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.  Employment saw positive numbers for June with 287,000 new jobs added.  Forbes believes low inventory will continue to be a problem for the housing market for the rest of this year.  Ocwen Financial hopes to give more assistance to borrowers through further use of the HAMP program.

In The News:

Housing Wire – “Zillow: Refinances skyrocket in wake of Brexit” (7-8-16)

“Earlier this week, the mortgage industry saw the first true evidence of the impact of the Brexit as mortgage interest rates fell again, nearing all-time lows, and refinance applications jumped to an 18-month high, according to the latest mortgage application data from the Mortgage Bankers Association.”

Mortgage Professional America – “Morning Briefing: Young single women are among keenest home buyers” (7-8-16)

“A survey of millennial mortgage borrowers shows that women made up 32 per cent of primary borrowers and are more likely to be single than male borrowers.”

Bloomberg – “A More Reassuring Jobs Report for June” (7-8-16)

“By beating headline market expectations in a big way, the employment report for June released Friday provides a reassuring assessment of the U.S. labor market and, more generally, the well-being of consumers.”

Construction Dive – “Low inventory will continue to plague housing market through 2016” (7-8-16)

“The shortage of housing inventory will continue to be the market’s big story for the second half of 2016, Forbes reported.”

DS News – “Ocwen Utilizing HAMP More to Assist Borrowers” (7-8-16)

“Ocwen Financial Corporation has initiated over 14,000 trial modification plans to borrowers under the U.S. Department of the Treasury’s streamlined modification program in six months since the program was launched in January 2016, according to an announcement from Ocwen.”

ABC News – “Brexit Vote Roils London Real Estate Market” (7-8-16)

“Henry Pryor, who has helped people buy homes in London for more than 30 years, says only war would be a bigger threat to the housing market than the conditions it faces now after Britain’s vote to leave the European Union.”

Mortgage Professional America – “Hensarling blasts HUD policy changes” (7-8-16)

“The chairman of the House Financial Services Committee has denounced major policy changes that the Department of Housing and Urban Development is making to the sale of government-insured nonperforming loans.”

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:

The Federal Reserve was still holding back on increasing the federal funds rate after holding their June Federal Open Market Committee meeting.  Home prices were showing signs of increase due to the short supply of available homes.  Mortgage REITs were also showing promising growth from where they were before the Recession.

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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