Today’s News Synopsis: As of July, fewer homes are being built, having decreased 1.5%. The Obama Administration is continuing to review policies to help the housing market, including continued involvement by the government. According to recent data released by Trulia, real estate purchases are actually cheaper than rental in most major cities in the U.S. …
The Norris Group Real Estate News Roundup 8/16/11 Read More »
Today’s News Synopsis: In a big storym, the construction of new homes increased 14.6% in the month of June. Unfortunately, mortgages are down to a new low in four years with a 19% decrease in the second quarter. A new law, SB 458, was signed into law on Friday and will bring changes to short …
The Norris Group Real Estate News Roundup 7/19/11 Read More »
Statistics from MDA DataQuick show 18,946 new and resale homes were sold in Southern California in July. Frank Nothaft of Freddie Mac announced that refinancing activity has accounted for over 80% of conventional loan activity. National housing starts increased by 7.1 percent last month, according to the NAHB. The MBA expressed concerns that recent policy changes restricting seller concessions went too far and may damage the industry.
The Wall Street Jounral reports that people are increasingly willing to abandon mortgage payments for becoming renters, housing starts climb almost 9%, the FDIC offers some reprieve from securities accounting rules for the next year, and the Bureau of statistics released their real earnings report stating that average hourly earnings fell by .5%.
Part two picks up with Bruce Norris introducing Christopher Thornberg who represents the economics part of the equation. Christopher is a self proclaimed bear and was one of the few that predicted the downturn was coming.