Today’s News Synopsis:

The Mortgage Bankers Association reported a 7.1% increase in mortgage applications from last week.  Fannie Mae just announced they will be selling off a large amount of non-performing loans, a small portion of these loans being community impact pools.  China has shown less of an interest in U.S. real estate with the drop in Chinese real-estate sales.

In The News:

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (8-10-16)

“Mortgage applications increased 7.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 5, 2016.”

Bloomberg – “Homeowners Have Real Estate Agents Over a Barrel” (8-10-16)

“Real estate commissions are set by custom, not written in stone, and a new survey suggests Americans are haggling. Sixty percent of people who sold a home in the U.S. over the last year got a discount from their agent, with average savings of 41 percent off the standard commission, according to real estate brokerage Redfin.”

Fannie Mae – “Fannie Mae Announces Sale of Non-Performing Loans, Including Community Impact Pools” (8-10-16)

“Fannie Mae (FNMA/OTC) today announced its latest sale of non-performing loans, including the fifth Community Impact Pool that the company has offered.”

Curbed – “Video game about gentrification lets you play the role of real estate speculator” (8-10-16)

“Game designer Paolo Pedercini believes it’s time to rethink the lessons of SimCity. Like many, the Carnegie Mellon assistant professor played the smash-hit city simulation, but he felt there was something missing.”

Wall Street Journal – “Lopsided Housing Rebound Leaves Millions of People Out in the Cold” (8-10-16)

“The housing recovery that began in 2012 has lifted the overall market but left behind a broad swath of the middle class, threatening to create a generation of permanent renters and sowing economic anxiety and frustration for millions of Americans.”

Bloomberg – “There Are All Kinds of Signs of a High-End Real Estate Slowdown” (8-10-16)

“According to real-estate website StreetEasy, 12 of the condos in Manhattan currently listed at over $20 million have had their prices cut by 5 percent or more in recent months, while only 2 of them have seen any increase in their listing price.”

Housing Wire – “Ocwen rising: S&P upgrades nonbank’s servicer rankings” (8-10-16)

“Last month, HousingWire pondered if there was a light at the end of the tunnel for Ocwen Financial after the nonbank posted another loss in the second quarter, with company executives stating a belief that the nonbank can return to profitability as it puts “legacy” issues behind it.”

Bloomberg – “China’s Love Affair with U.S. Real Estate Fades” (8-10-16)

“U.S. real-estate sales to Chinese buyers fell for the first time since 2011.  U.S. realtors say China’s capital controls and currency depreciation are having an impact on potential buyers pulling the trigger.”

 

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/mattimattila

 

Looking Back:

Existing-home sales were predicted to decrease again to between 5.39 and 5.75 million, despite recently increasing rapidly.  Spending on households was expected to decrease while income was expected to remain constant.  Fewer and fewer consumers were thinking now was a good time to purchase a home.