Mark Dotzour of Texas A & M #50

This week, Bruce Norris is joined by Chief Economist and Director of Research for the Real Estate Center at Texas A&M University, Dr. Mark Dotzour. Bruce and Dr. Dotzour discuss how global trends have affected residential real estate, how interest rates are determined, how central banks have lost some control over monetary policy, how the lending industry is changing, how lenders found out the ultimate way to protect themselves from risk, bond agencies missing that risk, how the U.S. has exported some toxic paper and why it worked, the ramification of downgraded ratings, the credit crunch, how the U.S. just started seeing the damage from the mortgage market, how March will bring more realistic news, foreign investors, China and credit securities, real estate boom in foreign markets, what our interest rate should really by in the current market, how the U.S. would see higher interest rates, inflation in the U.S., recession and effects on Asia, stagflation and comparison to past cycles, why real estate is in demand as an asset, and Texas prices.

Dr. Mark G. Dotzour is the Chief Economist and Director of Research for the Real Estate Center at Texas A&M University in College Station, Texas. He earned his Ph.D. in the Department of Finance at the University of Texas at Austin in 1987 and served as Associate Professor of Real Estate and Finance at Wichita State University for 10 years. As Chief Economist, he is currently doing market research to monitor how global and national trends are likely to impact residential and commercial real estate markets.

Prior to his academic career, he was president of Gleneagles Development, Inc., developing residential subdivisions in Wichita, Kansas. He also served as president of Dotzour Inc., Realtors, which was a residential brokerage firm in Wichita.

He has been at the Real Estate Center since August, 1997. Since then, he has published 59 articles in magazines and given over 700 presentations to more than 90,000 people. His research findings and comments have been published in the Wall Street Journal , Money Magazine, USA Today and Business Week. He was a recent guest on the Jim Lehrer Newshour on PBS.

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The Norris Group Team Show #49

Bruce is joined once again by the experts at TNG: Craig Hill the hard money loan officer, Andrea Jennings the agent, and Greg Norris the property buyer. Bruce and Craig discuss what Craig needs to see for those looking for a hard money letter, what mistakes he's seeing in the market, how investors are buying, what risks not to make in a down market, and bulk buys. Greg and Bruce discuss the use of comps, pricing in a down market, how quickly prices are descending, how to figure out what a property is worth, how quick he’s gotten at repairs, how often auctions are spitting out deals, performance by auction companies, deficiencies he stays away from when looking at properties and the change in auction attendance. Andrea discusses selling what TNG buys, why price and condition are important, buyers in the current market, why there is lots of hand holding, and how picky they are about repairs.

The Norris Group officially started in 1997 when Craig Hill joined The Norris Group to open up the hard money loan division. Since inception, The Norris Group has added several team members including full-time Realtor Andrea Jennings and full-time property buyer Greg Norris. Together The Norris Group team has almost a century of combined experience.

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The Norris Group Team #48

To wrap up 2007, Bruce Norris takes some time to interview TNG team members Craig Hill (hard money loan officer at The Norris Group), Andrea Jennings (Realtor), and Greg Norris (Property Buyer). Together the four talks about what they've seen in 2007 and how quickly the market has shifted. Craig talks about how long he’s been in the business and how he came to work at TNG, what he’s hearing every day from investors calling in, why access to cash is important in this California real estate market, misconceptions in the marketplace, investors sitting on the sidelines in 2007 and 2008, the transition of deals, and recent auctions. Greg and Bruce discuss his background and what he brings to the table at TNG, recent real estate auctions, important skills to have, trustee sales, how he preps for a trustee sale, how title companies have made mistakes, target inventory, and how many home owners have equity. Andrea talks with Bruce about prices dropping, buyer babysitting, banks and appraisals, BPOs, repairs, REOS then and now, inventory numbers, change in agents’ attitudes, and misconceptions between investors and agents. They also warn of investors trying to play catch up 2008 and tie breakers.

