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Mortgage lending regulation compliance costs up 30%
Mortgage Rates Tumble as 30-Year at 16-Month Low of 3.97%
Survey Finds Consumer Spending Tight Despite Financial Security
Social media giant to enter lending business
Refinance Boomlet Gives U.S. Banks Relief From Plunge: Mortgages
American Housing Survey finds 1 in 3 homes is a rental
Today’s News Synopsis:
Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video. Housing starts increased above 1 million for the third time this year. The number of foreclosures filed last quarter decreased 17% year-over-year and are down to their lowest in nine years. Lending on multifamily properties increased 18% from 2012, setting a new record for 2013.
In The News:
Mortgage Bankers Association - “Multifamily Lending Hits New Record in 2013″ (10-17-14)
“In 2013, 2,898 different multifamily lenders provided a total of $172.5 billion in new mortgages for apartment buildings with five or more units, according to a report from the Mortgage Bankers Association (MBA).”
NAHB – “Nationwide Housing Starts Top 1 Million for Third Time this Year” (10-17-14)
“For the third time this year, nationwide housing starts surpassed the million-mark, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”
Housing Wire - “FHFA, Fannie &Freddie near deal to open mortgage credit box” (10-17-14)
“As readers of HousingWire know, Federal Housing Finance Agency Director Mel Watt has been working towards a plan to open what many see as underwriting standards that are too restrictive.”
OC Housing News – “Will the CAR 2015 housing market sales forecast be way off?” (10-17-14)
“Past performance is not always the best indicator of the skill of forecasters. For example, if meteorologists issue a standard forecast for weather in Southern California of morning clouds, afternoon sun, and highs in the upper 60s or low 70s, they would be correct over 80% of the time, but what have they forecast? Nothing.”
Mortgage Professional America - “SEC official: Too many regulators are ‘piling on’” (10-17-14)
“For years the federal government has been heaping regulations bureaucracy and red tape on originators. Finally, at least one SEC official has said it’s too much.”
Bloomberg - “Rates Below 4% Leave U.S. Refinancing Banker Sleepless” (10-17-14)
“The drop in mortgage rates below 4 percent has cut into Debra Shultz’s sleep. The New York City banker is busier than she’s been in months, working with three dozen homeowners eager to lower their payments.”
Housing Wire - “This could happen now that mortgage rates dropped below 4%” (10-17-14)
“Housing prices continue to slow and are hopefully reaching a growth rate in line with interest rates and income growth, but meanwhile the market is trying to determine what the recent weakness in US economic reports.”
Los Angeles Times – “California foreclosure filings fall to lowest level since 2005″ (10-17-14)
“The foreclosure crisis is rapidly becoming a thing of the past. The number of foreclosure filings on California homes fell to their lowest level in nearly nine years last quarter, according to a report released Friday.”
On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.
Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.
Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.
Home prices increased back in August and were at levels last seen in 2009. More and more people were flipping homes due to a decrease in good deals on homes. Consumer confidence decrease again, causing Fannie Mae to change their outlook on the economy.
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.