Only 16% of Redfin Buyers Say They Faced Bidding War In March

Today’s News Synopsis:

Fewer bidding wars says Redfin.  The Mortgage Bankers Association reported an 8.9% increase in mortgage applications from last week.  Conservatorship for Fannie and Freddie officially ended today by Trump.

In The News:

Redfin – “Only 16 Percent of Redfin Buyers Faced a Bidding War So Far in March, Down from 61 Percent a Year Earlier” (3-27-2019)

“San Francisco, Boston, San Diego and Portland are the most competitive housing markets this month, but still only one in five homebuyers faced bidding wars—far fewer than a year earlier.”

CNBC – “Nobel Prize winner Robert Shiller: Housing market ‘not as exciting'” (3-27-2019)

“Nobel Prize winner Robert Shiller told CNBC that despite a strong housing market since 2012, homebuyers do not seem as excited.”

Curbed “Observatory transformed into a perfect replica of R2-D2” (3-27-2019)

“Is it mere coincidence or brilliant design choice that Star Wars’s beloved R2-D2 bears an uncanny resemblance to an observatory? Either way, the similarities are undeniable, and this observatory in Zweibrücken, Germany, is all the proof you need.”

Bloomberg “Homebuilders’ Earnings Boosted by Falling Mortgage Rates” (3-27-2019)

“Falling mortgage rates are giving a lift to U.S. homebuilders just in time for the key spring selling season.”

Mortgage Bankers Association “Mortgage Applications Increase in Latest MBA Weekly Survey” (3-27-2019)

“Mortgage applications increased 8.9 percent from one week earlieraccording to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 22, 2019.”

National Association of Realtors “NAR Pushes for Bipartisan Congressional Action as GSE Reform Conversation Intensify” (3-27-2019)

“The National Association of Realtors® continued its push to drive Government Sponsored Entity reform as President-Elect Vince Malta testified before the Senate Banking Committee on Wednesday morning.”

Business Insider “Millennials don’t want to buy baby boomers’ sprawling, multi-bedroom homes, and it’s creating a major problem in the real-estate market” (3-27-2019)

“It’s well documented that millennials tend to make different lifestyle choices than baby boomers do, from waiting longer to get married and have children to spending their money on health, wellness, and experiences rather than material goods.”

HousingWire “Tump officially calls for end to Fannie Mae, Freddie Mac conservatorship” (3-27-2019)

“President Donald Trump is officially calling for an end to the conservatorship of Fannie Mae and Freddie Mac, according to a White House release issued Wednesday.”

 

California Real Estate Investor Events

Bruce Norris will be presenting 10 Decisions To Make Before The Next Downturn at the AOA Million Dollar Trade Show on Wednesday, April 17.

Aaron Norris will be presenting Innovating Real Estate Marketing with the Moreno Valley Professionals on Thursday, April 18.

Bruce Norris will be presenting 10 Decisions To Make Before The Next Downturn with Pasadena FIBI on Thursday, April 18.

 

Looking Back:

Case-Shiller says home prices were still hot.  Redfin reported a 14.1% decrease on their Housing Demand Index in February, putting it at 110.  There was potential to see an increase in people renting out their homes with the passage of a new tax law.

 

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