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By Bruce Norris .

The Norris Group Real Estate News Roundup 1/7/13

Monday, January 7th, 2013

Today’s News Synopsis:

Bank of America has settled a dispute with Fannie Mae to pay $11.7 billion to settle bad mortgage deals.  Also, ten of the largest banks in the nation have also agreed to a foreclosure settlement of $8.5 billion with federal regulators.  Short sales for Fannie Mae and Freddie Mac are at their highest on record at 37,966 in September, an increase of 4% from the previous quarter.

In The News:

Housing Wire- “About 43% of Americans expect home prices to rise” (1-7-13)

“The share of surveyed Americans who believe home prices will tick up in the next year reached the highest level to-date, at 43%, up 6 percentage points from November, according to Fannie Mae’s December National Housing Survey results.”

Los Angeles Times- “Ten banks to pay $8.5 billion to settle foreclosure abuse review” (1-7-13)

“Ten of the nation’s largest mortgage servicers have agreed to an $8.5-billion settlement with federal regulators to end a review of foreclosure abuses.”

Bloomberg- “BofA Earmarks $11.7 Billion to Cap Fannie Mae’s Claims” (1-7-13)

“Bank of America Corp. agreed to an $11.7 billion package designed to resolve most disputes with U.S.-owned Fannie Mae over bad mortgages after a deal announced two years ago proved inadequate.”

NAHB – “List of Improving Housing Markets Expands to 242 in January” (1-7-13)

“In the latest sign of a burgeoning recovery in U.S. housing markets, the number of metropolitan areas on the National Association of Home Builders/First American Improving Markets Index (IMI) rose for a fifth consecutive month to 242 in January. This is up from 201 markets listed as improving in December, and includes entrants from 48 states and the District of Columbia.”

Inman- “Fannie, Freddie short sales hit record high” (1-7-13)

“Loan servicers working on behalf of Fannie Mae and Freddie Mac signed off on a record number of short sales in the third quarter of 2012, according to a report from the mortgage giants’ regulator, the Federal Housing Finance Agency (FHFA).”

Housing Wire- “Latest MLS data reports Phoenix leads median increase” (1-7-13)

“The latest MLS data released by ZipRealty revealed that Phoenix median home prices are up more than any other market nationwide on a year-over-year basis.”

DS News- “NCUA Targets JPMorgan in Another Securities Suit” (1-7-13)

“The National Credit Union Administration (NCUA) filed its 10th action against a major Wall Street investment firm—this time, the defendant is JPMorgan Securities.”

Los Angeles Times- “Solidifi and Kirchmeyer Unite to Create Appraisal Superfirm” (1-7-13)

“Solidifi and Kirchmeyer & Associates, two of the top independent real estate appraisal firms in the industry, are combining forces to create a super company, one that will make Solidifi the third largest independent provider of residential real estate in the country.”

Hard Money Loan Closed

La Quinta, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $178,000 on a 4 bedroom, 2 bathroom home appraised for $277,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley tomorrow, January 8, 2013.

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at SocalREIA on Thursday, January 10, 2013

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association on Thursday, January 17, 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 8/30/12

Thursday, August 30th, 2012

Today’s News Synopsis:

Mortgage rates decreased for the first time after five weeks; 30-year rates are now at 3.59% and 15-year are at 2.86%.  Unemployment claims remained at 374,000 for the week ended August 25, which is higher than economists had expected.  The Bureau of Economic Analysis reported consumer spending increased more than income in July.  Consumer spending increased by $46 billion, while personal income increased by only $42.3 billion.


In The News:

DS News – “Foreclosure-Related Sales Prices Up as Inventory Shrinks: RealtyTrac ” (8-30-12)

“Prices went up for foreclosure-related sales on a quarterly and yearly basis, with the annual increase marking the first rise in two years, according to RealtyTrac’s Q2 foreclosure sales report.”

Bloomberg – “Distressed Home Prices Jump With Inventory Shrinking” (8-30-12)

“Demand for distressed properties is driving up prices for the first time in two years as investors from Blackstone Group LP (BX) to Colony Capital LLC chase shrinking inventory.”

