Distressed sales continue to drop
CFPB’s rule to limit arbitration opens door to class action against banks
Freddie Mac: 30-year mortgage rate falls to lowest level in 3 years
Morning Briefing: Hot markets slowing, slow markets heating up
More Distressed Borrowers are Keeping Their Homes
Morning Briefing: White House announces plans for building resilience
NAHB: Unfilled construction jobs reach post-crash high of 210K
Today’s News Synopsis:
In The News:
Housing Wire – “Here are the 25 cities with the biggest rent hikes” (5-13-16)
“The rental market is ripe for single-family rental investors, even on the secondary side, with the top markets on the list showing rents increasing by above 10% in the first quarterr.”
DS News – “Fannie Mae’s Portfolio Gets a Little Less Delinquent” (5-13-16)
“Wall Street has figured in another billion-plus dollar non-performing loan (NPL) sale for one of the GSEs, with Goldman Sachs coming in as the winning bidder on four pools of deeply delinquent single-family residential mortgages totaling approximately 7,900 loans and $1.48 billion in unpaid principal balance, according to an announcement from Fannie Mae on Friday.”
Mortgage Professional America – “Morning Briefing: Mortgage originations down at start of 2016” (5-13-16)
“There was a drop in mortgage applications in the first 3 months of 2016. RealtyTrac data shows that there were 1.4 million mortgage originations on residential properties (1 to 4 units) in the US, down 12 per cent from the end of 2016 and down 8 per cent from the first quarter of 2015.”
DS News – “The Digital Revolution in the Mortgage Industry” (5-13-16)
“As more companies embrace the completely online mortgage process, there are some that remain skeptical toward this new way to buy a home.”
Bloomberg – “Retail Sales Rise Most in a Year, Marking U.S. Consumer Comeback” (5-13-16)
“Sales at retailers jumped in April by the most in a year, indicating consumer spending will help the U.S. economy recover from an early-year slowdown.”
Mortgage Professional America – “House Finance Committee to scrutinize CFPB arbitration proposal” (5-13-16)
“The House Financial Services Committee plans to hold a hearing on the Consumer Financial Protection Bureau’s proposal to limit mandatory arbitration clauses.”
DS News – “Center-Right Coalition Urges GSE Reform” (5-13-16)
“The National Taxpayers Union and a coalition of 11 other center-right organizations have written a letter to Congress urging the passage of a bill introduced by U.S. Rep. Mick Mulvaney (R-South Carolina) that includes a proposal for reforming Fannie Mae and Freddie Mac, according to an announcement on the National Taxpayers Union website.”
Hard Money Loan Closed
Reseda, California hard money loan closed. Real estate investor received loan for $400,000 on this single family property appraised for $614,000.
Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday morning, May 19.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Pasadena FIBI on Thursday night, May 19.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with FIBI Long Beach on Thursday night, May 26.
Image copyright source: www.flickr.com/photos/ishane
The Mortgage Bankers Association reported a decrease in mortgage applications this week by 3.5%. A new water bill was passed by the NAHB that would require the Environmental Protection Agency and U.S. Army Corps of Engineers to go through a proper process before placing federal jurisdiction on waterways in the nation. More and more money being put into the real estate market came from abroad markets.
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.