Today’s News Synopsis:
Who is to blame for the housing shortage? Mortgage delinquency rates were at their lowest in more than ten years last month according to CoreLogic, having decreased 0.2% year-over-year. Debt on commercial and multi-family properties increased by 1.5% ($45.4 billion) to $3.1 trillion in the third quarter.
In The News:
CoreLogic – “CoreLogic Reports September Mortgage Delinquency Rates Lowest in More Than a Decade” (12-12-2017)
“CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 5 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in September 2017.”
Mortgage Bankers Association – “November New Home Purchase Mortgage Applications Increase 12.2 Percent Year over Year” (12-12-2017)
“The Mortgage Bankers Association (MBA) Builder Applications Survey (BAS) data for November 2017 shows mortgage applications for new home purchases increased 12.2 percent compared to November 2016.”
Fannie Mae – “Fannie Mae Announces Eviction Moratorium for the Holidays” (12-12-2017)
“Fannie Mae (FNMA/OTC) announced today that it will suspend evictions of foreclosed single-family properties during the holiday season.”
CNBC – “Republican tax plan poised to benefit landlords” (12-12-2017)
“While regular homeowners may be worrying that the Republican tax plan will raise their monthly costs, investors in single-family rental homes see the proposal as a potential boon to business.”
National Association of Realtors – “Infographic: Homeowners Say Changing Homeownership’s Tax Incentives Restricts Mobility, Causes Financial Strain”
“An overwhelming majority of homeowners would take advantage of the mortgage interest deduction and state and local property tax deductions if they were to purchase a new home, and a notable share said that the proposed changes to these tax incentives would affect their budget and desire to move in the future.”
Mortgage Bankers Association – “Commercial/Multifamily Mortgage Debt Rises to $3.11 Trillion; CMBS Debt Outstanding Reverses Years-Long Decline” (12-12-2017)
“The level of commercial/multifamily mortgage debt outstanding increased by $45.4 billion, or 1.5%, to $3.11 trillion in the third quarter of 2017 as all four major investor groups, including Commercial Mortgage Backed Securities (CMBS), increased their holdings over the second quarter.”
Market Watch – “There’s not enough homes for sale. Here’s who to blame” (12-12-2017)
“Almost anyone who has searched for a house recently knows there are not enough houses for sale. One simple number defines the problem.”
Bruce Norris will be presenting Stay Put or Cash Out with SDCIA TONIGHT.
Aaron Norris will be speaking at OCREIA’s Note Panel on Thursday, December 14.
Bruce Norris will be presenting Stay Put or Cash Out with Prosperity Through Real Estate on Tuesday, January 2.
Both Fannie Mae and Freddie Mac released their eviction moratoriums for the holidays on this day. It seemed fewer real estate transactions were taking place as people were waiting to see how Trump would handle the market. Although the Fed was certain to raise interest rates to 05-0.75%, the issue did not seem to be as big a discussion as prior years.
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