Mortgage Bankers Association – “Commercial and Multifamily Mortgage Delinquency Rates Continue to Drop for Banks, Rise for CMBS in Second Quarter of 2012″ (8-30-12)

“Commercial and multifamily mortgage delinquency rates continued to drop for banks and rise for commercial mortgage backed securities (CMBS) during the second quarter of 2012. Delinquency rates also declined for Fannie Mae during the second quarter, and increased by 0.01 percentage points for life companies and 0.04 percentage points for Freddie Mac according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.”

Realty Times – “Unhappy Sellers, Dissatisfied Buyers Lower Ratings Boom On Real Estate Companies” (8-30-12)

“Sellers don’t like the prices they are forced to tag onto their listings, buyers think the condition of homes for sale stink, and real estate companies are left holding the bag.”

Bloomberg- “U.S. Mortgage Rates Decline for First Time in Five Weeks” (8-30-12)

“U.S. mortgages rates fell for the first time in five weeks, lowering borrowing costs for homebuyers amid signs of a real estate recovery.”

DS News – “Initial Jobless Claims Higher Than Expected” (8-30-12)

“First-time claims for unemployment were unchanged at 374,000 for the week ended August 25, the Labor Department reported Thursday after revising upward by 2,000 the prior week’s originally reported 372,000 claims.”

Inman – “ZipRealty partners with mortgage lender” (8-30-12)

“Loan officers with mortgage bank New American Mortgage will be present in all ZipRealty company-owned offices in 20 markets around the country under the terms of a strategic alliance between the two companies announced today.”

DS News – “Spending Growth Tops Income in July” (8-30-12)

“Personal income rose $42.3 billion in July, but consumer spending increased $46.0 billion, the Bureau of Economic Analysis reported Thursday.”

Mortgage Bankers Association- “MBA: Second Quarter Independent Mortgage Banker Profits Increase” (8-30-12)

“Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $2,152 on each loan they originated in the second quarter of 2012, up from $1,654 per loan in the first quarter, the Mortgage Bankers Association (MBA) reported today.”

Hard Money Loan Closed

Apple Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $54,000 on a 3 bedroom, 2 bathroom home appraised for $91,000.

 

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum today, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Real Estate Investors Association on Tuesday, September 11, 2012.

Looking Back:

CoreLogic was in talks to possibly sell the company in order to improve their shareholders’ value and position.  Bloomberg reported signs of a possible market recovery after seeing housing prices decrease at a slower pace from the previous year.  According to the latest Case-Shiller Index, home prices showed an improvement in the second quarter of 2011 compared to the first, but had still not improved from the prior 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 8/7/12

Tuesday, August 7th, 2012

Today’s News Synopsis:

CoreLogic reported home prices increased 2.5% year-over-year and 1.3% month-over-month in June.  However, they do not expect to see home prices increase as much in the second half of the year.  Consumers still remain optimistic about the housing market despite despite a lack of confidence in both the economy and personal finances.  Freddie Mac announced for the first time since Q1 of 2011 that they will not be seeking aid from the U.S. government.


In The News:

Housing Wire – “Federal Reserve fines MetLife $3.2 million for foreclosure problems” (8-7-12)

“The Federal Reserve issued monetary sanctions of $3.2 million against MetLife ($34.31 0.86%) for foreclosure abuses at its former bank and servicer subsidiary.”

DS News – “CoreLogic Reports Prices Up, but Pace Might Slow in 2nd Half of 2012″ (8-7-12)

“When including distressed sales, CoreLogic reported a 2.5 percent yearly increase in home prices in June, and a 1.3 percent increase month-over-month from May.”

Bloomberg – “Freddie Mac Won’t Seek U.S. Aid for First Time Since 2011″ (8-7-12)

“Freddie Mac said a strengthening housing market means it will not add to the debt it owes U.S. taxpayers for the first time since the first quarter of 2011.”

