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| Date | Show Overview | Bio |
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07-25-2008 |
Bruce Norris is joined this week by Executive Vice President for the California Association of Realtors, Joel Singer. Joel will also be a panelist at the I Survived Real Estate 2008 event. Bruce and Joel discuss how financing helped the huge California boom, the psychology of demand, the trade-up market, cheap money, lending standards, the last boom markets, down payments in last cycles, no documentation loans in this cycle, if lenders compensated too far the other way, lending practices today, the ease of borrowing, the long boom and the consumer forgetting about risk, home ownership for those that can afford it, speculation throughout the system, putting blame on certain groups, the current finance market, FHA, Fannie, and Freddie, seller financing in a down market, simple assumptions of the past, the unlikely chance it will come back, the Wellencamp Wars being phased out by the Garn-St Germain Act, the 203k loan program, the Nehemiah Program, why having skin-in-the-game is required by lenders, FHA loan limits and if they will be permanent, inventory levels in California, what makes a balanced market, sales activity up, if declining in inventory is healthy or if it means retail consumers are pulling their homes off the market, what happened to the median price and why it got hit so hard, the risk of people walking away, the different ways of rescuing people and their homes, the unintended consequences of government fixes, the market not being in full recovery mode just yet. Please see isurvived2008.com. | ||
07-19-2008 |
Bruce Norris is joined by Real Wealth Expo president and REI Club supporter, Scott Whaley. Bruce and Scott discuss when Scott started in the business, the attitude of the investor when the Expo started, the change in attitude at events, the crowd and sophistication level change, what is working for investors in this market, short sales in the current market, being a professional in the investor world, psychology in the market, Scott?s involvement with the RTC in the last cycle, contrarian decision makers, current examples of capitulation, the value of not making a mistake, the length of the downturn, the lenders that waited and the ramifications they are now facing, why chasing the market is not a good idea, The Real Wealth Revolution project, the mental part of the investing business, why this business is not the same for everyone, hanging around people who are making this business work and who have a positive attitude, the investor being the speculator, people looking to blame, how this cycle mimics the last downturn, doing the right thing at the wrong time in the lender world, reigning in financing for people that could actually help the market, legislation that could change how investors work, politics in this market, realwealthonline.com, realwealthexpo.com. Scott will be writing in our next newsletter about upcoming legislation that could affect our industry. | ||
07-12-2008 |
Bruce Norris is joined this week by president of 7 Steps to a 720 Credit Score, The Mortgage Equity Group, and panelist for I Survived Real Estate 2008, Philip X. Tirone. Bruce and Philip discuss his term mortgage lifestyle dilemma, the consumer and disposable income, people trying to get out of loans, the percentage of people now able to get financing, the speed of the credit dry up, issues funding even with a large down payment, risk level exaggerations, the current state of home equity lines of credit, credit cards becoming the next line of liquidity, credit limits being reduced if a consumer?s credit score is not good, credit card companies looking into a consumer?s industry where they work, certain industries falling out of favor with credit issues, the Universal Default Clause and the interest rate associated with this clause, the different types of lenders, wholesale brokers, how the collateralized debt was put together, the main liquidity in the market, the price difference between a fixed and unfixed home, how lenders feel about unfixed homes, the national and local bills being discussed to help, who people are blaming for this mess, non-owner occupied financing, solutions being aimed at the wrong crowd, how lenders are dealing consumers looking to walk away even though they are current, ISurvived2008.com | ||
07-05-2008 |
Bruce Norris is joined by Vice President of Marketing for RealtyTrac and panelist for I Survived Real Estate 2008, Rick Sharga. Bruce and Rick discuss preventive measures currently in the works to help the current real estate downturn, how these solutions are structured, market psychology, lenders being risk averse, social trends contributing to problems, lenders and the dance with Wall Street, the consumer and lenders as the true speculators, the definition of market value being skewed, RealtyTrac keeping up with the sheer numbers of foreclosures, military foreclosures and issues because of volume and people falling through the crack, fraud in the marketplace, how RealtyTrac counts foreclosures, conversation rate for notices of default, alt-A loans and what?s coming next, equity positions and behavior of different consumers, percentage of consumers buying with the intent to walk away from another home, the unintended consequence of adjusting principle on loans, percentage of US housing units facing foreclosure, REOs dictating prices in a market when they are the majority of listings, looking at the rest of 2008 and 2009, other areas not in the same position as California, other states that are doing well, California adjusting to allow for massive migration, why California could be extremely attractive in the coming years, underestimating the impact real estate had on jobs, auction attendance, the Internet and auctions in the coming years, bid4assets and RealtyTrac, shill bidding and the Internet auctions, realtytrac.com, isurvived2008.com | ||
06-28-2008 |
