Today’s News Synopsis:
Aaron Norris gives the news of the week in this week’s real estate headline roundup video. HOPE NOW reported foreclosure starts decreased 42% in the third quarter, leading to fewer distressed borrowers receiving loan modifications. Despite the economy showing positive signs, especially in home prices, issues such as eminent domain still remain a roadblock to full recovery.
In The News:
Housing Wire – “Eminent domain remains minor headwind as housing recovers” (11-15-13)
“The housing market is poised for tremendous growth in 2014, witnessing positive momentum in home prices.”
CNN Money - “Forbes explores sale” (11-15-13)
“Forbes Media, the family-owned business magazine publisher, has hired Deutsche Bank to explore a possible sale of the company.”
Housing Wire – “CFPB issues enforcement order against Republic Mortgage Insurance Corp.” (11-15-13)
“Republic Mortgage Insurance Corp. (RMIC), a unit of Old Republic International (ORI), faces a complaint and enforcement action from the Consumer Financial Protection Bureau in which the regulator accuses the insurer of paying kickbacks to mortgage lenders in exchange for insurance business.”
Mortgage Professional America – “Industry group to CFPB: Delay QM, disclosure rules” (11-15-13)
“A new mortgage rule scheduled for implementation in January should be delayed for a year to study the harm it might cause consumers and originators, according to an industry head.”
“LoanLogics, a mortgage technology company that launched in May, has raised $11.2 million in funding from Boston-based growth equity firm Volition Capital and existing investors.”
Housing Wire – “Foreclosure starts fall 42%: Hope Now” (11-15-13)
“The number of distressed borrowers receiving loan modifications and short sales declined in the third quarter as foreclosure starts continued to fall, suggesting a new equilibrium has been reached in the housing market.”
DS News – “Clayton Holdings Announces New VP of Regulatory Compliance” (11-15-13)
“Clayton Holdings, LLC, a provider of loan due diligence, surveillance, and consulting services to the mortgage industry, announced the addition of Scott McNulla to its executive team. McNulla has joined the company as VP of regulatory compliance.”
Mortgage Professional America - “Housing affordability continues to slide” (11-15-13)
“Housing affordability continued to decline in the third quarter, spurred by rising interest rates and increased prices.”
Corona, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $395,000 on a 5 bedroom, 4.5 bathroom home appraised for $570,000.
Mortgage rates were at new record lows again with 30-year rates at 3.34% and 15-year rates at 2.65%. Mortgage delinquency rates also decreased to 7.4% as well as foreclosure rates decreased six basis points to 0.9%. Housing affordability improved across the nation in the third quarter at 74.1%.
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.