Single-Family Rental Homes to Have More Detached Homes Constructed According to John Burns

 

Today’s News Synopsis:

 

The cost to close a mortgage just decreased by 7% to $1,847 according to Bankrate.com.  The housing market appears to be showing more signs of improvement with the recent increase in both inventory and demand.  John Burns of John Burns Real Estate Consulting said he plans on constructing more detached homes from single-family homes that will be used for rentals.

 

In The News:

Mortgage Bankers Association “Commercial/Multifamily Mortgage Originations Continue Strong Pace in Second Quarter” (8-4-15)

“According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, second quarter 2015 commercial/multifamily mortgage loan originations were 29 percent higher than during the same period last year and 16 percent higher than the first quarter of 2015.”

Mortgage Professional America – “House committee calls for greater transparency from Federal Reserve” (8-4-15)

“The House Financial Services Committee is calling for greater transparency and accountability from the Federal Reserve.  Last week, the committee approved legislation – the Fed Oversight Reform and Modernization (FORM) Act – that would require the Fed to more transparently communicate its monetary policy decisions to the American people.”

Realty Trac – “Does Recent Equity Build-Up Present An Opportunity” (8-4-15)

“A long-time investor in rental properties, Lin He believes it’s time for a change in his investment strategy. With as many as 50 southern California rental properties in his portfolio (condos and single family homes mostly in Orange County) He is switching things up.”

Housing Wire“Mortgage closing costs drop 7% to $1,847” (8-4-15)

“Mortgage closing costs declined 7% over the past year and now average $1,847 on a $200,000 loan, according to Bankrate.com.  Hawaii’s average closing costs of $2,163 are the highest in the nation, followed by New Jersey ($2,094), Connecticut ($2,033), West Virginia ($1,971) and Arizona ($1,969).”

DS News “Builders Plan to Build More Detached Homes for Single-Family Rentals” (8-4-15)

“More detached homes will be built for single-family rental to meet increasing demand for rental housing, according to a report from John Burns, CEO of John Burns Real Estate Consulting released Tuesday.”

Realty Track – “RealtyTrac Names Richard Lombardi Executive Vice President and General Manager Leading Its Data Solutions Division” (8-4-15)

“RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today announced it has hired real estate data licensing veteran Richard Lombardi as Executive Vice President and General Manager leading its rapidly expanding data and file licensing business.”

DS News “Increased Inventory and Demand Indicate a Healthier Housing Market” (8-4-15)

“Recent housing indicators reveal signs of health in the housing market in July 2015, according to Realtor.com’s Advance Read of July Trends, which draws on residential inventory and demand trends over the first three weeks of the month.”

Housing Wire “Freddie Mac net income soars 700% to $4.2 billion” (8-4-15)

“Freddie Mac reported a second-quarter net income of $4.2 billion, compared to $524 million for the first quarter of 2015, an astounding 702% increase in just one quarter.”

Mortgage Professional America – “Serious delinquency rate hits 7-year low” (8-4-15)

“The serious delinquency rate on mortgages for single-family homes fell to its lowest level since 2008 in June, according to new data from Fannie Mae.”

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with TIGAR on Thursday, August 13.

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with Tri-Counties Association of Realtors on Friday, August 14.

Bruce Norris of The Norris Group will be giving his Secrets to Becoming Wealthy with Tony Watson on Tuesday, August 18.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

 

Copyright: Image from www.flickr.com/photos/richardjellis/

 

Looking Back:

Black Knight Financial Services just announced that the majority of foreclosures that still existed were in judicial states, roughly 3/4 of the foreclosure market in the county.  In addition, a new foreclosure was passed in Connecticut that would speed up the foreclosure process and and cut down on the amount of foreclosures still waiting to be processed.  Bankrate.com just released a survey showing mortgage closing costs increased 6% over the previous year.

 

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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