Applications for New Home Purchases Increased in March
Commercial, multifamily lending hits near-record level
Mortgage Credit Availability Tightens Up
Mortgage Credit Access Reverses Course
Morning Briefing: Wells Fargo to pay $1.2 billion for hiding bad loans
Big bank settlement for loan origination is largest in FHA history
Goldman Sachs officially reaches $5B settlement over toxic mortgage bonds
Five major banks fail bailout test, would need taxpayer money in crisis
Gen Xers Shaken from Housing Burst Effects
RealtyTrac Launches Enhanced API Product With Streamlined Enterprise-Level Access To U.S. Public Record Property Data
California housing market ranked nation’s 8th healthiest
SoCal’s housing crisis: ‘Either rents go up or we build more units’
Today’s News Synopsis:
In The News:
Los Angeles Times – “California doesn’t have enough housing, and lawmakers aren’t doing much about it” (4-14-16)
“The reason why California faces a housing affordability crisis is simple, many experts say: Lots of people want to live in the state and there aren’t enough houses for them.”
Mortgage Professional America – “Morning Briefing: Miami market meltdown” (4-15-16)
“The housing market in Miami Beach has slumped according to a new report from Douglass Elliman and Miller Samuel Real Estate Appraisers & Consultants.”
DS News – “Mortgage Banking Sector Suffers at PNC” (4-15-16)
“The PNC Financial Services Group’s residential mortgage banking division faced losses at the start of the year due to losses related to mortgage servicing rights and lower loan sales.”
Bloomberg – “The Affordable-Housing Crisis Moves Inland” (4-15-16)
“When Nashville Mayor Megan Barry was campaigning last year, she made increasing the city’s stock of affordable housing a big part of her platform. It’s not hard to see why: Home prices in the cradle of country music have jumped 58 percent over the past three years as workers flocked to the city’s thriving economy.”
Housing Wire – “Dial it back: Fannie Mae now expects only one Fed interest rate hike in 2016” (4-15-16)
“Shortly after the Federal Open Market Committee announced an increase of the federal funds rate in December, marking the first rate hike since June 2006, economists at Fannie Mae predicted that there would be three more rate hikes in 2016.”
DS News – “New SFR Association to Expand Market’s Influence” (4-15-16)
“The Five Star Institute President and CEO Ed Delgado has announced the formation of the Single-Family Rental Association (SFRA), a member-led conduit for connection and training in the growing single-family rental market.”
Bloomberg – “Manufacturing Output in U.S. Falls by Most Since February 2015” (4-15-16)
“U.S. manufacturing output unexpectedly declined in March by the most since February 2015, indicating factories remain scarred by global challenges that are slow to dissipate. ”
Mortgage Professional America – “House committee votes to bring CFPB budget under congressional control” (4-15-16)
“The House Financial Services Committee on Wednesday approved a bill that would bring the Consumer Financial Protection Bureau’s budget under congressional oversight.”
DS News – “The New 21st Century Housing Finance System” (4-15-16)
“America’s housing finance system is in what some call a “dysfunctional limbo.” Not only is it underperforming, but it is also outdated and in desperate need of a complete revamping among its mission, activities, products, and services.”
Hard Money Loan Closed
El Cajon, California hard money loan closed. Real estate investor received loan for $310,000 on this single family property appraised for $462,500.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with IVAR on Wednesday, May 4.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.
Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.
The House passed the Mortgage Choice Act in a 286-140 vote. Mortgage rates increased slightly this past week with 30-year rates at 3.58% and 15-year rates at 2.87%. Another final decision was also made by the CFPB regarding lender rules for providing lists of homeownership counseling organizations to mortgage applicants.
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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.