OUR NEWS

Nov 23, 2010

The Norris Group Real Estate News Roundup 11/23/10

The CBIA reports housing production decreased 28% in October. National existing home sales declined 2.2%, and California home sales declined 3.5%, according to data from the NAR and CAR. Zillow claims interest rates fell again after last weeks sudden gain. Statistics from Lender Processing show foreclosures fell 36% in October.

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Nov 18, 2010

The Norris Group Real Estate News Roundup 11/18/10

Delinquencies on residential properties dropped 9.13% in the third quarter, according to the MBA. MDA DataQuick’s monthly statistics releases shows that 6,122 new and resale houses and condos closed escrow in the Bay Area. The CBIA reports California housing affordability increased 1.7% in the 3rd quarter. Jobless claims increased by 2,000, said the Labor Department.

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Oct 25, 2010

The Norris Group Real Estate News Roundup 10/25/10

California government agencies got rid of 37,300 jobs in September. NAR reports existing home sales increased 10% last month. 47.5% of sales performed by agents last month were from distressed homes. U.S. home prices decreased 1.5% from a year ago, according to CoreLogic.

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Sep 16, 2010

The Norris Group Real Estate News Roundup 9/16/10

According to MDA DataQuick, 6,698 houses and condos closed escrow in the Bay Area last month. Also, 34,239 houses and condos were sold statewide. BarCap expects that of all the subprime mortgages still current and originated in 2005, 70% will default.

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Aug 24, 2010

The Norris Group Real Estate News Roundup 8/24/10

Existing home sales experienced a dramatic decrease of 27.2 percent in July, according to the NAR. Housing production decreased by 10 percent in June. The CAR reports California home sales decreased 20.8 percent in July. Statistics from the California Employment Development Department show that 7,100 jobs were lost from July 2009.

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Aug 23, 2010

The Norris Group Real Estate News Roundup 8/23/10

The CBIA reports 2,454 new homes and condominiums were closed statewide in June, compared to 3,848 a year earlier. A survey from Trulia shows that 68% of renters believe they will have to wait at least two years before even considering buying a home. According to HUD, 616,839 HAMP modifications have been canceled and 434,716 modifications have been made permanent since the program began. The Congressional Budget Office expects the Troubled Asset Relief Program to cost a total of $66bn.

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Jun 24, 2010

The Norris Group Real Estate News Roundup 6/24/10

According to the CIRB, building permits were pulled for 3,088 housing units in May. Statistics from Freddie Mac show the 30-year fixed-rate mortgage averaged 4.69% last week. Several large banks, such as JP Morgan, are hiring thousands of mortgage officers in preparation to make more loans. TIGTA estimates the IRS awarded $26.7 million to fraudulent home buyer tax credit claims.

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Jun 17, 2010

The Norris Group Real Estate News Roundup 6/17/10

According to the CBIA, sales in new-home communities of 10 units or more were 32 percent below April 2009. MDA DataQuick reports 8,264 homes closed escrows in the nine-county Bay Area last month. Statistics from Freddie Mac show the average 30-year frm rate increased to 4.75 percent this week.The number of suspected mortgage fraud activities reported to law enforcement grew 5% during fiscal year 2009.

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May 20, 2010

The Norris Group Real Estate News Roundup 5/20/10

According to MDA DataQuick, a total of 7,003 homes closed escrows in the nine-county Bay Area last month. CBIA reports that California families earning the median-income could have afforded 60.8 percent of the new and existing homes that were sold during the first quarter of 2010.Statistics from Freddie Mac show 30-year fixed-rate mortgage decreased 4.84 percent this week. CoreLogic predicts average national home prices will fall 0.5 percent in the next 12 months.

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May 13, 2010

The Norris Group Real Estate News Roundup 5/13/10

According to RealtyTrac, the total number of national foreclosures decreased by 9 percent in March. Economists Lawrence Yun and Mark Zandi predict that mortgage rates will remain historically low over the next few years. CAR reports the minimum household income needed to purchase an entry-level home at $246,270 in California in the first quarter of 2010 was $41,540.Statistics from Freddie Mac show the average rate on a 30-year fixed rate mortgage dipped to 4.93 percent.

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