The Norris Group officially started in 1997 when Craig Hill joined The Norris Group to open up the hard money loan division. Since inception, The Norris Group has added several team members including full-time Realtor Andrea Jennings and full-time property buyer Greg Norris. Together The Norris Group team has almost a century of combined experience.

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Foreclosure Expert Ward Hanigan #47

Bruce Norris is joined once again by California foreclosure expert Ward Hanigan. Bruce and Ward in this session discuss new litigation which could mean big trouble for lenders, the bill being introduced that would allow “cram downs,” the lost art of assumptions, selling real estate today in San Diego, what Ward’s students are doing now, why the real estate industry at large was so unprepared for the downturn, percentage hit in price in San Diego so far, the rental market, predicted bottom of the market, Ward’s favorite title holding entity, the Land Trust, three different entities to hold properties, and subject to.

Ward Hanigan is a full-time foreclosure specialist and trainer in San Diego County. He brings you over 37 years of real estate experience, with a degree in Economics and a Doctorate in Law. He has worked in California's foreclosure market exclusively since 1982, and as a consequence he has extensive experience finding cash, researching title, handling evictions, rehabbing, reselling, consulting, and is a "one-on-one" trainer and mentor to some of the most successful foreclosure practitioners in the Western United States.

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Foreclosure Expert Ward Hanigan #46

Bruce Norris is joined by Southern California foreclosure expert and president of ForeclosureForum.com, Ward Hanigan. Bruce and Ward discuss how Ward got started in the forclosure business, investing in the 1980s, why Ward went for a law degree, Ward’s early mentors, California trustee sale market in the 1980s, what the trustee sale market is doing now, Ward’s Dingbat Retirement Program, how he has set up a reoccurring income stream, what properties he finds attractive, why tenants can make or break an investment, finding your customer and finding out what they want, Section 8, how San Diego has changed since late 2005, current conversion rates of trustee sales, deal breakers when looking at trustee sale properties, Ward’s take on the new subprime solutions, what lenders will be dealing with in 2008.

Ward Hanigan is a full-time foreclosure specialist and trainer in San Diego County. He brings you over 37 years of real estate experience, with a degree in Economics and a Doctorate in Law. He has worked in California's foreclosure market exclusively since 1982, and as a consequence he has extensive experience finding cash, researching title, handling evictions, rehabbing, reselling, consulting, and is a "one-on-one" trainer and mentor to some of the most successful foreclosure practitioners in the Western United States.

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Steve Silva of Market Point Realty Services #45

Bruce Norris is joined by REO agent and owner of Market Point Realty, Steve Silva. Steve and Bruce talk about how busy Steve has quickly become, how fast the market has changed compared to the 90s, the willingness of lenders to work out deals with borrowers, why the borrower and lender can't seem to make it work, how the chain of command has made things worse, inventory this cycle compared to the last downturn, the new phenomenon of builders packing up and waiting for the market to return, the requirements of being an REO agent, what an REO agent is very busy doing these days, the REO process, why comparable sales aren't always a good benchmark to use when deciphering real value, vacancy rates, and the recent purchase of an auction property that was Steve's listing that he's managed for almost one year and the journey he took with the bank.

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Christopher Thornberg of Beacon Economics #44

In this second interview, Christopher Thornberg and Bruce Norris discuss how builders are adjusting to the new California real estate reality, how builders are notoriously optimistic, why builders continue to build, inflation pressure and why it's hard to predict, consumer spending, when the subprime peak will occur, possible policy changes and the presidential elections, how property taxes will cause problems for cities around the nation, employment, out migration, and the commercial market.

Christopher Thornberg is a founding partner of Beacon Economics. Dr. Thornberg is an expert in the study of regional economies, real estate dynamics, labor markets and business forecasting. He has been involved in a number of special studies measuring the impact of important events on the economy, including the NAFTA treaty, the California power crisis, port security, California water transfer programs and the September 11th terrorist attacks. Prior to launching Beacon he worked with the UCLA Anderson Forecast where he regularly authored the outlooks for California, Los Angeles and the East Bay as well as performing a number of specialized forecasts for regions and industries. Dr. Thornberg lectures on a regular basis at a variety of public and private events, has appeared on CNN, Fox News and CNBC and is widely quoted in the press. He received his Ph.D in Business Economics from The Anderson School and his B.S. in Business Administration from the State University of New York at Buffalo. He specializes in International and Labor Economics. Dr. Thornberg continues to teach in the MBA program at UCLA and previously held a faculty position in the economics department at Clemson University.

