Today’s News Synopsis:
In The News:
DS New – “Freddie Mac’s Investment Portfolio Reverses Course” (1-26-16)
“Urban Institute reported earlier this week that he mortgage-related investment portfolios for both Fannie Mae and Freddie Mac continue to contract and were both well below their 2015 portfolio cap as of the end of November.”
Mortgage Professional America – “Morning Briefing: Sellers’ market says S&P/Case-Shiller” (1-27-16)
“The latest National Home Price Index from S&P/Case-Shiller shows that prices continued to increase in November 2015. Year-over-year there was a 5.3 percent rise, up slightly from the 5.1 per cent seen in October.”
Mortgage Bankers Association – “Mortgage Applications Increase as Rates Continue to Drop in Latest MBA Weekly Survey” (1-27-16)
“Mortgage applications increased 8.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 22, 2016.”
Bloomberg – “Re/Max Holdings Climbs on Plan to Join S&P SmallCap 600 Index” (1-27-16)
“Re/Max Holdings Inc. rose the most in more than a year after an announcement that the franchiser of real estate brokerages will be added to the Standard & Poor’s SmallCap 600 Index.”
Los Angeles Times – “Real estate agents adapt to needs of clients with disabilities seeking the right home” (1-27-16)
“Pierre Jazraoui felt more than discouraged. He had visited almost 120 homes in four months, sometimes viewing six properties in a day with Jack Dagher, his real estate agent.”
NAHB – “2015 New-Home Sales Reach Eight-year High” (1-27-16)
“Sales of newly built, single-family homes rose 14.5 percent to 501,000 units in 2015, the highest level since 2007, according to newly released data from HUD and the U.S. Census Bureau.”
Mortgage Professional America – “What can originators expect this year?” (1-27-16)
“Hammerhouse, a mortgage recruitment agency, launched its 6th annual survey of mortgage originator opinions – which includes an outlook on business prospects for 2016.”
DS New – “Declining Distressed Inventory Forces a Change in Strategy” (1-27-16)
“Distressed home sales have been on a steady decline since hitting their peak seven years ago in January 2009 at the height of the housing crisis. For years, agents prospered while there was no shortage of REO properties available for them to put on the market.”
Bloomberg – “Toronto and Calgary Housing Markets Are Problematic, CMHC Says” (1-27-16)
“Toronto and Calgary residential real estate markets are showing strong evidence of “problematic” conditions, Canada’s federal housing agency said in a report, adding to concern risks in the nation’s housing sector are growing.”
Hard Money Loan Closed
Another California flip hard money closed in Los Angeles. Real estate investor received loan for $180,000 on this single family property appraised for $320,000.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Orange County FIBI on Tuesday, February 2.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDIC FIBI on Thursday, February 4.
Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 with Bruce Norris in Riverside on Saturday, February 6.
Image copyright source: www.flickr.com/photos/keoni101
HUD and U.S. Census Bureau reported sales of new homes increased 11.6% the previous month and stood at 481,000. Twenty cities in the U.S. showed signs of an increase in home prices by 4.3% in November. Four big banks, JP Morgan Chase, Bank of America, Wells Fargo Bank and Citi, paid the state of Massachusetts $2.7 million for foreclosing on homes to which they did not hold the right.
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.