Builder Confidence Rose Two Points This Month To 60


Today’s News Synopsis:

Aaron Norris of the Norris Group gives the top news stories in the world of real estate in this week’s Norris Group real estate headline roundup.  The NAHB reported builder confidence rose two points this month to 60.  The housing market saw tremendous growth with home prices rising 4.3% and sales 7%, their fastest pace ever.  Purchases of closed loans was above 60% according to Elllie Mae, the first time in almost a year.

In The News:

Realty Trac – “U.S. Foreclosure Activity Down Less Than 1 Percent in May” (6-15-16)

“There were a total of 100,841 properties with foreclosure filings in May, virtually unchanged from previous month and down 21 percent from a year ago — the eighth consecutive month with a year-over-year decrease, according to data released today by RealtyTrac.”

Wall Street Journal – “Home-Builder Sentiment Rose in June, NAHB Says” (6-16-16)

“A gauge of home-builder sentiment rose in June, a sign of solid growth in the nation’s housing market.  The National Association of Home Builders housing market index rose to a seasonally adjusted level of 60 in June, the trade group said Thursday, up from 58 in May and the highest reading since January.”

Housing Wire – “FHFA watchdog blasts lax oversight of rising Fannie Mae headquarters construction costs” (6-16-16)

“The Federal Housing Finance Agency has been lax in its duties as the overseer of Fannie Mae, and needs to do far more to address the dramatically rising cost of Fannie Mae’s new Washington, D.C. headquarters, the FHFA’s watchdog said in a new report.”

Mortgage Professional America – “Purchases exceed 60% of closes loans for first time since August” (6-16-16)

“Purchases surpassed 60% of closed loans in May for the first time since August of 2015, according to new data from Ellie Mae.  Ellie Mae’s latest Origination Insight Report found that purchases increased to 62% of all closed loans last month, up from 59% in April.”

Redfin – “The Housing Market Accelerated to its Fastest Pace on Record in May” (6-16-16)

“While home prices grew a moderate 4.3 percent year over year last month, sales surged 7 percent and inventory fell by nearly as much.”

Forbes – “Pensions Unaware Hidden Real Estate Fees Dwarf Those Disclosed” (6-16-16)

“In recent years, following a decade-long gorging on hedge and private equity funds by government pensions, the massive hidden fees and expenses related to these “alternative” investment funds have attracted greater scrutiny.”

Housing Wire – “Capital Economics: What’s keeping home prices from rising higher?” (6-16-16)

“Home prices have consistently increased around 5% year-over-year for the majority of the last two years, but this percentage could be severely off according to a new report from Capital Economics.”

DS News – “Delgado Champions Diversity and Inclusion in Mortgage Industry” (6-16-16)

“Five Star Institute President & CEO Ed Delgado addressed a group of mortgage industry and government leaders this morning at the Belo Mansion in Dallas, Texas.”



Hard Money Loan Closed

Lancaster, California hard money loan closed. Real estate investor received loan for $100,000 on this single family property appraised for $184,000.

Lancaster Hard Money Loan closed by the Norris Group


California Real Estate Investor Events

Bruce Norris will be speaking at the 12th NSDREI Birthday Celebration on Tuesday, June 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with LAREIC on Tuesday, July 12.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI on Thursday, July 21.

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Looking Back:

The NAHB reported a decrease in housing starts by 11.1%, putting them at 1.036 million units.  Mortgage debt for commercial/multifamily properties showed signs of increased growth with a 1.5% increase ($40.4 billion) in the first quarter.  CoreLogic reported underwater homes continued to decrease, while at the same time more properties were regaining equity.


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