YORBA LINDA, Calif., Sep. 3, 2013 – The Federal Housing Administration’s decision to loosen credit qualifications for FHA-backed mortgages will soon translate into higher home prices in California and across the country as more and more buyers re-enter the real estate market, according to Bruce Norris of The Norris Group.
Borrowers who have filed for bankruptcy or experienced a foreclosure or short sale used to have to wait at least three years before they could apply for an FHA-backed mortgage. But the FHA decided earlier this month to reduce that waiting time to one year for borrowers who had good credit prior to the “economic event” that changed their creditworthiness.
“Many of those people who were going to be buyers in 2014 and 2015 are going to become buyers now as a result of the FHA decision,” Norris said, adding, “This will put further upward pressure on housing prices.”
Norris has assembled a panel of real estate experts to address the FHA decision and its implications for consumers and real estate investors during his 6th annual “I Survived Real Estate” charity gala, which is scheduled from 4 to 10:30 p.m. Friday, Oct. 18, at the Nixon Presidential Library in Yorba Linda.
Other topics of discussion will include the latest statistics on home prices, default rates, loan modifications and foreclosures as well as future trends in access to money for consumers and investors. “If the federal government is going to reduce the footprint of Fannie Mae and Freddie,” Norris asked, “what’s the replacement? How will this be done and at what price?”
Expert panelists scheduled for this year’s “I Survived Real Estate” charity gala include:
The panelists will provide important insights into what real estate professionals can expect to see in the coming months and beyond, according to Norris, who has built a following in the real estate community and with news reporters after producing consistently accurate real estate forecasts.
Proceeds from the Oct. 18th “I Survived Real Estate” event will be donated to Make-A-Wish® Orange County and the Inland Empire, and to St. Jude Children’s Research Hospital. The event has raised over $350,000 for charity in the fast six years.
On Saturdays leading up to the event, Norris also plans to interview an “I Survived Real Estate” panelist or local expert about current market conditions within that expert’s area of expertise. Norris regularly interviews economists, government officials, association presidents and other industry thought leaders on his weekly real estate radio talk show, which airs at 6 p.m. Saturdays on KTIE 590 AM in San Bernardino. Podcasts of Norris’s radio interviews can be accessed through his company website, www.thenorrisgroup.com.
“I Survived Real Estate” has more than 25 sponsors, including HousingWire, PropertyRadar, RODA Construction, the Apartment Owners Association, Investors Workshops, Wilson Investment Properties, InvestCLUB for Women, the San Jose Real Estate Investors Club, MVT Productions, White House Catering, and the San Diego Creative Investors Association.
For tickets and other information regarding the Oct. 18th event, visit www.isurvivedrealestate.com. Reporters seeking interviews with Bruce Norris and panel participants before or after the event should contact Aaron Norris at (951) 780-5856.