Ratio for Mortgage Debt-to-GDP May Start Rising Again

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Ratio for Mortgage Debt-to-GDP May Start Rising Again

Sources:

Today’s News Synopsis:

Aaron Norris of the Norris Group gives the top news stories in the world of real estate in this week’s Norris Group real estate headline roundup. Ten-X reported that they expect the ratio for mortgage debt-to-GDP may start rising again for the first time since 2009. In an update on today’s story regarding Julian Castro, the Hill reported he will not face punishment for his violation of the election law. New York revealed its latest plan for dealing with Zombie homes with their new program that is expected to cost $13 million.

In The News:

Housing Wire – “New York unveils $13 million program for cities’ fight against zombie homes” (7-22-16)

“The state of New York is taking its next steps in its ongoing battle against neighborhood blight caused by abandoned foreclosures by unveiling a new program designed to help cities throughout the state fight back against the rise of zombie homes.”

Mortgage Professional America – “Morning Briefing: First-time buyers boost existing home sales” (7-15-16)

“Existing home sales gained 1.1 per cent in June and the proportion of first-time buyers also increased from the previous month.”

DS News – “Mortgage Debt-to-GDP Ratio Will Start Turning North” (7-22-16)

“Mortgage debt’s share of total GDP, from 1951-2009, experienced frequent growth, interspersed with a few periods of plateau or decline, according to a report from Matthew Schreck, Quantitative Research Analyst for Ten-X.”

Construction Dive – “Dodge Data: Drop in residential and public works drives June starts down 7%” (7-22-16)

“The value of construction starts between May and June fell 7% to a seasonally adjusted annual rate of $595.1 billion, Dodge Data & Analytics reported Thursday.”

Mortgage Professional America – “As Brexit volatility fades, rates are rising” (7-22-16)

“Mortgage rates ticked upward this week as post-Brexit uncertainty faded – but are still far below levels at this time last year, according to new data from Freddie Mac.”

Business Insider – “The real-estate market is about to either take off or collapse” (7-22-16)

“The real-estate market is one of the most important parts of the American economy. And there’s a lot of disagreement about where it’s going next.”

Housing Wire – “Zillow: Buyers better act fast because homes are ‘flying off the market'” (7-22-16)

“Homebuyers need to be prepared to act and act fast, as homes are “flying off the market” at speeds not seen in six years, a new report from Zillow shows.”

Mortgage Professional America – “Obama won’t punish HUD secretary for election law violation” (7-22-16)

“President Obama won’t discipline the head of Housing and Urban Development for violating election law, according to a report from The Hill. HUD Secretary Julian Castro made personal political statements during an interview in April.”

Hard Money Loan Closed

Lake Elsinore, California hard money loan closed. Real estate investor received loan for $146,000 on this single family property appraised for $245,000.

California Real Estate Investor Events

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 September 28.

Bruce Norris of The Norris Group will be presenting the 9th annual I Survived Real Estate 2016 on Friday, October 21.

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

Looking Back:

The National Association of Realtors reported existing home sales increased 3.2% to their highest in 8 years. A new bill was introduced by lawmakers in Texas to do away with the CFPB for good. The Mortgage Bankers Association reported an increase in their forecast for lending on home purchases.

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Ratio for Mortgage Debt-to-GDP May Start Rising Again