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Today’s News Synopsis:
Freddie Mac reported mortgage rates decreased slightly this week with 30-year rates now at 4.19% from 4.2%, and 15-year rates remained the same at 3.36%. The amount of mortgage credit that is available remained the same this month at 116.1. Almost half of the foreclosures completed over the last year were primarily in five states: Florida, Michigan, Texas, California, and Georgia.
In The News:
Bloomberg - “U.S. Apartment Vacancies Rise for First Time Since 2009″ (10-1-14)
“The U.S. apartment-vacancy rate rose for the first time in almost five years, a sign that supply is starting to catch up to rental demand after a boom in multifamily construction.”
Mortgage Bankers Association – “Mortgage Credit Availability Unchanged in September” (10-2-14)
“Mortgage credit availability remained unchanged in September 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.”
Los Angeles Times – “Freddie Mac: Average 30-year mortgage rate drops to 4.19%, from 4.2%” (10-2-14)
“Mortgage-rate trends were mixed early this week, Freddie Mac said, with lenders offering a 30-year fixed loan at an average of 4.19%, down from 4.2% a week earlier..”
“Five states accounted for almost half of all completed foreclosures nationwide in the 12-month period ending in August 2014, according to CoreLogic’s August National Foreclosure Report released on Thursday.”
Housing Wire - “Investors Unite forges ahead with plan to end Fannie, Freddie conservatorship” (10-2-14)
“The decision by retiring U.S. District Judge Royce Lamberth to dismiss one of the lawsuits brought against the Department of Treasury brought by Perry Capital and Fairholme Funds may have set back GSE investors. But, it also didn’t stop them.”
Inman – “Arkansas Realtors developing safety measures in wake of agent’s murder” (10-2-14)
“Responding to the kidnapping and murder of real estate agent Beverly Carter, the Arkansas Realtors Association has formed a safety task force headed by former association president Karen Crowson, a broker for Crye-Leike Real Estate Services in Benton.”
Mortgage Professional America – “Big banks falsely reported bankruptcy, foreclosure for thousands of borrowers — lawsuit” (10-2-14)
“The mortgage units of Wells Fargo and Citigroup will have to face allegations that they falsely notified credit reporting agencies that thousands of homeowners were bankrupt or in foreclosure.”
Bloomberg - “Fed Faulted Over Foreclosure Accord in Watchdog’s Report” (10-2-14)
“The Federal Reserve must take steps to improve handling of complex settlements like the one reached with mortgage servicers over improper foreclosures, an internal watchdog said in a report.”
Housing Wire - “Planned job cuts in September at lowest level since 2000″ (10-2-14)
“Challenger, Gray and Christmas’ count of layoff announcement totals 30,477 in September which is the lowest since all the way back in June 2000.”
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 holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.
The initial NAHB forecast for single-family homes was lowed with the increase in interest rates and slowdown in the housing market growth. Despite home prices increasing year-over-year by 12.4% in August, the housing market was in an off-season with slow growth month-over-month. The FHFA announced that even during the government shutdown, they would continue to process government-backed mortgage applications.
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.