The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘zillow’

« Older Entries
Newer Entries »

The Norris Group Real Estate News Roundup 6/14/11

Tuesday, June 14th, 2011

Today’s News Synopsis:

Inman News reported that Zillow has updated their database to increase the number of properties and decrease their margin of error to 8.5%.  RE/MAX is optimisting of a recovering economy as they reported positive statistics for home sales.  Rismedia reported that HUD awarded $31 million in grants towards helping residents look for jobs and become self-sufficient. 

In The News:

Housing Wire – “Investors reselling foreclosures quicker than banks in wake of robo-signing fiasco” (6-14-11)

“The foreclosure slowdown after the robo-signing scandal surfaced late in 2010 gave investors an advantage over banks when reselling these properties.”

Inman - “Slowdown in foreclosures affecting inventories?” (6-14-11)

“The flow of homes into the foreclosure pipeline is slowing in five Western states tracked by ForeclosureRadar.com, but lenders are also canceling fewer foreclosures once they’re under way. ”

Bloomberg - “BofA ‘Significantly Hindered’ Foreclosure Review, U.S. Says” (6-14-11)

“Bank of America Corp. (BAC), the largest U.S. lender, “significantly hindered” a federal review of its foreclosures on loans insured by the Federal Housing Administration, the U.S. said.”

RisMedia – “HUD Awards $31 Million to Promote Jobs and Self-Sufficiency for Public Housing Residents” (6-14-11)

“The U.S. Department of Housing and Urban Development recently awarded more than $31 million in grants to public housing authorities, resident associations and non-profit organizations across the U.S. to help public housing residents connect to services available in the community to find employment to increase their economic independence.”

Housing Wire - “Positive monthly housing stats point to recovery: RE/MAX” (6-14-11)

“Home sales are trending positively on a monthly basis, according to the RE/MAX May housing report, a sign the market bottomed out at the beginning of 2011.”

Inman - “Zillow grows database, boosts ‘Zestimate’ accuracy” (6-14-11)

“Property search and valuation site Zillow has expanded its property database and improved the accuracy of its “Zestimate” home valuations, the site announced today.”

NAHB - “Voters Strongly Support Politicians who Embrace Pro-Housing Policies, Mortgage Deduction, Poll Finds” (6-14-11)

“Nearly three out of four American voters believe that it is reasonable and appropriate for the federal government to provide tax incentives to promote homeownership, a sentiment that cuts across partisan and regional lines across the country, according to a recent poll conducted on behalf of the National Association of Home Builders (NAHB).”

DS News - “Fannie Mae Extends Selling Agent Bonus to Move REO Properties” (6-14-11)

“Fannie Mae announced Tuesday that it is beefing up incentives to encourage sales of its HomePath REO properties to owner occupants.”

Looking Back:

Christopher Cagan from First American predicted a dip in housing prices in the near future. A study from Harvard University showed that high unemployment was fueling the foreclosure crisis. Christopher Thornberg of Beacon Economics believeed the recession was currently, but he expected economic conditions to get worse over the next two years. REIS Inc predicted U.S. apartments would lead a rebound in commercial real estate.

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 6/8/11

Wednesday, June 8th, 2011

Today’s News Synopsis:

Inman news reported that home prices actually rose in April and May after bottoming out the month before, despite reports of double-dipping.  Housing Wire says the Treasury Department should not expect the money back it paid to Fannie Mae and Freddie Mac.  Mortgage applications saw a decrease of .4% according to the Mortgage Bankers Association, and the value of homes fell 8% according to a report by Zillow.

In The News:

Inman - “Expect volatility in real estate recovery” (6-8-11)

“Despite a recent report that U.S. home prices “double dipped” in the first quarter, prices bottomed out in March and saw seasonal rises in April and May, according to real estate data company Altos Research.”

