Today’s News Synopsis:
Another Southern California home-price boom is cooling. Amazon’s HQ2 location search just took a surprise twist. According to Black Knight Financial Services, the increase in interest rates led to a decrease in the number of people with an interest rate incentive to refinance as well as housing in states now being less affordable than the already established benchmarks.
In The News:
LA Times – “Another Southern California home-price boom is cooling. Is a crash looming?” (11-5-2018)
“The Southern California housing market has been on a nearly seven-year tear, with prices in many communities reaching all-time highs.”
Black Knight Financial Services – “Interest Rate Increases Cut Refinanceable Population by More than Half in 2018;
Housing in 10 States Now Less Affordable than Long-Term Benchmarks” (11-5-2018)
“Today, the Data & Analytics division of Black Knight, Inc. (NYSE:BKI) released its latest Mortgage Monitor Report, based on data as of the end of September 2018.”
Curbed – “Free rides to the polls test the transit and turnout connection” (11-5-2018)
“Freedom ain’t free. But for many voters in next week’s midterm elections, rides to the polls will be.”
“Citi Research upgraded Wells Fargo shares to a buy rating Friday, following a series of bank scandals and a Federal Reserve-imposed asset cap due to ‘widespread consumer abuses.'”
Inman – “Millennial homebuyers are coming: they’re just five years behind” (11-5-2018)
“Millennials are a major driving force in today’s luxury real estate market. Though they’re starting later than their predecessors, they’re entering at a higher price point and bypassing the starter homes that were essential for their parents.”
American Bar Association – “How VRBOs Are Affecting All Parties Involved: Understanding the Issues Around Innovative VRBOs” (11-5-2018)
“Vacation rentals by owner (VRBOs) have become the popular way people find places to stay when traveling and for short-term stays.”
Fortune – “Amazon’s HQ2 Location Search Just Took a Surprise Twist” (11-5-2018)
“With just weeks left until its self-imposed deadline of year-end, Amazon is close to selecting two different cities for additional North American headquarters.”
The Sacramento Bee – “One home got 14 offers. Another, none. What’s up with Sacramento’s real estate market?” (11-5-2018)
“A spacious Rocklin home sits on the market for weeks with no offers. At the same time, a tiny bungalow in South Land Park gets 14 offers immediately.”
Hard Money Loan Closed
Bermuda Dunes, California hard money loan closed. Real estate investor received loan for $120,000 on this single family property appraised for $330,000.
Aaron Norris will be presenting Technology Trends and Effects On Real Estate 2018 at OCREIA on Thursday, November 8.
Aaron Norris will be speaking at the Intelligent Investors Real Estate Conference 2018 on Saturday, November 10.
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