Today’s News Synopsis:
HUD and U.S. Census Bureau reported sales of new homes increased 11.6% last month and now stand at 481,000. Twenty cities in the U.S. showed signs of increase for home prices by 4.3% in November. Four big banks, JP Morgan Chase, Bank of America, Wells Fargo Bank and Citi, will be paying the state of Massachusetts $2.7 million for foreclosing on homes to which they did not hold the right.
In The News:
NAHB – “New Home Sales Rise 11.6 Percent in December” (1-27-15)
“Sales of newly built, single-family homes rose 11.6 percent in December to a seasonally adjusted annual rate of 481,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”
Bloomberg – “Home Prices in 20 U.S. Cities Increased 4.3% in November” (1-27-15)
“Home prices in 20 U.S. cities rose at a slower pace in the year ended in November, a sign the industry struggled to find momentum even amid low mortgage rates.”
Housing Wire - “Redfin: January home prices up, demand at record level” (1-27-15)
“The 2015 housing market is off to a very strong start, according to Redfin, the customer-first real estate brokerage. Redfin reports home price data early using its proprietary models and projections based on sales in the first three weeks of the month and from its own brokerage activity.”
Mortgage Professional America – “7.3 million boomerang home buyers hit the market” (1-27-15)
“The first wave of 7.3 million homeowners who lost their home to foreclosure or short sale during the foreclosure crisis in 2015 are now past the seven-year window they conservatively need to repair their credit and qualify to buy a home, according to RealtyTrac.”
OC Housing News – “CFPB launches new mortgage interest rate checker” (1-27-15)
“The more information consumers have, the better decisions they make. When I launched the new system on this site that provides detailed cost of ownership information, I did that to provide consumers more information of higher quality than they can find elsewhere to help them make better housing decisions.”
Housing Wire – “CFPB issues confidential supervisory information bulletin” (1-27-15)
“The Consumer Financial Protection Bureau reminded supervised financial institutions, including nonbank companies that may be unfamiliar with federal supervision, of the existing regulatory requirements regarding confidential supervisory information (CSI) on Tuesday.”
Mortgage Professional America - “Four banks to pay millions to Massachusetts” (1-27-15)
“JP Morgan Chase, Bank of America, Wells Fargo Bank and Citi have agreed to pay a total of $2.7 million to the state of Massachusetts after they allegedly foreclosed on homes they didn’t have a right to foreclose on.”
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.
New home sales decreased by 7% in December and were at a seasonally adjusted annual rate of 414,000. Although, they actually increased 4.5% from December of 2012. Home prices increased 8.5% year-over-year and 0.3% month-over-month in December. The FDIC reported the second bank closure of 2014 with the recent closing of the Bank of Union in El Reno, Oklahoma.
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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