Today’s News Synopsis:
With fewer people wanting to keep the HARP program and mortgage interest continuing to stay low, refinance volume continues to to increase. Private debt is also continuing to increase, which in turn is preventing the housing market from continuing to improve. At the same time, more people are demanding home renovation as home values continue to increase and housing inventory continues to age.
In The News:
Los Angeles Times – “Apps, sites aim to transform apartment rental listings” (11-30-14)
“For a long time, hunting for an apartment has meant wading through cryptic yard signs, inscrutable classifieds and frustrating games of phone tag. That’s finally changing.”
Mortgage Professional America – “Major bank sued over biased lending practices” (12-1-14)
“A Midwest county has filed a lawsuit against Wells Fargo, accusing the bank of predatory and discriminatory lending practices towards black, Hispanic and female borrowers in the Chicago area, according to Reuters.”
Housing Wire – “Will rising interest rates choke off housing recovery?” (12-1-14)
“Despite expected rises in interest rates and home prices over the next two years, housing will be affordable and, if Capital Economics is right, a little undervalued.”
DS News – “Refi Volume Rising While HARP Numbers Keep Falling” (12-1-14)
“Low mortgage interest rates helped elevate refinance volumes throughout the third quarter as demand for the government’s relief refinance program continued to diminish.”
Mortgage Professional America – “Renovation Loans, Aging inventory, rising home values fuel home renovation demand” (12-1-14)
“With an aging housing inventory and home values continuing to rise, borrowers can save money and build instant equity by purchasing a fixer-upper with a 203K, or opting for a HomeStyle mortgage.”
OC Housing News – “Wave of HELOC resets to cause 400% increase in delinquency” (12-1-14)
“The housing market bottom of 2012 was engineered by policy at the major banks. Millions of borrowers stopped making payments, and rather than foreclose on them, lenders decided to modify loans and get whatever payments they could from borrowers and wait until house prices recovered.”
Housing Wire – “Starwood Waypoint becomes latest to offer single-family rental bond” (12-1-14)
“There’s a new player in the single-family rental bond game. Starwood Waypoint Residential Trust (SWAY), which was spun off of Starwood Property Trust (STWD) in January as a real estate investment trust, is prepping its first securitzation based on income-producing single-family rental homes.”
Realty Trac – “Rising Private Debt Holds Back Housing Market” (12-1-14)
“The U.S. housing market is being held back by rising private debt crisis. As of September 2014, American consumers owe $11.71 trillion in private debt, up 0.7 percent from the second quarter of 2014, an increase of $78 billion, according to the Federal Reserve Bank in New York.”
Bruce Norris of The Norris Group will be speaking at SDCIA presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, December 9.
Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, December 10.
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.
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