Today’s News Synopsis:
Freddie Mac wants to provide tens of millions of dollars in financing to mid-size landlords and Non-Profits. The National Association of Realtors reported a 1.8% decrease in existing-home sales for the month of June. LA is on top for the number of investment sales after Manhattan’s dropped 55%.
In The News:
New York Times – “Freddie Mac Follows Fannie Mae to Rental Market, With Affordability as Goal” (7-24-2017)
“When the government-controlled mortgage finance giant Fannie Mae agreed this year to guarantee a $1 billion financing deal for one of the biggest private-equity-backed landlords in the United States, the move prompted an outcry.”
California Association of Realtors – “June pending home sales and Market Pulse Survey” (7-24-2017)
“Despite robust closed escrow sales in June, California pending home sales slipped for the sixth consecutive month, suggesting an impending slowdown in the state’s housing market as the peak homebuying season winds down, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.”
National Association of Realtors – “Existing-Home Sales Retreat 1.8 Percent in June” (7-24-2017)
“Existing-home sales slipped in June as low supply kept homes selling at a near record pace but ultimately ended up muting overall activity, according to the National Association of Realtors. Only the Midwest saw an increase in sales last month.”
CNBC – “This house had 22 offers. Here’s why the owners didn’t take the highest” (7-24-2017)
“Real estate agent Laura Barnett put a Dallas-area house on the market three weeks ago and quickly received 22 offers, but she did not take the highest offer. Instead, she took the cash offer because that was the only way to ensure the sale would go through.”
The Real Deal – “Manhattan I-sales tumble as LA takes over top spot” (7-24-2017)
“Manhattan investment sales tumbled by 55 percent in the first half of 2017 allowing Los Angeles to take over the top spot as the country’s largest investment market, according to research firm Real Capital Analytics.”
Realtor.com – “Can You Buy a House Without Your Spouse? The Pros and Cons” (7-24-2017)
“Can you buy a house without your spouse? That might seem like a weird and highly unromantic question, but there are plenty of reasons to ponder this possibility.”
Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with InvestClub for Women on Wednesday, August 16.
Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with SJREI on Thursday, September 14.
Bruce Norris will be presenting Cashing In On A Boom up in San Jose on Saturday, September 16.
The NAHB reported their Remodeling Market Index continued to remain stable, standing at 53 after having slipped only one point. RealtyTrac just released a list of the 35 best places to buy a home that were bad areas but now showed improvement. CFPB celebrated five years on this day, but only time and the market would tell if they would make it to 6.
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.