Today’s News Synopsis:
In The News:
NAHB – “Builder Confidence Hits Highest Level Since November 2005” (7-16-15)
“Builder confidence in the market for newly built, single-family homes in July hit a level of 60 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today while the June reading was revised upward one point to 60 as well. The last time the HMI reached this level was in November 2005.”
Mortgage Bankers Association – “Applications for New Home Purchases Increased in June” (7-16-15)
“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for June 2015 shows mortgage applications for new home purchases increased by 1 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.”
Bloomberg – “Goldman Profit Drops on Fixed Income, Surge in Legal Costs” (7-16-15)
“Goldman Sachs Group Inc.’s profit tumbled 49 percent as fixed-income trading revenue dropped more than its rivals and litigation expenses rose fivefold. Second-quarter net income fell to $1.05 billion, or $1.98 a share, from $2.04 billion, or $4.10, a year earlier, the New York-based company said Thursday in a statement.”
Housing Wire – “Fannie Mae issues sale of more than $800M in non-performing loans” (7-16-15)
“Fannie Mae today announced its second sale of non-performing loans, including a smaller Community Impact Pool, a geographically-focused, high occupancy pool being marketed to encourage participation by nonprofits and minority- and women-owned businesses.”
Mortgage Professional America – “Big bank confirms origination trend” (7-16-15)
“Citigroup released its quarterly results Thursday, and they indicate an exponential growth in mortgage originations. The bank originated $8.8 billion in the second quarter of this year, a 42 percent year-over-year increase and a 26 percent increase over the prior quarter.”
DS News – “Cash Sales Share Falls to Lowest Level Since September 2008” (7-16-15)
“The cash sales share of total home sales in April 2015 was 33.7 percent, a drop of 3.7 percentage points from the previous April (37.4 percent), making April 2015 the 28th consecutive month in which the cash sales share experienced a decline, according to CoreLogic’s April 2015 Cash Sales Data released Thursday.”
Housing Wire– “Freddie Mac: Mortgage rates continue roller coaster, move to new high” (7-16-15)
“Mortgage rates continued to fluctuate and moved to their highest level this year amid volatility in the bond markets, Freddie Mac’s most recent Primary Mortgage Market Survey said.”
Mortgage Professional America – “Big bank reports solid mortgage growth” (7-16-15)
“Bank of America pulled ahead of its competitors in the mortgage space, according to its Q2 results. Revenue for that business almost doubled to $1 billion year-over-year, according to statics released by the behemoth bank.”
“The Consumer Financial Protection Bureau (CFPB) on Thursday published the first in a new series of monthly reports that highlight key trends found in the complaints the consumers submit to the Bureau.”
Hard Money Loan Closed
Lakewood, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $250,000 on a 3 bedroom, 2 bathroom home appraised for $482,000.
Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.
Bruce Norris of The Norris Group will be presenting the California Real Estate Market Update with TIGAR on Thursday, August 13.
Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.
Builder confidence increased four points in July to 53, a success as any reading over 50 showed that more viewed the condition of sales as positive. The pace at which home prices increased was slower with the median price for non-distressed homes increasing only 0.8% year-over-year. Janet Yellen spoke with lawmakers this week saying a monetary stimulus may still need to occur with the impending increase in interest rates.
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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.