Today’s News Synopsis:
Can’t qualify for a mortgage? When should you do the necessary upgrades to your home: before or after selling? The Mortgage Bankers Association reported a 3.3% decrease in mortgage applications from last week.
In The News:
MarketWatch – “Americans are driving until they qualify again, and builders are responding” (5-29-2019)
“Home builders are applying for permits to build houses in the “exurbs” more than any other area of the country, another sign of how the housing affordability crunch is driving consumer and industry decisions.”
Realtor.com – “Should You Do Home Upgrades Now…or Right Before You Sell?” (5-29-2019)
“Home sellers are often told to make upgrades to their house before they sell … but when is the best time to get those home improvements underway, in terms of scoring the best ROI?”
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-29-2019)
“Mortgage applications decreased 3.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 24, 2019.”
Zillow – “Regrets About Mortgages Don’t Dim Millenials’ Love for Their Homes” (5-29-2019)
“Younger homeowners more often say they rushed through the buying process and have regrets about their mortgage, likely resulting from the challenges young buyers face entering today’s expensive housing market.”
Forbes – “4 Questions To Ask When You’re Searching For The Perfect Rental” (5-29-2019)
“Whether you’re looking for a high-rise apartment or a single-family home, deciding to sign a new lease is a big deal.”
My Modern Met – “Seniors Are Buying Tiny Homes to Live Their Golden years Off the Grid” (5-28-2019)
“Forget assisted living or RVs, more and more seniors are looking at tiny homes to spend their retirement. In fact, a 2015 survey found that 30% of tiny home residents were between 51 and 70 years old, making senior citizens a huge part of the tiny home movement”
USA Today – “Despite strong US housing market, these American cities have the most vacant homes” (5-29-2019)
“The U.S. housing market is at one of its strongest points in decades – and U.S. vacancy rates reflect that strength.”
DS News – “CFPB Updates on Dodd-Frank, Qualified Mortgage Patch” (5-29-2019)
“The Consumer Financial Protection Bureau has released its Spring 2019 rulemaking agenda, part of the Unified Agenda of Federal Regulatory and Deregulatory Actions.”
Aaron Norris will be moderating the ADU Panel for SDCIA on Tuesday, June 11.
Bruce Norris will be speaking at the Southern California Appraisal Institute’s 22nd Annual Inland Empire Market Trends on Thursday, June 13.
Bruce and Aaron Norris will be speaking at the NSDREI 15th Anniversary Dinner Party on Tuesday, June 18.
Today’s news featured some clever painting tips. The latest report from the S&P Dow Jones Indices and CoreLogic showed it may be becoming harder to afford a home with the increasing mortgage rates. Despite this, more people were still choosing to buy rather than rent. Speaking of rents, the ever-increasing rents were leaving more people just “one crisis away” from financial ruin.
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