Today’s News Synopsis:
Existing-home sales increased 3.3% to 5.69 million last month, their highest in ten years. The Mortgage Bankers Association reported a 2% decrease in mortgage applications from last week. In the midst of a slow recovery from the recession, Toll Brothers reported positive earnings.
In The News:
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (2-22-2017)
“Mortgage applications decreased 2.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 17, 2017.”
CNBC – “House hunting? Here’s where you’ll find what you want, and where you won’t” (2-22-2017)
“The only thing standing in the way of more home sales is the lack of homes for sale. In local markets across the nation, there are too few listings to meet the strong buyer demand.”
DNA Info – “British and Russian Buyers Dominate NYC Real Estate Searches, Study Says” (2-22-2017)
“The British and Russians often dream of moving to the Big Apple, while Mexicans are pulling back, according to tech-focused real estate brokerage TripleMint.”
DS News – “President Trump’s Housing Focus in First 30” (2-22-2017)
“The 30-day mark for President Trump Administration has come and gone, DS News decided to take stock of what has been accomplished in the areas that affect our readers the most—housing and mortgage.”
Bloomberg – “Many Fed Officials See Rate Hike ‘Fairly Soon,’ Minutes Show” (2-22-2017)
“Federal Reserve officials expressed confidence they can raise interest rates gradually, while a hike “fairly soon” might be appropriate to avoid the risk of an overheated economy, minutes of Federal Open Market Committee’s latest meeting showed.”
CNBC – “US existing home sales hit 10-year high in January” (2-22-2017)
“U.S. home resales surged to a 10-year high in January as buyers shrugged off higher prices and mortgage rates, a sign of growing confidence in the economy.”
Fortune – “A Real Estate Rally Is Boosting This Luxury Builder” (2-22-2017)
“The recovery of the U.S. housing market since the recession has been steady, if generally unspectacular. But at least one builder seems to have convinced investors that it’s trending upward.”
Bruce Norris will be speaking at 2017 Real Estate Market Forecast with Coldwell Banker on Tuesday, March 7.
Bruce Norris will be speaking at 10 Life-Changing Days of a Real Estate Investor at NORCALREIA on Wednesday, March 8.
Aaron Norris will be presenting 2 Major Trends For Marketing Dominance in 2017 with OCREIA on Thursday, March 9.
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Looking Back:
Mortgage loans that were 30 days and more delinquent showed a 6.6% increase month-over-month and stood at 5.09%. More and more single-family homes were being built with the purpose of being rented rather than purchased, showing a 3.5% increase in the fourth quarter. Equity in residential homes also showed strong growth over the previous three years and expected to continue all this year.
For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.