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 8/2/10

Alan Greenspan expressed concern that a decrease in home prices might cause the U.S. to slip back into recession. The Census Bureau estimates the homeownership rate will fall to 62% in 2012. Moody’s reports strategic delinquencies are falling on jumbo mortgages. Construction spending remained relatively flat with just a 0.1 percent increase last month.

The Norris Group Real Estate News Roundup 6/28/10

Statistics from the Federal Reserve show the median borrower who ‘strategically’ defaults doesn’t walk away from the mortgage until the amount owed exceeds the value of the home by 62%.McGraw-Hill Construction reports new construction starts increased 3% in April. According to CoreLogic, more than 11 million borrowers currently owe more on their mortgage than it is worth. Experian statistics show that 19 percent of all defaults in 2009 were strategic.

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 6/23/10

According to the Commerce Department, new home sales decreased by 33 percent in May. The MBA’s weekly survey shows mortgage applicationdecreased by 5.9 percent last week. The Franchise Tax Board announced 80% of the credits for first-time home buyers program in California has been applied for. Borrowers who strategically default will be banned from obtaining new mortgages backed by Fannie Mae for seven years from the date of foreclosure.

The Norris Group Real Estate News Roundup 6/8/10

A survey from the NFCC shows that only 23 percent of Americans consider strategic default to be acceptable when underwater on a mortgage. Startingtoday, Real Estate Disposition is auctioning more than 350 bank-owned foreclosures in California. According to IAS, national home prices were up 0.9% in April from March. An executive from RealtyTrac believes U.S. foreclosure activity will not stabilize until late 2011.

The Norris Group Real Estate News Roundup 4/29/10

Freddie Mac claims the average rate for 30-year fixed-rate mortgages was 5.06 percent this week. Zillow estimates that home inventory will increase in the near future. The California Housing Finance Agency is proposing a plan to spend $699.6m from the Hardest Hit Fund. According to Morgan Stanley, about 12 percent of all mortgage defaults in February.

The Norris Group Real Estate News Roundup 12/16/09

The Wall Street Jounral reports that people are increasingly willing to abandon mortgage payments for becoming renters, housing starts climb almost 9%, the FDIC offers some reprieve from securities accounting rules for the next year, and the Bureau of statistics released their real earnings report stating that average hourly earnings fell by .5%.