Comprehensive National Daily Headline News for Monday, January 13th 2025, with a special detailed update of California Pacific Palisades Fire, Unemployment, Economy, Bankruptcy, and Politics. Life is celebrated when folks get a fresh start. Starting January 13, 2025, you need to focus on national news, such as the Palisades Fire in California. You should also follow up on the status of the unemployed, the economy, bankruptcies, and cabinet confirmations in politics.

Several LA County Fire

Los Angeles Fire Department specialists have categorized The Palisades area fire as ‘incredibly life-threatening.’ This has shocked them in their long history of combating fires. Some believe it is the tip of the iceberg. It is still burning schools, hospitals, forests, and everything in its way.

Latest Updated Data of The Pacific Palisades Wildfire

Wherever we look, it is still on track to destroying something else. That being said:

• Burned Area: 23,713 acres
• Fatalities: A confirmed 24 lost their lives, 8 with positive evidence attributing to the Palisades Fire.
• Structures Affected: Combating this fire has led to 5,300 structures being destroyed and counting.

Evacuations

Over 150,000 have been evacuated, and no casualties have been reported during this palmer calamity.

Escalating Santa Ana winds have challenged containment strategies for the wildfire. It is reported that New Year’s Eve fireworks could have sparked it, which combined with existing high winds and was further exacerbated by drought conditions. Firefighting activities are being obstructed by the winds, and the cause is currently under investigation.

The damage estimates are unfathomable, and the economic impact is immense. Federal aid and international assistance are being organized, and multiple organizations and even celebrities have pledged their donations to the relief efforts.

Although there are notable concerning factors, the unemployment rate is observed at a low 4.2%. Further, it remains steady, showing growth in sectors such as technology and healthcare. This, combined with the GDP growth of a moderate 2.5% during the end of Q4 in 2024, signals growth for the American economy. With this being said, inflation is still a problem, as it has seen year-over-year growth of 3.8%, raising concerns over consumer purchasing power. As analysts have pointed out, while the economy is growing, labor shortages and disruptions in the supply chain create challenges.

Retail Sales

A reputable department store chain has declared Chapter 11 bankruptcy due to high demand and competition from online shops. Many companies are filing for bankruptcy due to the current economic conditions.

Energy

An average-sized oil and gas company went bankrupt due to persistently low oil prices and telescope-high debt levels.

Such events reflect ongoing struggles in the retail and energy industries to adopt more modern retailing forms and restructuring discussions.

Cabinet Confirmations

Trump’s cabinet selections have started their confirmations in the Senate:

• Secretary of State: There seems to be a broad consensus regarding Marco Rubio, which means he will be confirmed.
• Secretary of Defense: Unlike Marco, Hegseth’s nomination is challenging due to his sorely lacking defense experience and controversial beliefs.

Other Nominations

• Gabard and RFK Jr. nominees are also being considered.
• Hearings are scheduled for January 14th—16th.
• Senators of the Republican Party will control the majority.
• This will be important for those who have not been confirmed.
• Nominees will have strong opposition from within the party.

Politics

Latest political developments

Donald Trump’s court battle:

• As an update, former President Donald Trump is now “unconditionally discharged” in his fraud case, meaning he serves no prison time, fines, or community service.
• His sentencing ban includes any ownership of firearms.
• Furthermore, he is required to submit a DNA sample.
• His status as a convicted felon still stands.

Special Prosecutor Report:

• A federal court has approved the publication of the special prosecutor’s report about the subversion of the election and the riots of January 6.
• He has given Trump a 3-day window to contest this in the Supreme Court.

Public Perspective

Trump supporters and opposing citizens of Trump appeared to be very divided outside the courthouse.

These issues raise concerns about Trump’s sustained efforts to achieve his 2nd office term. Kindly note that the picture, particularly regarding the wildfires, is developing very fast. For specific information, always rely on reporters and official sources.

https://www.youtube.com/watch?v=E0x6x7OlR6Q

youtube.com

The Five 1/13/25 | Breaking Fox News Today January 13, 2025

The Five 1/13/25 | Breaking Fox News Today January 13, 2025

How Large Do German Shepherd Dogs Get? Can you please detail the size of males and female German Shepherds on how large they get compared to their age? For example, a chart how much a male German Shepherd dog weighs at three months, six months, nine months, twelve months, 18 months, 24 months, 30 months, 36 months. The same with female German Shepherd dogs. How much does a female German Shepherd dog weigh at three months, six months, nine months, twelve months, 18 months, 24 months, 30 months, 36 months. When is a German Shepherd dog fully grown and when do they reach full maturity level? Thank you in advance.

Daily Mortgage and Real Estate News for Wednesday, January 8th 2025:

By January 8, 2025, there are outstanding changes in the United States mortgage, real estate, and business sectors:

Updating about Mortgage Rates:

Current Rates:

• The average rate for a 30-year fixed mortgage is approximately 6.91%, marking the highest rate since July 2024.

