Today’s News Synopsis:
Debt among oldest Americans skyrockets. The Mortgage Bankers Association reported mortgage application increased 1.5% from last week. New home sales increased by 7.9% to their highest level in January, putting them now at 764,000.
In The News:
Realtor.com – “7 Architectural Elements You Should Never Touch During a Renovation” (2-26-2020)
“Older homes have plenty of charm, but they also have their inconveniences: drafts, slanting floors, closed-in kitchens, and tiny bathrooms.”
“The nation’s top iBuyers purchased 1 of every 100 homes that sold in 2019 across the more than 200 U.S. metro areas Redfin tracks, nearly doubling their 2018 market share of 0.6%.”
Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (2-26-2020)
“Mortgage applications increased 1.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 21, 2020.”
MarketWatch – “New home sales soar to highest level since 2007” (2-26-2020)
“A strong job market, low mortgage rates and mild weather are a winning combination for the housing market.”
CNBC – “Debt among oldest Americans skyrockets 543% in two decades” (2-26-2020)
“Total debt for Americans over age 70 increased 543% from 1999 through 2019 — the largest percentage increase for any age group, according to the Federal Reserve Bank of New York.”
Apartment Therapy – “5 Terrible Pieces of Mortgage Advice a Real Estate Agent Has Actually Heard” (2-26-2020)
“When it comes to buying a house—and securing a mortgage—everyone has an opinion on how to do it best.”
Forbes – “New Home Sales Spike – But Homebuilders Still Need To Step It Up” (2-26-2020)
“The number of new home sales hit an almost 13-year high last month, according to data released by the U.S. Census Bureau this morning.”
Nerd Wallet – “Tax Deductions for Homeowners” (2-26-2020)
“You can get some federal tax breaks for owning a home if itemizing deductions on your 2019 tax return makes financial sense.”
Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with OC FIBI on Tuesday, March 3.
Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with NorcalREIA on Wednesday, March 11.
Bruce and Aaron Norris will be presenting their latest Florida Buying Bootcamp 2020 Thursday-Friday, March 19-20.
As more buyers were seizing control of the market, so were more home-sellers decreasing their prices. The Commerce Department reported an 11.2% decrease in housing starts in December. So what exactly was that one thing you needed to check before buying a home if you wanted to save A LOT of money?
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