Today’s News Synopsis:
How do you know if a foreclosure, is a good deal? Realtor.com’s latest list showed the housing shortage is at a record high and which cities were affected the most. The number of homes that were sold above thier listing price decrease and is now at a level not seen since 2016.
In The News:
Realtor.com – “Where Did All the Homes Go? A Historic Shortage, and Cities It’s Hitting Hardest” (10-1-2018)
“Of all the hyperbolic new benchmarks of the American housing market (Highest-ever national home prices! Fewest-ever days on market!)”
ATTOM Data Solutions – “AI and Deep Learning Help Solve the Big Data Puzzle for Real Estate” (10-1-2018)
“Real estate is an industry that is undergoing drastic changes. A big data revolution is on the horizon. This massive industry that boasts an annual revenue of $235 billion with over 200,000 residential brokerage companies and over 1 million loan officers has been overdue for a major shift.”
Redfin – “The Share of Homes Selling Above List Price Just Dropped Below 2016 Levels” (10-1-2018)
“In the four weeks ending on September 23, 22.9 percent of homes sold for more than their asking price, across the metros Redfin tracks.”
HousingWire – “FHA: We saw appraisal issues on 37% of HECM loans” (10-1-2018)
“The Federal Housing Administration’s investigation into possible appraisal inflations on reverse mortgage loans revealed an issue the agency decided it must address. ”
National Real Estate Investor – “Will Automation in the Warehouse Sector Affect Real Estate Needs?” (10-1-2018)
“Automated warehouses manned at least partially by robots are likely to become mainstream in the future, as warehouse tenants look for ways to overcome a growing labor shortage.”
Bloomberg – “Legacy Subprime Mortgages Seen as Gift That Keeps Giving” (10-1-2018)
“In the aftermath of the financial crisis, a $60 million slice of subprime mortgage bonds from 2007 traded hands for as little as two cents on the dollar. Now, they’re higher than 90 cents.”
Forbes – “Buying A Foreclosed Property? Eight Ways To Check If The Deal Is Real” (10-1-2018)
“Information is power, as they say. Becoming informed about a foreclosed property with potential is a must. There may be unresolved issues regarding occupancy, environment, claims, permits or structural issues, all of which may negatively impact the required time frame or budget.”
Flipboard – “U.S. housing market faces ‘5-percent’ test” (10-1-2018)
“The U.S. housing market, already struggling with tight inventory and rising building costs, faces a fresh headwind as 30-year mortgage rates rise close to the 5 percent threshold for the first time in years.”
Bruce Norris will be speaking at the FIBI State of the Economy on Wednesday, October 10.
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.
Hard Money Loan Closed
Azusa, California hard money loan closed. Real estate investor received loan for $270,000 on this single family property appraised for $463,000.
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