Today’s News Synopsis:
Mortgage debt is at a historical high, while the number of homeowners with a mortgage is at its lowest in 14 years. The National Association of Realtors reported existing-home sales increased by 2.5% in July. Mortgage applications, meanwhile, decreased 0.9% from last week.
In The News:
Realtor.com – “Mortgage Market Reopens to Risky Borrowers” (8-21-2019)
“The risky mortgage is making a comeback. More than a decade after home loans triggered the worst financial crisis in a generation, the strict lending requirements put in place during its aftermath are starting to erode.”
National Association of Realtors – “Existing-Home Sales Climb 2.5% in July” (8-21-2019)
“Existing-home sales strengthened in July, a positive reversal after total sales were down slightly in the previous month, according to the National Association of Realtors®.”
“A key indicator for the commercial real estate market is showing signs of weakness, and uncertainty in the economy over the trade war, markets and interest rates may be to blame.”
Urban Institute – “Mortgage Debt Has Peaked. Why Has the Share of Homeowners with a Mortgage Fallen to a 13-Year Low?” (8-21-2019)
“The household-owned value of the US housing market is at an all-time high of $26.12 trillion—significantly higher than the pre-crisis peak of $22.68 trillion in 2006.”
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (8-21-2019)
“Mortgage applications decreased 0.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 16, 2019.”
Forbes – “How To Find The Right CRM Software For Your Real Estate Business” (8-21-2019)
“Communication is vital in business, and modernizing communication technology allows businesses to run more strategically and efficiently.”
Apartment Therapy – “Peek Inside This Minimal 194 Square-Foot Shipping Container House” (8-21-2019)
“A shipping container home that aims to seamlessly integrate itself into its natural surroundings while demonstrating its ability to be a fully functional residence can be found in architect Maria Pellegrini’s Casa Container.”
Curbed – “Fewer vacant homes in the U.S., new report says” (8-21-2019)
The housing boom has helped remove significant blight from its post-recession peak.”
Bruce Norris will be presenting his latest talk 10 Decisions To Make Before The Next Downturn with InvestClub TONIGHT.
Aaron Norris will be presenting his latest talk Innovative Real Estate Marketing with WEREP on Friday, August 23.
Bruce Norris will be presenting his latest talk 10 Decisions To Make Before The Next Downturn with SDIC on Thursday, September 5.
Foreclosure starts increased in almost half of U.S. states. This week saw some unique housing structures, including tall timber in Oregon and a starburst house in the Mojave Desert. It was important to know the hidden costs when purchasing a home, or you could find yourself paying almost $9,500.
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