Today’s News Synopsis:
In The News:
“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its 2015 U.S. Natural Disaster Housing Risk Report, which found that 35.8 million U.S. single family homes and condos with a combined estimated market value of $6.6 trillion are in counties with high or very high natural hazard risk.”
Housing Wire – “Nonbanks face increasing regulations as share of mortgage lending grows” (9-3-15)
“The Community Home Lenders Association shows in a side-by-side chart comparison the growing divergence in both consumer and financial regulations that non-bank lenders and banks face.”
DS News – “Moody’s Upgrades $1 Billion Worth of Fannie Mae and Freddie Mac RMBS” (9-3-15)
“Moody’s Investors Service on Thursday announced the upgrading of 11 tranches from 3 transactions backed by conforming balance residential mortgage-backed securities issued by Fannie Mae and Freddie Mac totaling about $1 billion.”
Mortgage Bankers Association – “Mortgage Credit Availability Increases in August” (9-3-15)
“Mortgage credit availability increased in August according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”
Housing Wire – “Friday’s job report doesn’t look promising” (9-3-15)
“The ADP jobs preview is calling for a weak, lower-than-200,000 report from Census Bureau on Friday, and other pre-employment situation reports seem to support that.”
Mortgage Professional America – “Association addresses FHA requirements” (9-3-15)
“The banks have already expressed reservations about the FHA’s compromise, and now the head of an industry association is calling for more details around the proposal.”
“The negative equity rate on U.S. single-family homes fell below 15 percent during Q2, totaling approximately 7.4 million homes at the end of the quarter—slightly less than half the total of upside down homes at the worst of the crisis, according to the Zillow Q2 2015 Negative Equity report released Thursday.”
Housing Wire – “Fannie Mae extends foreclosure timelines in 33 states” (9-3-15)
“Fannie Mae announced that it is increasing the maximum number of allowable days for “routine” foreclosure proceedings for much of the country.”
Bruce Norris of The Norris Group will be speaking at the 2015 Inland Southern California Economic Forecast Conference on Thursday, October 1.
Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.
The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.
Copyright: Image from www.flickr.com/photos/notionscapital
According to the latest Mortgage Applications Survey released by the Mortgage Bankers Association, mortgage applications increased 0.2% from the previous week. Consumer sentiment improved in late August after low numbers earlier in the month, having increased to 82.5. Los Angeles was showing more problems with the housing market than both New York and San Francisco.
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.