Today’s News Synopsis:

Home prices in the U.S. increased 6.7% in October according to the latest CoreLogic Home Price Report.  Since its introduction in September, the S&P real estate sector has decreased 10% and is in danger of continuing to decline.  Invitation Homes L.P., located in Texas and serving as an owner of rental homes, could become the largest in the country.

In The News:

CNBC – “Real estate sector has sunk since its creation, and could spiral further” (12-6-16)

“The S&P 500 real estate sector has been the market’s worst performer since its launch in September, and these high dividend-yielding names could see more difficulty ahead if rates move even higher.”

Inman – “Invitation Homes, Blackstone’s single-family rental unit, is going public” (12-6-16)

“After purchasing tens of thousands of homes at post-recession prices, Blackstone Group LP — the biggest U.S. single-family home landlord — is taking Invitation Homes, its single-family rental unit, public.”

Bloomberg – “Goldman Sachs Alum Turns to Virtual Reality to Sell $57 Million Mansion” (12-6-16)

“Standing in the living room of an oceanside $57.5 million home in Malibu, Calif., Jack Ryan, the founder of REX, an online brokerage, took in the view.”

Dallas News – “Dallas-based company soon to become largest public owner of rental homes” (12-6-16)

“Dallas-based Invitation Homes L.P. is on the verge of becoming the country’s largest publicly traded owner of rental homes.  New York-based investor Blackstone Group has bought almost 50,000 homes nationwide since the recession.”

CoreLogic – “CoreLogic US Home Price Report Shows Prices Up 6.7 Percent in October 2016” (12-6-16)

“CoreLogic (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its CoreLogic Home Price Index (HPI) and HPI Forecast for October 2016 which shows home prices are up both year over year and month over month”

DS News – “Former FHFA Director Announced as Keynote for 2017 Five Star Government Forum” (12-6-16)

“James B. Lockhart III, Vice Chairman of W.L. Ross & Co. LLC and former Director of the Federal Housing Finance Agency, will deliver the morning keynote address at the 2017 Five Star Government Forum in Washington, D.C., in April, according to an announcement from the Five Star Institute.”

Bloomberg – “NYC’s Tallest Luxury Tower Is Discounting Condos by Millions” (12-6-16)

“Buyers at Manhattan’s tallest ultra-luxury condo tower are getting discounts worth millions, a sign of the times in a market that’s swamped with costly homes.”

Inman – “What China’s ‘strict’ overseas investment controls mean for real estate” (12-6-16)

“Chinese investors, both individuals and institutions, have been investing in the U.S. real estate market for years.  New policies might make it more difficult for Chinese companies to do large overseas merger-and-acquisition deals and invest in the overseas real estate markets.”