Today’s News Synopsis:
Give yourself the gift of a home gym. Homeowner equity increased in the third quarter by over $800 billion according to the latest CoreLogic report. Meanwhile, home flipping was at its lowest in two years in the third quarter.
In The News:
CoreLogic – “CoreLogic Reports Homeowner Equity Increased by Almost $871 Billion in Q3 2017” (12-7-2017)
“CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its Q3 2017 home equity analysis which shows that U.S. homeowners with mortgages (roughly 63 percent of all homeowners*) have collectively seen their equity increase 11.8 percent year over year, representing a gain of $870.6 billion since Q3 2016.”
Freddie Mac – “Rates Rise Across the Board” (12-7-2017)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rising, but still lower than this time last year.”
HousingWire – “Influential mortgage players demand affordable housing measures from tax reform” (12-7-2017)
“A group of powerful mortgage industry experts sent out this letter to the House of Representatives Wednesday, demanding that Congress include affordable housing measures in its tax reform.”
Fannie Mae – “HPSI Returns to Gradual Upward Trend with November Jump” (12-7-2017)
“The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased 2.6 points in November to 87.8, once again nearing its all-time high from September.”
ATTOM Data Solutions – “U.S. Home Flipping Returns Drop to Two-Year Low in Q3 2017” (12-7-2017)
“ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its Q3 2017 U.S. Home Flipping Report, which shows that single family homes and condos flipped in the third quarter yielded an average gross flipping profit of $66,448 per flip, representing an average 47.7 percent return on investment for flippers — down from 48.7 percent in the previous quarter and down from 51.2 percent in Q3 2016 to the lowest average gross flipping ROI since Q2 2015.”
Realtor.com – “5 Things to Never Buy at Home Depot, Lowe’s, or Other Big Hardware Store” (12-7-2017)
“It’s inevitable: For homeowners, all paths eventually lead to Home Depot or Lowe’s—and for good reason. These big-box hardware stores are the place where a dizzying array of faucets, crown moldings, ceiling fans, toilet seats, paint colors, and other supplies abound to inspire DIYers to dabble in a little (or a whole lot of) home improvement.”
Breaking Muscle – “Give Yourself The Gift Of A Home Gym” (12-7-2017)
“A couple of years ago I experienced the thrill of buying my first house. With the prospect of home ownership came the chance to create my very own office and man cave.”
Bloomberg – “U.S. Cracks Down on Firms Making Predatory Mortgages to Veterans” (12-7-2017)
“The U.S. is taking steps to stamp out the practice of servicemembers and veterans being pressured into taking mortgages they don’t need, a move that officials say will lower consumer costs and could lead to financial penalties for lenders.”
Bruce Norris will be presenting Stay Put or Cash Out with SDCIA on Tuesday, December 12.
Aaron Norris will be speaking at OCREIA’s Note Panel on Thursday, December 14.
Bruce Norris will be presenting Stay Put or Cash Out with Prosperity Through Real Estate on Tuesday, January 2.
Net gains on loans originated by independent mortgage banks increased in the third quarter while profits continued to remain relatively stable. HELOCs were starting to become more expensive and continued to do so with the rise in interest rates. Risky mortgage-backed securities were given a AAA rating once again.
For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.