Today’s News Synopsis:
In The News:
DS News – “Repeat Foreclosures Are Driving Uptick in Foreclosure Starts” (10-5-15)
“Amid all the good news for housing lately, foreclosure starts were up by 7 percent in August—driven by a rise in the amount of repeat foreclosures, according to the August 2015 Mortgage Monitor released by Black Knight Financial Services on Monday.”
Housing Wire – “Affordability squeeze threatens ongoing growth in California” (10-5-15)
“A California cooling effect could put a freeze on nationwide appreciation and a sustained housing recovery, according to the latest report from Clear Capital.”
Mortgage Professional America – “Morning Briefing: More homeowners extend HELOC lines as housing market booms” (10-5-15)
“With many areas of America experiencing strong growth in house prices owners are taking the opportunity to unlock the cash in their homes.”
DS News – “First-Lien Mortgage Performance Improves While Foreclosure Metrics Decline” (10-5-15)
“First-lien mortgage performance continued to improve with nearly a full percentage point increase in the share of mortgages that were current and performing at the end of Q2 2015, according to the quarterly report on mortgage performance released by the Office of the Comptroller of the Currency (OCC).”
Bloomberg – “Deutsche Bank Should Make Cuts to U.S. Debt Unit, Kepler Says” (10-5-15)
“Deutsche Bank AG co-Chief Executive Officer John Cryan should make cuts to the company’s U.S. debt-trading business as part of a plan to lift profitability and capital levels, according to Kepler Cheuvreux.”
Housing Wire – “Black Knight: Cash-out refis up 68% since 2Q 2014” (10-5-15)
“Cash-out refinances were up 68% year-over-year from the second quarter of 2014, as borrowers take advantage of still-low rates and newfound equity in their homes, according to Black Knight Financial Services.”
“Another $186 million in compensation will be awarded to 1,461 service members and their co-borrowers over the unlawful foreclosure of their homes as part of the Department of Justice’s settlement with five of the nation’s largest mortgage servicers, according to an announcement from the DOJ.”
Mortgage Professional America – “TRID implemenation costs add up” (10-2-15)
“‘It is without question the single largest implementation challenge that the broad industry has faced since Dodd-Frank,” said David Stevens, president of the Mortgage Bankers Association, speaking to the effort put into conforming to TRID.”
Housing Wire – “Tightening inventory helps flagging housing market” (10-2-15)
“House prices are picking up again on the back of a very tight housing market, says Matthew Pointon, Capital Economics’ property economist”
Bruce Norris of The Norris Group will be presenting his talk How to Create a $100,000 Payday Per Deal in 2015 on Thursday, October 8.
Bruce Norris of The Norris Group will be presenting Cashing in on a Boom: Investing in Quadrant 4 on Saturday, October 10.
Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.
The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.
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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.