Today’s News Synopsis:
Equity-rich U.S. properties increase in 2018. Mortgage rates decreased this week with 30-year rates now at 4.41% and 15-year rates at 3.84%. More and more rich people are finding themselves renting.
In The News:
ATTOM Data Solutions – “Equity Rich U.S. Properties Increase to New High in 2018” (2-7-2019)
“ATTOM Data Solutions, curator of the nation’s premier property database, today released its Year-End 2018 U.S. Home Equity & Underwater Report, which shows that in the fourth quarter of 2018, over 14.5 million U.S. properties were equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property’s estimated market value — up by more than 834,000 from a year ago to a new high as far back as data is available, Q4 2013.”
Freddie Mac – “Mortgage Rates Drop” (2-7-2019)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage fell to a 10-month low.”
MarketWatch – “The depressing reason rich people are now the fastest-growing segment of renters” (2-7-2019)
“Even the rich gotta rent. The affluent are increasingly renting, according to multiple studies. Indeed, renters earning $150,000 or more per year were the fastest-growing group of renters, according to a recent study by apartment listing site RentCafe.com, which analyzed pricing and demographic data from the U.S. Census, real estate listing sites Redfin and PropertyShark, and apartment real estate research firm Yardi Matrix.”
Mortgage Bankers Association – “Mortgage Credit Availability Increased in January” (2-7-2019)
“Mortgage credit availability increased in January according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) that analyzes data from Ellie Mae’s AllRegs Market Clarity business information tool.”
Forbes – “Is Co-Living The New Co-Working” (2-7-2019)
“In big cities around the country, co-working has become a major trend. Now co-working leader WeWork, along with competitors like Common, Open Door and a number of others, are leaping on to the emerging co-living real estate trend.”
Bloomberg – “At Least Half of Homes ‘Seriously Underwater’ in These Zip Codes” (2-7-2019)
“A decade after the recession, more than one in 11 mortgaged properties in the U.S. is considered “seriously underwater,” according to the year-end home equity report by ATTOM Data Solutions.”
CNBC – “Americans are starting to feel better about buying homes – sort of” (2-7-2019)
“More consumers now see the door to homeownership slowly squeaking open, but they still think it’s pretty pricey.”
Realtor.com – “Quiz: Are You Really Ready to Sell Your House?” (2-7-2019)
“Are you ready to sell your house? Sure, you may think you’re ready. In fact, you may be dying to move right now, either because you outgrew your space, got a sweet new job in another city, or are tired of condo life and have always dreamed of inhabiting a huge Victorian instead.”
Bruce Norris will be presenting 10 Decisions to Make Before The Next Downturn at CVREIA on Tuesday, February 12.
Bruce Norris will be giving his latest Real Estate Market Update with MVP on Thursday, February 28.
Bruce Norris will be presenting 10 Decisions to Make Before The Next Downturn with OC FIBI on Tuesday, March 5.
Bruce Norris will be giving his latest Real Estate Market Update with IVAR on Wednesday, March 6.
Most renters wanted to own a home. Fannie Mae released their latest Home Purchase Sentiment Index, which showed sentiment was up 3.7% to 89.5 in January. In an interesting story, Fiserv’s data showed the majority of borrowers were actually not interested in receiving notifications about their loans or anything through text.
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