Today’s News Synopsis:
More and more millennials are opting to purchase houses as opposed to renting with the increases in rental prices. The Mortgage Bankers Association reported mortgage applications increased 9.5% in the last week. Freddie Mac released a list of the top 5 metropolitan areas that are showing signs of improvement.
In The News:
Bloomberg – “Rising Rents Are Finally Forcing Millennials to Buy Houses” (3-25-15)
“Americans in their 20s and early 30s are getting a nudge toward homeownership a decade after sales peaked during the housing bubble. It’s not their nagging parents. It’s rents. They’ve risen so much that buying is making more sense.”
Housing Wire - “Nationstar drops 10% in early trading after $500M public offering” (3-25-15)
“Nationstar Mortgage (NSM) investors aren’t happy about its offering of 17.5 million of common stock – the mortgage nonbank is down close to 10% in morning trading after it announced yesterday common stock offering for gross proceeds of approximately $500 million.”
Mortgage Professional America – “Banks push to be excluded from Dodd-Frank Act” (3-25-15)
“Since Republicans gained control over Congress last year, mortgage professionals have been vying for a change to one of the industry’s biggest regulations—the Dodd-Frank Act. Now, a coalition of 10 banks have come together to make the pitch that they should not be held to all regulatory restrictions in Dodd-Frank.”
Housing Wire – “House marking up key mortgage, regulatory reform bills” (3-25-15)
“A hard slog of a markup day continues Wednesday into early afternoon as the House Financial Services Committee moves ahead with the often tedious work of marking up 11 key regulatory relief bills, of which several could have a big impact on mortgage lending and mortgage finance.”
Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (3-25-15)
“Mortgage applications increased 9.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 20, 2015.”
Housing Wire - “Freddie Mac: Here are the 5 top improving metro markets for housing” (3-25-15)
“As the weather warms up so should the housing market, according to the January report from Freddie Mac. A harsh winter put a damper on housing, with the updated Multi-Indicator Market Index falling to 74.6, indicating a weak housing market overall and showing a slight decline (-0.20%) from December to January and 3-month decline of (-0.37%).”
OC Housing News – “China’s real estate plunge accelerates” (3-25-15)
“The Chinese government and central bankers ran a Ponzi scheme to accelerate real estate development to help China catch up to the rest of the world. Unfortunately, since it was a Ponzi scheme, they couldn’t figure out a way to unwind it without devastating their economy, so they kept putting more and more money into it, hoping desperately that it would work itself out.”
Housing Wire – “Fannie Mae to list risk-sharing bonds on Irish Stock Exchange” (3-25-15)
“European investors seeking to buy into the U.S. mortgage market will now have that opportunity, after Fannie Mae announced that it plans to list all of its outstanding risk-sharing mortgage bonds on the Irish Stock Exchange.”
Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.
Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7
Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.
In a big news story, Edward Demarco stepped down as acting director of the FHFA after almost six years in office. The latest S&P/Case-Shiller Index showed home prices increased 13.2% in January in 20 cities in the U.S. The HARP program, which originally turned many away, helped refinance almost 370,000 investment properties and was drawing more consumers.
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