U.S. Mortgage Rates Rise for a Sixth Straight Week
Today’s News Synopsis:
Aaron Norris gives the news of the week in the world of real estate in this week’s video. Zillow reported housing inventory has shown positive signs this year alone despite having decreased year-over-year. The west saw a decrease in foreclosure sales this month.
In The News:
Housing Wire - “Zillow: Housing inventory turnaround begins” (6-14-13)
“Although year-over-year, housing inventory was down in June, it has improved since the beginning of the year as the spring selling season brought with it an increased inventory, according to Zillow.”
DS News – “Report: Mortgage Rates Too Low to Add Serious Threat to Recovery” (6-14-13)
“The recent rise in mortgage rates is not enough to pose any real threat to the housing recovery, but that’s not to say the increase doesn’t come with any risk, according to a recent analysis from Capital Economics.”
Inman – “Demand for architects recovers along with housing market” (6-14-13)
“Apparently feeding on a stream of new buyers, architects are reporting that business is better than it’s been in eight years, with demand for their services in designing move-up homes, custom or luxury homes, and starter homes sharply increasing in the first quarter of 2013, the American Institute of Architects’ first-quarter 2013 Home Design Trends Survey suggests.”
Housing Wire - “Ocwen enters massive MSR agreement with OneWest Bank” (6-14-13)
“Ocwen Loan Servicing entered into a mortgage servicing rights purchase and sale agreement with OneWest Bank.”
DS News - “Fannie Mae: Economy on Path to Normal Growth” (6-14-13)
“While fiscal headwinds have held back economic growth for the first half of 2013, Fannie Mae’s Economic & Strategic Research Group maintains in its newest Economic and Housing Outlook that the recovery should pick up the pace as it heads into the year’s second half.”
Housing Wire - “Agency MBS hit bumps due to Fed tapering” (6-14-13)
“May witnessed heightened volatility, scattered demand and an overall move to higher yields and lower prices amidst a backdrop of Federal Reserve tapering uncertainties, analysts claim.”
DS News - “Foreclosure Sales in West Down in May; Likely to Increase in June” (6-14-13)
“Foreclosure sales decreased in all five Western states tracked by PropertyRadar —Arizona, California, Nevada, Oregon, and Washington—over the month of May.”
Hard Money Loan Closed
Hemet, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $123,000 on a 6 bedroom, 2 bathroom home appraised for $180,000.
Bruce Norris of The Norris Group will be speaking at the NSDREI 9th Anniversary Dinner Party in Oceanside on Tuesday, June 18, 2013.
Bruce Norris of The Norris Group will be speaking at California Comeback 2: Fast, Furious, and Dangerous in Ontario on Saturday, July 13, 2013.
Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, July 16-18, 2013.
Unemployment insurance claims increased to 386,000 for the week ended June 9. Shadow inventory was at its lowest level since 2008 according to CoreLogic. New York Attorney General Eric Schneiderman introduced a bill that would punish foreclosure fraud more harshly. Foreclosures decreased 4% from the previous month, although despite this the Inland Empire showed the highest rate of foreclosures.
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.