Today’s News Synopsis:
Where will 55+ living go next? ATTOM Data Solutions reported the rate of home flipping in the U.S. was at its highest in six years at the beginning of hte year, with 48,457 flipped in the first quarter. Mortgage rates decreased for the second week in a row with 30-year rates now at 4.54% and 15-year rates at 4.01%.
In The News:
CoreLogic – “CoreLogic Reports Home Equity Gains Topped $1 Trillion in the First Quarter of 2018” (6-7-2018)
“CoreLogic (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released the Home Equity Report for the first quarter of 2018, which shows that U.S. homeowners with mortgages (which account for roughly 63 percent of all properties) have seen their equity increase 13.3 percent year over year, representing a gain of $1.01 trillion since the first quarter of 2017.”
ATTOM Data Solutions – “U.S. Home Flipping Rate Matches Six-year High in Q1 2018” (6-7-2018)
“ATTOM Data Solutions, curator of the nation’s premier property database, today released its Q1 2018 U.S. Home Flipping Report, which shows that 48,457 U.S. single family homes and condos were flipped in the first quarter of 2018, down 4 percent from the previous quarter and down 3 percent from a year ago to a two-year low.”
HousingWire – “The cost of originating a mortgage just got ridiculous – again” (6-7-2018)
“The cost of originating a mortgage hit all-time highs back in 2013 and 2014, but now, those costs are up once again and much like before, hitting all-new highs.”
Freddie Mac – “Mortgage Rates Inch Backward” (6-7-2018)
“Freddie Mac (OTCQB:FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing that mortgage rates dipped for the second consecutive week.”
“The Fannie Mae Home Purchase Sentiment Index® (HPSI) rose 0.6 points in May to 92.3, reaching a new all-time survey high for the second consecutive month.”
Forbes – “Real Estate Marketing: It’s No Longer A Place. It’s a State of Mind” (6-7-2018)
“At its core, the real estate industry is much more than brick and mortar. The moment a building goes up, and in many cases long before, its brand legacy begins.”
Builder Online – “Where 55+ Living Goes Next” (6-7-2018)
“As we’ve noted, builder strategies, including their land investment, community design, marketing, and operational models have pivoted in the past 24 to 36 months”
Financial Post – “Millennial housing crisis? turns out, it’s real and worse than you thought” (6-7-2018)
“With housing prices up by thousands of dollars and wages down buying a house is next to impossible for the 25 to 34 set.”
Realtor.com – “Flow of Funds surpassed $25 trillion for the first time ever–Insights from Realtor.com” (6-7-2018)
“Flow of Funds data from the Fed show that the value of owner-occupied real estate has increased by roughly $544 billion and surpassed $25 trillion for the first time ever. The data also showed that owners’ equity hit a new high just shy of $15 trillion ($14.95 trillion) and at 59.7 percent is at the highest level relative to the value of real estate since the fourth quarter of 2005. This is great news for existing owners who can use that equity to remodel or trade-up. The data is also a great reminder of the need to figure out how to make home ownership more accessible to non-owners who miss out on the ability to build up equity in a place of their own.”
Bruce Norris will be presenting Stay Put or Cash Out with the San Diego Investment Club TONIGHT.
Bruce Norris will be speaking at the NSDREI 14th Anniversary Dinner Party on Tuesday, June 19.
Bruce Norris will be speaking at the Stay Put or Cash Out with LA South REIA on Monday, July 9.
Similar to Realtor.com, Redfin released their own list the most affordable towns on the beach to own a home. The housing market as a whole was facing a crisis as more baby boomers were moving out of their McMansions and more millennials were wanting to own a home, but they couldn’t afford those McMansions that were now available. Fannie Mae’s latest Home Purchase Sentiment Index decreased 0.5% to 86.2 the previous month, showing that fewer Americans believed now was a good time to buy.
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