Inman – “ZipRealty signs up 2 more referral partners in Florida” (8-7-12)

“ZipRealty has signed up two Florida brokerages — Prudential Tropical Realty in Tampa and Illustrated Properties in Palm Beach — as referral partners, bringing the total number of brokerages participating in its “Powered by Zip” program to 10.”

DS News – “Regional Price Gains Continue to Strengthen Recovery: Clear Capital” (8-7-12)

“National home prices seem to be picking up steam, while all four regions posted price gains, Clear Capital reported Tuesday.”

Housing Wire – “Fannie Mae survey highlights the dichotomy of housing” (8-7-12)

“Housing analysts continue to spar over the extent and power of the housing recovery and many Americans remain relatively stronger in their belief that the market will continue on the way up.”

Bloomberg – “Harder-Luck Foreclosures Grow as Funding for Help Wanes” (8-7-12)

“With millions of homes still in the foreclosure pipeline, mortgage counselors across the country say they are handling increasingly complex cases for homeowners who are unemployed, underwater, or redefaulting — and sometimes, all three. Even as borrowers’ problems become more intractable, federal support is waning.”

DS News – “Consumer Housing Outlook Remains Positive Amid Economic Woes” (8-7-12)

“Stalled confidence in the economy and personal finances apparently hasn’t brought down optimism in the housing market.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $160,000 on a 4 bedroom, 2 bathroom home appraised for $321,000.

 

Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum Tuesday, August 28, 2012.

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 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 11/30/11

Wednesday, November 30th, 2011

Today’s News Synopsis:

According to the Los Angeles Times, the Federal Reserve and five major central banks are hoping to help solve the debt crisis by joining together to help European lenders obtain money more easily.  In other news, Bloomberg reported a 10.4% increase in pending home sales.   According to the latest MBA Weekly Mortgage Applications Survey, mortgage applications decreased over 11% from last week.

In The News:

Housing Wire - “Private sector adds 206,000 jobs” (11-30-11)

“Employment in the U.S. nonfarm, private business sector grew by 206,000 jobs from October to November on a seasonally adjusted basis, the ADP National Employment Report said Wednesday.”

Bloomberg - “Pending Sales of Existing U.S. Homes Exceed Forecasts With 10.4% Increase” (11-30-11)

“The number of Americans signing contracts to buy previously owned homes rose more than forecast in October as buyers took advantage of falling prices and low borrowing costs.”

Los Angeles Times - “Central banks join forces to ease debt crisis” (11-30-11)

“Reacting to the deepening Eurozone debt crisis, the Federal Reserve and five other major central banks joined forces Wednesday to offer European lenders easier access to dollars in an attempt to quell growing fears of a global funding crunch.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-30-11)

“Mortgage applications decreased 11.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 25, 2011.  This week’s results include an adjustment to account for the Thanksgiving holiday.”

CNN Money - “S&P downgrades 15 banks” (11-30-11)

“Standard and Poor’s downgraded the credit ratings of 15 banks Tuesday, after applying new criteria to the world’s 37 largest banks.”

Housing Wire - “Fed appoints director of banking supervision” (11-30-11)

“The Federal Reserve Board named Michael Gibson director of the Division of Banking Supervision and Regulation, replacing Patrick Parkinson. In his new role, Gibson will play a key role in dealing with Basel III capital-adequacy issues and the oversight of major banks. ”

San Francisco Chronicle - “Stable Housing Seen in Home Depot-Lowe’s Leading Market: Retail” (11-30-11)

“Shares of Home Depot Inc. and Lowe’s Cos. — the two largest U.S.  home-improvement retailers — are outperforming other consumer discretionary  stocks as the worst of the declines in the housing market may be over.”

Inman - “ZipRealty settles labor suit for $586,000″ (11-30-11)

“ZipRealty Inc. has agreed to pay $586,000 to settle claims by the California Labor Commissioner that the company failed to pay minimum and overtime wages to four of its agents in Kern County.”

Looking Back:

According to Case-Schiller index, property values increased 0.6% year over year from 2009-2010. On the other hand, Freddie Mac reported that home prices decreased 3.1% from the 3rd quarter of 2009. Zillow claimed interest rates increased to 4.3% the previous week.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor event calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 200 podcasts in our free investor radio archive.

