Norris Bruce
Oct 10, 2017

Parents Refi to Help Child Win Bidding War On New House

Today’s News Synopsis:

How far would you go to help your kids get a house?  Moody’s Investor Services found a larger percentage of household incomes is going toward paying off debts.  Serious delinquency rates remained roughly unchanged at 4.6% according to CoreLogic.

In The News:

Bloomberg – “American Households Spend Bigger Slice of Income on Debt Payments” (10-10-2017)

“Families making between $25,300 and around $43,000 devoted 15.6 percent of their income to paying their debts last year, the first increase since 2010, and a factor that may be contributing to rising consumer default rates, according to Moody’s Investors Service.”

HousingWire “Treasury report calls for extensive regulatory relief to finance industry” (10-10-2017)

“The U.S. Department of the Treasury released its second of four reports Friday which called for sweeping financial reform, including changes that would weaken the Dodd-Frank Act.”

CoreLogic – “CoreLogic Reports Serious Delinquency Rate for Home Loans Holds Steady at a Near 10-Year Low” (10-10-2017)

“CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 4.6 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in July 2017.”

The Real Deal – “Malibu real estate just got a new selling point – life expectancy” (10-10-2017)

“The life expectancy of a baby born in Los Angeles County in 2014 averages 82.1 years, a report by Social Science Research Council found. This surpasses the national average by nearly four years, KPCC reported.”

Fannie Mae – “Overall Housing Confidence Up on Rising Renter Optimism” (10-10-2017)

“The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased 0.3 points in September to 88.3, matching the all-time high set in June.”

Realtor.com – “Finally, a Color of the Year That Dares to Dream” (10-10-2017)

“Paint company Sherwin-Williams has just announced its 2018 Color of the Year, and as far as house paint goes, it’s quite breathtaking: Oceanside SW 6496, an intense shade of blue-green that, according to the company’s color experts, encapsulates our growing sense of adventure—in how we decorate our homes and otherwise!”

Orange County Register – “1-in-7 Southern California home sellers are gone” (10-10-2017)

“A local house hunter’s options continue to be squeezed as one in seven Southern California home sellers have disappeared from the market in just a year.”

Wall Street Journal – “Millennials’ New Weapon in Bidding Wars: A Parent’s Home Equity” (10-10-2017)

“Call it the mortgage merry-go-round: Parents refinance their home to fund the full cost of their son or daughter’s desired home.”

 

Aaron Norris will be presenting Technology Trends and Real Estate with the California Escrow Association up in San Jose on Friday, October 13.

Bruce Norris presents his California Market Update with Chino Valley Real Estate Professionals on Friday, October 13.

Bruce Norris will be presenting 10 Life-Changing Days of a Real Estate Investor with Robert Hall & Associates on Wednesday, October 18.

 

 

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.

 

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