Today’s News Synopsis:
The Mortgage Bankers Association reported that even in the midst of mortgage-backed securities decreasing, mortgage debt for commercial and multifamily properties continues to increase. The Federal Reserve has decided not to increase interest rates at this time, although the debate is not over yet as they are now looking towards the end of the year. Due to the rising number of RVs owned, developers and homebuilders are jumping on the chance to construct more homes that can house the vehicles.
In The News:
Mortgage Bankers Association – “Commercial/Multifamily Mortgage Debt Outstanding Continues To Grow Despite CMBS Decline” (9-20-16)
“The level of commercial/multifamily mortgage debt outstanding increased by $39.9 billion in the second quarter of 2016, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA) Commercial/Multifamily Mortgage Debt Outstanding Report released today.”
Yahoo Finance – “San Francisco’s real estate market has reached ‘peak unaffordability’: housing expert” (9-21-16)
“For San Francisco Bay Area residents long accustomed to skyrocketing rents and real estate prices, there’s some relief on the horizon. According to Trulia Chief Economist Ralph McLaughlin, San Francisco Bay Area rents and real estate prices are cooling off, down from 15%-17% growth year-over-year to 5%-6% — a trend McLaughlin expects to continue for at least the next two to three years.”
“The National Association of Home Builders (NAHB) today urged Congress to oppose the inappropriate use of the Endangered Species Act (ESA) to change the focus of the National Flood Insurance Program (NFIP) away from protecting lives and property due to flooding loss.”
Realty Trac – “ATTOM Data Solutions Selected To Present At Sold-Out Microsoft Ignite Conference” (9-21-16)
“ATTOM Data Solutions, the nation’s leading source for comprehensive property data, today announced that it will be featured in a panel discussion at Microsoft Ignite as an early adopter of Microsoft’s database management system SQL Server 2016.”
Inman – “Real estate trade group rolls out Spanish-English term glossary” (9-21-16)
“The U.S. has more Spanish speakers than any other nation on earth except Mexico. But the type of Spanish spoken at home or in classrooms doesn’t typically include technical real estate terms, such as “lock-in rate” or ‘underwriting.'”
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-21-16)
“Mortgage applications decreased 7.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 16, 2016. The prior week’s results included an adjustment for the Labor Day holiday.”
CNBC – “FOMC leaves rates unchanged in September meeting” (9-21-16)
“Federal Reserve officials lowered their expectations for rate hikes in the years ahead Wednesday but teed up a likely move before the end of 2016.”
Yahoo Finance – “America’s RV boom is a hot opportunity for real estate developers” (9-21-16)
“If you own an RV, where do you park it? That’s a question that real estate developers are taking very seriously. So much so that in hot retirement markets across states like Nevada, Arizona and Florida, real estate developers are seizing the opportunity to cater to the niche audience of RV owners.”
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with InvestClub for Women TONIGHT.
Bruce Norris will be presenting Stay Put, Cash Out, Or Change Seats? with InvestClub for Women and Robert Hall & Associates on September 28.
Bruce Norris will be presenting Cashing In On a Boom: Investing in Quadrant 4 at the Back Bay Conference Center on Saturday, October 8.
Bruce Norris of The Norris Group will be presenting the 9th annual I Survived Real Estate 2016 on Friday, October 21.
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Borrowing by consumers increased by $19.1 billion, showing a gradual return to a healthy market for the U.S. However, the National Association of Realtors reported existing-home sales decreased the previous month by 4.8% to 5.31 million. New York City was just revealed to be the most expensive city in the world according to a recent study by UBS.
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