Today’s News Synopsis:
Freddie Mac reported mortgage rates have not shown much sign of increase with 30-year rates still at 4.12% and 15-year rates at 3.26%, only a .02% increase for both. A ruling by financial regulators regarding risk retention has almost reached completion, a rule which once passed will reduce risk and tighten standards on mortgages. According to the latest report from RealtyTrac, foreclosures increased on a monthly basis but decreased year-over-year.
In The News:
Housing Wire – “Freddie Mac: Mortgage rates continue to remain low” (9-11-14)
“Mortgage rates continue to barely move, slightly edging higher for the week ended Sept. 11. Rates remain low, according to the Freddie Mac Primary Mortgage Market Survey.”
DS News - “Risk Retention Rule Nearing Completion” (9-11-14)
“Financial regulators said Tuesday they hope to finish their work on a rule aimed at tightening mortgage standards and reducing risk by the end of this year.”
OC Housing News – “High prices hurting new home sales” (9-11-14)
“In June I reported new and resale home sales slumped in the prime selling season this year. In July I reported the June new home sales numbers plummeted from June’s poor showing. Part of the reason for weak sales is ongoing weakness in the economy, and part of the reason is that new home prices are just too high.”
Los Angeles Times – “Mortgage demand slows despite low rates, but credit card use soars” (9-11-14)
“With mortgage rates at record lows for the year, you might figure that demand for home loans would be high — but at this point Americans seem more interested in loading up their credit cards..”
Housing Wire – “Improved monthly Case-Shiller shows housing recovery weaker than thought” (9-11-14)
“The new Case-Shiller house price index is a substantial improvement on its predecessors because it offers a monthly read, and that monthly read shows that housing prices have actually been dropping, rather than just slowing in gains, according to Capital Economics.”
DS News – “Report: Foreclosure Filings Rise Monthly, But Fall Annually” (9-11-14)
“The number of foreclosure filings in the nation has increased month-over-month but declined year-over-year, according to RealtyTrac’s monthly U.S. Foreclosure Market Report for August 2014 released today.”
Los Angeles Times - “Riverside County development to test vigor of area’s housing recovery” (9-11-14)
“After stalling amid the housing bust, a 1,400-home development in Riverside County is coming back to life.”
Mortgage Bankers Association - “Applications for New Home Purchases Decreased in August” (9-11-14)
“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for August 2014 shows mortgage applications for new home purchases decreased by 9 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.”
Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.
Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.
Richmond, California agreed to form a joint powers of authority in order to use eminent domain to seize underwater properties. JP Morgan cut back on strict lending standards in markets where prices were increasing and the economy was booming. Residential mortgage-backed securitizations continued to increase and reached almost $20 billion.
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