Today’s News Synopsis:
In The News:
“The number of residential homes with negative equity, also referred to as being “underwater” or “upside down” has been steadily declining in the last few years while the number of homes with equity has been on the rise.”
Mortgage Bankers Association – “Commercial/Multifamily Mortgage Debt Continues Rise Led By Commercial Banks in Third Quarter” (12-15-15)
“The level of commercial/multifamily mortgage debt outstanding increased by $38 billion in the third quarter of 2015, as three of the four major investor groups increased their holdings. That is a 1.4 percent increase over the second quarter of 2015.”
Housing Wire – “‘Tis a great seson to buy and sell your home” (12-15-15)
“Along with enjoying holiday festivities and spending time with your family, you might want to add shopping for a home and even selling your home to your list of things to do right now.”
NAHB – “Builder Confidence Edges Down One Point in December” (12-15-15)
“Builder confidence in the market for newly constructed single-family homes remained relatively flat in December, dropping one point to 61 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).”
“Fannie Mae and Freddie Mac may soon be made to offer mortgages for homes in ‘underserved markets.’ A new rule, introduced Tuesday, requires the Federal Housing Finance Agency (FHFA) by federal law to issue a regulation to implement the Duty to Serve requirements specified in the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act (HERA) of 2008 among both GSEs.”
Mortgage Professional America – “Morning Briefing: Homebuilding in Orange County hits 15-year high” (12-15-15)
“Builders are busy in California’s Orange County right now. New figures from the Building Industry Association – OC reveal a 15-year high rate of construction following a downturn since the start of the decade.”
Housing Wire – “It’s not just MSAs: Barclay’s warns CFPB is looking at all referrals” (12-15-15)
“The Consumer Financial Protection Bureau, which has sharpened its enforcement of marketing services agreements this year, may be expanding its definition of a kickback to include any type of referral, according to a report from Barclays.”
DS News – “Are Rising Consumer Credit Default Rates Becoming a New Trend?” (12-15-15)
“Consumer credit default rose for the second consecutive month in November, which is cause to keep a close eye on consumer finances in the coming year, according to the S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices for November 2015 released Tuesday.”
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with AOA Orange County on Tuesday, January 19.
Image copyright source: www.flickr.com/photos/chaimzvi/
A bill was passed in both the Senate and the House that would give extra foreclosure protection for military members returning from active duty. Builder confidence decreased again by one point this month and stood at 57. The housing market in Southern California barely held on the previous month with home sales decreasing 9.5%.
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.