Construction spending slows in January
Commercial/Multifamily Delinquencies Continue Decline
Homeownership rates at lowest level since 1994
FHFA revamps nonperforming mortgage servicing rules for Fannie and Freddie
Non-Performing Loan (NPL) Sale Requirements
Real Estate Crowdfunding Seen Topping $2.5 Billion in ’15
JP Morgan to pay $50M in ‘robo-signing’ settlement
BBVA Compass launches zero-percent down mortgage program
56 Percent of 3.3 Million HELOCs Scheduled to Reset With Higher Rates in Next Four Years Are on Underwater Homes
Today’s News Synopsis:
Aaron Norris of the Norris Group gives the news of the week in this week’s real estate headline roundup video. Consumer credit increased at a slow pace since 2013 with the decrease in credit card usage. Unemployment rate decreases drastically as record number of people are leaving the work force. Bank of America settlement totalling $8.5 billion has been approved by a New York State appeals court.
In The News:
Housing Wire – “Supply of affordable multifamily housing doesn’t match demand” (3-6-15)
“There is a significant gap between the need for and the supply of affordable housing in the United States, according to a new report from the Mortgage Bankers Association. The size of the gap can probably best be summarized by the dramatic fact that “more than a third of U.S. households live in housing that exceeds their means,” the report says.”
Mortgage Professional America – “FHFA director: HARP can’t last forever” (3-6-15)
“Director of the Federal Housing Finance Agency (FHFA) Melvin Watt told an audience at an outreach event that the FHFA would not continue to renew programs like the Home Affordable Refinance Program(HARP) without an end, even if the program is extended again before its December expiration date.”
Bloomberg – “U.S. Consumer Credit Rises at Slowest Pace Since November 2013” (3-6-15)
“Consumer borrowing in the U.S. increased in January at the slowest pace since November 2013 as Americans cut back on their credit-card use. The $11.6 billion advance followed a $17.9 billion gain in the previous month that was bigger than previously estimated, Federal Reserve figures showed Friday in Washington. Non-revolving credit, which includes loans for education and motor-vehicle purchases, accelerated.”
Housing Wire – “Unemployment rate falls as all-time high number drop out of labor force” (3-6-15)
“The national unemployment rate dropped to 5.5% due with the number of people dropping out of the labor for rising by 354,000 in February to a record 92,898,000, which is the highest number of Americans not in the labor force in history.”
Mortgage Professional America – “Finally, judge approves $8.5B BofA mortgage bond settlement” (3-6-15)
“A New York state appeals court has approved Bank of America’s $8.5 billion deal with investors over bad mortgages, potentially putting to rest a legal dispute that dates to 2011.”
Bloomberg – “Insurers Step Up for Drone Pilots Unwilling to Wait on FAA Rules” (3-6-15)
“Thousands of drones flown without government approval by real estate companies, movie studios and other businesses are getting coverage by insurers writing their own safety rules to fill a void left by regulators.”
Housing Wire – “#Fanniegate goes viral on Twitter” (3-6-15)
“The hashtag #Fanniegate is blowing up on Twitter, with a war of words between those who think the government overstepped its bounds with the third amendment sweep and those who think the government was well within its rights.”
Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.
Bruce Norris of The Norris Group will be speaking at NORCAL REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, March 11.
Bruce Norris of The Norris Group will be speaking at OCREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, March 12.
Mortgage rates decreased for the first time in a month with 30-year rates at 4.28% and 15-year rates at 3.32%. The latest NAHB Leading Market Index report showed that 59 markets in 350 metropolitan areas were above normal levels. Cities that showed the largest increases in prices quarter-over-quarter were: Akron, Ohio, Riverside-San Bernardino, California, Orlando, Florida, San Francisco, California, Oakland, California, Lakeland-Winter Haven, Florida, Las Vegas, Nevada, North Port-Bradenton-Sarasota, Florida, Birmingham, Alabama, and Cleveland, Ohio.
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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