Despite Overall Progress, Some States Still Have Not Made Comeback After Recession

Today’s News Synopsis:

Real estate prices in Manhattan, especially apartments that sold for $2.19 million on average, were at their highest on record in the second quarter.  Mortgage rates increased again according to Freddie Mac with 30-year rates now at 3.96% and 15-year rates at 3.22%.  Despite the country making progress after the recession, several states have not fully made a comeback, including Arizona, Connecticut, Mississipi, Nevada, and Wyoming.

In The News:

Bloomberg – “These U.S. States Still Haven’t Fully Recovered From Recession” (7-5-2017)

“As the U.S. economy enters its ninth year of expansion this month, many Americans feel the recovery has been incomplete — and the numbers back them up.”

CNBC – “Manhattan apartment prices hit record, averaging $2.19 million” (7-6-2017)

“Prices for Manhattan real estate hit a new all-time high in the second quarter, with apartments now selling for an average of $2.19 million, according to a new report.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (7-6-2017)

“Mortgage applications increased 1.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 30, 2017.”

Freddie Mac – “Mortgage Rates Jump” (7-6-2017)

“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage making its biggest jump since March 2017.”

DS News – “NMSA: Standardize Vacant and Abandoned Property Procedures” (7-6-2017)

“The National Mortgage Servicing Association (NMSA) has issued a report calling on all federal agencies to work together in conjunction with the mortgage servicing community to institute policies that standardize the procedures, definitions, and best practices surrounding the treatment of vacant and abandoned residential properties, which, according to the report, ‘hurt communities and families.'”

Seeking Alpha “Commercial Real Estate Mid-Year 2017 Update” (7-6-2017)

“Now that we’re half-way through 2017, we take a look back at the performance of the real estate sector so far this year.”

CNBC – “Fed’s Powell says current US housing finance system ‘unsustainable'” (7-6-2017)

“The US housing finance system continues to put taxpayers at risk in a market dominated by government-backed agencies, Federal Reserve Governor Jerome Powell said on Thursday, calling for further reform of an “unsustainable” situation.”

Bloomberg – “It’s Boom Times for Recruiters After U.S. Job Market Tightens” (7-6-2017)

“There’s hardly ever been a better, or busier, time to be a recruiter in America.  Chris Nace — who’s done such work for the past decade — says that after years of searching for business, companies are now constantly approaching his small firm that focuses on hires in the technology sector in New York City.”

 

Bruce Norris will be speaking at An Intimate Evening with Bruce Norris at Prosperity Through Real Estate on Tuesday, July 11.

Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with InvestClub for Women on Wednesday, August 16.

Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with SJREI on Thursday, September 14.

Looking Back:

In the wake of Brexit, refinance applications increased 14.2% from the previous week, their highest increase in 18 months.  A new, more up-to-date forecast of the commercial/multfiamily real estate market was released by the MBA, putting them both at about $500 billion this year.  More foreign investors were leaving the U.S. real estate market.

 

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.

 

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