Today’s News Synopsis:
Foreclosures decreased 35% year-over-year and now stand at 648,000, down from 1 million. 218,000 new jobs were added this month according to the latest ADP National Employment Report. In an update on an earlier story, Richard Cordray spoke before the House Financial Services Committee yesterday telling them they are doing what they can to make improvements to the work environment and employee review processes.
In The News:
Housing Wire - “CoreLogic: Foreclosure inventory tumbles 35%” (7-31-14)
“The national foreclosure inventory is down 35% from a year ago, with approximately 648,000 homes in some stage of foreclosure, compared to 1 million a year ago, CoreLogic’s latest June National Foreclosure Report found.”
DS News – “Job Market Adds 218,000 Jobs in July” (7-31-14)
“The ADP National Employment Report for July 2014 shows that job growth continued throughout the month in yet another step along the way to full economic recovery.”
OC Housing News – “Shiller: housing faces “turning point” as seasonally adjusted prices fall in May” (7-31-14)
“When a housing market reaches a top, it’s usually preceded by an unexpected drop in sales during the prime selling season. In June of 2006, sales fell off a cliff, and prices soon followed, and in July of 2010 after expiration of the tax credits, sales again suddenly collapsed, and home prices fell for another 18 months.”
DS News - “Cordray Responds to Allegations of Discrimination at the CFPB” (7-31-14)
“Following allegations of racial and gender discrimination at the Consumer Financial Protection Bureau (CFPB), the bureau’s director, Richard Cordray spoke before the House Financial Services Committee Wednesday. Cordray said the bureau is working to improve the working environment and review processes for its employees.”
Mortgage Professional America - “BOA ups settlement offer to $14bn, government still balks” (7-31-14)
“Bank of America wants to be done with government probes. The bank significantly upped its settlement offer to resolve a Justice Department probe over mortgage-backed securities, but the two sides still haven’t reached an agreement.”
DS News – “SIGTARP Calls for Changes to HAMP” (7-31-14)
“The office of the Special Investigator General for TARP (SIGTARP) released its quarterly report on the progress and status of the Troubled Asset Relief Program.”
Los Angeles Times - “Freddie Mac: Mortgage rates hold steady; 30-year averaging 4.12%” (7-31-14)
“Mortgage rates are moving fast in one direction this summer — sideways. Freddie Mac’s weekly survey, out Thursday, showed the average rate for a 30-year fixed-rate home loan was 4.12%, practically unchanged from last week’s 4.13%.”
Mortgage Bankers Association - “Commercial/Multifamily Borrowing Remains on Pace with Last Year” (7-31-14)
“According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, second quarter 2014 commercial and multifamily mortgage loan originations were two percent lower than during the same period last year, but 34 percent higher than the first quarter of 2014.”
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.
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