Today’s News Synopsis:
The latest report from ATTOM Data Solutions showed a 3% increase in home fliping last year, putting it at its highest in ten years. Mortgage rates are also at their highest this year with 30-year rates at 4.21% and 15-year rates at 3.42%. CoreLogic reported the number of borrowers who received their equity back last year was 1 million.
In The News:
Bloomberg – “Manhattan Rents Fall for Every Apartment Size, Even Studios” (3-8-2017)
“Rents fell last month for Manhattan apartments of all sizes, the first across-the-board price decline in at least four years, as a construction boom brought more buildings to market and allowed some tenants to leave for bigger or newer units.”
Realty Trac – “U.S Home Flipping Increases 3 Percent in 2016 to a 10-Year High” (3-9-2017)
“ATTOM Data Solutions, curator of the nation’s largest fused property database, today released its 2016 Year-End U.S. Home Flipping Report, which shows that 193,009 single family homes and condos were flipped — sold in an arms-length transfer for the second time within a 12-month period — in 2016, up 3.1 percent from 2015 to the highest level since 2006, when 276,067 single family homes and condos were flipped.”
CNBC – “Airbnb just closed a $1 billion round and became profitable in 2016” (3-9-2017)
“Airbnb has closed on a more than $1 billion round of funding, a source close to the company told CNBC. The round was confirmed in an SEC filing that dropped on Thursday. It is now worth approximately $31 billion.”
Mortgage Bankers Association – “Mortgage Credit Availability Increases in February” (3-9-2017)
“Mortgage credit availability increased in February according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”
CoreLogic – “CoreLogic Reports 1 Million US Borrowers Regained Equity in 2016” (3-9-2017)
“CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released a new analysis showing that U.S. homeowners with mortgages (roughly 63 percent of all homeowners) saw their equity increase by a total of $783 billion in 2016, an increase of 11.7 percent.”
Bloomberg – “U.S. Jobless Claims Rebounded Last Week From Four-Decade Low” (3-9-2017)
“Applications for U.S. jobless benefits rebounded last week from a 44-year low, returning to a range that still shows strength in the labor market.”
Freddie Mac – “Mortgage Rates Hit 2017 High” (3-9-2017)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average 30-year fixed mortgage rates hitting their highest mark of 2017.”
Mortgage Bankers Association – “Commercial/Multifamily Delinquencies Remain Low in Fourth Quarter, CMBS Continues to Increase” (3-9-2017)
“Delinquency rates for commercial and multifamily mortgage loans remained low in the fourth quarter of 2016, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.”
Hard Money Loan Closed
Colton, California hard money loan closed. Real estate investor received loan for $80,000 on this single family property.
Aaron Norris will be presenting 2 Major Trends For Marketing Dominance in 2017 with OCREIA TONIGHT.
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.
Image copyright source: www.flickr.com/photos/jakerust
The Mortgage Bankers Association reported an increase in purchase applications but decrease in refinance applications. CoreLogic reported a 21.7% decrease in foreclosure inventory and 16.2% decrease in completed foreclosures. Following the recent changes to TRID rules, more originators were reporting an increase in costs and a need to hire more employees.
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.