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

Wednesday, November 2nd, 2011

Today’s News Synopsis:

Homeownership rates were at  a 13 year low last week according to Bloomberg.  In the latest Mortgage Bankers Association survey, mortgage applications are up 0.2% from the previous week.  The latest Federal Reserve forecast did not look good as they predicted higher unemployment and less growth.

In The News:

Inman – “ZipRealty close to breaking even after downsizing” (11-2-11)

“Technology-based brokerage ZipRealty Inc. says it’s closer to its goal of achieving positive cash flow, trimming third-quarter losses to under $1 million even as revenue fell 18 percent from a year ago.”

Housing Wire - “Senators press for wider HARP 2.0″ (11-2-11)

“A group of 10 Senators sent a letter to President Obama Wednesday asking him to extend relief under the Home Affordable Refinance Program to borrowers with more equity in their home, not just those who owe more than their home is worth. ”

Bloomberg - “U.S. Homeownership Rate Rises Close to 13-Year Low as Mortgage Rules Crimp Sales” (11-2-11)

“The U.S. homeownership rate in the third quarter was at the second-lowest level in 13 years as borrowers were evicted after foreclosures and the tightest mortgage standards in more than a decade thwarted new buyers.”

Realty Times - “Overseas Financial Troubles Keeping Low Mortgage Rates Steady” (11-2-11)

“While economic data being reported here in the U.S. has been mixed with some positive numbers, overseas financial troubles continue to influence our markets on a daily basis.”

DS News - “Congress Calls for Transparency in Foreclosure Reviews” (11-2-11)

“As several large servicers begin the lengthy process of an independent foreclosure review, Rep. Maxine Waters (D-California) is repeating her request that the process be made public.”

Los Angeles Times - “Fed cuts growth forecast, boosts jobless rate estimates” (11-2-11)

“A new forecast from the Federal Reserve paints a gloomier outlook for the economy in 2012 and 2013.  The Fed on Wednesday cut its forecasts for economic growth and boosted its estimates of unemployment.”

Inman - “Foreclosure inventories growing in states that allow judicial foreclosures” (11-2-11)

“The percentage of homes in the foreclosure process continued to climb  in September, even as delinquencies and foreclosure starts declined,  according to the latest report from data aggregator Lender  Processing Services Inc.”

DS News - “Housing Woes Lead Fed to Cut Growth Forecast” (11-2-11)

“In the last of three monetary policy press conferences scheduled this year, Federal Reserve Chairman Ben Bernanke said Wednesday that “ongoing drags from troubled housing conditions and still tight credit” have led Fed officials to downgrade their forecasts for short-term economic growth to ‘only moderate’.”

Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (11-2-11)

“Mortgage applications increased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 28, 2011.”

Looking Back:

Homeownership rates remained unchanged at 66.9% in the 3rd quarter of 2010, according to the Census Bureau. The 30 day delinquency rate on Fannie Mae mortgages fell to 4.7% in August 2010. Zillow claimed the 30-year mortgage rate remained at 4.14% the prior week.

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

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The Norris Group Real Estate News Roundup 9/27/11

Tuesday, September 27th, 2011

Today’s News Synopsis:

In a big story in the news, U.S. home prices fell 4.1% in July from a year ago, which was actually less than what was predicted.  CoreLogic reported a decrease in shadow inventory, leading distressed  properties to out weigh new delinquent properties.  According to the Los Angeles Times, consumer confidence is still at a low.

In The News:

DS News - “Distressed Dispositions Outpace New Delinquencies as Shadows Shrink” (9-27-11)

“The industry’s shadows are shrinking, according to CoreLogic. The residential shadow inventory of unlisted REOs and soon-to-be REOs stood at 1.6 million units as of July 2011, based on the analytics firm’s calculations.”

