Today’s News Synopsis:

Mortgage applications decreased by 0.7% as a result of a decrease in refinancing.  The American Institute of Architects released their latest researched showing what kind of special function rooms consumers prefer, the top being outdoor living spaces, mud rooms, and home offices.  Following accusations against Wells Fargo that they created fake accounts, Janet Yellen and the Fed have begun an investigation into big banks and their failures to comply.

In The News:

CNBC – “Drop in refinancing pushes mortgage applications lower by 0.7%” (9-28-16)

“Mortgage borrowers are clearly getting used to near-record low interest rates. A drop in rates last week did nothing to juice refinances, which are usually very rate-sensitive.”

Inman – “Top 3 special function rooms consumers prefer” (9-28-16)

“Would it be better for your listing client to turn that porch area into a mud room or sun room?  That’s one of many questions that the most recent quarterly research from the American Institute of Architects attempts to answer.”

CNN Money – “Billionaire: Chinese real estate is ‘biggest bubble in history'” (9-28-16)

“Chinese billionaire Wang Jianlin made his fortune in the country’s real estate market — and now he’s warning that it’s spiraling out of control.”

Bloomberg – “Yellen Cornered by Lawmaker in Heated Exchange Over Fed Politics” (9-28-16)

“Federal Reserve Chair Janet Yellen’s defense of the central bank as non-partisan came under attack on Wednesday, as a Republican congressman cornered her on whether a key policy maker would have a conflict of interest in discussing a post in the next U.S. president’s administration.”

Inman – “3 updates in real estate marketing tech worth your attention” (9-28-16)

“Your agency’s website should be a point of constant interaction in your business.  If you don’t have dedicated staff to handle your online marketing, you should at least have an outside source to suggest and manage updates.”

Yahoo Finance – “Yellen Says Fed Grilling Biggest Banks Amid Wells Fargo Furor” (9-28-16)

“Federal Reserve Chair Janet Yellen said her agency has started a review of the “disturbing” compliance failures at the biggest U.S. banks after lawmakers pressed her Wednesday over revelations that Wells Fargo & Co. had opened scores of bogus customer accounts.”

DS News – “FHFA Offers Insight Into GSE Foreclosure Prevention” (9-28-16)

“The Federal Housing Finance Agency (FHFA) released its second quarter Foreclosure Prevention Report which shows that Fannie Mae and Freddie Mac completed 48,438 foreclosure prevention actions in the second quarter of 2016, bringing the total number of foreclosure prevention actions to more than 3.7 million since the start of the conservatorships in September 2008.”

 

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

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/jeepersmedia and www.flickr.com/photos/eamoncurry

 

Looking Back:

The National Association of Realtors reported a 1.4% decrease in pending home sales the previous month despite analyst expectations they would increase 0.5%.  Consumer spending increased with purchases showing a 0.4% increase the previous month.  In a follow-up from the previous week’s news, as more and more seniors were facing debt with their mortgages, more were also beginning to utilize reverse mortgages.

 

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.