Images:

www.bloomberg.com
www.realtor.com

Today’s News Synopsis:

This week’s video is a slideshow of the news of the week in the world of real estate.  Pro Teck Services released their list of seven markets in the U.S. where closing happen the fastest.  Many millennials cannot afford to buy a home nowadays because they do not even have enough saved up for a down payment, despite the desire to own a home.  More people are choosing to renovate and stay in their homes rather than move, which is becoming costly.

In The News:

DS News – “Seven Markets Enjoying Fast Closings” (5-26-2017)

“The San Juan Islands, an archipelago off the coast of Washington state long cherished for its remoteness and simplicity, is now the hottest luxury real-estate market in the country.”

Realtor.com – “Most Millennials Want Homes, but Don’t Have Even $1K in Down Payment Savings” (5-26-2017)

“Most millennials dream of becoming homeowners one day. But a recent report shows that a majority of them haven’t saved anywhere near the amount necessary for a down payment, putting their homeownership dreams far into the future—and possibly out of reach.”

CNBC – “A renovation boom is turning homes into ATMs again” (5-26-2017)

“If you can’t move, renovate.  Fast-rising home prices and a record-low number of homes for sale have a lot of homeowners choosing to stay put — and put in a new bathroom or update the kitchen.”

Bloomberg – “U.S. Growth Not So Bad After Revisions to Spending, Investment” (5-26-2017)

“The U.S. economy’s first quarter wasn’t so miserable after all, as consumption contributed more to growth and business investment was even stronger than thought, Commerce Department data showed Friday.”

Sacramento Bee – “Sacramento’s hot real estate market gains attention” (5-26-2017)

“Sacramento is California’s new real-estate hot spot, according to a news report Friday.  The Wall Street Journal cited several examples of the city’s boom, including urban-renewal projects in “a once-sleepy downtown”; the opening of Golden 1 Center; a luxury condo tower under construction called the Sawyer with penthouses priced over $4 million; and homebuyers getting into bidding wars.”

Builder Magazine – “Spooked Real Estate Lenders In New York Are Holding Back” (5-19-2017)

“In New York City, the nation’s largest housing market, landlords are cutting prices and lowering rents, and the lending community is taking note. The real estate deals are slowly disappearing.”

Seeking Alpha – “Real Estate Weekly: Data Centers Lead REIT Rally, Home Sales Disappoint” (5-26-2017)

“REITs gained 0.9% on the week, pushing the REIT index into positive territory on a YTD basis.”

Bloomberg – “World’s Major Economies to Come Up $400 Trillion Short on Retirement Savings” (5-26-2017)

“Longer life spans and disappointing investment returns will help create a $400 trillion retirement-savings shortfall in about three decades, a figure more than five times the size of the global economy, according to a World Economic Forum report.”