Housing Wire - “Fannie, Freddie may never pay back the government” (6-8-11)

“The Treasury Department paid $164.4 billion to Fannie Mae and Freddie Mac since placing them into conservatorship in September 2008, but that money may never be paid back. ”

RisMedia - “HUD Provides $15 Million in Rental Assistance to Help Nearly 2,000 Families Stay Together” (6-8-11)

“In 2009, an estimated 423,773 children lived in foster care in the U.S., as case workers helped to reunite them with their families or primary caregivers. Recently, the U.S. Department of Housing and Urban Development (HUD) announced nearly $15 million to help public housing authorities reunite foster children with their parents or prevent them from ever entering the foster care system.”

Inman - “Report: Real estate market won’t hit bottom this year” (6-8-11)

“Home values fell 8 percent year-over-year in April, according to a report from property search and valuation site Zillow.”

Housing Wire - “Fixed-rate mortgages fall to 6-month lows: LendingTree” (6-8-11)

“Lenders in the LendingTree Network saw rates on 30- and 15-year, fixed-rate mortgages plunge to a six-month low this past week, LendingTree said in a report Wednesday.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-8-11)

“Mortgage applications decreased 0.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 3, 2011. This week’s results include an adjustment to account for the Memorial Day holiday.”

The Wall Street Journal - “Office Owners Seek to Cash In” (6-8-11)

“Owners of big-name office buildings in some U.S. cities are racing to put them up for sale to exploit surging prices before it is too late.”

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Delinquency Rates Mixed in First Quarter” (6-8-11)

“The delinquency rate for loans held in commercial mortgage-backed securities (CMBS) reached the highest level since the series began in 1997, but the climb was slower than in recent quarters. Delinquency rates for other groups remain below levels seen in the last major real estate downturn during the early 1990s — some by large margins.”

Looking Back:

A survey from the NFCC showed that only 23 percent of Americans considered strategic default to be acceptable when underwater on a mortgage. Starting June 8, 2010, Real Estate Disposition began auctioning more than 350 bank-owned foreclosures in California. According to IAS, national home prices were up 0.9% in April from March of 2010. An executive from RealtyTrac believeed U.S. foreclosure activity would not stabilize until late this 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 5/9/11

Monday, May 9th, 2011

Today’s News Synopsis:

Clear Capital reports REO properties account for 34.5% of the real estate market. According to Zillow, U.S. home prices fell 3% in the 1st quarter. Fannie Mae said half of its mortgages are registered under MERS, and is concerned that MERS may cause trouble for the company. A study from LexisNexis shows that California is the worst state for mortgage fraud.

In The News:

Housing Wire – “Freddie Mac sells record number of REO in 1Q” (5-6-11)

“Freddie Mac sold roughly 31,000 previously foreclosed and repossessed homes in the first quarter, a new record for the company as both government-sponsored enterprises shed inventory from the end of last year. Combined, both Fannie Mae and Freddie hold 218,000 REO properties as of the end of the first quarter, down from roughly 234,000 at the end of 2010″

San Francisco Chronicle – “Realty Partner Real Estate Prices See Dramatic Drop Nationwide for 2011″ (5-7-11)

“Real Estate prices in the US have double dipped nationwide, now lower than their March 2009 trough, according to a new report from Clear Capital. Sales of bank-owned (REO) properties hit 34.5 percent of the market, according to the survey, resulting in a national price drop of 4.9 percent quarterly and 5 percent year-over-year. National home prices have fallen 11.5 percent in the past nine months, a rate not seen since 2008.”

Orange County Register – “U.S. home prices in biggest dip since ’08″ (5-9-11)

“Home-price tracker Zillow says its math shows 1st quarter U.S. home prices falling 3% in three months, the worst quarter-to-quarter drop since the final quarter of 2008.”

Housing Wire – “IMS releases biochemical drywall remediation” (5-9-11)

“Integrated Mortgage Solutions is bringing a new method for fixing defective drywall to market that cuts the process timeline for remediation substantially. The Houston-based company said Monday it will begin using a water-based, non-toxic biochemical spray to neutralize corrosive compounds in problematic Chinese drywall.”

