Today’s News Synopsis:
In The News:
DS News – “Mortgage Delinquencies Don’t Sync With Q1 Trends” (5-11-16)
“Serious delinquencies on credit cards and auto loans rose in Q1 to levels not seen in the first quarter in the last three years, largely due to the oil slump that impacted the economy in energy-sector states such North Dakota, Oklahoma, and Texas, according to TransUnion’s Q1 2016 Industry Insights released Wednesday.”
Mortgage Professional America – “Foreclosure inventory, serious delinquency hit lowest rates in years” (5-11-16)
“Foreclosure inventory dropped more than 23% year over year in March, hitting its lowest rate in years according to new data from CoreLogic.”
Housing Wire – “Is Ditech really on the verge of layoffs?” (5-11-16)
“Ditech employees in Earth City, Missouri are not completely at a loss despite reports indicating 103 employees at the location would be cut.”
Mortgage Bankers Association – “Mortgage Applications Slightly Increase in Latest MBA Weekly Survey” (5-11-16)
“Mortgage applications increased 0.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 6, 2016.”
Bloomberg – “Fed Economist Says Stop Relying on Stocks for Recession Signals” (5-11-16)
“Turbulence in stocks and bonds was part of the Federal Reserve’s calculus for slowing interest rate increases in February. Now an economist with the central bank’s Dallas branch says relying on the equity market for economic signals is a mistake.”
Mortgage Professional America – “Consumer confidence in homebuying hits all-time low” (5-11-16)
“Fewer people than ever before think it’s a good time to buy a home, according to new data from Fannie Mae. Fannie Mae’s latest Home Purchase Sentiment Index showed that the share of Americans who feel that it’s a good time to buy a home has dipped to 30%, an all-time survey low.”
Housing Wire – “AMI to Fannie Mae CEO: Private capital is ready for return to mortgages” (5-11-16)
“Contrary to what Fannie Mae’s CEO told HousingWire last week, private capital is ready and willing to return to the mortgage market, the Association of Mortgage Investors said this week. ”
DS News – “Mortgage Write-Offs Hit a 9-Year Low” (5-11-16)
“In the first quarter of 2016, consumers appear to be demonstrating strong repayment practices, while taking advantage of continued low-rate environment, according to data from the April 2016 Equifax National Consumer Credit Trends Report.”
Mortgage Professional America – “Morning Briefing: White House announces plans for building resilience” (5-11-16)
“The impacts of climate change necessitate a structure for building more resilient communities, the White House said Wednesday.”
Hard Money Loan Closed
Lancaster, California hard money loan closed. Real estate investor received loan for $112,000 on this single family property appraised for $177,000.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum TONIGHT.
Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday morning, May 19.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Pasadena FIBI on Thursday night, May 19.
The Bureau of Labor Statistics reported almost 2,000 new jobs were added to the mortgage industry in March. Home prices increased in the first quarter with the increase in demand and inventory levels tightening. A new proposal was being worked on by Senator Richard Shelby that would bring changes to the Federal Reserve.
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.