Today’s News Synopsis:
7 Mistakes to avoid when renovating an older home. The Mortgage Bankers Association reported an increase in mortgage credit availability in October, up by 2.5% to 186.7. Home prices increased 5.6% year-over-year in September according to CoreLogic.
In The News:
Zillow – “Recovery from the Housing Bust Can Vary Greatly Within Markets” (11-6-2018)
“In the decade since the housing bust, median home values have more than recovered in most of the nation’s largest markets. But within nearly all those major markets there remains inequity — neighborhoods that were hit hardest by the crisis continue to bear an outsized burden even through the recovery.”
ThinkRealty – “AI and Deep Learning Help Solve the Big Data Puzzle for Real Estate” (11-6-2018)
“As it has been said, time is the great equalizer, and as the arena of big data refines, companies that learn to utilize the information correctly have begun to emerge as leaders.”
Mortgage Bankers Association – “Mortgage Credit Availability Increased in October” (11-6-2018)
“Mortgage credit availability increased in October 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 September Home Prices Increased by 5.6 Percent Year Over Year” (11-6-2018)
“CoreLogic (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for September 2018, which shows home prices rose both year over year and month over month.”
HousingWire – “Wells Fargo reveals software error led to hundreds of faulty foreclosures” (11-6-2018)
“Earlier this year, Wells Fargo revealed that a software error in its mortgage underwriting system led to hundreds of unnecessary foreclosures, but now it appears the problem is even bigger than the troubled bank first thought.”
USA Today – “Saddled with huge student loan debt, homebuyers sacrifice more to purchase a house” (11-6-2018)
“Getting a college degree and buying a home are two milestones many Americans aspire to. But as student debt skyrockets, the burden can often make homeownership tougher to achieve.”
“When Seattle-based online real estate giants Zillow Group and Redfin jumped into directly buying and selling homes to the consumer, the real estate market was blazing hot.”
Chicago Tribune – “7 Mistakes To Avoid When Renovating Older Houses” (11-6-2018)
“Digging into your home’s past can be fun, but it can also help you make aesthetic decisions and avoid costly mistakes.”
Aaron Norris will be presenting Technology Trends and Effects On Real Estate 2018 at OCREIA on Thursday, November 8.
Aaron Norris will be speaking at the Intelligent Investors Real Estate Conference 2018 on Saturday, November 10.
8 household items were going extinct. Despite the production of homes being behind, the housing market as a whole was showing progress as 197 out of 337 metro areas were above normal levels. Lawrence Yun of the National Association of Realtors said commercial prices in large markets would plateau and fall in some, but they were expected to remain stable in secondary markets.
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