Housing Wire – “Half of Fannie Mae mortgages registered in MERS name” (5-9-11)

“Fannie’s guaranty book of business totaled $2.9 trillion at the end of the first quarter, meaning about $1.45 trillion of loans are registered in MERS’ name.”

Sacramento Bee – “California once again ranks as one of worst states for mortgage fraud” (5-9-11)

“For the fifth year in a row, California ranks as one of the worst states for mortgage fraud — coming in at number three on the list of the worst states for 2010 behind New York and Florida, according to a report the LexisNexis Mortgage Asset Research Institute”

Housing Wire – “Fiserv reports on the upside to falling home prices” (5-9-11)

“Home prices by all accounts continue to fall. However, Fiserv Inc. (FISV: 61.65 +0.06%) is projecting home values will stabilize somewhat in the third quarter after dropping 3% in the first half of 2011 and about 4% in the fourth quarter, according to the firm’s Case-Shiller Index home price report.”

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 5/5/11

Thursday, May 5th, 2011

Today’s News Synopsis:

Freddie Mac said 30-year mortgage rates fell to 4.71% last week. According to the MBA, commercial and multifamily mortgage originations increased 25% in the 1st quarter. The Labor Department reports jobless claims increased by 10% last week. According to Zillow’s analysis, home affordability is at a generational high.

In The News:

Los Angeles Times – “Mortgage rates drift lower, Freddie Mac says” (5-5-11)

“A Freddie Mac report on Thursday said the lenders it surveys were offering 30-year fixed-rate mortgages at an average rate of 4.71% early this week, compared with 4.78% the week before.”

Mortgage Bankers Association – “Commercial/Multifamily Mortgage Bankers’ First Quarter 2011 Originations Increase 89 Percent Over First Quarter 2010″ (5-5-11)

“First quarter 2011 commercial and multifamily mortgage originations were 89 percent higher than during the same period last year and 25 percent lower than during the fourth quarter of 2010, according to the Mortgage Bankers Association”

Orange County Register – “Poll: Just 24% of renters want to rent” (5-5-11)

“Pew surveyed 2,142 U.S. adults in March; 57% of respondents who own a home and 30% who are renters; the remainder has other arrangements, such as living with family members.”

Housing Wire – “Jobless claims rose 10% last week” (5-5-11)

“The Labor Department said the seasonally adjusted figure of claims for the week ended April 30 increased by 43,000 to 474,000 from 431,000 a week prior, which was revised upward 2,000.”

Housing Wire – “Bank of America triples number of help centers for troubled homeowners” (5-5-11)

“Bank of America (BAC: 12.30 -1.52%) will open 28 new centers over the next two months to put distressed homeowners in touch with mortgage specialists. The expansion will bring the total number of BofA help centers to 40, more than tripling the 12 it has already opened.”

Realty Times – “Affordability Reaches Generational High” (5-5-11)

“Zillow notes that ‘today’s median home buyer can expect to pay about 17% of his monthly gross income on his mortgage, compared to a 25% average since 1975.’ In the 1980′s, when interest rates were dangerously near 20 percent, this would take up nearly 45 percent of a buyers gross monthly income. In comparison, today’s rates are an extreme bargain.”

Looking Back:

One year ago, the MBA reported mortgage loan application volume increased by 4 percent from last week. Treasury Department secretary Timothy Geithner is supporting a tax on the liabilities of banks. Laurie Goodman, an analyst at Amherst Securities Group LP, claims that second mortgages are threatening the housing 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.

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

The Norris Group Real Estate News Roundup 3/10/11

Thursday, March 10th, 2011

Today’s News Synopsis:

RealtyTrac reports foreclosure notices decreased 14% in January. The House of Representatives voted to end FHA’s Short Refi program. According to a Zillow survey, 51% of Americans said the housing crisis has not affected their overall willingness to buy a home. The U.S. government posted the largest monthly deficit ever last month.

