Norris Bruce
May 15, 2018

“When I Was Young and Looking To Buy A House…”

Today’s News Synopsis:

Why is Avocado Toast synonymous with Millennials?  The NAHB reported an increase in builder confidence for the month of May, which now stands at 70.  The group paying a lot more in mortage costs, over $20,000, are homebuyers with low credit scores.

In The News:

PR Newswire – “Strong wage growth and steady home prices buoy California housing affordability, C.A.R. reports” (5-15-2018)

“Higher wages and lower seasonal home prices combined to push California’s housing affordability higher in the first quarter of 2018, compared to the previous quarter, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.”

Zillow – “Homebuyers with Lower Credit Scores Pay an Extra $21,000 in Mortgage Costs” (5-15-2018)

“Homebuyers with a lower credit score pay thousands of dollars more for the same home than a buyer with an excellent credit score.”

NAHB“Builder Confidence Climbs to 70 in May” (5-15-2018)

“Builder confidence in the market for newly-built single-family homes rose two points to a level of 70 in May after a downwardly revised April reading on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).”

CoreLogic – “CoreLogic Reports the Rate of Increase of High-End Rental Prices Accelerates while Low-End Slows” (5-15-2018)

“CoreLogic (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and among 20 metropolitan areas.”

Bloomberg – “Unemployment Hits a Low.  Then Comes the Recession” (5-15-2018)

“Whatever one might think about the U.S. political situation, it’s hard to deny that the economy is doing just fine.  In April, the unemployment rate dropped to 3.9 percent, a 17-year low. At this point, there’s a job opening for every unemployed person in the country.  Not bad.”

Fannie Mae “Fannie Mae Announces Sales of Non-Performing Loans” (5-15-2018)

“Fannie Mae (FNMA/OTC) today announced its latest sale of non-performing loans, including the company’s thirteenth Community Impact Pool.”

Curbed“The avocado toast homeownership meme, explained” (5-15-2018)

“Sixty-six million years ago, ancient giant ground sloths consumed avocados whole, traveled long distances, and, ahem, fertilized and dispersed the seed.”

John Burns Real Estate Consulting – “A 5-Year Delay in Homeownership, Other Big Shifts” (5-15-2018)

“Generational definitions of millennial tend to be too broad. As our company’s housing demographer, I am responsible for bringing clarity on these categories to our clients.”

 

Bruce Norris will be giving his latest Market Update with the Riverside County Escrow Association TONIGHT.

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.

 

Looking Back:

The NAHB reported an increase in builder confidence, having increased two points to 70 this month.  Realtor.com released their latest list of top ten cities when new college graduates should go for the most affordable housing and best job markets.  The Mortgage Bankers Association reported a 4.3% decrease in home purchase applications for the month of April.

 

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