Today’s News Synopsis:
Instant Offers: Zillow tells you what it is, isn’t, what they learned and where it’s going. Housing affordability is lower with increased home prices and tight inventory, standing at 29% compared to 32% in the first quarter. Mortgage rates also decreased again with 30-year rates at 3.9% and 15-year rates at 3.18%.
In The News:
California Association of Realtors – “2nd Qtr Housing affordability report” (8-10-2017)
“Higher home prices resulting from a severe lack of homes for sale and high demand during the hot home-buying season eroded California’s housing affordability in the second quarter, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.”
CoreLogic – “CoreLogic Completes Acquisition of Mercury Network, LLC” (8-10-2017)
“CoreLogic (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced that the company has completed the 100 percent acquisition of Mercury Network, LLC from Serent Capital.”
Freddie Mac – “Mortgage Rates Inch Lower” (8-10-2017)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed mortgage rate dropping to its lowest point in six weeks.”
Realtor.com – “6 Neighborhood Red Flags to Look for When Renting” (8-10-2017)
“Finding the ideal home or apartment to rent can be tricky. Even though there’s less financial commitment than with buying, you’re still selecting a place that will be home, sweet home, for what could be years.”
Fannie Mae – “Fannie Mae Announces Fourth Sale of Reperforming Loans” (8-10-2017)
“Fannie Mae (FNMA/OTC) today began marketing its fourth sale of reperforming loans as part of the company’s ongoing effort to reduce the size of its retained mortgage portfolio.”
Mortgage Bankers Association – “July New Home Purchase Mortgage Applications Increased 5.1 Percent Year over Year” (8-10-2017)
“The Mortgage Bankers Association (MBA) Builder Applications Survey (BAS) data for July 2017 shows mortgage applications for new home purchases increased 5.1 percent compared to July 2016.”
Los Angeles Times – “Single-family rentals rivals Invitation Homes and Starwood Waypoint Homes to merge” (8-10-2017)
“Invitation Homes and Starwood Waypoint Homes — two of the nation’s largest owners of single-family rental houses — announced Thursday they are merging, creating a behemoth rental company as the country’s home ownership rate remains depressed.”
Zillow – “Zillow Instant Offers: What We’ve Learned and What’s Next” (8-10-2017)
“Back in May, we announced the launch of our Zillow Instant Offers test. We’re now almost three months into it, and we’ve learned a lot. Earlier today, we announced that the test is expanding into a third market: Phoenix, AZ. We’ll dig into the Phoenix expansion more later, but first let’s cover some basics about Instant Offers.”
Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with InvestClub for Women on Wednesday, August 16.
Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with SJREI on Thursday, September 14.
Bruce Norris will be presenting Cashing In On A Boom up in San Jose on Saturday, September 16.
The Mortgage Bankers Association reported a 7.1% increase in mortgage applications from the previous week. Fannie Mae just announced they were be selling off a large amount of non-performing loans, a small portion of these loans being community impact pools. China showed less of an interest in U.S. real estate with the drop in Chinese real-estate sales.
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.