Builder Confidence Unchanged in September
Mortgage Rates Fall as U.S. Homebuyers Get Fed Reprieve
Judge refuses injuction request in eminent domain case
Home Starts Weaker Than Forecast as Fed Keeps QE: Economy
Today’s News Synopsis:
In The News:
DS News – “Analyst Warns of Artificial Appreciation” (9-20-13)
“As home price appreciation continues at accelerated levels, John Burns Real Estate Consulting is warning clients in certain areas to keep in mind the artificial boosting effect that home “flippers” bring to the market.”
Mortgage Professional America – “Existing home sales hit highest level in six years” (9-20-13)
“Sales of existing homes spiked in August, reaching their highest level in more than 6 years, according to data released today by the National Association of Realtors.”
Inman – “IRS finally provides guidance on building repairs vs. improvements” (9-20-13)
“On the eerily appropriate day of Friday the 13th, the IRS released the final version of its Tangible Property Repair Regulations. The IRS has been working on these regs since 2004. The final regulations are the fourth version released by the IRS.”
Housing Wire – “Activist shareholder urges PHH to create a separate vehicle for MSRs” (9-20-13)
“An activist investor that owns 5% of PHH Corp.’s (PHH) stock has big plans for the national lender and servicer, including a restructuring strategy that involves offloading the firm’s mortgage servicing rights to a captive finance vehicle.”
CNN Money – “Richmond, Calif., inches closer to eminent domain plan” (9-20-13)
“The city of Richmond, Calif., is one step closer to moving forward with a plan to seize underwater mortgages by invoking eminent domain.”
Housing Wire – “Wingspan to buy JPMorgan CHase customer service center” (9-20-13)
“As the mortgage industry continues to shift, with larger banks limiting their mortgage exposure, specialty servicers are nabbing key assets from larger players as they expand their own operations.”
DS News – “Fannie Mae Overpaid $89 Million in 2012” (9-20-13)
“The Office of the Inspector General of the Federal Housing Financing Agency (FHFA) has issued a report finding that Fannie Mae overpaid mortgage servicers approximately $89 million in expenses related to default servicing in 2012. Fannie Mae outsources its reimbursement review process to management consulting firm Accenture.”
Housing Wire – “Large asset managers fear the dreaded SIFI label” (9-20-13)
“More nonbank firms face the regulatory scrutiny associated with being labeled a ‘systemically important financial institution’, or SIFI.”
Inman – “New-home statistics may be generating a false signal” (9-20-13)
“Yesterday we learned from the U.S. Commerce Department that the pace of construction of single-family homes increased in August and building permits for new homes hit a five-year high. This data was trumpeted as evidence of “continued resilience in the housing market recovery’.”
Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $210,000 on a 5 bedroom, 2 bathroom home appraised for $330,000.
Bruce Norris will be speaking at the Big “Million Dollar” Trade Show & Landlording Conference on Thursday, September 26, 2013.
On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.
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.
Claims for unemployment decreased by 3,000 to 382,000 the previous week, although claims were still high. Mortgage rates were at record lows once again with 30-year rates at 3.49% and 15-year at 2.77%. The FHFA was planning to make changes to the guarantee fees charged by Fannie Mae and Freddie Mac in Connecticut, Florida, Illinois, New Jersey and New York.
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.