Today’s News Synopsis:
Aaron Norris gives the news of the week in this week’s real estate headline roundup video. Foreclosures decreased in September by 39% year-over-year in September and continue to show signs of decrease. Over half of consumers fear another imminent housing bubble despite the housing market showing signs of improvement.
In The News:
“The Shutdown has opened, but has been replaced by Stuck. Interest rates are stuck, the 10-year Treasury wandering north of 2.5 percent, and mortgages wandering south of 4.5 percent.”
Housing Wire – “Single-family rental securitization market boasts near trillion-dollar potential” (11-1-13)
“The REO-to-rental securitization deal that Blackstone (BX) subsidiary Invitation Homes brought to market is just the tip of the iceberg, with KBW analysts forecasting a nearly trillion dollar market when calculating the lingering possibilities that exist for single-family rental securitization deals.”
DS News - “Carrington Extends Wholesale Business to Banks, Credit Unions” (11-1-13)
“Carrington Mortgage Services’ wholesale lending division is expanding its offerings to include banks and credit unions as approved third-party originators, the company announced.”
Bloomberg – “Fannie Mae Sues Banks for $800 Million Over Libor Rigging” (11-1-13)
“Fannie Mae (FNMA) sued nine banks, alleging that their manipulation of the benchmark London interbank offered rate, which four of them have admitted, cost the mortgage-financing company about $800 million.”
Mortgage Professional America - “Foreclosures continue to plummet” (11-1-13)
“Foreclosures plummeted year-over-year in September, according to a leading analytics firm.”
Housing Wire – “Las Vegas September home sales buoyed by move-up buyers” (11-1-13)
“Despite the Las Vegas area posting a slowdown in sales last month when compared to August, overall activity was still slightly higher when compared to year ago levels, as relatively strong move-up buyers buoyed sales, the most recent DataQuick report reveals.”
DS News – “Half of Consumers Fear Another Housing Bubble is Forming” (11-1-13)
“While many indicators suggest the housing market is on the road to recovery, some fear another bubble is already forming.”
Los Angeles Times - “How ‘mature’ is the performance of your office” (11-1-13)
“Real estate services firm CBRE Group Inc. has turned its downtown Los Angeles office into a “free-address” setup where nobody — including the chief executive — has a permanent desk.”
Redlands, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $135,000 on a 3 bedroom, 2 bathroom home appraised for $200,000.
Bruce Norris will be speaking at the Anaheim REI Expo on Sunday, November 3, 2013.
Unemployment claims decreased again the previous week to 363,000 according to the Labor Department. Mortgage rates were at record lows again after decreasing to 3.39% this week. 15-year rates were also at 2.7%. Spending on construction also increased to the highest level since 2009 and was at $851.6 billion.
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.