Today’s News Synopsis:

Julian Castro is under scrutiny by the U.S. Office of Special Counsel for his violation of the Hatch Act.  The NAHB reported builder confidence continues to hold firm this month , having only decreased by one point to 59.  A recent survey by the Center for Responsible Lending  showed that voters prefer to have more financial regulation.

In The News:

DS News – “Castro Investigated for Hatch Act Violation” (7-18-16)

“The U.S. Office of Special Counsel (OSC) found Julián Castro in violation of the Hatch Act and in turn sent an investigative report to President Obama, according to a release from the office.”

Mortgage Professional America – “Morning Briefing: Senate passes bill to ease condo FHA financing” (7-18-16)

“The US Senate has passed new legislation which aims to ease the burden on condo financing.  The “Housing Opportunity Through Modernization Act” (H.R. 3700) will, among other things, reform Federal Housing Administration restrictions on condominium financing.”

Housing Wire – “Borrowers love Wells Fargo’s 3% down program” (7-18-16)

“About a month ago, Wells Fargo announced that it now offers a down payment of as little as 3% for fixed-rate mortgages, answering calls in the industry to expand the credit box.”

Realty Trac – “Investors Finding New Ways to ‘Press the Flesh'” (7-18-16)

“No business can survive in a vacuum. Just like retail stores need customers to walk in the door, and traveling salespersons need to “press the flesh” to consummate deals with corporate clients, most real estate investors need to network with other like-minded investors in order to purchase real estate – whether brick and mortar or intangible assets such as notes.”

DS News – “Survey: Voters Want More, Not Less, Financial Regulation” (7-18-16)

“In the midst of a heated debate in Congress where Republicans are trying to push their alternative to the Dodd-Frank Act, the Financial CHOICE Act, and Democrats are fiercely resisting the proposed change, a poll showed bi-partisan support for greater financial accountability and tougher regulation.”

Bloomberg – “It’s Not a Housing Bubble, It’s Just Expensive” (7-18-16)

“Home prices have hit record highs in some major U.S. metropolitan areas, and house-flippers are behaving like it’s 2005: It’s no wonder people are chattering about another housing bubble.”

Mortgage Professional America – “Foreclosure filings down 20% in first half of 2016” (7-18-16)

“Foreclosure filings dropped 20% in the first six months of 2016, according to new data from RealtyTrac.  RealtyTrac’s Midyear 2016 U.S. Foreclosure Market Report found that foreclosure activity – default notices, scheduled auctions or bank repossessions – dropped 20% from the previous six months, and were down 11% from the first six months of 2015.”

NAHB – “Builder Confidence Holds Firm in July” (7-18-16)

“Builder confidence in the market for newly built, single-family homes in July fell one point to 59 from a June reading of 60 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today.”

DS News – “Foreclosure Alternatives Grow to New Heights in May” (7-18-16)

“Total foreclosure alternatives were greater than 105,000, according to the May 2016 loan modification data produced by HOPE NOW (the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors).”

Housing Wire – “Bank of America second-quarter revenues off 7.2% from last year” (7-18-16)

“Bank of America reported a decrease in revenue from last year, however, it still beat the Capital IQ Consensus expectation.  Second-quarter earnings for the bank came in at $0.36 per share, $0.03 better than the Capital IQ Consensus.”

 

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.

Bruce Norris will be presenting Stay Put, Cash Out, Or Change Seats? with InvestClub for Women and Robert Hall & Associates on Wednesday, September 28.

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