Bloomberg - “Home Prices in U.S. Cities Fall 4.1%” (9-27-11)

“Home prices in the U.S. declined less than forecast in July from a year earlier, a sign bank delays in processing foreclosures may have temporarily slowed the slump in real-estate values.”

Realty Times - “New Requirements for Landlords Who Deny on the Basis of Credit Score” (9-27-11)

“Landlords and their agents need to be aware of how they may be affected by new requirements imposed upon them by the Fair Credit Reporting Act (FCRA). This is because the FCRA has been amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).”

Los Angeles Time - “Consumer confidence remains poor, Conference Board says” (9-27-11)

“After plunging in August, consumer confidence remained poor in September as Americans continued to worry that renewed economic troubles would limit their future earnings, the Conference Board reported Tuesday.”

Housing Wire - “FHFA: Mortgage rates drop for fifth straight month” (9-27-11)

“The average interest rate on mortgages sold to the government-sponsored enterprises in August averaged 4.56%, a drop of 1 basis point from the previous month, according to the Federal Housing Finance Agency.”

CNN Money - “U.S. agency chided in mortgage buyback deal” (9-27-11)

“The federal government’s mortgage finance regulatory agency did a poor job of making sure taxpayers got top dollar in selling $2.87 billion in bad mortgages back to Bank of America last year, an inspector general’s report said Tuesday.”

Housing Wire – “Gulf remains between AGs, banks in robo-signing talks” (9-27-11)

“Two attorneys general met with the largest mortgage servicers Friday in another effort to settle an investigation into the robo-signing case, but a deal remains elusive nearly one year later.”

Inman - “California hits ZipRealty with $17M wage suit” (9-27-11)

“ZipRealty  Inc. violated California labor law during a four-year period by failing to pay  hundreds of real estate agents the state’s minimum wage of $8 an hour  and premiums for overtime, the state’s labor commissioner alleges in a  lawsuit seeking more than $17 million in back wages, damages and  penalties.”

San Francisco Chronicle - “Credit Markets Driving Up Buyout Costs, Private-Equity Firms Say” (9-27-11)

“Private-equity deals are becoming more expensive as the reluctance of banks and  investors to lend drives up the cost of borrowing, industry executives said  today.”

Realtor Magazine - “Foreclosure Lawsuits Skyrocket” (9-27-11)

“An uptick in court cases challenging the foreclosure process sent the Mortgage Litigation Index in the second quarter to its highest level on record, dating to 2007.  Foreclosure litigation—which involves rulings in favor of borrowers or cases against rescue firms—jumped two-thirds in the second quarter (April 1 to June 30) compared to the first quarter of the year, according to the Mortgage Litigation Index, which monitors mortgage-related legal actions covered by MortgageDaily.com”

Looking Back:

California air-quality regulators adopted 10- and 25-year targets for reducing greenhouse gases. Fannie Mae was developing a loan forbearance program for military families. Nearly 33% of Americans had credit scores below 620. John Burns predicted that sales of distressed properties would peak in 2011 at 2.3 million transactions.

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

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The Norris Group Real Estate News Roundup 1/7/11

Friday, January 7th, 2011

Today’s News Synopsis:

ZipRealty reports housing inventory increased 11.2% in 26 major markets from last year. Bernanke told congress he expects a moderate recovery this year. The Massachussets Supreme Court ruled against Wells Fargo in a major foreclosure case. Radar Logic claims home prices remained nearly unchanged from last year.

In The News:

Inman - “For-sale real estate inventory rises 11.2% in December” (1-7-11)

“More homeowners listed their homes for sale in December compared to the same month the year before, according to a report from national real estate brokerage ZipRealty. The number of multiple listing service listings for single-family homes and condominiums in 26 major markets rose 11.2 percent year-over-year in December, to 595,922 total.”

New York Times – “Bernanke Expects a ‘Moderately Stronger’ Recovery” (1-7-11)

“The Federal Reserve chairman, Ben S. Bernanke, told senators on Friday that he expected the recovery to be ‘moderately stronger’ this year. He also defended the central bank’s $600 billion program to stimulate the economy by buying government bonds, and urged Congress to put a credible plan in place to reduce the federal deficit.”

