California Home Sales Decrease 4% Despite Overall Existing Sales Increasing

 

Today’s News Synopsis:

 

Freddie Mac reported mortgage rates have barely changed and continue to stay below 4%.  30-year rates now stand at 3.93% and 15-year rates at 3.15%.  The National Association of Realtors reported existing home sales increased last month by 2% to 5.59 million.  Despite this, home sales in California actually decreased 4%.

 

In The News:

Housing Wire – “Freddie Mac: Mortgage rates barely nudge, stay below 4%” (8-20-15)

“Mortgage rates barely moved from last week, with rates once again coming in below 4%, the latest Freddie Mac Primary Mortgage Market Survey found.  The 30-year, fixed-rate mortgage averaged 3.93% for the week ended Aug. 20, down from 3.94% a week ago. Last year, it sat at 4.10%.”

Bloomberg – “Fannie, Freddie Risk-Transfer Bonds Give Investors New Scare” (8-20-15)

“A nascent corner of the market for Fannie Mae and Freddie Mac bonds is on a roller coaster ride despite what Morgan Stanley calls the “pristine performance” of the mortgages linked to the debt.”

Mortgage Professional America “July home sale numbers are in” (8-20-15)

“Existing home sales increased 2% to 5.59 million in July, surpassing expectations.  “The creation of jobs added at a steady clip and the prospect of higher mortgage rates and home prices down the road is encouraging more households to buy now,” Lawrence Yun, chief economist for the National Association of Realtors said in a release.”

Mortgage Bankers Association “MBA Releases 2015 Mid-Year Commercial/Multifamily Servicer Rankings” (8-20-15)

“The Mortgage Bankers Association (MBA) today released its mid-year ranking of commercial and multifamily mortgage servicers’ volumes as of June 30, 2015.”

Housing Wire – “California cool: Home sales drop 4% despite price plateau” (8-20-15)

“California single-family home and condominium sales fell 4% to 41,143 in July from 42,872 in June but were up 10.6% from 37,196 in July 2014.  Driving the increase in year-over-year sales was the 14.2% increase in non-distressed property sales.”

DS News – “Watchdog Is Examining Borrower Population of Foreclosure Settlement at Congress’ Request” (8-20-15)

“A federal watchdog announced its intention to issue a response sometime in the third quarter this year to a Congressional request made in March to address the scope of borrowers owed compensation from the 2013 Independent Foreclosure Review (IFR).”

Mortgage Professional America “Refinance business continues to pick up” (8-20-15)

“Refinances continue to gobble up a larger share of the market as rates continue to fall.  “Concerns about the Chinese economy pushed interest rates down last week, resulting in a two basis point decline in 30 year fixed interest rate, bringing the rate down to its lowest since May 2015,” Lynn Fisher, MBA’s vice president of research and economics said in a release.”

Housing Wire – “Is Detroit really the hottest housing market right now?” (8-20-15)

“Detroit’s housing market is working in overdrive to try and stay afloat amidst the troubling situation that continues to plague it.  The good news for the city — it is starting to see positive results for all its hard work.”

 

Hard Money Loan Closed

Anaheim, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $389,000 on a 4 bedroom, 2.5 bathroom home appraised for $557,000.

Anaheim Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be speaking at the 2015 Inland Southern California Economic Forecast Conference on Thursday, October 1.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.

 

Copyright: Image from www.flickr.com/photos/lierne/

 

Looking Back:

The real estate market picked up with construction starts increasing 7% and interest rates increasing 4.5%, making it a good time to invest according to Bruce Norris.  Homeownership ranked high in Riverside County with populations above 50,000.  Distressed sales decreased decreased to 11.4%, putting them at their lowest since before the housing bubble burst.

 

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.

 

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