Optimism about housing gradually improving
Millennials still grapple with first-time homebuying
Cities Struggle to Recover From U.S. Recession, Pew Says
Today’s News Synopsis:
Mortgage rates continue to remain low with 30-year rates at 4.01% and 15-year rates at 3.20%. The Mortgage Bankers Association reported new home purchase applications increased last month 8%. Home affordability declined in the third quarter at 61.8% according to the NAHB.
In The News:
Bloomberg – “Regulators to Curb Financial Risks at U.S. Servicers” (11-13-14)
“Regulators are preparing rules to curb financial risks of expanding nonbank mortgage companies after investigating homeowner complaints that include improper foreclosures and unauthorized fees.”
Housing Wire - “Freddie Mac: Mortgage rates remain near yearly lows” (11-13-14)
“Mortgage rates barely waivered from last week’s levels, with the 30-year mortgage rate staying around 4% for the last several weeks, Freddie Mac’s Primary Mortgage Market Survey revealed.”
Mortgage Bankers Association - “Applications for New Home Purchases Increased in October” (11-13-14)
“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for October 2014 shows mortgage applications for new home purchases increased by 8 percent relative to the previous month.”
DS News - “Florida Posts Highest REO Total for October” (11-13-14)
“Maryland may have overtaken Florida for the nation’s highest foreclosure rate of any state in October, but Florida still led all states by far in bank repossessions (REOs) for the month, according to RealtyTrac’s October 2014 U.S. Foreclosure Market Report released Thursday.”
NAHB - “Housing Affordability Slightly Lower in Third Quarter” (11-13-14)
“Firming home prices in markets across the country contributed to a slight dip in nationwide housing affordability in the third quarter of 2014, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today.”
Los Angeles Times – “Bay Area home prices cool off just a bit” (11-13-14)
“Maybe, just maybe, there are limits to what people will pay to live near San Francisco Bay. Red-hot home prices in the Bay Area are showing signs of pleateauing, according to new figures out Thursday.”
Housing Wire – “Massive MSR deal between Wells Fargo and Ocwen is officially dead” (11-13-14)
DS News – “Report: Job Openings Decline While Hires, Separations Increase” (11-13-14)
“The number of job openings in the country declined slightly from August to September, while the number of hires and separations both increased, according to the September 2014 Job Openings and Labor Turnover report released by the U.S. Bureau of Labor Statistics on Thursday.”
Mortgage Professional America – “CFPB fines Franklin Loan Corp. for giving employees illegal bonuses” (11-13-14)
“The Consumer Financial Protection Bureau (CFPB) has ordered a California mortgage lender, Franklin Loan Corp., to pay $730,000 for giving its employees illegal bonuses for steering consumers into loans with higher interest rates.”
Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.
Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.
Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.
The Mortgage Bankers Association reported a 1.8 decrease in mortgage applications from the previous week. The U.S. budget deficit was smaller for the start of 2014 as a result of spending cuts and the partial government shutdown. Reform for the GSEs became a central focus in Capitol Hill in the wake of mid-term elections.
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.
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