Housing Wire – “Mass. Supreme Court rules against US Bancorp, Wells Fargo in foreclosure case” (1-7-11)

“In a case that could cause many others to be reviewed, a Massachusetts Supreme Judge ruled against U.S. Bancorp (USB: 26.12 -0.65%) and Wells Fargo (WFC: 31.62 -1.65%) Friday saying the banks were not the mortgage holders when they foreclosed on two separate homes.”

Housing Wire – “Senator claims HUD help for unemployed has not reached homeowners” (1-7-11)

“Sen. Bob Casey (D-Pa.) sent a letter to Department of Housing and Urban Development Secretary Shaun Donovan, urging him and the agency to disburse funds allocated to help unemployed homeowners avoid foreclosure. As it stands, Casey claims $100 million in promised funding is now more than three months overdue.”

Housing Wire - “Unemployment falls to 9.4%” (1-7-11)

“Nonfarm payroll employment rose last month although lower than most analysts expected, and the unemployment level decreased to 9.4%, the lowest since May 2009. The Labor Department’s Bureau of Labor Statistics said the economy added 103,000 jobs in December”

Housing Wire – “Radar Logic: Stable home prices in October not market trend” (1-7-11)

“Home prices remained virtually unchanged in October of last year, increasing just 0.1% from the month prior on the RPX Composite price index released by Radar Logic Thursday. However, the firm said the monthly data does not signify a substantial stabilization across the market.”

Bloomberg - “Geithner Urged by Senators to Tackle Home-Foreclosure Process `Forcefully’” (1-7-11)

“Treasury Secretary Timothy F. Geithner and federal regulators need to fix the mortgage foreclosure process so that it doesn’t derail the economic recovery, Senator Jack Reed and 16 other senators wrote in a letter yesterday.”

Los Angeles Times – “Jerry Brown takes a hard look at Prop. 13″ (1-7-11)

“In an interview Tuesday, Brown said he did not support an increase in property taxes. But he said that much of the fallout from the measure should be undone and that he planned to propose a ‘complex reordering’ of government that would address some of the problems the measure created.”

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

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The Norris Group Real Estate News Roundup 12/13/10

Monday, December 13th, 2010

Today’s News Synopsis:

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

In The News:

Associated Press – “Fewer homeowners underwater in the third quarter” (12-13-10)

“About 10.8 million households, or 22.5 percent of all mortgaged homes, were underwater in the July-September quarter, housing data firm CoreLogic said Monday. That’s down from 23 percent, or 11 million households, in the second quarter.”

ZipRealty - “Prices cut on nearly half of for-sale homes” (12-13-10)

“The share of homes for sale that had experienced at least one price reduction in November jumped 24.1 percent compared to the same month last year, according to a monthly review of multiple listing service listings in 26 major markets conducted by national brokerage ZipRealty.”

Housing Wire – “BarCap: Private sector to boost MBS purchases in 2011″ (12-13-10)

“Private investors could buy as much as $365 billion in agency mortgage-backed securities in 2011, taking over the government’s role in the secondary market, according to the analysts at Barclays Capital.”

Housing Wire – “FHA extends deadlines for condos to recertify mortgage insurance” (12-13-10)

“The Federal Housing Administration extended deadlines for condominium projects seeking to renew their mortgage insurance with the federal agency. New guidelines established by the FHA in 2009 require that condo projects be recertified and approved every two years.”

Housing Wire – “Fed expands TILA scope to loans up to $50,000″ (12-13-10)

“Loans or leases written to consumers for up to $50,000 will be subject to protections under the Truth in Lending Act, up from $25,000, according to a new rule announced by the Federal Reserve Monday. The raised exemption threshold will go into effect July 21, the same day the Consumer Financial Protection Bureau is set to launch. Under the Dodd-Frank Act, the Fed was required to set a new threshold for exempt loans in order expand the protections of TILA.”

