Today’s News Synopsis:
Real Estate industry is weighing in on proposed tax changes. Housing affordability is at its lowest in ten years according to the California Association of Realtors, down to 28% from the second quarter and 31% in the third quarter of 2016. Home prices on metropolitan homes increased 5.3% in the quarter.
In The News:
Freddie Mac – “Mortgage Rates Hold” (11-2-2017)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing average mortgage rates holding steady after last week’s big jump.”
NAHB – “55+ Housing Builders and Developers Stay Confident in Third Quarter” (11-2-2017)
“Builder confidence in the single-family 55+ housing market continued to be positive in the third quarter of 2017, according to the National Association of Home Builders (NAHB) 55+ Housing Market Index (HMI), released today.”
CNBC – “Tax reform plan halves the cap on mortgage interest deduction” (11-2-2017)
“America’s popular mortgage interest deduction is about to lose a lot of its punch. The House Republican tax plan halves the cap on the deduction of mortgage debt for newly purchased homes to $500,000.”
National Association of Realtors – “Metro Home Prices Maintain Fast Growth in Third Quarter, Rise 5.3 Percent” (11-2-2017)
“Severely lacking inventory levels across the country pinched sales growth and kept home prices rising at a steady clip in nearly all metro areas in the third quarter, according to the latest quarterly report by the National Association of Realtors.”
ATTOM Data Solutions – “U.S. Distressed Sales Share Drops to 10-Year Low in Q3 2017” (11-2-2017)
“ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its Q3 2017 U.S. Home Sales Report, which shows that distressed home sales — including bank-owned (REO) sales, third-party foreclosure auction sales, and short sales — accounted for 12.5 percent of all home sales in Q3 2017, down from 13.5 percent in the previous quarter and down from 14.1 percent in Q3 2016 to the lowest level since Q3 2007.”
“Fannie Mae (FNMA/OTC) today reported its third quarter 2017 results and filed its third quarter 2017 Form 10-Q with the Securities and Exchange Commission.”
“Currently, a little less than a third (29 percent) of all U.S. homes are valuable enough to make taking the Mortgage Interest Deduction (MID) worthwhile for tax filers. Under recently proposed tax changes, that number would fall to just 5 percent.”
PR Newswire – “California housing affordability drops to lowest level in 10 years, C.A.R. reports” (11-2-2017)
“California’s housing affordability hit a 10-year low as tight housing inventory drove home prices higher and reduced purchasing power for homebuyers in the third quarter, primarily in previously more affordable regions such as the Inland Empire and Central Valley, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.”
Aaron Norris will be presenting Technology Trends and Effects on Real Estate with LA South REIA on Monday, November 13.
The Mortgage Bankers Association reported a 1.2% decreased in applications from the previous week. The Federal Reserve continued to hint at an increase in interest rates, even as early as the following month. The first sale on a vacant loan was made by HUD this week, a loan known as the HUD-Held Vacant Loan Sale 2017-1.
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.