Today’s News Synopsis:

Case-Shiller reported a 5% increase in home prices, their sixth month in a row to see a price increase at this percentage.  A new report by Freddie Mac shows more and more baby boomers are now wanting to rent as opposed to owning a home.  Predictions on GDP was just revised by both Capital Economics and Goldman Sachs, Capital predicting upward growth and the latter predicting downward.

In The News:

Housing Wire – “Case-Shiller: Home prices reach new highs in key housing markets” (6-28-16)

“Home prices continue to increase nationwide, even hitting new highs in several large housing markets in April, according to S&P Dow Jones Indices Case-Shiller Home Prices Indices released today.”

DS News – “Millions of Boomers Prefer to Rent” (6-28-16)

“Earlier in June, Freddie Mac reported that the 67 million baby boomers and other homeowners over the age of 55 control two-thirds of the nation’s aggregate home equity and therefore are in a position to greatly influence the direction of housing market over the next decade.”

Realty Trac – “RealtyTrac Neighborhood Portal Homefacts Launches Real-Time Email Alerts Available for 117 Million U.S. Properties” (6-28-16)

“RealtyTrac^® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, announced today that its neighborhood portal, www.homefacts.com has released a new Homefacts email alert product.”

Housing Wire – “Experts revise GDP rates, in different directions” (6-28-16)

“Capital Economics and Goldman Sachs both just revised their U.S. Gross Domestic Product growth predictions, but in different directions. While Capital Economics revised up slightly, Goldman Sachs revised their predictions slightly down.”

Construction Dive – “Construction groups laud TX court injunction blocking Labor Dept. union ‘persuader rule'” (6-28-16)

“A U.S. District Court judge in Texas issued a preliminary injunction against the Department of Labor Monday to stop it from implementing its so-called union “persuader rule,” The Hill reported.”

DS News – “Demand Retreats Despite Stronger Fundamental Drivers” (6-28-16)

“After five months on the climb, and while housing scarcity inflates, housing demand fell off by 5.3 percent in May, according to the latest Redfin Housing Demand Index. May’s index of 114 marks the sixth straight month of year-over-year declines.”

Bloomberg – “First Quarter U.S. Economic Growth Exceeds Previous Estimate” (6-28-16)

“The world’s largest economy expanded more than previously projected in the first quarter as improved performance in trade and business investment more than made up for weaker consumer spending.”

Realtor.com – “Could Soaring Home Prices Be Slowing Down?” (6-28-16)

“There’s no doubt that home prices across the country are higher than they were a year ago, much to the delight of sellers everywhere—and the frustration of many buyers. But hold on: The pace of those price increases may finally be starting to slow down. The key word here is ‘starting.'”

Mortgage Professional America – “Commercial real estate giants plummet in wake of Brexit” (6-27-16)

“CBRE Group Inc. and Jones Lang LaSalle Inc., real estate services firms that do a significant share of their business in the U.K., fell more than 7 percent as investors speculated on a possible fall-off in property sales and leases after Britons voted to leave the European Union.”

DS News – “Housing Market Weathering Ongoing Headwinds” (6-28-16)

“The national U.S. housing market is sustainable, despite slower-than-expected household formations and the slowdown in energy sector jobs, according to the latest Health of Housing Markets report from Nationwide Insurance.”

Housing Wire – “Supreme Court to consider Miami’s predatory lending suit against Bank of America, Wells Fargo” (6-28-16)

“The U.S. Supreme Court announced Tuesday that it will hear arguments during its next term on whether the city of Miami can sue Bank of America and Wells Fargo for alleged predatory lending.”

 

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

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI on Thursday, July 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with InvestClub for Women on Wednesday, September 21.

Image copyright source: www.flickr.com/photos/editor