Today’s News Synopsis:
In The News:
Mortgage Professional America– “Daily Market Update: Rising rents don’t necessarily mean people choose to buy” (5-19-15)
“While some people will look to buying a home as a sensible way to escape escalating rents it’s not necessarily the case. New research from Freddie Mac has found that rather than rising rents driving demand for home purchases they are a result of demand for rentals.”
“Freddie Mac released its U.S. Economic and Housing Market Outlook for May today, revealing that low mortgage rates kept affordability high in the first quarter of this year for buyers, but housing markets probably will see interest rates increase for the rest of the year. The outlook credits market participants attempting to anticipate the Federal Reserve’s timing around rising short term interest rates as the likely be the cause of the increase.”
“The National Association of Home Builders (NAHB) today urged the Senate to pass pending legislation that would require the Environmental Protection Agency to go back to the drawing board and withdraw its proposed “waters of the United States” rule that would needlessly raise housing costs, trample states’ rights and add more regulatory burdens to small businesses.”
Mortgage Professional America– “Judge throws out mortgage claims against big banks” (5-19-15)
“Two of the nation’s biggest banks have won a dismissal of claims accusing them of shirking their duties as trustees for residential mortgage-backed securities that turned sour during the financial meltdown.”
Housing Wire – “FHFA, Fannie, Freddie say single securitization still years away” (5-19-15)
“Despite being asked pointedly during the “Update on the GSE Single Security and Common Securitization Platform” panel at the Mortgage Bankers Association’s National Secondary Market Conference, representatives from the Federal Housing Finance Agency, Fannie Mae, Freddie Mac, and Common Securitization Solutions all said that the development of single security is still years way from implementation, without specifying just how many years that might be.”
Mortgage Professional America – “Delinquencies hit lowest rate since before financial crisis” (5-19-15)
“Mortgage delinquency hit its lowest level since before the financial crisis in the first quarter, according to new data from TransUnion. The mortgage delinquency rate (the rate of homeowners 60 days or more past due on their mortgage payments) dropped to 2.95% in the first quarter – the first time the rate has been below 3% since before the financial crisis.”
NAHB – “Housing Production Jumps 20.2 Percent in April” (5-19-15)
“Nationwide housing starts rose 20.2 percent to a seasonally adjusted annual rate of 1.135 million units in April from an upwardly revised March reading, according to newly released data from the U.S. Commerce Department. This is the highest level of housing production since November 2007.”
Housing Wire – “Fitch: Fannie Mae risk-transfer deal more advantageous for mezzanine investors” (5-19-15)
“Fannie Mae’s seventh risk transfer transaction, Connecticut Avenue Securities, Series 2015-C02, is similar to its prior risk transfer transactions. It does, however, have a distinctive advantage over competing, similar private-label deals.”
Bruce Norris of The Norris Group will be presenting Discover How to Create A $100,000 Payday Per Deal in 2015 at Pasadena FIBI on Thursday, May 21.
Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar on Thursday, June 4.
Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.
CoreLogic reported an increase in REO properties, which stood at 430,000. At the time the state with the most positive numbers, particularly in the job market, was Texas with their addition of 64,100 new jobs in April. Due to more residents leaving, smaller banks in rural areas were shown to be doing better than community banks in metropolitan areas.
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