In The News:

USA Today – “Foreclosure activity slows sharply in February” (3-10-11)

“Some 255,101 properties received at least one foreclosure-related notice in February, down 14% from January and down 27% from the same month last year, foreclosure listing firm RealtyTrac said Thursday.”

NAHB - “Optimistic Outlook for Multifamily Development, NAHB Indices Show” (3-10-11)

“The Multifamily Production Index (MPI), which tracks developer sentiment about new construction on a scale of 1 to 100, is at 40.8 –up more than 5 full points since the previous quarter and the highest number since the fourth quarter of 2006. The MPI component tracking developers’ perception of market-rate rental properties is at 51.7 – the first time this component of the index has been above 50 since the second quarter of 2007.”

Mercury News – “Mortgage rates: Average on 30-year fixed loans ticks up to 4.88 percent” (3-10-11)

“Freddie Mac says the average rate on a 30-year fixed mortgage ticked up to 4.88 percent from 4.87 percent the previous week. It hit a 40-year low of 4.17 percent in November.”

Housing Wire – “House votes to end FHA Short Refi” (3-10-11)

“The House of Representatives voted Thursday to terminate the Federal Housing Administration’s Short Refi program. The House Financial Services Committee cleared the bill, H.R. 830, last week. The House voted 256 to 171 to kill the program.”

Housing Wire – “Zillow accommodates growing pool of renters” (3-10-11)

“Although 51% of survey respondents said the housing crisis has not affected their overall willingness to buy a home, 33% said they would be more likely to rent their next home than buy. In January, 30% of Americans surveyed said they would rent a home the next time around.”

Housing Wire – “Securitization investors plan increased activity in 2011: survey” (3-10-11)

“Principia said 70% of investors and issuers said they plan to increase involvement in the ABS markets over the next year, with 50% expecting to ramp up activity in the next six months.”

Housing Wire – “Jobless claims rose 7% last week to 397,000″ (3-10-11)

“Initial jobless claims rose 7% last week, moving away from the nearly three-year low of the prior week although remaining lower than 400,000 once again. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended March 5 increased by 26,000 to 397,000.”

Housing Wire – “Mortgage modifications down 9% in January: Hope Now” (3-10-11)

“Mortgage servicers, investors and insurers participating in the Hope Now alliance completed 101,000 permanent modifications in January, down 9% from the month before. Of those that were completed, 73,000 were proprietary modifications, nearly three times the 27,957 done through the government’s Home Affordable Modification Program.”

Housing Wire – “Two mortgage trade groups suing Fed over loan originator compensation” (3-10-11)

“The National Association of Independent Housing Professionals sued the Fed for its final rule on loan originator compensation and yield spread premium disclosure under Regulation Z. The NAIHP states the rule will put mortgage brokers ‘at a significant and a permanent competitive disadvantage and will stifle competition in the mortgage lending industry to the detriment of consumers.’”

Bloomberg - “U.S. Posts a Record $222.5 Billion Monthly Budget Shortfall” (3-10-11)

“The U.S. government, facing a record annual fiscal shortfall and a congressional impasse over financing, posted the largest monthly deficit ever in February, reflecting increased spending. The gap totaled $222.5 billion last month compared with a $220.9 billion shortfall in February 2010, according to the Treasury Department”

Bloomberg - “Home Remodeling to Rebound in U.S. as Rising Confidence Spurs Renovations” (3-10-11)

“Spending on remodeling probably will rise 9.2 percent to $125.1 billion in the first quarter from $114.6 billion a year earlier, according to Harvard University’s Joint Center for Housing Studies. A 13 percent increase forecast for April through June would be the largest jump in five years, a report by the Cambridge, Massachusetts-based center shows.”

