Today’s News Synopsis:
During the height of the housing bubble over a decade ago, the median U.S. home value peaked at $196,600 but never surpassed the $200,000 threshold until now. Freddie Mac reported mortgage rates decreased again with 30-year rates now at 3.96% and 15-year rates 3.23%. There has not been one new residential development in Industry City for the last 20 years, but now this could change with their latest request for 20 home proposals.
In The News:
Zillow – “Typical U.S. Home Worth More Than $200,000 for First Time” (7-20-2017)
“The typical U.S. home is worth over $200,000 for the first time ever, according to the June Zillow Real Estate Market Reports. The national median home value is now $200,400, up about 7 and a half percent since this time last year.”
Realtor.com – “Suburban Poverty Is Growing – and It’s Affecting Housing Markets” (7-20-2017)
“Poverty is something most Americans don’t like to think much about—unless they’re struggling to rise out of it. When they do focus on it, images of rural shacks or dilapidated neighborhoods in crime-ridden cities usually come to mind.”
Freddie Mac – “Mortgage Rates Move Lower” (7-20-2017)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates dropping after two straight weeks of increases.”
Bloomberg – “U.S. Jobless Claims at Nine-Week Low Reflect Shortage of Workers” (7-20-2017)
“The lowest level of filings for U.S. unemployment benefits in about two months may reflect growing demand for workers in a tight job market, Labor Department figures showed Thursday.”
The Real Deal – “City of Industry has not developed a single residence in 20 years – this could change that” (7-20-2017)
“In West Hollywood, 20 new residences is a small housing complex. But in the City of Industry, which only has 60 houses, the addition would be revolutionary.”
“ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its Midyear 2017 U.S. Foreclosure Market Report™, which shows a total of 428,400 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2017, down 20 percent from the same time period a year ago and down 28 percent from the same time period two years ago.”
Bloomberg – “Airbnb Tries Making Peace With Tax Collectors in Booming Mexico” (7-20-2017)
“When Elvira Fernandez decided to turn her Mexico City apartment into a temporary rental space through Airbnb Inc., she never imagined she’d be cashing in as much as 50 percent more than a long-term lease would’ve yielded”
Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with InvestClub for Women on Wednesday, August 16.
Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with SJREI on Thursday, September 14.
Bruce Norris will be presenting Cashing In On A Boom up in San Jose on Saturday, September 16.
Fannie Mae said it would likely not be until June of this year when we see an increase in interest rates (which appeared to happen). The Mortgage Bankers Association reported a 1.3% decrease in mortgage applications from the previous week. Freddie Mac reported those 55 and older, which made up 1/4 of the population, were moving away from tradition when viewing the housing market.
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