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Today’s News Synopsis:
Despite a decrease in average gross ROI and profit, California is still fourth on the list of states leading home flipping. Freddie Mac saw a drop in their serious delinquency rate by 2% last August. Different organizations, including the Federal Reserve Board and BofA Merrill Lynch Global Research, continue to debate over whether or not mortgage credit is loosening.
In The News:
Housing Wire – “Credit Suisse: This is slowing down homeownership” (10-6-14)
“Affordability is no longer a compelling motivator for first-time homebuyers, according to a new report from Credit Suisse. Due to the combination of higher mortgage insurance costs, higher interest rates and higher home prices, affordability is back to the long-term averages for first-time buyers.”
“Despite seeing a decline in average gross ROI and average gross profit on flipped homes, California still ranked fourth among the 50 states and District of Columbia in flipped homes as a percentage of total sales in Q2, according to RealtyTrac.”
Realty Trac – “Are Banks Smart To Haggle With the FHA?” (10-6-14)
“The growing battle between the FHA and the lending industry could soon impact home sales and refinancing nationwide, a contest to win both hearts and minds not to mention loan originations worth billions of dollars.”
Mortgage Professional America – “S&P faces new investigation over mortgage bond ratings” (10-6-14)
“Standard & Poor’s is in hot water over its ratings of mortgage bonds again, this time with New York Attorney General Eric Schneiderman.”
OC Housing News - “Why aren’t Millennials buying homes?” (10-6-14)
“In the 60 years between World War II and the housing bust, each generation obtained an education, secured a job, got married, and bought a home in the suburbs, enshrining our nostalgic notions of the American Dream. Unfortunately, lenders destroyed all that.”
DS News – “Freddie Mac’s Serious Delinquency Rate Dips Below 2 Percent” (10-6-14)
“Freddie Mac followed the lead of its sister government-sponsored enterprise, Fannie Mae, and reported a serious delinquency rate of less than 2 percent for August in its recently-released August 2014 Monthly Summary.”
Housing Wire – “Is mortgage credit loosening or not?” (10-6-14)
“The Federal Reserve Board’s Quarterly Senior Loan Officer Survey of credit conditions indicates that mortgage credit loosened in Q2 2014.”
On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.
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