Today’s News Synopsis:

Fannie Mae said it will likely not be until June of next year when we see an increase in interest rates.  The Mortgage Bankers Association reported a 1.3% decrease in mortgage applications from last week.  Freddie Mac reported those 55 and older, which make up 1/4 of the population, are moving away from tradition when viewing the housing market.

In The News:

DS News – “HUD Reports Continued Progress For Housing Recovery” (7-20-16)

“HUD’s latest housing scorecard, which examines housing recovery data, HUD’s programs performance, and areas for improvement, showed continued progress in the nation’s housing recovery for June—with growth in key indicators such as existing-home sales, homeowners’ equity, and home value appreciation.”

Mortgage Professional America – “Morning Briefing: No interest rate increase for a year says Fannie” (7-20-16)

“Fannie Mae does not expect the Fed to increase interest rates until June 2017. In its outlook for the second half of 2016 the corporation says growth will be 2 per cent, unchanged from its previous outlook.”

Housing Wire – “Freddie Mac: Americans ignoring conventional wisdom in housing market” (7-20-16)

“In today’s housing market, many demographic age groups are breaking away from historical norms when it comes to how they interact with the housing market, according to Freddie Mac’s 55+ Survey.

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (7-20-16)

“Mortgage applications decreased 1.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 15, 2016. The prior week’s results included an adjustment for the July 4th holiday.”

Bloomberg – “Morgan Stanley Knows Why the Rent Is Too Darn High” (7-20-16)

“Greedy landlords or just plain jobs growth?  A new Morgan Stanley analysis sheds some pictorial light on America’s rising rents.”

CNBC – “Real estate stocks let you ‘have your cake and REIT it, too’: Analyst” (7-20-16)

“In today’s unusual market environment, real estate investment trusts are among the best investments, according to Evercore ISI’s head of technical analysis.”

Digital Trends – “Trulia’s Real Estate App For Apple TV Lets You Tour Houses From Your Couch” (7-20-16)

“Shopping for real estate is no joke. The process is frighteningly time-consuming when you add up the hours spent browsing properties, researching neighborhoods, and touring homes.

Housing Wire – “The future of mortgage rates in a post-Brexit world” (7-20-16)

“Near the end of June, Brexit came, then it went and, according to Capital Economics, that’s where the story ends.  No more effect on the housing market, no more lowering the mortgage rates, according to Capital Economics.

Mortgage Professional America – “Republicans set to break up big banks?” (7-20-16)

“The Republican Party is making a U-turn on previous policy to try to hit Hillary Clinton in a vulnerable spot — her Wall Street ties. How? By reinstating a law almost every Republican used to be against.”

 

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.

Image copyright source: www.flickr.com/photos/401klimits

 

Looking Back:

The Federal Reserve made the decision on this day that the top eight banks in the nation must comply with the minimum requirements for capital holdings if they did not want to face extra surcharges.  JPMorgan Chase had just reached a settlement with investors of mortgage-backed securities totaling $388 million.  Home sales in Chicago increased to 52,239 units, reaching a new record.

 

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.