Today’s News Synopsis:
What’s the best investment over the last 150 years? In the second quarter of 2018, 1 in 10 properties was seriously underwater. Mortgage rates decreased only slightly with 30-year rates now at 4.59% and 15-year at 4.05%.
In The News:
Zillow – “The U.S. Will Gain 23 New $1 Million Cities Within the Next Year” (8-9-2018)
“Over the next year, 23 more cities across the U.S. will make Zillow’s “$1 Million City List,” defined as a city with a median home value of $1 million or more.”
Mortgage Bankers Association – “July New Home Purchase Mortgage Applications Increased 3.6 Percent Year over Year” (8-9-2018)
“The Mortgage Bankers Association (MBA) Builder Applications Survey (BAS) data for July 2018 shows mortgage applications for new home purchases increased 3.6 percent compared to July 2017.”
Forbes – “Are U.S. Home Prices Peaking” (8-9-2018)
“In the last few weeks, we’ve seen a lot of news stories about home prices losing their upward momentum in some U.S. cities.”
Freddie Mac – “Mortgage Rates Inch Backward” (8-9-2018)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing that mortgage rates were mostly unchanged over the past week, but did ease up slightly.”
ATTOM Data Solutions – “One in 10 U.S. Properties Seriously Underwater in Q2 2018” (8-9-2018)
“ATTOM Data Solutions, curator of the nation’s premier property database, today released its Q2 2018 U.S. Home Equity & Underwater Report, which shows that in the second quarter of 2018, more than 5.5 million U.S. properties were seriously underwater — where the combined estimated balance of loans secured by the property was at least 25 percent higher than the property’s estimated market value — representing 10.1 percent of all U.S. properties with a mortgage.”
NAHB – “Housing Affordability Hits 10-Year Low in Second Quarter” (8-9-2018)
“Rising home prices and interest rates pushed housing affordability to a 10-year low in the second quarter of 2018, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI) released today.”
Realtor.com – “Where Should a College Student Live? Pros, Cons, and Costs of Dorms, Rentals, and More” (8-9-2018)
“The first big decision every college-bound student needs to figure out isn’t what to major in, or what to pack to look ah-mazing—it’s where the heck to live.”
Quartz – “Housing was the world’s best investment over the last 150 years” (8-9-2018)
“Stocks will bring you highs, but periodically will seriously let you down. Treasury bonds will keep you safe, but they won’t make you rich. Housing? That’s the best of both worlds.”
Hard Money Loan Closed
Colton, California hard money loan closed. Real estate investor received loan for $170,000 on this single family property appraised for $260,000.
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 his latest Market Update with the Chino Valley Real Estate Professionals on Friday, Septemeber 21.
The power struggle over real estate listings in New York continued with Zillow and Realtor.com, and REBNY was in the middle. Mortgage applications increased 3% the previous week with the recent decrease in interest rates. Black Knight Financial Services reported foreclosures decreased in June to levels not seen in 16 years.
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