Bruce Norris is joined by Principle at Beacon Economics and panelist for I Survived Real Estate 2008, Christopher Thornberg. Bruce and Christopher discuss how Christopher got started in the prediction business, letting the data speak to you and street smarts, how this journey caught so many off guard, the duration of bubbles, how the downturn is worse then expected, looking at past real estate bubbles and how they compare, the chance that people who can afford home payments walk away because their neighbor owes half what they do, looking at what caused most of the damage, subprime being the fuel for the fire, the main problem being people paid too much, how falling prices will eventually allow people to get back in the market, home prices and consumer spending, unemployment and what that can mean for migration, when it might turn, if downturns hit coastal regions, the price decline and how it works its way out to coastal regions, returning to more reasonable ownership levels, following the foreclosure lists and realizing that investors weren?t the problem, how lenders are tightening financing, how Fannie Mae and Freddie Mac are exposed in volatile markets, the large amount of leverage within banks, equity position of banks, the story behind pent up demand, commercial real estate in the coming years, the land price bubble, false wealth and consumer spending, how to notice a commercial bubble is popping, the Federal Reserve and how they?re dealing with the market, dealing with inflation compared to past cycles, and what policy Christopher would change in the current market. See iSurvived2008.com for more details about our fundraiser "I Survived Real Estate 2008." | ||
06-21-2008 |
Bruce Norris launches this week a very special event for a very special cause. On August 23rd, 2008, The Norris Group along with support from generous partners and panelists will host an event entitled, ?I Survived Real Estate 2008.? Proceeds from the event will benefit the Orange County Affiliate of the Susan G. Komen for the Cure. The event seeks to bring together the real estate community including Realtors, auctioneers, investors, mortgage professionals, economists, service providers, and builders to discuss how we got here, how the respective industries are changing, and how we move forward and prosper together in 2008 and 2009. This is about solutions and synergy, not bad news. The TNG radio interviews for the next several weeks leading to the event will seek to introduce the audience to the panelists that are participating in the live event. Many have been guests on the radio show before and we appreciate their willingness to help us with such a worthy cause. The week, Bruce Norris is joined by wife of 38 years, Marsha Norris. Marsha is a cancer survivor and has been fighting for 13 years. Her cancer battle started with breast cancer and she is now fighting bone cancer. Marsha and Bruce discuss how they found out, the initial reaction to finding out, the journey they've taken trying to find a doctor who would listen, protocols, the important of self education when it comes to illness, surrounding yourself with people who believe you'll survive, how the real estate community has been a HUGE support system, spirituality and getting through the tough times, believing in a cure, pursing health versus buying time, the Susan G. Komen website and the resources that help, treatments she's tried along the way, and how believing in your treatment is important. Marsha Norris has four children, seven grandchildren, and has been married to Bruce Norris for 38 years. Marsha is a trained massage therapist and loves reading on holistic medicine, different massage techiniques, and numerous other topics. She enjoys traveling and looks forward to seeing Egypt for the first time this coming Fall. Official site launch of www.ISurvived2008.com and tickets for the live event will launch early July. Thank you for your patience and we?ll keep you posted on the radio show and TNG website. There will be numerous ways for you to get involved so we look forward to sharing them with you soon. Special thanks to the following partners who are helping make this event possible: the San Diego Creative Investment Association and Bill Tan (sdcia.com), the Investors Workshop in Orange County and Shawn Watkins (investorsworkshops.com), Frye Wiles, the results-oriented web design, internet marketing, branding and creative design firm helping us with the web (fryewiles.com), MVT Productions who always does an amazing job with our audio/visual needs (mvtproductions.tv), Proxibid who has graciously offered to air this event nationwide live via the Internet (Proxibid.com), White House Catering (whcatering.com), and finally, the Nixon Library for allowing us to use their wonderful White House Replica of the East Room to hold the live, black tie event (nixonlibraryfoundation.org). |
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06-14-2008 |
Bruce Norris is joined once again by marketing and outreach specialist for U.S. Department of Housing and Urban Development, Nancy West. Bruce and Nancy discuss home owner month and the outreach FHA is involved in for the event and throughout the year, foreclosure prevention workshops, who the buyer is now entering the market, FHA rehabilitation loans to consumers willing to rehab homes, rehabilitation loan program 230k, streamline rehabilitation loans, how no special inspection is necessary if under $15,000 in repairs, which loan is appropriate depending on the amount of work needed, how the consumer can receive up to 110% of after approved value, the way the Realtor would structure the transaction if these loans are used, if an investor can take over an FHA loan, how FHA was replaced by other loan products, the seasoning period for FHA loans and why it exists, tweaks to the property flipping rule in 2003, if FHA loans are assumable between two owner occupants, the 1980s and the simple assumption and the elimination of the program in 1989, why the program was eliminated, if HUD was satisfied working with investors in the last cycle, why the last downturn was different and why we could be hurt because the financing can?t move forward, if bankruptcy prevents consumers from getting an FHA loans, how FHA requires at least two years to laps but less time granted if consumer had extenuating circumstances, how the consumer typically waits two years for bankruptcy and three years for foreclosure to receive an FHA loan, talk of FHA buying defaulted loans by Barney Frank with the Banking Committee, how it will take an act of Congress and Senate and President approval, daily proposals trying to create solutions, how FHA is not really talking about these solutions until something looks real, if an election year will matter, other states that are still appreciating, the states with the most problems, how states and local areas differ, how FHA focuses on the positive things when dealing with consumers, rent approximating rent for first time in some areas, how the interest rate might become more important than the price, how the consumer needs to be educated, if FHA will be hiring, and FHA.gov. | ||
