Today’s News Synopsis:
According to the latest S&P/Chase-Shiller Index, home prices increased again in August by 12.8% year-over-year, their fastest in over 6 1/2 years. According to a recent study by USC, more Asian and Latino immigrants were able to keep their homes during the Great Recession as opposed to native-born citizens. At the recent 100th annual MBA conference and expo, CFPB director Cordray defended the new mortgage applications some found controversial.
In The News:
DS News – “August’s Annual Home Price Gains Set Post-Crisis Record” (10-29-13)
“The S&P/Case-Shiller Home Price Indices rose once again in August at their fastest annual rate in more than six and a half years, but the monthly pace continues to slow.”
Bloomberg– “Blackstone Adds to Biggest Year for REIT IPOs Since 2004” (10-29-13)
“The debut of Brixmor Property Group Inc. (BRX) is adding fuel to what is already the biggest year for U.S. real estate initial public offerings in almost a decade.”
Mortgage Professional America – “Cordray defends controversial mortgage rules” (10-29-13)
“The director of the Consumer Financial Protection Bureau explained his agency’s mission and defended controversial new mortgage regulations Monday at the Mortgage Bankers Association’s 100th annual conference and expo.”
Housing Wire– “Hensarling blames Dodd-Frank for mortgage market volatility” (10-29-13)
“Rep. Jeb Hensarling, R-TX, received thousands of cheers from attendees during the Mortgage Banker’s Association 100th Annual Convention and Expo Tuesday as he painted the Dodd-Frank Act as the real threat to mortgage finance reform. ”
DS News– “Study: Immigrants Fared Better than Native Homeowners in Recession” (10-29-13)
“A new study from the University of Southern California Lusk Center for Real Estate reveals that immigrant Asian and Latino homeowners were more successful at holding onto their homes during the Great Recession than native-born homeowners.”
Inman – “Realogy’s NRT subsidiary acquires big brokerage in California wine country” (10-29-13)
“Realogy subsidiary NRT LLC has strengthened its position as the nation’s biggest real estate brokerage with the acquisition of Frank Howard Allen Realtors, a leading brokerage with 300 sales associates in California’s wine country working out of 17 offices in Marin, Napa and Sonoma counties.”
Housing Wire – “SIGTARP alleges Hardest Hit Fund failures” (10-29-13)
“The Hardest Hit Fund, which was launched by the Treasury to help families in areas stricken by the housing bust, fell short of its stated goals, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) warns.”
DS News– “Commentary: Investors Still Flooding the National Housing Market” (10-29-13)
“Investors remain a crucial factor in the U.S. housing market. Both large institutional and smaller “mom and pop” investors have been very active purchasing homes at a steep discount, primarily in housing-bust markets that have seen dramatic decreases in prices over the past several years.”
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $280,000 on a 3 bedroom, 2 bathroom home appraised for $431,000.
Bruce Norris will be speaking at the Anaheim REI Expo on Sunday, November 3, 2013.
The number of bank closures reached 47 with another closure in Pennsylvania. LPS reported profit increased 44% in the third quarter with the increase in demand for mortgage technology as well as refinancing. Consumer spending increased 0.8% the previous month, double what income increased at 0.4% the same month.
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.