Today’s News Synopsis:
A new tax plan is being rolled out. How will this affect the Real Estate Industry? Mortgage debt for commercial and multifamily properties increased to $3.06 trillion. The National Association of Reatlors reported a 2.6% decrease in pending home sales.
In The News:
National Association of Realtors – “Millions of Middle-Income Homeowners Stand to Lose Under “Big 6″ Tax Proposal” (9-27-2017)
“A group of legislators and administration leaders known as the “Big 6” today released an outline for comprehensive tax reform that if enacted, according to the National Association of Realtors, could lead to a tax on homeownership for millions.”
Mortgage Bankers Association – “Commercial/Multifamily Mortgage Debt Rises to $3.06 Trillion” (9-27-2017)
“Total commercial and multifamily mortgage debt outstanding rose to $3.06 trillion at the end of the second quarter of 2017, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA)’s Commercial/Multifamily Mortgage Debt Outstanding report.”
Freddie Mac – “Freddie Mac Announces the Issuance of a New Three-Year Reference Notes Security” (9-27-2017)
“Freddie Mac (OTCQB: FMCC) announced today that it plans to issue a new three-year USD Reference Notes® security, CUSIP number 3137EAEJ4, due on Sept. 29, 2020. The issue will be priced on Thursday, Sept. 28, 2017, and will settle on Friday, Sept. 29, 2017, at benchmark size.”
Bloomberg – “The Fannie-Freddie Overhaul Is Near Do-or-Die With Corker Retiring” (9-27-2017)
“For nearly a decade, “wait ’til next year” has been the refrain for proponents of overhauling mortgage giants Fannie Mae and Freddie Mac. For U.S. Senator Bob Corker, arguably the biggest advocate of that push, it will either be next year or never.”
CNBC – “Weekly mortgage applications fall as interest rates rise to highest level in a month” (9-27-2017)
“The start of the fall housing market usually offers a nice bump to the mortgage business. Not this year. Mortgage application volume fell 0.5 percent last week from the previous week.”
National Association of Realtors – “Pending Home Sales Fall 2.6 Percent in August; 2017 Forecast Downgraded” (9-27-2017)
“Pending home sales sank in August for the fifth time in six months, and slower activity in the areas hit hard by Hurricanes Harvey and Irma will likely pull existing sales for the year below the pace set in 2016, according to the National Association of Realtors.”
Inman– “Why it sucks to be a millennial homebuyer (and what agents can do)” (9-27-2017)
“The job market is at what economists consider full employment, home prices keep rising, and wages are showing signs of growth. Good news for real estate, right?”
HousingWire – “Quick reaction: Trump officially rolls out Republican tax plan” (9-27-2017)
“President Donald Trump and what is being referred to as the “Big Six” group of Republicans officially announced their new tax plan.”
Bruce Norris presents his latest talk 10 Life-Changing Days of a Real Estate Investor with SF Bay Summit on Saturday, October 7.
Aaron Norris will be presenting Technology Trends and Real Estate with the California Escrow Association up in San Jose on Friday, October 13.
Bruce Norris presents his California Market Update with Chino Valley Real Estate Professionals on Friday, October 13.
Looking Back:
The housing market showed strong, positive signs over the summer with 76% of markets being normal or above, while Miami, Florida ranked at the bottom. One of the reasons for weak sales in some areas despite strong demand was a lack of appraisers. According to the latest S&P/Case-Shiller Index, gains in home prices were slower for the month of July, coming in at 5% as opposed to an expected 5.1%.
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.