Today’s News Synopsis:
Black Knight Financial Services released their Mortgage Data Report for April 2017, which showed a 13% increase in mortgage delinquencies and foreclosures at their lowest in ten years. Existing home sales decreased 2.3% in April, while pending home sales 5.9% month-over-month and 7.4% year-over-year. Zillow is holding a contest for data scientists to be awarded $1 million to whoever best improves their Zestimate algorithm.
In The News:
Zillow – “Zillow Launches $1 Million Zestimate Competition for Data Scientists” (5-24-2017)
“Zillow, the leading real estate information and home-related marketplace, today has launched Zillow® Prize, an award of $1 million to the first person or team who can most improve the Zestimate® algorithm, Zillow’s proprietary home valuation tool.”
CNBC – “US existing home sales slipped 2.3% in April as supplies tighten” (5-24-2017)
“U.S. home resales fell more than economists were expecting in April, weighed down by a “stubborn” shortage of houses on the market that’s keeping prices high and sidelining prospective buyers.”
Mortgage Bankers Association – “Refi Apps Up, Purchase Apps Slightly Down in Latest MBA Weekly Survey” (5-24-2017)
“Mortgage applications increased 4.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 19, 2017.”
Black Knight Financial Services – “Black Knight Financial Services’ First Look at April 2017 Mortgage Data” (5-24-2017)
“First-lien mortgage delinquencies rose by 13 percent, the largest monthly increase since November 2008.”
Freddie Mac – “Freddie Mac May 2017 Outlook” (5-24-2017)
“Freddie Mac (OTCQB: FMCC) today released its monthly Outlook for May, which analyzes why the U.S. housing market is on track to eclipse last year despite weak economic growth.”
CNBC – “It’s cheaper to buy a home than rent, but only if you can find one” (5-24-2017)
“Home prices continue to rise at a fast clip, faster than incomes and faster than new employment, but it is still cheaper to own a home than to rent. So why are home sales falling?”
DS News – “CFPB vs. PHH: Two-Year Battle Coming to a Head” (5-24-2017)
“The highly anticipated hearing for the Consumer Financial Protection Bureau (CFPB) and PHH Corporation took place Wednesday in front of the Court of Appeals for the District of Columbia Circuit.”
PR Newswire – “California pending home sales lose steam for fourth straight month in April, C.A.R. reports” (5-24-2017)
“Consistent with the slowdown in April’s closed escrow sales, which declined from the previous month and year, low housing inventory and eroding affordability suppressed pending home sales for the fourth straight month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.”
Hard Money Loan Closed
El Monte, California hard money loan closed. Real estate investor received loan for $260,000 on this single family property.
Bruce Norris will be speaking at the AOA “Million Dollar” Trade Show & Landlording Conference 2017 on Wednesday, May 24.
Bruce Norris will be speaking at The Southern California Chapter of the Appraisal Institute’s 20th Annual
Inland Empire Market Trends on Thursday, June 1.
Aaron Norris will be presenting his latest talk Technology Trends and Effects on Real Estate with NorcalREIA on Wednesday, June 14.
Mortgage debt increased by $120 billion in the fourth quarter to its highest in 4 years according to the Federal Reserve Bank of New York. HUD and the U.S. Census Bureau reported new home sales increased 16.6% month-over-month, their highest since after the recession. The survivor bill of rights gained headwind in California and had the potential for the state Senate vote on it this week.
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 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.