Americans would rather renovate than buy a new home. Foreclosure activity decreased 8% from last year and now stands at its lowest level since the fourth quarter of 2005. After showing some slowdown, mortgage rates increased again to their highest in seven years with 30-year rates now at 4.9% and 15-year at 4.29%.
ATTOM Data Solutions – “Q3 2018 Foreclosure Activity Down 8 Percent From Year Ago to Lowest Level Since Q4 2005” (10-11-2018)
“ATTOM Data Solutions, curator of the nation’s premier property database, today released its Q3 2018 U.S. Foreclosure Market Report™, which shows a total of 177,146 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the third quarter, down 6 percent from the previous quarter and down 8 percent from a year ago to the lowest level since Q4 2005 — a nearly 13-year low.”
Zillow – “Americans Would Rather Renovate than Buy a New Home” (10-11-2018)
“Across the country, people are largely happy with their current homes, and would rather stay in them and make updates than move.”
Mortgage Bankers Association – “September New Home Purchase Mortgage Applications Increased 8.2 Percent” (10-11-2018)
“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for September 2018 shows mortgage applications for new home purchases increased 8.2 percent compared to September 2017.”
Freddie Mac – “Mortgage Rates Jump” (10-11-2018)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing that mortgage rates have risen to their highest level in seven years.”
Realtor.com – “Afraid of Orange? Not-So-Scary Ways to Use This Hue in Your Home” (10-11-2018)
“With Halloween approaching, having orange decor at home may seem like a terrifying prospect. Indeed, interior designers and paint pros warn clients that when it comes to this color, caution is a must.”
Market Watch – “Could stock market volatility cause house prices to fall?” (10-11-2018)
“Amid the stock market’s volatility on Wednesday, experts will once again look for the bubble that might burst into the next recession. But housing experts say that real estate is unlikely to be the culprit this time around”
Mercury News – “Turn schools into teacher housing? Unique idea sparks backlash in Bay Area community” (10-11-2018)
“A local school district’s unique idea to turn schools into teacher housing — an attempt to tackle the region’s dire housing shortage and retain fleeing instructors — is colliding with a massive backlash from neighborhood residents.”
John Burns Real Estate Consulting – “Two Housing Rules of Thumb That Can Get You into Trouble” (10-11-2018)
“We still hear two housing industry rules of thumb that make us cringe:
Bruce Norris will be giving a market update with the Chino Valley Real Estate Professionals on Friday, October 12.
Bruce Norris will be speaking at the Fresno Real Estate Investor Rally on Wednesday, October 17.
Bruce Norris will be speaking at the AOA Million Dollar Trade Show and Landlording Conference on Thursday, October 25.
Buy or rent? How much does having a roommate change the equation? The main institutions that were moving in to fill in empty retail space were churches. Amazon added a new product to their already growing online retail: tiny homes.