Today’s News Synopsis:
Are homes still selling above list price? Mortgage rates decreased for the third week in a row with 30-year rates now at 3.45% and 15-year rates at 2.97%. According to ATTOM Data Solutions, U.S. Homeowners are four times more likely to be equity-rich than underwater.
In The News:
Freddie Mac – “Mortgage Rates Fall for the Third Consecutive Week” (2-6-2020)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate was the lowest in three years.”
Mortgage Bankers Association – “Mortgage Credit Availability Decreased in January” (2-6-2020)
“Mortgage credit availability decreased in January according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) that analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”
Zillow – “Homes Sold Above List Price Fell to Three-Year Low in 2019” (2-6-2020)
“The dip reflects the slower market last spring, but a historic inventory shortage may put more money in sellers’ pockets in 2020 as we enter home shopping season.”
ATTOM Data Solutions – “U.S. Homeowners Four Times As Likely To Be Equity-Rich Than Seriously Underwater” (2-6-2020)
“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 fourth-quarter 2019 U.S. Home Equity & Underwater Report, which shows that 14.5 million residential properties in the United States were considered equity-rich, meaning that the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value.”
Apartment Therapy – “This Is the Single Most Renter-Friendly Thing You Can Buy at IKEA, According to an IKEA Employee” (2-6-2020)
“The amount of IKEA products I’ve lugged into all of my apartments over the years is almost criminal.”
“The market’s 1.6% climb leaves it better off than it was at the start of 2019, but growth still remains below peak. ”
Bloomberg Opinion – “The Fed Faces a Housing Conundrum” (2-6-2020)
“Artificially repressed interest rates have perverted what was once a market driven by supply and demand.”
Huff Post – “Renting Is Almost As Expensive As Owning A Home Now, Study Suggests” (2-6-2020)
“Renting is now only slightly cheaper than owning a home, according to a new study.”
Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with LA South REIA on Monday, February 10.
Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with OC FIBI on Tuesday, March 3.
Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with NorcalREIA on Wednesday, March 11.
How aging in place is restricting young homebuyers. The Mortgage Bankers Association reported mortgage applications decreased 2.5% from the previous week in their latest Mortgage Applications Survey. What were four good reasons this year may be a good time to buy a home?
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