‘Mismatched Markets’ On the Rise for Many Customers

Today’s News Synopsis:

ATTOM Data Solutions reported seriously underwater properties decreased by 1 million year-over-year and 7.2 million from their bottom in 2012.  Mortgage rates continue to remain steady with 30-year rates at 4.17% and 15-year rates at 3.39%.  Trulia’s research showed more and more people are wanting homes not available for sale.

In The News:

Realty Trac – “Number of Seriously Underwater Properties Down 1 Million From Year Ago, Down 7.1 Million From Market Bottom in Q1 2012” (2-9-2017)

“ATTOM Data Solutions, curator of the nation’s largest fused property database, today released its Year-End 2016 U.S. Home Equity & Underwater Report, which shows that as of the end of 2016 there were 5.4 million (5,408,323) U.S. properties seriously underwater — where the combined loan amount secured by the property was at least 25 percent higher than the property’s estimated market value — a decrease of more than 1 million properties (1,028,058) from a year ago.”

DS News “Risky Business?  New Loan Mods Re-default at Higher Rates” (2-9-2017)

“Analysts at Fitch have found that loans modified after 2014 have higher re-default rates. The data was published was part of the company’s “Historical Modification Data Review” which analyzed Fannie Mae’s dataset for modified single-family mortgage.”

Freddie Mac – “Mortgage Rates in Holding Pattern” (2-9-2017)

“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates staying within a two basis point range for the third straight week.”

Bloomberg – “New GOP Memo Targets Stress Tests, CFPB in Dodd-Frank Changes” (2-9-2017)

“House Financial Services Committee Chairman Jeb Hensarling wants to give Wall Street relief from the tests that assess whether banks can survive financial meltdowns and eviscerate key powers of a consumer regulator established under Dodd-Frank, according to a memo sent to Republican lawmakers.”

CNBC – “House hunting this spring? Beware of these ‘mismatched’ markets” (2-9-2017)

“On the cusp of the all-important and usually busy spring housing season, an increasing number of local markets are mismatched; that is, buyers are not finding what’s on their wish list because that’s not what is for sale.”

DS News“Paper Compares Looser Lending Policies” (2-9-2017)

“Some market analysts have pointed to looser lending standards as the reason why unqualified buyers received mortgages before the housing crash.”

Bloomberg – “U.S. Jobless Claims Unexpectedly Fall to Lowest Since November” (2-9-2017)

“Applications for unemployment benefits in the U.S. unexpectedly declined last week to an almost three-month low, echoing a vibrant job market.”

 

 

Bruce Norris will be speaking at 10 Life-Changing Days of a Real Estate Investor with OCREIA TONIGHT.

Bruce Norris will be speaking at 10 Life-Changing Days of a Real Estate Investor with Alpine Premier Investments on Wednesday, February 15.

Bruce Norris will be speaking at 10 Life-Changing Days of a Real Estate Investor at the San Diego REI Expo on Saturday, February 18.

Image copyright source: www.flickr.com/photos/juliak

 

Looking Back:

H.R. 3700, also known as the Housing Opportunity Through Modernization Act of 2015, was passed by the House.  If passed by the Senate, it would allow people an easier process for financing.  CoreLogic reported foreclosures decreased and were at their lowest level in 8 years.  Consumer confidence decreased with the stalled growth in income.

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.





 

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