Buyers Will Be Able To Absorb the Rate Increases Because of Higher Wages

Today’s News Synopsis:

Apparently there no need to fear rate hikes.  The National Association of Realtors reported a slight decrease in existing home sales last month by 0.4%.  What color should your front door be painted to up its selling price by over $6,000.

In The News:

Inman – “Is it a good time to buy or sell?  Economists say no need to fear rate hike” (6-20-2018)

“First American Chief Economist, Mark Fleming, says buyers will be able to absorb the increase in borrowing costs thanks to wage hikes.”

National Association of Realtors – “Existing-Home Sales Backpedal, Decrease 0.4 Percent in May” (6-20-2018)

“Existing-home sales fell back for the second straight month in May, as only the Northeast region saw an uptick in activity, according to the National Association of Realtors.”

MarketWatch“Paint your front door this color and boost your home’s selling price by $6,200” (6-20-2018)

“When it comes to paint color, homeowners may have reason to go back to black.  Houses with front doors in shades of black — from charcoal to jet — fetched $6,271 more than expected when sold, according to the latest paint color analysis from real-estate website Zillow.”

Forbes “Buying A House?  Don’t Do It For The Tax Breaks” (6-20-2018)

“Earlier this week, we received a letter from a local real estate agent. She has clients who are hoping to buy our home or one in our area so that they can live near the rest of their family (yes, there are grandkids involved). I’m not going to lie: I thought about selling.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (6-20-2018)

“Mortgage applications increased 5.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 15, 2018.”

HousingWire – “Fannie Mae chooses proposals for Sustainable Communities Innovation Challenge” (6-20-2018)

“Fannie Mae announced today it has selected three ideas for phase one of its Sustainable Communities Innovation Challenge, which aims to address the nation’s affordable housing issues.”

Bloomberg – “Older Americans planning to downsize should brace for sticker shock” (6-20-2018)

“If your future retirement plans include relocating to a smaller home, don’t assume the move will mean downsizing your costs, as well.”

Seeking Alpha – “What Should Be Happening In Housing” (6-20-2018)

“The word “should” appears in way too much economic commentary. That’s true of the whole broad range of subjects that are related to the economy, but where “should” really comes up is in relation to the labor market.”

 

Bruce Norris will be speaking at the Stay Put or Cash Out with LA South REIA on Monday, July 9.

Bruce Norris will be speaking at the ThinkRealty Irvine Conference & Expo on Saturday, July 14.

Bruce Norris will be speaking at the Stay Put or Cash Out with LA REIA on Tuesday, August 7.

 

Looking Back:

Zillow’s latest report showed your home could appreciate better if you lived near a natural food store such as Whole Foods or Trader Joe’s.  Mortgage credit risk increased in the first quarter by 3. points to 105.6 according to CoreLogic.  Real estate transactions involving commercial properties decreased drastically in the first quarter after having seen growth for two straight quarters.

 

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