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Christopher Thornberg of Beacon Economics #43

Christopher Thornberg is back with Bruce Norris discussing recent CEOs being fired or leaving financial firms, past bubbles vs. current real estate bubble, bond ratings, affordability issues in real estate, Super SIV fund, how real estate will change consumer spending, how foreclosures will effect prices, foreclosures in some of the most respected and stable financial institutions, possible bank solutions, what rental markets will do in the coming years, and why banks will have a hard time if they set bad precedents.

Christopher Thornberg is a founding partner of Beacon Economics. Dr. Thornberg is an expert in the study of regional economies, real estate dynamics, labor markets and business forecasting. He has been involved in a number of special studies measuring the impact of important events on the economy, including the NAFTA treaty, the California power crisis, port security, California water transfer programs and the September 11th terrorist attacks. Prior to launching Beacon he worked with the UCLA Anderson Forecast where he regularly authored the outlooks for California, Los Angeles and the East Bay as well as performing a number of specialized forecasts for regions and industries. Dr. Thornberg lectures on a regular basis at a variety of public and private events, has appeared on CNN, Fox News and CNBC and is widely quoted in the press. He received his Ph.D in Business Economics from The Anderson School and his B.S. in Business Administration from the State University of New York at Buffalo. He specializes in International and Labor Economics. Dr. Thornberg continues to teach in the MBA program at UCLA and previously held a faculty position in the economics department at Clemson University.

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Jack Kyser of LAEDC #42

Bruce Norris is joined once again by Chief Economist for the Los Angeles County Economic Development Corporation (LAEDC), Jack Kyser. Bruce and Jack discuss how California will deal with budget shortfalls because of real estate, California's 10% budget shortfall, borrowing into the future, how the election year could affect us, possible changes in the bankruptcy laws, new Fannie Mae and Freddie Mac loan limits, California real estate transaction numbers, recent auctions, California rental markets, interest rate hikes, tax law changes, what it could mean if a democrat takes office, and where California is at in the current market correction.

Jack Kyser is the Chief Economist on the staff of the Los Angeles County Economic Development Corporation (LAEDC). Called the "guru of the Los Angeles economy" by the Los Angeles Business Journal, Mr. Kyser is responsible for interpreting and forecasting economic trends in the Los Angeles five-county area (Los Angeles, Orange, Riverside, San Bernardino and Ventura counties), and for analyzing the major industries of the area. Utilizing this information, he helps develop job retention and creation strategies for Los Angeles County. Mr. Kyser's advice is frequently sought by business, government and the media.

The Los Angeles County Economic Development Corporation (LAEDC) is a private, not-for-profit membership organization whose mission is leadership in the retention and creation of jobs and economic base in the Los Angeles area. Mr. Kyser's analytical research work and insightful knowledge of the regional economy has helped to elevate the LAEDC to recognition as the pre-eminent source of economic information and forecasts on Southern California.

Prior to joining the LAEDC, Mr. Kyser was chief economist for the Los Angeles Area Chamber of Commerce. Mr. Kyser has also worked for Security Pacific National Bank, First Interstate Bank (then United California Bank). Mr. Kyser later joined Union Pacific Railroad in Omaha, Nebraska, where he was transportation economist. He has also taught economics at the University of Nebraska--Omaha, and served as a business reporter and commentator for radio station KVNO-FM, also in Omaha.

A native of California, Mr. Kyser was born in Huntington Park and currently resides in Downey. He holds a Bachelor of Science degree in industrial design and an MBA from the University of Southern California. He has also pursued additional course work at UCLA.

