Commercial/Multifamily Mortgage Debt Outstanding Grew at the Fastest Pace Since 2007
Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage rates falling; 30-year drops to 3.78%, Freddie Mac says
CoreLogic: More than 1 million homeowners regained equity in 2014
Non-Profit $4.8 Million Through Foreclosure Mitigation Counseling Program
The Nonprofit Behind Billions in Mortgage Aid Is a Mess
Did housing starts nosedive because of a labor shortage?
Today’s News Synopsis:
Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video. A new 3% down mortgage program by Freddie Mac is set to be in operation starting on Monday. In addition, they will be doing away with almost $1 billion of their debt by selling their home loans. According to the latest findings by the Census Bureau, 10% of people living in the United States are not happy in their neighborhood and want to move.
In The News:
Realty Trac – “Share of Low Down Payment Loans by County for Homes Purchased in 2014″ (3-19-15)
“RealtyTrac analyzed its address-level purchase loan data for U.S. homes purchased in 2014 by county, focusing on the share with a loan-to-value ratio of 97 percent or higher — indicating the buyer put 3 percent or less down when purchasing the home.”
Housing Wire - “KB Home posted 1Q revenues of $580.1M beating expectations” (3-20-15)
“The slowdown in housing starts didn’t hit KB Home (KBH), which beat analyst expectations for its first quarter ending Feb. 28, posting total revenues of $580.1 million, up 29% from $450.7 million in the year-earlier quarter, driven by growth in the company’s housing and land sale revenues.”
Los Angeles Times – “Inland Empire: poised to be a ‘big dog’ in California economy?” (3-20-15)
“Much of California is still struggling: The strong dollar is depressing Central Valley agricultural exports, the lowest oil prices in years are squeezing the Kern County oil fields and extreme housing prices along the coastline are giving potential home buyers pause..”
Mortgage Professional America - “Freddie Mac’s 3% LTV mortgage program starts Monday” (3-20-15)
“Beginning Monday, Freddie Mac will begin offering its new 3% down mortgage program — Home Possible Advantage. The loan program requires 3% purchase down payment or 3% equity for refinancings. The program enables a borrower to possibly reduce their interest rate while at the same time reducing their expensive monthly mortgage insurance.”
Bloomberg – “Homebuilders Rally After KB Home Reports Strong Orders” (3-20-15)
“Builders rose after KB Home reported higher orders Friday, following yesterday’s better-than-expected results from Lennar Corp., signals of growing housing demand at the start of year’s most important sales season.”
Housing Wire - “CFPB plows ahead with public consumer complaint database” (3-20-15)
“Despite numerous objections from the mortgage finance industry and some basic reasoning that publishing unvetted, anonymous complaints on a government website could be problematic, the Consumer Financial Protection Bureau is moving ahead with its plan for opening its consumer complaint database to the public.”
Mortgage Professional America - “Daily Market Update: Cities see rise in underwater homes” (3-20-15)
“The number of homeowners underwater has increased, according to the latest data from Zillow. The online real estate databased reported that in 21 out of the 50 biggest housing markets it researched there were more owners in negative equity in the fourth quarter of last year than the three months before.”
Bloomberg – “Freddie Mac Selling $1 Billion of Loans in Largest Deal” (3-20-15)
“Freddie Mac is selling more than $1 billion of soured U.S. home loans in its largest sale of the debt. Potential buyers are bidding on three pools of nonperforming loans, with unpaid principal balances of about $660 million, $249 million and $125 million, according to debt broker Mission Capital Advisors.”
Mortgage Professional America - “Census: Nearly 1 in 10 in the U.S. wan to move” (3-20-15)
“Nearly 10% of U.S. residents are dissatisfied with their current housing, neighborhood, local safety or public services to the point that they want to move, according to a U.S. Census Bureau report released today. However, only 18.3% of the 11.2 million householders who wanted to move actually did so between 2010 and 2011.”
Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.
Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7
Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.
Freddie Mac reported fixed mortgage rates decreased again this week with 30-year rates at 4.32% and 15-year rates at 3.32%. Sales of single-family and condominium homes decreased 1.4% month-over-month in February and 16.1% year-over-year. Both Fannie Mae and Zillow reported the economy could see a strong increase in home purchases should jobs increase.
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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