Mortgage Applications Increase in Latest MBA Weekly Survey
Freddie Mac: Mortgage rates hold at year’s low; 30-year average at 4.1%
ADP: Private employment grew by 204,000 in August
Commercial/Multifamily Delinquencies Continue Decline
HUD: Loan Sales Cut Insurance Losses, Reduced Foreclosures
2.5 million borrowers face imminent payment shock
Housing Woes Worse in L.A. Than New York, San Francisco
Today’s News Synopsis:
Aaron Norris gives highlights from the news of the week in this week’s real estate headline roundup video. A new rule regarding the liquidity coverage ratio was just finalized by the Federal Reserve Board, FDIC, and OCC. The number of new jobs created increased to only 142,000 last month, a low for the year. Movato recently released a report of the states with the most expensive homes, among which include California, Texas, Florida, and New York.
In The News:
Housing Wire - “Job creation tumbles to 2014 low in August” (9-5-14)
“Total nonfarm payroll employment increased by a meager 142,000 in August, well below replacement levels and well below analyst expectations, the Bureau of Labor Statistics reported Friday.”
OC Housing News – “Winning and losing strategies for home sale asking prices” (9-5-14)
“I sold more real estate in 2011 and 2012 than most people sell in their lifetimes. As manager of a flipping fund operating in Las Vegas, I bought and sold more than 50 properties during that two-year stretch.”
Bloomberg – “Swaps Rule Requires $644 Billion in Collateral, Regulator Says” (9-5-14)
“U.S. banks would need $644 billion in collateral to offset risks in swaps traded among themselves, according to an analysis of rules re-proposed by regulators.”
DS News – “Federal Agencies Approve New Liquidity Coverage Rule for Large Banks” (9-5-14)
“The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) finalized a rule with regards to the “liquidity coverage ratio” (LCR) of large financial institutions, the Federal Reserve Board announced earlier this week.”
Housing Wire – “Here are the states with the priciest homes for sale” (9-5-14)
“For the well off and affluent, the housing market is still going strong, and lenders are quickly jumping on board to make sure they have the financing they need.”
Mortgage Professional America - “Carrington to add up to 360 new jobs” (9-5-14)
“Carrington Mortgage Services has announced plans to create up to 360 new jobs. The company, headquartered in California, has announced plans to expand its operations in Westfield, Ind. Carrington will invest $3.17 million to renovate a 77,000-square-foot facility in Westfield.”
Bloomberg - “Wall Street Flood of CMBS Threatens to Overwhelm Buyers” (9-5-14)
“Commercial-mortgage bond buyers are girding for the biggest deluge of offerings in seven years just as the debt becomes harder to sell amid slipping underwriting standards.”
DS News - “Home Sales Typically Slow in Autumn Despite Economic Gains, Analyst Says” (9-5-14)
“Lawrence Yun, chief economist and senior vice president of the National Association of Realtors (NAR), issued a statement on September 3 reporting that despite reports of more jobs, lower interest rates, and overall economic improvement, home sales are typically slow for the autumn months.”
Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.
Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.
According to the latest report from the Department of Labor, unemployment claims decreased by 9,000 to 323,000 in the week ending August 31. Mortgage interest rates increased this week with 30-year rates at 4.57% and 15-year rates also higher. At the same time, this increase in mortgage rates also lead to an increase in competition and therefore lower prices for jumbo loans. In some other good news, 8.3 million homeowners were recovering from being underwater and were expected to gain enough equity over the next 15 months to be able to sell their homes.
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.