Today’s News Synopsis:
Millennials face housing hurdles. In a breaking news story, the Federal Reserve increased interest rates once again. New home sales increased 3.5% last month.
In The News:
CNBC – “Apartment rents are suddenly rising faster, reversing year-long trend” (9-26-2018)
“Buying a home is getting more and more expensive, thanks to sharp increases in both prices and mortgage rates. That is juicing demand for apartment rentals and, in turn, pushing rents higher.”
HousingWire – “Federal Reserve hikes interest rates again” (9-26-2018)
“The Federal Reserve raised interest rate for the third time this year, pushing rates up by .25% to 2.25% raised interest rate for the third time this year, pushing rates up by .25% to 2.25%.”
Realtor.com – “Sen. Elizabeth Warren’s New Legislation Aims to Make Homes More Affordable” (9-26-2018)
“U.S. Sen. Elizabeth Warren is attempting to put the increasingly expensive housing market into reach for more Americans. To do that, the Massachusetts Democrat is slated to introduce a roughly $476 billion housing bill in the Senate on Wednesday.”
Wall Street Journal – “Foreign Real-Estate Buyers Get Told to Go Home” (9-26-2018)
“If you dream of buying a home in New Zealand, you better be a kiwi. This summer, the country introduced new rules to limit foreign ownership in hopes of making homes more affordable for the locals.”
National Association of Realtors – “Homeowners Ready to Sell in the Third Quarter of 2018, says Realtor Survey” (9-26-2018)
“New findings from the National Association of Realtors show that a record high 77 percent of Americans believe that now is a good time to sell a house, while those that think now is a good time to buy continues to decline.”
“Sales of newly built, single-family homes rose 3.5 percent in August to a seasonally adjusted annual rate of 629,000 units after downwardly revised June and July reports, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”
Mercury News – “Palo Alto: Teacher housing experiment moves closer to reality” (9-26-2018)
“As more teachers continue to be priced out of the South Bay housing market, an experimental plan to build up to 120 units in Palo Alto that teachers could afford may soon be a reality.”
Yahoo Finance – “Millennials face housing hurdles even as market begins to soften: Zillow” (9-26-2018)
“Millennials are the largest group of home sellers, yet they’re facing the greatest hurdles in the housing market. That’s according to a new report on the state of housing in America from the Zillow Group, Consumer Housing Trends Report 2018.”
The Norris Group will be presenting its 11th annual award-winning black-tie event I Survived Real Estate 2018 on Friday, September 28.
Bruce Norris will be speaking at the FIBI State of the Economy on Wednesday, October 10.
Bruce Norris will be speaking at the Fresno Real Estate Investor Rally on Wednesday, October 17.
Is shared equity the starter home solution for the next generation? HUD and the Census Bureau reported a 3.4% decrease in new home sales in August. A new and unique mortgage program was being rolled out by Lennar’s Eagle Home Mortgage Group that would help homeowners pay off their student loans.
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