Existing Home Sales at Highest in 10 Years

Today’s News Synopsis:

31% of home sales completed in August were cash sales according to CoreLogic.  Existing home sales are at their highest in 10 years at 5.6 million according to the National Association of Realtors.  According to a recent ruling by the California Supreme Court, the sales rep for a property owner has the same duty to both the seller and buyer should they both work with the same brokerage firm.

In The News:

USA Today – “Existing home sales hit nearly 10-year high” (11-22-16)

“Existing homes sold at the fastest pace in nearly 10 years last month despite persistently skimpy supplies as faster wage gains and low mortgage rates motivated buyers.”

San Francisco Chronicle – “California high court decision favors real estate buyers” (11-22-16)

“In a closely watched case involving dual agency, the California Supreme Court ruled unanimously Monday that a real estate agent representing the seller of a property owes a fiduciary duty to both the seller and the buyer if the buyer’s agent works for the same brokerage firm.”

Mortgage Bankers Association – “MBA Opens Doors Foundation Completes Record Setting Fundraising Season” (11-22-16)

“The Mortgage Bankers Association Opens Doors Foundation (MBA Opens Doors) today announced it reached its 2016/2017 fundraising campaign goal of $1.5 million during its annual convention which was recently held in Boston. MBA Opens Doors is a non-profit organization dedicated to providing assistance to families with a critically ill or injured child by making their mortgage or rent payment.”

The Fiscal Times – “10 Real Estate Trends to Watch in 2017” (11-22-16)

“Nearly a decade after the real estate crisis set off wild swings in the housing market, most markets finally stabilized last year.”

Bloomberg – “Goldman: Hedge Funds Are Poised to Get Beaten for the Eighth Year Straight” (11-22-16)

“Those looking to explain what’s set to be another bad year for hedge funds could do worse than blame their passion for tech stocks.  The funds have averaged a 4 percent gain year-to-date, but that pales next to a 9 percent rally in the S&P 500.”

CoreLogic – “Cash Sales Accounted for 31 Percent of All Home Sales in August” (11-22-16)

“Cash sales accounted for 31.1 percent of total home sales in August 2016, down 1.5 percentage points year over year from August 2015.”



Bruce Norris will be speaking at 10 Life-Changing Days of a Real Estate Investor in San Diego on Tuesday, December 13.

Bruce Norris of The Norris Group will be presenting 2% Interest, $30 Trillion in Debt, and Other Suprise Endings on Saturday, February 4.

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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.

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