Mortgage And Real Estate News

Thursday, December 19, 2019

Scottsdale shopping center sells for $66.7M

After going through a massive re-leasing effort during the past few years, the Shops at Gainey Village, a large Scottsdale shopping center, has been sold.

According to documents filed with the Maricopa County, the retail center was sold Dec. 16 for $69.7 million by Principal Real Estate Investors LLC to First Washington Realty Inc. Principal purchased the property in 2005 for $73 million, according to county records.

Read more... https://www.bizjournals.com/phoenix/news/2019/12/18/rebooted-scottsdale-shopping-center-sells-for-70.html

Thursday, December 5, 2019

Scottsdale city council approves Southbridge development

The city says the high-rise development could bring more vitality to the downtown area, but some are concerned it means losing Old Town's classic charm.

Read more... https://www.12news.com/article/news/local/valley/scottsdale-city-council-to-discuss-southbridge-development/75-7e9529c6-3dea-4410-88e0-415631db9907

Bye-Bye, VA Loan Limits: What This Means for Veterans Buying a Home

Active service personnel and veterans hoping to buy a home in expensive parts of the country have a lot to be thankful for this holiday season.

Read more... https://www.realtor.com/news/trends/bye-bye-va-loan-limits-what-this-means-for-veterans-buying-a-home

Tuesday, November 26, 2019

Gold price has 'every reason in the world to rally', why isn't it?

This week's non-action created a new resistance level for gold and it will need to breach it before rallying higher, according to analysts.

The yellow metal was unable to sustainably break the $1,475 an ounce this week, signaling a new resistance line before the $1,500 mark.

Read more... https://www.kitco.com/news/2019-11-22/Gold-price-has-every-reason-in-the-world-to-rally-why-isn-t-it.html

Monday, October 28, 2019

Is the end of Libor a threat to financial stability?

WASHINGTON — There is little doubt in anyone's mind that by the end of 2021, the London interbank offered rate will cease to exist. But as banks prepare for the switch, a growing chorus is warning of financial-stability issues with the transition to a new interest rate benchmark.

Read more... https://www.americanbanker.com/news/is-the-end-of-libor-a-threat-to-financial-stability

Friday, October 25, 2019

The Dawn of a New Era for Title

In 1964, Bob Dylan famously sang the lyrics, "Oh, the times they are a-changin." While Dylan's melodramatic anthem focused on the shifting American societal landscape during that turbulent decade, the title industry is currently undergoing its own era of change in the 21st century. 

Read more... https://dsnews.com/daily-dose/10-24-2019/the-dawn-of-a-new-era-for-title

Tuesday, October 22, 2019

The Cost of Trade Wars on Housing

A forecast from Goldman Sachs says the ongoing trade war between China and the U.S.  is "kicking the tires" of growth, and added insight as to what that could mean for a recession.

Read more... https://dsnews.com/news/10-21-2019/could-trade-wars-cause-the-next-recession

Sunday, October 20, 2019

Lucara rocks — finds blue, pink diamonds at Botswana mine

Canada's Lucara Diamond (TSX:LUC) continues to find gem-quality, coloured diamonds at its Karowe mine, in Botswana, which in April yielded the 1,758-carat SewelĂ´ (meaning "rare find") diamond, the largest ever recovered in the African country.

Read more... https://www.mining.com/lucara-on-a-roll-finds-blue-pink-diamonds-at-botswana-mine/

Millennial Money: Surprising tricks for your credit cards

Credit cards are daily payment tools for many Americans, but yours probably also has unintended tactical uses you never thought of, such as slicing open birthday card envelopes your grandparents send.

Read more... https://wtop.com/living/2019/10/millennial-money-surprising-tricks-for-your-credit-cards/

Refinance or not? Getting a better deal isn't a slam dunk, but low rates offer compelling choices

Low interest rates are sparking another mortgage-refinance boom. If you haven't applied for a loan in a few years, it might be time to reconsider.

