Today’s News Synopsis:
Home prices in Southern California decreased last month by 0.7% month-over-month. The NAHB reported an increase in home builder confidence, putting it at 64. In order to provide MBA members more valuable benefits, Freddie Mac and the MBA are forming a new partnership.
In The News:
Los Angeles Times – “Southern California home prices inch down in September” (10-19-15)
“Southern California home prices dipped slightly in September from a month earlier, as the housing market entered a traditionally slower season. The region’s median price — the point where half of homes sold for more and half for less — fell 0.7% from August, to $435,000 last month, real estate firm CoreLogic said Monday.”
Housing Wire – “GSE leadership no longer expecting reform” (10-19-15)
“The government-sponsored enterprises are getting back to their core mission, shaking the idea that a resolution to conservatorship is just around the corner and reshaping their business models to reduce risk to taxpayers while expanding access to credit.”
“A combination of a lack of housing inventory, especially discounted and distressed, and a surge in demand for rental housing has caused more investors to turn to the build to rent strategy—that is, building a single-family home with the specific intent of renting it rather than sell it to an owner occupant.”
NAHB – “Builder Confidence Rises Three Points in October” (10-19-15)
“Builder confidence in the market for newly constructed single-family homes rose three points in October to a level of 64 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This month’s reading is a return to HMI levels seen at the end of the housing boom in late 2005.”
Housing Wire – “FHA abandons plan to institute deadline for insurance claims” (10-19-15)
“Citing concern from the mortgage industry, the Federal Housing Administration is abandoning a plan that would have established a deadline for lenders and servicers to file FHA insurance claims.”
DS News – “Treasury Official Decries Push to ‘Recap and Release’ Fannie Mae and Freddie Mac” (10-19-15)
“A top U.S. Department of Treasury official effectively ended any speculation that the government’s 7-year-old conservatorship of Fannie Mae and Freddie Mac would end before the 2016 presidential election in an editorial on Bloomberg View on Monday.”
Mortgage Professional America – “Morning Briefing: Realtors report strong sales in September” (10-19-15)
“As sales reports continue to come in from realtors across the country many are reporting a stronger September than last year. The California Association of Realtors says that although sales volume was down 1.5 per cent from August there was a 6.9 per cent rise year-over-year to 425,030 units.”
Mortgage Bankers Association – “Mortgage Bankers Association and Freddie Mac Announce Alliance to Provide New Benefits to MBA Members” (10-19-15)
“The Mortgage Bankers Association (MBA) and Freddie Mac (OTCQB: FMCC) today announced an alliance to offer MBA members a series of quality benefits and solutions designed to add value in today’s market.”
Bloomberg – “Fannie-Freddie’s Multifamily Loan Cap Kept Unchanged in 2016” (10-19-15)
“The U.S. regulator of Freddie Mac and Fannie Mae is maintaining its $30 billion multifamily loan cap next year for each mortgage company.”
DS News – “Jumbo RMBS Issuance in 2015 Has Already Surpassed Last Year’s Total” (10-19-15)
“Through the end of Q3 2015, the total of U.S. prime jumbo residential mortgage-backed securities (RMBS) issued has already passed the 2014 total, according to a report from Fitch Ratings.”
Housing Wire – “Fannie Mae lowers mortgage risk with new credit scoring system” (10-19-15)
“Fannie Mae is simplifying the lending process for lenders and borrowers with a series of updates to its mortgage offerings. One of the biggest changes is that beginning in mid-2016, Fannie Mae will require lenders to use trended credit data when underwriting single-family borrowers throughDesktop Underwriter. Fannie is working with Equifax and TransUnion to provide the data.”
Bruce Norris of The Norris Group will be speaking at the AOA “Million Dollar” Trade Show and Landlording Conference on Thursday, October 21.
The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.
Bruce Norris will be speaking at the Cutting-Edge Financial Tactics Brunch on Saturday, November 7.
Bruce Norris will be speaking at the 2nd Annual TNG VIP Subsriber Brunch on Sunday, November 8.
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 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.