The Norris Group Real Estate News Roundup 8/26/10

The MBA’s second quarter survey shows the delinquency rate for mortgage loans on residential properties dropped to 9.85 percent. Freddie Mac reports that interest rates have dropped AGAIN to 4.36%. According to CoreLogic, 23 percent of residential homes with mortgages were in negative equity at the end of the 2nd quarter. Barclays Capital claims existing home sales decreased 30% last month.

The Norris Group Real Estate News Roundup 8/25/10

The MBA’s weekly survey shows that mortgage loan application volume increased by 4.9%. The Commerce Department reported new homes sales decreased 12.4% in July. According to Zillow, most Western states experienced a decrease in 20-year mortgage rates last week. California’s 30-year rate decreased to 4.30%.

The Norris Group Real Estate News Roundup 8/17/10

Statistics from MDA DataQuick show 18,946 new and resale homes were sold in Southern California in July. Frank Nothaft of Freddie Mac announced that refinancing activity has accounted for over 80% of conventional loan activity. National housing starts increased by 7.1 percent last month, according to the NAHB. The MBA expressed concerns that recent policy changes restricting seller concessions went too far and may damage the industry.

The Norris Group Real Estate News Roundup 8/11/10

The MBA’s weekly survey shows mortgage application volume increased by 0.6 percent. The Obama will provide the Treasury Department and HUD with $3 billion for aiding homeowners. The NAR reports that most U.S. metro areas experienced a decrease in home prices during the second quarter, and distressed homes accounted for 32 percent of second quarter sales.

The Norris Group Real Estate News Roundup 8/9/10

The percentage of American single-family homes with mortgages in negative equity decreased by 1.8% from the first to second quarter. Freddie Mac is requesting $1.8 billion in federal aid after a $6 billion loss in the second quarter. Freddie Mac’s single-family inventory rose by 84.2% and its multifamily inventory doubled from last year. PIMCO fears the U.S. may be entering a period of deflation, and JPMorgan Chase expressed concerns that our financial system may crash in 2015.

Daniel Phelan with Southwest Realty Services #186

This week Bruce is joined by Daniel Phelan. Daniel is the CEO of Pacific Southwest Realty Services. He is responsible for this company’s mortgage operations. Pacific Southwest Realty Services is an investment firm focused on commercial real estate. It is involved in equity placement, strategic planning, property sales and loan administration.

The Norris Group Real Estate News Roundup 8/3/10

According to the NAR, pending home sales declined 2.6 percent in June. Data from the Southern California Multiple Listing Service shows that 25 percent of home sold in Orange County are sold for less than the owner in June went for less than the seller owed on the mortgage. Zillow reports the average 30-year mortgage rate decreased to 4.28 percent from last week. 84 percent of buyers begin searching for homes online.

The Norris Group Real Estate News Roundup 6/25/10

The Commerce Department reports the economy increased by 2.7 percent in the first quarter. Fannie Mae is implementing new rules requiring servicers to verify income, liabilities, and monthly expenses for all borrowers prior to granting a permanent standard Fannie Mae mortgage modification. Also, Fannie Maewill hold strategic defaulters accountable for all associated costs of getting the house back on the market. California unemployment was 12.4 percent in May.

The Norris Group Real Estate News Roundup 5/27/10

According to the San Francisco city Assessor-Recorder, 6,462 residential property owners in San Francisco applied for temporary property tax breaks this year. Freddie Mac reports the average U.S. rate for a 30-year fixed mortgage fell to 4.78 percent for the week. Statistics from FHFA show the average interest rate on conventional 30-year FRM with a principal of $417,000 or less increased to 5.12% this month.

The Norris Group Real Estate News Roundup 5/26/10

The Commerce Department reports sales of new single-family homes rose 14.8 percent in April. Mortgage application volume increased 11.3 percent on a seasonally adjusted basis from one week earlier. The NAR predicts commercial vacancy rates will increase from 16.9 percent in the first quarter of this year to 17.6 percent in the first quarter of 2011. According to Freddie Mac, home prices declined 1.1% in quarter 1 of 2010 compared to the same quarter one year ago.

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