Read more... https://www.azcentral.com/story/money/business/economy/2019/10/20/mortgage-refinancing-popular-interest-rates-what-know/3977040002/

Thursday, October 10, 2019

How Automated Trading Can Increase Your Trading Profits

Have you ever wondered how you can automate your trading strategies and increase your trading profits? In this article we'll cover the basics of algorithmic trading (AKA trading bots), the benefits, and the risks. Get ready for Automated Trading 101!

Read more... https://medium.com/datadriveninvestor/how-automated-trading-can-increase-your-trading-profits-371ae1f828fe


    Best Regards,

Lillian Wong
Sr. Mortgage Advisor
NMLS 630337
NEXA Mortgage
2450 S Gilbert Rd #210
Chandler AZ 85286
480.650.5412
www.lillianwong.net
lwong@nexamortgage.com

Tuesday, October 1, 2019

The 10 most expensive ZIP codes for renters in Arizona

The peak rental season is coming to an end, making October the perfect time to identify and rank the areas that have charged the largest rents this year.

Read more... https://azbigmedia.com/real-estate/multifamily/the-10-most-expensive-zip-codes-for-renters-in-arizona/

3 projects that are shaping the future of Downtown Phoenix

The evolution of Downtown Phoenix continues, and there are three key projects leading the market forward, The Link PHX, Block 23 and two buildings going up at the newly renovated Arizona Center — the AC Hotel by Marriott and Palm Tower, a residential tower. All of these projects are in different stages of development, but the tallest of the new buildings, The Link PHX, will be the first one to be delivered.

Read more... https://azbigmedia.com/real-estate/3-projects-that-are-steering-the-future-of-downtown-phoenix/

Tracking Home Equity Growth Since 2012

Redfin reports that people who purchased homes in 2012 have earned $203 billion in home equity. The buyer who bought a home the year prices reached their lowest point following the Great Recession has earned $141,000, or 261%, in home equity. 

Read more... https://dsnews.com/daily-dose/09-30-2019/tracking-home-equity-growth-since-2012

Sunday, September 29, 2019

Sunday, September 15, 2019

Metro Phoenix's housing market looks a lot like 2004. Is a boom and bust coming?

Rising home prices and bidding wars over affordable houses in metro Phoenix are stirring painful memories of the housing boom that led to the area's biggest real estate crash beginning in 2008.

Read more... https://www.azcentral.com/story/money/real-estate/catherine-reagor/2019/09/15/metro-phoenixs-housing-market-looks-like-2004-boom-bust-next/2288542001/

Sunday, September 8, 2019

Trump administration unveils plan to privatize Fannie Mae, Freddie Mac

WASHINGTON — The Trump administration has unveiled its plan for ending government control of Fannie Mae and Freddie Mac, the two giant mortgage finance companies that nearly collapsed in the financial crisis 11 years ago and were bailed out at a total cost to taxpayers of $187 billion.

Read more... https://www.usatoday.com/story/money/2019/09/05/fannie-mae-freddie-mac-overhaul-plan-privatize-mortgage-companies/2226608001/

   

For $25, Arizona homebuyers can help solve the state's affordable housing problem

For $25, Arizona homebuyers can help put a roof over the heads of people who can't find a home they can afford.

Read more... https://www.azcentral.com/story/money/real-estate/catherine-reagor/2019/09/06/25-arizona-home-buyers-can-help-solve-states-affordable-housing-problem/2211944001/



   

Thursday, June 20, 2019

Even with high expectations for digital, homebuyers want a human touch

In the era of Amazon and one-click purchases, buyers are looking for easier digital experiences when they shop — including when they shop for homes. The mortgage industry has recognized that desire and continues to make the process of applying, getting approved, and closing on a loan faster and more digital than ever before.

Read more... https://www.housingwire.com/articles/49365-even-with-high-expectations-for-digital-homebuyers-want-a-human-touch

Wednesday, June 19, 2019

Google Vows To Invest $1B On New Housing In Silicon Valley

Search giant Google on Tuesday promised to invest more than $1 billion creating thousands of new homes in California's Bay Area, continuing a trend among large companies to spend big sums on solving a growing housing affordability crisis.

