Today’s News Synopsis:
In The News:
Mortgage Professional America – “Major online lenders may back away from FHA loans” (12-3-15)
“The country’s third largest mortgage lender is considering is the latest to consider discontinuing its participation in a government program that supported the housing market during the financial downturn.”
Bloomberg – “Service Industries in U.S. Grew at Slower Pace in November” (12-3-15)
“Service industries in the U.S. expanded in November at the slowest pace in six months, indicating malaise in manufacturing is impeding progress in other parts of the economy.”
DS News – “American Homes 4 Rent and American Residential Properties Announce Merger” (12-3-15)
“American Homes 4 Rent (AH4R) and American Residential Properties, Inc. (ARPI) both announced on Thursday morning plans to merge into a combined company that is expected to own and manage more than 47,000 residential single-family rental homes.”
Mortgage Professional America – “More evidence that easy business is dwindling” (12-3-15)
“Originators have enjoyed higher-than-normal refinance business in the wake of low rates, but more evidence is pointing to the eventual end of that trend.”
Housing Wire – “Freddie Mac: Mortgage rates drop further below 4%” (12-3-15)
“The average 30-year fixed mortgage rate increased again, marking the third consecutive week of declines, the most recent results from Freddie Mac’s Primary Mortgage Survey reported.”
Bloomberg – “AIG Said to Dismiss Real Estate Group’s Chief, Other Executives” (12-3-15)
“American International Group Inc., the insurer that’s been slashing jobs to cut costs, dismissed four senior members of its real estate business including the group’s chief executive officer, Robert Gifford, according to a person familiar with the move.”
Mortgage Professional America – “Morning Briefing: 35 per cent of metros at record high prices” (12-3-15)
“A new analysis of 94 metros show that home prices in 33 of them (35 per cent) have reached record highs in 2015. RealtyTrac says that those markets include Detroit, Dallas, Houston, Atlanta, St. Louis, Denver, Pittsburgh, Charlotte, Portland, San Antonio and Columbus, Ohio.”
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.
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Consumer optimism increased for the fourth quarter and was at its highest it had been during the economic recovery. The Mortgage Bankers Association reported a 7.3% decrease in mortgage applications from the previous week. The Federal Reserve’s latest Beige Book statistics were positive and showed continual growth.
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