Today’s News Synopsis:
A recent report by the NAHB showed a lack of labor is causing a drag on the homebuilding industry and fewer houses being built. Home sales increased greatly by almost 25% last month to 539,000. Home prices, on the other hand, also increased but were below expectations at only 0.3%.
In The News:
Bloomberg – “U.S. Home Prices Rose Less Than Expected in January” (3-24-15)
“U.S. home prices increased less than economists estimated in January as traditional buyers took the place of investors, leading to smaller gains. Prices climbed 0.3 percent on a seasonally adjusted basis from December, the Federal Housing Finance Agency said in a report from Washington on Tuesday.”
Housing Wire - “New home sales rebound 25% in February” (3-24-15)
“Sales of new single-family houses in February 2015 picked back up to a seasonally adjusted annual rate of 539,000, 24.8% above last year’s estimate of 432,000, the latest report from the U.S. Census Bureau and the Department of Housing and Urban Development.”
DS News – “U.S. Supreme Court Hears Opening Arguments in ‘Stripping Off’ Mortgage Cases” (3-24-15)
“In the opening arguments on Tuesday morning for two cases in the U.S. Supreme Court to determine the legality of extinguishing, or “stripping off” an underwater second mortgage as unsecured debt for a debtor in bankruptcy, an attorney representing Bank of America contended that the high court should uphold a 1992 decision that outlawed stripping off, while attorneys representing the debtors argued that the decision is irrelevant to these two cases.”
Mortgage Professional America - “What’s keeping home builders up at night?” (3-24-15)
“Homebuilding continues to fall behind pre-recession levels, even as the economy shows gains and buyer demand is high. So why the drag? According to a recent National Association of Home Builders (NAHB) survey, it’s lack of labor.”
Bloomberg – “Homebuilders Rally After KB Home Reports Strong Orders” (3-20-15)
“Builders rose after KB Home reported higher orders Friday, following yesterday’s better-than-expected results from Lennar Corp., signals of growing housing demand at the start of year’s most important sales season.”
Housing Wire - “Freddie Mac prices first high-LTV risk-sharing bond of 2015″ (3-24-15)
“Freddie Mac priced its first high loan-to-value risk-sharing bond of 2015, which is supported by loans with LTV ratios of 80-95%. According to Freddie, STACR Series 2015-HQ1 features a reference pool of 75,508 recently originated single-family mortgages with an unpaid principal balance of more than $16.5 billion.”
Mortgage Professional America - “Daily Market Update: Landslide survivors still in mortgage limbo one year on” (3-24-15)
“The deadliest landslide disaster in U.S. history happened just over a year ago in Oso, four miles east of Washington. For the 43 that lost their lives there have been memorial ceremonies this week.”
DS News – “Ocwen Announces $25 Billion MSR Sale to Nationstar” (3-24-15)
“Ocwen Loan Servicing, a subsidiary of Ocwen Financial Corporation, and Nationstar Mortgage, a subsidiary of Nationstar Mortgage Holdings, have agreed in principle to the sale by Ocwen of the mortgage servicing rights (MSR) on an Agency portfolio with approximately $25 billion in unpaid principal balance, according to an announcement on Ocwen’s website on Tuesday.”
Mortgage Professional America - “Census: Nearly 1 in 10 in the U.S. wan to move” (3-20-15)
“Nearly 10% of U.S. residents are dissatisfied with their current housing, neighborhood, local safety or public services to the point that they want to move, according to a U.S. Census Bureau report released today. However, only 18.3% of the 11.2 million householders who wanted to move actually did so between 2010 and 2011.”
Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.
Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7
Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.
A new report from RealtyTrac showed 96% of housing markets were showing improvement since the foreclosure peak in 2010. First mortgages showed a 2.8% increasing, putting the total at $7.97 trillion and mortgage debt at its highest in 6 years. The latest monthly update from the American Enterprise Institute’s International Center on Housing Risk showed an increase in securitized mortgage risk and decrease in the quality of lending practices.
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