Today’s News Synopsis:
Zillow discovered the wall color that seems to help homes sell the most is blue to light gray. Freddie Mac released their latest report on mortgage rates, showing a decrease this week with 30-year rates now at 3.94% and 15-year rates at 3.19%. Median home sizes for single-family homes are finally showing signs of decrease after having seen their biggest year-over-year increase back in 2015.
In The News:
Zillow – “Homes with Blue Bathrooms Sell for $4,500 More Than Expected” (6-1-2017)
“A fresh coat of paint in the right color may help sell a home for more money. According to a Zillow analysis, homes with walls painted in shades of blue or light gray may sell for as much as a $5,400 premium.”
Realtor.com – “What Cities Are the Most Home Buyers Moving To? The Answers Will Surprise You” (6-1-2017)
“As the nation’s biggest metros are getting ever more expensive, more Americans dreaming of owning their own homes are being priced out. So where are they going in pursuit of more affordable digs?”
Mortgage Bankers Association – “First Quarter Commercial/Multifamily Delinquencies Remain Low” (6-1-2017)
“Delinquency rates for commercial and multifamily mortgage loans were flat or decreased in the first quarter of 2017, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.”
“In 2016, just 18 percent of homes for sale in the 30 largest U.S. metros were affordable for middle-class Hispanic families and 14 percent were affordable for African-American families, according to a new study by Redfin (www.redfin.com), the next-generation real estate brokerage.”
Bloomberg – “U.S. Home Are Finally Shrinking” (6-1-2017)
“The median home size decreased slightly in 2016, but it’s still historically high at a time when smaller houses are in demand.”
Freddie Mac – “30-Year Fixed Mortgage Rate Moves Lower” (6-1-2017)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing the 30-year fixed mortgage rate inching lower for the third consecutive week and setting a new low for the year.”
“Fannie Mae (FNMA/OTC) announced the creation of DUS Disclose, a new MBS disclosure website that will enhance the transparency and increase the data available for Multifamily securities in alignment with the industry.”
Bloomberg – “Here’s What the Fed Will Be Watching for in the Jobs Report” (6-1-2017)
“President Donald Trump and Federal Reserve Chair Janet Yellen agree on at least one thing: The underemployment rate is worth watching to monitor labor-market slack, and its recent plunge is welcome news for Americans who’ve missed out on the jobs recovery.”
Aaron Norris will be presenting his latest talk Technology Trends and Effects on Real Estate with NorcalREIA on Wednesday, June 14.
Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with the South Orange County Real Estate
Club on Thursday, June 22.
Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with the InvestClub for Women on Wednesday, August 16.
Despite all odds, existing-home sales continued to show positive signs of increase, having risen 1.7% to 5.45 million. Many housing advocacy groups and stakeholders in the industry were urging FHFA director Mel Watt to bring more changes to housing finance reform. Mortgage applications decreased 4.1% according to the Mortgage Bankers Association.
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