Mortgage Rates Continue to Hold
U.S. Foreclosure Activity in April 2017 Drops to Lowest Level Since November 2005
Housing Affordability Registers Slight Uptick in First Quarter
These Cities Are the 10 Biggest Comeback Stories in U.S. Real Estate
Freddie Mac Proposal Addresses Housing Needs in Underserved Markets
$100 million homes sales hit record, with value sold topping $1.4 billion
Today’s News Synopsis:
Aaron Norris of the Norris Group gives this week’s Norris Group real estate headline roundup. Zillow released its list of the best and worst cities to look if you are buying a home for the first time. HomeUnion also released their list of metropolitan areas in the United States where you may want to look into investing and where you should avoid. Several House Committees have shown their disapproval for the Financial CHOICE Act.
In The News:
Realtor.com – “The Best and Worst Metros to Be a Real Estate Investor” (5-11-2017)
“Who doesn’t want to make a few extra bucks these days without having to log lots of overtime or run a side hustle? That’s why many enter the ever-promising world of real estate investment.”
CNBC – “These are the best cities for first-time homebuyers” (5-12-2017)
“Americans are finally moving out on their own again, and for the first time since the Great Recession, new owners are outpacing new renters in the housing market.”
DS News – “FHFA Director Watt Urges Congressional Action on ‘Not Sustainable’ GSEs” (5-12-2017)
“Federal Housing Finance Agency Director Melvin Watt testified before the U.S. Senate Committee on Banking, Housing and Urban Affairs Thursday on the status of the housing finance system after nine years of conservatorship.”
National Real Estate Investor – “New Real Estate Fund Managers Face a Tough Market for Raising Capital” (5-12-2017)
“New real estate fund managers are finding it difficult to close funds, perhaps reflecting a general mood of caution and transaction slowdown in the market.”
Bloomberg – “How Fed Fights Next Downturn Hangs on Smooth Balance-Sheet Exit” (5-12-2017)
“Federal Reserve officials intend to start the delicate task of drawing down their $4.5 trillion balance sheet as early as this year.”
Seeking Alpha – “Real Estate Weekly: Healthcare Surges, Retail REITs Continue to Struggle” (5-12-2017)
DS News – “Financial CHOICE Faces Further Opposition” (5-12-2017)
“Following several heated hearings within the Financial Services Committee, the Financial CHOICE Act (H.R. 10) has faced further opposition from the Ranking Members of several House Committees.”
Bloomberg – “Wells Fargo’s Fake Accounts Grow to 3.5 Million in Suit” (5-12-2017)
“Wells Fargo & Co. may have opened as many as 3.5 million fraudulent accounts in the last 15 years, according to consumers who are trying to beef up a settlement with the bank over abusive sales practices.”
Bruce Norris will be speaking at the AOA “Million Dollar” Trade Show & Landlording Conference 2017 on Wednesday, May 24.
Bruce Norris will be speaking at The Southern California Chapter of the Appraisal Institute’s 20th Annual
Inland Empire Market Trends on Thursday, June 1.
Aaron Norris will be presenting his latest talk Technology Trends and Effects on Real Estate with NorcalREIA on Wednesday, June 14.
Chart of cities provided by Zillow
Freddie Mac reported 30-year mortgage rates, which stood at 3.57%, were at their lowest since 2013 while 15-year rates stood at 2.81%. The latest National Delinquency Survey from the Mortgage Bankers Association showed delinquency rates remained relatively the same while foreclosures continued to decrease. Job openings for construction jobs that continued to remain open was at 210,000, its highest since the crash.
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.