Today’s News Synopsis:
From 238 down to 20 potential HQ2 cities. Foreclosures decreased to their lowest in 12 years last year, down 27% year-over-year and 76% from their peak in 2010. Housing starts on single-family homes decreased 8.2% last month according to HUD and the Commerce Department.
In The News:
Freddie Mac – “Mortgage Rates Move Higher For Second Consecutive Week” (1-18-2018)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing average fixed mortgage rates rising for the second consecutive week.”
“Nationwide housing starts fell 8.2 percent in December to a seasonally adjusted annual rate of 1.19 million units after an upwardly revised November reading, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department.”
Realtor.com – “Out in the Country, Home Buying Isn’t Idyllic at All” (1-18-2018)
“Country life might seem idyllic compared with the city—there’s a slower pace of life, a stronger sense of community, and way more home for your dollar, even including a nice plot of land.”
Zillow – “Inventory Shortage at Crisis Levels in Nation’s Hottest Housing Markets” (1-18-2018)
“Home shoppers looking to buy in 2018 will have 10 percent fewer homes to choose from than a year ago, according to the December Zillow Real Estate Market Report.”
ATTOM Data Solutions – “U.S. Foreclosure Activity Drops to 12-Year Low in 2017” (1-18-2018)
“ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its Year-End 2017 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 676,535 U.S. properties in 2017, down 27 percent from 2016 and down 76 percent from a peak of nearly 2.9 million in 2010 to the lowest level since 2005.”
“Ignore the bad housing starts number. Some will blame the weather. Others will claim the figures are too volatile month to month.”
Los Angeles Times – “Amazon is considering L.A. and 19 other places for its second headquarters” (1-18-2018)
“Amazon.com Inc. said Thursday that Los Angeles and 19 other places are the finalists for the $5-billion second headquarters the giant online retailer plans to build.”
Business Insider – “The housing market still can’t keep up with the millennial demand even after its best year in a decade” (1-18-2018)
“By some measures, the housing market just had its best year in a decade. On Thursday, the Census Bureau released its final report on new residential construction, completions, and building permits in 2017. All three rose to the highest levels since 2007.”
Hard Money Loan Closed
Palmdale, California hard money loan closed. Real estate investor received loan for $155,000 on this single family property appraised for $240,000.
Bruce Norris will be presenting Stay Put or Cash Out with OC FIBI on Tuesday, February 6.
Bruce Norris will be presenting Stay Put or Cash Out with the Arcadia Association of Realtors on Wednesday, February 7.
Bruce Norris will be presenting Stay Put or Cash Out with TIGAR on Thursday, February 15.
The NAHB reported builder confidence continued to hold steady, having only decreased 2 points to 67. The Mortgage Bankers Association reported a 0.8% increase in mortgage applications from the previous week. A ruling made by the Ninth Circuit Court allowing Fannie Mae to bring state lawsuits directly to the Federal Court was overturned.
For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.