The Norris Group Real Estate News Roundup 2/21/14

Sources:

Zillow Marks Upward Trend in Mortgage Rates
New home sales see big jump

Today’s News Synopsis:

Aaron gives highlights from the news of the week in today’s real estate headline roundup.  Existing home sales decreased last month and are now at their lowest in a year and a half.  Fannie Mae reported a quarterly profit of $6.6 billion, marking their eight quarter in a row to show signs of profit.

In The News:

Bloomberg “Gains in Farmland Values Stall, ending Five-Year Boom” (2-21-14)

“Existing-home sales tumbled in January to the lowest level in a year and a half as inventory shortages push home prices higher, the latest data from the National Association of Realtors announced.”

Housing Wire “Existing home sales hit lowest level in year and a half” (2-21-14)

“Existing-home sales tumbled in January to the lowest level in a year and a half as inventory shortages push home prices higher, the latest data from the National Association of Realtors announced.”

DS News“Fannie Mae Dividend Payments to Exceed Treasury Draws” (2-21-14)

“Fannie Mae released its Comprehensive Income Statement for the fourth quarter of 2013, noting a quarterly comprehensive income of $6.6 billion. It was the eighth consecutive quarterly profit for the government-sponsored enterprise (GSE).”

Mortgage Professional America “Could originators see more business this spring?” (2-21-14)

“Mortgage brokers may see more business this spring, as Zillow is predicting a buyer’s market due to higher inventory and slower price appreciation.”

DS News “Delinquency Rates Drop to Lowest Since 2008” (2-21-14)

“The Mortgage Bankers Association (MBA) released its National Delinquency Survey Thursday, reporting the seasonally adjusted rate for delinquent mortgages is 6.39 percent, the lowest level since 2008.”

Housing Wire “The weather is improving but housing conditions are not – here’s why” (2-21-14)

“Housing, by nature, is more susceptible to weather distortion than activity in other parts of the economy, a recent report from Capital Economics said.”

Bloomberg“Wall Street Landlords Buy Bad Loans for Cheaper Homes” (2-21-14)

“Wall Street-backed landlords are showing a greater appetite for bad mortgages as a source for cheap property as the supply of foreclosed homes declines while housing prices continue to climb.”

 

Hard Money Loan Closed

Redlands, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $120,000 on a 2 bedroom, 1 bathroom home appraised for $224,000.

Redlands Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with Inland Empire Escrow on Thursday, February 27, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Thursday, March 12, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

Looking Back:

The National Association of Realtors reported existing home sales increased 0.4% the previous month to 4.92 million.  Meanwhile, Goldman Sachs expected home sales to increase and continue to increase over the next four years.  30-year mortgage rates increased to 3.56%, the highest they had been in 7 months.  Zillow reported almost 2 million homeowners were brought out of negative equity 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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