Today’s News Synopsis:
Home prices in the U.S. increased only slightly by o.1% for the eighth month in a row. Confidence in the housing market increased this past summer according to the latest Zillow report. The U.S. is experiencing a shortage of around 1 million affordable homes following budget cuts in redevelopment agencies.
In The News:
DS News – “Home Prices Continue to Gain, But at Miniscule Rate” (9-23-14)
“U.S. home prices continued to grow for the eighth straight month in July, though gains slowed to a crawl. The Federal Housing Finance Agency’s (FHFA) monthly House Price Index picked up 0.1 percent from June to July, coming down after a revised 0.3 percent increase in June.”
Mortgage Professional America – “Mortgage lending hit a 6-year high in 2013. Here’s why you shouldn’t celebrate” (9-23-14)
“Mortgage lending hit a six-year high last year – but that’s not necessarily cause for celebration. While purchase lending was up for the second straight year in 2013, spiking 13% from the previous year, mortgages for owner-occupied homes were still below every year from 1993 to 2007, according to a Wall Street Journal report.”
Bloomberg – “Housing to Top Capital Spending in Next U.S. Growth Leg: Economy” (9-23-14)
“Housing and business capital spending, two areas closely tied to swings in the world’s largest economy, are poised to diverge as home construction gives growth more of a boost in the long run while investment in new plants and equipment shows less promise, according to economists at Goldman Sachs Group Inc. and Morgan Stanley.”
Housing Wire - “CFPB collecting data on 600 million credit accounts despite privacy, security risks” (9-23-14)
“A Government Accountability Office comprehensive study released by the ranking member of the U.S. Senate Banking Committee confirms that the Consumer Financial Protection Bureau is collecting financial data on up to 600 million consumer credit card accounts, without sufficient security and privacy protections to ensure there is no risk of improper collection, use, or release of consumer financial data.”
DS News – “Housing Confidence Heats Up, But Expectations Remain Cool” (9-23-14)
“American consumers’ enthusiasm for the housing market rose over the summer from the year’s start, but expectations for future market performance have become more subdued, according to survey results released by Zillow.”
Mortgage Professional America – “Appetites grow for non-traditional loans” (9-23-14)
“Competitive pressures and the housing market’s slow recovery have opened the gate to a new path for wholesale lenders – providing brokers with the option to originate non-traditional loans.”
Housing Wire - “Here’s why MBA strongly opposes public CFPB complaint database” (9-23-14)
“The Mortgage Bankers Association strongly opposes making public the Consumer Financial Protection Bureau’s consumer complaint narrative database, an open letter from the MBA to the CFPB says.”
Bloomberg - “California Affordable Homes in Short Supply After Cuts” (9-23-14)
“As Brown runs for re-election, the most-populous state faces a shortage of about 1 million affordable homes, according to the California Housing Partnership Corp.”
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 prices increased by only 0.6% month-over-month, but year-over-year they showed an increase of 8.7%. According to the latest report from the Mortgage Bankers Association, delinquency rates for commercial and multifamily mortgages decreased 0.01% in the second quarter. The FHFA announced they would be starting a new education program to help homeowners understand better refinancing options offered under HARP.
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.