The FHA and GSEs are coming up with a new way for consumers to have easier access to mortgage credit and to Fannie and Freddie loans. Housing affordability increased in the first quarter with 65.5% of new and existing homes being affordable compared to 64.7% in the fourth quarter last year. Home prices increased 11.3% in the fourth quarter last year according to the latest Case-Shiller Index.
DS News – “Case-Shiller Index: Home Prices Increase in Q4 2013” (5-13-14)
“With 2014 nearing its halfway point, a broad spectrum look at more than 380 markets nationwide confirms home prices jumped 11.3 percent in 2013’s final quarter compared to the year prior.”
Housing Wire – “FHFA, GSEs launch program to “stabilize” communities hit hardest by foreclosures” (5-13-14)
“Federal Housing Finance Agency Director Mel Watt addressed the future of the agency he leads and the future of Fannie Mae and Freddie Mac in his first public address on Tuesday.”
Mortgage Professional America – “JPMorgan may slash 10,000 more jobs than expected” (5-13-14)
“JPMorgan may be cutting as many as 10,000 more jobs this year than previously announced.”
Inman – “FHA, Fannie and Freddie regulator making moves to ease mortgage credit” (5-13-14)
“A shift by the federal regulator of Fannie Mae and Freddie Mac could soon make getting a mortgage loan easier by giving lenders more wiggle room before the mortgage giants demand that they repurchase loans.”
DS News – “First Quarter Housing Affordability Edges Higher” (5-13-14)
“A decrease in median home prices coupled with steady mortgage rates helped contribute to higher housing affordability in the first quarter of 2014, according to the National Association of Home Builders (NAHB).”
Housing Wire – “CFPB execs, union rep subpoenaed by House Committee” (5-13-14)
“The House Financial Services Committee has subpoenaed two Consumer Financial Protection Bureau officials and a union representative to appear before the Subcommittee on Oversight and Investigations as part of an ongoing investigation into allegations of discrimination and retalition at the CFPB.”
Inman – “Florida developer’s new homes promise easy commute to Disney World” (5-13-14)
“An experienced developer has targeted an up-and-coming area of Florida that has improving transport links for a new project and expects strong demand from buyers.”
DS News – “FHA Program Aims to Expand Credit; Lower Risk” (5-13-14)
“The Federal Housing Administration (FHA) issued its “Blueprint for Access,” which aims to expand credit access for underserved borrowers by utilizing housing counseling as a means to reduce the possibility of loans becoming seriously delinquent.”
Stanton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $235,000 on a 3 bedroom, 1 bathroom home appraised for $363,000.
Bruce Norris of The Norris Group will be speaking with SDCIA presenting Taking it to the Next Level in San Diego TONIGHT.
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.
The total number of closed banks was at 12 with the recent closure of two banks in North Carolina and Georgia. Freddie Mac announced on this day their modification program for delinquent borrowers was ready and making streamlined loan mods available much more quickly. Home prices continued to increase up into the double-digit numbers as more consumers tried to purchase homes in a market with less inventory.
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.