Today’s News Synopsis:
So you want to try a DIY project you saw on TV? Mortgage rates were lower again, which actually lead to an increase in purchase demand. 30-year rates were at 4.06%, and 15-year rates were at 3.51%. New home sales decreased in April by 6.9% to 673,000 according to the Commerce Department.
In The News:
Realtor.com – “Want to Try a DIY Project You Saw on Reality TV? Warning: Read This First” (5-23-2019)
“Reality shows like “Renovation Rescue” and Rehab Addict” inspire many to get off the couch, pick up a hammer, and give DIY a try—but a new study reveals these shows may have a scary side effect: People are wielding tools they have absolutely no idea how to use—and getting injured as a result.”
Freddie Mac – “Low Mortgage Rates Lead to Rise in Purchase Demand” (5-23-2019)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that fixed-rate mortgages held steady.”
“It wasn’t exactly a comedown when Spencer Wright, 31, and Bela Fishbeyn traded in their cramped Bay Area apartment for a 300-square-foot house a little more than two years ago. In fact, it’s actually been an upgrade in every way.”
Wall Street Journal – “U.S. New-Home Sales Fell in April” (5-23-2019)
“New-home sales in the U.S. declined in April, posting the largest monthly drop since the end of last year and signaling the housing market is on weaker footing during the key spring selling season.”
Bloomberg – “America’s Largest Cities Are Shrinking” (5-23-2019)
“America’s largest cities are shrinking but a few in the Southwest are continuing to boom.”
“Confidence in the market for new multifamily housing weakened in the first quarter of 2019, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB).”
Apartment Therapy – “There’s One Organizing Project Most People Never Finish – And It Could Save You in an Emergency” (5-23-2019)
“Disaster preparedness is not a fun topic, but actualizing it rather than shoving the thought aside is a far better way to hush that nagging voice”
USA Today – “Mortgage refinancing jumps as rates tumble but loans for home purchases drop again” (5-23-2019)
“Homeowners are scrambling to refinance their mortgages now that rates are falling. Applications to refinance mortgages surged 8 percent last week as rates dropped for the fourth straight week, the Mortgage Bankers Association said Wednesday.”
DS News – “The Next Frontier in Home-Flipping Investment” (5-23-2019)
“House flipping is on the rise, according to a report from CoreLogic. Data from CoreLogic indicates the home-flipping rate has increased year-over-year for 12 consecutive quarters, and on a seasonally adjusted basis is now at the highest level since CoreLogic started keeping track in 2002, at 10.9% of home sales as of Q4 2018.”
Aaron Norris will be moderating the ADU Panel for SDCIA on Tuesday, June 11.
Bruce Norris will be speaking at the Southern California Appraisal Institute’s 22nd Annual Inland Empire Market Trends on Thursday, June 13.
Bruce and Aaron Norris will be speaking at the NSDREI 15th Anniversary Dinner Party on Tuesday, June 18.
There was a new trend in the single-family rental market. The Mortgage Bankers Association reported mortgage applications decreased 2.6%, while at the same time rates increased. New home sales decreased by 1.5% according to HUD and the Census Bureau.
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