House Flipping Profits, Though, Not So Much. 8-Year Low

Today’s News Synopsis:

House flipping hits an 8 year high.  Mortgage rates are at a record low with 30-year rates now at 3.29% and 15-year rates at 2.79%.  The desire for millennials to buy a home is similar to that of the silent generation.

In The News:

Freddie Mac “Mortgage Rates Hit All-Time Low” (3-5-2020)

“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged the lowest rate in our survey’s history which dates back to 1971.”

Zillow “More Density in Single-Family Neighborhoods Can Ease Affordability, and a New Survey Shows Homeowners Support It” (3-5-2020)

“More than three-quarters of homeowners across 20 large metro areas agree local governments should do more to keep housing affordable, and most agree that allowing more building would help, according to a new Zillow® survey.”

CNBC “Foreign investors are piling into this US real estate play as a coronavirus safe haven” (3-5-2020)

“In the last few weeks, Roofstock, a rental property sales website, has seen traffic from investors in Asia on its site jump 500%. CEO Gary Beasley said it is a direct result of the coronavirus.”

Curbed “You can soon book a stay in an iconic giant wooden elephant on the Jersey Shore” (3-5-2020)

“Ever wondered what it’d be like to nestle into the belly of a Victorian wooden elephant?”

ATTOM Data Solutions “U.S. Home Flipping Increases to Eight-Year High in 2019 While Returns Drop to Eight-Year Low” (3-5-2020)

“ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its year-end 2019 U.S. Home Flipping Report, which shows that 245,864 single-family homes and condos in the United States were flipped in 2019, up 2 percent from 2018 to the highest point since 2006.”

National Association of Realtors “Home Buying Desires of Millennials Mirror Silent Generation, Realtor Report Finds” (3-5-2020)

“A number of the homebuying characteristics of younger millennials are replicating the buying desires of those in the silent generation.”

Redfin “How to Introduce a Dog to a New Home” (3-5-2020)

“Moving to a new home ranks right up there among life’s super-stressful events. This also holds true for your dog. New rooms, unfamiliar smells, a new yard, and a neighborhood of new people and pets.” “Stage is Set for Competitive Spring Home Buying Season” (3-5-2020)

“The U.S. housing market continued to tighten in February as the inventory of for sale homes saw additional listings evaporate and home prices rose, according to®‘s February Housing Trends Report released today.”


California Real Estate Investor Events

Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with NorcalREIA on Wednesday, March 11.

Bruce and Aaron Norris will be presenting their latest Florida Buying Bootcamp 2020 Thursday-Friday, March 19-20.

Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with IVAR on Wednesday, April 1.


Looking Back:

The area where residents had the most remaining income even after purchasing a home was Washington, D.C.  Big week for homes.  New homes sales increased in December by 3.7% to 621,000 according to the Commerce Department.  Home prices increased 4.4% year-over-year in January according to CoreLogic.


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