Housing Wire – “Amherst Securities: Number of modified, reissued Ginnie Mae loans remains high” (12-13-10)

“The level of Ginnie Mae loans modified and reissued in mortgage-backed securities remains high but probably won’t increase in 2011 from this year, according to one MBS broker-dealer.”

Housing Wire – “Monday Morning Cup of Coffee” (12-13-10)

“In a November letter to regulators, Wells said only mortgages with a more than 30% downpayment should be exempt from the risk-retention rule under Dodd-Frank. Under the reform, federal regulators must determine which mortgages an originator should still be on the hook for after being packaged and sold in the secondary market.”

Orange County Register – “Demand for O.C. homes falls 12%” (12-13-10)

“After remaining the same for the better part of a month, demand dropped by 12% (in the past two weeks), or 311 homes, to 2,382 homes. Last year at this time, demand was at 2,646 pending sales, 264 additional homes compared to today. For the remainder of the year and the first few weeks of the New Year, demand will continue to drop. This is cyclically the slowest time of the year for Orange County 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.

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The Norris Group Real Estate News Roundup 10/8/10

Friday, October 8th, 2010

Today’s News Synopsis:

ZipRealty reports 24.2% of homes in the nation’s 26 major markets experienced experienced a price cut in September. Bank of America is postponing foreclosure sales in all 50 states. Wells Fargo has decided to continue with its foreclosures, unlike BofA, JPMorgan and Ally Financial. Credit Suisse predicts record low interest rates will boost demand for mortgage-backed securities.

In The News:

Inman - “Home-sale discounts jump 24%” (10-8-10)

“The number of homes that experienced price cuts jumped 24.2 percent in September compared to the same month last year, according to a monthly review of multiple listing service listings in 26 major markets conducted by national online brokerage ZipRealty.”

Yahoo - “How Your FICO Score is Calculated” (10-8-10)

“Payment history – How you pay your bills makes up 35% of your FICO score. It goes without saying that paying your bills on time will have a positive impact on your credit score, while paying your bills late or not at all will have a dramatically negative impact. Even paying one bill late will cause your FICO score to take a hit, so make sure you’re paying your bills on time. If you’ve made mistakes in the past and haven’t always paid your bills on time, don’t fret. If you change your ways and pay on time, your FICO score will eventually reflect that. Late payments have less of an impact on your credit score once time has passed.”

Los Angeles Times – “Bank of America widens foreclosure freeze to all 50 states” (10-8-10)

“Bank of America is halting foreclosure sales in all 50 states as the nation’s largest bank said Friday it was widening its investigation into how it handled home repossessions.”

Housing Wire – “California AG files suit in audit loan modification scam” (10-8-10)

“California Attorney General Jerry Brown has filed a $60 million lawsuit against a pair of Sacramento companies that he says used questionable computer-generated ‘forensic loan audits’ to defraud homeowners seeking to modify their mortgages.”

Housing Wire – “US lost 95,000 nonfarm payroll jobs in September” (10-8-10)

“The Labor Department’s Bureau of Labor Statistics reported federal employment cut another 159,000 jobs last month, including 77,000 temporary Census workers and 76,000 local government positons. The private sector added 64,000 jobs in September, according to the Labor Department. Economists polled by MarketWatch were forecasting about 85,000 new private-sector jobs were created last month.”

Housing Wire – “Financial radio talk-show host charged with real estate fraud” (10-8-10)

“Barbra Alexander, a local California radio show host, was charged along with two business executives for misappropriating investor funds to finance her radio talk-show, ‘MoneyDots,’ and for personal use. Alexander allegedly used her status as a radio show host on ‘MoneyDots,’ a talk-show for entrepreneurs, to lure investors into giving funds for short-term loans secured by real estate. The money went to APS Funding, a lending firm of which Alexander is also president.”

Housing Wire – “Credit Suisse analysts see record-low mortgage rates boosting MBS demand” (10-8-10)

“The record low interest rates should boost demand for mortgage-backed securities, as originators sell newly locked-in loans, according to Credit Suisse analysts.”

