Today’s News Synopsis:
In The News:
Housing Wire - “Construction spending rises in May but residential component weak” (7-1-15)
“Construction spending during May 2015 was estimated at a seasonally adjusted annual rate of $1,035.8 billion, 0.8% above the revised April estimate of $1,027.0 billion, the U.S. Census Bureau of the Department of Commerce announced today.”
Mortgage Professional America - “California leads pack in hottest housing markets” (7-1-15)
“California continued to dominate the list of the hottest U.S. housing markets in June – but if recent trends continue, housing markets across the country are on their way to being the best since 2006, according to new data from realtor.com.”
DS News - “CFPB Asks For Comments on Enhanced Consumer Complaint Database” (7-1-15)
“The Consumer Financial Protection Bureau (CFPB) has issued a request for information regarding its consumer complaint database after going live with an enhanced version of the database last week, according to the CFPB.”
Mortgage Bankers Association - “Mortgage Applications Drop in Latest MBA Weekly Survey as Rates Increase” (7-1-15)
“Mortgage applications decreased 4.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 26, 2015.”
Bloomberg - “Oaktree, JPMorgan Buy $3.2 Billion of Loans From Commerzbank” (7-1-15)
“Commerzbank AG sold 2.9 billion euros ($3.2 billion) of commercial real estate loans to Oaktree Capital Group LLC and JPMorgan Chase & Co., making headway with its plan to reduce riskier assets.”
DS News - “Freddie Mac’s Mortgage Portfolio Expands for Eighth Time in Nine Months” (7-1-15)
“Freddie Mac’s total mortgage portfolio expanded at an annualized rate of 2.2 percent in May up to a balance of about $1.919 trillion, an increase of about $3.5 billion from April, according to Freddie Mac’s May 2015 Monthly Volume Summary.”
Housing Wire- “Millennials demand single-family homes” (7-1-15)
“Young adults prefer single-family homes, and in fact, 25-34 year-old homeowners are found to be more likely to reside in a single-family home today than their predecessors, Fannie Mae’s latest Housing Insight report showed.”
“The New York Times Company has filed a motion with the U.S. Court of Federal Claims to intervene and to have the “protected information” designation removed from the testimony of key government officials in Fairholme Funds’ GSE profits lawsuit.”
Mortgage Professional America - “Big banks fail regulator tests” (7-1-15)
“Despite promising to rectify numerous foreclosure abuses, Wells Fargo, JPMorgan Chase U.S. Bancorp and several others have not properly satisfied the regulators.”
Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.
Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.
Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.
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Zillow and Bloomberg recently collaborated to come up with a list of the twenty most risky and most stable markets in the U.S. Hartford, Connecticut was found to be the most risky while Buffalo, New York was the most stable. Due to the booming commercial mortgage market, more and more debt from the bubble was being shaved off and helping the market improve. A recent dismissal of a lawsuit against MERSCORP was affirmed by the U.S. Court of Appeals.
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.