Today’s News Synopsis:
Freddie Mac reported mortgage rates were at their lowest in ten weeks with 30-year rates now at 3.42% and 15-year rates at 2.72%. Meanwhile, the National Association of Realtors reported a 2.4% decrease in pending home sales, their second lowest for the year. Of all the homes sold across the nation last June, 8% of them were reported to be distressed.
In The News:
CoreLogic – “Distressed Sales Accounted for 8 Percent fo Homes Sold Nationally in June 2016” (9-29-16)
“Of total sales in June 2016, distressed sales accounted for 7.8 percent and real estate-owned (REO) sales accounted for 4.9 percent.”
CNBC – “Detroit housing rises from the ashes” (9-29-16)
“Frank Tarala is a lifetime Detroiter. As a boy, he used to go downtown with his father to see Tigers games. They would always go directly home afterward.”
Westside Today – “California Home Sales Expected to See Modest Increase Following 2016 Dip” (9-29-16)
“Following a dip in home sales in 2016, California’s housing market will post only a nominal increase in 2017 amid supply shortages and affordability constraints, the California Association of Realtors said today in its 2017 California Housing Market Forecast.”
Press Telegram – “Drone use in real estate is soaring, say Realtors at Long Beach conference” (9-29-16)
“The real estate industry is getting into drones in a big way, and not just for luxury homes, industry professionals attending the California Association of Realtors conference said Tuesday.”
Realty Trac – “24 Percent of U.S. Country Housing Markets less Affordable Than Their Historic Norms in Q3 2016” (9-29-16)
“ATTOM Data Solutions, the nation’s leading source for comprehensive housing data and the new parent company of RealtyTrac, today released its Q3 2016 Home Affordability Index, which shows that 24 percent of U.S. county housing markets were less affordable than their historic affordability averages in the third quarter, up from 22 percent of markets in the previous quarter and up from 19 percent of markets a year ago to the highest share of since Q3 2009 — when 47 percent of markets were less affordable than their historic affordability averages.”
CNBC – “Pending home sales fall 2.4% in third straight drop” (9-29-16)
“Homebuyers retreated in August, unenthused by the meager supply of homes for sale and by accelerating prices. Signed contracts to buy existing homes fell 2.4 percent for the month to the second-lowest level of the year, according to a monthly index from the National Association of Realtors (NAR).”
Freddie Mac – “30-Year Fixed-Rate Mortgage Hits 10 Week Low” (9-29-16)
“Investors flocked to the safety of government bonds causing the 10-year Treasury yield to continue its descent following the FOMC’s decision to leave rates unchanged.”
Bruce Norris will be presenting Stay Put, Cash Out, or Change Seats with SJREI on Thursday, October 6.
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 the latest S&P/Case-Shiller Index, home prices increased 5% year-over-year in July in 20 cities across the country. At the same time, cash sales decreased to 31.3% from 33.9% year-over-year in June according to CoreLogic. Realtor.com reported it was a better time than ever to purchase a home and listed the 20 best places to buy.
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.