Today’s News Synopsis:

HUD and the Census Bureau reported new home sales decreased 7.6% in August but continue to remain strong at 609,000.  Delinquencies also declined 9 basis points, but as well they are still high compared to the early part of the millennium.  In a surprising story, property that can be bought for $175 million is very different on East Coast compared to the West Coast.

In The News:

Los Angeles Times – “What $175 Million Buys in Real Estate: East Coast vs. West Coast” (9-25-16)

“In Los Angeles’ hotbed of high-end real estate, $175 million can buy part of a grand estate with 50,000 square feet and a pedigree that includes legendary business magnates and iconic films.”

Herald-Tribune – “Shadow Lenders Replace Banks Facing U.S. Property Warnings” (9-26-16)

“Heightened scrutiny of U.S. commercial real estate lending is paving the way for lightly regulated investors to gain a bigger toehold in lucrative deals.”

National Real Estate Investor – “Five Trends Affecting Commercial Real Estate: Looking Ahead to 2017” (9-26-16)

“The U.S. property market landscape in 2017 will be characterized by continued strong fundamentals, increased investor flows and high transaction volume.”

Bloomberg – “Your First Home Might Be Your Last” (9-26-16)

“The challenges that first-time homebuyers face in the U.S. housing market has been the cause of some concern over the past few years, amid slow income growth, fast price appreciation in parts of the country, and doubts that millennials want to buy a home in the first place.”

NAHB – “New Home Sales Remain Solid in August” (9-26-16)

“Sales of newly built, single-family homes fell 7.6 percent in August from an upwardly revised July reading to a seasonally adjusted annual rate of 609,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Fannie Mae – “Fannie Mae Enhances Its Industry-Leading Automated Underwriting Tool; Expands Access to Credit and Sustainable Homeownership” (9-26-16)

“Fannie Mae (FNMA/OTC) announced today the implementation of Desktop Underwriter^® (DU^®) Version 10.0, the newest version of the industry’s leading automated underwriting system.”

DS News – “Delinquencies Decline But Remain High Relative to 2000s” (9-26-16)

“The Urban Institute’s Housing Finance Policy Center recently published its September 2016 Chartbook, noting in particular that serious delinquencies and foreclosures continue to decline with the housing recovery, but remain quite high relative to the early 2000s.”

Inman – “Where should real estate agents draw the line with listing clients?” (9-26-16)

“An accurate Indeed.com real estate agent job posting would have a separate listing client qualifications column: ‘Must be prepared to dole out repair advice and provide emotional support. A certificate in cleaning preferred.'”

 

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.

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