Today’s News Synopsis:
A Trillion dollars’ worth of equity. May saw a hot housing market with home prices increasing by 6.3%. Mortgage rates are increasing once again with 30-year rates now at 4.62% and 15-year rates at 4.07%.
In The News:
ATTOM Data Solutions – “Home Equity Lines of Credit Increase 14 Percent in Q1 2018” (6-14-2018)
“ATTOM Data Solutions, curator of the nation’s premier property database, today released its Q1 2018 U.S. Residential Property Loan Origination Report, which shows that more than 1.8 million (1,813,691) loans secured by residential property (1 to 4 units) were originated in Q1 2018, down 5 percent from the previous quarter and down 3 percent from a year ago.”
Mortgage Bankers Association – “May New Home Purchase Mortgage Applications Decreased 0.5 Percent Year over Year” (6-14-2018)
“The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for May 2018 shows mortgage applications for new home purchases decreased 0.5 percent compared to May 2017.”
Freddie Mac – “Mortgage Rates Back on the Rise” (6-14-2018)
“Freddie Mac (OTCQB:FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing that after declining for two straight weeks, mortgage rates reversed direction this week and rose to their second highest level this year.”
Redfin – “Redfin Report: May Real Estate Market the Fastest on Record; Prices Up 6.3%” (6-13-2018)
“The typical home that sold in May went under contract in 34 days, according to Redfin (www.redfin.com), the next-generation real estate brokerage.”
Inman – “Why built-to-rent homes are booming” (6-14-2018)
“Could this be the answer for everyone being priced out of homeownership?”
Think Realty – “U.S. Homeowner Equity Passes $1 Trillion Mark” (6-14-2018)
“Just under two-thirds of homeowners saw double-digit increases in their home equity between March 2017 and March 2018 according to CoreLogic.”
Review Journal – “Las Vegas home prices most overvalued in US, report says” (6-14-2018)
“Las Vegas home prices are rising at one of the fastest clips in the country, with builders fetching record dollar amounts and resale values approaching prior highs.”
Mansion Global – “Snowbirds Drive Double-Digit Price Growth in Florida” (6-14-2018)
“Luxury home buyers from northern U.S. cities and Canada—known as “snowbirds” —are flocking south and driving real estate markets in smaller Florida cities, according to data Realtor.com published Thursday.”
Hard Money Loan Closed
San Diego, California hard money loan closed. Real estate investor received a loan for $234,000,000 on this single family property.
Bruce Norris will be speaking at the NSDREI 14th Anniversary Dinner Party on Tuesday, June 19.
Bruce Norris will be speaking at the Stay Put or Cash Out with LA South REIA on Monday, July 9.
Bruce Norris will be speaking at the ThinkRealty Irvine Conference & Expo on Saturday, July 14.
In a breaking news story, the Federal Reserve raised interest rates on this day for the third time in six months and planned to raise them one more time. However, they were possibly reconsidering this decision with the drastic decrease and slowdown in consumer-price inflation. More wealthy home buyers were going after REOs rather than brand new properties due to tight inventory.
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