Norris Bruce
Aug 07, 2019

Is This Another Bad Sign For The Housing Market?

Today’s News Synopsis:

Remodeling spending is expected to be slow.  Mortgage applications increased by 5.3% from last week according to the Mortgage Bankers Association.  Home prices in the metropolitan areas increased by 9.1% in the second quarter.

In The News:

Redfin “11% of Redfin Offers Faced Competition in July, the Lowest Rate Since at Least 2011” (8-7-2019)

“Only 11.2 percent of offers written by Redfin agents on behalf of their homebuying customers nationwide faced a bidding war in July. That’s down from more than 45 percent a year earlier  and the lowest rate since at least 2011.”

National Association of Realtors “Metro Home Prices Increase in 9.1% of Metro Areas in Second Quarter of 2019” (8-7-2019)

“Most metro areas saw price gains under marginal inventory growth in the second quarter of 2019, according to the latest quarterly report by the National Association of Realtors®. Single-family median home prices increased year-over-year in 91% of measured markets in the second quarter, with 162 of 178 metropolitan statistical areas1 showing sales price gains.”

MarketWatch “Another bad sign for the housing market: Remodeling spending is expected to slow” (8-7-2019)

“After years of feverish remodeling activity, Americans are starting to cool on home improvement projects.”

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (8-7-2019)

“Mortgage applications increased 5.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 2, 2019.”

California Association of Realtors “California housing affordability dips in second quarter 2019, C.A.R. reports” (8-7-2019)

“Higher home prices negated the lowest interest rates in more than a year and reduced Californians’ ability to afford a home purchase in the second quarter of 2019, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.”

CNBC “Housing sentiment hits record high, as bidding wars vanish” (8-7-2019)

“Falling mortgage rates and strong employment drove consumer confidence in housing to a record high in July, according to a monthly index from Fannie Mae.”

Forbes “Morty, The Mortgage Tech Startup Transforming The Way You Buy Your First Home, Just Raised $8.5 Million” (8-7-2019)

“Buying a first home is, for most people, not a simple purchase. Calculating credit scores, getting pre-approved, finding a lender and eventually closing are critical steps that takes time usually allocated to weekday business hours.”

CNBC “Mortgage refinances spike 12% on a big rate drop, but homebuyers pull back again” (8-7-2019)

“Homeowners rushed to take advantage of a sizable drop in mortgage interest rates last week, but potential buyers were unimpressed.”

 

California Real Estate Investor Events

Bruce and Aaron Norris will be hosting a Florida Boot Camp in Fort Myers Florida August 15-16.

Bruce Norris will be presenting his latest talk 10 Decisions To Make Before The Next Downturn with InvestClub on Wednesday, August 21.

Aaron Norris will be presenting his latest talk Innovative Real Estate Marketing with WEREP on Friday, August 23.

 

Looking Back:

Many people lost their homes during the great recession.  How are they doing now?  The amount of mortgage credit available increased the previous month by 1.7% according to the Mortgage Bankers Association.  Could the current mortgage market have a big effect on the midterm elections?

 

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