Home Prices in 20 U.S. Cities Rose in June at a Slower Pace
Foreclosure Inventory Down Nearly 35 Percent Year-Over-Year in July
Freddie Mac: Mortgage rates stay low heading into holiday
Pending Sales of U.S. Existing Homes Increase More Than Forecast
Fannie Mae: Housing’s falling momentum will impede 2015 growth
Goldman nearing $1.1bn settlement with FHFA — reports
Sign of housing market top: high-end home flipping soaring
Today’s News Synopsis:
Aaron Norris gives highlights from the news of the week in this week’s real estate headline roundup video. The FHFA has proposed a new rule that would align in accordance with the Housing and Economic Recovery Act of 2008 to bring new changes to Fannie Mae and Freddie Mac. The housing market is at its slowest point of the year right now when housing searches usually show declines, which could affect a turnaround in the housing market this year. RealtyTrac just released the latest listings for the best and worst markets for flipping homes, San Francisco and Las Vegas being among the worst and Pittsburgh and Daytona Beach being among the best.
In The News:
DS News – “Rule Proposed to Establish New GSE Housing Goals” (8-29-14)
“In accordance with the Housing and Economic Recovery Act of 2008, the Federal Housing Finance Agency (FHFA) announced on August 29 that it has proposed a rule to establish new housing goals for 2015 through 2017 for Fannie Mae and Freddie Mac.”
Bloomberg - “Housing Stumbling in Slowest Season for U.S.: Mortgages” (8-29-14)
“Just when the stumbling U.S. housing market could use a boost, it’s entering the slowest period of the year. Online home searches, an indicator of demand, peak from March through August, according to Trulia, a real estate information firm that studied three years of its search activity.”
Mortgage Professional America – “BOA wants to void $1.27bn Countrywide verdict” (8-29-14)
“After agreeing to pay nearly $17 billion to settle federal probes over its sale of mortgage bonds, Bank of America is trying to get out of a $1.27 billion penalty for defective loans sold by its Countrywide unit.”
Housing Wire - “Moody’s downgrades Ocwen’s servicer ratings” (8-29-14)
“The flagging reputation of Ocwen Financial Corporation (OCN) has taken another hit as Moody’s Investors Service has downgraded Ocwen Loan Servicing’s servicer quality ratings as a primary servicer of subprime mortgage loans and as a special servicer of residential mortgage loans from SQ2- to SQ3+.”
DS News - “Freddie Mac Reports Little Movement in Mortgage Rates” (8-29-14)
“Having hit their lowest level of 2014 last week, mortgage rates barely budged in the latest market report from Freddie Mac.”
OC Housing News – “Are low house prices better than low mortgage interest rates?” (8-29-14)
“Whether low house prices or low interest rates are better is a matter of perspective. From a lender’s point of view today, low mortgage rates and high prices are better because they have so many underwater borrowers putting their capital at risk.”
Inman - “As Fed tapers, its European counterpart may just be getting started” (8-29-14)
“Here in the U.S. we enjoy the sturdiest economic situation in the world, no matter how creaky it may feel. But, to look outside … eyes wider and wider all the time.”
Housing Wire - “The best and worst markets for house flippers” (8-29-14)
“In the second quarter on average flippers bought properties for an 8% discount below their estimated market value (via automated valuation model) and re-sold them at an average 6% premium above their estimated market value, according to RealtyTrac.”
Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.
Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.
The Labor Department reported unemployment claims decreased by 6,000 from the previous week were at 331,000. Mortgage rates decreased slightly the previous week with 30-year rates at 4.51% and 15-year rates at 3.54%. Banks reported they earned $42.2 billion profit in the second quarter, a record amount.
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.