NAR: Tight inventory, demand push home prices higher in first quarter
Report: Senator Drafting Proposal to Reform Federal Reserve
Foreclosure Inventory, Completions Continue Decline Toward Pre-Crisis Levels
Top-Ranked Bond Manager Itching for New Breed of Risky Mortgages
Today’s News Synopsis:
In The News:
Bloomberg – “Treasury-Market Upheaval Seen Hurting U.S. Utility, REIT Shares” (5-14-15)
“Shares of utilities and real estate investment trusts may cause any “disorderly correction” in U.S. bonds to spread into stocks, according to Michael Shaoul, chief executive officer at Marketfield Asset Management LLC.”
NAHB – “Help for Remodelers, Consumers from House Lead Paint Bill” (5-15-15)
“Responding to ongoing concerns from the National Association of Home Builders (NAHB) and affiliated trade groups, bipartisan legislation to make much-needed improvements to the Environmental Protection Agency’s (EPA) Lead: Renovation, Repair and Painting (LRRP) rule was reintroduced in the U.S. House of Representatives yesterday. The bipartisan bill was introduced by Rep. Kevin Cramer (R-N.D.), along with eight original co-sponsors.”
Mortgage Bankers Association– “Applications for New Home Purchases Increased Slightly in April” (5-15-15)
“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for April 2015 shows mortgage applications for new home purchases increased by 0.3 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.”
Housing Wire – “Moody’s: Falling delinquencies bolster single, multifamily HFA portfolios” (5-15-15)
“Both single-family and multifamily portfolios securing housing finance agency bonds showed significant improvement in delinquency rates, Moody’s Investor Service says in two new reports.”
Mortgage Professional America – “House subcommittee wants delay on TILA-RESPA enforcement” (5-15-15)
“The House Financial Services Housing and Insurance Subcommittee held a hearing Thursday to determine how the upcoming integrated disclosure rule will affect consumers and mortgage lenders. The subcommittee touted bipartisan legislation that would delay enforcement of the new disclosure rule.”
DS News – “FHFA Updates Mortgage-Backed Security Structure Initiative” (5-15-15)
“The Federal Housing Finance Agency (FHFA) recently issued an update to mortgage-backed security (MBS) structure initiative, also known as Single Security. The new changes to the Single Security structure initiative are based on 23 responses to a “Request for Public Input: Proposed Single Security Structure (RFI)” released in August 2014 by the FHFA. The Single Security initiative is still in the works for approval and has not be enacted yet.”
Housing Wire – “Existing home sales to finish 2015 at record level” (5-15-15)
“Existing home sales are expected to finish the year at their highest level since 2006, the National Association of Realtors’ economic forecast forum revealed at its 2015 Legislative Meetings & Trade Expo.”
Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.
Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.
Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.
Builder confidence remained relatively the same, having dropped only one point in this month to 45. The latest foreclosure report from RealtyTrac showed activity decreased 1% from March to 115,000. The NAR predicts the sales of existing homes to be slower than the previous year.
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