Today’s News Synopsis:
Optimism in the real estate market increased in the second quarter by 17.3%. Zillow reported a 5.4% increase in home values year-over-year, putting them now at $186,000. New laws are expected to go into effect in New York that will help the process for zombie and foreclosure homes.
In The News:
DS News – “The Week Ahead: Economy Looks to Escape Q1 Doldrums” (6-26-16)
“The Bureau of Economic Analysis will release its third and final estimate for first-quarter growth of the U.S. Gross Domestic Product (GDP). Since the recession, the first quarter has generally been brutal for the GDP, and 2016 has been no exception.”
Construction Dive – “Zillow: Starter home values growing at twice the pace of higher-end market” (6-27-16)
“According to the May Zillow Real Estate Market Report, home values rose 5.4% from May 2015 to a Zillow Home Value Index of $186,000, but starter home prices shot up 8%, double the rate of high-end homes.”
Mortgage Professional America – “Morning Briefing: Strong rise in real estate optimism” (6-27-16)
“Optimism in real estate transactions saw strong gains in the second quarter compared to the first quarter according to title insurance agents.”
DS News – “Zombie Property Fight Reaches National Level” (6-27-16)
“Following New York’s lead, New Jersey wants federal legislation that takes aim at “zombie” homes—vacant and abandoned properties—that plague the state’s communities and drive down property values.”
Housing Wire – “New York adopts “sweeping” news laws to tackle foreclosure problems” (6-27-16)
“While the U.S. Senate could soon consider new rules governing the maintenance of foreclosed homes and the glut of “zombie homes” that blight many communities throughout the country, the state of New York is taking the matter into its own hands.”
Mortgage Professional America – “Commercial real estate giants plummet in wake of Brexit” (6-27-16)
“CBRE Group Inc. and Jones Lang LaSalle Inc., real estate services firms that do a significant share of their business in the U.K., fell more than 7 percent as investors speculated on a possible fall-off in property sales and leases after Britons voted to leave the European Union.”
DS News – “Senate Debates Impact of Financial Regulatory System” (6-27-16)
“Are the rules and agencies put in place to prevent a repeat of the 2008 financial collapse actually setting us up for a repeat after all?”
Hard Money Loan Closed
Wildomar, California hard money loan closed. Real estate investor received loan for $177,000 on this single family property appraised for $271,000.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with LAREIC on Tuesday, July 12.
Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with Pasadena FIBI on Thursday, July 21.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with InvestClub for Women on Wednesday, September 21.
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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.