Today’s News Synopsis:
More Americans are saving money on homes by designing their own versions of Mongolian tents. According to Freddie Mac, apparently both the millennials and Gen Xers are currently not interested in owning home. The amount of mortgage credit available decreased last month by 1.5% to 177.9 in March.
In The News:
USA Today – “Home buying market so brutal, some home buyers make offer sight unseen” (4-5-2018)
“This spring home-buying season should be a coming-out party for Millennials, many of whom are finally ready to make a purchase after hunkering down for years in their parents’ basements or expensive apartments.”
CNBC – “Growing debt among older Americans threatens their retirement” (4-5-2018)
“When Fay was laid off from her job in her 70s, she contemplated retirement. A painful reality hit when she realized she didn’t have a nest egg that could cover her expenses or current debt.”
ATTOM Data Solutions – “U.S. Property Taxes Levied on Single Family Homes in 2017 Increased 6 Percent to More Than $293 Billion” (4-5-2018)
“ATTOM Data Solutions, curator of the nation’s premier property database, today released its 2017 property tax analysis for more than 86 million U.S. single-family homes, which shows that property taxes levied on single-family homes in 2017 totaled $293.4 billion, up 6 percent from $277.7 billion in 2016 and an average of $3,399 per home — an effective tax rate of 1.17 percent.”
Realtor.com – “Yurts: An Affordable American Housing Solution From the Steppes of Mongolia” (4-5-2018)
“A type of ancient Mongolian hut used by nomadic herders is finding a fervent, new modern-day customer base: cost-conscious American home buyers.”
Mortgage Bankers Association – “Mortgage Credit Availability Decreases in March” (4-5-2018)
“Mortgage credit availability decreased in March according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”
Bloomberg – “New York Commuter Counties Top List for Highest Property Taxes” (4-5-2018)
“Of all the costs of living in the New York City area, one is particularly inescapable — and the pain is about to get worse, thanks to the federal tax overhaul.”
Freddie Mac – “Mortgage Rates Down Again” (4-5-2018)
“Freddie Mac (OTCQB:FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing average mortgage rates dropping for the second consecutive week.”
HousingWire – “Freddie Mac: Boomers, Gen Xers less interested in buying a home” (4-5-2018)
“As affordability continues to be a growing concern, more segments of the population, especially Baby Boomers and Gen Xers, are showing less interest in buying a home, according to Freddie Mac Multifamily’s Profile of Today’s Renter report.”
Hard Money Loan Closed
Escondido, California hard money loan closed. Real estate investor received a loan for $275,000 on this single family property.
Bruce Norris will be presenting Stay Put or Cash Out with Pasadena FIBI on Thursday, April 19.
Bruce Norris will be presenting Stay Put or Cash Out with the OCRE Forum on Wednesday, May 9.
The latest Home Price Report from CoreLogic showed a 7% year-over-year and 1% month-over-month increase in home prices in February, and they were expected to increase 4.7% by this year. The Commerce Department reported the construction of new homes was both adding to a stronger economy and adding more jobs. Townhouses were becoming the new popular homes in which people wanted to live.
For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.