Today’s News Synopsis:
Home prices saw a 7.4% increase this past July, a 1.2% increase month-over-month although its slowest growth overall in 21 months. HUD released its latest report showing they have sold $15.8 billion in nonperforming loans over the last four years, leading to a decrease in foreclosures and insurance losses. As a result of a reset in home equity lines of credit set to happen over the next three years, almost 2.5 million borrowers may be faced with a $250 monthly increase on their mortgage payments.
In The News:
Housing Wire – “MERS wins again; this time in Pennsylvania” (9-2-14)
“MERSCORP Holdings secured another court victory in a suit brought against the company by a disgruntled mortgagor that claimed MERS didn’t have the authority to assign a mortgage.”
DS News – “HUD: Loan Sales Cut Insurance Losses, Reduced Foreclosures” (9-2-14)
“The U.S. Department of Housing and Urban Development (HUD) announced in a report released last week it has sold $15.8 billion in nonperforming loans since 2010, cutting losses to its insurance fund and saving thousands of homeowners from foreclosure.”
Bloomberg – “FHFA Rules Aimed at Kicking REITs Out of Home-Loan Banks” (9-2-14)
“The overseer of the Federal Home Loan Banks is planning changes to membership rules that would keep investment firms and lenders lacking customer deposits out of the U.S. government-chartered system.”
Mortgage Professional America – “FHFA wants to boost mortgage access to low-income borrowers” (9-2-14)
“The Federal Housing Finance Agency says it wants Fannie Mae and Freddie Mac to provide more support for low-income borrowers. The FHFA has released proposed goals for the mortgage finance firms as part of agency director Mel Watt’s initiative to increase access to housing, according to a Reuters report.”
Housing Wire – “Home price growth slows to 21-month low” (9-2-14)
“Home prices nationwide, including distressed sales, increased 7.4% in July 2014 compared to July 2013, according to the July report from CoreLogic (CLGX) – a significant slowdown that continues the long-term trend and a 21-month low.”
DS News – “Report: Housing in U.S. Not Set Up to Handle Aging Population” (9-2-14)
“The U.S. is not prepared to accommodate its rapidly growing older population where housing needs are concerned, according to a report by Harvard Joint Center for Housing Studies and AARP Foundation released on September 2.”
OC Housing News – “Federal reserve’s bad-debt preservation policies weakened the economy” (9-2-14)
“People stimulate economic activity when they borrow money and spend it. Politicians like debt growth and spending for the economic stimulus it provides; however, lenders like debt growth for a different reason; to a lender the initial loan is a sale, so lenders celebrate along with politicians, but lenders look forward the borrower’s interest payments because interest is income to lenders.”
Housing Wire – “2.5 million borrowers face imminent payment shock” (9-2-14)
“At least 2.5 million borrowers will face an average increase of $250 per month on their monthly mortgage payment due to the imminent reset in home equity lines of credit over the next three years, according to Black Knight Financial Services’ Mortgage Monitor Report.”
Hard Money Loan Closed
Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $112,000 on a 4 bedroom, 3 bathroom home appraised for $172,000.
Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.
Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.
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.