Today’s News Synopsis:
Black Knight Financial Services just announced that the majority of foreclosures that still exist are in judicial states, roughly 3/4 of the foreclosure market in the county. In addition, a new foreclosure was passed in Connecticut that will speed up the foreclosure process and and cut down on the amount of foreclosures still waiting to be processed. Bankrate.com just released a survey showing mortgage closing costs increased 6% over teh past year.
In The News:
Housing Wire – “Clear Capital: Home price growth anemic through 2015” (8-4-14)
“As opportunity for discounted deals dry up, so too does a portion of the recovery driving demand, reports Clear Capital in their home data index market report through July 2014.”
OC Housing News – “It’s a tough job market for SoCal real estate development professionals” (8-4-14)
“Today’s post is about a personal journey of mine to find employment in the land development field in Southern California. Most of the posts on this site cover macroeconomic issues facing housing, but macroeconomic data is merely an aggregation of individual actions taken by people much like me responding to conditions and opportunities.”
Inman – “NAR urges Realtors to demand better terms from listing portals” (8-4-14)
“Leaders of the National Association of Realtors are advising members to get tough in their negotiations with real estate portals, outlining steps that members can take.”
Housing Wire – “New Connecticut foreclosure law seeks to bypass judicial backlog” (8-4-14)
“The state of Connecticut has long ranked among the top states in the country in foreclosure inventory, due to its status as a judicial foreclosure state.”
Mortgage Professional America – “GAO to investigate CFPB discrimination charges” (8-4-14)
“The Government Accountability Office will begin an investigation into the organizational culture and management practices of the Consumer Financial Protection Bureau.”
“Each $1,000 increase in the cost of a new median-priced home price forces 206,000 prospective buyers out of the marketplace, according to a new study by the National Association of Home Builders (NAHB).”
Housing Wire – “Most and least expensive states to close a mortgage” (8-4-14)
“Mortgage closing costs continue to report bad news as numbers maintain their upward trend, not boding well for lenders. According to Bankrate, mortgage closing costs rose 6% over the past year and now average $2,539 on a $200,000 loan.”
DS News – “Judicial Foreclosures Make Up Majority of Inventory” (8-4-14)
“The inventory of mortgage foreclosures in the United States is on the decline overall, but for what inventory remains, judicial states account for almost three-quarters of the country’s foreclosure market, according to Black Knight Financial Services.”
Los Angeles Times – “Mortgage closing costs on the rise, national survey says” (8-4-14)
“It’s no secret that purchasing a home this year is more expensive than last. But rising home prices aren’t the only factor straining home buyer pocketbooks..”
Hard Money Loan Closed
Ontario, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $390,000 on a 3 bedroom, 1 bathroom home appraised for $572,000.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.
Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the InvestClub for Women on Wednesday, September 17, 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.