Today’s News Synopsis:
All $9 trillion of housing market value lost during the Great Recession is back, but does this mean everything is back to normal? According to HUD and the Census Bureau, new home sales decreased 9.3% last month, now putting them at 625,000 units. Freddie Mac reported mortgage rates increased again with 30-year rates now at 4.15% and 15-year rates at 3.62%.
In The News:
NAHB – “New Home Sales Rise 8.3 Percent Overall in 2017” (1-25-2018)
“New-home sales in the U.S. lost steam in December but wrapped up a solid year in a segment of the housing market that has faced tight inventory and fast-rising prices.”
Bloomberg – “The Wealthy Are Bidding Up U.S. Mansion Prices” (1-25-2018)
“Prices for luxury homes, fueled by the surging stock market and a shrinking inventory of properties on the market, are rising faster than more-modest residences across much of the U.S.”
CNBC – “Chinese state-owned giant is hoping to expand in the US – with culture” (1-25-2018)
“Cultural businesses may not be the most profitable, but China Poly Group will stay the course as the conglomerate expands into that U.S. sector, according to Xu Niansha, chairman of the Chinese enterprise.”
Realtor.com – “The 20 Hottest Markets for Real Estate in America for January 2018” (1-25-2018)
“As we near the end of the first month of the new year, it’s time to take a big step back—and to take stock of the situation in real estate markets across the country. Will we see our predictions for 2018 starting to come true already?”
Fannie Mae – “Fannie Mae Multifamily Closes 2017 with Record Volume of More Than $67 Billion” (1-25-2018)
“Fannie Mae (FNMA/OTC) provided more than $67 billion in financing and supported over 750,000 units of multifamily housing in 2017 – the highest volume in the history of its Delegated Underwriting and Servicing (DUS®) program.”
“The U.S. housing market has gained back all $9 trillion in value it lost when the market collapsed, but the uneven nature of the crisis and subsequent recovery has left many housing markets trailing behind, while others surge further ahead.”
CoreLogic – “Wildfires and Hurricane-Related Floods Were Most Destructive Natural Hazards in 2017” (1-25-2018)
“CoreLogic (NYSE: CLGX), a leading global information, analytics and data-enabled solutions provider, today released its annual Natural Hazard Risk Summary and Analysis which shows relatively average activity for most U.S. natural hazards with the exception of wildfires in California and flooding as a result of Hurricanes Harvey and Irma.”
Freddie Mac – “Mortgage Rates Jump Again” (1-25-2018)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing average fixed mortgage rates rising for the third consecutive week.”
Hard Money Loan Closed
Placer, California hard money loan closed. Real estate investor received loan for $215,000 on this single family property appraised for $330,000.
Bruce Norris will be presenting Stay Put or Cash Out with OC FIBI on Tuesday, February 6.
Bruce Norris will be presenting Stay Put or Cash Out with the Arcadia Association of Realtors on Wednesday, February 7.
Bruce Norris will be presenting Stay Put or Cash Out with TIGAR on Thursday, February 15.
House flipping was showing signs of increase in the United States, specifically in areas like Las Vegas, Detroit, and Chicago. CoreLogic’s latest report showed distressed sales were at levels seen back in 2007, standing at 7.7%, while cash sales stood at 31.8% in October. Redfin reported a 0.7% increase in luxury home prices in the fourth quarter.
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.