Today’s News Synopsis:

Mortgage loan originations for commercial/multifamily properties continue to remain high, having increased 1% year-over-year and 17% month-over-month.  ATTOM Data Solutions and RealtyTrac reported a median price of $231,000 for condos and single-family homes in June, up 6% month-over-month and 9% year-over-year.  The NAHB released a survey showing the percentage of people who believe a home is a good investement is 82%.

In The News:

Mortgage Professional America – “Morning Briefing: All-time high for prices says RealtyTrac” (7-28-16)

“The median sales price of homes has reached a new high, surpassing the 2005 peak by 1 per cent.  Data from RealtyTrac shows that single family homes and condos sold for a median price of $231,000 in June 2016, up 6 per cent from the previous month and up 9 per cent from a year ago.”

Housing Wire – “Single-family rental investors struggle to make money in California” (7-28-16)

“Rising home prices, low inventory and high demand are all working together in California to create seven of the top 10 worst markets to invest in single-family rentals.”

DS News – “Investigating in Customer Experience Reported to Help Servicers” (7-28-16)

“Contrary to some reports in the mortgage industry that customer experience investments are unnecessary and unprofitable, a study from J.D. Power indicates that investing in the customer experience does pay off for mortgage servicers.”

Construction Dive – “NAHB survey: 82% of Americans believe homeownership is a good investment” (7-28-16)

“A National Association of Home Builders survey of 2,800 registered U.S. voters released Wednesday found that more than four out of five Americans (82%) believe buying a home is a smart investment.”

Bloomberg – “Hidden Message in Fed’s Statement: U.S. Is at Full Employment” (7-28-16)

“Some Federal Reserve policy makers think the U.S. has at long last reached the promised land of full employment.  That’s a message hidden in yesterday’s statement by the Federal Open Market Committee.”

Mortgage Professional America – “CoreLogic’s contributions to the home price indices reflected in new branding” (7-28-16)

“Since Karl ‘Chip’ Case and Robert Shiller joined with S&P Dow Jones in 2006 to commercialize and publish the S&P/Case-Shiller Home Price Indices, the report has become a prominent measure of U.S. residential real estate prices nationally and for 20 of the major metropolitan regions in the country.”

Housing Wire – “Chronos Solutions acquires UPF Services” (7-28-16)

“Coppell, Texas-based Chronos Solutions, a national real estate financial services provider, announced its latest business move, finalizing its acquisition of UPF Services. The acquisition of UPF Services marks the fourth acquisition for the company since January 2015.”

Mortgage Bankers Association – “Commercial/Multifamily Originations Remain Strong” (7-28-16)

“According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, second quarter 2016 commercial and multifamily mortgage loan originations were one percent higher than during the same period last year and 17 percent higher than the first quarter of 2016.”

DS News – “Pokemon No: Van Ness Sets Sights On Popular Game” (7-28-16)

“Van Ness Law Firm, PLC, a Florida-based law firm specializing in civil litigation practices that include commercial and residential real estate property, recently filed a lawsuit in Palm Beach County, Florida against Niantic, Inc., the developer of the recently popular game Pokémon GO, according to an announcement from the firm.”

 

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? at the REI Expo in San Francisco Thursday-Saturday, August 11-13.

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 will be presenting Cashing In On a Boom: Investing in Quadrant 4 at the Back Bay Conference Center on Saturday, October 8.

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/59937401@N07

 

Looking Back:

The homeownership rate decreased in the second quarter to its lowest in almost 50 years at 63.4%.  The program established by Freddie Mac after the housing crisis called the Take Root Program was proven very useful in areas hit hardest by the crisis.  The House Committee was reviewing Dodd-Frank to see how well it helped Americans.