Homeowners Continue To Overestimate Their Home Values

Today’s News Synopsis:

How much do you think your house is worth?  Many homeowners seem to be overestimating their value.  Household incomes in the U.S. increased last year to their highest on record by 3.2% as poverty decreased. Prices on homes are increases as demand for rentals continues to increase.

In The News:

Zillow – “Renter Demand for Houses Puts Upward Pressure on Prices” (9-12-2017)

“Rental houses have been in high demand since the housing market crashed, but a lack of supply has made renting those homes more expensive.”

CoreLogic – “CoreLogic Reports Mortgage Delinquencies Remain Low in June” (9-12-2017)

“CoreLogic (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 4.5 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in June 2017.”

Mortgage Bankers Association – “August New Home Purchase Mortgage Applications Increased 6.8 Percent Year over Year” (9-12-2017)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for August 2017 shows mortgage applications for new home purchases increased 6.8 percent compared to August 2016.”

Bloomberg – “U.S. Household Incomes Rose to Record in 2016 as Poverty Fell” (9-12-2017)

“The U.S. median household income rose to a record last year and the poverty rate fell, as steady economic growth helped improve the lot of more Americans, according to annual data from the U.S. Census Bureau released Tuesday.”

The Real Deal – “Lawmakers amend housing bills to gain more support” (9-12-2017)

“A package of Senate bills, which could greatly impact the real estate industry, still haven’t found a permanent home.”

Realtor.com – “8 Doghouse Ideas That’ll Put Snoopy’s Digs to Shame” (9-12-2017)

“Most prefab doggie home products on the market tend to be a bit of a snooze: They’re plastic or metal, and they’re all built for pooches who spend a lot of time outdoors.”

Housing Wire – “Consumer remain too optimistic when estimating home value” (9-12-2017)

“Homeowners continue to overestimate their home values, however the gap continues to narrow, according to the latest National Home Price Perception Index from Quicken Loans.”

Business Insider – “Here’s what Hurricane Katrina can teach us about Harvey’s impact on Houston’s housing market” (9-12-2017)

“As Hurricane Harvey’s flood waters finally recede, the degree of damage is becoming more apparent.”

 

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 Norris Group presents its tenth annual award-winning black tie-event I Survived Real Estate 2017 on Friday, September 22.

 

Looking Back:

Two leaders spoke out their opposing views on raising interest rates with Jamie Dimon being for it and Lael Brainard against it.  Mortgage rates saw a big increase for the first time in two months with 30-year rates at 3.5%.  A recent survey by STR asked which commercial real estate markets may be going too far on construction, the top ones being industrial and multifamily.

 

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.

 

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