Norris Bruce
Jul 22, 2014

Total Bank Failures Now at 13 with Closing of Georgia Bank

 

Today’s News Synopsis:

The total number of failed banks this year is now at 13 with the recent closure of Conyers-based Eastside Commercial Bank in Georgia.  Existing home sales increased 2.6% month-over-month and now stand at 5.04 million.  Home prices increased 0.4% month-over-month in May, exceeding expectations.

In The News:

DS News“Regulators Take Possession of Georgia Bank” (7-21-14)

“State and federal regulators announced Friday the closing of a Georgia bank, putting the 2014 national bank failure tally at 13.  Georgia’s Department of Banking and Finance took possession of Conyers-based Eastside Commercial Bank, appointing FDIC as receiver.”

Los Angeles Times“Debt-to-income ratio can sink mortgage application” (7-20-14)

“Washington — For many home buyers, qualifying for a mortgage not only is a tough challenge but one that ends unhappily: They get rejected.”

Bloomberg“U.S. Home Prices Increased More Than Estimated in May” (7-22-14)

“U.S. house prices rose more than economists estimated in May as sales demand improved following a slowdown earlier in the year.”

Housing Wire “Fitch: Housing market getting ready to grow” (7-22-14)

“Citing recent “encouraging economic and housing data,” analysts from Fitch Ratings expect an accelerated upturn in housing in the remainder of 2014.”

DS News“JPMorgan Begins to Offer Homeowner Relief” (7-22-14)

“In accordance with the terms of its settlement with the government, JPMorgan has begun the process of providing debt forgiveness and other mortgage relief to struggling homeowners.”

Bloomberg “Housing Buoyed by 20-Year High for Vet’s Loans: Mortgages” (7-22-14)

“America’s fragile housing recovery is getting a boost from military buyers using VA mortgages as the U.S. draws down troops after more than a decade of combat in Iraq and Afghanistan.”

Inman“Former BofA short-sale negotiator prison-bound in ‘property flopping’ scheme” (7-22-14)

“A former Bank of America short-sale negotiator has been sentenced to 30 months in prison and ordered to pay $5.7 million in restitution for his role in a fraud scheme in which prosecutors said he accepted bribes to sign off on the sale of at least nine homes to flippers at prices far below their market value.”

Bloomberg “Previously Owned U.S. Home Sales Rise to Eight-Month High” (7-22-14)

“Sales (ETSLTOTL) of previously owned U.S. homes climbed in June to an eight-month high as more listings helped prices cool, luring buyers into the market.”

DS News “Freddie Mac Sees Bittersweet Economic Outlook” (7-22-14)

“Some things are meant to be a little sweet and a little bitter. They’re just better that way. Semi-sweet chocolate and sweet and sour sauce, just to name a few are some of the finest flavors known to man.”

Housing Wire “Homebuilders to weigh in on mixed 2Q14 earnings” (7-22-14)

“As more top banks report muted mortgage results in their second-quarter earnings, homebuilders are about to weigh in on the discussion, recording potentially strong, steady or weak growth.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be speaking at the CMLS 2014 – Learning the In-and-Outs of Real Estate Forecasting From September 24-September 27, 2014.

Looking Back:

Sales of existing homes decreased in June by 1.2% and stood at 5.08 million units.  Republican John Campbell pushed for a new Eminent Domain Bill that would limit the amount of eminent domain used to take residential mortgages.  Fannie Mae continued to hold a positive outlook on the growth of the economy despite the increase in mortgage rates.

 

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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