Housing Wire – “Wells Fargo will not join BofA in foreclosure suspension” (10-8-10)

“Wells Fargo (WFC: 25.95 -0.19%) will not suspend foreclosures and stands by the accuracy of its affidavits, Jason Menke, a spokesman for the San Francisco-based bank, told HousingWire.”

Looking Back:

One year ago, a government report showed that the Federal Reserve and the U.S. Treasury spent $1.2 trillion dollars on the U.S. mortgage market in fiscal 2009. The Department of Labor announced that the weekly unemployment claims had decreased by 33,000.  Statistics from Freddie Mac showed that mortgage rates for 30-year fixed U.S. home loans fell to 4.87 percent from 4.94 percent in the previous week. Trulia reported that U.S. home sellers had reduced their price by a total of $28.4 billion.

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

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The Norris Group Real Estate News Roundup 6/11/10

Friday, June 11th, 2010

Today’s News Synopsis:

The MBA believes the new FHA Reform Act will have a positive effect on FHA’s finances. Tom Beede of Metrolist Services reports 58 percent of May home sales in Sacramento County were short sales. Congress may extend the home-buyer tax credit due to the inability of lenders to finish all applications within the current due date.

In The News:

Mortgage Bankers Association – “MBA Reacts to House Passage of FHA Reform Act” (6-11-10)

“FHA is playing a critical role in today’s housing market, helping to provide more affordable financing for borrowers looking to purchase or refinance a home.  The reforms contained in this bill will help stabilize FHA’s finances by allowing the agency to raise its annual premiums and better take corrective action against lenders who are putting the program at risk.”

Sacramento Bee – “Home Front: Short sales — and ways to exploit them — rise in Sacramento” (6-11-10)

“In mid-May, 58 percent of homes for sale in Sacramento County were short sales and only 13 percent were bank repossessions, said Tom Beede, president and chief executive officer of Metrolist Services Inc.”

Wall Street Journal – “Congress Could Extend Home-Buyer Tax Credit Closing Deadline” (6-10-10)

“What if the home-buyer tax credit worked too well? That’s the latest concern from the real-estate industry, which says that a last-minute home-buying rush in April created bottlenecks at lenders and real-estate service companies that may not be able to finalize purchases in time for tens of thousands of buyers to receive a tax credit worth up to $8,000.”

Bloomberg - “Builders Rush to Complete Houses by U.S. Tax Credit Deadline” (6-11-10)

“U.S. builders such as LGI Homes are on a tight deadline to finish houses by the end of June so purchasers can get a federal tax credit of as much as $8,000. Buyers had to sign a contract by April 30 and must complete the transaction by July 1 to qualify. That’s speeding up a construction process that for some builders can take five to six months.”

Bloomberg - “JPMorgan Sells $716.3 Million of Commercial Mortgages” (6-11-10)

“JPMorgan Chase & Co. sold $716.3 million of bonds backed by commercial mortgages in the second offering of the debt this year, according to a person familiar with the transaction.”

Inman - “Understanding the Gen Y gender gap” (6-11-10)

“women are fundamentally different than men in what they look for in a home, Chung said. Part of being fiscally conservative is that they are more willing to make trade-offs as far as home luxuries in favor of preferred community characteristics.”

Inman - “Yahoo Real Estate climbs to No. 2″ (6-11-10)

“Realtor.com maintained its lock on the No. 1 spot with 6.2 percent of traffic; Rent.com also kept its No.4 spot with 2.8 percent of traffic. Trulia jumped into the top five with 2.7 percent of traffic, bumping ZipRealty down to sixth place with 2.4 percent market share.”

Wall Street Journal - “Is It Better to Buy New Home or ‘Used’?” (6-11-10)

“It’s impossible to know how much negotiating power you’ll have with each of these sellers until you know how desperate each is to sell. So the first thing you should do is to ask your agent to find out as much as possible about what’s motivating each: Is the resale seller just testing the market, or going through a divorce? Is the builder opening up new projects or has he been sitting for months on stale inventory? You should find out how long each house has been on the market, whether there have been price drops, how often these have occurred and how deep they were. This will give you a sense of how eager each party is to deal with you.”

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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