Today’s News Synopsis:
Affluent art collectors may have an opportunity at a tax break thanks to opportunity zones. Housing starts showed a healthy increase in August at 12.3%. Mortgage applications remained relatively the same, having decreased by only 0.1%.
In The News:
NAHB – “Housing Starts Post Healthy Gains in August” (9-18-2019)
“Led by a surge in multifamily production, total housing starts rose 12.3 percent in August to a seasonally adjusted annual rate of 1.36 million units from an upwardly revised reading in July, according to a report from the U.S. Housing and Urban Development and Commerce Department. This is the highest level since May 2007.”
Mortgage Bankers Association – “Mortgage Applications Flat in Latest MBA Weekly Survey” (9-18-2019)
“Mortgage applications decreased 0.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 13, 2019.”
Realtor.com – “5 Crucial Questions to Ask Before You Buy a Fixer-Upper” (9-18-2019)
“Thinking about buying a fixer-upper? Join the club. Blame it on the popularity of renovation reality TV or just the fact that people are searching for deals, but many home buyers are willing to purchase a property in need of major repairs.”
Forbes – “4 Easy Tricks To Help You Save Towards A Down Payment For A House” (9-18-2019)
“If you’ve been thinking of buying a home, you probably know that you need to start saving for a down payment. However, for many of us, that’s easier said than done.”
MarketWatch – “Millennials are resorting to this questionable tactic to buy their first homes” (9-18-2019)
“Home buyers in their 20s and 30s are ‘having to be very creative’ to come up with down payment money.”
DS News – “Is Housing Stock Meeting Demand?” (9-18-2019)
“Housing completions increased by 2.4% month-over-month in August 2019, up to a seasonally adjusted annual rate of 1,294,000, 5% higher than the August 2018 rate of 1,232,000, according to the latest Residential Construction Report from the U.S. Census Bureau.”
California Association of Realtors – “Low interest rates boost California housing market as median home price sets another record, C.A.R. reports” (9-18-2019)
“Fueled by mortgage interest rates at near-three-year lows, California’s housing market recorded a second consecutive year-over-year sales increase while the median home price reached a new high, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.”
Inman – “Opportunity zones offer a tax loophole for affluent art collectors” (9-18-2019)
“Investment firms say affluent art collectors may use tax breaks offered by Opportunity Zones Program in place of 1031 tax exchange.”
Bruce Norris will be presenting his latest talk 10 Decisions To Make Before The Next Downturn with the BIEREIC TONIGHT.
The Norris Group will be presenting its 12th annual award-winning black-tie event I Survived Real Estate 2019 on Friday, September 27.
The Norris Group will be presenting its 9th annual Cutting-Edge Financial Tactics Brunch on Saturday, October 19.
What was the coolest tiny house trend this fall? The NAHB reported builder confidence continued to remain strong this month, coming in at 67. What were some common mistakes real estate investors were making early on in their career?
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