Builder Confidence Remains Solid in June
Mortgage Rates Inch Up After Extended Decline
U.S. Jobless Filings at Three-Week Low Amid Strong Labor Market
Early Birds and Night Owls: We’ve Found the Best U.S. Cities for You
New real estate developments abound up and down the coast, but challenges persist
Fed Raises Rates, Maintains Forecast for One More Hike
Slowing U.S. Consumer Inflation May Sow Fed Doubt on Prices
Homes are selling at a record-setting pace…again
‘iBuyers’ like Opendoor and OfferPad could boost sales, reduce commissions
No investor bids accepted through Zillow Instant Offers
Today’s News Synopsis:
Aaron Norris of the Norris Group gives this week’s Norris Group real estate headline roundup. Housing starts decreased 5.5% last month with the decrease in multifamily housing. Both home prices and rents are showing signs of increase alongside increasing demand and tight supply. A new kind of co-living situation is becoming popular with strangers signing a lease to live in the same building.
In The News:
NAHB – “Multifamily Decline Brings Overall Housing Starts Down 5.5 Percent in May” (6-16-2017)
“Led by a decline in multifamily production, nationwide housing starts fell 5.5 percent in May to a seasonally adjusted annual rate of 1.09 million units, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department.”
“A traditional grocery store might not be the safest tenant in town, after all. Real estate investment trusts, or REITs, are taking another beating in the equities market Friday following news that Amazon has plans to acquire Whole Foods.”
Bloomberg – “The Housing Recovery Is Leaving Out Most of America” (6-16-2017)
“For further evidence of the uneven recovery among U.S. housing markets, how’s this: In the 10 most expensive U.S. metropolitan areas, median home values have increased by 63 percent since 2000, after adjusting for inflation.”
Joint Center for Housing Studies – “Growing Demand and Tight Supply Are Lifting Home Prices and Rents” (6-16-2017)
“A decade after the onset of the Great Recession, the national housing market has, by many measures, returned to normal, according to the latest State of the Nation’s Housing report, released today by the Joint Center for Housing Studies of Harvard University.”
Zillow – “Upper-Middle Class Most Likely to Rely on Family for Childcare” (6-16-2017)
“Upper-middle-class families are more likely than low or upper-class families to rely on their extended family for childcare, according to the Zillow® Housing Aspirations Report.”
Realtor.com – “Bringing It Home: Backyard Weddings Are Having a Moment” (6-16-2017)
“If you’re joining the hordes and attending a wedding or two this hot season, chances are good you’ll be toasting at least one happy couple in their very own home—or maybe the home of a family member.”
CNBC – “Co-living goes mainstream, but this is not roommate roulette” (6-16-2017)
“The “social” generation is poised to disrupt another industry. The same way that the car scene changed with Uber and NYC offices started going virtual, co-living is coming to a neighborhood near you.”
Bruce Norris will be speaking at the NSDREI 13th Anniversary Dinner Party on Tuesday, June 20.
Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with the South Orange County Real Estate
Club on Thursday, June 22.
Bruce Norris will be speaking at An Intimate Evening with Bruce Norris at Prosperity Through Real Estate on Tuesday, July 11.
The NAHB reported builder confidence rose two points this month to 60. The housing market saw tremendous growth with home prices rising 4.3% and sales 7%, their fastest pace ever. Purchases of closed loans was above 60% according to Elllie Mae, the first time in almost a year.
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.