Multifamily Decline Pushes Nationwide Housing Starts Down 14.4 Percent in August
Builder Confidence Hits Highest Level Since November of 2005
Industry Job Cuts Continue in Q2
HSBC Agrees to Pay $550M in RMBS Settlement
Former HUD Secretary: Housing assistance programs in dire need of reform
Home Ownership is the Foundation of the American Dream
The taper is nearly complete — lock your borrowers in while rates are low
Today’s News Synopsis:
Aaron Norris gives highlights from the news of the week in this week’s real estate headline roundup video. There is an increasing gap between those who prefer owning a home and those who wish to rent. FHA loans are continuing to decrease as banks continue to debate over who pays for risky mortgages. More and more smaller banks are stepping in to help people purchasing a home for the first time.
In The News:
Los Angeles Times - “Divide between homeowners and renters is growing” (9-18-14)
“For homeowners in Southern California, the housing recovery has been pretty kind. For renters, not so much. New figures highlight the growing gap between owners and renters in the Southland: Many homeowners are capitalizing on low interest rates to push down their monthly payment while renters are shelling out larger shares of their income to stay afloat.”
Bloomberg – “Mom-and-Dad Banks Step Up Aid to First-Time Home Buyers” (9-19-14)
“The Bank of Mom and Dad is playing a growing role as lender of last resort for a housing recovery struggling to provide more traction for the U.S. economy.”
Housing Wire - “HUD, administration announce Promise Zone competition” (9-19-14)
“Housing and Urban Development Secretary Julián Castro joined Agriculture Secretary Tom Vilsack,Transportation Secretary Anthony Foxx, and Education Secretary Arne Duncan announced Friday morning a competition to designate a new round of Promise Zones.”
OC Housing News – “The big right-wing housing bubble lie” (9-19-14)
“I try not to be political on this blog. My posts have been picked up from both Tea Party blogs and Progressive blogs, so partisans embrace my pillory of both sides foibles. My burning desire is to know and expound the truth, and it angers and offends me when either side spins facts and promotes an inaccurate interpretation of financial history.”
Mortgage Professional America – “Who got hit hardest during the housing boom and bust?” (9-19-14)
“It comes as no shock that mortgage originations reached record levels in the United States right before the housing market crashed in 2009. But, the Urban Institute has created a new tool that takes an in-depth look at the U.S. mortgage market during the last 12 years and the severity of the housing boom.”
Housing Wire - “Progress Residential prices first REO-to-rental securitization” (9-19-14)
“Progress Residential, the latest company to join the growing REO-to-rental securitization market, has priced its first securitization, a $473.4 million offering, backed by a single loan secured by a first priority of mortgages on 3,142 income-producing single-family rental properties.”
Bloomberg - “FHA Loans Plunge 19% as Lenders Haggle With Officials” (9-19-14)
“Home loans to lower-income Americans are dwindling as Washington regulators and major banks continue to haggle over who pays when riskier mortgages go bad..”
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos TONIGHT.
On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.
Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.
Existing home sales increased the previous month by 1.7% in the wake of increasing interest rates. On the same note, mortgage rates actually decreased to their lowest in five weeks with 30-year rates at 4.5% and 15-year rates at 3.54%. Senator Mark Warner said he saw both the GSE Reform Bill and Taxpayer Protection Act of 2013 getting closer and closer to being passed.
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.