Today’s News Synopsis:
There’s a new trend in the single-family rental market. The Mortgage Bankers Association reported mortgage applications decreased 2.6%, while at the same time rates increased. New home sales decreased 1.5% according to HUD and the Census Bureau.
In The News:
Mortgage Bankers Association – “Mortgage Rates Increase, Applications Decrease in Latest MBA Weekly Survey” (5-23-2018)
“Mortgage applications decreased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 18, 2018.”
Realtor.com – “How Free Tacos, Beer, and Other Fun Extras Can Help Sell Your Home” (5-23-2018)
“You know how offering a free gift with purchase can be that extra something that persuades buyers to stop, take a look, and then open their pocketbooks to pay up?.”
Bloomberg – “Why Do Americans Stay When Their Town Has No Future?” (5-23-2018)
“Family and community are the only things left in Adams County, Ohio, as the coal-fired power plants abandon ship and the government shrugs.”
“Sales of newly built, single-family homes edged down 1.5 percent in April to a seasonally adjusted annual rate of 662,000 units after a downwardly revised March report, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”
National Association of Realtors – “REALTORS Confidence Index Survey: April 2018 Highlights” (5-23-2018)
“The REALTORS Confidence Index (RCI) survey gathers monthly information from REALTORS about local real estate market conditions, characteristics of buyers and sellers, and issues affecting homeownership and real estate transactions.”
Forbes – “This Real Estate Inventory Shift Could Resuscitate Mortgage Lending” (5-23-2018)
“Welcome to the spring of 2018: the mortgage industry’s worst nightmare. Except this is not a dream, and tens of thousands of people are losing, or are about to lose, their real jobs.”
John Burns Real Estate Consulting – “Single-Family Rental Industry Act 2: Build-to-Rent Taking Center Stage” (5-23-2018)
“The single-family rental (SFR) space has quickly quieted skeptics and scaled into an institutional asset class.”
Business Insider – “The average millennial will spend over $200,000 on rent before buying a house – But Gen Z will spend even more” (5-23-2018)
“It’s no surprise that rent is more expensive for millennials than it was for baby boomers. But soaring rent costs will hit Generation Z the hardest, those born between 1998 and 2016, according to new analysis from HotPads, a Zillow Group site.”
Bruce Norris will be presenting Stay Put or Cash Out with Homevestors TONIGHT.
Aaron Norris will be presenting Technology Trends and Effects on Real Estate at the SRCAR Realtor Expo Thursday, June 7.
Bruce Norris will be speaking at the California Chapter of the Appraisal Institute’s 21st Annual Inland Empire Market Trends on Thursday, June 7.
Bruce Norris will be presenting Stay Put or Cash Out with the San Diego Investment Club on Thursday, June 7.
New homes sales decreased 11.4% in April after being at their highest in over 9 years according to the Commerce Department. Despite the decrease in sales, the reason was not because not enough were being built, but rather not enough people could afford one. Fannie Mae announced its new program called the Healthy Housing Rewards to award borrowers who included designs in their homes that were healthy for the homeowners.
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