Today’s News Synopsis:
Fannie Mae’s Book of Business decreased 2.2% in the first quarter and ended it at -1.8%. The Wells Fargo Economics Group reported that personal income increased by .5%, up from .1% the previous month and continuing to remain strong. Over the next few weeks, the Justice Department is expected to press charges against several big banks for various charges.
In The News:
Housing Wire – “Black Knight: Negative equity, distressed loan falling” (5-5-14)
“Home prices have risen over the past two years and many distressed loans have worked their way through the system, the percentage of Americans in negative equity positions on their mortgage has declined considerably, Black Knight Financial Services’ Mortgage Monitor for March shows.”
DS News – “Personal Income Strong in March” (5-5-14)
“According to a new report by the Wells Fargo Economics Group, personal income was strong in March, jumping .5 percent.”
Mortgage Professional America – “Holder: No company ‘too big to jail'” (5-5-14)
“The Justice Department may be pursuing criminal charges against various big banks in the coming weeks, Attorney General Eric Holder said today in a video message.”
Bloomberg – “Realogy Falls Most on Record as U.S. Home Sales Decline” (5-5-14)
“Realogy Holdings Corp. (RLGY), owner of brokerage brands Coldwell Banker and Century 21, fell the most on record after reporting a slowdown in sales that it expects to persist this year as the U.S. housing recovery cools..”
Inman – “Realogy earnings point to ‘challenging year’ for real estate” (5-5-14)
“Real estate titan Realogy, which owns and operates the U.S.’s largest brokerage and a handful of the world’s largest franchisors, grew its first-quarter revenue by 5 percent from a year ago to $1 billion thanks to rising home sale prices.”
Mortgage Professional America – “Fed will likely end bond-buy stimulus in October — Fisher” (5-5-14)
“The Federal Reserve will likely end its bond-buying stimulus program in October, and won’t consider raising U.S. interest rates until then, a Fed official said Sunday.”
Housing Wire – “Fed: Nearly half of lenders say mortgage demand is weaker” (5-5-14)
“Lenders continued to raise the bar on credit standards over the past three months, making it more difficult for potential homeowners to jump into the market. However, loan officers also reported weaker loan demand.”
DS News – “Fannie Mae’s Book of Business Declines in Q1” (5-5-14)
“Fannie Mae’s book of business declined for the first three months of this year, ending the first quarter with a monthly compound annualized rate of -1.8 percent.”
Hard Money Loan Closed
Temecula, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $315,000 on a 5 bedroom, 4 bathroom home appraised for $475,000.
Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with AOA in Long Beach on Thursday, May 15, 2014.
Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.
Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 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.