Norris Bruce
May 08, 2019

FHFA Not Counting On A Legislative Solution

Today’s News Synopsis:

Fannie and Freddie may be freed without Congress.  The Mortgage Bankers Association reported a 2.7% increase in mortgage applications from last week.  The next time you shop on Amazon, look for a do-it-yourself backyard guest house that can be built in 8 hours.

In The News:

Curbed “How startups and developers are helping teachers find affordable housing” (5-8-2019)

“A common refrain in the conversation about the U.S. affordable housing crisis is that home prices and rents have risen considerably faster than wages. This is perhaps most true for the nation’s teachers.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (5-8-2019)

“Mortgage applications increased 2.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 3, 2019.”

ThinkRealty “More States Legalize Digital Home Closing Process” (5-8-2019)

“Iowa is the latest state to allow buyers to electronically close on a home, continuing a shift across the country to make mortgage transactions more efficient.”

Bloomberg “Mortgage Duration Drop Means Refinancing Concerns Are Back Again” (5-8-2019)

“Mortgage investors’ concern about prepayment speeds may increase as a renewed U.S. rate rally helps push the U.S. MBS index duration down to its lowest
level since March”

Inman “Redfin unveils plan to cut out buyers’ agents” (5-8-2019)

“Redfin Direct will allow buyers to make offers on Redfin-listed homes directly through the company’s website.”

DS News “Americans Continue to Bet on Real Estate Investment” (5-8-2019)

“According to a Gallup poll, it’s real estate, not stocks, that are considered to be the best investment.”

Bloomberg – “Fannie-Freddie May Be Freed Without Congress, Calabria Says” (5-8-2019)

“Fannie Mae and Freddie Mac’s new overseer said the mortgage giants can be freed from government control even if Congress doesn’t pass a housing-finance overhaul, while signaling that lawmakers will get “more than sufficient time” to come up with a plan of their own.”

Marie Claire “Amazon Is Selling a DIY Backyard Guest House That Can Be Built in 8 Hours” (5-8-2019)

“These days, you can pretty much DIY anything you set your mind to: faux-marble countertops, paper houseplants (seriously!), and even fancy looking candle holders made out of used glass pickle jars.”

 

California Real Estate Investor Events

Aaron Norris will be presenting Innovating Real Estate Marketing with the Moreno Valley Professionals TONIGHT.

Bruce Norris will be presenting 10 Decisions To Make Before The Next Downturn with WEREP on Friday, May 10.

Bruce Norris will be presenting 10 Decisions To Make Before The Next Downturn with LA REIA on Tuesday, May 14.

 

Looking Back:

California was the first state to mandate solar on new homes.  Markets that were seeing a bigger increase in recent college graduates living at home were the ones with the biggest boom and bust cycles.  The latest CoreLogic report showed a decrease in foreclosure rates in February with the number of mortgages in some delinquency stage being at 4.8%.

 

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