Today’s News Synopsis:
New home purchase applications decreased last month by 0.4% according to the latest MBA Builder Application Survey. Mortgage rates decreased again for the third week in a row with 30-year rates now at 3.66% and 15-year rates at 2.98%. Foreclosures starts decreased 18% last month, down 61% from its highest in 2010 at 2,871,891 properties .
In The News:
Los Angeles Times – “Average rate on 30-year mortgage falls to 3.66%” (1-15-15)
“Average long-term U.S. mortgage rates fell for the third straight week, with the benchmark 30-year rate again marking its lowest level since May 2013. The average for a 15-year mortgage, a popular choice for people who are refinancing, dipped below 3% for the first time since then.”
Mortgage Professional America – “More buyers going to credit unions for mortgages” (1-15-15)
“More home buyers are going to credit unions for mortgages, according to a new report by Sageworks. Credit unions are making more of a presence in a category traditionally reserved for specialized mortgage companies and banks.”
DS News - “All Indicators Experience Growth in Q4 Housing Barometer” (1-15-15)
“While housing recovery has generally been uneven for the last few years, the housing market experienced substantial growth in the fourth quarter of 2014 for all five indicators of Trulia’s Q4 2014 Housing Barometer, which was released on Thursday.”
Mortgage Bankers Association – “Applications for New Home Purchases Decreased in December” (1-15-15)
“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for December 2014 shows mortgage applications for new home purchases decreased by 0.4 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.”
Housing Wire – “RealtyTrac: Foreclosure starts increase two months straight” (1-15-15)
“Foreclosure filings — default notices, scheduled auctions and bank repossessions — maintained their downward trajectory in December, falling 18% from a year ago to 1,117,426 properties in December 2014, the latest RealtyTrac foreclosure market report found.”
Los Angeles Times – “Anaheim developments revive city’s vision of a new downturn for O.C.” (1-15-15)
“Anaheim’s Platinum Triangle neighborhood is finally showing signs of life following a downturn that mothballed the city’s vision of a new downtown for Orange County.”
Mortgage Professional America – “Cash sales to reach pre-crisis levels by 2017″ (1-15-15)
“Cash sales made up 35.5% of total home sales in October 2014, down from 38.7% in October 2013, according to CoreLogic. At the current rate of decline, cash sales share should reach pre-crisis levels by 2017.”
Housing Wire - “BofA misses on revenues, posting $18.7B in 4Q” (1-15-15)
“Bank of America Corporation (BAC) reported revenue, net of interest expense, as $18.73 billion, compared to $21.7 billion in the fourth quarter of 2013.”
Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.
Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.
Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.
According to the latest data from the Mortgage Bankers Association, mortgage applications increased 11.9% from the previuos week. Nine out of the twelve Federal Reserve districts reported fair economic growth, which was actually down from before when all twelve districts reported growth. Both Wells Fargo and JP Morgan Chase reported a decrease in mortgage originations as more people were choosing smaller lenders.
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