Today’s News Synopsis:

When it comes to business creation, what state comes to mind?  Out of the all the counties in the U.S. with the fewest number of homeowners per capita, Los Angeles is at the top of the list.  Governor Brown and other lawmakers are setting to work on several bills they hope will help resolve the housing crisis in California.

In The News:

Orange County Register – “What business exodus?  California tops in U.S. for company creation” (8-30-2017)

“Toyota’s leaving. Nestle USA, too. Also Chevron and Occidental Petroleum. To name a few more. Even the headquarters of Jamba Juice and Carl’s Jr.  So with much talk about companies supposedly fleeing California en masse — purportedly due to unfriendly conditions for business — would you be surprised if I told you the state had the nation’s largest increase in the number of companies between 2014 and this year?”

Bloomberg – “U.S. Second-Quarter Growth Revised to 3% in Momentum Boost” (8-30-2017)

“U.S. second-quarter growth was revised upward to the fastest pace in two years on stronger household spending and a bigger gain in business investment, putting the economy on a stronger track, Commerce Department data showed Wednesday.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (8-30-2017)

“Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 25, 2017.”

NAHB – “NAHB Urges Administration to Come to Lumber Agreement as Storm Rebuilding Process Begins” (8-30-2017)

“Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas, issued the following statement on Hurricane Harvey and its potential effects on lumber prices as Gulf Coast residents prepare to rebuild after the catastrophic storm.”

Inman – “Is the real estate industry stuck in a Blockbuster state of mind?” (8-30-2017)

“Real estate needs to let go of old practices and blame, and embrace innovation.”

Bloomberg – “Companies in U.S. Add More Jobs Than Forecast, ADP Data Show” (8-30-2017)

“Companies added more workers than forecast in August, indicating the U.S. job market remains solid, according to data released Wednesday from the ADP Research Institute in Roseland, New Jersey.”

LA Weekly – “L.A. Has Fewest Homeowners Per Capita in U.S., New Report Says” (8-30-2017)

“The “homeownership” rate in L.A. is 38 percent, lower than San Diego (41.6), New York (42.8), Las Vegas (43.4) and San Francisco (43.9), according to Apartment List’s recently released “Racial Divide in Homeownership” report. California represents.”

National Mortgage News – “Opinion: How the Fed’s balance sheet wind-down affects the mortgage market” (8-30-2017)

“In mid-June, the U.S. central bank raised rates and made clear its intentions to wind down a portfolio of bonds from a balance sheet that, as of June, totaled over $4.5 trillion — or more than 23% of U.S. GDP.”

San Francisco Chronicle – “Brown, lawmakers work on package of bills to solve state housing crisis” (8-30-2017)

“California would take on the problem of soaring rents and a scarcity of affordable homes under a package of housing bills that could come up for a vote as early as Friday.”