Today’s News Synopsis:
The Mortgage Bankers Association reported a 0.2% drop in mortgage applications from last week. Spending on construction decreased by 0.8% last month to $961 billion according to the Census Bureau. Rents for office space increased the most in San Jose and Dallas.
In The News:
Mortgage Bankers Association – “Mortgage Applications Decrease Slightly in Latest MBA Weekly Survey” (9-30-14)
“Mortgage applications decreased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 26, 2014.”
Housing Wire - “Investors Unite: We have not yet begun Fannie, Freddie fight” (10-1-14)
“The judicial dismissal of a lawsuit brought in District Court by Perry Capital and Fairholme Funds is definitely a set back, but the shareholders fighting against the federal government’s sweep of profits from the GSEs say they are down, but not out – by a long shot”
DS News – “New York AG Commits More Funds to Homeowner Protection Program” (10-1-14)
“The office of New York Attorney General Eric Schneiderman will be committing up to $40 million to aid organizations that work through the Homeowner Protection Program (HOPP) to provide housing counseling and legal services to struggling homeowners, Schneiderman announced on Monday.”
Housing Wire - “JPMorgan’s $13B mortgage settlement reaches homeowners” (10-1-14)
“JPMorgan Chase (JPM) has provided relief to 46,404 borrowers in a gross principal amount of $7.6 billion as part of its $13 billion agreement to settle claims regarding the packaging, marketing, sale and issuance of residential mortgage-backed securities by Chase, Bear Stearns and Washington Mutual to investors before the financial crisis.”
Mortgage Professional America – “Judge throws out suit over Fannie, Freddie profits” (10-1-14)
“A federal judge has thrown out a lawsuit that sought to prevent the government from forcing Fannie Mae and Freddie Mac to turn over their profits to the Treasury.”
Los Angeles Times - “Higher-wage industries boost hiring in L.A., but income growth lags” (10-1-14)
“California is “in growth mode from top to bottom,” but the expansion is happening unevenly around the state, a report by Los Angeles research firm Beacon Economics found.”
Bloomberg - “Increases in U.S. Office Rents Led by San Jose and Dallas” (10-1-14)
“San Jose, California, and Dallas led the U.S. in office-rent increases in the third quarter as cities benefiting from growth in the technology and energy industries outperformed the gradual national recovery.”
Housing Wire - “Construction spending declines 0.8% in August” (10-1-14)
“Construction spending fell 0.8% in August to a seasonally adjusted annual rate of $961 billion, well below analyst expectations and below the July printing of $968.8 billion, the Census Bureau said.”
On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.
Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.
Home values increased more than 10% according to both the latest report from CoreLogic and housing price index from Clear Capital. The FHA was accepting a $1 billion bailout to cover losses from their reverse mortgage program and legacy books. More community banks in the Midwest were continuing to show signs of improvement with the decrease in delinquencies and loan losses.
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.