The Norris Group Real Estate News Roundup 10/9/13

Today’s News Synopsis:

The Mortgage Bankers Association reported a 1.3% increase in mortgage applications this past week.  Shadow inventory decreased to the lowest level since August 2008 and now stands at 1.9 million.  Janet Yellen has been nominated to serve as the head of the Federal Reserve.  Should she be elected, she will be the first woman to serve in this position.

In The News:

DS News– “Housing Market Running at 85% of Normal, Pre-Recession Activity” (10-9-13)

“A new index from First American and the National Association of Home Builders (NAHB) suggests that about one in seven housing markets have returned to or surpassed their pre-recessionary levels of activity.”

Mortgage Bankers Association – “Mortgage Refinance Applications Increase in Latest MBA Weekly Survey” (10-9-13)

“Mortgage applications increased 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 October 4, 2013.”

CNN Money – “Obama nominates Janet Yellen to head the Fed” (10-9-13)

“President Obama made what he called “one of the most important appointments that any president can make” Wednesday, nominating Janet Yellen to serve as the first female head of the Federal Reserve.”

Housing Wire – “FOMC minutes show Fed officials fretting over QE tapering decision” (10-9-13)

“Minutes from the Federal Reserve’s most recent Federal Open Market Committee meeting suggest key monetary policymakers spent their last gathering pulled in different directions, whipsawed back and forth between the reality of employment growth and the expectations of investors. ”

Bloomberg– “Housing Boom Bigger in Texas as Home Bidding Wars Erupt” (10-9-13)

“Texas, known for its open spaces and cheap property, is experiencing the types of real estate bidding frenzies seen in tightly built markets from New York to San Francisco as job gains generate a suburban land rush.”

Mortgage Bankers Association – “MBA’s Burke Testifies on Multifamily Housing Finance Reform” (10-9-13)

“E.J. Burke, Chairman-Elect of the Mortgage Bankers Association (MBA), testified today before the U.S. Senate Committee on Banking, Housing and Urban Affairs at a hearing titled ‘Housing Finance Reform:  Essential Elements of the Multifamily Housing Finance System’.”

DS News – “Shadow Inventory Falls to Lowest Level Since August 2008” (10-9-13)

“Overall residential shadow inventory, as of July 2013, was 1.9 million homes, according to CoreLogic.  That’s the lowest shadow inventory tally reported since August 2008.”

Inman – “Re/Max retains top global real estate franchisor spot” (10-9-13)

“Re/Max, which netted $225 million in an  initial public offering last week, has retained its title as the top real estate franchisor — and is also the 14th largest U.S.-based franchise operation in any industry by worldwide sales volume, according to an annual ranking from the Franchise Times.”

California Real Estate Investing News is a post from: The Norris Group