Today’s News Synopsis:

Aaron Norris of the Norris Group gives the top news stories in the world of real estate in this week’s Norris Group real estate headline roundup.  Fines for workplace safety violations will be increased by 78% next month according to OSHA.  An $8.2 billion lawsuit has finally been settled between Countrywide and their investors.  New York announced they will be buying several delinquent loans from the FHA as part of the “first of its kinds” program.

In The News:

Housing Wire – “New York launches “first of its kind” program; will buy delinquent mortgages from FHA” (7-1-16)

“In what officials are calling a “first of its kind” program, the city of New York announced Thursday that it is planning to buy a number of delinquent loans from the Federal Housing Administration as part of an effort to keep struggling homeowners from losing their homes to foreclosure.”

Mortgage Professional America – “Morning Briefing: Academics question ability of first-time buyers” (7-1-16)

“The desire to buy a home may remain strong but an academic study questions whether first-time buyers will be able to enter the market in the future as home prices continue to rise.”

Redfin – “Are You Really Underwater or Just Worried?  Understanding Home Equity” (7-1-16)

“Do you know how much home equity you have? Fannie Mae’s research shows that despite steadily rising home prices many homeowners continue to underestimate the amount of equity they have in their homes.As a result, consumers may be less likely to refinance their mortgage, apply for a home equity loan, or buy a new home.”

Construction Dive – “OSHA announces 78% hike in fines for workplace safety violations to start Aug. 1” (7-1-16)

“The Occupational Safety and Health Administration announced its interim rule Thursday that raises existing maximum civil penalties by 78% to comply with a federally mandated rate increase.”

Market Watch – “10 beach towns for real estate bargains” (7-1-16)

“Often, buying a home in a beach town is an expensive proposition, but in some spots there are bargains to be found.  Real estate research firm RealtyTrac identified beach towns with fewer than 50,000 residents that had a high quality of life and then investigated which of those had the best bargains.”

Mortgage Professional America – “After 5 years, Countrywide investors are paid $8.2 billion settlement” (7-1-16)

“Mortgage bond investors are finally getting paid the $8.5 billion settlement they’re owed in an agreement involving Countrywide mortgage bonds.”

Construction Dive – “Floundering public sector drags totals US construction spending down 0.8%” (7-1-16)

“Construction spending slipped 0.8% in May to a seasonally adjusted annual rate of $1.14 trillion, down from the revised rate of $1.15 trillion in April, the Commerce Department reported Friday.”

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with LAREIC on Tuesday, July 12.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI on Thursday, July 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with InvestClub for Women on Wednesday, September 21.

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Looking Back:

According to Fannie Mae’s latest Housing Insight Report, the homes more millennials prefer were single-family.  Spending on construction increased 0.8% in May, although spending on residential properties was below expectations.  Several big banks, including Wells Fargo, JPMorgan Chase U.S. Bancorp, failed on their regulator satisfactory tests.

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.


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