Today’s News Synopsis:
The NAHB reported builder confidence decreased by one point and now stands at 57. Obama’s next State of the Union Address is expected to focus on issues regarding housing, including increases in taxes. Freddie Mac said they expect housing to see a brief increase in 2015, although it is not known for how long.
In The News:
NAHB – “Builder Confidence Holds Steady in January” (1-20-15)
“Builder confidence in the market for newly-built single-family homes declined one point to 57, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index released today. This marks the third straight month that the index has hovered in the upper 50s range.”
Housing Wire – “Obama State of the Union to touch on housing, focus on tax hikes” (1-20-15)
“Tonight is the second-to-last State of the Union for President Obama, and for the first time in four years the speech will touch on housing. Overall, it’s expected Obama will announce a number of initiatives that will be virtually dead-on-arrival in the new, Republican-controlled House and Senate, including $320 billion in new tax hikes on the investments, capital gains, and dividends, as well as proposals for what the White House calls free community college and mandatory paid sick leave.”
Mortgage Professional America – “MetLife CEO: We’re not too big to fail” (1-20-15)
“Time and time again we hear of regulators targeting large financial corportations to pay up for shoddy mortgage deals during the run-up to the financial crisis. Now, it seems the tables have turned.”
“Four national banks agreed to pay a combined $2.7 million in penalties to resolve claims that they unlawfully foreclosed on properties in Massachusetts, according to an announcement from Massachusetts Attorney General Martha Coakley.”
Housing Wire – “There’s no more room for appraisal fraud” (1-20-15)
“Mortgage fraud has tumbled over the last year as increased regulation pushes the bad seeds out of the industry, the U.S. Department of the Treasury Financial Crimes Enforcement Network’s FinCEN report said. However, the situation that the appraisers are left with does not look too bright, according to one expert.”
OC Housing News – “Has the OC Housing market peaked for this cycle” (1-20-15)
“The deflating housing bubble trapped millions of borrowers underwater with mortgages they couldn’t afford. The federal reserve helped lenders and borrowers by lowering borrowing costs from 6.5% to 3.5%; the policy benefited everyone by making the absurd prices of the housing bubble relatively affordable.”
Mortgage Professional America – “More homeowners are remodeling again” (1-20-15)
“U.S. households are unhappy with their current living situations and they’re planning on doing something about it. The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) posted a record-high result of 60 in the final quarter of 2014.”
Housing Wire – “Freddie Mac: Housing to get boost in 2015 but it won’t last” (1-20-15)
“Freddie Mac says it expects mortgage rates to hover around 4% through mid-2015, and while there are some of the positive tailwinds buoying the economy at the start of the year, some may not stick around for long.”
Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.
Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.
Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.
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