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Today’s News Synopsis:
Spending on construction is down for the second month in a row, having decreased by 0.4% in September. First-time home purchases also decreased to 33% from 38%, its lowest level in almost 30 years. In a case of “doubling up,” over 5 million households have been lost due to rising costs outweighing income and an increase in millennials living with parents and roommates.
In The News:
Los Angeles Times - “First-time home buying hits lowest level in nearly three decades” (11-3-14)
“First-time home buyers aren’t buying homes like they used to. The share of houses bought by first-time owners is at its lowest level in nearly three decades and down sharply from 2013, according to a new survey out Monday from the National Assn. of Realtors.”
Mortgage Professional America - “California organizations urge CFPB to increase mortgage disclosure transparency” (11-3-14)
“Forty-one California organizations joined the California Reinvestment Coalition (CRC) in calling on the Consumer Financial Protection Bureau (CFPB) to bringing greater transparency to the Home Mortgage Disclosure Act (HMDA).”
Housing Wire - “Zillow: Millions of potential houses lost to ‘doubling up’” (11-3-14)
“It’s not just millennials that are moving back in with mom and dad. The number of Americans living with roommates or adult family members jumped to more than a third of U.S. adults in 2012, up from 27.4% in 2006, a new report from Zillow said.”
DS News – “Five States Account for 44 Percent of 12-Month Foreclosure Sum in September” (11-3-14)
“Just as they did in August, the same five states accounted for nearly half of all completed foreclosures in the U.S. for the previous 12-month period, according to CoreLogic’s September 2014 National Foreclosure Report released last week.”
Mortgage Professional America - “Is it time for a new credit-scoring system?” (11-3-14)
“For years Fannie Mae and Freddie Mac have used the FICO model to test the creditworthiness of borrowers, but a different scoring system may be giving lenders pause.”
Housing Wire - “Construction spending declines for second month” (11-3-14)
“For the second month in a row construction spending took a downturn, dropping 0.4% in September after August’s 0.8% drop. The U.S. Census Bureau of the Department of Commerce said Monday that construction spending during September 2014 was estimated at a seasonally adjusted annual rate of $950.9 billion, below the revised August estimate of $955.2 billion.”
Inman – “Survey confirms yard signs, open houses taking a back seat to mobile” (11-3-14)
“It’s official: Homebuyers, particularly young ones, are now more likely to get information from mobile apps and websites than yard signs and open houses, according to an annual survey released today by the National Association of Realtors.”
Hard Money Loan Closed
Menifee, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $75,000 on a 2 bedroom, 2 bathroom home appraised for $128,000.
Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.
Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.
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.