Federal Reserve: Mortgage debt rises to 4-year high
New Home Sales Reach post-Recession High
Pending home sales surge to 10-year high
Appeals Court overturns Bank of America’s $1.27 billion fine in ‘Hustle’ case
‘Survivor Bill of Rights’ is Gaining Traction
Short Supply Causing Faster Price Appreciation
Freddie Mac: 30-year mortgage rate ticks up, still lowest month in 3 years
Today’s News Synopsis:
This week’s Norris Group real estate headline roundup video is a slideshow of the top news stories in the world of real estate. More consumers may have to move toward buying homes with the increase in rental prices. TransUnion released a new survey showing people more likely to open a new account for a credit card or apply for a car loan are mortgage applicants. HSBC is planning to sue Bank of America and Merrill Lynch for $420 million over bad loans sold by Countrywide.
In The News:
DS News – “High Rents May Force Buyers Into the Market” (5-27-16)
“Rents have been on the rise for several months now as demand for rental housing has increased due to a short supply of homes for sale, particularly among starter homes, and high down payments. A recent survey showed that the pendulum may be swinging in the other direction, however.”
Housing Wire – “‘Face of the housing crisis’ exonerated by Appeals Cout CountryWide Hustle ruling” (5-27-16)
“Lost in the shuffle of the United States Court of Appeals for the Second Circuit’s decision to toss the $1.27 billion penalty against Bank of America in a fraud case over defective mortgages sold by Countrywide was the fact that the court also overturned the fraud charges and voided the $1 million penalty against Rebecca Mairone, who the New York Times once referred to as the ‘face of the housing crisis.'”
Bloomberg – “Miami’s Condo Frenzy Ends With Inventory Piling Up in New Towers” (5-27-16)
“Miami’s crop of new condo towers, built with big deposits from Latin American buyers and lots of marketing glitz, are opening with many owners heading for the exits.”
Mortgage Professional America – “Mortgage applicants hungry for credit cards, auto loans – study” (5-27-16)
“A new TransUnion survey found that consumers applying for a new mortgage are two or three times more likely to open a new car loan or credit card account in the following 12 months.”
DS News – “Where is the Middle Ground in NPL Sales Guidelines?” (5-27-16)
“The sales of non-performing residential mortgage loans by Fannie Mae, Freddie Mac, and HUD have been a lightning rod for controversy in the last year or so.”
Bloomberg – “California’s Recovery Loses Luster as Tax Increases Set to Lapse” (5-27-16)
“California’s three-year boom run is showing signs of fatigue. Shaking off recession-era comparisons to Greece, the most-populous U.S. state rebounded with surpluses and an economy fueled by the fast-growing technology industry, which garnered it eight bond-rating upgrades.”
Mortgage Professional America – “Big bank plans $420 million lawsuit over soured Countrywide loans” (5-27-16)
“HSBC plans to file a $420 million lawsuit against Bank of America and Merrill Lynch over soured Countrywide mortgage loans.”
Hard Money Loan Closed
Anaheim, California hard money loan closed. Real estate investor received loan for $340,000 on this single family property appraised for $520,000.
Bruce Norris will be speaking at the Southern California Chapter of the Appraisal Institute’s 19th Annual Inland Empire Market Trends on Thursday, June 2.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with West End Real Estate Professional on Friday, June 3.
Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with CVREIA on Tuesday, June 14.
Image copyright source: www.flickr.com/photos/editor
The Mortgage Bankers Association reported another decrease in mortgage applications from the previous week, this time by 1.6%. Meanwhile, sales of new homes increased by 6.8% at 517,000. Fannie Mae reported good news for the housing market, which appeared to be doing better than the economy as a whole.
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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.