Single-Family Production Falls in March After Strong February Reading
Mortgage Defaults Climb Slightly
Mortgage Rates Tumble Below 4 Percent
Rents Rise at Slowest Pace in Five Years
Political Holding Pattern Affirms Conservative Growth Forecast
Freddie Mac April 2017 Outlook
Robots May Help Build Your Next Home and Fill the Labor Gap
BofA Profit Jumps 40% as Fixed-Income Trading Tops Estimates
Increases in Remodeling Market Indicators Reflect Broad-Based Confidence
Today’s News Synopsis:
Aaron Norris of the Norris Group gives this week’s Norris Group real estate headline roundup. The National Association of Realtors reported a 4.4% increase in existing home sales, their most in ten years. A new gallup poll shows real estate is still America’s favorite long-term investment. Paul Tudor Jones revealed a new chart claiming was a warning about what to expect from stock market values.
In The News:
CNBC – “US existing home sales surge in March, reaching highs not seen since 2007” (4-21-2017)
“U.S. home resales rose more than expected in March to the highest level in more than a decade, The National Association of Realtors (NAR) announced on Friday.”
Black Knight Financial Services – “Black Knight Financial Services’ First Look at March 2017 Mortgage Data” (4-21-2017)
“Delinquencies declined 14 percent month-over-month, hitting their lowest level since March 2006 and the fourth lowest point since the turn of the century.”
Seeking Alpha – “Top 50 Real Estate Sector Dogs Seek 6.8% To 15.7% Yields And Up To 27% Gains For April” (4-21-2017)
“The Real Estate sector has 9 component industries. The top 50 firms selected by yield represented all those industries.”
“Paul Tudor Jones is a reclusive hedge fund legend who never talks to the press. So much so that “PTJ” even tried to bury a PBS documentary featuring him from 1987 by purchasing all the available copies.”
Gallup – “Americans Still Favor Real Estate for Long-Term Investment” (4-21-2017)
“Real estate remains Americans’ top choice as the best long-term investment one can make, beating out stocks and mutual funds, gold, savings accounts and CDs, and bonds.”
Bloomberg – “Desperate Malls Turn to Concerts and Food Trucks” (4-21-2017)
“Malls are fighting for shoppers with one thing their web rivals can’t offer: parking lots. With customer traffic sagging, U.S. retail landlords are using their sprawling concrete lots to host events such as carnivals, concerts and food-truck festivals.”
Seeking Alpha – “Real Estate Weekly: As Earnings Begin, REITs Extend Rally To 4 Straight Weeks” (4-21-2017)
Bruce Norris will be speaking at the AOA “Million Dollar” Trade Show & Landlording Conference 2017 on Wednesday, May 24.
Bruce Norris will be speaking at The Southern California Chapter of the Appraisal Institute’s 20th Annual
Inland Empire Market Trends on Thursday, June 1.
Image copyright source: www.ccPixs.com
Freddie Mac reported mortgage rates were still the lowest they had been with 30-year rates at 3.59% and 15-year rates at 2.86%. Optimism in the market continued to show signs of increase as more people were buying homes. The NAHB reported a decrease in the Remodeling Market Index, which stood at 54.
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