Today’s News Synopsis:
Due to a shortage of properties for sale, homes are getting bought up at the fastest pace in 30 years. Home prices increased 0.24% according to Black Knight’s latest Home Price Index Report. Meanwhile, luxury homes in Los Angeles are taking twice as long to sell.
In The News:
HousingWire – “Homeownership rate rises to highest level since 2014” (10-31-2017)
The US Census Bureau shows homeownership has slightly increased after hitting a record low in 2014. In the 3rd quarter of 2017, homeownership hit 63.9%.
MReport – “Freddie Profits Despite Litigation in Q3” (10-31-2017)
Freddie Mac posted solid income of $4.7 billion and a net worth of $5.3 billion in Q3 of 2017. It’s portfolio of loans is now at almost $2 trillion, up 5% from this time last year.
Inman – “Seattle is the new San Francisco” (10-31-2017)
“Despite record-setting spec mansion listings, it appears that buyers in L.A.’s luxury market have pumped the brakes a bit. Luxury homes are sitting nearly twice as long on the market as they did in the same period last year, according to a new quarterly report from Douglas Elliman Real Estate.”
Deseret News – “Report: Salt Lake ranks No. 3 in U.S. for real estate investment” (10-31-2017)
“Utah’s capital city has joined the ranks of the top cities in America for commercial real estate investment, a new report indicates.”
Forbes – “Top Reasons Why Real Estate Investing Is So Popular” (10-31-2017)
“Real estate is secured by a physical asset and is an overwhelmingly stable investment. In the vast majority of cases, an investment property will retain its value and appreciate over time”
National Real Estate Investor – “Rent Growth Slows Down in the SFR Sector” (10-31-2017)
“Rents are likely to keep growing through 2020, but at a slower rate that will get closer to its historical average of 2 percent.”
Bloomberg – “Why Is the Government Giving Money to Dying Malls?” (10-31-2017)
“At the Brookfield Square mall in Wisconsin, the landlord, CBL & Associates Properties Inc., needed a new occupant for a fading Sears. CBL had been tinkering with the mix for the past few years.”
CNBC – “Lennar to buy CalAtlantic, forming largest homebuilder in the US” (10-31-2017)
“Lennar said on Monday it would buy smaller rival CalAtlantic for about $6 billion, creating the largest homebuilder in the United States as the sector combats higher land acquisition costs and a tighter labor market.”
Aaron Norris will be presenting Technology Trends and Effects on Real Estate with LA South REIA on Monday, November 13.
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.