Today’s News Synopsis:
Dodd-Frank relief bill is signed by President. Existing home sales decreased 2.5% in April according to the National Association of Realtors. Meanwhile, the value of homes increased at their fastest pace in 12 years, having risen 8.7% to a median value of $215,600.
In The News:
Inman – “Quicken Loans’ In-House Realty purchases ForSaleByOwner.com for $2.5M” (5-24-2018)
“The acquisition will allow Quicken Loans to create an ‘all-in-one’ housing marketplace, linking Rocket Mortgage borrowers, an agent referral network, and now, homes for sale.”
“Confidence in the multifamily housing market remained positive in the first quarter of 2018, according to the Multifamily Production Index (MPI) and the Multifamily Vacancy Index (MVI) released today by the National Association of Home Builders (NAHB).”
USA Today – “US home sales fall 2.5% in April, Mortgage rates hit 7-year high” (5-24-2018)
“U.S. sales of existing homes tumbled 2.5% in April — with the costs of buying a home jumping and would-be buyers facing a persistent shortage of properties on the market.”
Zillow – “Home Values Rise at Fastest Pace in 12 Years” (5-24-2018)
“National median home values are rising at their fastest pace in 12 years, according to the April Zillow Real Estate Market Report. Over the past year, home values across the country rose 8.7 percent to a median value of $215,600.”
Freddie Mac – “Mortgage Rates Maintain Steady Climb” (5-24-2018)
“Freddie Mac (OTCQB:FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that mortgage rates moved up over the past week to their highest level since May 5, 2011.”
National Mortgage News – “It’s the law: Trump signs off on reg relief bill” (5-24-2018)
“The most significant regulatory relief legislation since the crisis made it to the finish line Thursday as President Trump signed targeted reforms of the Dodd-Frank Act into law.”
Economist – “Faced with a housing crisis, California could further restrict supply” (5-24-2018)
“The measure will seek to repeal the Costa Hawkins Rental Housing Act, a law passed in 1995 that places restrictions on local rent controls.”
Mercury News – “‘Floating village’ eyed in San Jose’s Alviso area could ward off floods, quakes, rising seas” (5-24-2018)
“A “floating village” project is being eyed in north San Jose’s Alviso hamlet by tech company Arx Pax, using a technology that would deploy a group of pontoons beneath the buildings to protect the development from floods and earthquakes.”
Aaron Norris will be presenting Technology Trends and Effects on Real Estate at the SRCAR Realtor Expo Thursday, June 7.
Bruce Norris will be speaking at the California Chapter of the Appraisal Institute’s 21st Annual Inland Empire Market Trends on Thursday, June 7.
Bruce Norris will be presenting Stay Put or Cash Out with the San Diego Investment Club on Thursday, June 7.
Bruce Norris will be speaking at the NSDREI 14th Anniversary Dinner Party on Tuesday, June 19.
Black Knight Financial Services released their Mortgage Data Report for April 2017, which showed a 13% increase in mortgage delinquencies and foreclosures at their lowest in ten years. Existing home sales decreased 2.3% in April, while pending home sales 5.9% month-over-month and 7.4% year-over-year. Zillow held a contest for data scientists to be awarded $1 million to whoever best improved their Zestimate algorithm.
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