Today’s News Synopsis:
In The News:
“The National Association of Home Builders (NAHB) today urged Congress to pass two bills that would help ease regulatory burdens and uncertainties facing home building firms and other small businesses.”
Mortgage Bankers Association – “Mortgage Applications Slightly Decrease in Latest MBA Weekly Survey” (11-4-15)
“Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 30, 2015.”
Mortgage Professional America – “Canadian lender sets sights on American originator business” (11-4-15)
“It’s a lucrative market for originators and it’s one being targeted by an influential big bank. Royal Bank of Canada – the country’s largest bank, based on profits – is planning on using its acquisition of City National Corp. to grow its influence in the American jumbo mortgage market.”
Housing Wire – “CoreLogic: Distressed home sales at lowest level in 8 years” (11-4-15)
“Distressed sales, which include real estate-owned properties and short sales, accounted for 9.3% of total home sales nationally in August 2015, down 2.3 percentage points from August 2014 and down 0.4 percentage points from July 2015, CoreLogic (CLGX).”
“Federal Reserve Chair Janet L. Yellen testified before the House Financial Services Committee Wednesday morning to discuss supervision and regulation among U.S. financial institutions, but the looming interest rate hike was the subject no one could resist touching on.”
Realty Trac – “Where the Ground Shakes: The Top 5 Counties with High Risk for Earthquakes” (11-4-15)
“RealtyTrac released a recent report on natural disasters. The report identified the risk levels, ranging from Very Low to Very High, in natural disasters across the U.S. Displayed are the counties ranked by earthquake risk.”
Mortgage Professional America – “Denver tops list of hottest U.S. housing markets” (11-4-15)
“Denver has moved to the top spot among the 20 hottest U.S. housing markets, according to realtor.com’s latest housing report. According to the report, October’s 20 hottest markets received between 1.8 and 3.6 times the number of views per listing as the national average.”
Housing Wire – “Here’s the outrageous price of NYC’s most expensive condo” (11-4-15)
“One57 is officially the most expensive building in New York City, surpassing 15 Central Park West, according to the semiannual CityRealty 100 report.”
“The House Financial Services Committee on Wednesday announced the passage of several bills aimed at supporting economic growth and increasing the accountability of financial regulators.”
Bruce Norris will be speaking at the Cutting-Edge Financial Tactics Brunch on Saturday, November 7.
Bruce Norris will be speaking at the 2nd Annual TNG VIP Subsriber Brunch on Sunday, November 8.
The amount of mortgage credit available decreased again in October by 2.5% down to 113.2. The numbers for sales and median sale prices for local homes was stronger than international sales. A new regulation established by HUD that would make filing allegations against discrimination easier was thrown out this week by a federal judge.
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.