Today’s News Synopsis:
In The News:
Housing Wire - “Foreclosure activity hits 19-month high on rise in REOs” (6-18-15)
“Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 126,868 U.S. properties in May 2015, up 1% from the previous month and up 16% from a year ago to a 19-month high, according to the latest report from RealtyTrac.”
Bloomberg - “Consumer Comfort in U.S. Climbs After Falling Record Nine Weeks” (6-18-15)
“Consumer confidence stabilized after falling a record nine straight weeks as Americans became less downbeat about the economy. The Bloomberg Consumer Comfort Index increased to 40.9 in the period ended June 14 from 40.1 the prior week. A monthly measure tracking the economic outlook rose to 47.5 in June from 44 in May.”
“Ginnie Mae announced its plans on Thursday to thoroughly update program requirements and infrastructure in relation to loan documents that serve as collateral for securitized pools of loans.”
Mortgage Professional America - “Banks penalized for rushed foreclosures” (6-18-15)
“The Office of the Comptroller of the Currency, part of the Treasury Department, announced Wednesday that it has taken action against U.S. Bank, Wells Fargo, JPMorgan Chase, HSBC, Santander and Everbank.”
Housing Wire - “Breaking: Altisource Residential CEO Ashish Pandey stepping down” (6-18-15)
DS News - “Housing Experienced a Supply and Demand ‘Conflict’ In May, Economist Says” (6-18-15)
“The housing market experience experienced a “conflict” between supply and demand in May as increased home values resulted in sales, which subsequently increased supply – but at the same time, lack of affordability and economic uncertainty reduced demand, according to First American Chief Economist Mark Fleming.”
Housing Wire - “Mortgage rates tick down slightly to 4%” (6-18-15)
“Average fixed mortgage rates moved lower from the previous week’s new highs for 2015 while housing data was generally positive, according to the latest from Freddie Mac.”
Mortgage Professional America - “Fed announces benchmark rate” (6-18-15)
“The fed announced Wednesday that it would hold its benchmark interest rate at 0.25 percent. “To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate,” the Fed said in its official monetary policy report.”
Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.
Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.
Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.
Janet Yellen gave an update on the state of the economy on this day at the Federal Open Markets Committee. Highlights included monetary policy remaining the same, Fed tapering continuing, and the FOMC remaining cautious about the housing market. In their latest mortgage application survey, the Mortgage Bankers Association reported mortgage applications decreased 9.2% from the previous week. The Merrill Lynch unit in Bank of America continued to face a $1 billion lawsuit they originally tried to appeal.
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