Today’s News Synopsis:
Housing starts are expected to reach normal levels in the next two years, leading to an increase in home sales according to Lawrence Yun of the NAR. Mortgage rates decreased after having seen substantial growth, putting 30-year rates at 4.04% and 15-year rates at 3.20%. CoreLogic reported a decrease in distressed properties to their lowest in eight years.
In The News:
“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released a Buy-to-Rent analysis and a Buy-or-Rent analysis on 3-bedroom residential properties in 285 counties nationwide.”
Mortgage Professional America - “Home sales to see major spike” (7-9-15)
“Lawrence Yun, chief economist for the National Association of Realtors, believes home construction will in the next two years finally return to normal levels for the first time since the recession.”
DS News - “Are First-Time Homebuyers a Bigger Risk? Yes and No” (7-9-15)
“Mortgages by first-time homebuyers tend to perform worse than those of established buyers, but that doesn’t mean first-timers are an inherently riskier group, according to a new report by the Federal Housing Finance Agency.”
Housing Wire - “Freddie Mac: Mortgage rates reverse course, drop” (7-9-15)
“Mortgage rates stopped their upward trend and dropped back down due to global uncertainty, the latest Freddie Mac Primary Mortgage Market Survey said. The 30-year fixed-rate mortgage averaged 4.04% for the week ended July 9, down from last week’s average of 4.08%. A year ago, the 30-year FRM averaged 4.15%.”
“The debate over whether ”too big to fail” has ended and the criteria for designating a bank holding company as “systemically important” under Dodd-Frank has continued this week as lawmakers convened to discuss the controversial law and its effect on the American financial system.”
Mortgage Professional America - “IMF on originators’ side” (7-9-15)
“The IMF is calling on the Federal Reserve to delay its inevitable rate hike until 2016, echoing the advice of originators across the US.”
Housing Wire- “Mortgage settlement monitor credits Chase with $3.3B in consumer relief” (7-9-15)
“National Mortgage Settlement Monitor Joseph Smith released his fifth report on JPMorgan Chase & Co.’s (JPM) residential mortgage-backed securities settlement, detailing the firm’s progress toward satisfying its consumer relief requirements of the settlement.”
DS News - “Distressed Sales Fall to Eight-Year Low” (7-9-15)
“Sales of distressed properties in April 2015 hit their lowest point since April 2007, according to a report released Thursday by CoreLogic. According to CoreLogic, distressed sales comprised 11 percent of home sales nationally in April.”
Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.
Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.
Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.
The Mortgage Bankers Association reported mortgage applications increased 1.9% from the previous week. Julián Castro was approved for nomination by the Senate, a decision many industries approved. Rental prices were believed to be increasing to the most that they would be able to and were expected to be topping off soon.
Copyright: Image from www.flickr.com/photos/qwrrty/
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.