Norris Bruce
Feb 10, 2017

Airbnb Sued for First Time By New York Property Managers

Sources:

House flipping is back, with all its opportunities and risks
Mortgage Credit Availability Increases in January
CoreLogic US Home Price Report Shows Prices Up 7.2 Percent in December 2016
Number of Seriously Underwater Properties Down 1 Million From Year Ago, Down 7.1 Million From Market Bottom in Q1 2012
Mortgage Rates in Holding Pattern
Redfin Names the Best Cities for Living Without a Car
Regulatory and Supply-Side Challenges Inhibit More Robust Housing Growth
Houses are the least affordable they’ve been in seven years: Here’s why
Here are the 10 hottest rental markets to make investors’ landlord dreams come true

Today’s News Synopsis:

Aaron Norris of the Norris Group gives this week’s Norris Group real estate headline roundup.  In a big news story, Airbnb was sued for the first time by property managers in New York City.  The University of Michigan reported a decrease in consumer confidence after seeing it at a 13-year high.  CFPB may be seeing some major changes down the line.

In The News:

The Verge – “New York City issues first illegal Airbnb fines” (2-10-2017)

“Two New York City property managers were fined this past week after allegedly listing short-term apartment rentals on Airbnb, according to the New York Post.”

PR Newswire – “Q1 Survey: Optimism Among Commercial Real Estate Executives Leads to Increase in Economic Sentiment Index” (2-10-2017)

“Commercial real estate industry executives are optimistic about Q1 market conditions while taking a “wait and see” approach to new Administration policies and potential tax reform, according to The Real Estate Roundtable’s Q1 2017 Economic Sentiment Index released today.”

Investor’s Business Daily “Sears Could Sell More Brands, Real Estate To Cut $1 Billion” (2-10-2017)

“Sears Holdings (SHLD) shares soared Friday after the department store operator said it is could sell more real estate and more brands as it looks to cut $1 billion in costs this year.”

Yahoo Finance – “Why Are More Real Estate Deals Falling Through?” (2-10-2017)

“Over the last several years, the U.S. housing market has steadily climbed out of its long slump to largely return to pre-recession levels.”

Bloomberg – “U.S. Consumer Sentiment Cooled in February From 13-Year High” (2-10-2017)

“Consumer confidence retreated in February from a 13-year high as Americans tempered expectations of their finances and the economy, with sentiment remaining sharply divided among party lines.”

Mansion Global – “Luxury Real Estate is a Smart, Stable Investment If Your Time It Right” (2-10-2017)

“When it comes to investment vehicles, experts agree that real estate is safer and less volatile than stocks, gold or currency.”

DS News – “Looming Changes on the Horizon for the CFPB” (2-10-2017)

“A memo obtained by CNBC says that Rep. Jeb Hensarling, R-Texas is expected to propose legislation that would allow President Trump to dismiss the director of the CFPB for any reason.”

Real Estate Weekly – “Millionaires woe as mansion tax threatens softening housing market” (2-10-2017)

“New York City Mayor Bill de Blasio has revived a so-called mansion tax proposal for homes worth $2 million or higher.”

 

Bruce Norris will be speaking at 10 Life-Changing Days of a Real Estate Investor with Alpine Premier Investments on Wednesday, February 15.

Bruce Norris will be speaking at 10 Life-Changing Days of a Real Estate Investor at the San Diego REI Expo on Saturday, February 18.

Bruce Norris will be speaking at 2017 Real Estate Market Forecast with Coldwell Banker on Tuesday, March 7.

 

Looking Back:

The MBA reported a 9.3% decrease in mortgage applications with the decrease in mortgage rates.  The National Association of Realtors reported fewer and fewer people were able to afford a home with the decrease in inventory.  The Treasury Department established new rules that were intended to keep away money launderers, although there was still a fear the new rules would also keep away honest investors.

 

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