Housing Production Falls 1.6 Percent in November
Southern California housing market treads water in November
Commercial/Multifamily Mortgage Debt Rises to Record High
Congress delays HUD program
Julian Castro Statement On HUD FY2015 Budget
Foreclosure Protection Bill for Service members Passes in Both House, Senate
U .S. Economic & Housing Outlook
Tax Provisions Covered By New Senate Bill Include Mortgage Deductions
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. First-lien mortgages showed signs of improvement in the third quarter according to the latest OCC Mortgage Metrics Report. The latest Fitch ratings report showed homes are the most overvalued in Texas and California. Several lending companies have begun to offer 97% LTV products to Fannie Mae and Freddie Mac.
In The News:
DS News – “OCC Report Shows Improvement in First-Lien Mortgages for Q3″ (12-19-14)
“The OCC Mortgage Metrics Report, Third Quarter 2014, released Friday by the Office of the Comptroller of the Currency (OCC), showed improvement in the performance of first-lien mortgages serviced by seven national banks and one federal savings association for Q3 2014.”
Housing Wire – “Community bankers call on FHA to lower mortgage insurance premiums” (12-19-14)
“The mortgage finance industry wants the Federal Housing Administration to reduce its premiums, and they’re not being shy about letting the U.S. Department of Housing and Urban Development know about it.”
Mortgage Professional America – “Lenders begin to offer 97% LTV loans” (12-19-14)
“And so it begins. 360 Mortgage, Ditech Mortgage Corp., United Wholesale Mortgage and Maverick Funding are among the latest lenders to offer Fannie Mae and Freddie Mac 97% loan-to-value (LTV) products.”
Bloomberg- “The Big Winner in the Rental Home Shortage: Wall Street” (12-19-14)
“Corporate landlords are benefiting from the worst U.S. rental-housing shortage in more than a decade as construction trails demand and more Americans opt to lease rather than buy.”
Mortgage Professional America – “Where Wall Street is most likely to cash out of the single-family rental market” (12-19-14)
“After nearly three years and hundreds of thousands of property purchases, the nascent single-family rental industry is at a crossroads in terms of future growth and long-term staying power.”
Housing Wire - “Fitch Ratings: Housing in Texas and California are officially overvalued” (12-19-14)
“Two of the biggest and most populous states in America are officially overvalued housing-wise, at least that is what a new Fitch Ratings report is arguing.”
Hard Money Loan Closed
Apple Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $77,000 on a 2 bedroom, 1 bathroom home appraised for $117,000.
Bruce Norris of The Norris Group will be speaking at Prosperity Through Real Estate presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, January 6.
Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.
Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31
A new bulletin was released by Freddie Mac outlining new servicing requirements for alternatives to foreclosures, initiatives they hoped would improve the servicing process. In addition, the GSEs were also allowing homebuyers a head start toward purchasing a new home through the HomeSteps’ and HomePath listings. The CFPB started a new campaign to help consumers learn more about the new mortgage rules.
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.