Today’s News Synopsis:
The Mortgage Bankers Association reported a 3.5% decrease in mortgage applications from last week. The latest reports from ADP and Moody’s Analytics showed more jobs were added by private companies than was forecasted at 179,000 compared to 170,000. A new proposal by the County Council would prohibit any and all road signs advertising open houses and sales, which was met with much opposition.
In The News:
Bloomberg – “Why the Rise of the One Percent Makes Janet Yellen’s Job Harder” (8-2-16)
“Income inequality could be making Janet Yellen’s job even harder. Rich Americans spend less of their paychecks than households of more modest means. As the top one percent accounts for an increasing share of the nation’s income, it may be reducing consumption, hurting growth and boosting savings.”
Market Watch – “It’s a seller’s real estate market, but who’s selling?” (8-3-16)
“Even though the U.S. has seen more than three years of a booming seller’s market for housing, there are plenty of Americans who are reluctant to sell their homes for a very simple reason: Where are they going to live?”
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (8-3-16)
“Mortgage applications decreased 3.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 29, 2016.”
CNBC – “Private companies add 179,000 in July vs. est. of 170,000: ADP” (8-3-16)
“Private job growth was a little better than expected in July, though all of the new positions came from the services sector, according to the latest report from ADP and Moody’s Analytics.”
PR Newswire – “Real Estate Brokerages Capitalizing on Stronger Market, with Higher Satisfaction Scores” (8-3-16)
“Real estate brokerages are capitalizing on an improving resale market by focusing on factors tied to customer satisfaction among both buyers and sellers, according to the J.D. Power 2016 Home Buyer/Seller Satisfaction Study, released today.”
Geekwire – “Redfin puts a dollar figure on walkability, analyzing how much one Walk Score point affects home prices” (8-3-16)
“Being able to walk away from your home and easily access amenities nearby adds value to that home, Redfin reports in a new analysis of its Walk Score feature.”
DS News – “Are Housing Bubbles In the Past?” (8-3-16)
“Despite recent chatter about whether certain markets are entering housing bubble territory again, Realtor.com reports that though price appreciation is a concern, in regards to other contributing factors to housing bubbles, these potentially risky cities are far from facing a housing bubble.”
Bethesda Magazine – “Real Estate Industry Opposes Blanket Ban on Signs in Road Medians, Near Sidewalks” (8-3-16)
“Realtors, home builders and developers at a Tuesday public hearing made clear their opposition to a County Council proposal that would ban all roadside signs, claiming directional signage to open houses and sales centers is their most effective advertising tool.”
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.
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Looking Back:
According to both the U.S. Census Bureau and the Department of Commerce, spending on construction increased 0.1% in June. At the same time, the number of borrowers considered underwater showed signs of decrease at a faster rate than usual. The latest report from Clear Capital showed the biggest weakness in helping the economy recover was mid-tier houses.
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.