Norris Bruce
May 09, 2019

Summer Vacation May Be Coming Up, But Is The Community Safe To Buy In?

Today’s News Synopsis:

Is it safe to buy in a vacation community now?  Mortgage rates decreased slightly with 30-year rates now at 4.10% and 15-year rates at 3.57%.  Housing affordability remains stable year-over-year with lower home prices, decreased mortgage rates, and gains income.

In The News:

Jesse Gabriel “California Assembly Passes Innovative Legislation to Enable Landlords and Tenants to Assist Persons at Risk of Homelessness” (5-9-2019)

“Today, the California State Assembly voted 75 – 0 to pass Assembly Bill (AB) 1188, authored by Assemblymember Jesse Gabriel (D – San Fernando Valley), which
would make it easier for both landlords and tenants to allow persons at risk of homelessness to temporarily reside on their property.”

Curbed “Lego-like modular furniture line is endlessly reusable” (5-9-2019)

“There’s something about buying furniture that inspires uncertainty in even the most decisive person. What if you need to move in two years? How do you know how much shelf space you really need?”

Mortgage Bankers Association – “Mortgage Credit Availability Increased in April” (5-9-2019)

“Mortgage credit availability increased in April according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) that analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”

Bloomberg “Young Real Estate Flippers Get Their First Taste of Losing” (5-9-2019)

“After piling in when the market was hot, investors are facing losses from homes that take too long to sell.”

Freddie Mac “Mortgage Rates Drop Slightly” (5-9-2019)

“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that mortgage rates moderated after rising in April.” “Vacation Communities Got Slammed in the Recession – Is It Safe to Buy There Now?” (5-9-2019)

“When Michael J. Bennett decided to buy a $350,000 condo for his retirement in the Gulf beach town of Placida, FL, in 2006, he saw nothing but blue skies ahead. After all, he had good credit, experience investing in real estate, and 20% in cash to put down. What could go wrong?”

NAHB “Housing Affordability Holds Steady on a Year-Over-Year Basis” (5-9-2019)

“Lower home prices, declining mortgage rates and solid income gains contributed to a rise in housing affordability in the first quarter of 2019, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI) released today.”

ATTOM Data Solutions – “Seriously Underwater U.S. Properties Increase From A Year Ago” (5-9-2019)

“ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q1 2019 U.S. Home Equity & Underwater Report, which shows that at the end of the first quarter of 2019, more than 5.2 million (5,223,524) U.S. properties were seriously underwater (where the combined balance of loans secured by the property was at least 25 percent higher than the property’s estimated market value), up by more than 17,000 properties from a year ago.” “Home Sellers Spill: ‘The Home Upgrade I Wish I’d Done Sooner'” (5-9-2019)

“If you’re like most homeowners, your house is a host of tiny irritations you keep meaning to fix but never do. Maybe it’s a light fixture you constantly bang your head on, or wallpaper you’ve always despised.”


California Real Estate Investor Events

Bruce Norris will be presenting 10 Decisions To Make Before The Next Downturn with WEREP on Friday, May 10.

Bruce Norris will be presenting 10 Decisions To Make Before The Next Downturn with LA REIA on Tuesday, May 14.

Bruce Norris will be presenting a Real Estate Market Update with SRCAR on Tuesday, May 21.


Looking Back:

Lennar was about to build Amazon’s Alexa into their new homes.  The plan for new homes in California to use solar panels was approved by California regulators.  The group that accounted for more real estate purchases was single women, even more than single men.


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