Today’s News Synopsis:

CoreLogic reported a 1.3% increase in home prices month-over-month and 5.9% year-over-year in May.  Despite Congress working to make changes to the National Flood Insurance program, builders and realtors say it is still in need of major changes.  RealtyTrac just showed which homes located on the beach have the best bargains.

In The News:

Housing Wire – “Avoid these 5 major mistakes most people make when buying homes” (7-5-16)

“You can check in for a flight from your phone, deposit a check on your phone and pay for Starbucks from your phone, so why would should shopping for a mortgage be any different?”

Mortgage Professional America – “Morning Briefing: Beach town bargains revealed” (7-5-16)

“Beaches in the Northeast top the list of coastal home bargains revealed by RealtyTrac. New Jersey town Keanburg offers the best bargain with a median price of $71,000 followed by Mastic Beach, NY at $99,000.”

DS News – “Watchdog Calls on Treasury to Fix Blight Elimination Program” (7-5-16)

“The head of the Troubled Asset Relief Program recently called on the U.S. Treasury Department to reform its blight elimination program, claiming the program operates without the proper safeguards to prevent waste, fraud, and abuse.”

NAHB – “NAHB Log and Timber Homes Council Kicks off Month-Long Celebration of the Log Home Lifestyle” (7-5-16)

“Members of the National Association of Home Builders’ (NAHB) Log and Timber Homes Council (LTHC) are celebrating National Log Home Open House Month in July for the fifth consecutive year.”

Construction Dive – “CoreLogic: Housing is ‘oasis of stability’ with 1.3% May home price gain” (7-5-16)

“U.S. home prices, including distressed sales, rose 1.3% between April and May and 5.9% between May 2015 and May 2016, CoreLogic reported in its Home Price Index Tuesday.”

Bloomberg – “Quick Take Q&A: Investors Flee U.K. Real Estate Funds Post-Brexit” (7-5-16)

“M&G Investments, Aviva Investors and Standard Life Investments have suspended trading in U.K. real estate funds in the latest market fallout from Britain’s vote to leave the European Union.”

DS News – “CFPB: Compliance Management Deficiencies Linger” (7-5-16)

“The Consumer Financial Protection Bureau (CFPB) recently released its report on supervisory actions in the first four months of the year and found that while mortgage lenders generally are in compliance with federal consumer financial laws, many entities continue to have deficiencies in their compliance management systems.”

Mortgage Professional America – “Builders, realtors demand reforms to flood insurance program” (7-5-16)

“Extreme flood insurance rate hikes and shoddy floodplain mapping are driving up the costs of homeownership and wreaking havoc on home values, industry organizations told Congress last week.”

Construction Dive – “Land(fill) of opportunity: Why builders are turning dumps into new developments” (7-5-16)

“For most of the public, landfills are simply places to toss trash and anything else they no longer want or need. However, for some developers, there’s a way to transform those properties into new communities and in-demand spaces.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with LAREIC on Tuesday, July 12.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI on Thursday, July 21.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with InvestClub for Women on Wednesday, September 21.

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