Today’s News Synopsis:
In The News:
Bloomberg – “Pending Sales of U.S. Existing Homes Climb to Nine-Year High” (6-29-15)
“Contracts to purchase previously owned U.S. homes rose in May to a nine-year high, indicating recent strength in the real-estate industry will be sustained. The pending home sales index increased 0.9 percent to 112.6, the highest since April 2006, after a revised 2.7 percent advance in the previous month, the National Association of Realtors said Monday in Washington.”
DS News – “GSEs Combine for Q1 Net Income of $2.4 Billion” (6-29-15)
“Freddie Mac and Fannie Mae experienced a substantial increase in their net income for the first quarter. The Federal Housing Finance Agency (FHFA) released the Quarterly Performance Report of the Housing GSEs Monday analyzing the first quarter earnings and other contributing factors that boosted these GSEs’ incomes.”
Mortgage Professional America – “CFPB releases complain data” (6-26-15)
“The Consumer Financial Protection Bureau released over 7,000 complaints from consumers against financial services providers — including many big banks regarding mortgages — which originators can use to win potential clients.”
Bloomberg – “Homebuyers Sign on Dotted Line to Bolster U.S. Housing Rebound” (6-29-15)
“The U.S. housing recovery is thriving, and home sellers have the signed contracts to prove it. A measure of pending sales of previously owned properties increased 0.9 percent in May to 112.6, the highest since April 2006, after a revised 2.7 percent advance in the previous month, the National Association of Realtors said Monday in Washington. It marked the fifth straight gain, the longest such stretch since the period ended June 2013.”
Housing Wire– “High-rise FHA loans push mortgage risk index up in May” (6-29-15)
“The composite National Mortgage Risk Index for Agency purchase loans stood at 12.33% in May, up 0.4 percentage point from the average for the prior three months and up 0.7 percentage point from a year earlier.”
DS News – “SFR Vacancy Rate Stays Flat While Delinquency Rate Rises Slightly” (6-29-15)
“Vacancy rates among single-family rental securitizations remained relatively flat month-over-month despite a general trend of a rising number of lease expirations, according to data reported by Morningstar Credit Ratings in its June 2015 Single-Family Research: Performance Summary Covering All Morningstar Rated Securitizations released Monday.”
Mortgage Professional America – “Morning Briefing: Millennial homes are getting smarter” (6-29-15)
“Millennials are keen to embrace new technology in homes according to a new survey. The NPD Group Connected Intelligence Home Automation Advisory Service shows that American millennials are twice as likely as the total population to have a smart home product installed in their residence.”
Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.
Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.
Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.
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