It Would Take 94,000 Homes To Bridge The Gap

Today’s News Synopsis:

There’s a huge gap between what buyers want and what’s for sale.  The Mortgage Bankers Association reported a 1.3% increase in mortgage applications from last week.  One factor that can determine where people want to live is the name of the street on which it resides.

In The News:

Inman “What’s in a name?  How street names can impact a deal” (6-26-2019)

“Seriously, how much weight do buyers put on street names? These anecdotes suggest quite a bit.”

Forbes “Innovation Shaping Future In The Land Of The Co-Living” (6-26-2019)

“How big is the co-living movement? So big Cushman & Wakefield recently published a state of co-living industry report to gauge the state of the phenomenon.”

Realtor.com “What Really Happens When You Sell Your House for More Than You Owe on a Loan” (6-26-2019)

“What happens if you sell your house for more than you owe on your loan? If you find yourself asking this question, congratulations are most likely in order.”

Freddie Mac – “Freddie Mac: Rapidly Growing Metros Are Losing Affordable Housing at Alarming Rates” (6-26-2019)

“The fastest growing cities in the United States saw a substantial decline in affordable housing units from 2010 to 2017, according to new research released today by Freddie Mac (OTCQB: FMCC) Multifamily.”

MarketWatch “There’s a huge gap between what home buyers want and what’s for sale” (6-26-2019)

“There needs to be 94,000 homes priced between $100,000 and $340,000 to achieve equilibrium in the property market, according to a new study.”

Mortgage Bankers Association “Mortgage Applications Increase in Latest MBA Weekly Survey” (6-26-2019)

“Mortgage applications increased 1.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 21, 2019.”

CNBC “Build-to-rent housing market explodes as investors rush in” (6-26-2019)

“During the foreclosure crisis nearly a decade ago, investors plowed into the housing market, buying millions of distressed homes and turning some of them into lucrative rentals”

Business Insider “13 things rich millennials look for in a luxury home, according to real-estate agents” (6-26-2019)

“For rich millennials, luxury homes are largely about function.  Business Insider spoke to real-estate agents in three popular states among rich millennials — New York, California, and Florida — about what the demographic looks for in a luxury home.”

 

California Real Estate Investor Events

Aaron Norris will be presenting Innovative Real Estate Marketing with LA South REIA on Monday, July 8.

Aaron Norris will be presenting Innovative Real Estate Marketing with LA South REIA on Wednesday, July 10.

Bruce Norris will be speaking at the ThinkRealty Irvine Conference & Expo on Saturday, July 13.

 

Looking Back:

Where did Americans sell their homes the previous year that made them the most money?  Demand was increasing for several living areas, including housing and furnished rental apartments.   Home prices in the U.S. increased 6.6% from the previous year according to the latest S&P CoreLogic Case-Shiller Index.

 

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