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Today’s News Synopsis:
Aaron Norris of the Norris Group gives this week’s Norris Group real estate headline roundup. HUD and the Census Bureau reported a 2.9% increase in new home sales for the month of May. Freddie Mac released their outlook for June, and they exepect housing starts and home sales to exceed that of last year’s. In a unique news story, real estate agents are advertising their luxury homes through full-length movies.
In The News:
Freddie Mac – “Freddie Mac June 2017 Outlook” (6-23-2017)
“Freddie Mac (OTCQB: FMCC) today released its monthly Outlook for June, which shows that despite some recent bumps, the U.S. housing market remains on track to exceed last year’s best-in-a-decade levels for housing starts and home sales.”
NAHB – “New Home Sales Rise 2.9 Percent in May” (6-23-2017)
“Sales of newly built, single-family homes in May rose 2.9 percent to a seasonally adjusted annual rate of 610,000 units after an upwardly revised April reading, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”
Los Angeles Times – “Traditional home tours are becoming obsolete. Real Estate Agents Are Using Movies to Sell Mansions” (6-23-2017)
“Successfully marketing a mansion now requires much more than panning shots from an iPhone or even expensive videos shot by drone. Real estate agents with luxury listings are now experimenting with full-on property movies — films featuring actors, story arcs, scores and Tinseltown-caliber cinematography.”
Bloomberg – “Where the World’s Wealthiest Spend Their Weekends” (6-23-2017)
“Now that the Hamptons are synonymous with wealth, leisure, and stratospheric real estate prices, it’s no surprise that brokers around the world are eager to associate their own listings with the area.”
DS News – “With Apartment Living on the Rise, Where Does That Leave the Single Family Market?” (6-23-2017)
“Q4 of 2016 saw a rise in completion of multifamily homes, including apartments and condominiums, according to the most recent Survey of Market Absoption (SOMA), which is produced by the U.S. Census Bureau in conjunction with the U.S. Department of Housing and Urban Development.”
Realtor.com – “New Homes Just Keep Getting Pricier, but Buyers Keep Coming” (6-23-2017)
“Looking for a deal on a newly constructed home? Well, you’re not likely to get one if current trends continue.”
Bloomberg – “Why Can’t They Build More Homes Where the Jobs Are?” (6-23-2017)
“In a logical world, builders would rush to put up homes in the U.S. regions adding jobs at the fastest pace. In reality, it’s not so simple.”
CNBC – “America is over-malled, but not enough warehouses to support Amazon” (6-23-2017)
“America has too many malls. It’s a problem that has vexed Wall Street and is an even darker cloud hanging over stocks known as real estate investment trusts, or REITs, which are the landlords for much of America’s retail properties.”
Bruce Norris will be speaking at An Intimate Evening with Bruce Norris at Prosperity Through Real Estate on Tuesday, July 11.
Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with InvestClub for Women on Wednesday, August 16.
Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with SJREI on Thursday, September 14.
The National Association of Realtors reported existing home sales increased 1.8% the previous month to their highest since 2007. Meanwhile, sales of new homes decreased 6% the previous month to 551,000. Ocwen Financial was required to pay $30 million in a settlement regarding fraud.
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