Today’s News Synopsis:

Aaron Norris of the Norris Group gives this week’s Norris Group real estate headline roundup.  Homeownership rates are showing a slight increase, but only time will tell if this means homeownership is making a comeback.  In a follow up to yesterday’s story of median home prices being at their least affordable, ATTOM Data Solutions said median prices increased 69% while wages increased only 9%.  A property in Malibu sold for $50 million, setting a new record.

In The News:

CNBC – “Original Disneyland map sells fo r$708K at auction” (6-30-2017)

“Disneyland—arguably the world’s most famous theme park—very nearly didn’t get built at all. Back in 1953, even Walt Disney’s own production company refused to put up the money needed to build the park.”

Realty Trac – “Making American Unaffordable Again” (6-30-2017)

“Since bottoming out in the first quarter of 2012, U.S. median home prices have risen 69 percent while average weekly wages have risen just 9 percent during the same time period, pushing more and more local housing markets into a home affordability crunch — and not just those expensive politically “blue” markets on the coasts.”

Bloomberg – “Wells Fargo Unsettles Mortgage Bond Market by Holding Back Funds” (6-30-2017)

“Wells Fargo & Co. surprised investors this week by withholding more than $90 million due to buyers of pre-crisis residential mortgage-backed securities.”

New York Times – “New Condo Complaints Heat Up” (6-30-2017)

“Look back to the end of the last housing cycle, and the downturn was marked by a flurry of complaints from condo owners and their boards against developers, claiming defects in new or renovated buildings. Roofs and pipes leaked, balconies crumbled and facades cracked.”

The Hollywood Reporter – “Malibu Sets Real Estate Record With $50M Land Sale” (6-30-2017)

“A new real estate record was set in Malibu this week after a 24-acre piece of promontory land was bought for $50 million, surpassing the previous land sale record of $10.75 million that was set in 2007, according to the Multiple Listing Service.”

Seeking Alpha– “Real Estate Weekly: Retail REITs Rally As Buffet Stamps Approval on Store Capital” (6-30-2017)

“REITs finished the week lower by 1.1%. 10-year yields surged 14 basis points after ECB President Draghi struck a hawkish tone, signaling that the ECB would begin tapering QE.”

CNBC – “Is the renting trend turning around?” (6-30-2017)

“National homeownership rates hit 50-year lows last year during the second quarter, slipping to just 62.9 percent, according to the U.S. Census Bureau.”