California Real Estate Headline Roundup

John Burns Joins Bruce Norris on the Real Estate Radio Show #413

December 19th, 2014

  John Burns President, John Burns Real Estate Consulting (Full Bio) Bruce Norris is joined this week by John Burns. John is the CEO of John Burns real estate consulting firm, located in Irvine. They are a national source of independent housing research, advice, and consulting. Their mission is to help executives make

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HUD Program Delayed Once Again

December 18th, 2014

  Today’s News Synopsis: Mortgage rates decreased again according to Freddie Mac with 30-year rates now at 3.8% and 15-year rates at 3.09%.  The HUD program is facing delays again after Secretary Julian Castro said funding towards the program is holding people back from owning homes.  Insurance policies totaling $155 million

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Senate Passes Tax Increase Prevention Act of 2014

December 17th, 2014

  Today’s News Synopsis: The Mortgage Bankers Association reported a 3.3% decrease in mortgage applications from last week.  This was a big day for new bills.  The FHA established the HAWK program in order to help those with FHA loans save money.  The Senate passed the Tax Increase Prevention Act of

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Production on New Homes Decreases 1.6%

December 16th, 2014

  Today’s News Synopsis: Production on new homes Decreased 1.6% last month according to NAHB.  Mortgage debt for commercial/multifamily properties increased by $28.6 billion, or 1.1%, its highest on record.  Freddie Mac reported that they expect to see  the highest amount of home sales in 2015. In The News: Mortgage Bankers Association –

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New Bill Passes to Allow Extra Foreclosure Protection for Military Members

December 15th, 2014

  Today’s News Synopsis: A bill was recently passed in both the Senate and the House that will give extra foreclosure protection for military members returning from active duty.  Builder confidence decreased again by one point this month and now stands at 57.  The housing market in Southern California barely held

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Household Debt in America at Ten-Year Low

December 12th, 2014

      Sources: Mortgage Credit Availability Increases in November Cash sales still almost 35% of sales even as share declines Average 30-year mortgage rate rises to 3.93 percent Fannie rolls out 3% down payment option for homebuyers Freddie Mac launches Home Possible Advantage program with 97% LTV Fannie Mae, Freddie Mac Announce Moratorium On Evictions for Foreclosed Properties Fannie,

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I Survived Real Estate 2014 Part 7 #412

December 12th, 2014

  I Survived Real Estate 2014 Part 7 (Full Bio) On Friday, October 24, the Norris Group proudly presented its 7th annual award-winning black-tie event I Survived Real Estate. An incredible lineup of industry experts joined Bruce Norris to discuss perplexing industry trends, head-scratching legislation, and opportunities emerging for real estate professionals. Proceeds for

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GSEs to Pool Money Each Year Into Affordable Housing Fund

December 11th, 2014

  Today’s News Synopsis: Big day for mortgages.  Mortgage applications for new home purchases decreased last month according to the Mortgage Bankers Association by 22%.  Mortgage rates increased again with 30-year rates now at 3.93% and 15-year rates at 3.20%.  Fannie Mae and Freddie Mac announced will start spending more money,

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SB 2438 Rejected by Congress

December 10th, 2014

  Today’s News Synopsis: In a big news story, SB 2438 was rejected by Congress.  Had it passed, it would have allowed a 4 bp administration fee to be charged by the Federal Housing Administration.  The Mortgage Bankers Association reported mortgage applications increased 7.3% from last week.  Fannie Mae and Freddie

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34.8% of Total Homes Sold Were Cash Sales

December 9th, 2014

  Today’s News Synopsis: The amount of mortgage credit available increased last month by 1.2% according to the latest Mortgage Credit Availability Index.  Out of the total amount of homes sold in September 2014, 34.8% of them were cash sales, down from 37.2% year-over-year.  A new moratorium for evictions was just

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