Today’s News Synopsis:
How will real estate handle rising interest rates? Mortgage rates continue to hold ground with 30-year rates at 4.45% and 15-year rates at 3.88%. More and more newly constructed homes may be undergoing price cuts.
In The News:
NAHB – “Remodeler’s Confidence Holds Relatively Steady in Fourth Quarter” (1-17-2019)
“The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) posted a reading of 57 in the fourth quarter of 2018, only one point lower than the previous quarter.”
Mortgage Bankers Association – “December New Home Purchase Mortgage Applications Decreased 6.1 Percent” (1-17-2019)
“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for December 2018 shows mortgage applications for new home purchases decreased 6.1
percent from a year ago.”
Zillow – “Price Cuts on New Construction Homes Becoming More Common” (1-17-2019)
“Home shoppers may be able to find a better deal on a new construction home than they could a year ago.”
CoreLogic – “2018 is Third Consecutive Year of Above-Average Catastrophe Activity, CoreLogic Report Shows” (1-17-2019)
“CoreLogic (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its annual Natural Hazard Report, which addresses the recent wildfires in California and severe rainfall- and hurricane-induced flooding throughout the nation as the leading catastrophes in 2018.”
Freddie Mac – “Mortgage Rates Hold Steady” (1-17-2019)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing that rates remained flat after dropping for six consecutive weeks.”
MarketWatch – “Buyers are finally finding more discounts on new homes – if you live in these cities” (1-17-2019)
“Buying a new home doesn’t need to break the bank as more buyers are finding discounted properties.”
U.S. News – “How Will Real Estate Handle Rising Interest Rates?” (1-17-2019)
“RISING INTEREST RATES are having a ripple effect across the housing market as the Federal Reserve increases borrowing costs.”
The Mercury News – “Building a Bay Area granny flat still challenging” (1-17-2019)
“Recent California reforms designed to make it easier to build granny flats — one fix to ease the housing crisis — have not gone far enough to overcome local bureaucracy and neighborhood opposition, housing advocates say.”
Bruce Norris will be presenting his latest talk 10 Decisions To Make Before The Next Downturn with OCREIA on Thursday, January 17.
Bruce Norris will be presenting his newest market timing report California Real Estate: On Borrowed Time on Saturday, January 26.
Aaron Norris will be presenting Technology Trends and Effects on Real Estate with the South Orange County Real Estate Investment Club on Wednesday, January 30.
Aaron Norris will be presenting Technology Trends and Effects on Real Estate at IVAR on Wednesday, February 6.
The CFPB wanted to hear from you. The NAHB reported a two-point increase in builder confidence in December, placing it at 72. The Mortgage Bankers Association reported a 4.1% in mortgage applications the previous week.
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