Projections:

• Fixed mortgage rates will not fall until next year, as forecasted by analysts, averaging around 6.4% for 2025.
• This is slightly lower than the annual average of 6.7% last year but still above that historic average between this year and the past six years (2013-2019), which was less than or equal to 4 percent.

Housing Market Trends:

Home Prices:

• Nationally, home prices are projected to rise 3.7% in 2025, followed by 4% in 2024 and 1.1% in 2023.
• This trend will continue due to limited housing inventory and sustained demand.

Sales Activity:

• Existing home sales are expected to increase by about a half percentage point, or nearly one hundred thousand homes, to as many as four million units.
• This is far below the historical annual mean level within our analysis period – eight years (this decade).
• Besides, the housing supply may improve compared with last year’s data, including more new house constructions anticipated to total over a million units.”

Regional Insights:

Hudson Valley, New York:

• A luxurious manor in Hyde Park, initially valued at $45 million in 2021, has been resubmitted for sale at $11.25 million after three years of futile attempts to sell it.
• The considerable price reduction highlights the difficulty encountered in the upper-end real estate industry.

Banking and Financial Services:

TSB Bank Initiative:

• TSB has launched a new 5&5 mortgage scheme that gives tenants a 5% reduction on their first home, provided they put down a minimum 5% deposit.
• This initiative is intended to help renters buy the homes they are already living in, remove any complexities landlords could encounter while selling them off, and offer affordable housing alternatives as property prices rise.

Economic Indicators:

Stock Market Movements:

• On January 8, 2025, the U.S. stock futures are moving downward following a tech sell-off, with NASDAQ, S&P 500, and Dow Jones trending slightly lower.
• Hence, markets and federal agencies will be closed tomorrow for the funeral of former President Jimmy Carter.
• Moderna stock is climbing on expectations of a bird-flu vaccine after the first U.S. death from the disease was reported.
• Bitcoin and crypto stocks are falling as a strong labor report diminishes hopes of Federal Reserve rate cuts.
• Palantir Technologies’ shares continue to decrease because analysts are worried about its high valuation despite its good performance in 2024.

Challenges in Homeownership:

Affordability Issues:

• A twenty-six-year-old Perth resident earning $80,000 per annum experienced difficulty making his loan repayments when he initially could afford them easily.
• When his fixed-rate time lapsed, he had to tune into repayment that became highly increased—having to sell personal things to ensure payment was made regularly.
• This shows how many property owners feel financial pressures due to rising costs plus interest rates.

Market Outlook:

The mortgage and real estate market is characterized by higher mortgage rates, increasing home prices, and a greater focus on affordability and economic indicators. Prospective buyers and sellers should follow these trends to make wise decisions.

Here is a link about an economist aggressively forecasting mortgage rates will drop under 4% in 2024. Could 2024 be a bull market for loan officers? Out of 150,000 loan officers, close to 100,000 either left the mortgage industry completely, retired early, or let their NMLS licenses expire and are in a different industry or thinking about going into a different industry. Hundreds if not thousands of mortgage companies, whether they are mortgage bankers, correspondent lenders, or mortgage brokers went out of business in 2023

https://youtu.be/aWePq5–Seg?si=L2Q_8ad8MFchhyuK

Mortgage Rates forecasted to plummet under 3% according to Business Insider Economis

https://www.businessinsider.com/fed-rate-cut-outlook-economy-recession-forecast-2024-inflation-ubs-2023-12

businessinsider.com

The Fed will lower interest rates under 3% as a mild recession leads to a 'soggy 2024,' UBS chief economist says

"We think we're going to end up with a relatively soggy 2024 when we look back at the end of next year."

Will history repeat but with different reason ?? Thoughts on how real estate agent commissions affect price of property these days and what future holds !!

Why is it that lenders are quoting different mortgage interest rates on FHA loans? Isn’t FHA loans backed by the federal government. Shouldn’t all government loans have a uniform mortgage rates?

Hi just wanted to ask if a borrower can qualify for FHA loan less than a year on her CH 13 repayments?
Thank you

About time

Home prices in Chicago South Loop are plummeting. Sellers are lowering prices and offering incentives. This correction is continuing throughout the city and Suburbs. Expect the downturn to continue in Chicago and other cities. Stay tuned

Thousands of Loan Officers and Real Estate agents are leaving the Mortgage and housing industries. Every professional in the housing industry is going through a hard time including Loan Officers, Realtors, Auto Salesman, Attorneys, Appraisers, Home Inspectors, and third party professionals. Banks, credit unions, and other creditors are not extending credit to commissioned mortgage and real estate professionals due to volatile mortgage markets. The 10 year treasuries keep on skyrocketing without any signs of correction. Mortgage Rates on government loans are 7.5% for 730 credit score borrowers and conventional loans have Rates over 8% for 700 plus credit score borrowers. With surging inflation and out of control mortgage rates many homebuyers are priced out of the housing market. Thousands of Loan Officers and Realtors including owners of mortgage companies and real estate brokers are leaving the business or closing their doors. What business is the best business to get into if you were to leave the mortgage industry or real estate industry for those who have been in the industry for years or decades?

