Median Distressed Home Price Jumps 18 Percent in October
Court rulings in unpaid HOA fees raise risk in RMBS, SFR deals
Treasury Nets $35 Million In Securities Auction as Part of TARP Wind Down
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. New homes sold last month did increase 0.7%, although sales were still below expectations. The Mortgage Bankers Association reported a 4.3% decrease in mortgage applications from last week. Mortgage rates decreased again with 30-year rates now at 3.97% and 15-year rates at 3.17%.
In The News:
Bloomberg – “Fewer New U.S. Homes Sold in October Than Economists Forecast” (11-26-14)
“New homes in the U.S. sold at a slower pace than forecast in October as builders focused on meeting demand at the upper end of the market. Purchases climbed 0.7 percent to a 458,000 annualized pace from a revised 455,000 rate in September that was lower than initially reported, data from the Commerce Department showed today in Washington.”
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-26-14)
“Mortgage applications decreased 4.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 21, 2014. The previous week’s results had included an adjustment for the Veterans Day holiday.”
Housing Wire - “Goldman Sachs launches first jumbo mortgage bond since crisis” (11-26-14)
“One of the most notorious names from the mortgage crisis is back. And they’re back in a big way. Goldman Sachs (GS), which was at the forefront of the toxic mortgage crisis that nearly crippled the U.S. economy, is preparing to launch its first post-crisis prime jumbo residential mortgage-backed securitization.”
Realty Trac – “Will New Government Protections Produce Fewer Mortgage Hassles?” (11-26-14)
“With tens of millions of mortgages outstanding it might seem as though every possible loan question has been resolved, that the lending system would have an answer for absolutely any situation that might arise.”
Los Angeles Times – “Freddie Mac: Average 30-year mortgage rate slips to 3.97%” (11-26-14)
“Low mortgage rates are on the holiday menu for home buyers, with lenders surveyed by Freddie Mac offering 30-year fixed-rate home loans this week at an average of 3.97%, down from 3.99% a week ago..”
Housing Wire – “Pending home sales reverse course” (11-26-14)
“Pending homes sales reversed the slight increase it madelast month, posting a meager decline in October but still above year-over-year levels for the second straight month, the National Association of Realtors said.”
Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.
Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.
Building permits increased the previous month by 6.2% and were at their highest in five years. Home prices continued to increase at a good rate, having gone up 3.2% in the third quarter and 11.2% over the previous four quarters. Fannie Mae and Freddie Mac continued to purchase home loans at $417,000 in low cost areas and $625,500 in high-cost areas.
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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