-Year Mortgage Falls Below 4% for First Time
CoreLogic Records First Drop in Home Prices in Four Months
Remodeling Double-dip Offers Opportunity for Homeowners
Congress Scrutinizes Federal Housing Programs
Private mortgage mods perform worse than HAMP
Homeownership rate experiences biggest drop in 70 years
BofA May Face Fraud Claims for Soured Loans

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. The job market showed signs of improvement last month with the addition of 103,000 net jobs.  Apartment vacancies are at the lowest they have been in five years, enabling landlords to raise rents on the apartments.  For the fourth week in a row now mortgage rates are at an all-time low according to the Realty Times.

In The News:

MSNBC.com - “Nation’s labor market perked up in September” (10-7-11)

“The nation’s labor market perked up last month, according to the government’s latest jobs report.  U.S. employers added 103,000 net jobs in September, the government said Friday — that’s better than economists had expected, but barely enough to keep up with population growth. The nation’s unemployment rate held steady at 9.1 percent”

Housing Wire - “GSE mortgage prepayments surge in September” (10-7-11)

“Prepayments, mostly through refinancing, on mortgages backing Fannie Mae and Freddie Mac securities increased substantially
in September, higher than what some analysts expected.”

DS News - “Two CA Investors Plead Guilty to Bid Rigging” (10-7-11)

“Two real estate investors are pleading guilty to mail fraud and bid rigging at public foreclosure auctions in Northern California, according to the Department of Justice.”

Realty Times - “Mortgage Rates Fall, Housing Opportunities Getting Better” (10-7-11)

“For four weeks in a row, mortgage rates are seeing historic lows. The 30-year fixed average interest rate fell from 4.09% to 4.01% in the end of September. This marks the lowest rate since 1951.”

O.C. Register - “Where will mortgage rates head next?” (10-7-11)

“In October 1981, the average U.S. interest rate on the traditional, 30-year fixed-rate loan was 18.6%.  This past week, it fell below 4% for the first time in history, according to Freddie Mac.”

Inman – “New Zillow service allows agents to advertise real estate discounts, deals” (10-7-11)

“Online real estate portal Zillow has launched a new service, Zillow  Special Offers, that allows agents to promote incentives for working with  them in a home-sale transaction.”

Housing Wire - “NY Fed opens Operation Twist with $3.95 billion in agency MBS buys” (10-7-11)

“The Federal Reserve Bank of New York began its latest effort to stimulate the economy and force borrowing rates even lower this week with $3.95 billion in mortgage-backed securities guaranteed by the government.”

Rismedia - “Better Homes and Gardens Real Estate Expands Internationally” (10-7-11)

“Better Homes and Gardens Real Estate LLC, a subsidiary of Realogy Corporation, recently announced that it has entered its first international market with the signing of a 25-year-long master franchising agreement for the development of the Better Homes and Gardens Real Estate brand in Canada.”

San Francisco Chronicle - “Apartment rents rise as vacancies fall” (10-7-11)

“U.S. apartment vacancies fell to a five-year low in the third quarter, enabling landlords to increase rents even as tepid job growth slowed leasing in what is usually a strong season for demand, Reis Inc. said.”

Looking Back:

Former Governor Schwarzenegger signed a bill protecting homeowners, with lender approval, from deficiency judgments. 30-year mortgage rates dropped to 4.27%, said Freddie Mac. President Obama refused to sign the Interstate Recognition of Notarizations Act, which would have allowed federal and state courts to recognize notary signatures from other states. Realtytrac users were expected to soon be able to view sales prices, sale dates, and other sorts of information on foreclosure sales.

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.

Sources:

Foreclosures Now Take 20 months

Mortgage rates hover around all-time lows

Home prices decline in 40 states

Employment Situation Summary

Working Together for Strong Communities

New GSE appraisal database to tighten scrutiny on mortgage lenders

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. Realty Times reported again that mortgage rates are at their lowest on record.  Housing Wire reported that 17 banks that sold bad mortgage-backed securities to Fannie Mae and Freddie Mac are being sued by the Federal Housing Finance Agency.

In The News:

Housing Wire – “U.S. sues 17 banks over MBS sold to Fannie, Freddie” (9-2-11)

“The Federal Housing Finance Agency sued 17 banks Friday, seeking damages from the sale of soured mortgage-backed securities to Fannie Mae and Freddie Mac.”

Inman - “10 metros with greatest 5-year gain in real estate values” (9-2-11)

“Online real estate valuation and search company Zillow has  calculated the 10 U.S.  metro areas that have experienced the largest gains in home values over the  past five years, based on the company’s home-value estimates and its Zillow Home Value Index, which is generated from those  value estimates.”

Bloomberg - “U.S. Employment Stagnated in August” (9-2-11)

“Employment in the U.S. unexpectedly stagnated in August, increasing pressure on Federal Reserve Chairman Ben S. Bernanke and President Barack Obama to spur an economy that’s barely growing two years into the recovery.”

Realty Times - “Making Home Affordable Program” (9-2-11)

“It made headlines when it emerged on the market in early 2009, but here’s a refresher on President Obama’s Making Home Affordable Program.  This program was designed to help up to 9 million families restructure or refinance their mortgages in an attempt to stave off foreclosure.”

DS News - “HUD Awards $10M to Housing Counseling Agencies” (9-2-11)

“HUD announced Friday that it will distribute more than $10 million to housing counseling agencies throughout the country.”

Housing Wire - “Hurricane Irene could cause home refinancing, purchasing issues” (9-2-11)

“Damage from Hurricane Irene could make it difficult for homeowners in the Northeast to close on pending home refinancing and mortgage purchase applications.

Los Angeles Times - “Long-term interest rates plunge on hopes for new Fed stimulus” (9-2-11)

“Long-term Treasury bond yields tumbled Friday as investors bet that the grim employment picture will force the Federal Reserve to launch a new bond-buying economic stimulus program.”

Realty Times - “Mortgage Rates Remain at or Near Historic Lows” (9-2-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates declining amid continued weak economic and housing data. While the 30-year fixed held steady, the 5-year ARM set a new all-time record low having fallen for the eighth consecutive week and now standing at 2.96 percent.”

O.C. Register - “Home prices up in 24 ZIPs! Yours?” (9-2-11)

“For the 22 business days ending August 16 – DataQuick’s freshest stats — the Orange County real estate market had homebuying patterns showing: 24 of O.C.’s 83 ZIP codes with gains in their respective median selling price. Overall, buyers’ prices were -2.8% vs. a year ago.”

Looking Back:

Servicers made over 120,000 proprietary loan modifications in July 2010, and 36,695 HAMP modifications. Pending home sales increased 5.2 percent in July 2010, according to the NAR. MBA reported 30+ day commercial delinquencies increased to 8.22 percent in the second quarter of 2010. Freddie Mac’s weekly survey showed mortgage rates dropped again to a rate of 4.32%.

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.