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.  According to Freddie Mac, mortgage rates are continuing to show signs of increase with 30-year rates at 3.66% and 15-year rates at 2.92%.  The latest bankruptcy data report from the AACER showed bankruptcy filings are continuing to decrease.  RealyTrac reported a 20% increase in home flipping.

In The News:

DS News – “Tight Inventory Causes a Slip in Demand” (6-3-16)

“With fewer homes for sale on the market over the past year, housing demand has also experienced a decline, according to Redfin’s Housing Demand Index.”

Mortgage Professional America – “Morning Briefing: Home flipping up 20 per cent says RealtyTrac” (6-3-16)

“Home flipping is on the rise according to a new report. A total of 43,740 single-family homes and condos were bought and flipped in the first three months of 2016 according to RealtyTrac.”

Housing Wire – “Congressional Democrats join push to recapitalize Fannie Mae, Freddie Mac” (6-3-16)

“Well, now it’s officially coming in from all sides.  Over the last year, a growing chorus of community lenders, affordable housing advocates, civil rights groups, interested observers, financial analysts, and others have called for a change in governmental policy that would enable Fannie Mae and Freddie Mac to rebuild a capital base.'”

Bloomberg – “Employers in U.S. Add Fewest Workers in Almost Six Years” (6-3-16)

“Employers in May added the fewest number of workers in almost six years, reflecting broad cutbacks that may raise concern about U.S. growth and prompt Federal Reserve policy makers to put off an increase in interest rates.”

Mortgage Professional America – “FDIC announces $190 million settlement over Countrywide bonds” (6-3-16)

“Countrywide can’t seem to stay out of the news lately. Las week Bank of America saw a judgment regarding toxic Countrywide bonds overturned.”

DS News – “AACER: Bankruptcy Filings Stay on Downward Trend” (6-3-16)

“Nationwide bankruptcy filings experienced their second straight month of decline in May after two increases of more than 20 percent each in February and March, according to May 2016 AACER bankruptcy data reported by Epiq Systems.”

Mortgage Professional America – “Mortgage rates continue upward trajectory” (6-3-16)

“Mortgage rates continued their upward trend this week, but are still holding near three-year lows, according to new data from Freddie Mac.”

Bruce Norris will be speaking at Insight 2016: What Inning Are We Really In? on Friday, June 10.

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.

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Looking Back:

Although the official report had yet to be released, signs form ADP estimates and Gallups showed things were looking good for May job gains.  Mortgage applications decreased 7.6% from the previous week according to the Mortgage Bankers Association.  In a recent case with Bank of American regarding Americans with second mortgages and declaring bankruptcy to void the loans, the Supreme Court ruled in the bank’s favor.

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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