Norris Bruce
Apr 12, 2018

500 Credit Scores? Foreclosure? Late Payments? It’s Cool, They’re Going To “Properly Underwrite Them”???

Today’s News Synopsis:

Don’t call them subprime mortgages.  ATTOM Data Solutions reported a 19% decrease in foreclosure activity in the first quarter of this year.  New home purchase applications decreased 2.6% year-over-year according to the Mortgage Bankers Association.

In The News:

ATTOM Data Solutions“U.S. Foreclosure Activity Decreases 19 Percent in Q1 2018 to Stay Below Pre-Recession Levels for Sixth Consecutive Quarter” (4-12-2018)

“ATTOM Data Solutions, curator of the nation’s premier property database, today released its Q1 2018 U.S. Foreclosure Market Report, which shows a total of 189,870 U.S. properties with a foreclosure filing during the first quarter of 2018, up 4 percent from the previous quarter but still down 19 percent from a year ago and 32 percent below the pre-recession average of 278,912 per quarter from Q1 2006 to Q3 2007 — the sixth consecutive quarter where U.S. foreclosure activity has been below its pre-recession quarterly average.”

Mortgage Bankers Association – “March New Home Purchase Mortgage Applications Decreased 2.6 Percent Year over Year” (4-12-2018)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for March 2018 shows mortgage applications for new home purchases decreased 2.6 percent compared to March 2017.”

Bloomberg – “Jobless Claims in U.S. Fell Last Week Amid Holiday Volatility” (4-12-2018)

“U.S. filings for unemployment benefits eased last week following a spike reflecting volatility around spring holidays, Labor Department data showed Thursday.”

CNBC – “Sub-prime mortgages make a comeback with a new name and soaring demand” (4-12-2018)

“They were blamed for the biggest financial disaster in a century. Subprime mortgages – home loans to borrowers with sketchy credit who put little to no skin in the game.”

Freddie Mac “Mortgage Rates Holding Steady” (4-12-2018)

“Freddie Mac (OTCQB:FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing average mortgage rates continuing to hold steady.”

Inman – “Exclusive Interview: Why Zillow is becoming an iBuyer” (4-12-2018)

“As tech-driven institutional investors invade the real estate industry with the promise of making the home-selling process less painful, Zillow announced Thursday it will start buying and selling homes itself in Phoenix and Las Vegas as part of its Instant Offers program launched last spring.”

The Atlantic – “A House You Can Buy, But Never Own” (4-12-2018)

“It was not until a few years after he moved in that Zachary Anderson realized that he was not, in fact, the owner of the house he thought he’d purchased.”

Business Insider – “Amazon’s HQ2 is expected to bring soaring housing prices – here are the cities that could be hit hardest” (4-12-2018)

“In March, Seattle officials and business leaders debated whether Amazon has been good for its hometown of Seattle.”

 

Hard Money Loan Closed

Glendora, California hard money loan closed. Real estate investor received a loan for $310,000 on this single family property.

Los Angeles Hard Money Loan

 

Bruce Norris will be presenting Stay Put or Cash Out with Pasadena FIBI on Thursday, April 19.

Bruce Norris will be presenting Stay Put or Cash Out with the OCRE Forum on Wednesday, May 9.

 

Looking Back:

Trulia’s latest report showed the workers who were having the hardest time finding a home in their own town where they work were teachers, police officers, firefighters, and restaurant workers.  According to the latest Housing Aspirations Report from Zillow, 70% of renters were not becoming homeowners because they struggled the most with making a down payment.  Actor Jeremy Renner was looking to flip another home in Modesto.

 

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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

 

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The Norris Group

Phone: (951) 780-5856

Fax: (951) 780-9827

1845 Chicago Avenue, Ste C,
Riverside, CA 92507

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