Today’s News Synopsis:
Flippers in OC and LA Counties averaged 135K in profit in 2017. CoreLogic reported a $908 billion increase in homeowner equity last year. Mortgage rates decreased for the first time this year according to Freddie Mac with 30-year rates now at 4.44% and 15-year rates at 3.9%.
In The News:
CoreLogic – “CoreLogic Reports Homeowner Equity Increased by $908 Billion in 2017” (3-15-2018)
“CoreLogic (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released the Home Equity Report for the fourth quarter of 2017, which shows that U.S. homeowners with mortgages (which account for roughly 63 percent of all properties, according to a 2016 American Community Survey) have seen their equity increase 12.2 percent year over year, representing a gain of $908.4 billion since the fourth quarter of 2016.”
Realtor.com – “A Water Pressure Regulator Can Save You Cash: How to Tell If Your House Has One” (3-15-2018)
“Do you need a water pressure regulator? It all depends on where your water comes from. If your water comes from a high-pressure municipal line, then you may very likely already have one.”
Fannie Mae – “Mortgage Lender Sentiment Survey” (3-15-2018)
“Mortgage lenders have reported a net negative profit margin outlook for the sixth consecutive quarter, matching the all-time low reading from Q4 2016, according to Fannie Mae’s Q1 2018 Mortgage Lender Sentiment Survey.”
HousingWire – “Senate passes rollback of Dodd-Frank rules” (3-15-2018)
“Late Wednesday, the Senate passed S. 2155, or the Economic Growth, Regulatory Relief and Consumer Protection Act, by a vote of 67-31.”
ATTOM Data Solutions – “U.S. Residential Loan Originations Down 19 Percent in Q4 2017 Led by 34 Percent Drop in Refinance Originations” (3-13-2018)
“ATTOM Data Solutions, curator of the nation’s premier property database, today released its Q4 2017 U.S. Residential Property Loan Origination Report, which shows that more than 1.9 million (1,903,364) loans secured by residential property (1 to 4 units) were originated in Q4 2017, down 20 percent from the previous quarter and down 19 percent from a year ago.”
Freddie Mac – “Mortgage Rates Drop for First Time in 2018” (3-15-2018)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing the 30-year fixed mortgage rate dropping after nine consecutive weeks of increases.”
Inman – “10 hidden Facebook features all real estate agents should know” (3-15-2018)
“Are you a power-user, casual browser or self-effacing noob? No matter your level of social media expertise, you’ll want to read this.”
Orange County Register – “House flippers in LA, Orange counties averaged $135,000 in profit in 2017” (3-15-2018)
“From Freddie Mac’s weekly survey: For the very first time in 2018, rates have dropped. The 30-year fixed averaged 4.44 percent, down 2 basis points from last week’s 4.46 percent. The 15-year fixed averaged 3.90 percent, 4 basis points lower than last week’s 3.94 percent.”
Hard Money Loan Closed
Sacramento, California hard money loan closed. Real estate investor received loan for $145,000 on this single family property appraised for $238,000.
Bruce Norris will be presenting Cashing In On A Boom: Investing In Quadrant 4 With Bruce Norris in Sacramento on Saturday, March 17.
Bruce Norris will be presenting Stay Put or Cash Out with IVAR on Wednesday, April 4.
Bruce Norris will be presenting Stay Put or Cash Out with Pasadena FIBI on Thursday, April 19.
The Mortgage Bankers Association reported a 3.1% increase in mortgage applications from the previous week. In their latest Housing Market Index, the NAHB reported builder confidence was at its highest in 12 years at 71. Fannie Mae released their latest economic forecast, showing they did not expect much to change with the likely increase in rates.
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.