Today’s News Synopsis:
In The News:
DS News – “Treasury Nets $35 Million in Securities Auction as Part of TARP Wind Down” (11-24-14)
“As part of a continuing effort to wind down the government’s Troubled Asset Relief Program (TARP) to bail out banks devastated by the financial crisis of six years ago, the U.S. Department of Treasury recently auctioned off preferred stocks for three institutions, gaining $35.6 million in aggregate gross proceeds.”
Bloomberg – “Home Prices in 20 U.S. Cities Increase at a Slower Pace” (11-25-14)
“Home prices in 20 U.S. cities advanced at a slower pace in the 12 months through September as the housing market continued to make gradual progress. The S&P/Case-Shiller index of property values increased 4.9 percent from September 2013, the smallest gain since October 2012, after rising 5.6 percent in the year ended in August, the group reported today in New York.”
Mortgage Professional America – “FHFA sets 2015 conforming loan limits” (11-25-14)
“The Federal Housing Finance Agency (FHFA) has set the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2015. The limit will remain at $417,000 for one-unit properties in most of the country.”
Housing Wire – “Mortgage lending reverses yearlong trend” (11-25-14)
“Mortgage originations reversed a four-quarter trend in the third quarter, rising for the first time in a year, according to the Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York.”
DS News – “Median Distressed Home Price Jumps 18 Percent in October” (11-25-14)
“The median price of a distressed residential property, which is one that is either in the foreclosure process or owned by a bank, jumped up by 18 percent year-over-year in October, according to RealtyTrac’s October 2014 Residential and Foreclosure Sales Report released on Wednesday.”
Bloomberg – “Refinancing Boom Exposing Risks in U.S. Property Bonds” (11-25-14)
“A $40 million penalty wasn’t enough to keep the owner of San Francisco’s Parkmerced apartment complex from the chance to lock in record-low interest rates and take advantage of the property’s $1.5 billion value.”
Housing Wire – “Excessive regulation of mortgage lending drags down bank profit” (11-25-14)
“Bank earnings climbed to $38.7 billion in third quarter 2014 as institutions saw jumps in trading and other revenue, according to the latest report released today by the Federal Deposit Insurance Corp.”
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.
Pending home sales decreased in October 0.6% month-over-month and were at their lowest in ten months. Commercial real estate, on the other hand, increased 11% year-over-year in the third quarter for smaller properties and 9% for larger properties. Analysts were expecting a new person would be brought in as head of the FHFA to oversee Fannie Mae and Freddie Mac.
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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