Today’s News Synopsis:
The NAHB reported their Remodeling Market Index continues to remain stable, standing at 53 after having slipped only one point. RealtyTrac just released a list of the 35 best places to buy a home that were bad areas but now showing improvement. CFPB celebrated five years today, but only time and the market will tell if they will make it to 6.
In The News:
Realty Trac – “35 Best Down-and-Out Neighborhoods to Buy a Home” (7-20-16)
“Many down-and-out neighborhood housing markets across the country are on the rebound thanks to a confluence of market forces working in their favor.”
DS News – “CoreLogic Enhances University Data Portal” (7-21-16)
“CoreLogic, an Irvine, California-based provider of global property information, analytics, and data-enabled services, has announced that its online University Data Portal will offer access to the most comprehensive foreclosure and mortgage information available to the industry.”
Housing Wire – “Happy 5-year anniversary CFPB! Will you make it to 6?” (7-21-16)
“July 21, 2011 marked the first day of one of the most unique and powerful regulators in government. But now with five years of ruling under its belt, the entity designed to fix one of the worst financial crises in America’s history might not be around much longer, at least not in the same capacity the mortgage industry has come to know.
Construction Dive – “Houzz: Q2 confidence high, slight decrease in design services” (7-21-16)
“Online home remodeling source Houzz released its second-quarter 2016 Renovation Barometer report and said while home remodeling industry confidence is still high, Barometer readings of 63-78 reflect a “slight weakening” in design-related services from last quarter (70-78) as well as from the second quarter of 2015 (75-80).”
Bloomberg – “Fed Officials Are Getting Real About the Limits of Their Power” (7-21-16)
“The Federal Reserve can’t do it alone. For eight years it’s pressed the gas pedal — lowering rates, buying bonds and declaring their absolute resolve to revive moribund growth. This has helped heal scars from the Great Recession, namely reducing unemployment to below 5 percent from a 10 percent peak.”
CNBC – “‘Nesting is investing’ as home improvement spending set to hit $321 billion” (7-21-16)
“Home equity is back, and headed for the bathroom — or the kitchen or the garage or wherever today’s homeowners see the greatest returns. Higher home prices have given people cash back and they are putting that cash to work in more — and bigger — remodeling projects.”
NAHB – “Remodeling Market Index Holds Steady in Second Quarter” (7-21-16)
“The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) posted a reading of 53 in the second quarter of 2016. Although it slipped one point from the previous quarter, it is still the 13th consecutive quarter with a reading above 50.
Housing Wire – “Existing home sales increase 4 months in a row” (7-21-16)
“It’s no shock that existing home sales increased again this month, marking the fourth consecutive month of increases, according to the National Association of Realtors.
Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI TONIGHT.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with InvestClub for Women on Wednesday, September 21.
Bruce Norris will be presenting Stay Put, Cash Out, Or Change Seats? with InvestClub for Women and Robert Hall & Associates on Wednesday, September 28.
Looking Back:
The CFPB set its date to discuss the TRID rule for October 3, 2015. Although baby boomers and millennials had been competing in the rental market, it was believed that soon the baby boom generation would be leading the competition and causing an increase in rents and multifamily construction. A meeting was held on this day by the U.S. Senate Committee on Finance to discuss extending tax provisions that had recently or would soon expire.
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.