Today’s News Synopsis:
In The News:
Housing Wire – “Existing-home sales projected to recover from TRID aftermath” (1-5-16)
“Existing-home sales are projected to recover after a weak report in November due to the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule, according to the latest Auction.com Residential Real Estate Nowcast report.”
Mortgage Professional America – “Morning Briefing: UCLA economist makes 2016 predictions” (1-5-16)
“David Shulman, the senior economist at UCLA Anderson Forecasting, has made his predictions for real estate during the coming year in a letter published by UCLA Ziman Center for Real Estate.”
DS News – “OCC Lets JPMorgan Chase and EverBank Off the Hook, Sort of” (1-5-16)
“The good news for JPMorgan Chase Bank and EverBank: The Office of the Comptroller of the Currency (OCC) announced on Tuesday that it has terminated mortgage-related consent orders against them.”
Housing Wire – “Bernie Sanders unveils foundation-shattering Wall Street reform plans” (1-5-16)
“It’s not exactly a stretch to say that Sen. Bernie Sanders, I-VT, is not the biggest fan of Wall Street. The Democratic Presidential hopeful recently castigated the Federal Reserve, its decision-making, its policies, and its sheer existence in a scathing editorial published by the New York Times.”
Mortgage Professional America – “Veteran calls for more clarity around grace period” (1-5-16)
“The CFPB teased originators with a suggested TRID grace period but more concrete and official information is needed, according to one industry veteran.”
“The early January blues for Chinese stocks will persist through 2016, according to Bank of America Merrill Lynch, which expects the Shanghai Composite index to end the year down roughly 27 percent, at about 2,600.”
Housing Wire – “CoreLogic: Home prices surge 6.3% in November” (1-5-16)
“Home prices nationwide, including distressed sales, surged 6.3% in November 2015 compared with November 2014 and increased by 0.5% in November 2015 compared with October 2015, according to the latest report from CoreLogic.”
Mortgage Professional America – “Economists predicting an end to the good times” (1-5-16)
“A decade after home sales peaked, buyers who have enjoyed historically cheap mortgage rates during the industry’s recovery are now bracing for an end to the gravy train.”
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate TONIGHT.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Orange County on Tuesday, January 19.
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More and more of the younger generation were becoming new homebuyers as the economy continued to show signs of improvement. Mortgage rates were low at the end of 2014 with 30-year rates at 3.87% and 15-year rates at 3.15%, although they were expected to increase again in 2015. Home prices continued to stay strong, although sales decreased drastically by 21%.
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