Today’s News Synopsis:
Freddie Mac reported a strong decrease in mortgage rates in the wake of the Brexit news with 30-year rates now at 3.48% and 15-year rates at 2.78%. Construction on hotels is the highest in the U.S. above all other countries at 4,471 planned projects. Congress announced they will be authorizing a new form of the National Flood Insurance Program since current rate hikes and incorrect floodplain maps are increasing homeownership costs.
In The News:
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-29-16)
“Mortgage applications decreased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 24, 2016.”
“Extreme flood insurance rate hikes and inaccurate floodplain maps drive up the cost of homeownership and threaten small businesses, the nation’s home builders told Congress today.”
DS News – “Will Housing Overcome Economic Slowdowns?” (6-30-16)
“The pace of sales of existing homes slowed down in June, but are sill up from May and from last year, according to early projections from Thursday’s Ten-X Residential Real Estate Nowcast.”
Housing Wire – “Freddie Mac: Mortgage rates plummet after Brexit vote” (6-30-16)
“After the U.K.’s vote to leave the European Union, mortgage rates plummeted to just above 2012’s all-time lows. “This week’s survey rate is the lowest since May 2013 and only 17 basis points above the all-time low recorded in November 2012,” Freddie Mac Chief Economist Sean Becketti said..”
Construction Dive – “Booming US hotel construction surpasses all other countries” (6-30-16)
“The U.S. led the world in first quarter 2016 hotel construction and planning with 4,471 hotel projects, or 551,965 rooms, underway — representing 40% and 29% of the global total respectively, according to Lodging Econometrics.”
DS News – “FHA Makes Enhancements to Distressed Loan Sales Program” (6-30-16)
“HUD announced on Thursday that is making the most significant improvements to date for its Distressed Asset Stabilization Program (DASP) that include requiring purchasers of the delinquent loans to offer principal reduction to qualified borrowers.”
Bloomberg – “Americans With More Education Have Taken Almost Every Job Created in the Recovery” (6-30-16)
“As the U.S. recovery lumbers into its eighth year, Americans with at least some higher education have fared especially well in the labor market. The less-schooled, however, have found a much grimmer reality.”
Construction Dive – “Banishing ‘cowboys’ from the skies: New drone rules encourage safe, expanded construction industry use” (6-30-16)
“The construction industry loves its drones, as do those in real estate, photography or any industry in which a bird’s eye point of view can be useful.”
Hard Money Loan Closed
Menifee, California hard money loan closed. Real estate investor received loan for $202,000 on this single family property appraised for $310,000.
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.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with InvestClub for Women on Wednesday, September 21.
Image copyright source: www.flickr.com/photos/lobraumeister
Richard Cordray, director of the CFPB, spoke in front of the Senate Banking Committee on July 15. The National Association of Realtors reported an increase in pending home sales to levels not seen in nine years. Fannie Mae’s mortgage portfolio decreased again this month to below $4 billion.
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.