Looking Back:

One year ago, the MBA reported that mortgage loan application volume had increased by 0.5 percent. The percent of first-time buyers increased to 47 percent in 2009. FHFA was sued over attempts to secure records of political contributions from Fannie Mae and Freddie Mac. John Burns claimed that the real estate market was still in bad shape.

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 | 1 Comment »

The Norris Group Real Estate News Roundup 2/17/11

Thursday, February 17th, 2011

Today’s News Synopsis:

4,966 new and resale houses and condos sold in the Bay Area, according to MDA DataQuick. Statistics from the MBA shows the delinquency rate for mortgages decreased to 8.22% in the 4th quarter of 2010. The Labor Department said jobless claims increased 6.5% last week.

In The News:

Mortgage Bankers Association – “Short-term Delinquencies Fall to Pre-Recession Levels, Loans in Foreclosure Tie All-Time Record in Latest MBA National Delinquency Survey” (2-17-11)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 8.22 percent of all loans outstanding as of the end of the fourth quarter of 2010″

MDA DataQuick – “Slow 2011 Start for Bay Area Housing Market” (2-17-11)

“A total of 4,966 new and resale houses and condos sold in the nine-county Bay Area last month. That was down 30.8 percent from 7,178 in December and up 2.3 percent from 4,853 in January 2010, according to San Diego-based DataQuick Information Systems.”

Contra Costa Times – “The average rate on a 30-year fixed mortgage slipped to 5 percent from 5.05 percent last week, Freddie Mac said Thursday.” (2-17-11)

“The average rate on a 30-year fixed mortgage slipped to 5 percent from 5.05 percent last week, Freddie Mac said Thursday.”

Wall Street Journal – “Banks Push Home Buyers to Put Down More Cash” (2-17-11)

“The median down payment in nine major U.S. cities rose to 22% last year on properties purchased through conventional mortgages, according to an analysis for The Wall Street Journal by real-estate portal Zillow.com. That percentage doubled in three years and represents the highest median down payment since the data were first tracked in 1997.”

Housing Wire – “JPMorgan Chase offers special relief for military mortgages” (2-17-11)

“JPMorgan Chase (JPM: 47.93 -0.02%) is starting a variety of mortgage assistance programs for military personnel, and pledged to not foreclose on any service member on active duty.”

Housing Wire – “MERS to members: Don’t foreclose in our name” (2-17-11)

“Mortgage Electronic Registration Systems, or MERS, told its members Wednesday not to foreclose on residential mortgages in its name.”

Housing Wire – “Jobless claims rose 6.5% to 410,000 last week” (2-17-11)

“The number of new jobless claims rose about 6.5% last week matching most analysts’ estimates and climbing back over 400,000. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Feb. 12 increased by 25,000 to 410,000.”

Realty Times – “Homeownership’s Amazing Benefits” (2-17-11)

“Homeowners are happier and healthier and enjoy a greater feeling of control over their lives. Most homeowners enjoy stable housing costs—a fixed rate mortgage payment might not change for 15 or 30 years while rent typically increases 3% a year.”

Realty Times - “Explaining Credit Scores” (2-17-11)

“Think of it this way. You have two lines of credit open with credit limits of $5,000 each. That means you are able to use a total of $10,000. If you have a $2,000 balance on one card and $3,000 on the other, you are using 50 percent of your available credit. The smaller percentage you are using the better. Fifty-percent is very high.”

Looking Back:

One year ago, CBIA announced that housing affordability had decreased in 22 of California’s 28 metropolitan areas. The Commerce Department reported that housing and apartment construction increased by 2.8 percent in a month. There was a 3.5 month supply of housing inventory in the San Francisco market. A survey showed that large investment companies were spending more on REIT investments.

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 2/9/11

Wednesday, February 9th, 2011

Today’s News Synopsis:

The MBA reports mortgage applications decreased 5.5% last week. Zillow claims national home prices dropped 2.6% during the 4th quarter of 2010. Bernanke and Geithner said the economy is still having trouble, but have strong hope for stable growth.

