Today’s News Synopsis:
According to the latest S & P/Dow Jones Indices, default rates for bank cards increased for the fourth straight month in February, up two basis points to 0.94%. The Mortgage Bankers Association reported that despite a decrease in commercial mortgage-backed securities, debt on commercial and multifamly mortgages was still strong at the end of the year, having increased 5.8% to $162 billion. Texas is seeing a boom in hotels as more are being constructed.
In The News:
Mortgage Bankers Association – “Commercial/Multifamily Mortgage Debt Ends Year Strong, Despite CMBS Decline” (3-21-2017)
“The level of commercial/multifamily mortgage debt outstanding increased by $46.0 billion in the fourth quarter of 2016, as three of the four major investor groups increased their holdings.”
Bloomberg – “Two in Five Americans Say They’ll Need $1 Million to Retire” (3-21-2017)
“Setting a retirement savings goal can feel like a crap shoot. How can you calculate your expenses, especially for health care, five, 10, 50 years from now?”
“If you ask a New Yorker where to find the most authentic food in Chinatown, they might suggest the dim sum at the circa-1920 Nom Wah Tea Parlor, or that you haven’t lived until you’ve had a three-way at the Peking Duck House (the signature roasted duck, served three ways).”
S & P Dow Jones Indices – “Bank Card Default Rates Rise Four Straight Months in February 2017
According to S&P/Experian Consumer Credit Default Indices” (3-21-2017)
“Data through February 2017, released today by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, shows the composite rate up two basis points from last month at 0.94% in February.”
Mortgage Bankers Association – “Independent Mortgage Bank Volumes Decrease, Production Profits Drop in 4th Quarter 2016” (3-21-2017)
“Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $575 on each loan they originated in the fourth quarter of 2016, down from a reported gain of $1,773 per loan in the third quarter of 2016, the Mortgage Bankers Association (MBA) reported today in its Quarterly Mortgage Bankers Performance Report.”
The Real Deal Magazine – “Compass wants to build real estate’s answer to Pinterest” (3-21-2017)
“As the New York City real estate industry declares war on listings aggregator StreetEasy, brokerage unicorn Compass is unveiling a new consumer-facing feature that gives apartment hunters an alternative to the popular listings website.”
Bloomberg – “Why Won’t Anyone Buy the Most Expensive House in New Jersey?” (3-21-2017)
“When real estate developer Richard Kurtz put his 30,000-square-foot, 12-bedroom, 19-bath home on the market for $68 million in 2010, it was the most expensive property in New Jersey.”
CNBC – “A hotel boom comes to Texas” (3-21-2017)
“Hotel construction continues apace in the United States, and dozens of new properties are expected to open this year in two major corporate and tourist destinations, New York and Los Angeles.”
Hard Money Loan Closed
Carson, California hard money loan closed. Real estate investor received loan for $326,000 on this single family property appraised for $502,000.
Bruce Norris will be speaking at 10 Life-Changing Days of a Real Estate Investor with LA South REIA on Monday, April 10.
Bruce Norris will be speaking at 10 Life-Changing Days of a Real Estate Investor with Pasadena FIBI on Thursday, April 20.
Bruce Norris will be speaking at the AOA “Million Dollar” Trade Show & Landlording Conference in Long Beach on Wednesday, May 24.
Image copyright source: www.flickr.com/photos/erh1103
The NAR reported a 7.1% decrease in existing-home sales the previous month, which stood at 5.08 million. Mortgage lenders were choosing to not take as many chances with risky borrowers. The NAHB’s publishing company released its new book The Cost of Doing Business Study, 2016 Edition, which gave insight into the cost of building homes and how much profit builders were making.
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.