Today’s News Synopsis:

Could driverless cars have a serious impact on housing?  Home prices increased 6.7% in July according to the latest US Home Price Report from CoreLogic.  This puts over half of the markets in the U.S. at overvalued prices.

In The News:

John Burns Real Estate Consulting – “8 Big Housing Changes Thanks to Driverless Cars” (9-5-2017)

“Fully autonomous vehicles (AVs) should become commonplace within 10–20 years, disrupting entire industries while triggering structural shifts in housing and the economy.”

Freddie Mac – “Freddie Mac Further Increases Transparency for Investors” (9-5-2017)

“Freddie Mac (OTCQB: FMCC) today announced that it is making available pricing and deal terms for all Agency Credit Insurance Structure (ACIS^®) and Whole Loan Securities (WLS^(SM)) transactions to date.”

Mortgage Bankers Association – “MISMO Seeks Input on New Closing Instruction Standards for the Mortgage Industry” (9-5-2017)

“MISMO, the mortgage industry’s standards organization, is inviting industry participants to collaborate on new closing instruction standards, which will be designed to improve communication and avoid delays during the closing process.”

HUD – “Survivor Housing a Priority for the Federal and State Recovery Effort after Hurricane Harvey” (9-5-2017)

“The federal government continues to focus on the lives and safety of those affected by Hurricane Harvey. While the coordinated response continues, the U.S. Department of Housing and Urban Development (HUD), Federal Emergency Management Agency (FEMA), and other federal, state, local, and tribal partners, are beginning to direct efforts toward recovery, including housing survivors displaced by the disaster through the state-led disaster housing task force.”

CoreLogic – “CoreLogic US Home Price Report Shows Prices Up 6.7 Percent in July 2017” (9-5-2017)

“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 July 2017, which shows home prices are up strongly both year over year and month over month.”

US News – “Can an Income Property Rescue Your Retirement?” (9-5-2017)

“Stocks are soaring but for many investors, real estate is king. Twenty-eight percent of investors say real estate is the best place to invest money they won’t need for the next 10 years, according to Bankrate. Stocks came in third on the list, after cash.”

HousingWire – “Massive coalition of housing groups push Senate to confirm Pam Patenaude as HUD deputy secretary” (9-5-2017)

“Last week, the Mortgage Bankers Association President and CEO David Stevens sent a letter to the Senate leadership, calling on Sens. Mitch McConnell, R-Kentucky, and Chuck Schumer, D-New York, to quickly schedule a vote to approve Pam Patenaude as deputy secretary of the Department of Housing and Urban Development.”

CNBC – “Almost half of top US housing markets are ‘overvalued'” (9-5-2017)

“It will come as no surprise to anyone out house hunting today — buying a home is becoming ever more difficult to afford.  Prices just keep soaring while incomes fail to keep pace. Even historically low mortgage rates are not helping enough.”