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Today’s News Synopsis:
The Mortgage Bankers Association reported mortgage applications decreased by 2.6% from last week. The executive board of directors for the National Appraisal Congress discussed important issued related to the appraisal and residential valuation industries during their meeting yesterday in Washington D.C. Capital Economics said the decline in mortgage interest rates resulted in an increase in refinancing activity.
In The News:
Mortgage Professional America – “How the new GOP-control Congress will affect housing” (11-5-14)
“The Republicans recent takeover of the Senate was predictable, but how the group will impact the housing market during the next two years isn’t so clear.”
Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-5-14)
“Mortgage applications decreased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 31, 2014.”
DS News – “National Appraisal Congress Convenes in Washington D.C.” (11-5-14)
“The executive board of directors for the National Appraisal Congress (NAC) came together on Tuesday in Washington D.C. to discuss pressing issues facing the residential valuation and appraisal industry.”
Mortgage Professional America – “Trade groups say CFPB proposed HMDA rule will increase costs” (11-5-14)
“Six industry trade groups have submitted a letter to the Consumer Financial Protection Bureau (CFPB), criticizing its proposed rule to amend the Home Mortgage Disclosure Act (HMDA) and saying it “could go beyond the act’s intent and harm competition.”
OC Housing News – “Greenspan: Ending stimulus to cause turmoil in real estate markets” (11-5-14)
“Nobody is perfect. We hope we put people in positions of power who know what they are doing; however, sometimes these people fail, and when they do millions suffer for their arrogance and their ignorance. The financial meltdown of 2008 and the collapse of the housing bubble were avoidable disasters.”
Los Angeles Times - “Developer selectively signing up tenants for El Segundo mall” (11-5-14)
“An $80-million outdoor shopping and dining complex under construction in El Segundo has signed up nearly half of the tenants expected for the mall when it opens next summer.”
Housing Wire – “Refinancing boosted by declining mortgage interest rates” (11-5-14)
“The decline in mortgage interest rates to a 17-month low in October provided a temporary boost to refinancing activity, says Capital Economics in a client note.”
Mortgage Professional America - “What are the most sought after jobs in real estate?” (11-5-14)
“The year is proving to be the single-family industry’s best ever for job postings, reaching levels not seen since the Cornell/SelectLeaders Job Barometer began tracking them in October 2006.”
Hard Money Loan Closed
Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $530,000 on a 4 bedroom, 3 bathroom home appraised for $855,000.
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.
The U.S. homeownership rate increased to 65.3% in the third quarter and was at its lowest level in 18 years. In addition, home buyer shares also decreased by one percentage point to 39% despite homebuyer activity actually picking up after the re-opening of the government. Several small lenders tried to open up their options for the secondary market by persuading Congress to allow smaller companies an equal chance to come into the industry.
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.