Today’s News Synopsis:

The rate on seriously delinquent loans decreased to below 1/4 of where they were at the peak.  Mortgage rates are also at record lows with 30-year rates at 3.41%.  Following the situation with Brexit, economists planned to spend more time reviewing the jobs report for June.

In The News:

Housing Wire – “FHFA: Fannie, Freddie single securitization coming in 2018?” (7-7-16)

“The Federal Housing Finance Agency announced Thursday that it is making progress on the implementation of the single securitization platform to be issued by both Fannie Mae and Freddie Mac, and, for the first time, provided a look at just when the common security will become a reality.”

DS News – “Serious Delinquencies Below One-Quarter of Peak Total” (7-7-16)

“Seriously delinquent mortgage loans, those 90 days or more overdue, have declined to the point where they are less than one quarter of what they were at their peak six years ago, according to a new State of the Consumer report from Stephanie K. Mah, Director of Research, Structured Finance, Morningstar Credit Ratings.”

Redfin – “Mortgage Rates: A Near-Record Low And A Near-Record Run” (7-7-16)

“Mortgage rates hit a new 2016 low last week, falling to 3.41 percent in the wake of the Brexit vote. Home loans haven’t been this cheap in three years and are flirting with the record-low 3.31 percent reached in November 2012, according to Freddie Mac.”

DS News – “Where Will the Housing Market Stand Post-Election?” (7-7-16)

“A recent poll conducted within the United States by Harris Poll on behalf of Trulia found that Republicans and Democrats have contrasting opinions on how they foresee the evolution of the housing market after the election in November.”

Construction Dive – “Why minority homeownership rates plunged after the housing crash – and how to reverse the trend” (7-7-16)

“The recovery from the 2007 U.S. housing crash is still underway, with the ramifications of foreclosures and subprime mortgages still playing out for many current and potential American homeowners.”

Bloomberg – “Jobs Report in U.S. to Get Extra Scrutiny in Post-Brexit World” (7-7-16)

“Economists tend to shy away from attaching too much significance to any one piece of data. But in this environment, with this jobs report, hyper-scrutiny may be warranted.”

DS News – “House Committee Chairman Wants Answers from Castro” (7-7-16)

“Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial Services Committee, on Thursday asked for HUD Secretary Julián Castro to appear before his Committee to answer questions about the effect of recent changes to HUD’s delinquent loan sales program on taxpayers.”

Housing Wire – “Fannie Mae: Americans feel less confident about housing” (7-7-16)

“The Fannie Mae Home Purchase Sentiment Index decreased in June, down from May’s all-time survey high as more consumers report mixed views toward housing and income growth.”

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.

Image copyright source: www.flickr.com/photos/44313045@N08

Looking Back:

The Mortgage Bankers Association reported a 0.5% decrease in the Mortgage Credit Availability Index, which stood at 122.  A possible housing bubble was predicted to occur in San Francisco according to the latest data from Collateral Analytics.  Supply and demand for housing both showed signs of growth in June according to Realtor.com.