Norris Bruce
Sep 17, 2019

PadSplit Says Single Rooms Are Ready For A Comeback

Today’s News Synopsis:

Are single-room rentals the future of low cohousing?  New home purchase mortgage applications increased 33% last month according to the Mortgage Bankers Association.  The NAHB reported builder confidence increased one point to 68 this month, putting it at a yearly high.

In The News:

NAHB “Builder Confidence Hits Yearly High in September” (9-17-2019)

“Builder confidence in the market for newly-built single-family homes rose one point to 68 in September from an upwardly revised August reading of 67, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today.”

Mortgage Bankers Association “August New Home Purchase Mortgage Applications Increased 33 Percent” (9-17-2019)

“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for August 2019 shows mortgage applications for new home purchases increased 33 percent compared to a year ago.”

CoreLogic “CoreLogic Reports Continued Growth of Low-End Rental Market Driven by Demand of Younger Millennials” (9-17-2019)

“CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and among 20 metropolitan areas. Data collected for July 2019 shows a national rent increase of 2.9%, compared to 3.1% in July 2018.”

DS News “California Faces Affordability Challenges” (9-17-2019)

“California has the highest poverty rate in the nation, according to analysis from the U.S. Census Bureau, and according to Texas Public Policy Foundation VP Chuck DeVore on Forbes, California’s new rent control law will likely make things worse.”

Zillow “It Pays to Shop for a Mortgage (More Than You Might Think)” (9-17-2019)

“The typical home buyer spends more than four months shopping for the perfect place.  They tour an average of more than four homes, attend two open houses and make two offers.”

Bloomberg – “Atlanta Startup Sees Single-Room Rentals as Future of Low-Cost Housing” (9-17-2019)

“Rentals with single-room occupancies, once a staple of urban housing, were largely zoned out of U.S. cities decades ago.”

Oregon Live “Homebuyers may have an edge as sales flatten” (9-17-2019)

“It appears a relatively good time to be a homebuyer in the Portland area.  Mortgage rates have fallen to near-record lows, and more houses are listed for sale. Bidding wars are mostly a thing of the past.”

Realtor.com “Want to Buy a Cheap House?  Watch Out!  Why My $36K ‘Bargain’ Home Was Anything But” (9-17-2019)

“As a real estate agent for the past five years, I’ve heard many of my clients tell me how badly they want to find a real deal.”

 

California Real Estate Investor Events

Bruce Norris will be presenting his latest talk 10 Decisions To Make Before The Next Downturn with the BIEREIC on Wednesday, September 18.

The Norris Group will be presenting its 12th annual award-winning black-tie event I Survived Real Estate 2019 on Friday, September 27.

The Norris Group will be presenting its 9th annual Cutting-Edge Financial Tactics Brunch on Saturday, October 19.

 

Looking Back:

Renters were paying more for less when it comes to apartments.  The latest and newest real estate craze was not what you would expect: nuclear bunkers.  Could we be nearing a buyer’s markets with the increasing inventory?

 

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