Today’s News Synopsis:
The sale of new homes decreased 2.4% and now stand at 412,000 as of July. Goldman Sachs is coming closer to reaching a settlement worth $1.1 billion with the FHFA over bad mortgage-backed securities they sold to Fannie Mae and Freddie Mac. A 6.0-magnitude earthquake hit San Francisco yesterday morning, causing what could be up to $1 billion in damage and served as a wake-up call for investors with RMBS concentration in San Francisco.
In The News:
Bloomberg – “Jackson Hole Theme: Labor Markets Can’t Take Higher Rates” (8-24-14)
“Global central bankers led by Federal Reserve Chair Janet Yellen said labor markets still have further to heal before their economies can weather higher interest rates.”
Los Angeles Times - “FICO score change unlikely to help home buyers in near future” (8-24-14)
“You may have noticed the big media splash recently when Fair Isaac Corp., developer of the FICO credit score, announced the debut of a new score version that no longer would penalize consumers who have medical debt-collection issues in their credit files.”
Housing Wire - “HousingWire asks if immigrants can save housing, Fannie Mae answers yes” (8-25-14)
“The latest Housing Insights from Fannie Mae’s Economic & Strategic Research Group, they look at how the homeownership rate gap has changed during the past 10 years and, in particular, during the recent housing crisis compared to previous years.”
NAHB – “New-Home Sales Down 2.4 Percent in July” (8-25-14)
“Sales of newly built, single-family homes fell 2.4 percent to a seasonally adjusted annual rate of 412,000 units in July, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”
Mortgage Professional America - “Goldman nearing $1.1bn settlement with FHFA — reports” (8-25-14)
“Goldman Sachs is reportedly preparing to pay $1.1 billion to settle government claims that it sold shoddy mortgage-backed securities to Fannie Mae and Freddie Mac.”
OC Housing News - “Chinese government policy change kills Coastal California housing market” (8-25-14)
“The people who deny a real estate bubble in China are wrong, and the deflating Chinese property bubble could destabilize the world economy, but of greater interest to owners of Coastal California real estate, the deflating Chinese housing bubble could turn local real estate buyers into desperate sellers.”
“New technology is taking virtual tours a step further by letting buyers drive cameras mounted on remote-controlled vehicles through distant homes, venturing from room to room, peeking around corners and taking in near-360-degree views from multiple vantage points.”
Housing Wire – “San Francisco earthquake rattles jumbo mortgage-bond collateral” (8-25-14)
“At 3:20 a.m. on Sunday morning, the largest earthquake in 25 years hit the San Francisco Bay Area. The magnitude-6.0 earthquake was centered in the Napa Valley, home to some of the most expensive homes in the country as well as countless wine vineyards.”
Realty Times - “Buyer’s Right to Know of Competition?” (8-25-14)
“Does a buyer have a right to know if some other buyer is competing against him for the same property? Shouldn’t buyers be given all relevant information so that they can make a fully informed decision? That’s what the plaintiffs thought in a case heard earlier this year by the Supreme Court of South Carolina (Woodson v. DLI Properties, South Carolina Supreme Court, January 14, 2014).”
Hard Money Loan Closed
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 3 bedroom, 2 bathroom home appraised for $276,000.
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.
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.