In The News:

Market Watch – “10 reasons to be bullish on housing” (2-9-11)

“housing follows jobs. Consumer confidence is close to reaching last spring’s high point, the most optimistic the U.S. has felt since 2008. And while hiring hasn’t restarted in earnest, firing has slowed to a drip.”

Mortgage Bankers Association – “Mortgage Applications Decrease as Rates Jump in Latest MBA Weekly Survey” (2-9-11)

“The Market Composite Index, a measure of mortgage loan application volume, decreased 5.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3.9 percent compared with the previous week.”

NAR - “GSE Structures Must Protect Taxpayers and Ensure Mortgage Availability, Says NAR” (2-9-11)

“The House Financial Services Subcommittee will convene today for the first hearing in a series to debate the future of the government-sponsored enterprises, Fannie Mae and Freddie Mac. NAR’s recommended plan is to restructure the entities as government-chartered, non-shareholder owned authorities that protect taxpayers and ensure continued access to affordable mortgages for consumers who are willing and able to assume the responsibilities of the American Dream of home ownership.”

CNN - “30% of mortgages are underwater” (2-9-11)

“Home prices dropped 2.6% nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey from Zillow.com.”

Housing Wire – “Bernanke: Lagging real estate drags down investments” (2-9-11)

“During his testimony, the Chairman said while unemployment remains high, evidence of a ‘self-sustaining recovery’ driven by consumer and business spending has surfaced in economic data. He added that real consumer spending grew at an annual rate of 4% in the fourth quarter.”

Housing Wire – “Academics challenge Fed to create real jobs this time around” (2-9-11)

“According to the Labor Department’s Bureau of Labor Statistics, unemployment fell to 9% in January, though many critics point out that number does not include the amount of workers who have had pay scaled back or even those who have given up looking.”

Housing Wire – “Geithner: Weak housing, unemployment stifle economic recovery” (2-9-11)

“U.S. Treasury Secretary Timothy Geithner says the nation’s economic recovery is still plagued by high unemployment and a weak housing market, but he’s confident policy makers will address the nation’s current needs by raising the debt ceiling.”

Looking Back:

One year ago, Altera Real Estate foresaw significant improvement in the Orange County real estate market. National home prices returned to 2004 levels. Forecasters from iEmergent expected approximately $580 billion in mortgage refinancing during 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.

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

The Norris Group Real Estate News Roundup 2/3/11

Thursday, February 3rd, 2011

Today’s News Synopsis:

Freddie Mac reports the average rate for 30-year mortgages increased to 4.81%. The Labor Department said jobless claims declined last week. Freddie Mac funded $15 billion worth of multifamily transactions through its multifamily whole loan and bond guarantee business in 2010. The Treasury Department expects the government to hit the $14.29 trillion debt limit before June.

In The News:

Smart Money – “Home Equity Lending Is Back” (2-3-11)

“some lenders are cautiously re-entering the second mortgage market. The effect hasn’t registered in the national statistics yet, but regional banks are reporting significant increases. In the Midwest, Associated Bank issued nearly three times more home equity loans in the second half of 2010 compared to the same period the year before. SunTrust Bank, which operates mostly in the south and Mid-Atlantic, has issued 25% more home equity lines of credit in the past six months compared to the first half of 2010.”

Mercury News – “Mortgage rates: Average on 30-year fixed loans rises to 4.81 percent” (2-3-11)

“Freddie Mac said Thursday the average rate rose to 4.81 percent this week from 4.80 percent the previous week. It hit a 40-year low of 4.17 percent in November.”

Housing Wire – “Investment in CRE expected to grow 25% worldwide in 2011: Jones Lang LaSalle” (2-2-11)

“Global investment volume will jump 20% to 25% in 2011 to more than $380 billion, according to a report by Jones Lang LaSalle (JLL: 97.95 +0.56%) released Wednesday. In 2010, volume increased 50% from the year prior, up to $319 billion.”

