Today’s News Synopsis:
Mortgage rates decreased again for the fourth week with 30-year rates now at 3.4% and 15-year at 2.61%, a new low. Unemployment claims decreased by 16,000 to 339,000, putting them at their lowest in five years. The NAHB is seeking help from Congress to maintain support for important housing incentives.
In The News:
Housing Wire - “Unconventional servicing platforms entice investors, hurdles remain” (4-25-13)
“Nonbank mortgage servicers are increasingly using securitization to access the capital needed to fund purchases of servicing assets, increasing both the size and complexity of servicer advance transactions, Standard & Poor’s said in its latest report.”
Bloomberg – “U.S. Mortgage Rates Fall With 15-Year at Lowest on Record” (4-25-13)
“Mortgage rates in the U.S. fell for a fourth week, with the 15-year average hitting a record low, helping to strengthen the housing recovery.”
Mortgage Bankers Association – “MBA and EverFi Providing Financial Literacy Education to 10,000 American Consumers” (4-25-13)
“The Mortgage Bankers Association (MBA) today announced that the initial stage of its partnership with EverFi, the nation’s leading education technology company, will provide interactive, web-based financial literacy education to more than 10,000 Americans across the United States as part of the Association’s Financial Fitness USA program.”
DS News - “Zillow: Home Price Growth Moderates in Q1″ (4-25-13)
“After “months of robust and largely unsustainable annual home value appreciation,” the national housing market finally showed signs of moderation in this year’s first quarter, Zillow reported Thursday.”
NAHB - “Remodeler Confidence Dips in First Quarter 2013″ (4-25-13)
“Remodelers’ confidence in the market dipped in the first quarter of 2013 when the Remodeling Market Index (RMI) fell six points to 49, according to the National Association of Home Builders (NAHB).”
Bloomberg - “Deutsche Bank Must Face Los Angeles Slumlord Claim Suit” (4-25-13)
“Deutsche Bank AG (DBK) must face a lawsuit by Los Angeles claiming the bank let foreclosed properties in low-income neighborhoods fall into disrepair and illegally evicted tenants to sell foreclosed buildings.”
DS News - “First-Time Jobless Claims Drop, Continuing Claims at 5-Year Low” (4-25-13)
“First-time claims for unemployment insurance dropped for only the second time in the last six weeks, falling 16,000 to 339,000 for the week ending April 20, the Labor Department reported Thursday.”
Housing Wire - “NAHB calls on Congress to support housing tax incentives” (4-25-13)
“The National Association of Home Builders called on Congress Thursday to maintain its support for vital housing incentives in order to meet the nation’s growing need for affordable rental housing and homeownership opportunities.”
Hard Money Loan Closed
Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $700,000 on a 3 bedroom, 2 bathroom home appraised for $110,000.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.
Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.
Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.
Today was a big day for mortgages. The Mortgage Bankers Association reported a decrease in mortgage applications by 3.8% even though rates continued to stay low. Freddie Mac’s mortgage portfolio also showed a decrease of 2.9%. Realty Times believed troubles in Europe were one of the things keeping mortgage rates steady.
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.