Today’s News Synopsis:
Low mortgage rates won’t help home buyers much. Home prices increased 7% last month as housing supply decreased by 7%. Mortgage rates increased slightly with 30-year rates now at 3.47% and 15-year rates at 2.97%
In The News:
Freddie Mac – “Mortgage Rates Tick Up Slightly” (2-13-2020)
“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 3.47 percent.”
Redfin – “Home Prices Rose 7% in January, Housing Supply Fell 11%” (2-13-2020)
“Imbalance between demand from homebuyers and supply of homes for sale is heating up many markets across the U.S.”
Zillow – “The Major Role Work-Life Balance Plays in Decisions About Home” (2-13-2020)
“Commute times and working remotely are top of mind for those making decisions about where to live, what home to buy or rent and what job to accept.”
MarketWatch – “OK, boomers and millennials: This next wave of home buyers is coming up fast” (2-13-2020)
“Millennials are now the largest group of U.S. home buyers — 37% of all buyers in 2018, per the National Association of Realtors.”
Apartment Therapy – “10 Things from Your Grandparents’ Kitchen That Are Actually Cool Again” (2-13-2020)
“What was once old is new again, and this time around, the interior design world is gathering inspiration from—wait for it—your grandparents’ kitchen.”
Economist – “Technology is poised to upend America’s property market” (2-13-2020)
“From far enough away most houses look the same. At cruising altitude over Dallas, Los Angeles and even much of New York, most dwellings are nondescript: beige- or grey-roofed, laid out in neat patterns.”
“Ultra-low interest rates have sparked another boom in mortgage refinancing activity, but homebuyers may not reap as much benefit.”
Curbed – “More seniors are living alone. Stop blaming them for the housing crisis” (2-13-2020)
“Ask housing policy experts why housing costs are at or near all-time highs in most cities in America and you’ll get one primary answer: There aren’t enough houses and apartments for people to buy or rent.”
Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with OC FIBI on Tuesday, March 3.
Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with NorcalREIA on Wednesday, March 11.
Bruce and Aaron Norris will be presenting their latest Florida Buying Bootcamp 2020 Thursday-Friday, March 19-20.
Welcome home honey! The Mortgage Bankers Association reported mortgage applications decreased 3.7% in their latest survey. Why did the newly-built apartment buildings in America all seem to look the same?
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