Today’s News Synopsis:
Almost 26 million, 0r 10%, of adults in America have no history of credit according to the latest report from the CFPB. Freddie Mac reported their profit in the first quarter was $524 million, way up from $227 million in the fourth quarter of 2014. Home prices increased 5.9% annually according to CoreLogic.
In The News:
DS News - “CFPB Report Finds 26 Million American Adults Have No Credit History” (5-5-15)
“A report titled “Data Point: Credit Invisibles” published Tuesday by the Consumer Financial Protection Bureau (CFPB) Office of Research found that 26 million American adults (about 10 percent) do not have a credit history with any of the three nationwide consumer reporting agencies, termed as “credit invisible” by the Bureau’s director.”
Bloomberg - “Pickup in Service Industries Points to U.S. Growth Rebound” (5-5-15)
“The biggest part of the U.S. economy awoke from its first-quarter torpor as service industries from real estate to transportation and banking picked up in April. The Institute for Supply Management’s non-manufacturing index rose to 57.8, the highest since November, from 56.5 in March, the Tempe, Arizona-based group’s report showed Tuesday. Readings above 50 signal expansion.”
Housing Wire - “CoreLogic: Homes prices rose in March up 5.9% annually” (5-5-15)
“Home prices nationwide, including distressed sales, increased by 5.9% in March 2015 compared with March 2014, according to the latest home price index from CoreLogic (CLGX).”
“Morgan Stanley reported in its quarterly filing that it might take a $292 million loss as a result of a potential settlement with Deutsche Bank over the misrepresentation of mortgage-backed securities.”
Mortgage Professional America - “Daily Market Update: Low income families can’t afford even the least expensive homes” (5-5-15)
“A new report from Zillow reveals that home ownership for America’s lowest-income families is worsening. The study shows that the least affluent third of families cannot afford even the least expensive homes as wages have failed to increase despite economic growth.”
Housing Wire – “Moody’s: Stopping eminent domain seizures of underwater mortgages a credit positive” (5-5-15)
“The House of Representatives’ Appropriations Subcommittee approved a bill last week for Transportation, Housing and Urban Development appropriations for the fiscal year ending 30 September 2016.”
“U.S. Senator Sheldon Whitehouse (D-Rhode Island) has announced legislation that would permanently protect servicemembers and their families from losing their homes to foreclosure, according to a release on Whitehouse’s website.”
Housing Wire - “Freddie Mac reports profit of $524M in first quarter” (5-5-15)
“Freddie Mac reported net income of $524 million for the first quarter of 2015, compared to $227 million for the fourth quarter of 2014. The company also reported comprehensive income of $746 million for the first quarter of 2015, compared to $251 million for the fourth quarter of 2014.”
Hard Money Loan Closed
San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $135,000 on a 4 bedroom, 1 bathroom home appraised for $203,000.
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.
Bruce Norris of The Norris Group will be speaking at the AOA “Million Dollar” Trade Show and Landlording Conference 2015 on Thursday, May 14.
Fannie Mae’s Book of Business decreased 2.2% in the first quarter and ended it at -1.8%. The Wells Fargo Economics Group reported that personal income increased by .5%, up from .1% the previous month and continuing to remain strong. Over the following weeks, the Justice Department was expected to press charges against several big banks for various charges.
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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 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.