Today’s News Synopsis:
Younger renters and parents sacrifice more…Mortgage rates increased with 30-year rates now at 3.75% and 15-year rates at 3.2%. New home sales increased by 5.6% in the third quarter according to Redfin.
In The News:
Freddie Mac – “Mortgage Rates Tick Up” (11-14-2019)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.75 percent.”
Mortgage Bankers Association – “Mortgage Delinquencies Fall to Lowest Level in Nearly 25 Years” (11-14-2019)
“The delinquency rate for mortgage loans on one-to-four unit residential properties decreased to a seasonally adjusted rate of 3.97 percent of all loans outstanding at the end of the third quarter of 2019, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.”
Zillow – “Younger Renters and Parents Sacrifice More to Make Rent” (11-14-2019)
“As rents continue to steadily rise across the U.S., about a quarter of renters say affording their rent payments is difficult or very difficult.”
ATTOM Data Solutions – “U.S. Foreclosure Activity in October 2019 Climbs Upward from Previous Month” (11-14-2019)
“ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its October 2019 U.S. Foreclosure Market Report, which shows there were a total of 55,197 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in October 2019, up 13 percent from the previous month but down 17 percent from a year ago.”
Redfin – “New-Home Sales Up 5.6% in the Third Quarter” (11-14-2019)
“New-home sale prices dropped 1.5 percent year over year to a median of $370,300 in the third quarter. That marks the biggest decline since at least 2012 and the third consecutive quarter of declines.”
Forbes – “Explosion vs. Slow Leak: The 2008/2009 Real Estate Market Compared To Today’s Market” (11-14-2019)
“A reporter recently asked me if the real estate market in 2019 resembled that in 2008.”
Realtor.com – “Mortgage Rates Are Increasing Again – So Why Did More People Apply for Home Loans?” (11-14-2019)
“Although mortgage rates now stand higher than they did just a couple months ago, more people are applying for loans to buy homes.”
Hunker – “How Much Does It ACTUALLY Cost to Buy a Home?” (11-14-2019)
“If you’re preparing to buy a home, we’re pretty sure you have a budget in mind well before you open Zillow.”
Aaron Norris will be presenting his latest talk Innovative Real Estate Marketing with Pasadena FIBI on Thursday, November 21.
Bruce Norris will be presenting Turmoil: The Coming Storm of Negative Interest Rates on Saturday, February 1.
Bruce and Aaron Norris will be presenting their second Florida Buying Boot Camp on Thursday and Friday, March 19-20.
Rent hikes, now with 2-day shipping! Mortgage applications decreased 3.2% from the previous week as interest rates continued to rise and stocks decrease. You could own a piece of the Eiffel Tower; you just needed about $50 grand.
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