Today’s News Synopsis:
Freddie Mac reported mortgage rates increased this week with 30-year rates now at 3.5% and 15-year rates at 2.77%. ATTOM Data Solutions released their latest data for flipped homes, which showed they increased 14% from last quarter and 3% from last year to their highest in six years. HOPE Now reported an increase in loan modifications with the decrease in foreclosure sales.
In The News:
Realty Trac – “U.S. Home Flipping Increases to a Six-Year High in Q2 2016” (9-15-16)
“ATTOM Data Solutions, the nation’s leading source for comprehensive housing data and the new parent company of RealtyTrac, today released its Q2 2016 U.S. Home Flipping Report, which shows a total of 51,434 U.S. single family home and condo sales were completed flips in the second quarter of 2016, up 14 percent from the previous quarter and up 3 percent from a year ago to the highest number of home flips since Q2 2010 — a six-year high”
Freddie Mac – “Mortgage Rates Head Up” (9-15-16)
“The 10-year Treasury yield rose 18 basis points to 1.73 percent, its highest level since Brexit. The 30-year fixed-rate mortgage followed suit, rising 6 basis points to 3.50 percent this week.”
KTAR News – “Report: More millennials are becoming real estate agents” (9-15-16)
“While many millennials around the Phoenix-area are buying homes, some are deciding to go one step further and becoming real estate agents.”
Fannie Mae – “Lender Profit Expectations More Positive as Compliance Cost Concerns Recede” (9-15-16)
“Mortgage lenders have reported a net positive profit margin outlook for a third consecutive quarter, according to Fannie Mae’s third quarter 2016 Mortgage Lender Sentiment Survey.”
Inman – “Apartment List releases September rent report for LA” (9-15-16)
“Apartment List recently released its September rent report for Los Angeles, finding rents grew by 0.5 percent from July to August.”
Bloomberg – “You’re Making More – but Can You Afford a House? Depends Where You Live” (9-15-16)
“New federal data showing the median American household income has surged for the first time in nearly a decade contained plenty of great news. Just how great depends on where you live.”
Market Watch – “Sensitive data again leaked out of the Fed early” (9-15-16)
“At least one media organization prematurely released news on Thursday from the Federal Reserve, the second early data release from the central bank in the last three months.”
DS News – “Loan Modifications Increase as Foreclosure Sales Decrease” (9-15-16)
“HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, has released its July 2016 loan modification data which stated for the month of July, total non-foreclosure solutions (the combination of total loan modifications, short sales, deeds in lieu and workout plans) were approximately 112,000.”
Hard Money Loan Closed
Highland, California hard money loan closed. Real estate investor received loan for $155,000 on this single family property appraised for $222,000.
California Real Estate Investor Events
Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Tuesday, September 20.
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 September 28.
Bruce Norris will be presenting Cashing In On a Boom: Investing in Quadrant 4 at the Back Bay Conference Center on Saturday, October 8.
Bruce Norris of The Norris Group will be presenting the 9th annual I Survived Real Estate 2016 on Friday, October 21.
Image copyright source: www.flickr.com/photos/sarahvain
Looking Back:
Today was the big day when the Federal Reserve was going to make its decision on whether or not to increase rates. Defaults on both first and second mortgages increased the previous month to 0.84% and 0.57%. Wells Fargo had a goal to aid the National Association of Hispanic Real Estate Professionals’ Hispanic Wealth Project through almost $125 billion they hope to originate over the next ten years.
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.