Today’s News Synopsis:
Harvard study shows housing inequality for seniors. Mortgage rates increased this week with 30-year rates now at 3.69% and 15-year rates at 3.15%. Despite this, there’s still home for homebuyers. Have you wanted to live in your own Barbie Dreamhouse? Now, thanks to Airbnb, you can.
In The News:
Freddie Mac – “Mortgage Rates Jump” (10-17-2019)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.69 percent, up 12 basis points from last week.”
NAHB – “Single-Family Housing Starts Hold Firm in September” (10-17-2019)
“Due to a decline in multifamily housing starts, total housing starts fell 9.4 percent in September to a seasonally adjusted annual rate of 1.26 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department.”
Mortgage Bankers Association – “September New Home Purchase Mortgage Applications Increased 34.2 Percent” (10-17-2019)
“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for September 2019 shows mortgage applications for new home purchases increased 34.2 percent compared to a year ago. Compared to August 2019, applications decreased by 8 percent.”
Forbes – “Mortgage Rates Rise, But There’s Still Hope For Homebuyers” (10-17-2019)
“Mortgage rates continued their ping-ponging this week, inching up to 3.69%, according to Freddie Mac. That’s .12% higher than last week, but still 1.16% lower than this time last year.”
Zillow – “U.S. Housing Inventory Falls to New Lows After Rebounding Before Home Shopping Season” (10-17-2019)
“The gains from a modest buildup of inventory earlier this year were more than erased during the 2019 home shopping season, according to the September Zillow® Real Estate Market Report.”
ATTOM Data Solutions – “Q3 2019 Foreclosure Activity Down 19 Percent from Year Ago to Lowest Level Since Q2 2005” (10-17-2019)
“ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q3 2019 U.S. Foreclosure Market Report, which shows there were a total of 143,105 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the third quarter, down 6 percent from the previous quarter and down 19 percent from a year ago to the lowest level since Q2 2005 — a more than 13-year low.”
Curbed – “As record number of boomers hit retirement age, inequality rampant in senior housing” (10-17-2019)
“Harvard’s annual state of senior housing report underscores deep challenges around inequality in an aging nation.”
Money – “10 Ways You Can Stop Renting and Actually Become a Homeowner” (10-17-2019)
“Homeownership has its perks, among them tax advantages (the mortgage interest deduction and capital gains exclusion), as well as equity-building opportunities.”
Airbnb – “Welcome to the Barbie Malibu Dreamhouse” (10-17-2019)
“For the first time ever, my Barbie™ Malibu Dreamhouse is on Airbnb! Available for a one-time, two-night stay, but I promise the memories will last a lifetime.”
The Norris Group will be presenting its 9th annual Cutting-Edge Financial Tactics Brunch on Saturday, October 19.
Bruce Norris will be presenting 10 Decisions to Make Before The Next Downturn with the South OC REI Club on Wednesday, October 30.
Aaron Norris will be presenting his latest talk Innovative Real Estate Marketing with Pasadena FIBI on Thursday, November 21.
Home Sharing vs Airbnb? The latest Mortgage Applications Survey from the MBA showed mortgage applications decreased 7.1% from the previous week. More and more people were choosing to rent as they were finding it more affordable.
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