Today’s News Synopsis:

The National Association of Realtors reported a 3.7% decrease in pending home sales, their first decrease in 2 years.  Skilled labor and subcontractors are harder to come by these days compared to last year according to the NAHB.  The Mortgage Bankers Association reported a drop in mortgage applications in the wake of the Brexit news.

In The News:

Housing Wire – “Pending home sales: Fewer homes being sold for first time in 2 years” (6-29-16)

“Home sales went up consistently for the past three months, however in May they declined monthly, and for the first time in about two years, they declined yearly, according to the National Association of Realtors.”

Construction Dive – “NYC construction boom drives 7% bump in 2015 industry employment” (6-29-16)

“Construction employment in New York City rose 7% in 2015, a 40-year-high, and construction workers saw a 3% increase in wages, the highest since 2008, according to the New York Building Congress.”

DS News – “Treasury: GE Capital No Longer Too Big To Fail” (6-29-16)

“The U.S. Treasury’s Financial Stability Oversight Council Tuesday rescinded its determination that GE Capital Global Holdings is too big to fail.”

Housing Wire – “MBA: Mortgage applications underwhelm amid Brexit news” (6-29-16)

“Mortgage rates are expected to drop even further below the record lows witnessed right now and this year, but you wouldn’t think so looking at the latest mortgage application report from the Mortgage Bankers Association.”

Construction Dive – “10 most stable US housing markets” (6-29-16)

“Finance website SmartAsset has released its list of the 10 most stable housing markets, and Boulder, CO, led the rankings with a 308% increase in home prices, MarketWatch reported.”

DS News – “Ex-FHFA Chief Makes Case for Radical Housing Reform” (6-29-16)

“The former head of the Federal Housing Finance Agency called for a radical rethink of the U.S. housing system that could spell the conversion of the GSEs to lender-owned institutions.”

Housing Wire – “Ohio signs fast-track foreclosure law” (6-29-16)

“Ohio passed legislation yesterday that seeks to prevent zombie homes, or vacant or abandoned residential property, by enacting a fast-track process for mortgage foreclosures.”

Construction Dive – “NAHB: Growing number of builders plagued by skilled labor subcontractor shortages” (6-29-16)

“The National Association of Homebuilders, as part of its monthly NAHB/Wells Fargo Housing Market Index survey, has found that single-family builders are having a harder time finding skilled labor and subcontractors than they were a year ago.”

 

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/usfwspacific

 

Looking Back:

Recent data from the NPD Group Connected Intelligence Home Automation Advisory Service showed more and more millennials were having a smart product of some kind installed in their home.  Consumer complaints submitted to the CFPA regarding financial services were just released.  Existing home sales that were still pending increased 0.9% to 112.6 according to the latest pending home sales index.

 

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.