Today’s News Synopsis:

In their latest report, Freddie Mac said mortgage rates decreased again to their lowest for this year with 30-year rates at 3.43% and 15-year rates at 2.74%.  The latest Leading Market Index from First American and NAHB showed a large number of markets are either at or above normal levels, 146 out of 340.  Employment is also shown to be returning to normal levels after two months of uncertainty.

In The News:

Inman News – “Attom Data Solutions: Homes near good schools worth more” (8-4-16)

“Real estate agents can agree that high-performing school districts make for good home investment locations.  Many homebuyers figure good schools make for stronger demand at resale, and Attom Data Solutions’ Schools and Housing Report shows that ZIP codes with at least one good elementary school truly do hold higher home values.”

Bloomberg – “U.S. Employment Seen Returning to Normal After Two Quirky Months” (8-4-16)

“First it flopped, then it flipped. Now, economists are looking for U.S. payrolls growth to return in July to its 2016 average.  “If the July number is relatively normal, I think the conclusion that people will draw is that whatever July prints is more or less the new trend,” said Stephen Stanley, chief economist at Amherst Pierpont Securities LLC in New York.”

U.S. News – “Real Estate: How to Invest in Wall Street’s ‘New’ Sector” (8-4-16)

“A historic shift in the Standard & Poor’s 500 index will occur mid-September when real estate will become its own sector, similar to other sectors like utilities, financials, energy and health care.”

DS News – “On the Right Track: Scorecard Paints a Picture of Housing Health” (8-4-16)

“The U.S. Department of Housing and Urban Development recently published a housing scorecard reviewing the monthly analysis of the housing market and the government programs implemented for the mortgage industry.”

CNBC – “Sterling slump knocks London off most-expensive spot for locating staff” (8-4-16)

“Sterling’s slump since the Brexit vote means London is no longer the world’s most expensive city for companies to locate staff, luxury real estate firm Savills said on Thursday.”

NAHB – “Housing Markets Continue Gradual Climb Back to Normal” (8-4-16)

“Markets in 146 of the approximately 340 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the second quarter of 2016, according to the NAHB/First American Leading Markets Index (LMI) released today. This represents a year-over-year net gain of 66 markets.”

Freddie Mac – “Mortgage Rates Fall Back Near 2016 Low” (8-4-16)

“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS^®), showing average fixed mortgage rates declining after nudging slightly higher for three consecutive weeks.”

Bloomberg – “Realogy Tumbles Most Ever as U.S. Luxury-Home Slump Hits Profit” (8-4-16)

“Realogy Holdings Corp., owner of brokerage brands Coldwell Banker and Century 21, dropped to a record low as sluggish luxury home sales hurt the firm’s earnings.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? at the REI Expo in San Francisco Thursday-Saturday, August 11-13.

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/jakerust

 

Looking Back:

The cost to close a mortgage just decreased by 7% to $1,847 according to Bankrate.com.  The housing market appeared to be showing more signs of improvement with the recent increase in both inventory and demand.  John Burns of John Burns Real Estate Consulting said he planned on constructing more detached homes from single-family homes that would be used for rentals.

 

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.