Today’s News Synopsis:
In The News:
DS News – “Economic and Job Growth Pushing Housing Slowly Toward ‘Normal’ Levels” (8-6-15)
“The housing market is slowly but surely inching closer to normal levels with the help of economic and job growth. According to the National Association of Home Builders (NAHB)/First American Leading Markets Index (LMI) released Thursday, markets in 75 of the approximately 360 metro areas nationwide have returned to or exceeded their last normal levels of economic and housing activity in the second quarter of 2015. This is an increase of 13 markets year-over-year.”
Mortgage Bankers Association – “Mortgage Credit Availability Increases in July” (8-6-15)
“Mortgage credit availability increased in July according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”
Housing Wire – “Mortgage rates move down for third week” (8-6-15)
“Average fixed mortgage rates moved down for the third week in a row as uncertainty about the economy pushed Treasury yields lower earlier in the week, Freddie Mac reported Thursday morning.”
DS News – “Distressed Sales Share Drops Below 10 Percent” (8-6-15)
“Distressed home sales, which are sales of REO properties and short sales, comprised 9.9 percent of all U.S. home sales in May, the first time since the recession that the monthly distressed sales share has dipped below 10 percent, according to data released by CoreLogic on Thursday.”
Mortgage Professional America – “Big banks loosen loan requirements” (8-6-15)
“One major bank has loosened the requirements for jumbo loan qualification, but industry players believe common sense underwriting should still apply.”
NAHB – “Builders Remain Optimistic about the 55+ Housing Market” (8-6-15)
“Builder confidence in the single-family 55+ housing market remains in positive territory for the second quarter of 2015 with a reading of 57, according to the National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released today. Despite the one-point dip from the previous quarter, this is the fifth consecutive quarter with a reading above 50.”
Bloomberg – “Service Industries in U.S. Expand at Fastest Pace in a Decade” (8-5-15)
“America’s service providers from restaurants to real estate agencies expanded in July at the strongest pace in a decade, putting the U.S. economy on track for faster growth. The Institute for Supply Management’s non-manufacturing index jumped by 4.3 points to 60.3, the best reading since August 2005 and well above the most optimistic projection in a Bloomberg survey of economists, the group’s report showed Wednesday.”
DS News – “New York AG Highlights Success of Foreclosure Avoidance Programs” (8-6-15)
“New York Attorney General Eric Schneiderman, along with housing advocates and local lawmakers, on Thursday highlighted the success of three programs his office has created in the last three years in order to help families avoid foreclosure and keep their homes.”
Housing Wire – “Fannie Mae’s net income jumps to $4.6B in 2Q” (8-6-15)
“Fannie Mae reported net income of $4.6 billion for the second quarter of 2015 and comprehensive income of $4.4 billion. The company reported a positive net worth of $6.2 billion as of June 30, 2015 resulting in a dividend obligation to Treasury of $4.4 billion, which the company expects to pay in September 2015.”
Mortgage Professional America – “Commercial originations hit highs” (8-5-15)
“It’s not just the residential mortgage sector that is experiencing a post-recession resurgence, as commercial lending sees impressive volume increases as well.”
Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with TIGAR on Thursday, August 13.
Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with Tri-Counties Association of Realtors on Friday, August 14.
Bruce Norris of The Norris Group will be giving his Secrets to Becoming Wealthy with Tony Watson on Tuesday, August 18.
Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.
Copyright: Image from www.flickr.com/photos/wwworks
The Mortgage Bankers Association reported a 1.6% increase in mortgage applications for this week. Bank of America Merrill Lynch reported on the slowdown in home price gains believing it was related more to a return from out sized gains and not a weakening market. Bank of America and the Justice Department nearly reached a settlement.
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.