Housing Production Jumps 20.2 Percent in April
California Median Home Price Soars Past $400,000 Mark – Highest Since December 2007
Mortgage rates remain largely unchanged from last week
Freddie Mac: Rising rents aren’t pushing residents to homeownership
Privatizing Fannie & Freddie could send mortgage rates – - report
Auction.com to Market U.S. Real Estate to Chinese Buyers
Today’s News Synopsis:
In The News:
DS News - “Senate Banking Committee Approves Financial Regulatory Relief Bill” (5-22-15)
“The Senate Banking Committee narrowly approved a regulatory reform bill on Thursday by a party-line vote of 12 to 10, according to multiple media reports. The Financial Regulatory Improvement Act of 2015, introduced last week by Senate Banking Committee Chairman Richard Shelby (R-Alabama) is aimed at providing regulatory relief for community and regional banks and credit unions, and proposes what Shelby calls “moderate” changes that would increase the transparency of the Federal Reserve.”
Housing Wire- “MBA analysts: April housing starts gain not an outlier” (5-22-15)
“The Census Bureau surprised the market this week with the strongest monthly report for starts and permits in seven and a half years. Starts soared 20.2% in April to a much higher-than-expected annual rate of 1.135 million and with permits up 10.1% to a much higher-than-expected 1.143 million.”
Mortgage Professional America - “Time to get those refis in? Fed minutes show central bank itching to raise rates” (5-22-15)
“Brokers may want to start pushing refis while rates remain low. An account of the Federal Reserve’s recent policy meeting indicates that while the Fed probably won’t raise the benchmark interest rate in June, it won’t wait much longer.”
DS News - “REO Share Still Way Above ‘Normal’ Levels in Many Metros” (5-22-15)
“The national percentage of residential single-family properties that were REO was 10 percent as of February 2015, which is five times its pre-crisis share (2 percent), meaning that in many metro areas the REO share is still way above pre-crisis levels, according to CoreLogic Senior Economist Molly Boesel.”
Housing Wire - “Credit unions applaud bipartisan reform bill on FHLB membership” (5-22-15)
“The National Association of Federal Credit Unions is lauding a bipartisan bill that would grant credit unions parity with banks under Federal Home Loan Bank membership criteria.”
Mortgage Professional America- “Daily Market Update: Existing Home sales lower in April as low supply adds pressure” (5-22-15)
“There were fewer sales of existing homes in April according to new data from the National Association of Realtors. The number of completed transactions was down 3.3 per cent to a seasonally-adjusted annual rate of 5.04 million from an upwardly-revised 5.21 million in March.”
“The number of single-family homes built-for-rent experienced a 50 percent year-over-year decline in Q1 2015, from 4,000 starts in the same quarter a year earlier down to 2,000 starts, according to data released recently by the National Association of Home Builders (NAHB).”
Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.
Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.
Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.
Mortgage rates decreased for the fourth straight week with 30-year rates at 4.14% and 15-year rates at 3.25%. April saw a decrease in foreclosures, which were down 5% from March and are were at their lowest since 2008. However, despite signs of the economy looking positive last month people were still pessimistic due to an increase in both home prices and negative equity.
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