The Norris Group Real Estate News Roundup 7/28/10

Today’s News Synopsis:

Commercial and multifamily mortgage origination increased by 35 percent in the second quarter. Mortgage application volume decreased 4.5 percent from last week, according to the MBA. Freddie Mac reports Americans took out $8.3 trillion in home equity during the second quarter. The current number of foreclosure starts for 2010 has reached 1.46m.

Looking Back:

Mortgage Bankers AssociationMBA: Second Quarter 2010 Commercial/Multifamily Mortgage Originations Increase Over First Quarter, But Remain Flat Over Last Year” (7-28-10)

“Second quarter 2010 commercial and multifamily mortgage loan originations were one percent higher than during the same period last year and 35 percent higher than during the first quarter, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

Mortgage Bankers AssociationMortgage Applications Decrease in Latest MBA Weekly Survey” (7-28-10)

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 23, 2010.  The Market Composite Index, a measure of mortgage loan application volume, decreased 4.4 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 4.2 percent compared with the previous week”

Bloomberg Americans Tap $8.3 Billion in Home Equity, Least in a Decade” (7-28-10)

“Americans in the second quarter tapped the smallest amount of home equity in a decade, showing households are focused on repairing tattered finances. Owners took out $8.3 billion while refinancing prime home loans as borrowing costs dropped from April through June, down from $8.4 billion in the previous three months and the least in 10 years, according to a report today by McLean, Virginia-based Freddie Mac. Twenty-two percent chose to reduce loan principal, matching the third-highest rate since records began in 1985.”

Housing Wire“GSE Foreclosure Starts Start Coming Faster in 2010” (7-28-10)

“The June 2010 Mortgage Monitor data provided by Lender Processing Services (LPS) Applied Analytics shows that the spike in foreclosure starts is greatest at 6+ months of delinquency. Analysts have suggested that this may be occurring due to the recent increase in HAMP cancellations. Total foreclosure starts for 2010 are at 1.46m, compared to 1.68m for the same period in 2009 and 1.25m in 2008, to be sure, but the rate at which the starts increase during 1H10 is at the fastest pace LPS Applied Analytics has seen.”

Housing Wire“Cash-In Refinancing Nears Record High in Q210: Freddie Mac” (7-28-10)

“According to separate monthly volume reports from April to June, Freddie Mac’s total refinance volume was $54.6bn during Q210, down nearly 60% from $134.5bn during Q209.”

Orange County Register“Foreclosures still a drag on housing” (7-28-10)

“Foreclosures and sales of bank-owned homes have not yet peaked and will continue to hold down U.S. home prices and sales, an analyst for commercial data firm CoStar Group said. And weakness in housing will impact retail sales and the overall economy, added Norm Miller, CoStar’s vice president of analytics. Miller said that housing has not necessarily hit bottom yet, but the bottom is near.”

Realty Times“Either a Lender or a Borrower Be” (7-28-10)

“Money in self-directed IRAs can be loaned out to any person who is not a ‘disqualified person.’ While this means that you cannot loan yourself or other related disqualified persons money from your self-directed IRA, you can loan the money to anyone else. Loans can be secured by real estate, mobile homes, equipment or anything you like. If you are really a trusting soul, you can even make a loan from your IRA unsecured”

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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