Today’s News Synopsis:
Is the California Housing Crisis fixable? The amount of homes sold that were above the asking price was almost 25%. According to the latest Primary Mortgage Market Survey from Freddie Mac, mortgage rates increased again with 30-year rates now at 3.99% and 15-year rates at 3.44%.
In The News:
“Homeowners in high-tax states on the coasts are going to feel the pinch from the new Republican law overhauling the personal code, according to a Citigroup real estate analyst.”
Zillow – “Nearly One Quarter of 2017 U.S. Home Sales Were Above the Asking Price” (1-11-2018)
“Buyers paid more than the asking price in nearly one quarter (24 percent) of U.S. home sales in 2017, netting sellers an additional $7,000 each. Five years ago, 17.8 percent of final sale prices were higher than the asking price, according to a new Zillow analysis.”
Freddie Mac – “Mortgage Rates Bounce Back Up” (1-11-2018)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing average mortgage rates rising across the board.”
Mortgage Bankers Association – “December New Home Purchase Mortgage Applications Increase 7.8 Percent Year over Year” (1-11-2018)
“The Mortgage Bankers Association (MBA) Builder Applications Survey (BAS) data for December 2017 shows mortgage applications for new home purchases increased 7.8 percent compared to December 2016.”
ATTOM Data Solutions – “Buying a Home More Affordable Than Renting in 54 Percent of U.S. Markets” (1-11-2018)
“ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its 2018 Rental Affordability Report, which shows that buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 U.S. counties analyzed for the report — 54 percent.”
Urbanize LA – “25 Solutions From A Builder’s Perspective To Fix The California Housing Crisis” (1-11-2018)
“The California housing crisis is damaging our very existence. Homelessness is higher than any point during my lifetime.”
Fox 5 – “Can property owners ban marijuana use in rental units?” (1-11-2018)
“More than 100 property owners and managers attended a forum hosted by the county Wednesday to learn about the legal tools they already have to regulate marijuana use in their apartments.”
Inman – “How to help millennials prepare for homebuying” (1-11-2018)
“Despite tight inventory and increasing home prices, many potential homebuyers — particularly millennials — remain optimistic about the market and their ability to buy a home of their own.”
Hard Money Loan Closed
Sacramento, California hard money loan closed. Real estate investor received loan for $135,000 on this single family property.
Bruce Norris will be presenting Stay Put or Cash Out with OCREIA TONIGHT.
Bruce Norris will be presenting Stay Put or Cash Out with OC FIBI on Tuesday, February 6.
Bruce Norris will be presenting Stay Put or Cash Out with TIGAR on Thursday, February 15.
The NAHB gave an update on the multifamily housing market at their latest International Builders’ Show, saying it slowed down a little but continued to remain strong. On the same note, Freddie Mac was named the top lender for multifamily loans for the second consecutive year. The latest Consumer Confidence Index from the Conference Board reported consumer confidence was increasing drastically.
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.