Today’s News Synopsis:
A new report from RealtyTrac showed 96% of housing markets have shown improvement since the foreclosure peak in 2010. First mortgages showed a 2.8% increasing, putting the total now to $7.97 trillion and mortgage debt at its highest in 6 years. The latest monthly update from the American Enterprise Institute’s International Center on Housing Risk showed an increase in securitized mortgage risk and decrease in the quality of lending practices.
In The News:
Housing Wire – “Borrowing again: Mortgage debt increases most in 6 years” (3-24-14)
“First mortgages increased 2.8% from the same period a year ago, marking the largest year-over-year increase since September of 2008, according to the most recent Equifax national consumer credit trends report.”
Bloomberg – “Treasury 5-to-30-Year Yield Curve Least Since 2009 on Rates View” (3-24-14)
“The difference between the yields on five-year notes and 30-year bonds narrowed to the least since 2009 on bets the Federal Reserve ends stimulus and raises interest rates sooner than forecast as the economy strengthens.”
Mortgage Professional America – “96% of housing markets show improvement over 2010″ (3-24-14)
“The vast majority of housing markets are better off now than they were at the height of the housing crisis four years ago – but only a few markets are better off than they were at the height of the bubble, according to a new study.”
Realty Trac – “Average Building Permit Job Cost Up in 10 of 13 Major Counties In 2013″ (3-24-14)
“RealtyTrac recently started acquiring historical building permit data at the address level to help our users better assess the number, type and dollar amount of improvements made for individual properties as well as for neighboring properties to help determine the pride of ownership in a given neighborhood.”
DS News - “Unchanged Home Prices Raises Questions” (3-24-14)
“The Data & Analytics division of Black Knight Financial Services (BKFS) reported no monthly change in its Home Price Index (HPI) for January, underlining the question as to where other home price reports—including the monthly Case-Shiller Home Price Indices—will land for the year’s first month.”
Inman - “Carrington Mortgage Services taking minimum FICO score down to 550″ (3-24-14)
“Carrington Mortgage Services LLC wants to boost lending to “underserved” borrowers with FICO scores below 640 — “a sizable market that is largely ignored by today’s lenders,” the company said today in announcing it’s loosening underwriting on FHA, VA and USDA loan programs, extending eligibility to more property types and reducing overlays.”
Mortgage Professional America - “Most big banks pass stress test” (3-24-14)
“If the economy implodes again tomorrow, most big banks will be able to weather the storm. That’s according to the Federal Reserve, which said that 29 out of 30 major banks passed its annual stress test.”
Housing Wire - “Securitized mortgage risk growing as lending practices degrade” (3-24-14)
“The risk rate for securitized agency mortgages is worsening and lending practices are becoming less safe. That’s the consensus and the conclusion of the latest monthly update from the American Enterprise Institute’s International Center on Housing Risk.”
Hard Money Loan Closed
Thousand Palms, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $230,000 on a 5 bedroom, 3.1 bathroom home appraised for $355,000.
Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with the Downey Association of Realtors on Wednesday, April 2, 2014.
Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.
Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.
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.