Today’s News Synopsis:
Mortgage rates continued to show signs of increase for the third week in a row with 30-year rates at 3.80% and 15-year rates at 3.07%. Developer sentiment continues to remain above 50 for the multifamily market for the third week straight. The latest Multifamily Production Index came in at 54 for the fourth quarter of 2014. Home prices increased 1.4% in the fourth quarter in December.
In The News:
DS News – “Morgan Stanley Agrees to Pay $2.6 Billion to Resolve RBMS Claims” (2-25-15)
“Investment firm Morgan Stanley agreed in principle on Wednesday to pay $2.6 billion to resolve claims that it packaged and sold faulty residential mortgage-backed securities leading up to the financial crisis, according to multiple media reports.”
Housing Wire – “Freddie Mac: Mortgage rates increase three weeks straight” (2-26-15)
“Although mortgage rates grew for the third consecutive week, they still remain near lows experienced in late May 2013, the latest Freddie Mac Primary Mortgage Rate Survey found.”
“The Multifamily Production Index (MPI), released today by the National Association of Home Builders (NAHB), held steady with a reading of 54 for the fourth quarter of 2014. This capped the third straight year of quarterly readings consistently at 50 or above.”
Housing Wire – “Fannie Mae: Strong job growth could boost economy” (2-26-15)
“Despite the slate of bad news that’s started off 2015, Fannie Mae’s analysts predict that the economy is poised for a pickup in growth in 2015. Fannie’s Economic & Strategic Research Group say they expect a strengthening employment sector, rising income growth, and declining commodity prices.”
DS News – “FHA Commissioner Reaffirms Commitment to Middle Class, Administration’s Role” (2-26-15)
“Federal Housing Administration (FHA) Acting Commissioner Biniam Gebre reaffirmed his organization’s commitment to America’s middle class as well as the role of the Administration and defended the FHA’s recent lowering of the mortgage insurance premiums in statement released Thursday.”
Mortgage Professional America – “Daily Market Update: New home sales hold steady” (2-26-15)
“Newly released data from the US Department of Housing and Urban Development and the U.S. Census Bureau show that sales of new homes was down slightly in January, falling 0.2% to an adjusted annual rate of 481,000.”
Housing Wire – “FHFA: House prices edge up 1.4% in December” (2-26-15)
“House prices rose 1.4% in the fourth quarter of 2014 according to the Federal Housing Finance Agency house price index. This is the fourteenth consecutive quarterly price increase in the purchase-only, seasonally adjusted index. FHFA’s seasonally adjusted monthly index for December was up 0.8% from November.”
Mortgage Professional America – “TRID: I don’t think it means what you think it means” (2-26-15)
“The new integrated disclosure rule is set to take effect in August 1 and is something the mortgage industry has been warned about again and again. However, while many are aware of the rule, they are unaware of one of its key changes, according to a recent poll conducted by mortgage data firm Secure Settlements Inc. (SSI).”
“Freddie Mac’s total mortgage portfolio contracted to start 2015 after ending 2014 with hits highest annualized growth rate for a single month in five years while the serious delinquency rate for the Enterprise’s loans fell to a six-year low, according to the Enterprise’s January 2014 Monthly Volume Summary released Thursday.”
Hard Money Loan Closed
Lakewood, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $250,000 on a 3 bedroom, 2 bathroom home appraised for $482,000.
Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.
Bruce Norris of The Norris Group will be speaking at Coldwell Banker’s 2015 Real Estate Forecast Wednesday, March 4.
Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.
The FHFA reported home prices increased 7.7% in the fourth quarter along with other goods and services, which showed a 0.7% increase. New home sales increased the previous month by 9.6%, the highest in over five years. Mortgage applications showed an 8.5% decrease in the latest Mortgage Bankers Association Application survey.
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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