Today’s News Synopsis:
In The News:
Housing Wire – “CoreLogic: Distressed home sales continue to trend lower” (12-2-15)
“Distressed sales, which include real estate-owned properties and short sales, continued to drop and accounted for 9.7% of total home sales nationally in September 2015, according to the latest report from CoreLogic (CLGX).”
Mortgage Bankers Association – “Mortgage Applications Decrease Slightly in Latest MBA Weekly Survey” (12-2-15)
“Mortgage applications decreased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 27, 2015. This week’s results included an adjustment for the Thanksgiving holiday.”
Mortgage Professional America – “Major banks dial down on small business lending” (12-2-15)
“The United States’ biggest banks are making even less loans to small businesses than they did about ten years ago, according to a Wall Street Journal story. Because of this, alternative non-bank lenders have acquired the market share of some of these banks and are able to charge considerably higher rates for their services.”
DS News – “Rising Home Sales in Most Fed Districts Indicate ‘Moderate’ Improvement” (12-2-15)
“While tight inventory combined with increasing home prices have caused some concern about affordability as of late, the Federal Reserve reported in its December Beige Book released Wednesday that housing markets improved at a “moderate” pace on balance since the previous Beige Book was issued in mid-October.”
Housing Wire – “Quicken Loans considers quitting FHA loans” (12-2-15)
“The contentious legal battle between Quicken Loans and the Department of Justice over the DOJ’s allegations that Quicken violated the False Claims Act by “knowingly” submitting hundreds of “improperly underwritten” loans insured by the Federal Housing Administration may just be enough to drive Quicken Loans out of FHA lending completely.”
Mortgage Professional America – “Industry warned about fraudulent reverse mortgage appraisals” (12-2-15)
“The Office of the Inspector General for the Department of Housing and Urban Development (HUD OIG) is warning the industry about inflated reverse mortgage appraisals.”
DS News – “HUD Secretary Castro: Country is Experiencing an Affordable Housing Crisis” (12-2-15)
“The future of housing in America can seem so close, yet so far away, but government officials and housing experts are already hot on the case making their evaluations of the present state of the market and predictions for the future.”
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.
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The Mortgage Bankers Association reported delinquency rates for commercial and multifamily loans decreased in the third quarter by 0.37%. Both home sales and existing home prices increased for the month of October and were higher than the 10-year average. Spending on construction also increased in October by 1.1%.
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