Today’s News Synopsis:
The amount of mortgage credit available increased last month by 0.5% according to the Mortgage Bankers Association. Homeownership decreased to 64.7%, its lowest in almost twenty years despite decreased interest rates. At the same time, gains in home prices decreased to 7.5% this past June compared to last year according to CoreLogic’s latest home price index.
In The News:
Housing Wire – “Fed: CFPB rules are driving down mortgage lending” (8-5-14)
“Mortgage rules imposed by the Consumer Finance Protection Bureau are driving down the number of loans banks are making, the Federal Reserve says.”
DS News - “Economic Woes Cited By Parents of Home Bound Millennials” (8-5-14)
“Experts have surveyed the young generation again and again as to why they are staying with their parents, but now Fannie Mae has completed a survey of the parents they live with. As it turns out, more than half of them don’t mind their children living at home.”
OC Housing News - “BofA: Reflated mini-bubble to peak in 2016″ (8-5-14)
“How can you tell whether a market is overvalued, undervalued, or fairly valued? It’s more than an academic concern today because lenders, realtors, and even government officials push average families to buy houses ostensibly to gain the financial benefits of home ownership.”
Mortgage Bankers Association – “Mortgage Credit Availability Increases Slightly in July” (8-5-14)
“Mortgage credit availability increased in July according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from the AllRegs® Market Clarity® product.”
Housing Wire - “Homeownership at near 20-year low, but some bright spots” (8-5-14)
“Despite low interest rates and expanding credit availability, homeownership in the U.S. continues to fall, down to a low of 64.7%, a level not seen since 1995.”
Bloomberg – “Zillow Tops Analysts’ Estimates for Second-Quarter Sales” (8-5-14)
“Zillow Inc. (Z), the real estate website that’s acquiring smaller rival Trulia Inc. for $3.5 billion, reported second-quarter sales that topped analysts’ estimates as traffic increased and more agents used its home-listing service.”
Housing Wire - “Home prices gains slow to 7.5% as forecast calls for further decline” (8-5-14)
“Home prices nationwide, including distressed sales, increased 7.5% in June 2014 compared to June 2013, reflecting a general slowdown that continues and will worsen through June 2015.”
DS News - “Delinquencies Drop as Fannie Mae Book of Business Shrinks” (8-5-14)
“Fannie Mae’s book of business decreased at a compound annualized rate of 1.7 percent over the month of June, slower than the previous month’s rate of 2.4 percent but continuing a streak of decreases that has persisted all year so far. Year-to-date, Fannie Mae’s book of business has declined at a compound annualized rate of 2.2 percent.”
Hard Money Loan Closed
Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $140,000 on a 2 bedroom, 1 bathroom home appraised for $241,000.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.
Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the InvestClub for Women on Wednesday, September 17, 2014.
The Mortgage Bankers Association reported the amount of mortgage credit available the previous month increased by 2.2% to 112.3. Another bank closed in Florida in the past week, bringing the new total of closed banks to 17. The OCC nearly completed mailing all of their foreclosure review checks.
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.