Today’s News Synopsis:
California lost 138,000 people to domestic migration in the last 12 months. The Mortgage Bankers Association reported a 6.7% increase in commercial/multifamily mortgage debt, which now stands at $200.3 billion. Freddie Mac has come up with an easier and more efficient way for the self-employed to underwrite mortgages.
In The News:
Freddie Mac – “Freddie Mac Makes Underwriting Mortgages for the Self-Employed More Efficient” (3-20-2018)
“Freddie Mac (OTCQB: FMCC) announced today the next stage of its initiative with LoanBeam: simplifying and automating the process for calculating income for a self-employed borrower when underwriting a mortgage through Freddie Mac’s automated underwriting system, ultimately reducing the amount of time it will take to process the request.”
Mortgage Bankers Association – “Commercial/Multifamily Mortgage Debt Rose over $200 Billion in 2017” (3-20-2018)
“The level of commercial/multifamily mortgage debt outstanding at the end of 2017 was $3.18 trillion, $200.3 billion higher than at the end of 2016, or an increase of 6.7 percent, according to MBA’s latest Commercial/Multifamily Mortgage Debt Outstanding report released today.”
“Californians may still love the beautiful weather and beaches, but more and more they are fed up with the high housing costs and taxes and deciding to flee to lower-cost states such as Nevada, Arizona, and Texas.”
National Real Estate Investor – “Tariffs Already Putting Pressure on Commercial Construction Pricing” (3-20-2018)
“President Donald Trump’s recently imposed tariffs on foreign steel and aluminum have not yet gone into effect. But they are already affecting deal negotiations, bottom lines and construction pricing in commercial real estate.”
CBS News – “A booming housing market has realtors in a bind” (3-20-2018)
“Making a living as a realtor, which has never been easy, is becoming increasingly difficult. A record numbers of them are scrambling to broker aproperties in a hot market as housing prices continue to rebound from recession-era lows.”
New York Times – “California Housing Problems Are Spilling Across Its Borders” (3-20-2018)
“A growing homelessness crisis. Complaints about traffic congestion. Worries that the economy is becoming dominated by a wealthy elite.”
Next Reality – “Google Debuts an ARCore Exclusive with Curate App from Sotheby’s International Realty” (3-20-2018)
“Just weeks after officially launching its mobile augmented reality toolkit, Google can now claim one of its first Android and ARCore app exclusives with the Curate app from Sotheby’s International Realty.”
Realtor.com – “9 Gorgeous Spring Decorating Ideas to Usher in the New Season” (3-20-2018)
“Spring is officially here, and the days are longer and lighter—if not warmer, in some places. And with the new season comes a chance to hit the reset button on your home’s decor.”
Bruce Norris will be presenting Stay Put or Cash Out with WEREP on Friday, March 23.
Bruce Norris will be presenting Stay Put or Cash Out with IVAR on Wednesday, April 4.
Bruce Norris will be presenting Stay Put or Cash Out with Pasadena FIBI on Thursday, April 19.
New data released showed the hottest spots for real estate in New York, specifically Brooklyn and Manhattan. More and more Russians were showing an interest in real estate located in New York City. Realtor.com also released a list of cities where downtown was becoming a popular place to live.
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.