Today’s News Synopsis:
How do you communicate with your tenants? The National Association of Realtors reported a 3.1% increase in pending home sales in February. The NAR also reported consumers are still hesitant to buy despite becoming more confident in their economic and financial situations.
In The News:
Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (3-28-2018)
“Mortgage applications increased 4.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 23, 2018.”
National Association of Realtors – “Pending Home Sales Reverse Course in February, Rise 3.1 Percent” (3-28-2018)
“Pending home sales snapped back in much of the country in February, but weakening affordability and not enough inventory on the market restricted overall activity compared to a year ago, according to the National Association of Realtors.”
Bloomberg – “Warehouses Are Now Worth More Than Offices, Thanks to Amazon” (3-28-2018)
“While China slams the brakes on buying trophy properties and the retail apocalypse draws nigh, something less sexy but striking is going on in real estate.”
National Mortgage News – “Housing bubble or not, the real estate market is in trouble” (3-28-2018)
“First, some good news. Despite the meteoric rise in home prices, the real estate market hasn’t ventured into housing bubble territory. The bad news? Home prices are still going to decline, and mortgage defaults are likely to rise.”
Think Realty – “How to Effectively Communicate with Tenants” (3-28-2018)
“Our world today is a 24/7, instant-access world. We bank online, depositing checks using digital pictures. We reach out to family and friends, communicating instantaneously via email, social media, and text without regard to time of day or geographic location.”
Wall Street Journal – “My 10-Year Odyssey Through America’s Housing Crisis” (3-28-2018)
“After looking at several houses along Alabama’s Gulf Coast, we decided the sunny cottage on Audubon Drive in Foley was the one—so long as the seller came down a little on the price.”
American Banker – “A mortgage in 30 minutes? Fintech says it’s coming” (3-28-2018)
“Quicken Loans’ Rocket Mortgage has made waves because it promises to process a mortgage application in minutes and close the loan in under a month, but a new upstart is aiming to knock the firm, now the largest nonbank home lender in the country, off its perch.”
HousingWire – “Homebuyers becoming dispirited even as economic confidence grows” (3-28-2018)
“Americans are growing increasingly confident in the economy and their financial situation, however this is not translating into a more positive view that now is a good time to buy a home, according to the National Association of Realtors’ first quarter Housing Opportunities and Market Experience survey.”
Hard Money Loan Closed
Burbank, California hard money loan closed. Real estate investor received a loan for $750,000 on this single family property.
Bruce Norris will be presenting 10 Life-Changing Days of a Real Estate Investor with OC FIBI on Tuesday, April 3.
Bruce Norris will be presenting Stay Put or Cash Out with IVAR on Wednesday, April 4.
Bruce Norris will be presenting Stay Put or Cash Out with Pasadena FIBI on Thursday, April 19.
Bruce Norris will be presenting Stay Put or Cash Out with the OCRE Forum on Wednesday, May 9.
The latest Case-Shiller National Index from S&P and CoreLogic showed a 5.9% annual gain in home prices, putting them at their highest in 31 months. The latest report from the CFPB showed complaints regarding credit were much higher from December 2016-February 2017. A new product was released by ATTOM Data Solutions on this day that helped point out what properties were likely to sell 30 days after their settlement date.
For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.