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Today’s News Synopsis:
Aaron Norris of the Norris Group gives this week’s Norris Group real estate headline roundup. New home sales of single-family homes increased 12.2% to their highest in 10 years, coming in at 563,000. Fannie Mae reported their multifamily mortgage-backed securities sales in the fourth quarter totaled $14.4 billion. Wells Fargo removed their site where people could post complaints, and now U.S. Senator Elizabeth Warren wants to know why.
In The News:
NAHB – “New Home Sales Post Highest Yearly Total Since 2007” (1-26-17)
“Sales of newly built, single-family homes rose 12.2 percent in 2016 to 563,000 units, the highest annual rate since 2007, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. New home sales fell 10.4 percent in December 2016 to a seasonally adjusted annual rate of 536,000 units.”
Fannie Mae – “Fannie Mae Issues $14.4 Billion of Multifamily MBS in the Fourth Quarter of 2016” (1-27-17)
“Fannie Mae (FNMA/OTC) announced today that the company issued $14.4 billion1 of multifamily MBS in the fourth quarter of 2016, primarily through its Delegated Underwriting and Servicing (DUS®) program. Fannie Mae also resecuritized $2.9 billion of DUS MBS through its Guaranteed Multifamily Structures (Fannie Mae GeMS™) program.”
Business Journals – “Breaking down Greater Baltimore’s 2016 commercial real estate market, and looking ahead” (1-27-17)
“Two new reports on Greater Baltimore’s commercial real estate market show that while leasing figures are slightly down, rental rates have risen.”
Seaking Alpha – “Real Estate Weekly: Higher Mortgage Rates Begin To Affect Housing Markets” (1-27-17)
Bloomberg – “JPMorgan Rates Traders Said to Get 20% Bonus Bump, 10% at BofA” (1-27-2017)
“It’s a good time to be a rates trader on Wall Street. JPMorgan Chase & Co., the world’s biggest investment bank by revenue, boosted its 2016 bonus pool for traders dealing in government bonds, swaps and other assets tied to interest rates by about 20 percent, according to people with knowledge of the matter who asked not to be identified discussing compensation.”
CNBC – “After Trump’s first week, homebuyers will pay more” (1-27-17)
“If you’re out house hunting this weekend, expect to pay more for the same house that was on the market last weekend. New policy from the administration of President Donald Trump, as well as reaction to that, have made borrowing costs more expensive for homebuyers and labor costs more expensive for homebuilders.”
DS News – “Pence Vows End to Dodd-Frank” (1-27-17)
“Vice President Mike Pence said repealing Dodd-Frank remains one of the top goals for him and President Donald Trump.”
Bloomberg – “Labor Department Website for Wells Fargo Complaints Removed” (1-27-17)
“U.S. Senator Elizabeth Warren asked the Labor Department for an update on its investigation into Wells Fargo & Co.’s sales practices after she was unable to access a website the agency set up to track complaints from the bank’s employees.”
Bruce Norris of The Norris Group will be speaking at the 2017 Los Angeles Real Estate Summit on Wednesday, February 1.
Bruce Norris of The Norris Group will be presenting 2% Interest, $30 Trillion in Debt, and Other Suprise Endings on Saturday, February 4.
Bruce Norris will be speaking at 10 Life-Changing Days of a Real Estate Investor with OC FIBI on Tuesday, February 7.
Image copyright source: www.flickr.com/photos/sercasey
The NAHB reported a 14.5% increase in new home sales, its highest in eight years. At the same time, the MBA reported mortgage applications also increased 8.8% with the drop in mortgage rates. Real estate agents were putting more time and effort into helping those with disabilities find the right home.
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