Today’s News Synopsis:
The NAHB reported builder confidence continues to remain strong, having decreased only slightly to 67 from 69. Freddie Mac reported mortgage rates increased slightly after having steadily decreased for a long time; 30-year rates now stand at 3.91% and 15-year rates at 3.18%. The pace at which homes are selling increased drastically to record-highs due to tight supply and high demand.
In The News:
RealtyTrac – “Surviving as a First-Time Buyer in America’s Least Affordable City” (6-15-2017)
“A new joint analysis by ATTOM Data Solutions and Down Payment Resource found that first-time homebuyers in Denver — the least affordable market in Q1 2017 according to the ATTOM Affordability Index — can increase their down payment on a median-priced home by $13,900 (129 percent above just the minimum 3 percent down) and save nearly $5,000 in monthly house payments over the next five years by taking advantage of just one out of 89 down payment assistance programs available to home buyers in Colorado.”
NAHB – “Builder Confidence Remains Solid in June” (6-15-2017)
“Builder confidence in the market for newly-built single-family homes weakened slightly in June, down two points to a level of 67 from a downwardly revised May reading of 69 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).”
Freddie Mac – “Mortgage Rates Inch Up After Extended Decline” (6-15-2017)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates increasing across the board for the first time in over a month.”
Mortgage Bankers Association – “May New Home Purchase Mortgage Applications Up 15 Percent Year over Year” (6-15-2017)
“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for May 2017 shows mortgage applications for new home purchases increased 15 percent compared to May 2016.”
CNBC – “Homes are selling at a record-setting pace…again” (6-15-2017)
“The competition for housing is heating up along with the summer temperatures and continuing to set new records.”
CoreLogic – “CoreLogic Launches Storm Damage Identification Service” (6-15-2017)
“CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced the launch of a new service, Roof IQ™, that pinpoints specific homes damaged by storms so roofing professionals can more effectively identify prospects and manage lead-generation activities.”
Bloomberg – “U.S. Jobless Filings at Three-Week Low Amid Strong Labor Market” (6-15-2017)
“The U.S. job market continues to show signs of strength, as the number of Americans filing for unemployment benefits fell to a three-week low, according to Labor Department data released Thursday.”
CNBC – “Wells Fargo Is Accused of Making Improper Changes to Mortgages” (6-15-2017)
“Even as Wells Fargo was reeling from a major scandal in its consumer bank last year, officials in the company’s mortgage business were putting through unauthorized changes to home loans held by customers in bankruptcy, a new class action and other lawsuits contend”
NAHB – “Rep. Westerman’s Forestry Bill a “Win-Win-Win,” Builders Tell Congress” (6-15-2017)
“A draft legislative proposal by Rep. Bruce Westerman (R-Ark.) would encourage better management of the nation’s federal forest natural resources while also ensuring the continued recovery of the housing industry, the National Association of Home Builders (NAHB) told Congress today.”
Bruce Norris will be speaking at the NSDREI 13th Anniversary Dinner Party on Tuesday, June 20.
Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with the South Orange County Real Estate
Club on Thursday, June 22.
Bruce Norris will be speaking at An Intimate Evening with Bruce Norris at Prosperity Through Real Estate on Tuesday, July 11.
The Mortgage Bankers Association reported a 2.4% decrease in mortgage applications from the previous week. The NAHB reported the number of one-person firms in the construction industry totaled over 2 million. Republicans in the House of Representatives revealed their plan the previous day to replace Dodd-Frank as well as help strengthen the economy.
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.