Today’s News Synopsis:
Black Knight Financial Services reported a 4.7% decrease in delinquency rates, marking the first time they have gone below 5% in 8 years. Mortgage applications, on the other hand, increased 2.3% from last week. The sales of existing homes also increased substantially to their highest in 18 months with the onset of the spring buying season.
In The News:
DS News – “Delinquency Rate Drops Below 5 Percent For First Time Since 2007” (4-22-15)
“The nationwide mortgage delinquency rate fell to an eight-year low following its largest month-over-month decline in nine years, according to Black Knight Financial Services’ “First Look” at Mortgage Data for March 2015 released Wednesday.”
Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (4-22-15)
“Mortgage applications increased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 17, 2015. The Market Composite Index, a measure of mortgage loan application volume, increased 2.3 percent on a seasonally adjusted basis from one week earlier.”
Mortgage Professional America – “Daily Market Update: Balance needed between regulation and opportunity…” (4-22-15)
“A meeting held this week by the National Association of Realtors brought together industry experts and economists to discuss the state of the housing market. Looking both at historic trends and to the future, the various keynote speakers and attendees considered the effects of regulatory and economic conditions on the market.”
Bloomberg – “Housing Market Nears U.S. Busy Sales Season on Positive Note” (4-22-15)
“Sales of previously owned homes jumped in March by the most in four years, putting the U.S. residential real estate market on firm footing heading into the busiest time of year.”
Housing Wire – “Existing home sales explode as spring homebuying season officially arrives” (4-22-15)
“Existing-homes sales surged to their highest annual rate in 18 months, showing a promising beginning to the spring homebuying season, the latest report from the National Association of Relators said.”
DS News – “Freddie Mac Announces First Extended Timeline Pool Offering Auction of NPLs” (4-22-15)
“As part of the continued effort to excise all deeply delinquent, non-performing single-family residential loans from its mortgage portfolio, Freddie Mac has announced its first-ever Extended Timeline Pool Offering (EXPO) auction.”
Mortgage Professional America – “Treasury says Fannie, Freddie bailout wasn’t a loan” (4-22-15)
“In early April, the head of the U.S. Senate Judiciary Committee, Sen. Charles Grassley (R-Iowa), asked federal officials to uncloak documents surrounding a 2012 decision to alter the terms of the taxpayer bailout of housing agencies Fannie Mae and Freddie Mac.”
Housing Wire – “Market demand causes Freddie Mac to upsize first actual loss STACR deal” (4-22-15)
“Citing market demand, Freddie Mac increased the size of its latest Structured Agency Credit Risk series offering, which gives investors the opportunity to secure actual loss positions for the first time and offloads some of the credit risk the GSE holds.”
Mortgage Professional America – “March home sales, prices spring higher” (4-22-15)
“March home sales rose a significant 33.9% over sales in February, marking the third largest single month increase since the RE/MAX National Housing Report began in August 2008. When compared with sales last March, the increase was 9.9%.”
DS News – “FHFA Reiterates Vow to Protect GSE-Backed Loans From ‘Super-Priority’ Liens” (4-22-15)
“The Federal Housing Finance Agency (FHFA) has issued a statement saying it has not consented nor will it consent to the foreclosure of a GSE-backed mortgage loan when initiated by a homeowners association (HOA) that has attached “super-priority” lien status to a mortgage loan.”
Hard Money Loan Closed
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 4 bedroom, 2 bathroom home appraised for $273,000.
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.
The FHFA reported home prices increased 6.9% year-over-year in February and 0.6% month-over-month. At the same time, sales of existing homes decreased the prior month by 0.2% to 4.59 million, down from 4.60 million. Housing expectations were not as high for this year according to the GSEs with the tighter credit standards and decreased inventory.
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.