Today’s News Synopsis:
Sales of pending homes increased 1.7% in January to 104.2, putting them at their highest in a year and a half. Spending on construction was slower at $971.4 billion, down 1.1% from $982 billion. Rules and regulations regarding mortgage servicing for Fannie Mae and Freddie Mac are undergoing revisions by the FHFA.
In The News:
Mortgage Professional America – “Pending home sales reach highest level since August 2013″ (3-2-15)
“Improved buyer demand at the beginning of 2015 pushed pending home sales in January to their highest level since August 2013, according to the National Association of Realtors (NAR).”
Housing Wire - “Construction spending slows in January” (3-2-15)
“The U.S. Census Bureau of the Department of Commerce announced Monday that construction spending during January 2015 was estimated at a seasonally adjusted annual rate of $971.4 billion, 1.1% below the revised December estimate of $982.0 billion.”
Mortgage Professional America – “Daily Market Update: Home goes missing, yes, the entire house” (3-2-15)
“It’s a bizarre case but a log cabin in Oregon was reported stolen by its co-owner. The 1,400-square-foot home located in a remote site about 270 miles south of Portland disappeared last week promoting the owner to contact the bemused local police.”
Housing Wire – “FHFA revamps nonperforming mortgage servicing rules for Fannie and Freddie” (3-2-15)
“The Federal Housing Finance Agency is setting up new requirements for sales of nonperforming loans by Freddie Mac and Fannie Mae to help insure the loans go into the hands of more experienced, empathetic and capable mortgage servicers.”
“Fannie Mae and Freddie Mac should take on more risk-sharing transactions, according to a vast majority of survey respondents in the March 2015 Mortgage Industry Outlook Report released Monday by The Collingwood Group and The Five Star Institute.”
Housing Wire – “Clear Capital: San Francisco facing bubble 2.0?” (3-2-15)
“A new report from Clear Capital says that while four of the California Bay Area’s nine counties are near or exceeding their pre-meltdown valuation highs, local market forces will keep bubble-like behavior at bay for the rest of the state and throughout the nation.”
Mortgage Professional America – “Ocwen loses two mortgage servicing contracts” (3-2-15)
“Troubled mortgage servicer Ocwen Financial Corp. has announced that it had is been terminated from overseeing debt backing two bond deals and for their handling of home loans.”
Hard Money Loan Closed
Vista, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $300,000 on a 3 bedroom, 3 bathroom home appraised for $445,000.
Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.
Bruce Norris of The Norris Group will be speaking at Coldwell Banker’s 2015 Real Estate Forecast Wednesday, March 4.
Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.
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.
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