Today’s News Synopsis:
Join us tonight as the Norris Group presents its sixth annual I Survived Real Estate! In the news, California has received the biggest portion of housing relief funds from the Treasury than ever before. In hopes to gain more borrowers, lenders are becoming more lenient on their rules for lending.
In The News:
CNN Money– “Spending cuts are hurting economy” (10-18-13)
“If you thought this year’s cuts to preschoolers, senior meals and medical research were bad, get ready for more.”
Mortgage Professional America – “Wells cuts even more jobs” (10-18-13)
“Wells Fargo is slashing yet more jobs as demand for refinancing stays sluggish, according to a Reuters report.”
Housing Wire – “California absorbs the most housing relief funds” (10-18-13)
“California received the largest portion of the Treasury’s Hardest Hit Fund as the state continued to recover from the large amount of unemployed and distressed homeowners impacted during the financial crisis.”
“Merry Christmas! We will be free of renewed budget crisis until January. Party, party, party.”
CNN Money – “Federal workers to get raise in January” (10-18-13)
“Federal workers have finally caught a break. The deal Congress passed Wednesday to end the government shutdown allows the Obama administration to raise government employees’ pay by 1% after Jan. 1 — the first raise of its kind in three years.”
Mortgage Professional America – “Lenders more lenient as they look to lure borrowers” (10-18-13)
“Recently, tightening credit standards have squeezed many prospective borrowers right out of the market, but that may be changing, according to data released Thursday by mortgage technology company Ellie Mae.”
Housing Wire – “SunTrust earnings pinched by mortgage settlements, legal matters” (10-18-13)
“SunTrust Bank (STI) ended up taking a huge earnings hit after settling with Fannie Mae, Freddie Mac and other government agencies over legacy reps and warranties liabilities and lingering mortgage issues.”
Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 3 bedroom, 2 bathroom home appraised for $140,000.
TODAY is the BIG DAY! Bruce Norris will be presenting the 6th annual I Survived Real Estate 2013 at the Nixon Library in Yorba Linda.
Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, October 22-24, 2013
Bruce Norris will be speaking at the Financial Tactics Brunch on Thursday, October 26, 2013.
Many numbers in the news on this day. Mortgage rates decreased again with 30-years now at 3.37% and 15-years at 2.66%. Foreclosure activity was at a low not seen in five years at 49,026. Unemployment claims increased again and were at 388,000.
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.