This is a quick synopsis of what you absolutely need for and manufactured, mobile, or modular home purchase or refinance.
1. Freddie Mac, Fannie Mae, FHA, VA: The manufactured home must have been built on or after June 15, 1976. For single-wide & double-wide manufactured homes.

2. It must be Real property (A clear chain of tile) The home cannot reside in a mobile home or RV park. It must be fixed to a concrete slab (slab on grade) by hurricane straps or wire ties. If fixed to pylons, you must ensure the appraiser notes how the home is fixed.

3. Engineering Certification. This must have been completed by the original owner or any previous owner. If there is no engineering certification, this will need to be done before closing. Schedule this at the same time you schedule the 1004C appraisal.

4. Make sure the realtor, homeowner, or appraiser locates the data plate from the manufacturer. This is crucial. If this cannot be found the homeowner should have a copy of the original closing docs, which will likely have the data plate serial number. If not, check with the title company, they may be able to locate it through title records. If that does not work , your last hope is with the county records.

4. All manufactured, mobile or modular homes can only be approved with a 20-year term. NO EXCEPTIONS! When entering data into your LOS, you set the term as custom (20 years).

Modular Homes: Modular homes must have an additional egress (Exit) other than the stairway if the home has a basement. The modular home must sit on a seal plate.

If you have all of these must-haves accounted for, you will have a much better chance to get a CTC.

Let’s Make Your Mortgage Work For You!

• This discussion was modified 2 weeks, 1 day ago by  Sapna Sharma.

Is it possible to alleviate your monthly debts without having to sell your home or refinance with another 30 year mortgage even if you have significant mortgage balance and credit card debt?

Hard money loans in Utah will go up to 75% LTV while other states is 70% LTV.

Scenario: Borrower wants to do a Cash-out refinance. Property worth is $350K and she owes $157K.

Rocket Said that they can do a Refi Debt Consolidation in August.

Issue: Mortgage late: 08/2022

Recent Lates: 06/23 (2 tradelines)

Open Tradelines: 3 (car, and 2 CC)

FICO: 459

Thank you

There are certain states that you cannot do NO-DOC Loans. Anyone know what states you cannot do no-doc loans.

Many borrowers are faced with resolving Cairvrs fails in the mortgage process. As of July 2022 the Department of Education restructured the way derogatory debt is handled. Most borrowers had their Caivrs “lifted” and were able to move forward. For those in serious default, they should reach out to the Department of Education and request a payment plan that will go into effect after the forbearance is ended. The representative will request information and may require a fax confirmation of the agreement. Once received and processed, the account will no longer be in default.

This is a marked change from the 9 month rehab programs that were previously required. I assume there will be additional changes as Covid remediation winds down, so borrowers should take advantage of relaxed guidelines now.

• This discussion was modified 1 year, 11 months ago by  Eric Jeanette.

I know it can be stressful when selling and then buying a home on the same day. The concern is when you need the down payment from the sale of the one home to help buy the other one. How does this work?

I have a client with multiple 60 day lates on a mortgage in last 24 months prior to filing a chapter 13 bankruptcy..

If the mortgage is in the chapter 13 are those 60 day lates excluded from the manual underwriting guideline rule of no more than 2X 30 day lates on an installment loan last 24 months?

• This discussion was modified 2 weeks, 1 day ago by  Sapna Sharma.

What is Stopping You From Buying Your First Home This Year?

Prices? Interest Rates? Inventory? Something else?

Let’s discuss

Is Kamala Harris the best candidate The Democrats have to face former President Donald Trump for 2024 Presidential Election? Are the Democrats that desperate of having a semi-descent candidate for President? Do Democrats think the American people are that stupid? Do Democrats need to name Kamala Harris, the person who slept her way up the political latter? Kamala Harris slept with former San Francisco Mayor Willie Brown to kick off her political career. Kamala Harris is not too smart. Many people cannot believe how she even became a lawyer let alone District Attorney of San Francisco, Attorney General of California, United States Senator, and Vice President of the United States. Now she is running for President? OMG. What has Kamala Harris ever achieved in her political career. Watch this video clip about Kamala Harris.

https://www.youtube.com/live/RcsRfo16ZC8?si=gFA0rsAlw8iu0KLU

There’s a whistleblower who came up that ABC NEWS and Kamala Harris cheated on Tuesday’s Presidential debate.

https://www.youtube.com/live/DqVrnTP7vSM?si=vj-wcq6-NIN6x6ef

Can I Qualify For Mortgage Without Meeting Waiting Period If I Get Bankruptcy Deleted?

