Today’s News Synopsis:

The MBA reported a decrease by 0.4% in the amount of mortgage credit available.  The Labor Department reported vacancies in the job market increased to their highest on record at 5.87 million.  According to a recent study by Coldwell Banker, California is home to the top ten most expensive real estate markets.

In The News:

Mortgage Bankers Association – “Mortgage Credit Availability Decreases in August” (9-8-16)

“Mortgage credit availability decreased in August 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.”

Bloomberg – “Fed Urges U.S. Ban on Wall Street Buying Stakes in Companies” (9-8-16)

“Goldman Sachs Group Inc. would be among banks most impacted by recommendations issued today by U.S. banking agencies that seek an end to merchant banking and a limit on Wall Street’s ownership of physical commodities.”

CNBC – “Investors moving billions into real estate ahead of a big market change” (9-8-16)

“Real estate stocks are getting a place of their own in the market this week, and investors are taking notice.  As of the close of trading Friday, the industry will become its own sector in the S&P 500, bringing the broad market index up to 11 divisions.”

DNA Info – “The Newest Amenity in Real Estate? Lead-Free Pipes” (9-8-16)

“The hottest amenity in real estate isn’t heated floors, a chef’s kitchen or a double-wide lot.  It’s lead-free pipes.”

24/7 Wall Street – “The 10 Most Expensive Real Estate Markest Are In California” (9-8-16)

“Draw a ring about 25 miles in radius around San Francisco, and in the circle will be the 10 most expensive real estate markets in the U.S. All 10 have average home prices above $1.47 million.”

Observer – “15 Years After 9/11, Real Estate Magnate Brings WTC Back to Life” (9-8-16)

“In the summer of 2001, Larry Silverstein usually spent his mornings in breakfast meetings at Windows of the World atop the World Trade Center’s North Tower—his real estate development company Silverstein Properties had purchased a 99-year lease on the complex in July of that year.”

NAHB – “U.S. Builders Seek New Lumber Sources in Chile” (9-8-16)

“U.S. home builders today completed four days of talks with Chilean government, trade and industry officials that are geared toward increasing exports of softwood lumber and other wood products to America.”

Bloomberg – “More Evidence Employers Are Struggling to Fill the U.S. Job Void” (9-8-16)

“Anecdotes from business leaders across the U.S. confirm what labor data have been suggesting for some time: Employers are struggling to fill a surge in job openings.”

 

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Tuesday, September 20.

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/kenlund

 

Looking Back:

Quicken Loans reported another increase in the gap on opinions between appraisers and homeowners.  The amount of foreclosures decreased 28% year-over-year according to CoreLogic.  A pending lawsuit against Goldman Sachs was dropped on the grounds of not enough evidence.