Today’s News Synopsis:
The Mortgage Bankers Association reported the amount of mortgage credit that is available increased last month by 2.3% to 12. In addition, consumer credit or the amount of money borrowed by consumers, increased in February with the increase in non-revolving debt. CoreLogic reported the increase in home prices was slower month-over-month in February but increased greatly for the whole year at 5.6%.
In The News:
Bloomberg – “Consumer Credit in U.S. Increases on Jump in Non-Revolving Debt” (4-7-15)
“Consumer borrowing in the U.S. increased in February as the value of non-revolving debt climbed by the most since July 2011. The $15.5 billion advance in household credit followed a $10.8 billion gain in January that was smaller than initially reported, Federal Reserve figures showed Tuesday in Washington.”
DS News - “Fannie Mae: Slow Wage Growth Stalls Consumer Housing Sentiment” (4-7-15)
“The optimism expressed by consumers toward the economy and the housing market at the beginning of the year has stalled as consumers’ attitudes toward personal finances and wage growth have taken a step backward, according to Fannie Mae’s March 2015 Housing Survey released Tuesday.”
Mortgage Bankers Association - “Mortgage Credit Availability Increases in March” (4-7-15)
“Mortgage credit availability increased in March according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”
Housing Wire - “Second look: Home price surge unlikely to last” (4-7-15)
“CoreLogic’s (CLGX) report on Tuesday showed tepid monthly home price growth but a solid yearly growth of 5.6% for February. While it seemed to suggest that price growth shifted into a higher gear at the start of 2015, analysts at Capital Economics say that with housing close to fair value and the Fed set to begin tightening policy later this year, they don’t expect such rapid monthly gains to be sustained for long.”
DS News – “Foreclosure Starts Leveling Off After Spiking to Start 2015″ (4-7-15)
“Foreclosure starts dropped off by 15 percent according to Black Knight Financial Services’February 2015 Mortgage Monitor released earlier this week, almost reversing the spike they experienced in January – indicating that foreclosure starts may be leveling off and even nearing pre-recession numbers.”
Mortgage Professional America - “The strongest and weakest housing markets of 2015″ (4-7-15)
“While the U.S. residential market is gaining momentum some markets are doing significantly better than others, according to data Veros Real Estate Solutions, a risk management, collateral valuation services and predictive analytics firm.”
Realty Trac – “Will Easier Credit Unleash Real Estate Sales?” (4-7-15)
“If there has ever been a time for a real estate home run this is about as good as it gets. Interest rates are near historic lows, home values have yet to return to their 2007 peak and the population has grown by nearly 20 million people in the past eight years.”
Bloomberg – “U.S. Stocks Advance Amid Corporate Deals, Interest Rate Bets” (4-7-15)
“U.S. stocks fell, after two days of gains, amid declines in consumer and utility shares before the release of Federal Reserve meeting minutes Wednesday. Equities in the final hour erased gains after the Standard & Poor’s 500 Index climbed as much as 0.4 percent amid corporate deals.”
Mortgage Professional America - “4 million: The number of mortgages that never happened” (4-7-15)
“Researchers at the Urban Institute (UI) claim that 4 million more loans would have been made between 2009 and 2013 if lenders had used the same credit standards as were used in 2001.”
Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.
Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7
Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.
More and more consumers were having a positive outlook on the market right and believed it was a good time to buy. Citigroup reached a settlement with 18 institutional investors and agreed to pay $1.125 billion. A bill was passed by the Senate on this day to extend jobless benefits through the end of May for over 2 million unemployed workers.
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