Today’s News Synopsis:
In The News:
Mortgage Bankers Association– “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-20-15)
“Mortgage applications decreased 1.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 15, 2015.”
“Borrowers are managing their mortgage debt better, reporting substantial declines in write-offs and severe delinquency rates, according to Equifax’s Q1 2015 National Consumer Credit Trends Report released earlier this week.”
Bloomberg – “Auction.com to Market U.S. Real Estate to Chinese Buyers” (5-20-15)
“Chinese investors will have a new way to buy U.S. commercial real estate without leaving home. International property website Juwai.com formed a venture that will open Auction.com LLC’s real estate sales to Chinese-speaking users in mainland China and elsewhere. While the offerings will focus initially on apartments, hotels, retail properties and office buildings, U.S. homes will probably be added as well, the companies said in a statement Wednesday.”
Mortgage Professional America– “Privatizing Fannie & Freddie could send mortgage rates soaring – – report” (5-20-15)
“Many frustrated shareholders in Fannie Mae and Freddie Mac want the mortgage finance giants released from federal control, so they can reap the profits of their investments. But that might not be so great for the mortgage industry, according to a new study.”
Housing Wire – “Moody’s: New mortgage disclosure rule will increase risk for US RMBS” (5-20-15)
“The initial operational challenges for lenders to implement and comply with the new TILA-RESPA Integrated Disclosure Rule rule, along with the potential for increased costs in the event of non-compliance, raise the risk of losses for RMBS trusts, according to a report from Moody’s Investors Service.”
Mortgage Professional America – “Daily Market Update: Housing report reveals that the industry is picking up” (5-20-15)
“The level of new housing starts in April jumped to their highest level in more than 7 years according to the US Department of Commerce. The latest data on the housing market revealed that new starts soared by 20.2 per cent to a seasonally-adjusted annual pace of 1.14 million units.”
DS News – “Black Knight Financial Services Debuts IPO at a Total Price of $441 Million” (5-20-15)
“An initial public offering (IPO) of 18 million shares of Class A common stock from Black Knight Financial Services, a Jacksonville, Florida-based technology, data and analytics solutions provider for the mortgage industry, debuted Wednesday morning at the New York Stock Exchange.”
Housing Wire – “Progress Residential announces third single-family rental securitization” (5-20-15)
“Progress Residential’s third single-family rental securitization is getting ready to hit the market, which will be collateralized by a $438.7 million loan secured by first priority mortgages on 3,317 income-producing single-family homes.”
Property Radar – “California Median Home Price Soars past $400,000 Mark – Highest Since December 2007” (5-20-15)
“California single-family home and condominium sales were up 9.0 percent in April 2015. April sales were 37,009 up from 33,946 in March. The increase in sales volume was predominantly due to the 9.2 percent gain in non-distressed property sales that accounted for 83.0 percent of total sales.”
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.
Mortgage default rates decreased to 1.11%, the lowest recorded since the recession according to the latest index from Standard & Poors. According to the latest Realty Trac report, countries with one in five homeowners underwater were inhabited by almost 1/3 of Americans. The total number of people underwater was at about 9.7 million, while more first-time homebuyers were underwater compared to higher-priced homes.
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