Mr. Kyser serves on the Economic Policy Council of the California Institute, the research and policy arm of the California Congressional Delegation. He also serves on the economic advisors panel for the California Chamber of Commerce. He is also a past president of the Los Angeles Chapter of the National Association of Business Economists; a member of Lambda Alpha--a land economics fraternity; and on the board of directors of the South Park Economic Development Corporation, and the Building Owners & Managers Association of Greater Los Angeles.

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Jack Kyser of LAEDC #41

Bruce Norris is joined by Chief Economist for the Los Angeles County Economic Development Corporation (LAEDC), Jack Kyser. Bruce and Jack discuss how global markets are important to the LA forecast, how forecasting has changed in the last 25 years, the huge role the entertainment industry plays in the Los Angeles economy, how different economists can come up with drastically different forecasts, the speculator vs. the investor, how less taxes will effect LA, if we'll see a recession in California, interest rates, if the FED getting involved is helping, what other industries will see a decline in California because of real estate, and Jack's outlook on LA commercial real estate.

Jack Kyser is the Chief Economist on the staff of the Los Angeles County Economic Development Corporation (LAEDC). Called the "guru of the Los Angeles economy" by the Los Angeles Business Journal, Mr. Kyser is responsible for interpreting and forecasting economic trends in the Los Angeles five-county area (Los Angeles, Orange, Riverside, San Bernardino and Ventura counties), and for analyzing the major industries of the area. Utilizing this information, he helps develop job retention and creation strategies for Los Angeles County. Mr. Kyser's advice is frequently sought by business, government and the media.

The Los Angeles County Economic Development Corporation (LAEDC) is a private, not-for-profit membership organization whose mission is leadership in the retention and creation of jobs and economic base in the Los Angeles area. Mr. Kyser's analytical research work and insightful knowledge of the regional economy has helped to elevate the LAEDC to recognition as the pre-eminent source of economic information and forecasts on Southern California.

Prior to joining the LAEDC, Mr. Kyser was chief economist for the Los Angeles Area Chamber of Commerce. Mr. Kyser has also worked for Security Pacific National Bank, First Interstate Bank (then United California Bank). Mr. Kyser later joined Union Pacific Railroad in Omaha, Nebraska, where he was transportation economist. He has also taught economics at the University of Nebraska--Omaha, and served as a business reporter and commentator for radio station KVNO-FM, also in Omaha.

A native of California, Mr. Kyser was born in Huntington Park and currently resides in Downey. He holds a Bachelor of Science degree in industrial design and an MBA from the University of Southern California. He has also pursued additional course work at UCLA.

Mr. Kyser serves on the Economic Policy Council of the California Institute, the research and policy arm of the California Congressional Delegation. He also serves on the economic advisors panel for the California Chamber of Commerce. He is also a past president of the Los Angeles Chapter of the National Association of Business Economists; a member of Lambda Alpha--a land economics fraternity; and on the board of directors of the South Park Economic Development Corporation, and the Building Owners & Managers Association of Greater Los Angeles.

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Mike Cantu #40

Bruce is joined once again my Mike Cantu. In this interview, Mike talks about his plans for this cycle, how people without great wealth can participate in this cycle, why attitude is everything, working with Realtors, Mike’s criteria for properties, favorite target rentals, auctions, his long-term strategy, rentals in a down market, and how Mike does not use property managers.

Mike Cantu is undoubtedly one of Southern California's best real estate investors and a long-time friend of The Norris Group. Mike Cantu, 46 years old, has been a full time Real Estate Investor for over 25 years. This is round three of a down market for him. Mike runs a Buy/Sell operation, wholesales, and manages a rental property portfolio.
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Mike Cantu #39

Bruce is joined by one of California’s most savvy and experienced real estate investors, Mike Cantu. Bruce and Mike talk about how Mike got started, how Mike survived the last downturn, how he learned the business, how tough times can show you what you’re really made of, how this downturn is different, what common problems he sees investors dealing with, what makes him go into un-own mode, where deals will come from in this market, and if holding has ultimately been more profitable in the long-term.

