Sources:
U.S. Home Flipping Increases to a Six-Year High in Q2 2016
Mortgage Applications Increase in Latest MBA Weekly Survey
National Foreclosure Rates Back to Pre-Crisis Levels in July
Buyer sentiment stunted by ‘dearth of homes for sale’
U.S. Households’ Income Shows Biggest Jump Since Recession
Even the CEO of Zillow thinks you should ask a real-estate agent what your home is worth
Bill to Scrap Dodd-Frank Advances Amid Wells Fargo Backlash
Today’s News Synopsis:
Aaron Norris of the Norris Group gives this week’s Norris Group real estate headline roundup. The neighborhood near USC has seen a surge in home prices as more and more people are rushing to flip and develop homes in what is considered one of the last good areas in LA. Values for homes located in the 91405 zip code in Los Angeles County are expected to decrease over the next year. More and more investors are putting their money into real estate funds in positive hopes of gaining more yield.
In The News:
Los Angeles Times – “Real estate boom near USC raising homes prices and concerns” (9-16-16)
” October, a Newport Beach investor purchased a run-down 109-year-old Craftsman home on 30th Street in the South Los Angeles neighborhood of Jefferson Park.”
Bloomberg – “China’s Holdings of U.S. Treasuries Fall to Lowest Since ’13” (9-16-16)
“China’s holdings of U.S. Treasuries fell in July to the lowest level in more than three years, as the world’s second-largest economy pares its foreign-exchange reserves to support the yuan.”
Wall Street Journal – “Thirst for Yield Drives Record Investor Inflows to Real Estate Funds” (9-16-16)
“Real-estate funds just posted their biggest-ever weekly inflows, a sign of investors’ continued appetite for income-providing holdings in an era of ultra-low interest rates.”
CNBC – “Real estate funds just clocked their best week of inflows ever” (9-16-16)
“Global real estate funds have seen their biggest week of inflows on record, according to new research, with U.S.-based funds taking the lion’s share.”
Fannie Mae – “Fannie Mae Names Accomplished Risk Executive Ryan A. Zanin to the Board of Directors” (9-16-16)
“Fannie Mae (FNMA/OTC) today announced that Ryan A. Zanin has been elected to the Board of Directors. He has been appointed to the Risk Policy and Capital Committee and the Strategic Initiatives and Technology Committee.”
DS News – “Income Growth Outpacing Home Prices in Poorer Cities” (9-16-16)
“Times might still seem tough, but income growth is moving at a faster pace than its ever been, particularly in lower-income areas based on numbers from the U.S. Census 2015 American Community Survey, released this week.”
Inman – “Home values in 91405 to drop through next year” (9-16-16)
“The 91405 ZIP code comprises part of the Los Angeles communities of Van Nuys and Valley Glen, about a 40 minute drive from central L.A. The area sits in Los Angeles County, right next to the Van Nuys Airport and just north of North Hollywood.”
Bloomberg – “House Panel Calls Stumpf to Testify as Part of Wells Probe” (9-16-16)
“Wells Fargo & Co.’s John Stumpf is already gearing up for a tough U.S. Senate interrogation next week. Now, it looks like he’ll have to face the House of Representatives, too.”
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.
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Looking Back:
The NAHB reported another increase in builder confidence at this time this month, putting the confidence level at 62. Mortgage applications, on the other hand, decreased this week by 7% according to the Mortgage Bankers Association. Fannie Mae gave a more optimistic report on the housing market by saying it was still expected to show signs of increase amidst volatility in the market.
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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