Builder Confidence Continues on Upward Trend
April New Home Purchase Mortgage Applications Drop 4.3 Percent Year over Year
Multifamily Drop Brings Down Housing Production 2.6 Percent in April
Delinquencies Decline in Latest MBA Mortgage Delinquency Survey
April home sales and price report
Mortgage Rates Edge Down
Another Second Quarter Rebound Likely to Follow First Quarter Slowdown
Diplomas in Hand, College Grads Should Flock to These 10 Cities
Household debt just surpassed the record level reached during the 2008 financial crisis
Real Estate’s New Normal: Homeowners Staying Put
Homebuilders are targeting millennials – but it will hit their margins
Riverside may rezone 69 sites for denser housing
Big Developers Roll Out Co-Living Units to Woo Millennials

Today’s News Synopsis:

Aaron Norris of the Norris Group gives this week’s Norris Group real estate headline roundup.  The suburbs are the areas that are seeing the biggest increases in rents.  New homebuyers may be facing a harder time finding good schools for their children with the decrease in school funding.  Custom built homes are showing a decrease according to the NAHB and Census Data.

In The News:

Market Watch – “Where’s the hottest luxury real-estate market in the U.S.?  It’ll surprise you” (5-18-2017)

“The San Juan Islands, an archipelago off the coast of Washington state long cherished for its remoteness and simplicity, is now the hottest luxury real-estate market in the country.”

NAHB Eye on Housing – “Custom Home Building Market Growth Slows” (5-19-2017)

“NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates a slowing of the growth rate for the custom home building market.”

Zillow – “Rents are Rising in the Suburbs” (5-19-2017)

“As rent becomes more expensive, renters are starting to look for cheaper housing options outside downtown cores, prompting rent payments to rise faster in the suburbs than in urban areas, according to a new Zillow^® report.”

Bloomberg – “The Next Shortage Facing Young Homebuyers: Good Schools” (5-19-2017)

“One effect of the U.S. housing market crash was to cripple homebuilders and their lenders, forcing construction workers to find jobs in other fields.”

Mansion Global – “Miami, New York Log Highest Rates of Suspicious Luxury Real Estate Buys” (5-19-2017)

“Obscuring his identity behind a limited liability company and a business manager, Venezuelan vice president and drug kingpin Tareck El Aissami used proceeds from narcotics trafficking, according to the U.S. government, to acquire around $7 million in luxury condos at the tallest building in Miami.”

Builder Magazine – “Spooked Real Estate Lenders In New York Are Holding Back” (5-19-2017)

“In New York City, the nation’s largest housing market, landlords are cutting prices and lowering rents, and the lending community is taking note. The real estate deals are slowly disappearing.”

Seeking Alpha – “Real Estate Weekly: REITs Climb As Storage And Hotel REITs Surge” (5-19-2017)

“REITs gained 1.4% on the week, snapping a three week losing streak in which REITs fell by 4.5%. YTD total return for the REIT sector is now roughly 2%.”

Bloomberg – “Unemployment in the U.S. Is Falling, So Why Isn’t Pay Rising?” (5-19-2017)

“The U.S. economy is behaving mysteriously. Usually wage growth accelerates when the job market is tight: Employers have to pay more to attract and retain workers.”