Today’s News Synopsis:
In The News:
“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its U.S. Home Equity & Underwater Report for the first quarter of 2015, which shows that at the end of the first quarter of 2015 there were 7,341,922 U.S. residential properties seriously underwater — where the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value — representing 13.2 percent of all properties with a mortgage.”
“Bank of America has requested an appeals court to dismiss a $1.27 billion court-imposed penalty against the bank over mortgage fraud and has also asked that the judge who imposed the penalty be removed from the case.”
Housing Wire - “Redfin: Home inventory shortage worse than it looks” (4-23-15)
“As the spring selling season gets into full swing, Redfin examined 50 markets to see if fresh inventory is growing, and whether it’s growing enough. As of March 31, nearly 70% of homes on the market were stale, meaning they had languished unsold for more than a month, according to the latest report by real estate brokerage Redfin.”
“Solid employment gains, attractive mortgage rates, a growing economy and pent-up demand will help keep the housing market moving forward throughout 2015 and into next year, according to economists who participated in yesterday’s National Association of Home Builders (NAHB) 2015 Spring Construction Forecast Webinar.”
Los Angeles Times - “New-home sales collapse in March” (4-23-15)
“Sales of new U.S. homes plummeted in March, as the spring buying season opened with sharp declines in the Northeast and South. The Commerce Department said Thursday that new-home sales fell 11.4 percent last month to a seasonally adjusted annual rate of 481,000.”
NAHB - “Remodelers Confident In Gradual Market Improvement” (4-23-15)
“The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) posted a reading of 57 in the first quarter of 2015, off slightly from the historically high level of 60 in the last quarter of 2014, but above the key break-even point of 50.”
Mortgage Professional America - “Purchases drive mortgage volume gains” (4-23-15)
“Amid the news that house prices across the nation are continuing to rise, the good news that total mortgage application volume rose 2.3% last week underlines that we are well on the way to a full housing recovery.”
Housing Wire – “Mortgage rates decline again, hover at 2015 lows” (4-23-15)
“Average fixed mortgage rates moved down slightly this week and remained near their 2015 lows as the spring homebuying season continues, according to Freddie Mac.”
Hard Money Loan Closed
Chino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $275,000 on a 3 bedroom, 2 bathroom home appraised for $417,000.
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.
Sales of new homes decreased by 14.5% to 384,000, their lowest in 8 months. Mortgage applications on also decreased from the previous week by 3.3%. The Leading Economic Index by the Conference Board, which kept track of everything from unemployment to consumer expectations, increased 0.8% the previous month to 100.9.
Copyright: Image from www.flickr.com/photos/etienneregis/
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.