Slow Sales and Dropping Mortgage Applications Have Some Saying Yes

Today’s News Synopsis:

Is the housing market starting to cool off?  The NAHB’s 55+ Housing Market Index showed increased confidence in that segment of the market, which increased to 67.  Freddie Mac reported mortgage rates increased again with 30-year rates now at 4.6% and 15-year rates at 4.08%.

In The News:

Zillow – “Home Values Growing Fastest in Markets with Strictest Land-Use Regulations” (8-2-2018)

“As the economy has recovered, both the job market and home values have seen strong growth. But in places where residential land use has the strictest regulations, and which often struggle to accommodate new housing, strong job growth is associated with a much larger increase in home values.”

Forbes – “How The High-Cost Housing Market Is Impacting Millennial Marriage” (8-2-2018)

“Millennials are finally buying homes. Despite facing rising mortgage rates, steadily growing home prices, and astronomical student loan debt, Americans aged 22 to 37 are now the biggest cohort of homebuyers in the entire country, accounting for 36% of all home sales—and growing.”

ATTOM Data Solutions “Best Neighborhoods for Real Estate Buying and Investing” (8-2-2018)

“ATTOM Data Solutions, curator of the nation’s premier property database, today released its 2018 Neighborhood Housing Index, which uses new neighborhood boundary data to rank more than 10,000 neighborhood housing markets nationwide based on six factors impacting the hyperlocal housing market: affordability, home price appreciation, school scores, crime rates, unemployment rates and property taxes (see more in the methodology enclosed below).”

Freddie Mac – “Mortgage Rates on the Upswing” (8-2-2018)

“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing that mortgage rates over the past week jumped to their fourth highest level of the year.”

NAHB – “55+ Housing Market Shows Continued Strength in Second Quarter” (8-2-2018)

“Builder confidence in the single-family 55+ housing market continued to be in positive territory in the second quarter of 2018, according to the National Association of Home Builders (NAHB) 55+ Housing Market Index (HMI) which was released today.”

Inman – “The number of consumers going without real estate agents is rising: Study” (8-2-2018)

“J.D. Power’s 2018 Home Buyer/Seller Satisfaction Study shows an uptick of buyers and sellers transacting sans real estate professionals, and Century 21 ranked highly among new buyers and sellers.”

Curbed “Is the housing market starting to cool off?” (8-2-2018)

“With housing inventory shortages rampant across the nation, the summer of 2018 was supposed to be “the most competitive housing market in recorded history,” as realtors braced to field a deluge of offers for every house for sale, allowing sellers to name their price.”

Chicago Tribune “Escrow-free loans: money-saver or major credit risk?” (8-2-2018)

“Do you really need an escrow account attached to your mortgage? Aren’t you capable of remembering when it’s time to pay tax and insurance bills? These questions suddenly are more controversial than you might guess.”



California Real Estate Investor Events

Bruce Norris will be speaking at the Stay Put or Cash Out with LA REIA on Tuesday, August 7.

Bruce Norris will be presenting Cashing In On A Boom on Saturday, Septemeber 8.

Bruce Norris will be speaking at the Stay Put or Cash Out with SJREI on Thursday, Septemeber 13.


Looking Back:

Some NYC brokerages stopped sending listings to StreetEasy and Zillow group websites.  The question was if more would follow?  More and more households were seeing multiple generations living together in the same house.  $38 million from HUD was contributed towards combating discrimination in the housing market.


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