Zillow’s New Data Helps Buyers and Sellers Be Better Prepared

Sources:

Builder Confidence Hits 12-Year High
February home sales and price report
Single-Family Housing Starts Reach Highest Level since Late 2007
Mortgage Rates Move Higher
Concerns about riskier mortgages are sprouting
CoreLogic Issues US Residential Foreclosure Crisis Decade in Review
Growth Forecast Unchanged Ahead of Expected Rate Hike

Today’s News Synopsis:

Aaron Norris of the Norris Group gives this week’s Norris Group real estate headline roundup.  Estimates on the growth of the economy were reduced today by the Federal Reserve of New York after new data was released regarding housing, construction, manufacturing, and domestic retail sales.  Zillow’s latest data included information to help buyers and sellers be better prepared after learning that this was their biggest mistake.  Non-performing loans totaling $667 million were just sold off by Freddie Mac.

In The News:

CNBC – “NY Fed reduces US growth estimates after new data” (3-17-2017)

“The New York Federal Reserve said on Friday it reduced its estimates on the U.S. economy’s growth rates in the first and second quarter following the latest data on domestic retail sales, housing, construction and manufacturing.”

Bloomberg “More Hedge Funds Shut Last Year Than Any Time Since the 2008 Crisis” (3-17-2017)

“More hedge funds closed in 2016 than in any year since the financial crisis as investors moved money to larger firms and withdrew assets.”

Zillow – “Top Regret for Home Buyers and Sellers is Not Prepping Soon Enough” (3-17-2017)

“The spring home-buying season is gearing up to be one of the most competitive in recent history, as the shortage of for-sale homes is keeping inventory tight and prices high.”

DNA Info – “Wave of Luxury Real Estate Coming to Sunset Park, Experts Say” (3-17-2017)

“A townhouse recently sold in Sunset Park for $2.05 million — the neighborhood’s highest townhouse price to date, and the first in what experts expect will be a growing number of high-priced sales in the area.”

The Globe and Mail – “Real estate bubble?  The wealthy see it differently” (3-17-2017)

“If you own property in an area where real estate values are rising, count yourself lucky. But if you are already wealthy, how should you negotiate the skyrocketing property prices in Canada’s major cities?”

Freddie Mac – “Freddie Mac Sells $667 Million NPLs” (3-17-2017)

“Freddie Mac (OTCQB: FMCC) today announced it sold via auction 3,621 deeply delinquent non-performing loans (NPLs) from its mortgage investments portfolio.”

Bloomberg “More Hedge Funds Shut Last Year Than Any Time Since the 2008 Crisis” (3-17-2017)

“More hedge funds closed in 2016 than in any year since the financial crisis as investors moved money to larger firms and withdrew assets.”

 

Bruce Norris will be speaking at 10 Life-Changing Days of a Real Estate Investor with LA South REIA on Monday, April 10.

Bruce Norris will be speaking at 10 Life-Changing Days of a Real Estate Investor with Pasadena FIBI on Thursday, April 20.

Bruce Norris will be speaking at the AOA “Million Dollar” Trade Show & Landlording Conference in Long Beach on Wednesday, May 24.

 

Looking Back:

Profits on loans originated by independent mortgage banks dropped drastically by 60%, largely due to the passage of the TRID rule.  The Federal Reserve decided to leave the federal fund rate as it was, and it was currently unknown when they would change them again.  Even though more millennials were not living the rich life, there were still those who did and Zillow released its list of the top cities where these millennials lived.

 

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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