John Burns

The Norris Group Real Estate News Roundup 2/16/10

According to MDA Dataquick, the median home price in Southern California decreased by 6 percent from December. CBIA reports that home sales in new communities decreased by 15 percent from last month. John Burns estimates that 5 million houses and condominiums with delinquent mortgages will end up in foreclosure over the next few years. TransUnion reports that mortages over 60 days delinquent increased to6.89% in quarter four of 2009.

The Norris Group Real Estate News Roundup 2/10/10

The MBA reports that mortgage application volume decreased by 1.2 percent from last week. According to the NAHB, there were approximately 234,000 homes for sale at the end of 2009. Statistics from Zillow show that the national median price was $186,200 in Q409 of 2009. The total number of FHA-insured single-family mortgages in default reached 531,671 in Q409 of 2009.

The Norris Group Real Estate News Roundup 12/21/09

PMI Insurance Group predicts that 2010 will produce a moderate increase in economic production. According to John Burns Real Estate Consulting, real estate investor activity now exceeds 2005 levels. Moody’s reports that commercial real estate values have decreased by 36 percent from last year.A total of 140 banks have been seized this year.

The Norris Group Real Estate News Roundup 12/15/09

According to MDA DataQuick, home sales decreased by 13.3 percent in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange County. The Federal Reserve plans to leave interest rates at the current record low. Research from Trulia and RealtyTrac shows that 43% of U.S. adults will consider buying foreclosed property. A survey from JBREC shows that 57 percent of home builders expect to receive more revenue in 2010 than 2009.

The Norris Group Real Estate News Roundup 10/16/09

President of John Burns Real Estate Consulting expects the commercial real estate market to do further damage to residential real estate. New legislation requires swap dealers and major swap participants to register with regulators and requires clearing organizations to provide transaction information to appropriate regulators. GE, MGIC, and Bank of America lost over 500 million in Q3 of 2009.

The Norris Group Real Estate News Roundup 10/7/09

New housing regulations set for 2010 will increase the required down payment for FHA loans to 5 percent. According to John Burns Real Estate Consulting, home prices will likely decrease again as delayed REOs hit the market. Both the NAR and the MBA are in favor of extending the first time home buyer tax credit, and have expressed their concerns to congress. A survey from the California Association of Realtors shows that 46 percent of California realtors use some sort of social networking website in their work.

The Norris Group Real Estate News Roundup 10/2/09

Interthinx’s employment and income fraud index decreased by 33 percent from Q2 of 2008 to Q2 of 2009. Real estate expert John Burns believes that the new short sale incentive program will be helpful in clearing up excess inventory. According to the American Bankruptcy Institute and National Bankruptcy Research Center, U.S. consumer bankruptcies passed 1 million during the first 9 months of 2009. The U.S. government could lose nearly 80 percent of its $2.33 billion investment in CIT, should the company choose to exchange its debt.

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