Housing Wire – “Jobless claims swing back to a decline” (2-3-11)

“The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Jan. 29 decreased by 42,000 to 415,000, which was a little lower than most analysts’ estimates. Initial claims for the prior week were 457,000, which was revised upward a few thousand by the Labor Department.”

Housing Wire – “Freddie Mac multifamily funding surged in second half of 2010″ (2-3-11)

“Freddie funded $15 billion worth of multifamily transactions through its multifamily whole loan and bond guarantee business in 2010. Funding volume, which encompasses the agency’s targeted affordable housing products, is down from $17 billion in 2009.”

Housing Wire – “Yahoo! and Zillow go live with largest online real estate network” (2-3-11)

“Last July, the two firms announced that the initiative to have Zillow power all for-sale listings on Yahoo! would be live by the end of 2010. Starting Thursday, any for-sale listing that appears on Zillow, even for-sale-by-owner listings, will automatically appear on Yahoo! Real Estate. At any given time, there are an average of 4 million listings available.”

Housing Wire – “Philly Fed scholar pushes for increased quality, not quantity, of homeownership” (2-3-11)

“Alan Mallach, a visiting scholar for the Federal Reserve Bank of Philadelphia, made the case for a future U.S. housing policy that still supports homeownership for low- to middle-income families but also focuses on quality over quantity.”

Bloomberg - “Failure to Raise U.S. Debt Ceiling Would Be Dangerous, Top Obama Aide Says” (2-3-11)

“The government will hit the $14.29 trillion debt limit by the end of May, a little later than initially projected because tax revenues have been more robust than expected, the Treasury Department said in a statement yesterday.”

Looking Back:

One year ago, mortgage application volume increased by 21 percent on a seasonally adjusted basis from the previous week. Lender Processing Services reported that home delinquency rates increased to 10 percent from November. Inman and GMAC expected that job losses would increase in the real estate industry.

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 12/09/10

Thursday, December 9th, 2010

Today’s News Synopsis:

According to Freddie Mac, 30-year mortgage rates increased to 4.61%. The Labor Department reports jobless claims decreased 4% last week. Clear Capital claims national home prices dropped 5.8% in November. Fitch Ratings forecasts a 10% decline in home prices during 2011.

In The News:

NAHB - “NAHB’S Multifamily Production and Vacancy Indices Show Increased Confidence” (12-9-10)

“Serving as leading indicators for the sector, two composite multifamily indices produced from NAHB’s survey of multifamily builders and property managers showed improvement in the third quarter of 2010. The NAHB Multifamily Production Index (MPI) increased to a value of 35.6, up from the 26.6 level reported for the second quarter. This is the highest the MPI has been since 2007.”

Mercury News – “Mortgage rate for 30-year fixed loans hits 4.61 percent” (12-9-10)

“Freddie Mac said Thursday that the average rate on a 30-year fixed loan increased sharply from last week’s rate. And it is well above the 4.17 percent rate hit a month ago — the lowest level on records dating back to 1971.”

Housing Wire – “Jobless claims fell nearly 4% last week” (12-9-10)

“Initial jobless claims fell nearly 4% last week to 421,000 after coming in at the lowest level in two years a few weeks ago. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 4 decreased by 17,000 from the previous week’s upwardly revised figure of 438,000.”

Housing Wire – “Zillow: Home values crater by $1.7 trillion in 2010″ (12-9-10)

“U.S. homes are expected to lose more than $1.7 trillion in value this year, 63% more than the estimated $1 trillion lost in 2009, according to Zillow.”

Housing Wire – “Double dip in some markets drag home prices down 5.8%: Clear Capital” (12-9-10)

“Home prices in November dropped 5.8% over the previous three months and are down 2.7% from a year ago, according to real estate analytics firm Clear Capital.”

Housing Wire – “Fannie Mae survey finds traditional homeownership changing” (12-9-10)

“51% of survey respondents said the housing crisis has not affected their overall willingness to buy a home, 33% said they would be more likely to rent their next home than buy. In January, 30% of Americans surveyed said they would rent a home the next time around.”

