October 12, 2009
Bruce Norris, president of property investment firm The Norris Group, said inventory levels are \"completely artificial, completely baloney ... The delinquency rate (in California) has exploded, but inventory levels have gone down. In many of these cases the banks have simply avoided foreclosure.\"
August 2, 2009
\"There will be absolutely no shortage of foreclosures going forward,\" said Bruce Norris, head of the Norris Group, a real estate investment firm in Riverside.
Bruce Norris walks Nightline through the risks and rewards of being in the real estate investing business.
The current shortage of foreclosed properties for sale that is pushing up prices is an artificial phenomenon, said Bruce Norris, principal of the Riverside-based Norris Group, which provides loans and advice to real estate investors. Don\'t buy homes on the assumption that prices will continue to rise and you can soon resell a house you buy at a profit, Norris cautions investors. \"I don\'t want them to get faked out into thinking the market is getting permanently better,\" he said just yesterday.
July 15, 2009
Bruce Norris, president of the Riverside-based Norris Group, which specializes in buying and reselling Inland foreclosed houses, said the median price increase is misleading. Norris said originally the foreclosure inventory was made up of less-expensive homes purchased with subprime loans. Now he is seeing more expensive homes foreclosed on that were owned by higher income people who have lost their jobs.
July 1, 2009
Bruce Norris, president of the Norris Group in Riverside, Calif., sees modern simple assumptions as one potential antidote to foreclosures and plunging home values. He points out that assumptions were a crucial buoy for home sales and prices during the housing bust of the early 1980s. In California, the assumption loan was the predominant method for buying a house then, keeping values steady despite a tenfold increase in foreclosures and 11 percent unemployment, he says. \"I think this is one of the pieces of the puzzle that would help today.\"
June 29, 2009
"People today look at us as the enemy," said Norris, 57, head of Riverside-based Norris Group, which purchases and renovates homes to rent or sell. "That’s a big problem for housing because if we can’t get the financing we need, a lot of these properties are going to sit vacant."
June 24, 2009
California real estate investor Bruce Norris renovated a three-bedroom home in the Riverside-San Bernardino metropolitan area in January and found two buyers willing to pay $165,000. An appraiser put the value 15 percent lower. The prospective purchasers walked away and now he’s renting the house instead. Low appraisals that lead to a sale reduce comparable prices in a neighborhood and make it \"impossible for another group of people to refinance,\" Norris said.
May 15, 2009
"Id like them to point out the last time the real estate market improved while unemployment was escalating upwards," said Bruce Norris, founder of The Norris Group, a company in Riverside that specializes in real estate investments. "They're making a prediction that something will happen that's never occurred before."
April 30, 2009
California real-estate investor Bruce Norris notes that the cost of owning a property free and clear in Texas can range from double to triple the cost in California. In Texas, a $150,000 home carries an average $5,300 in taxes and insurance, compared to $2,050 in California. (The gap is more pronounced among $1 million homes, where average taxes and insurance reach $32,500 in Texas, compared to $11,500 in California.)
April 28, 2009
"There's no doubt that it's going to decline," Norris said. "There's too much lender inventory mixed in with private sellers, and you have unemployment that is going up, so you have a perfect storm."
April 22, 2009
"Whatever damage has been done in California is only going to get worse because there is a glut of homes owned by lenders that aren’t yet on the market," said Bruce Norris, a principal with the Norris Group, a Riverside, California-based real estate investment firm. "These homes are like a shadow inventory that is likely to drag down prices further when they come onto the market."