Today’s News Synopsis:
The Mortgage Bankers Association reported a 7.2% increase in mortgage applications. The main group right now not interested in purchasing a home is millennials still paying their student debt. Interestingly, a popular site now for a lot of home-buyers are those centered on the farm.
In The News:
Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (7-13-16)
“Mortgage applications increased 7.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 8, 2016.”
Housing Wire – “Millennials with student debt not interested in buying homes” (7-13-16)
“Despite the uncertainties caused by the U.K.’s decision to leave the European Union and rapidly rising home prices, many surveyed households still believe now is a good time to buy a home. The one demographic that doesn’t agree? Millennials.”
U.S. News – “Could Brexit Actually Be a Positive for U.S. Real Estate?” (7-13-16)
“To say people around the world were surprised about the United Kingdom’s vote to leave the European Union would be an understatement.”
The Street – “Cheap Real Estate Still for Sale in Closed-End Funds” (7-13-16)
“While it is true that most people are underexposed to real estate and that real estate investment trusts have handily outperformed the broader market over the past 43 years, many REIT prices have been driven to extremely high levels.”
DS News – “GSEs Nearing Loan Modification Milestone” (7-13-16)
“The results of Federal Housing Finance Agency (FHFA)’s Foreclosure Prevention report for April 2016 show that the enterprises completed more than 16,000 foreclosure prevention actions in April 2016, bringing the total of prevention actions to more than 3.7 million since the start of the conservatorships in September 2008.”
Construction Dive – “Google, LinkedIn strike massive Silicon Valley land swap deal” (7-13-16)
“Google and LinkedIn have agreed to a massive land swap involving 1 million square feet of existing buildings and 2.4 million square feet of development land in Mountain View, CA, and Sunnyvale, CA, the Silicon Valley Business Journal reported.”
Housing Wire – “Julian Castro defends recent DASP changes during House hearing” (7-13-16)
“Julián Castro, U.S. Department of Housing and Urban Development secretary, spoke today at a House Committee on Financial Services hearing to defend recent changes made to the Distressed Asset Stabilization Program.”
DS News – “Confusion Kills Confidence: Borrowers Underestimate Home Equity” (7-13-16)
“Research done by Fannie Mae shows that although home prices continue to rise, many homeowners and borrowers alike continue to underestimate the amount of equity they have in their homes.”
Construction Dive – “‘Agrihood’ appeal: Farm-centered communities growing in popularity among homebuyers” (7-13-16)
“Homebuilders are increasingly looking to farm-centered communities, also called “agrihoods,” as a way to draw in residents, according to MarketWatch reported.”
Hard Money Loan Closed
Pasadena, California hard money loan closed. Real estate investor received loan for $618,000 on this single family property appraised for $997,000.
California Real Estate Investor Events
Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with NORCALREIA TONIGHT.
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/15558406@N03
Looking Back:
CoreLogic reported foreign homebuyers were not contributing to the growth of the market as fewer were choosing to participate in this market. Congressman Randy Neugebauer and John Delaney were scheduled to speak with the Bipartisan Policy Centers on Thursday to discuss changes to be made to the GSEs. Recent charts were released by Mortgage Daily showing the prime areas where new mortgage jobs were being created.
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.