Today’s News Synopsis:

House flipping is showing signs of increase in the United States, specifically in areas like Las Vegas, Detroit, and Chicago.  CoreLogic’s latest report showed distressed sales are at levels seen back in 2007, standing at 7.7%, while cash sales stand at 31.8% in October.  Redfin reported a 0.7% increase in luxury home prices in the fourth quarter.

In The News:

Trulia – “Is Flipping Flopping?  Not in Sin City or Motown” (1-25-2017)

“Nationally, house flipping is on the rise. Las Vegas has hit a post-recession high, but investors are increasingly putting elbow grease into the homes they’re flipping.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (1-25-17)

“Mortgage applications increased 4.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 20, 2017.”

CNBC– “Government’s Fannie Mae will back PE giant Blackstone’s rental homes debt” (1-25-17)

“Mortgage giant Fannie Mae is getting into the single-family rental business in a big way.  The government-backed agency said it is going into business with private equity giant and major housing player Blackstone by backing $1 billion in debt.”

CoreLogic – “Cash and Distressed Sales Update: October 2016” (1-25-17)

“Cash sales accounted for 31.8 percent of total home sales in October 2016, down 2.7 percentage points year over year from October 2015.”

Tech.Co – “Real Estate Startup OfferPad Raised $260M to Making Selling Your Home Easy” (1-25-17)

“OfferPad is an premium online platform that helps homeowners sell their home with a few clicks of a button.”

Redfin – “Redfin Report: Luxury Home Prices Inched Up 0.7 Percent in Fourth Quarter as the Rest of the Market Showed Substantial Gains” (1-25-17)

“Luxury home prices rose 0.7 percent in the fourth quarter of 2016 compared to 2015, to an average of $1.6 million, according to Redfin (www.redfin.com), the next-generation real estate brokerage.”

Reuters – “Harvard endowment arm to overhaul investment process, cut staff by half” (1-25-17)

“Harvard University plans to outsource most of its investment management activities and cut its staff by roughly half, in a dramatic overhaul in how the Ivy League school’s $35.7 billion endowment is managed.”

Pensions and Investments – “TH Real Estate sets up joint venture with Korean Teachers Credit Union for U.S. loans” (1-25-17)

“TH Real Estate, the global real estate investment arm of TIAA Global Asset Management, will set up a joint venture with the Korean Teachers Credit Union to invest up to $1 billion in U.S. commercial real estate loans.”