Traditional Closings Use 960 Million Pieces of Paper Annually

Today’s News Synopsis:

How many trees would be saved with fully digital home closings?  Contrary to people’s beliefs, millennials are actually taking on bigger mortgages now than ever in years prior.  The National Association of Realtors reported a 1.2% decrease in existing-home sales in January.

In The News:

Redfin “How Many Trees Can Be Saved With Fully Digital Home Closings?” (2-21-2019)

“Anyone who has purchased a home knows there’s a lot of paperwork to read through and sign at the closing table. But with Redfin Mortgage and Title Forward now offering fully digital closings, which allow homebuyers to close completely online, the stacks of paper that have become a standard component of a home purchase transaction may soon be a thing of the past.”

Realtor.com “Recession Watch: Will Another Downturn Rock the Housing Market?” (2-21-2019)

“The Great Recession has receded in the rearview mirror, and pretty much every American would like to keep it that way, thank you very much.”

Zillow – “Access to Top-Quality Education Varies Depending on Local Home Values, According to Zillow Survey” (2-21-2019)

“Access to public services like fire departments, hospitals and libraries is viewed as even across all types of neighborhoods, but there is a perceived divide in access to public transit and high-quality education, according to the Zillow® Housing Aspirations Report.”

National Association of Realtors – “Existing-Home Sales Drop 1.2 Percent in January” (2-21-2019)

“Existing-home sales experienced a minor drop for the third consecutive month in January, according to the National Association of Realtors®. Of the four major U.S. regions, only the Northeast saw an uptick in sales activity last month.”

Freddie Mac – “Mortgage Rates Head Even Lower” (2-21-2019)

“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that mortgage rates continued on their downward pattern.”

PR Newswire – “California home sales fall to lowest level in more than 10 years, C.A.R reports” (2-21-2019)

“Housing demand in California remained subdued for the ninth consecutive month in January as economic and market uncertainties sent home sales to their lowest level since April 2008, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Inman “NAR will require MLSs to deliver standardized data exchange feeds” (2-21-2019)

“The Real Estate Standards Organization has created a core set of fields that multiple listing services will be required to include in their Internet Data Exchange feeds.”

Business Insider “Millennials are taking on bigger mortgages than ever before, and it shows we’ve been wrong about them for years” (2-21-2019)

“Homeownership is part of the American dream, and millennials won’t be killing it anytime soon.”

 

California Real Estate Investor Events

Bruce Norris will be giving his latest Real Estate Market Update with MVP on Thursday, February 28.

Bruce Norris will be presenting 10 Decisions to Make Before The Next Downturn with OC FIBI on Tuesday, March 5.

Bruce Norris will be giving his latest Real Estate Market Update with IVAR on Wednesday, March 6.

 

Looking Back:

What were 7 good questions to ask to guide investors to their ideal property?  The NAR reported a 3.2% decrease in existing-home sales in January.  However, this data also showed the reason for this was not a lack of inventory, but rather because the main group of people able to afford a home was the wealthy.

 

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