Today’s News Synopsis:
Freddie Mac reported mortgage rates continue to hold steady with 30-year rates at 4.05% and 15-year rates at 3.29%. ATTOM Data Solutions reported foreclosure activity decreased 7% month-over-month and 23% year-over-year to its lowest in 12 years. Housing affordability increased slightly in the first quarter with 60.3% of homes being affordable between January and March.
In The News:
Freddie Mac – “Mortgage Rates Continue to Hold” (5-11-2017)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year mortgage rate hovering around 4 percent for the fourth consecutive week.”
Realtor.com – “Off the Grid: A Groundbreaking Community That Produces as Much Energy as It Uses” (5-11-2017)
“Richard Bruce is looking forward to moving into his new Austin, TX, home with his wife by year’s end. When construction is complete, the 1,700-square-foot abode will have three bedrooms, two bathrooms, plus the lightning-fast Google Fiber internet service.”
Bloomberg – “Fed Plan for Gradual Rate Hikes Is Starting to Look Complacent” (5-11-2017)
“Investors and the Federal Reserve may have grown too comfortable with gradualism — raising interest rates at a pace that is not too fast, not too slow, but just right.”
Realty Trac – “U.S. Foreclosure Activity in April 2017 Drops to Lowest Level Since November 2005” (5-11-2017)
“ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its April 2017 U.S. Foreclosure Market data, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 77,049 U.S. properties in April, down 7 percent from the previous month and down 23 percent from a year ago to the lowest level since November 2005.”
NAHB – “Housing Affordability Registers Slight Uptick in First Quarter” (5-11-2017)
“Rising wages and moderating home prices offset a rise in mortgage interest rates to give housing affordability a slight boost in the first quarter of 2017, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI) released today.”
Real Estate Weekly – “JPMorgan Chase names new real estate leaders” (5-11-2017)
“JPMorgan Chase announced three promotions to continue the growth in its Commercial Real Estate business.”
Bloomberg – “Domestic Retail Buyers Are Propping Up the U.S. Credit Market” (5-11-2017)
“Call it a local bond market buffet. American buyers have been gorging on corporate debt after also stepping up their presence in the Treasury market.”
The Fiscal Times – “Why the Luxury Real Estate Market Is Starting to Cool Off” (5-11-2017)
“After several years of rapid growth, the market for luxury real estate across the globe appears to be cooling off.”
Hard Money Loan Closed
Hacienda Heights, California hard money loan closed. Real estate investor received loan for $308,000 on this single family property.
Bruce Norris will be speaking at the AOA “Million Dollar” Trade Show & Landlording Conference 2017 on Wednesday, May 24.
Bruce Norris will be speaking at The Southern California Chapter of the Appraisal Institute’s 20th Annual
Inland Empire Market Trends on Thursday, June 1.
Mortgage applications increased but not by much at 0.4% according to the Mortgage Bankers Association. The White House announced plans on this day to focus on building more communities that would hold up better against difficult life circumstances. The latest Equifax National Consumer Credit Trends Report showed mortgage write-offs would be at their lowest in 9 years.
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.