Today’s News Synopsis:
Gen Z is going to spend more on rent than any previous generation. Builder confidence was at 71 this month, it’s highest in 20 months according to NAHB. The Mortgage Bankers Association reported mortgage applications increased 0.5% from last week.
In The News:
NAHB – “Builder Confidence Hits 20-Month High” (10-16-2019)
“Builder confidence in the market for newly-built single-family homes rose three points to 71 in October, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today.”
CoreLogic – “CoreLogic Releases Most Recent HPI Forecast Validation Report” (10-16-2019)
“CoreLogic® (NYSE: CLGX), a leading global property information, analytics, and data-enabled solutions provider, today released its latest CoreLogic HPI Forecast Validation Report that compares its 12-month CoreLogic Home Price Index (HPI) Forecast to the actual CoreLogic Home Price Index.”
Realtor.com – “The Secret to Buying a Foreclosure That Isn’t a Dud” (10-16-2019)
“Who doesn’t love a bargain? Nabbing a great deal on a house is every home buyer’s dream. One way to make it come true is by purchasing a foreclosed home.”
MarketWatch – “This waterfront city is the No. 1 place in America to retire” (10-16-2019)
“If warm weather, easy access to the beach and an affordable price tag sound like your dream retirement, this town might be for you.”
Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (10-16-2019)
“Mortgage applications increased 0.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 11, 2019.”
Mortgage Professional America – “Student debt nearly twice total value of US housing market” (10-16-2019)
“The total student debt in the United States has grown to nearly double the housing market, holding off potential young buyers from purchasing a home.”
DS News – “The Rise of Mom-and-Pop Investors” (10-16-2019)
“Over half of investors at foreclosure auctions plan to purchase fewer than five properties in 2019, according to the 2019 Buyer Insights Survey Report from Auction.com.”
“Generation Z is predicted to spend $226,000 on rent in their lifetime. For context, that’s $24,000 more than millennials and $77,000 more than baby boomers — and many of them are already starting to rent.”
Hard Money Loan Closed
Colton, California hard money loan closed. Real estate investor received loan for $167,000 on this single family property appraised for $277,000.
The Norris Group will be presenting its 9th annual Cutting-Edge Financial Tactics Brunch on Saturday, October 19.
Bruce Norris will be presenting 10 Decisions to Make Before The Next Downturn with the South OC REI Club on Wednesday, October 30.
Time to worry about the housing market again??? Mortgage payments were rising at twice the rate as home values with the increase in mortgage rates. NAHB and Wells Fargo reported a one-point increase in builder confidence this month, putting it at 68.
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