Today’s News Synopsis:
Fewer Americans uproot themselves for a new job. The National Association of Realtors reported a 0.7% decrease in existing-home sales last month. Serious mortgage delinquency rates decreased 25 basis points to 1.67%, although originations continue to remain low following the Great Recession.
In The News:
National Association of Realtors – “Existing-Home Sales Slip 0.7 Percent in July” (8-22-2018)
“Existing-home sales subsided for the fourth straight month in July to their slowest pace in over two years, according to the National Association of Realtors. The West was the only major region with an increase in sales last month.”
Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (8-22-2018)
“Mortgage applications increased 4.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 17, 2018.”
National Mortage News – “Mortgage defaults improved but originations still down from crisis” (8-22-2018)
“Better consumer credit quality helped push the serious mortgage delinquency rate to its lowest level since the Great Recession, but originations remain low due to a combination of tighter underwriting standards and eroding homebuyer affordability, according to TransUnion.”
“In the wake of a federal court decision upholding the U.S. Department of Housing and Urban Development’s approach to rulemaking, HUD Secretary Ben Carson today announced that HUD intends to move forward in amending its 2015 Affirmatively Furthering Fair Housing (AFFH) regulations.”
Inman – “NAR launches financial wellness program for 1.3 million members” (8-22-2018)
“As agent income declines, trade group says financial tools for member success in business and in life remains a priority.”
Forbes – “The First Step To Investing In Real Estate? Just Do It” (8-22-2018)
“As a successful real estate investor, and a woman, I am often asked how I got started in this field. I have pondered this question for over 20 years, and the best answer I’ve come up with is that I just did it. I believed I could do this, and then did.”
Refinery 29 – “This New Study Shows Millennials’ Unique Approach To Home Buying” (8-22-2018)
“Buying a home may seem like an out-of-reach goal for most millennials, especially as headlines portray the generation as one that’s invested all its money into avocado toast and therefore can’t handle the responsibility of a mortgage or pull together enough savings for a down payment.”
Realtor.com – “Fewer Americans Uproot Themselves for a New Job” (8-22-2018)
“Fewer U.S. workers are moving around the country to seek new job opportunities, as changing family ties and more openings near home make people less willing to uproot their lives for work.”
Hard Money Loan Closed
West Covina, California hard money loan closed. Real estate investor received loan for $485,000 on this single family property appraised for $754,000.
Bruce Norris will be presenting Cashing In On A Boom on Saturday, Septemeber 8.
Bruce Norris will be speaking at the Stay Put or Cash Out with SJREI on Thursday, Septemeber 13.
Bruce Norris will be giving a Market Update with the Chino Valley Real Estate Professionals on Friday, Septemeber 21.
What was the cost of due diligence worth to investors? Redfin predicted what would be the hottest neighborhoods in the future as well as the top ten that were beginning to show signs of this. According to the latest Builder Inform tool from Zillow, homes that received more than 30 favorites on their listing in their first week posted were the ones that sold for over the listed price and in under two weeks.
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