Today’s News Synopsis:
The latest data from the California Association of Realtors showed pending home sales for February decreased 2.6% year-over-year in February. ATTOM Data Solutions released a list of the top markets where single family rentals can be purchased. A startup company in San Francisco named Apis Cor has made it to where a home can be built in only a day at a low cost, all through a 3D printer.
In The News:
California Association of Realtors – “February pending home sales and Market Pulse Survey” (3-22-2017)
“After a solid start to the year in closed escrow sales, low housing inventory, eroding affordability, and rising interest rates mildly pulled back pending sales on a year-over-year basis in February, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Realty Trac – “ATTOM Data Solutions Ranks Best Markets for Buying Single Family Rentals in 2017” (3-23-2017)
“ATTOM Data Solutions, curator of the nation’s largest fused property database, today released its Q1 2017 Single Family Rental Market report, which ranks the best U.S. markets for buying single family rental properties in 2017.”
Business Insider – “A startup invented this $10,000 house that can be built in one day” (3-23-2017)
“When you do it yourself, building a tiny house of around 400-square-feet typically takes a couple months (depending on the design) and costs tens of thousands of dollars in materials.”
Freddie Mac – “Mortgage Rates Drop Signals Continued Uncertainty” (3-23-2017)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates dropping after two consecutive weeks of increases.”
Zillow – “Homes in Short Supply as Home Shopping Season Kicks Off” (3-23-2017)
“Home values across the country are up 7 percent since last February, with 3 percent fewer homes to choose from than a year ago, making for another competitive home shopping season.”
NAHB – “New Home Sales Rise 6.1 Percent in February” (3-23-2017)
“Sales of newly built, single-family homes continued to expand, rising 6.1 percent in February to a seasonally adjusted annual rate of 592,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”
Mortgage Bankers Association – “MBA Releases 2016 Rankings of Commercial/Multifamily Mortgage Firms’ Origination Volumes” (3-23-2017)
“According to a set of commercial/multifamily real estate finance league tables prepared by the Mortgage Bankers Association (MBA), Wells Fargo; JP Morgan Chase & Company; HFF, L.P.; Eastdil Secured; PNC Real Estate; CBRE Capital Markets, Inc.; Key Bank; Meridian Capital Group; Capital One Financial Corp.; and JLL were the top commercial/multifamily mortgage originators in 2016.”
“Fannie Mae (FNMA/OTC) announced today that it has completed the first two traditional Credit Insurance Risk Transfer™ (CIRT™) transactions of 2017 covering existing loans in the company’s portfolio.”
Bloomberg – “Renters Now Rule Half of U.S. Cities” (3-23-2017)
“Detroit was once known as a city where a working-class family could afford to own a home. Now it’s a city of renters. Just 49 percent of Motor City households were homeowners in 2015, down from 55 percent in 2009 and the lowest percentage in more than 50 years.”
CNBC – “This is what’s behind the severe housing drought” (3-23-2017)
“The supply of homes for sale is now at the lowest level since the National Association of Realtors began tracking inventory 18 years ago. While all real estate is local, the problem is national.”
Bruce Norris will be speaking at 10 Life-Changing Days of a Real Estate Investor with LA South REIA on Monday, April 10.
Bruce Norris will be speaking at 10 Life-Changing Days of a Real Estate Investor with Pasadena FIBI on Thursday, April 20.
Bruce Norris will be speaking at the AOA “Million Dollar” Trade Show & Landlording Conference in Long Beach on Wednesday, May 24.
Image copyright source: www.flickr.com/photos/29456235@N04
The sale of new homes increased by 2% the previous month according to HUD and the U.S. Census Bureau. The Mortgage Bankers Association reported a 3.3% decrease in mortgage applications from the previous week. Black Knight’s “First Look” mortgage data report showed delinquencies made a comeback the previous month.
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