Today’s News Synopsis:
Experts are predicting a recession within three years. The National Association of Realtors reported a 6.2% increase in home prices in the second quarter. In addition, existing home sales decreased from the first quarter by 0.9% to 5.57 million due to lackluster supply.
In The News:
Zillow – “Another Recession Will Start Within Three Years, According to Experts” (8-16-2017)
“There is a 73 percent chance the next U.S. recession will begin by the end of 2020, according to a panel of experts surveyed for the 2017 Q3 Zillow Home Price Expectations Survey.”
Realtor.com – “Buying a House With Cash? Don’t Forget These Added Expenses” (8-16-2017)
“There’s no question that buying a house with cash will make you feel like a million bucks. Maybe you came into a large inheritance, or you’re just really good at saving. Either way, paying the price of the home in full means you won’t have to worry about making mortgage payments.”
CNBC – “US housing starts total 1.155M in July vs 1.22M started expected” (8-16-2017)
“U.S. home building unexpectedly fell in July as the construction of single- and multi-family homes declined, which could temper expectations of a rebound in housing market activity in the third quarter.”
Bloomberg – “Texas Is a Homebuilding Machine. And the Rest of the U.S.?” (8-16-2017)
“In the market for a new home? You’ll fare better if you’re house-hunting in Texas. Dallas, Houston, and Austin are on pace to build a total of nearly 130,000 new homes in 2017, based on a Trulia analysis of building permits.”
National Association of Realtors – “Home Prices Jump 6.2 Percent in Second Quarter; Eclipse 2016 High” (8-16-2017)
“The headstrong supply and demand imbalances in much of the country slightly tempered the pace of sales and caused home prices to maintain their robust growth in the second quarter, according to the latest quarterly report by the National Association of Realtors.”
Mortgage News Daily – “Pitiful Housing Supply Slighted Dampened Q2 Home Sales” (8-16-2017)
“Headstrong is a rather interesting word, but the National Association of Realtors (NAR) chose it to describe the continuing imbalance between supply and demand in the housing market.”
The Real Deal – “LA County homeowners could receive up to $75k to house homeless” (8-16-2017)
“The L.A. Board of Supervisors is slated to vote Tuesday on a pilot program that would grant homeowners up to a $75,000 subsidy to build a second dwelling on their property to house the homeless.”
Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with InvestClub TONIGHT.
Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with SJREI on Thursday, September 14.
Bruce Norris will be presenting Cashing In On A Boom up in San Jose on Saturday, September 16.
People affected by flooding in the Lousiana area had the option of receiving mortgage assistance, as Fannie Mae reminded them. The latest data from both HUD and the Commerce Department showed a 2.1% increase in housing starts, in part to an increase in multifamily housing. Interest rates were needing to increase at least one time this year according to Dennis Lockhart of the Federal Reserve Bank of Atlanta.
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