Today’s News Synopsis:
Tax cut will inject 40B into the housing market. Mortgage rates increased again, which is leading to a bigger hustle to buy a home. The state with the highest share of homeowners likely to move in the second quarter of this year is Nevada.
In The News:
Mortgage Bankers Association – “Commercial/Multifamily Borrowing Up 1 Percent Year-over-Year” (5-17-2018)
“According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, first quarter 2018 commercial and multifamily mortgage loan originations increased one percent compared to the same period last year and, in line with the seasonality of market, first quarter originations were thirty-three percent lower than the fourth quarter of 2017.”
Zillow – “Federal Tax Cut Will Inject Nearly $40 Billion into the Housing Market” (5-17-2018)
“The Tax Cuts and Jobs Act enacted at the end of last year could result in tens of billions of dollars being reinvested into the housing market, according to the Zillow Housing Aspirations Report.”
Bloomberg – “Surging Mortgage Rates Set Off Scramble to Buy Homes” (5-17-2018)
“U.S. homebuyers, already contending with escalating prices, now are getting hit with the most-expensive mortgage rates in seven years. Funny thing: It’s only making them move faster.”
ATTOM Data Solutions – “Nevada Leads Nation with Highest Share of Homeowners Likely to Move in Q2 2018” (5-17-2018)
“ATTOM Data Solutions, curator of the nation’s premier multi-sourced property database, today released its Q1 2018 Pre-Mover Housing Index, which shows that the highest pre-mover index in the first quarter of 2018 — predictive of a high percentage of homeowners moving in the second quarter — was in Nevada (200), followed by Delaware (163), Florida (159), Colorado (154) and Virginia (149)”
Fannie Mae – “2018 Growth Forecast Holds But 2019 Gets Modest Downgrade” (5-17-2018)
“The forecast for 2018 full-year growth remains unchanged at 2.7 percent, according to the Fannie Mae Economic and Strategic Research Group’s May 2018 Economic and Housing Outlook.”
PR Newswire – “Nevada Leads Nation With Highest Share of Homeowners Likely to Move in Q2 2018” (5-17-2018)
“ATTOM Data Solutions, curator of the nation’s premier multi-sourced property database, today released its Q1 2018 Pre-Mover Housing Index, which shows that the highest pre-mover index in the first quarter of 2018 — predictive of a high percentage of homeowners moving in the second quarter — was in Nevada (200), followed by Delaware (163), Florida (159), Colorado (154) and Virginia (149).”
“The median price of a California single-family home is now well over half a million dollars. That’s more than double what the average house costs in the rest of the U.S.”
Inman – “Real estate blockchain and cryptocurrency explained” (5-17-2018)
“There’s no doubt that 2018 is shaping up to be a coming-out year for blockchain and cryptocurrency in real estate.”
Bruce Norris will be presenting Stay Put or Cash Out with Homevestors Wednesday, May 23.
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.
The California Association of Realtors released their home sales and price report for April, showing median home prices at their highest in ten years and existing-home sales down 2.4% month-over-month and 1.7% year-over-year. The New York Federal Reserve reported debt increased by $149 billion, passing the record level it was at during the financial crisis in 2008. In order to market to the millennials, more apartment businesses were renting out individual rooms rather than entire apartments.
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