Today’s News Synopsis:
Existing home sales were low this month compared to January, although they are expected to be up from last year. At the same time, pending home sales increased 2.6%, having increased for the first time in two years. Mel Watt, director of FHFA will be speaking before the House Committee tomorrow regarding future plans for the GSEs and where they currently stand.
In The News:
Housing Wire – “January existing home sales come in flat compared to December” (1-26-15)
“Auction.com projects that existing home sales for January will fall between seasonally adjusted annual rates 4.9-5.21 million annual sales, with a targeted number of 5.06 million.”
Bloomberg – “CoreLogic Hires Freddie Mac’s Nothaft as Chief Economist” (1-26-15)
“U.S. home prices rose more than economists estimated in November, a sign job growth is helping to boost housing demand. Prices climbed 0.8 percent on a seasonally adjusted basis from October, the Federal Housing Finance Agency said in a report from Washington.”
“As Millennials begin to enter the home buying market in larger numbers, homes will get a little smaller, laundry rooms will be essential, and home technology will become increasingly prevalent, said panelists during an International Builders’ Show press conference on home trends and Millennials’ home preferences held last week.”
Housing Wire – “Moody’s: FHA premium cut a credit positive for HFAs” (1-26-15)
“Last week the White House directed the Federal Housing Administration to reduce annual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%, and now Moody’s Investors Service says it will be a positive for Housing Finance Agencies.”
Mortgage Professional America - “California pending home sales see first annual increase in nearly two years” (1-26-15)
“Pending home sales in California reported higher on a year-over-year basis for the first time since January 2013, according the California Association of Realtors (CAR).”
Housing Wire – “FHFA Director Watt goes before House committee Tuesday” (1-26-15)
“Federal Housing Finance Agency Director Mel Watt will appear Tuesday morning before the House Financial Services Committee entitled ‘Sustainable Housing Finance’.”
Mortgage Professional America - “FHA premium change begins today, here’s what to expect” (1-26-15)
“The 50 basis point reduction for Federal Housing Administration (FHA) mortgage insurance premiums begins today, and the agency expects the high volume of applications will slow down processing times.”
Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.
Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.
Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.
Hard Money Loan Closed
Alpine, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $400,000 on a 3 bedroom, 2.5 bathroom home appraised for $615,000.
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.
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