Not So Much

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.”

Redfin “Luxury Housing Prices Strengthen in Fourth Quarter, But Still Have Room to Grow” (2-6-2020)

“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.”


California Real Estate Investor Events

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.


Looking Back:

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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