Today’s News Synopsis:
Home prices are rising faster in high natural disaster risk areas. According to the latest home equity analysis from CoreLogic, the number of homes with a mortgage that is still in negative equity is 2.8 million. The Federal Reserve has plans to start shrinking their bond portfolio by selling off bonds, although they said to not worry about the low interest rates increasing again.
In The News:
CoreLogic – “CoreLogic Reports 2.8 Million Residential Properties with a Mortgage Still in Negative Equity” (9-21-2017)
“CoreLogic (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its Q2 2017 home equity analysis which shows U.S. homeowners with mortgages (roughly 63 percent of all homeowners*) have seen their equity increase by a total of 10.6 percent year over year, representing a gain of $766 billion since Q2 2016.”
Realtor.com – “How Safe Is Your City From Natural Disasters? You Might Be Surprised” (9-21-2017)
“Mother Nature’s fury has been devastating—and deadly—over the past few weeks, with Hurricanes Harvey, Irma, and, now, Maria, as well as two powerful earthquakes in Mexico. And that’s just in North America.”
The Real Deal – “Fed to start selling bonds, keeps interest rates steady” (9-21-2017)
“The Federal Reserve said Wednesday it will start shrinking its bond portfolio in October following a unanimous vote, but low interest rates could still be here to stay.”
HousingWire – “First numbers: Mortgage delinquencies climb 16% in Hurricane Harvey-impacted areas” (9-21-2017)
“The aftermath of Hurricane Harvey in South Texas is still very much being felt, and as the first numbers start to roll in on its impact on mortgages in the area, the result is not looking good.”
Inman – “Thanks, Apple: Real estate apps just got a huge AR boost” (9-21-2017)
“Apple released its newest operating system today and with it a promising frontier for real estate apps looking to offer augmented reality (AR).”
Freddie Mac – “Mortgage Rates Increase After Lengthy Decline” (9-21-2017)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing the average 30-year fixed mortgage rate increasing for the first time in seven weeks.”
Bloomberg – “Realtors, Teachers Jump in Flight for $1.8 Trillion Tax Break” (9-21-2017)
“The National Association of Realtors and the American Federation of Teachers have joined a coalition to preserve a federal tax deduction for the state and local taxes that individuals pay, according to a Thursday release announcing the group.”
ATTOM Data Solutions – “Home Prices Rising Twice as Fast in U.S. Cities with Highest Natural Hazard Risk Than in Lowest-Risk Cities” (9-21-2017)
“ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its 2017 U.S. Natural Hazard Housing Risk Index, which found that median home prices in U.S. cities in the 80th percentile for natural hazard risk (top 20 percent with highest risk) have increased more than twice as fast over the past five years and over the past 10 years than median home prices in U.S cities in the 20th percentile for natural hazard risk (bottom 20 percent with lowest risk).”
The Norris Group presents its tenth annual award-winning black tie-event I Survived Real Estate 2017 on Friday, September 22.
Bruce Norris presents his latest talk 10 Life-Changing Days of a Real Estate Investor with SF Bay Summit on Saturday, October 7.
Aaron Norris will be presenting Technology Trends and Real Estate with the California Escrow Association up in San Jose on Friday, October 13.
The Mortgage Bankers Association reported that even in the midst of mortgage-backed securities decreasing, mortgage debt for commercial and multifamily properties continued to increase. The Federal Reserve decided not to increase interest rates at this time, although the debate was not over yet as they were looking towards the end of the year. Due to the rising number of RVs owned, developers and homebuilders were jumping on the chance to construct more homes that could house the vehicles.
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.