Today’s News Synopsis:
Millennials aren’t exactly jumping for joy after buying their homes. Mortgage rates remained relatively the same with 30-year rates 4.52% and 15-year rates at 4%. A big problem a lot of American homeowners still seem to have is being uninsured.
In The News:
ATTOM Data Solutions – “Housing Precogs: Predictions Beyond Hunches” (7-19-2018)
“Real estate used to be a game of hunches. People bought and sold property because they had a sense of pricing, timing, and marketplace trends. Mortgages were made in large measure on the basis of past performance.”
Realtor.com – “American Homeowners Still Have a Big Underinsurance Problem” (7-19-2018)
“Many U.S. homeowners are inadequately insured for natural-catastrophe damage ahead of the height of the Atlantic hurricane season”
Freddie Mac – “Mortgage Rates Barely Move” (7-19-2018)
“Freddie Mac (OTCQB:FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing that mortgage rates were once again mostly flat over the past week, inching backward slightly.”
Curbed – “The ‘For Sale’ sign gets a modern update” (7-19-2018)
“Just when you thought the “for sale” sign was dead, it’s been resurrected and connected to the internet.”
Bloomberg – “Relief in Sight for Homebuyers in High Priced West Coast Cities” (7-19-2018)
“It’s been tough being a homebuyer on the West Coast. Prices have been surging for years as house hunters fight for the few available listings. Now the tide could be shifting. ”
HUD – “HUD Awards $144 Million To Revitalize Five Neighborhoods” (7-19-2018)
“U.S. Housing and Urban Development (HUD) Secretary Ben Carson today announced five communities across the country will receive a combined $144 million to redevelop severely distressed public or assisted housing and to revitalize surrounding neighborhoods.”
MarketWatch – “Mortgage rates tick down, but can borrowers seize the opportunity?” (7-19-2018)
“Rates for home loans ticked down as the bond market moved sideways and the housing market made little headway.”
CNBC – “Almost 70% of millennials regret buying their homes. Here’s why” (7-19-2018)
“The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) posted a reading of 58 in the second quarter of 2018, up one point from the previous quarter.”
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.
Freddie Mac explained why the housing market did not seem affordable despite the Housing Affordability Index being at its highest on record. Housing starts increased to their highest in four months by 8.3% to 1.22 million. Looked like the latest star in the news to be selling their home was “Game of Thrones” star Lena Headey, listing it at $1.9 million.
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