Today’s News Synopsis:
Builder confidence continues to remain low despite housing starts increasing 2% last month. Many people who lost their homes during the housing crisis are not expected to purchase again soon as they continue to remain cautious with the tight credit. Home sales continue to increase, especially in California where buyers are rushing in to purchase homes.
In The News:
DS News - “New York AG Officially Introduces Expanded Bill to Fight ‘Zombie’ Foreclosures” (4-20-15)
“New York Attorney General Eric Schneiderman has introduced an expanded version of the Abandoned Property Neighborhood Relief Act which he introduced last year in order to cut down on the number of “zombie properties” – vacant homes not maintained during the long foreclosure process – in the state.”
Mortgage Professional America - “Daily Market Update: Homes are selling fast as spring buyers search in tight” (4-20-15)
“Homebuyers in California are having to move fast to find and buy their new home; while those in New York State can take their time a bit. Analysis from Trulia of homes listed on their site in February and again in April has found the markets where homes are selling the fastest.”
Housing Wire - “Fannie Mae economist: Economic momentum will boost housing markets” (4-20-15)
“Economic activity was suppressed in the first quarter due largely to the West Coast port disruptions and difficult weather patterns across the Northeast, but the economy is expected to gain momentum throughout the spring and reach previously anticipated levels by year-end, according to Fannie Mae’s Economic & Strategic Research Group.”
DS News – “Gap Between Foreclosure Completions and Alternatives Widens Further” (4-20-15)
“The gap between the number of non-foreclosure solutions for homeowners compared with completed foreclosures widened ever further in February, according to data recently released by HOPE NOW.”
Mortgage Professional America - “Housing starts rise, but builders still remain skeptical” (4-20-15)
“Nationwide housing starts rose 2% to a seasonally adjusted annual rate of 926,000 units in March, according to newly released data from the U.S. Commerce Department.”
Housing Wire - “Private mortgage insurers see gains as FHFA PMIERS, g-fee changes sink in” (4-20-15)
“Mortgage insurers took a hit Friday afternoon but several are roaring back now that the market has had time to absorb the impact of the Federal Housing Finance Agency’s changes to private mortgage insurance requirements and its tweaking of g-fees.”
Bloomberg - “Few Who Lost Homes in U.S. Will Make Purchases Again Soon” (4-20-15)
“Only about one in four former homeowners who lost property during the housing crash will soon become buyers again as tight credit keeps many out of the U.S. real estate market, according to a National Association of Realtors study.”
DS News – “Survey: Flipping Trend Continues to Gain Momentum Among Investors” (4-20-15)
“The rising trend of home flipping around the country seen in Q4 continued to build momentum among investors in nearly every market surveyed in Q1, according Auction.com’s First Quarter 2015 Real Estate Investor Activity Report released on Monday.”
Mortgage Professional America - “Are regulators abusing their power?” (4-20-15)
“Quicken Loans, the nation’s largest Federal Housing Administration (FHA) mortgage lender, has filed suit in Federal District Court against the United States Department of Justice (DOJ) and Department of Housing and Urban Development (HUD).”
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.
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