Today’s News Synopsis:

Aaron Norris of The Norris Group gives this week’s Norris Group real estate headline roundup.  Freddie Mac says you have to come up with the 3% down payment,  on you own, the whole 3%.  Redfin shares hit a new record this week at $138.5 million, a 30% increase.  The highest vacancy rate in LA County is the downtown area according to investors.

In The News:

Realtor.com – “What Is a Swamp Cooler?  A Surprisingly Simple Way to Chill Your Home” (7-28-2017)

“What is a swamp cooler? Also known as an evaporative cooler, this device—which is about the same size as a room air conditioner—lowers the temperature in a home simply by adding moisture to the air.”

CNBC – “Redfin shares surge more than 30% in $138.5 million real estate tech IPO” (7-28-2017)

“Shares of online real estate broker Redfin hit the public market on Friday in a $138.5 million IPO.  The stock popped more than 30 percent when it opened for trading mid-morning.”

The Real Deal – “This is why DTLA has the highest resi vacancy rate in LA County” (7-28-2017)

“Do enough wealthy people want to live in Downtown Los Angeles to fill 7,000 units? Investors are growing increasingly skeptical.”

Bloomberg – “New Documents Give Hope to Fannie Shareholders Seeking Redress” (7-28-2017)

“Shareholders of Fannie Mae and Freddie Mac say a trove of documents they have obtained bolsters their case that the government lied when it decided to take all of the mortgage companies’ profits.”

HousingWire – “Freddie Mac kills 1% down payment mortgages” (7-28-2017)

“Freddie Mac announced this week that it is changing the requirements to its low down mortgage program and will no longer allow lenders to contribute gifts or grants to reach the 3% down payment requirement.”

Inman – “Keys to building your real estate reputation” (7-28-2017)

“In the pre-digital age, marketing was straightforward: You placed an ad in the newspaper and sent out postcards. All marketing was physical.”