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.  The latest data from CoreLogic showed the percentage of mortgaged homes that have equity is 92%.  Bank of America has been required to turn over any communications it had with Countrywide Financial Corp. before acquiring them in 2008.  Many groups in the housing and mortgage industry are against the GSEs raising more capital without housing legislation.

In The News:

Bloomberg – “Commercial Property Gets Shakeup From Millennials Who Shun Stuff” (6-9-16)

“Landlords of retail properties should counter the threat from electronic commerce by turning to dining and entertainment to attract a younger generation of customers, according to MetLife Inc.’s asset manager.”

DS News – “BOA Compelled to Surrender Countrywide Communications” (6-10-16)

“The New York State Court of Appeals, the highest court in New York, Thursday sided with an insurer in a decision that compels Bank of America (BOA) to turn over hundreds of communications the bank had with Countrywide Financial Corp. before the bank’s acquisition of Countrywide in 2008.”

Mortgage Professional America – “Morning Briefing: 92 per cent of mortgages homes have equity” (6-10-16)

“New data from CoreLogic shows that 268,000 homeowners regained equity in their properties in the first three months of 2016, bringing the total number all mortgaged homes with equity to around 46.7 million or 92 per cent.”

DS News – “CFPB Looks to Streamline Dodd-Frank Protections” (6-10-16)

“The Consumer Finance Protection Bureau (CFPB) has proposed clarifications for certain provisions for borrowers in bankruptcy, as well as additional enhancements to loss mitigation requirements, as they relate to Dodd-Frank Act protections, according to the Bureau’s newest Semiannual Regulatory Agenda, published in the Federal Register this week.”

Mortgage Professional America – “Industry groups oppose Fannie, Freddie capital boost” (6-10-16)

“Major housing and mortgage industry groups sent a letter this week to the regulator for Fannie Mae and Freddie Mac opposing a recent call for the enterprises to build capital in the absence of housing finance legislation, according to a Bloomberg report.”

DS News – “What Do Rising Rents Mean for SFR Investors?” (6-10-16)

“The cost of renting has fallen slightly in the last year among the top 25 largest rental markets, according to a report from Trulia this week.  However, affordable listings are on the decline in metros such as Oakland and Orange County in California and Phoenix, Arizona.”

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with CVREIA on Tuesday, June 14.

Bruce Norris will be speaking at the 12th NSDREI Birthday Celebration on Tuesday, June 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with LAREIC on Tuesday, July 12.

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Looking Back:

Foreclosures saw a 25% decrease the previous month, 10% of which were completed in four of the large metropolitan areas.  Mortgage applications increased again by 8.4% according to the latest survey from the Mortgage Bankers Association.  According to a recent survey by the MacArthur Foundation, 3 out of 5 Americans still believed we are in a housing crisis.

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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