Today’s News Synopsis:
Mortgage debt increased by $120 billion in the fourth quarter to its highest in 4 years according to the Federal Reserve Bank of New York. HUD and the U.S. Census Bureau reported new home sales increased 16.6% month-over-month, their highest since after the recession. The survivor bill of rights is gaining headwind in California and may see the state Senate vote on it this week.
In The News:
Housing Wire – “House passes sweeping change to loan originator licensing rules” (5-24-16)
“The House of Representatives just passed a bill that could create a huge impact on the mortgage industry, as mortgage loan officers may soon be able to transition from a traditional bank to a nonbank and keep originating new mortgage loans without having to wait for a new license.”
NAHB – “New Home Sales reach Post-Recession High” (5-24-16)
“Sales of newly built, single-family homes rose 16.6 percent in April from an upwardly revised March reading to a seasonally adjusted annual rate of 619,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This is the highest sales pace since January 2008”
“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, announced today that its pre-diligence website,www.HomeDisclosure.com, has identified the locations of more than 300 natural gas underground storage facilities across the county.”
DS News – “‘Survivor Bill of Rights’ is Gaining Traction” (5-24-16)
“A “survivor bill of rights,” or bill that would protect families from foreclosure after the death of the primary mortgage noteholder, has gained traction in California and is likely to see a vote in the state Senate this week.”
Bloomberg – “U.S. Stocks Rally as Housing Data Bolster Optimism on Economy” (5-24-16)
“U.S. stocks rose the most in more than two months, as a surge in home sales fueled speculation the economy can withstand higher interest rates amid rising bets the Federal Reserve will tighten policy this summer.”
Mortgage Bankers Association – “Five-Year Commitment from Arch Capital Group Provides Support to Opens Doors for Expansion into California” (5-24-16)
“The Mortgage Bankers Association Opens Doors Foundation (MBA Open Doors) today announced that it is expanding into California in the coming months, thanks to a generous ongoing contribution from Arch Capital Group (U.S.) Inc. (Arch Capital), a parent company of Arch Mortgage Insurance Company (Arch MI).”
Housing Wire – “Federal Reserve: Mortgage debt rises to 4-year high” (5-24-16)
“The amount of money that Americans owe to mortgage lenders rose to the highest level in more than four years during the first quarter, according to a new report from the Federal Reserve Bank of New York.”
DS News – “Where are the Best Markets for Flipping?” (5-24-16)
“While flipping activity overall is down considerably from its peak reached 11 years ago, the median gross profit per flipped property is up considerably and some markets in the country are providing ample opportunities for flippers, according to data released by CoreLogic on Tuesday.”
Hard Money Loan Closed
Temecula, California hard money loan closed. Real estate investor received loan for $305,000 on this single family property appraised for $480,000.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with FIBI Long Beach on Thursday night, May 26.
Bruce Norris will be speaking at the Southern California Chapter of the Appraisal Institute’s 19th Annual Inland Empire Market Trends on Thursday, June 2.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with West End Real Estate Professional on Friday, June 3.
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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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.