Today’s News Synopsis:
In The News:
NAHB – “New Home Sales Rise 2 Percent in February” (3-23-16)
“Sales of newly built, single-family homes rose 2 percent in February from an upwardly revised January reading to a seasonally adjusted annual rate of 512,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”
Bloomberg – “How Satisfying Millennials Could Save PwC $850 Million” (3-23-16)
“PricewaterhouseCoopers had a big, expensive problem. Turnover, especially among younger employees, was “dreadful,” says Carol Sawdye, the company’s vice chairman and chief financial officer.”
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-23-16)
“Mortgage applications decreased 3.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 18, 2016. ”
DS News – “CFPB Offers Lenders a Helping Hand” (3-23-16)
“Starting March 31, more lenders will qualify for small, rural crediting provisions, thanks to the Consumer Financial Protection Bureau’s (CFPB) new ruling announced this morning.”
Mortgage Bankers Association – “Cognitive Decline Impacts the Housing Behavior of Older Americans, Study Says” (3-23-16)
“The Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA) today released a new report titled Cognition and the Housing Behavior of Older Americans.”
DS News – “Access to Credit Just Keeps Getting Tougher” (3-23-16)
“Consumers are looking for more access to credit but are having a slightly tougher time getting it compared to six months ago, the Federal Reserve Bank of New York announced Wednesday.”
Housing Wire – “Yes, TRID is expensive, but did the CFPB reach its goal?” (3-23-16)
“TRID, aka Know Before You Owe, caused mortgage lender back office fulfillment and post-closing costs to increase by an average of $209 per loan since October 2015, a new study found.”
DS News – “Delinquencies Rebound from January’s Spike” (3-23-16)
“Just one month after experiencing a substantial spike, the number of 30-day delinquencies normalized in February, according to Black Knight’s “First Look” at Mortgage Data for February 2016 released Wednesday.”
Hard Money Loan Closed
Long Beach, California hard money loan closed. Real estate investor received loan for $280,000 on this single family property appraised for $438,000.
Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with FIBI Long Beach on Thursday, March 31.
Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with IVAR on Wednesday, April 6.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with LA South REIA on Monday, April 11.
Image copyright source: www.flickr.com/photos/lendingmemo
Fannie Mae reported an increase in multifamily housing, although overall growth in the economy was much slower in the first quarter. The National Association of Realtors reported a 1.2% increase in existing-home sales the previous month while prices increased at their fastest rate in a year. Foreclosures started to show signs of decrease in February after having steadily risen for 13 months straight.
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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.