Norris Bruce
Oct 10, 2019


Today’s News Synopsis:

What causes more home seller stress than showings and repairs?  Mortgage rates decreased this week with 30-year rates now at 3.57% and 15-year rates at 3.05%.  Governor Gavin Newsom just signed the ‘Housing Crisis Act of 2019,’ which will speed up the home building process.

In The News: “The Midwest Dominates the Hottest Real Estate Markets in September, and Here’s Why” (10-10-2019)

“Midwestern metros dominated’s ranking of the hottest real estate markets in America for September, with Fort Wayne, IN, holding on to the top spot for the third month in a row.”

Freddie Mac “Mortgage Rates Decrease” (10-10-2019)

“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.57 percent, down 8 basis points from last week.”

Redfin “Priced out of the Bay Area?  Here are 5 Emerging Tech Hubs Where Software Engineers Can Afford to Buy a Home” (10-10-2019)

“It’s no secret there are plenty of jobs for software engineers in tech hubs like San Francisco and Silicon Valley.”

Zillow “Uncertainty Causes More Stress for Home Sellers than Repairs and Showings” (10-10-2019)

“When it comes to selling a home, factors that traditionally have been harder for sellers to control — like uncertainty about timing and price — cause the most stress. That’s according to the 2019 Zillow Group Consumer Housing Trend Report, the largest-ever survey of U.S. home buyers, sellers, owners, and renters.”

Mercury News “Gov. Newsom signs ‘Housing Crisis Act’ of 2019, aimed at speeding up homebuilding” (10-10-2019)

“Gov. Gavin Newsom signed a bill Wednesday, Oct. 9 aimed at boosting homebuilding in California by capping fees, slashing the time to get new developments approved and banning local governments from imposing population and housing caps.”

Fox News “‘Property Brothers’ want to renovate ‘The Golden Girls’ house” (10-10-2019)

“‘Property Brothers’ Drew and Jonathan Scott have seemingly never met a home renovation challenge they didn’t like, as the 41-year-old twins admittedly have their sights set on flipping the California home made famous by ‘The Golden Girls.'”

MarketWatch “Why rent control may not be a lifeline for California’s renters” (10-10-2019)

“California has become the second state to institute a rent control law, but the policy could have unintended consequences.”

Entrepreneur “How the Mortgage Market is Opening Up to Brokers” (10-10-2019)

“The housing market has gone through a rollercoaster from both the lender and borrower perspectives over the last decade, but recent data highlights a positive outlook.”


California Real Estate Investor Events

Bruce Norris will be presenting 10 Decisions to Make Before The Next Downturn with KW Corona on Wednesday, October 16.

The Norris Group will be presenting its 9th annual Cutting-Edge Financial Tactics Brunch on Saturday, October 19.

Bruce Norris will be presenting 10 Decisions to Make Before The Next Downturn with the South OC REI Club on Wednesday, October 30.


Looking Back:

How much did it cost to buy a house the decade you were born?  The Mortgage Bankers Association reported a 1.7% decrease in mortgage applications from the previous week.  More and more homeowners were continuing to put off selling their home.


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