Realtor.com Releases List of Most and Least Affordable Beach Towns

Today’s News Synopsis:

Reator.com just released their newest list, this one showing which beach towns are the most and least affordable.  The National Association of Realtors reported a 1.3% decrease in pending home sales in April.  First American Financial Corporation reported loan application defects increased again for the fifth month in a row, North Dakota showing the highest.

In The News:

Zillow – “Foreign Buyers Influencing Home Luxury Market” (5-31-2017)

“International buyers of residential real estate in the U.S. don’t have a significant impact on the overall housing market. They are more influential at the top end of the market, according to the 2017 Q2 Zillow Home Price Expectations Survey.”

Realtor.com – “America’s Most-and Least-Affordable Beach Towns, 2017 Edition” (5-31-2017)

“It’s the American summertime real estate fantasy.  When the mercury starts rising again from coast to coast, we start dreaming about having a home right by the beach—close enough to enjoy a morning walk by the water and to hear the waves crashing at night.”

CNBC – “Pending home sales drop 1.3% in April as spring housing market shows weakness” (5-31-2017)

“Home buyers pull back again in April, signing fewer contracts.  The spring housing market continues to be plagued by a lack of homes for sale. Home shoppers signed 1.3 percent fewer contracts to buy existing homes in April compared with March, according to a monthly index from the National Association of Realtors.”

Business Wire “Fifth Consecutive Month of Increased Defect, Fraud and Misrepresentation Risk Signals Need for Vigilance, According to First American Loan Application Defect Index” (5-31-2017)

“First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today released the First American Loan Application Defect Index for April 2017, which estimates the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (5-31-2017)

“Mortgage applications decreased 3.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 26, 2017.”

Redfin – “Walk Score Ranks the Most Walkable Cities of 2017” (5-31-2017)

“Walk Score (www.walkscore.com), a Redfin company, today released its 2017 ranking of the most walkable U.S. cities with populations over 300,000.”

The Real Deal Magazine “Blackstone surpasses Brookfield as world’s biggest real estate manager” (5-31-2017)

“Blackstone is once again the world’s largest real estate manager after overtaking Brookfield Property Partners  last year.”

DS News “Appeals Court Dismisses LA Case v. BofA, Wells” (5-31-2017)

“Claims filed by the city of Los Angeles against Bank of America and Wells Fargo have been dismissed, after going before an appellate panel in the Ninth Circuit Court of New York earlier this week.”

 

Hard Money Loan Closed

El Cajon, California hard money loan closed. Real estate investor received loan for $250,000 on this single family property.

El Cajon Hard Money Loan closed by the Norris Group

 

Bruce Norris will be speaking at The Southern California Chapter of the Appraisal Institute’s 20th Annual
Inland Empire Market Trends
on Thursday, June 1.

Aaron Norris will be presenting his latest talk Technology Trends and Effects on Real Estate with NorcalREIA on Wednesday, June 14.

Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with the South Orange County Real Estate Club on Thursday, June 22.

 

Looking Back:

Republicans planned to announce a new plan to bring major reform for Dodd-Frank, which would include replacing both the act itself and many of its financial reforms.  The latest Case-Shiller Index showed home prices increased 5.4% across the nation and 5.1% in the top 10 metropolitan areas, revealing prices to be increasing double the speed of inflation.  The latest Home Value Forecast by Pro Teck Valuation Services showed an increasing gap between hot and cold markets.

 

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.


 

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