Housing Wire – “Fitch sees 10% drop in home prices in 2011, negative outlook for MBS” (12-9-10)

“Fitch Ratings expects another 10% decline in home prices in 2011, as the supply of distressed properties continues to weigh down the housing market. Accordingly, analysts maintained the agency’s negative outlook for the residential mortgage-backed securities space and said 53% of all investment-grade RMBS rated by Fitch have a negative outlook.”

Looking Back:

One year ago, Gov. Schwarzenegger signed a bill which ensured that consumers could choose their own real estate service provider when purchasing a foreclosure. According to Zillow, Bay Area properties lost 3 percent of their value during the first 11 months of 2009. 18 percent of FHA loans were either delinquent or in foreclosure. Statistics from Freddie Mac showed that national home prices increased by .9 percent during the second quarter of 2009.

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.

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

The Norris Group Real Estate News Roundup 11/30/10

Tuesday, November 30th, 2010

Today’s News Synopsis:

According to Case-Schiller index, property values increased 0.6% year over year.  On the other hand, Freddie Mac reports that home prices decreased 3.1% from the 3rd quarter of 2009. Zillow claims interest rates increased to 4.3% last week.

In The News:

Bloomberg - “Home Prices in U.S. Cities Rose Less Than Forecast” (11-30-10)

“The S&P/Case-Shiller index of property values climbed 0.6 percent from September 2009, the smallest gain since January, the last time prices declined year over year, the group said today in New York. The increase was smaller than the 1 percent median forecast in a Bloomberg News survey of economists.”

San Francisco Chronicle – “Consumer confidence in Nov. hits 5-month high” (11-30-10)

“A monthly survey shows Americans’ confidence in the economy rose in November to the highest level in five months amid more hopeful signs.”

Housing Wire – “Zillow: 30-year mortgage rates trend upward to 4.3%” (11-30-10)

“Reversing last week’s trend, the 30-year, fixed-mortgage rate increased for the week ending Tuesday to 4.3%, according to the Zillow Mortgage Marketplace weekly update. The rate rose from 4.27% the week prior.”

Housing Wire – “MGIC changes underwriting guidelines in response to market conditions” (11-30-10)

“Starting Dec. 1, MGIC will insure mortgages with a debt-to-income ratio up to 45% if the borrower has a credit score equal to or greater then 740. The loan must also be either a fixed-rate product or minimum 5-year adjustable-rate.”

Housing Wire – “Freddie Mac: Home values down 3.1% in 3Q” (11-30-10)

“U.S. home values fell 3.1% in the third quarter from last year, according to the Freddie Mac conventional mortgage home price index.”

Bloomberg - “Banks in U.S. Resisting Calls to Repurchase Fannie Mae, Freddie Mac Loans” (11-30-10)

“The two government-owned mortgage companies are enforcing contracts that require lenders to buy back loans that didn’t meet underwriting standards. At the end of September, the companies reported, banks hadn’t responded to $13 billion in buyback requests. A third of those were at least four months old and Freddie Mac has begun to assess penalties for the delays. ”

Orange County Register – “Late pay on O.C. mortgages stabilizes” (11-30-10)

“According to CoreLogic’s latest late-mortgage report, 7.29% of Orange County home-loan borrowers as of September are 90 days-plus late with their house payments.”

Looking Back:

One year ago, Edward Pinto expected 20 percent of FHA’s mortgage loans to default. The Federal Reserve bought $16 billion worth of mortgage-backed securities in one week. According to Michael Barr, Over 650,000 mortgage modifications were being processed, and over 375,000 borrowers would receive permanent modifications by the end of 2009. A survey from Barclay’s showed that as a U.S. citizen’s net worth increases so does the proportion of their wealth invested in real estate.

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.

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

« Older Entries
Newer Entries »