Today’s News Synopsis:
Augmented Reality coming to Real Estate. Borrowing on commercial and multifamily properties increased 21% year-over-year in the third quarter. In order to keep up with the constant increase in home prices, home buyers would need to save $600 a month.
In The News:
NAHB – “Los Angeles Takes Top Spot as Nation’s Least Affordable Housing Market” (11-9-2017)
“San Francisco, which has been the nation’s least affordable housing market for nearly five years, was supplanted by Los Angeles in the third quarter of 2017, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI) released today.”
Freddie Mac – “Freddie Mac November 2017 Insight” (11-9-2017)
“Freddie Mac (OTCQB: FMCC) released its November Insight, which explores the warning signs that lead to the collapse of last decade’s house price bubble and the concern of a possible new bubble.”
Mortgage Bankers Association – “Commercial/Multifamily Borrowing Up 21 Percent Year-over-Year” (11-9-2017)
“According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, third quarter 2017 commercial and multifamily mortgage loan originations were 21 percent higher than during the same period last year and 8 percent higher than the second quarter of 2017.”
“For future home buyers wondering when to stop saving and get into the housing market, the math is clear: the sooner the better. With home values forecasted to rise in every major U.S. metro over the next year, a 20 percent down payment on the median-priced home today will cost thousands of dollars more just one year from now.”
HousingWire – “Fannie Mae selling $1.23bn in NPLs to Goldman Sachs subsidiary” (11-9-2017)
“Fannie Mae just announced the results of its latest sale of non-performing loans and the winning bidder is a familiar name – MTGLQ Investors.”
The New York Times – “Augmented Reality: the Latest in Real Estate Technology” (11-9-2017)
“Stephanie Small spent months thinking about what kind of countertop to get for a new wine bar she will soon open with a partner in Somers, N.Y., part of Westchester County.”
“Twenty-two percent of Redfin.com users searched for homes outside their home metro in the third quarter of 2017, up slightly from 21 percent in the second quarter and 20 percent in the first quarter.”
The Wall Street Journal – “Selling a House to Millennials? Bring a Camera, and Fake Eyelashes” (11-9-2017)
“Just as he was about to close a sale, Colorado real-estate broker Marvin Martinez found himself coping with a crisis. A beauty crisis.”
Aaron Norris will be presenting Technology Trends and Effects on Real Estate with LA South REIA on Monday, November 13.
The Mortgage Bankers Association reported a 1.2% decrease in mortgage applications from the previous week. A new multifamily K-Deal was just priced by Freddie Mac at $1.2 billion. 84 employees of Goldman Sachs were just named their new partners, the most in 6 years.
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.