Today’s News Synopsis:
In The News:
Mortgage Professional America – “Analysts predict Fed may delay rate hike” (8-11-15)
“China’s central bank devalued its currency Tuesday, a move that could delay a Fed interest rate hike, according to economists. “What is of interest is how the U.S. will react to this move,” Nour Al-Hammoury, chief market strategist of ADS Securities said, according to MarketWatch.”
“Fannie Mae and Freddie Mac combined to complete nearly 18,000 home retention actions for distressed homeowners in May 2015, bringing the total since the conservatorship began up to nearly 3 million, according to the FHFA’s May 2015 Foreclosure Prevention Report released Tuesday.”
Housing Wire – “Gap between appraiser, homeowner perceptions doubles in July” (8-11-15)
“Appraiser opinions of home values were 2.33% lower than homeowner estimates in July, according to the Quicken Loans national Home Price Perception Index.”
Realty Trac – “Better to own near Trader Joe’s or Whole Foods” (8-11-15)
“Two of our most basic needs as humans are food and shelter, so we thought it might be enlightening to run an analysis combining the two elements. For this analysis, RealtyTrac looked at home values, appreciation and property taxes in U.S. zip codes with a Whole Foods or a Trader Joe’s to determine the best combination of food and shelter when it comes to these two iconic grocery store chains with cult followings.”
DS News – “Foreclosure Inventory Rate Drops to Below Pre-Recession Levels” (8-11-15)
“With nearly a 30 percent year-over-year decline in June, the nation’s foreclosure inventory rate—the share of residential homes with a mortgage in some state of foreclosure—is at 1.2 percent, the lowest level since 2007, according to CoreLogic’s June 2015 National Foreclosure Report released Tuesday.”
Housing Wire – “TransUnion: Credit unions go big in mortgage originations” (8-11-15)
“The appetite for credit unions to provide mortgage loans appears to be greater than other financial institutions, according to new TransUnion research. Credit unions’ share of all mortgage originations has increased from 7% in the first quarter of 2013 to 11% in the first quarter of 2015.”
Mortgage Professional America – “Proposed legislation could increase originator business” (8-11-15)
“A proposed bill would allow brokers to originate smaller mortgages, which would help low-earners qualify for mortgages and open up a new revenue stream for originators. H.R. 3393, a bill brought forth by Republican Congressman Bill Posey, aims to amend the Truth in Lending Act to remove lender compensation from QM points and fees compliance rules, which would encourage originators to fund smaller mortgages for clients.”
Hard Money Loan Closed
Sun City, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $105,000 on a 2 bedroom, 1 bathroom home appraised for $155,000.
Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with TIGAR on Thursday, August 13.
Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with Tri-Counties Association of Realtors on Friday, August 14.
Bruce Norris of The Norris Group will be giving his Secrets to Becoming Wealthy with Tony Watson on Tuesday, August 18.
Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.
Mortgage delinquencies decreased again for the fifth quarter in a row to 6.04%, the lowest in seven years. Increases in home prices was overall slow in the second quarter in the majority of U.S. cities. The housing market showed signs of improvement, but overall it was far from becoming normal.
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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.