Today’s News Synopsis:

Aaron Norris of the Norris Group gives this week’s Norris Group real estate headline roundup.  Fannie Mae’s latest survey showed a 10% decrease in housing confidence as more people are wary of the job market.  However, despite a weak employment report, there were still a lot of positive things in the job market, including the biggest decrease in the jobless rate and underemployment.  The city that is seeing the biggest increase in rents and would need to increase consumer income is Seattle.

In The News:

Bloomberg – “Plenty of Beauty in U.S. Jobs Data Beneath Ugly Headline Number” (4-7-2017)

“For the March U.S. employment report, with its ugly headline payrolls number, it’s what’s inside that counts.  While the gain of 98,000 jobs in a survey of businesses and government agencies was the weakest since May and below all analysts’ forecasts, many accompanying details showed a solid labor market.”

CNBC – “Confidence in housing falls, as consumers worry about jobs” (4-7-2017)

“The postelection euphoria for the economy seems to be cooling, and that is taking a toll on confidence in housing.  A monthly home purchase sentiment survey from Fannie Mae dropped in March, after hitting an all-time high in February.”

Freddie Mac – “New Freddie Mac Outlook Predicts U.S. Multifamily Origination Volume May Top $295 Billion in 2017” (4-7-2017)

“Freddie Mac (OTCQB: FMCC) today announced total multifamily origination volumes could increase by three- to six-percent this year, and even top $295 billion, depending on movements in the 10-Year Treasury rate.”

Mortgage Bankers Association – “MBA Welcomes 18 New Members in March” (4-7-2017)

“Today, the Mortgage Bankers Association (MBA) announced that in March it welcomed 18 new regular members to its ranks, which currently numbers more than 2,200 member companies.”

Zillow – “Seattle Renters Need Biggest Income Boost to Keep Up with Rising Rents” (4-7-2017)

“Renters in Seattle, Los Angeles, and Boston need the biggest income increases in 2017 to keep up with rising rents, according to a new Zillow analysis.”

Miami Herald – “Miami real estate in ‘7th-inning stretch'” (4-7-2017)

“In comparison to a baseball game, the Miami real estate market “is in the seventh-inning stretch,” said Howard Lorber, chairman of Douglas Elliman.”

Bloomberg – “America’s Retailers Are Closing Stores Faster Than Ever” (4-7-2017)

“The battered American retail industry took a few more lumps this week, with stores at both ends of the price spectrum preparing to close their doors.”

Washingtonian – “How Self-Driving Cars Will Change Local Real Estate” (4-7-2017)

“A century ago, America’s metropolitan areas featured dense central cities and suburbs built along streetcar and rail lines.  Then the automobile came along and radically disrupted residential patterns.”