Today’s News Synopsis:

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Due to a shortage of properties for sale, homes are getting bought up at the fastest pace in 30 years.  Home prices increased 0.24% according to Black Knight’s latest Home Price Index Report.  Meanwhile, luxury homes in Los Angeles are taking twice as long to sell.

In The News:

National Association of Realtors – “First-time Buyers Stifled by Low Supply, Affordability: 2017 Buyer and Seller Survey” (10-30-2017)

“Despite solid interest in buying a home – sparked by steady job gains, record-low mortgage rates and higher rents – the severe drought in housing supply in much of the country over the past year accelerated price growth and kept many first-time buyers out of the market.”

Black Knight Financial Services – “Black Knight Home Price Index Report: August 2017 Transactions” (10-30-2017)

“U.S. Home Prices Hit Another New Peak, Gaining 0.24 Percent in August 2017 With Year-Over-Year Growth Steady at 6.24 Percent.”

The Real Deal – “It’s taking LA luxury homes twice as long to sell: report” (10-30-2017)

“Despite record-setting spec mansion listings, it appears that buyers in L.A.’s luxury market have pumped the brakes a bit.  Luxury homes are sitting nearly twice as long on the market as they did in the same period last year, according to a new quarterly report from Douglas Elliman Real Estate.”

Deseret News – “Report: Salt Lake ranks No. 3 in U.S. for real estate investment” (10-30-2017)

“Utah’s capital city has joined the ranks of the top cities in America for commercial real estate investment, a new report indicates.”

Forbes – “Top Reasons Why Real Estate Investing Is So Popular” (10-30-2017)

“Real estate is secured by a physical asset and is an overwhelmingly stable investment. In the vast majority of cases, an investment property will retain its value and appreciate over time”

National Real Estate Investor – “Rent Growth Slows Down in the SFR Sector” (10-30-2017)

“Rents are likely to keep growing through 2020, but at a slower rate that will get closer to its historical average of 2 percent.”

Bloomberg – “Why Is the Government Giving Money to Dying Malls?” (10-30-2017)

“At the Brookfield Square mall in Wisconsin, the landlord, CBL & Associates Properties Inc., needed a new occupant for a fading Sears. CBL had been tinkering with the mix for the past few years.”

CNBC – “Lennar to buy CalAtlantic, forming largest homebuilder in the US” (10-30-2017)

“Lennar said on Monday it would buy smaller rival CalAtlantic for about $6 billion, creating the largest homebuilder in the United States as the sector combats higher land acquisition costs and a tighter labor market.”