06-07-2008 |
Bruce Norris is joined by marketing and outreach specialist for U.S. Department of Housing and Urban Development, Nancy West. Bruce and Nancy discuss when HUD was created, the FHA program and its primary goals, how home ownership levels and foreclosure levels are related, hud.gov compared to fha.gov, the FHA Secure program that allows borrows who have fallen delinquent to come into an FHA program if the delinquency was caused by reset, what happens if the consumer owes more than the house is worth, when FHA secure is due to expire, the three option for delinquent consumers, renegotiations and modifications, loan forgiveness, how well the program is going, where money comes from when an FHA loan is funded, loan correspondents when working with FHA, how FHA differs from Fannie Mae and Freddie Mac, how FHA differs from PMI, the enacted Stimulus Act, FHA and manual underwriting, how FHA views a consumer?s willingness to pay obligations, FHA as a more common sense approach to lending, FHA requirements and standards for property, the process to become an approved FHA appraiser, gift programs for down payment allowable for FHA, single family for FHA includes up to four units and manufactured loans, loan limits in FHA, how often loan amounts are revisited, current loan limits and the Stimulus Act, how limits will go back to original limits on December 31, 2008, loan limits set by Congress, Section 8 rental program, foreclosing on FHA loans and when FHA steps in to protect a lender?s loss, if there?s a situation when the lender would be forced to take a loss, if fraud has been a problem with FHA, where the money come from when a claim is made, if FHA is expecting a huge number of foreclosures, the issue of the consumer being a victim in the mortgage mess, how long the FHA Secure process takes, loans available through FHA including fixed rate, adjustable, energy efficient, rehabilitation program (203K), and the streamlined rehabilitation program, why the 203K loan is not available to investors, why the program was available to investors in the 90s, how can investors get involved to get that reversed, do most buyers obtain fixed rate loans, and fha.gov. | ||
05-31-2008 |
Bruce Norris is joined once again by president of 7 Steps to a 720 Credit Score and The Mortgage Equity Group, Philip X. Tirone. Bruce and Philip discuss how detrimental it is to be surrounded by comps dominated by short sales or foreclosures, how using recent sales in the current market hurts prices, FHA loan seasoning and the difficulty investors face selling in the current California market, how each half percent of interest rate gives the loan more borrowing power, the Case Shiller and how the index does not reflect foreclosure numbers, how foreclosures won?t always dictate price, as is inventory versus clean inventory, appraisal rules coming up in January 2009, how banks will want to use their own valuation system which could cause more problems, automated valuation systems, how being labeled a declining state changes conventional financing, new labeling categories in hard hit areas that require 40% down, the attitudes lenders have towards inventory in rough shape, appraisal reviews becoming the norm, the time change for transactions, income levels of potential clients, examples of lenders undervaluing properties and dictating price lower than current offers, proposed fixes in the mortgage mess and if any will help, more questions coming in about what will happen if people walk away from their property, the time frame it takes to become a buyer again after a foreclosure, illegal aliens and home ownership, how lenders are being more careful in their due diligence on anyone trying to obtain a loan, new Fannie Mae limitations on investor loans, and 7stepsto720.com. | ||
05-24-2008 |
Bruce Norris is joined this week by president of 7 Steps to a 720 Credit Score and The Mortgage Equity Group, Philip Tirone. Bruce and Philip discuss when Philip first got in the lending business, what was required of borrowers in the late 90s, what types of loans were available, how 2004-2006 changed, the consumer and how they became investors, banks and their willingness to renegotiate, how debt was sold and collateralized, how subprime has spilled over to prime borrowers, how drastically the lending business changes in such a short time in today?s market, how the bankers and economists seem to be out of touch with the local market, how the market has changed for investors, the pillars of financing, how important provable income is to obtain loans, what ratio of income to loan amount is now acceptable, qualifying people on net income, how credit scores have become so important, how banks now want to see money in the bank, the percentage of people now being able to qualify for loans, stated income loans in the current market, portfolio loans in the current market, how different consumers are treated differently even with FHA, how popular FHA has become, types of inventory or projects lenders shy away from, condos and rules that might make it difficult to get a loan, the products banks are trying to push, the reality of price declines, the losses not finished for lenders, 7stepsto720.com. | ||
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