Today’s News Synopsis:
Buyer sentiment is at a standstill and ownership is surprisingly not as high as one would think despite low interest rates and increased jobs. NAR revealed one of the responsible factors is the lack of homes available sale. At the same time, housing growth in big cities has become more dense, resulting in fewer people being able to move there. The Mortgage Bankers Association reported a 4.2% increase in mortgage applications from last week.
In The News:
Inman – “Buyer Sentiment stunted by ‘dearth of homes for sale'” (9-14-16)
“How bright is that homebuying flicker in the eyes of property owners? How do renters who kissed another grand in rent goodbye — money they’ll never see again — feel about finally making the plunge into mortgage land?”
Bloomberg – “What’s Wrong With America’s Dream of City Living” (9-14-16)
“New York is the land of the $100 million penthouse, the land of more than 8.5 million people and of rents that are among the highest in the country.”
Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (9-14-16)
“Mortgage applications increased 4.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 9, 2016. This week’s results included an adjustment for the Labor Day holiday.”
Seeking Alpha – “Reasons For Further Growth of U.S. Real Estate Prices” (9-14-16)
“During the last several years, US housing prices have been gradually rising and that is reflected in the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.”
GlobeSt.com – “Fannie Mae Updates Make It Easier To Take Advantage Of Green Financing” (9-14-16)
“Just last week, Fannie Mae published new changes to their Green Financing program that further entice borrowers to utilize their green lending products.”
Forbes – “Meet The New Breed Of Real Estate Agents” (9-14-16)
“Compass’ recent financing round with a $1B price valuation, only four years after launch, is proof that things are changing in real estate and specifically for real estate agents and their clients.”
Housing Wire – “Wells Fargo keeps mortgage lending comp intact” (9-14-16)
“Wells Fargo recently made headlines as it received fines and penalties totaling $185 million for illegally opening dummy accounts for consumers.”
DS News – “Attorneys and Servicers Discuss Challenges in Default Servicing” (9-14-16)
“Servicers and default servicing attorneys came together Tuesday for a day of discussing the challenges for the professionals as well as grow deeper in their knowledge of the industry to pave the path for the future of the default servicing legal profession at the Legal League 100 Fall Servicer Summit during the 2016 Five Star Conference & Expo.”
Bloomberg – “Job Cuts Alone Won’t Be Enough to Save Big Banks, McKinsey Says” (9-14-16)
“Firing people won’t be enough to save the world’s biggest banks from technological and regulatory changes that have reshaped the industry — whole businesses must go, according to McKinsey & Co.”
Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Tuesday, September 20.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with InvestClub for Women on Wednesday, September 21.
Bruce Norris will be presenting Stay Put, Cash Out, Or Change Seats? with InvestClub for Women and Robert Hall & Associates on September 28.
Bruce Norris will be presenting Cashing In On a Boom: Investing in Quadrant 4 at the Back Bay Conference Center on Saturday, October 8.
Bruce Norris of The Norris Group will be presenting the 9th annual I Survived Real Estate 2016 on Friday, October 21.
Image copyright source: www.flickr.com/photos/59937401@N07
Looking Back:
The Mortgage Bankers Association reported an increase in mortgage applications despite a brief scare in the stock market last month, leading to more and more optimism among industry leaders. CoreLogic reported the number of markets with overvalued homes was twice as many as the first quarter, numbered at 14 out of 100. The Senate hoped to make changes with the GSEs but were currently being stalled.
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.