Sources:
Private companies add 179,000 in July vs. est. of 170,000: ADP
Dollar rallies after robust US jobs report
Mortgage Rates Fall Back Near 2016 Low
Consumer Spending in U.S. Rose 0.4% for Second Month in June
California pending home sales post third straight annual increase in June
Zillow Group buys Atlanta real estate startup that helps brokers manage listings
What the Bank of England decision means for UK real estate
Trump Names Wall Street And Real Estate Titans As Economic Advisers
Trump Economic Advisory Council
Rising Sea Levels Cold Cost U.S. Homeowners Close to $1 Trillion
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. The latest Regional Household Debt and Credit Snapshots from the Federal Reserve Bank of New York showed an increase in mortgage delinquency rates in the second quarter as well as student loan delinquency rates being below the national rate. The amount of mortgage credit available increased last month by 1% to 165.3. The latest jobs report was extremely positive with US nonfarm payrolls increasing by 255k last month after an upward revised June number.
In The News:
Mortgage Bankers Association – “Mortgage Credit Availability Increases in July” (8-4-16)
“Mortgage credit availability increased in July according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool. Starting this month, MBA has updated its methodology to better measure credit availability and has released a new historical series based on this updated methodology.”
Bloomberg – “Jobs Report Brings Much-Needed Good News” (8-5-16)
“The global economy desperately needed some good news. That’s what it got in the latest U.S. jobs report. Ahead of today’s release of the U.S. employment report for July, the mood was decidedly gloomy, with economic activity slowing in most other advanced countries, the U.K. facing a real and present danger of an economic recession and the risk of financial instability looming.”
CNBC – “The big jobs number is a win for luxury housing” (8-5-16)
“A larger-than-expected employment gain in July could boost the recovery in prices for luxury U.S. homes.”
US News – “Most Millennials Don’t Expect to Become Millionaires” (8-5-16)
“Each of us is now responsible for saving for our own retirement, but many young people aren’t feeling particularly optimistic about their ability to do so.”
Federal Reserve Bank of New York – “Regional Household Debt and Credit Snapshots” (8-5-16)
“The Regional Household Debt and Credit Snapshots provide an overview of trends in borrowing and indebtedness at the state and local level in the Second District.”
Construction Dive – “DC area commercial construction plummeted in 2015 amid waning office demand” (8-5-16)
“A Metropolitan Washington Council of Governments report found that commercial construction plunged 31% last year in the Washington, DC region due largely to a lack of office development, according to WTOP.”
Housing Wire – “Initial thoughts: Did the CFPB successfully update TRID?” (8-5-16)
“The Consumer Financial Protection Bureau’s new proposal to update its Know Before You Owe rule has only been in the hands of the industry for a week. Coming in at a whopping 293 pages, there is a lot of information that everyone continues to work through.”
US News – “The Big Impact of Tiny Homes: How Little Houses Are Changing Real Estate” (8-5-16)
“It’s no secret that the counter-movement to big, sprawling homes has reached the mainstream – and it’s known as the tiny home.”
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:
CoreLogic reported a 6.5% increase in home prices in June. The Mortgage Bankers Association reported both refinance and purchase applications for mortgages increased 4.7% from the previous week. Employment was not looking, having only increased by 185,00 according to ADP.
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.
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