Today’s News Synopsis:
Housing starts increased slightly by 2.8% last month, increasing to 946,000 units from 920,000. Mortgage applications increased again by 4.3% from last week. First quarter earnings for Bank of America were low due to an increase in legal expenses.
In The News:
DS News - “Bank of America Legal Expenses Hurt Q1 Earnings” (4-16-14)
“Legal expenses took a substantial bite out of Bank of America’s first-quarter earnings, resulting in a net loss of $276 million to start the year.”
NAHB - “Housing Starts Rise 2.8 Percent in March” (4-16-14)
“Led by a 6 percent rise in single-family starts, nationwide housing production rose 2.8 percent above an upwardly revised February rate of 920,000 to a seasonally adjusted annual rate of 946,000 units in March, according to newly released figures from HUD and the U.S. Census Bureau.”
Bloomberg - “CBS Get Favorable Tax Ruling on Billboard Unit Spinoff” (4-16-14)
“CBS Corp. (CBS), the broadcaster that’s spinning off its U.S. billboard advertising unit, said it received a favorable tax ruling on the transaction in a private letter from the Internal Revenue Service.”
Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-16-14)
“Mortgage applications increased 4.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 11, 2014.”
Housing Wire - “Refinances continue downward trend, ARMs on the rise” (4-16-14)
“Homeowners seeking a refinance on their home loan are becoming more rare by the day. According to Ellie Mae’s (ELLI) March 2014 Origination Insight Report, only 40% of all the loans closed were refinance loans.”
DS News - “Advances Rise Due to Secured Loans to JPMorgan, Wells Fargo” (4-16-14)
“After a steep plunge in the amount of housing finance aid given to banks, federal money poured into the country’s largest lenders in 2012 and 2013, as liquidity at the banks found stable ground, according to a report released Wednesday by the Federal Housing Finance Agency.”
Housing Wire - “U.S. Bancorp’s mortgage revenue sliced nearly in half” (4-16-14)
“Despite witnessing signs of strong new lending activity, mortgage growth still came up short in U.S. Bancorp’s (USB) first quarter earnings, offsetting any potential growth.”
Mortgage Professional America - “Commercial, multifamily loans spike in 2013″ (4-16-14)
“Commercial and multifamily mortgage bankers did $358.5 billion in loan volume last year, according to data released by the Mortgage Bankers Association.”
Hard Money Loan Closed
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $210,000 on a 3 bedroom, 2.5 bathroom home appraised for $310,000.
Bruce Norris of The Norris Group will be speaking in Washington D.C. for the MBA’s Single-Family Rental Finance Summit on Tuesday, April 22, 2014.
Bruce Norris of The Norris Group will be speaking at the 2014 Real Estate Market Forecast in Ontario on Wednesday, April 23, 2014.
Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.
In a big news story, housing starts increased 7% the previous month, exceeding expectations. The 2014 fiscal budget showed a potential taxpayer bailout totaling $943 million to cover losses from bad loans. The recent S & P Dow Jones Indeces showed mortgage default rates decreased again in March to 1.41%.
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.