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Rick Sharga with RealtyTrac 10-20-07 #38

Bruce is joined by Rick Sharga for a follow up interview after having spoken in March about the current market situation. Rick discusses how RealtyTrac counts foreclosures, how rapidly foreclosures are growing, upcoming auctions, the liquidity crunch, foreclosures and their impact on prices, how the White House is trying to help with the new IRS bill, and which states are seeing the worst of it all.

Rick joined RealtyTrac in 2004 as the Vice President of Marketing. He is responsible for building and maintaining the RealtyTrac brand, corporate positioning and messaging, public and investor relations, and marketing communications activities. As a spokesman for the company, Rick has been quoted extensively in the press on foreclosure, mortgage and real estate trends, and appeared on NBC Nightly News, CNN, CBS, ABC World News and NPR.

Prior to joining the company, Rick spent more than 20 years developing corporate and product branding strategies for technology start-up companies and international corporations such as DuPont, Fujitsu, Hitachi and Toshiba. Rick created and executed successful sales and marketing programs in B2B, technology, consumer electronics and retail for companies like JD Edwards, Philips, Cox Communications and Honeywell.

Rick began his career with one of the world’s largest ad agencies, Foote, Cone and Belding, and also had successful engagements with Ketchum Communications and McGraw-Hill. He founded his own consulting firm, CJ Patrick Company, in 2002 to help companies develop business and brand strategies that clearly communicate a unique value proposition, create a position of competitive advantage, and leverage the strength of their brands in the marketplace.

A nationally-recognized speaker on Branding, Rick spends his spare time taking Tae Kwon Do classes with his 10-year-old son, and trying to keep up with his increasingly-mobile 4-year-old daughter. He also continues in his lifelong quest to find the perfect wine to compliment his BBQ'd baby back ribs.

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Aaron Krowne #37

Bruce Norris is joined once again by Aaron Krowne who is the webmaster behind The Mortgage Lender Implode-o-Meter. Bruce and Aaron discuss the overall economic health of the United States, what real estate could do to unemployment, recession, who has the power to fix the problems, and if stagflation is possible.

Aaron Krowne is a computer scientist and economics enthusiast who has been blogging and writing freelance on economics and finance topics for the past few years. He founded The Mortgage Lender Implode-o-Meter at the beginning of 2007 to draw attention to the problems in the housing finance sector and economy at large.

Krowne also founded PlanetMath.org back in 2001, which continues as a wiki-like mathematics-centric online community. Krowne has recently left his job in research at Emory University's Woodruff Library to work on web information projects full time.

Krowne lives in Atlanta, GA, and thus is no stranger to the effects of the bursting housing bubble. He blogs and posts articles at autoDogmatic.com, iTulip.com, WallStreetExaminer.com, and maintains a Furl.net link archive (under the handle "akrowne").

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Aaron Krowne #36

Bruce Norris is joined by Aaron Krowne who is the webmaster behind The Mortgage Lender Implode-o-Meter. Bruce and Aaron discuss Aaron's background, how he got interested in the mortgage industry problems, and why approximately 160 lenders have seen their doors close or are no longer operate on their own. You might be surprised to find out that only 30% of the lenders on his list are subprime. While employment numbers have been historically good, find out what industries will ultimately be effected.

Aaron Krowne is a computer scientist and economics enthusiast who has been blogging and writing freelance on economics and finance topics for the past few years. He founded The Mortgage Lender Implode-o-Meter at the beginning of 2007 to draw attention to the problems in the housing finance sector and economy at large.

Krowne also founded PlanetMath.org back in 2001, which continues as a wiki-like mathematics-centric online community. Krowne has recently left his job in research at Emory University's Woodruff Library to work on web information projects full time.

Krowne lives in Atlanta, GA, and thus is no stranger to the effects of the bursting housing bubble. He blogs and posts articles at autoDogmatic.com, iTulip.com, WallStreetExaminer.com, and maintains a Furl.net link archive (under the handle "akrowne").

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