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Today’s News Synopsis:
Home price growth is actually on the decline having increased only 6.4% year-over-year and 0.3% month-over-month in August, compared to 7.4% and 1.2% the year prior. Despite this, growth was actually the strongest it had been in five months. RealtyTrac released data showing the best top ten college towns to buy rental properties and to flip homes.
In The News:
Housing Wire – “CoreLogic: Home price growth continues downward trend” (10-7-14)
“Home prices, including distressed sales, climbed 6.4% in August 2014 compared to a year prior, following 30 months of consecutive year-over-year increases in home prices nationally, the latest CoreLogic home price index reported.”
Bloomberg – “Homebuilders Offer Freebies as Booming U.S. Markets Cool” (10-7-14)
“Builders in Phoenix and areas from Sacramento, California, to Orlando, Florida, are sweetening offers as sales slow in some of the country’s most volatile housing markets.”
Realty Trac – “Best College Towns for Buying Rentals, Flipping in 2014″ (10-7-14)
“RealtyTrac has ranked the top 10 college towns for buying rental properties, and the top 10 college towns for flipping in 2014. For these rankings, RealtyTrac looked at public four-year universities with a total 2012 enrollment of 20,000 or more based on data from the National Center for Education Statistics and located in counties with an unemployment rate below the national average of 6.2 percent in June 2014.”
Housing Wire – “Capital Economics: August price growth was strongest in five months” (10-7-14)
“The increase in the CoreLogic measure of house prices in August, although barely half the average monthly gain of August 2012 and 2013, suggests that the housing market is putting the soft patch in prices from earlier this year behind it, a client note from Capital Economics says.”
Mortgage Professional America – “CFPB is doing a good job overall — government watchdog” (10-7-14)
“The CFPB is performing well, for the most part. That’s according to a new report by the Federal Reserve’s Office of the Inspector General. The OIG had reviewed the CFPB’s rule-making process to see whether it complied with the Dodd-Frank Act.”
OC Housing News - “How restricted for-sale housing inventory saps demand” (10-7-14)
“Lenders restricted MLS inventory to drive up house prices, which also drives up rent; higher rent makes it more difficult to save for a down payment.”
Housing Wire - “KBW: Single-family REO market tops $25 billion” (10-7-14)
“A client note from Keefe, Bruyette & Woods says that major institutional players have now invested $25 billion in the single-family rental market, acquiring some 150,000 properties nationwide.”
Realty Trac – “Boston Foreclosures Bouncing Back” (10-7-14)
“Foreclosure starts in the Boston metro area increased 17 percent in July compared to a year ago, the fifth consecutive month where foreclosure starts have increased annually in the region.”
On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.
Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.
Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.
With the third-quarter earnings report recently released for U.S. banks, the third quarter was not looking good and was expected to have lower profits. The recent market index report from NAHB showed that 52 out of 350 metros in the nation showed signs of improvement. Moody’s Investors Services reported modified seriously delinquent loans continued to hold strong.
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.