Today’s News Synopsis:
In The News:
Bloomberg - “Fed’s Fischer Says Real Estate a Crisis Risk in Some Countries” (6-1-15)
“Fed Vice Chair Stanley Fischer says he doesn’t ‘at present see a major financial crisis on the horizon. But whenever you say that, you know you’re looking for trouble.’”
“Total household debt outstanding increased by about $24 billion up t0 $11.85 trillion (an increase of about 0.2 percent) from the fourth quarter of 2014 to the first quarter of 2015, according to the Federal Reserve Bank of New York’s quarterly Household Debt and Credit Report.”
Housing Wire- “HUD selects Richard Green as senior advisor for housing finance” (6-1-15)
“The U.S. Department of Housing and Urban Development appears to have found a replacement for former HUD Senior Advisor Edward Golding, who recently took over as head of the Federal Housing Administration.”
“As America’s home builders celebrate National Homeownership Month in June, lower interest rates and home prices are boosting housing affordability across the country. According to the latest NAHB/Wells Fargo Housing Opportunity Index, 66.5% of new and existing homes sold between January and the end of March were affordable to families earning the U.S. median income of $65,800.”
DS News - “Nevada Senate Passes Bill to Amend ‘Superiority-Priority Lien’ Law” (6-1-15)
“The Nevada State Senate passed a bill at the last minute just before the end its legislative session that revises the provisions of a law that allows homeowner’s associations (HOAs) to foreclose non-judicially on a residential home when the homeowner’s HOA dues become delinquent, according to the Nevada State Legislature.”
Housing Wire - “Construction spending up 2.2% in April” (6-1-15)
“The U.S. Census Bureau of the Department of Commerce announced today that construction spending during April 2015 was estimated at a seasonally adjusted annual rate of $1,006.1 billion, 2.2% (±1.5%) above the revised March estimate of $984.0 billion.”
“In an examination of whether millennials are helping inner cities experience a rebirth, the authors of ProTeck Valuation’s Home Value Forecast (HVF) for May determined that while some urban areas with populations dominated by millennials are thriving, urban recovery is still happening slowly nationwide, according to a press release from ProTeck on Monday.”
Housing Wire - “Supreme Court rejects 2nd lien stripping in Chapter 7 bankruptcies” (6-1-15)
“The Supreme Court of the United States held in a unanimous decision announced today that a debtor in a Chapter 7 bankruptcy proceeding may not void a junior mortgage lien when the debt owed on a senior mortgage lien exceeds the current value of the collateral if the creditor’s claim is both secured by a lien and allowed under the bankruptcy code.”
Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.
Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.
Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.
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