Today’s News Synopsis:
Dorm living for professionals. The Mortgage Bankers Association reported the amount of mortgage credit available was lower in February, having decreased 1.2% to 180.7. Meanwhile, home flipping increased to its highest in 11 years as over 200,000 homes were flipped for the second year in a row.
In The News:
Realtor.com – “What Are Storm Windows? A Cheap Way to Save on Your Energy Bills” (3-8-2018)
“What are storm windows? They’re windows installed on top of existing windows to improve a home’s energy efficiency. Storms, in fact, have very little to do with them (sorry!).”
National Association of Realtors – “Statement from NAR President Elizabeth Mendenhall about HUD’s Possible Change to its Mission Statement” (3-8-2018)
“National Association of Realtors® President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty, issued the following statement regarding the Department of Housing and Urban Development’s potential plans to remove anti-discrimination language from its current mission statement: See article”
Mortgage Bankers Association – “Mortgage Credit Availability Decreases in February” (3-8-2018)
“Mortgage credit availability decreased in February according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”
ATTOM Data Solutions – “U.S. Home Flipping Increases to 11-Year High in 2017 With More Than 200,000 Homes Flipped for Second Straight Year” (3-8-2018)
“ATTOM Data Solutions, curator of the nation’s premier property database, today released its Q4 and Year-End 2017 U.S. Home Flipping Report, which shows that 207,088 U.S. single-family homes and condos were flipped in 2017, up 1 percent from the 204,167 home flips in 2016 to the highest level since 2006 — an 11-year high.”
Freddie Mac – “Mortgage Rates Push Higher” (3-8-2018)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed mortgage rate increasing for the ninth consecutive week.”
Bloomberg – “U.S. Jobless Claims Rise More Than Expected From 48-Year Low” (3-8-2018)
“U.S. filings for unemployment benefits rose by more than anticipated from a 48-year low while continuing to signal a tight job market, Labor Department figures showed Thursday.”
HousingWire – “CFPB giving servicers “more latitude” in dealing with borrowers in bankruptcy” (3-8-2018)
“Mortgage servicers are about to have “more latitude” when it comes to dealing with borrowers entering or exiting bankruptcy, the Consumer Financial Protection Bureau announced Thursday.”
New York Times – “Dorm Living for Professionals Comes to San Francisco” (3-8-2018)
“In search of reasonable rent, the middle-class backbone of San Francisco — maitre d’s, teachers, bookstore managers, lounge musicians, copywriters and merchandise planners — are engaging in an unusual experiment in communal living: They are moving into dorms.”
Hard Money Loan Closed
Victorville, California hard money loan closed. Real estate investor received loan for $100,000 on this single family property appraised for $179,000.
Bruce Norris will be presenting Stay Put or Cash Out with NorcalREIA on Wednesday, March 14.
Bruce Norris will be presenting Cashing In On A Boom: Investing In Quadrant 4 With Bruce Norris in Sacramento on Saturday, March 17.
Bruce Norris will be presenting Stay Put or Cash Out with IVAR on Wednesday, April 4.
The Mortgage Bankers Association reported a 3.3% increase in mortgage applications from the previous week as a result of more borrowers frantically trying to get in before rates got higher. The generation that was seeing more and more people returning to buying homes was Generation X. Fewer homes were becoming affordable in the Toronto real estate market.
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.