Today’s News Synopsis:
In The News:
Housing Wire – “Bills to reform CFPB, relieve regulations go to House floor” (10-1-15)
“The House Financial Services Committee approved several bipartisan bills they say are designed to potentially protect consumers, reform the Consumer Financial Protection Bureau and cut regulations.”
Mortgage Professional America – “CFPB makes one last plea ahead of TRID” (10-1-15)
“Towns where shale oil production has escalated in recent years responded by building more homes to accommodate an increasing workforce. But those towns are now overbuilt as oil production recedes and workers leave or are unable to afford to buy a home.”
Bloomberg – “Blackstone’s Gray Says REIT Buyouts Loom Amid Bearish Market” (10-1-15)
“Stock investors are too bearish on U.S. real estate, and the market’s decline probably will lead to more takeovers of publicly traded landlords, along with asset sales, said Jon Gray, global head of real estate at Blackstone Group LP, the largest private equity investor in property worldwide.”
Housing Wire – “Residential construction spending rises in August” (10-1-15)
“Construction spending during August 2015 came in at a seasonally adjusted annual rate of $1,086.2 billion, 0.7% (±1.5%) above the revised July estimate of $1,079.1 billion, the U.S. Census Bureau of the Department of Commerce announced.’”
Mortgage Professional America – “U.S. consumer confidence ‘unexpectedly’ increases” (10-1-15)
“Consumer confidence in the economy is growing as the housing market and labor continue to show growing strength, according to one major Canadian bank.”
Housing Wire – “Freddie Mac: Mortgage rates below 4% ten weeks straight” (10-1-15)
“Mortgage rates remained fairly stagnant despite ongoing global growth concerns putting downward pressure on Treasury yields, the latest Freddie Mac Primary Mortgage Market Survey said.”
Bloomberg – “Blackstone Gets $15.8 Billion for Biggest Ever Real Estate Fund” (10-1-15)
“Blackstone Group LP, the world’s biggest alternative-asset manager, gathered $15.8 billion for the largest fund to invest in global real estate.”
Housing Wire – “2015 started as most affordable housing market in two years” (10-1-15)
“Buying a home was at the most affordable level in two years in the first quarter of 2015 despite the average U.S. home price increasing at more than twice the pace of the average weekly wage nationwide over the past year, according to a joint report from Clear Capital and RealtyTrac.
Bruce Norris of The Norris Group will be presenting his talk How to Create a $100,000 Payday Per Deal in 2015 on Thursday, October 8.
Bruce Norris of The Norris Group will be presenting Cashing in on a Boom: Investing in Quadrant 4 on Saturday, October 10.
Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.
The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.
Copyright: Image from www.flickr.com/photos/armydre2008
The Mortgage Bankers Association reported a 0.2% drop in mortgage applications from the previous week. Spending on construction decreased by 0.8% the prior month to $961 billion according to the Census Bureau. Rents for office space increased the most in San Jose and Dallas.
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.