Today’s News Synopsis:
In The News:
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-30-15)
“Mortgage applications decreased 6.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 25, 2015.”
Mortgage Professional America – “Morning Briefing: Shale towns overbuilt as oil industry declines” (9-30-15)
“Towns where shale oil production has escalated in recent years responded by building more homes to accommodate an increasing workforce. But those towns are now overbuilt as oil production recedes and workers leave or are unable to afford to buy a home”
Bloomberg – “Meet the Hipster Real Estate Developers Building for Millennials” (9-30-15)
“Young real estate developers are using young investors’ money to put young people in young neighborhoods.”
Housing Wire – “Student loan burden doesn’t explain low Millennial homeownership [study]” (9-30-15)
“Simply stating that student loans are the reason behind the decreasing homeownership rate is not enough, Freddie Mac’s latest Insight & Outlook report said.’”
Mortgage Professional America – “Regulator confirms ‘hold harmless’ period” (9-30-15)
“Speaking before the House Financial Services Committee Wednesday, CFPB Director Richard Cordray confirmed there will be a period of time allowed for lenders and originators to acclimatize themselves to the upcoming rule change”
Housing Wire – “Here’s how TRID will impact real estate transactions” (9-30-15)
“HousingWire asked Sharon Voss, president of the Orlando Regional Realtor Association, to discuss how the new TILA-RESPA Integrated Disclosure rule from the Consumer Financial Protection Bureau will affect real estate transactions.”
Mortgage Professional America – “100 mortgage jobs cuts in Texas” (9-30-15)
“A hundred mortgage jobs in North Texas were eliminated when a San Antonio-based company indicated it would be laying off 105 employees.”
Bruce Norris of The Norris Group will be speaking at the 2015 Inland Southern California Economic Forecast Conference TOMORROW.
Bruce Norris of The Norris Group will be presenting his talk How to Create a $100,000 Payday Per Deal in 2015 on Thursday, October 8.
Bruce Norris of The Norris Group will be presenting Cashing in on a Boom: Investing in Quadrant 4 on Saturday, October 10.
Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.
The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.
Copyright: Image from www.flickr.com/photos/lendingmemo
Home prices increased in 20 US cities by 6.7% according to the latest Case-Shiller Index. The latest RealtyTrac report showed that in eight states, distressed homes sold at less than half the price of a non-distressed home. The high cost of loans seemed to be the biggest obstacle to homeowners saving for a down payment and lead to a decrease in FHA originations.
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.