I know that you can only do a Streamline Refinance on either an FHA loan or VA loan with no appraisal or income documents. Credit scores are uses to price out the FHA or VA STREAMLINE REFINANCE. Are you eligible for an FHA Streamline Refinance or VA STREAMLINE REFINANCE if you have a non-forgiveable Down Payment Assistance (DPA) second. So, my question is if I can do an FHA Streamline Refinance or VA STREAMLINE REFINANCE and subordinate the DPA second mortgage because I am stuck with the second mortgage DPA for a ten year term before it becomes forgivable. Thank you.

What does it mean if a mortgage lender does a rapid rescore on your credit report. How does the rapid rescore process work? How long does a rapid rescore take.

What happens if someone is advised to do a voluntary chapter 13 dismissal instead of obtaining courts approval for mortgage while in the underwriting process? Will that automatically disqualify them from getting the loan?

Home prices have skyrocketed between 2019 and today in 2024. You don’t have to be a rocket scientist or a genius to know what goes up fast generally comes down. Real Estate have always gone up over time and is considered a very safe investment. However, the safe investment part is that real estate generally goes up over time. Any investment that soars 100% or more over a period of five years will come down to make a correction. Here are the top states where Home Prices will crash in 2024 going into 2025. This is not saying that Home prices will remain low forever. However, due to the fast huge increase in Home prices in such a short time span, you will see a housing correction. It’s brewing now. High mortgage rates and high home prices is yielding high inventory, longer time on the market, price reductions, and sales prices substantially under listed market prices. Here are the top States you can expect Home Prices to CRASH in 2024 into 2025:

5. Washington

4. California

3. Colorado

4. Texas

5. Florida

Please watch the attached informative video clip:

https://youtu.be/bgwWJYEMsNw?si=ekT2NHaYvhfCrPnI

The state of California economy is on the verge of crash and burning 🔥. California Governor Gavin Newsom is one of the most incompetent next to Kamala Harris politicians in the WORLD 🌎. Newsom increased the minimum wage to $20 dollars per hour for fast food workers. Restaurant owners had to increase menu prices by 8% due to the labor laws of California. Next week, Gavin Newsom set up a secret council that will be voting on another 3% increase on wages on top of the $20 dollar an hour for fast food workers. Gavin Newsom’s bright idea backfired on the incompetent Governor because thousands of restaurant owners fired tens of thousands of fast food works. Thousands of restaurants also laid off workers and replaced them with robots and technology. Thousands of restaurants also went out of business or had to file bankruptcy. California’s ridiculous strict environmental and red tape in zoning and building codes is steering home builders and developers from building new homes. This is creating a shortage of homes and skyrocketing home prices making homes unaffordable. California is losing tens of thousands of residents and businesses Fleeing the state.

https://youtu.be/LyKN2pOP2qA?si=umZ5T9vf5gEbmGHK

There are thousands of reports that Joe Biden is dead. There are reports of witnesses seen Joe Biden wear a lifelike mask. There are reports the current Joe Biden is a body double. So what is it. Is Joe Biden dead? Did Joe Biden get executed due to crime against humanity and TREASON in Guantemo Bay through Military Tribunal?

https://www.youtube.com/live/r6oAH36Y-rk?si=FRUWJbYBJdkhdpB0

• This discussion was modified 5 months, 3 weeks ago by  Gustan Cho.

Here’s a documentary about the life and tragedy of Michael J. Fox. Michael J. Fox suffered from Parkinson Disease.

https://youtu.be/ursk48LfS0g?si=yKhhcyoWbk3CoaRw

youtu.be

The Tragedy Of Michael J. Fox Is Beyond Heartbreaking

The Tragedy Of Michael J. Fox Is Beyond HeartbreakingThe story of Michael J. Fox is one filled with triumphs and tragedies, a testament to all that he went t...

To Jill Biden, even at the cost of her husband Joe Biden making a total fool of himself around the the Globe, she’s pushing Joe to run for President of the United States. This is self fish, not right, inhumane, and right down evil. Jill Biden is an exact replica of Edith Wilson, First Lady and wife of President Woodrow Wilson who had a stroke in the White House 🏠. Jill Biden’s actions are despicable and outright wrong. Jill Biden is becoming very unlikeable among both parties Democrats and Republicans. Jill Biden has political aspirations of her own to become a United States Senator 🇺🇸 and is using her political goals and power hunger at the expense of her husband Joe Biden who is obviously suffering from late stage stage 6 dementia.

https://youtu.be/dl84TfPCqYk?si=Y7TfBsfQjYl0ARaS