Today’s News Synopsis:
Mortgage rates decreased for the fifth consecutive week with 30-year rates at 3.35% and 15-year rates at 2.56%, their lowest on record. Almost 2,000 bank branches have been shut down since 2008, 93% of them determined to be in low income areas. Housing costs are taking their toll on renters despite home affordability being at its highest on record.
In The News:
Bloomberg - “Mortgage Rates Drop for Fifth Week as 15-Year Sets Record” (5-2-13)
“Mortgage rates in the U.S. fell for a fifth week, with costs for a 15-year loan reaching a record low, adding support for housing demand as home prices climb.”
DS News – “Report: More than 1 in 4 Working Renters Face Severe Housing Costs” (5-2-13)
“While home affordability has reached record high levels, for renters, housing cost burdens have been steadily increasing.”
Housing Wire – “Snowball effect: Shared appreciation bill fuels FHFA nomination” (5-2-13)
“President Barack Obama’s nomination of Rep. Mel Watt, D-N.C., to replace Ed DeMarco at the Federal Housing Finance Agency comes at a time when, interestingly enough, shared-appreciation pilot program efforts are hitting Congress.”
DS News - “GSE Reminds Servicers of Default-Related Legal Services Requirement” (5-2-13)
“In a notice Thursday, Freddie Mac encouraged servicers to prepare for new requirements for default-related legal services that will take effect in less than a month.”
Bloomberg - “Predator Targets Hit as Banks Shut Branches Amid Profits” (5-2-13)
“Banks that opened more than 15,000 branches across the U.S. in the decade leading to the financial crisis are retreating from lower-income neighborhoods, even as the industry posted its second-most-profitable year on record.”
DS News - “RealtyTrac: Where to Find the Biggest Flipping Profits” (5-2-13)
“Amid the rumors of bidding wars are markets where the art of flipping can still be maintained.”
CNN Money - “Hedge fund manager: Fed should rev up ‘printing press’” (5-2-13)
“Hedge fund manager Dan Arbess thinks the Federal Reserve should use its ‘printing press’ to funnel money directly to the Treasury instead of simply buying more bonds.”
Hard Money Loan Closed
Anaheim, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $230,000 on a 4 bedroom, 2 bathroom home appraised for $364,000.
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.
The Mortgage Bankers Association reported a .1% increase in mortgage applications from the previous week. Only 119,000 new jobs were added to the private sector last month, showing that businesses were not hiring as many people. This number fell way below economists’ predictions of 170,000 new jobs. Foreclosures were still at their highest on record despite delinquencies being at their lowest since August 2008.
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.