Today’s News Synopsis:
In The News:
“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its April 2015 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 125,875U.S. properties in April of 2015, up 3 percent from the previous month and up 9 percent from a year ago, an 18-month high.”
Housing Wire - “Zillow: Rents gallop past home values in April” (5-21-15)
“Rents for residential housing in the United States grew at their fastest pace in two years in April, surpassing home values, according to Zillow’s latest real estate market report.”
DS News - “Forecast Calls for Moderate Economic Growth; Housing Gaining Momentum” (5-21-15)
“Consumers’ conservative financial behavior suggests modest economic growth for the remainder of the year, though the housing industry appears to be gaining momentum, according to Fannie Mae’s Economic and Strategic Research Group’s May 2015 Economic Outlook released Thursday.”
Bloomberg - “Fewer Homes For Sale Makes U.S. Housing Recovery Painstaking” (5-21-15)
“A limited number of homes for sale and higher selling prices are making for one painstaking U.S. housing recovery. Contract closings on previously owned properties unexpectedly dropped 3.3 percent to a 5.04 million annualized rate in April after a 5.21 million pace that was the strongest in almost two years, figures from the National Association of Realtors showed Thursday in Washington. Prices jumped the most since the start of 2014 as the inventory of houses on the market declined from the same time last year.”
Mortgage Professional America- “New federal rules target servicers” (5-21-15)
“Federal officials on Wednesday finalized rules restricting loan servicers. The new rules from Fannie Mae and Freddie Mac will create minimums for net worth, capital and liquidity, according to a MarketWatch report.”
Housing Wire - “Senate banking committee passes massive regulatory relief bill” (5-21-15)
“The Senate Committee on Banking, Housing and Urban Affairs passed “The Financial Regulatory Improvement Act of 2015″ on Thursday. This is a big deal for housing and mortgage finance. Among the most significant proposals in the 216-page draft bill is a requirement raising the SIFI bank threshold from $50 billion to $500 billion, altering the $10 billion threshold, and targeting specific GSE changes.”
Mortgage Professional America - “Daily Market Update: Housing report reveals that the industry is picking up” (5-20-15)
“The level of new housing starts in April jumped to their highest level in more than 7 years according to the US Department of Commerce. The latest data on the housing market revealed that new starts soared by 20.2 per cent to a seasonally-adjusted annual pace of 1.14 million units.”
DS News - “Foreclosure Completions Plummet Year-Over-Year While Starts Increase” (5-21-15)
“Foreclosure completions were down by nearly one-fourth year-over-year in Q1 while foreclosure starts experienced an increase, according to data released by HOPE NOW, an industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants.”
Housing Wire - “Mortgage rates remain largely unchanged from last week” (5-21-15)
“Average fixed mortgage rates moved just slightly lower following three consecutive weeks of increases, according to Freddie Mac. The 30-year fixed-rate mortgage averaged 3.84% with an average 0.7 point for the week ending May 21, 2015, down from last week when it averaged 3.85%. A year ago at this time, the 30-year FRM averaged 4.14%.”
Property Radar - “California Median Home Price Soars past $400,000 Mark – Highest Since December 2007″ (5-20-15)
“California single-family home and condominium sales were up 9.0 percent in April 2015. April sales were 37,009 up from 33,946 in March. The increase in sales volume was predominantly due to the 9.2 percent gain in non-distressed property sales that accounted for 83.0 percent of total sales.”
Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI TONIGHT.
Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.
Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.
Fannie Mae did not experience strong growth due to both the weather and fewer people being able to afford homes. The Mortgage Bankers Association reported a 0.9% increase in mortgage applications from the previous week. Home sales in California increased the previous month by 20% month-over-month.
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