Today’s News Synopsis:
Fannie Mae is ‘pessimistic’ about the housing market in 2019. The Mortgage Bankers Association reported a 4.9% increase in mortgage applications in their latest MBA weekly survey. More Americans are choosing an alternative method to buying a new home: renovating.
In The News:
Realtor.com – “Never Pay For a Hotel Again: Savvy Travelers Swap Their Homes Instead” (10-24-2018)
“Vacations are supposed to be relaxing. But by the time you’ve booked your travel, found the perfect place to stay, and then forked over a small fortune for that fancy hotel or Airbnb stay, the getaway has become more stressful than it would have been to just stay home.”
ThinkRealty – “Americans Prefer Renovating to Buying” (10-24-2018)
“Over three-quarters of Americans say they would rather renovate their current home than make a down payment on a new one.”
Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (10-24-2018)
“Mortgage applications rose 4.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 19, 2018.”
Curbed – “You can now stay in a tiny house powered by coffee” (10-24-2018)
“Good news for people who really—and I mean really—love Dunkin’ Donuts: You can now stay in a Dunkin’-themed tiny home in Nahant, Massachusetts, available to rent for just $10 a night.”
HousingWire – “New FICO model could boost credit scores for millions” (10-24-2018)
“Experian, FICO and Finicity announced a new credit scoring model that could expand credit access for millions of Americans”
Inman – “Fannie Mae is ‘pessimistic’ about the housing market in 2019” (10-24-2018)
“Fannie Mae is “pessimistic” about home sales in the future thanks to rising interest rates and affordability issues, though overall “steady” economic growth does offer something of a silver lining”
Forbes – “Why Buy One House In California When You Can Get 6 In Texas” (10-24-2018)
“It’s becoming obvious, if it wasn’t already, that California real estate is uniquely expensive compared to the rest of the country.”
Bloomberg – “Realtors Spend Record $26 Million on Lobbying” (10-24-2018)
“The National Association of Realtors spent a group record of $26.4 million on lobbying in the third quarter of 2018 as it continued to put money into influencing state and local issues, as well as elections.”
Hard Money Loan Closed
Desert Hot Springs, California hard money loan closed. Real estate investor received loan for $125,000 on this single family property appraised for $220,000.
Bruce Norris will be speaking at the AOA Million Dollar Trade Show and Landlording Conference on Thursday, October 25.
Bruce Norris will be presenting Stay Put or Cash Out with the OC REI Club on Thursday, October 25.
Bruce Norris will be speaking at the 2018 Cutting-Edge Financial Tactics Brunch on Saturday, October 27.
Where will you live when self-driving cars take over the roads? Home prices in California were at their highest levels since the bubble with median prices increasing almost 10% in Southern California. In addition to prices, home equity loans were also expected to increase drastically.
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