Read more... https://www.inman.com/2019/06/19/google-vows-to-invest-1b-on-new-housing-in-silicon-valley/

New federal tax rules create advantage for real estate investment trusts

As Generation X and millennials inherit their baby boomer parents' assets amid the so-called Great Wealth Transfer, some will look to invest it in rental property to generate income.

Wednesday, June 5, 2019

You can now buy your house on Amazon

Some Americans apparently love to fantasize about an extreme downsize that reduces their personal space to the bare minimum and slashes their cost of living to a fraction of what it once was. Hence, the rise of the tiny house trend.

Read more... https://www.housingwire.com/articles/49260-you-can-now-buy-your-house-on-amazon

Multifamily lenders unprepared for end of LIBOR

Many multifamily lenders are preparing for the end of LIBOR, but are waiting on regulators to make decisions before they take action.

Read more... https://www.housingwire.com/articles/49255-multifamily-lenders-unprepared-for-end-of-libor

Tuesday, June 4, 2019

California Housing Market Driving Millennials Back to Parents' Doorsteps

More millennials are moving back in with their parents in the San Francisco and San Jose, California, areas, according to a report by The Mercury News. More than a fifth of millennials (ages 23-37) lived with their parents in 2017, according to information from Zillow and U.S. Census Data.

Read more... https://themreport.com/daily-dose/06-03-2019/west-coast-housing-market-driving-millennials-back-home/

California Housing Market Driving Millennials Back to Parents' Doorsteps

More millennials are moving back in with their parents in the San Francisco and San Jose, California, areas, according to a report by The Mercury News. More than a fifth of millennials (ages 23-37) lived with their parents in 2017, according to information from Zillow and U.S. Census Data.

Read more... https://themreport.com/daily-dose/06-03-2019/west-coast-housing-market-driving-millennials-back-home/

Tuesday, May 7, 2019

CoreLogic: Home Prices Still Going Up

Home prices increased by 3.7 percent year-over-year and one percent month-over-month in March, according to new data from CoreLogic.

Read more... https://nationalmortgageprofessional.com/news/70939/corelogic-home-prices-still-going

The 55+ housing market is booming

The 55+ housing market is thriving right now as more Baby Boomers look to invest in a new nest to live out their retirement dreams.

Read more... https://www.housingwire.com/articles/48972-the-55-housing-market-is-booming

Friday, April 12, 2019

Fewer first-time home buyers likely to qualify for mortgages under tougher FHA standards

Some first-time and low- to middle-income home buyers will likely be edged out of the housing market under tougher standards recently adopted by the Federal Housing Administration, experts say.

Read more... https://www.usatoday.com/story/money/2019/03/25/home-loans-fewer-first-timers-get-mortgages-under-tough-standards/3271050002/

Sunday, March 10, 2019

Got Money Stress? Here Are the Best 5 Steps to Overcome It

So, you're stressed out about money.  You're not alone. I just read a study that confirmed the following:

1.  30% of Americans stress about money constantly

2.  85% of Americans stress about money sometimes

3.  43% of Americans label unexpected expenses as their biggest source of stress

4.  Only 39% of Americans have enough in savings to cover a $1,000 emergency

Read more... https://kevindohertyonline.com/money-stress/

Goodbye bidding wars: Homebuyers gain edge in this year's housing market

If you're hunting for a house this spring, say goodbye to frenzied bidding wars. And if you're selling, get ready for good, old-fashioned negotiations.

Read more... https://www.usatoday.com/story/money/2019/03/07/homes-sale-buyers-gain-edge-spring-house-buying-negotiations/3065260002/

Tuesday, February 26, 2019

Will Individual Agents Be The Real Winners In The IBuyer Game?

While iBuyer companies continue to make news, there's an interesting trend afoot that virtually no one seems to have noticed: Opendoor, Knock, Offerpad and Redfin might not be as formidable as the press makes them out to be. Could it be that the real winner in the iBuyer arena is the agent conducting an old-fashioned print marketing campaign?

Read more... https://www.inman.com/2019/02/25/will-individual-agents-be-the-real-winners-in-the-ibuyer-game/

Monday, February 25, 2019

Sunday, February 17, 2019

Construction update: Great Wolf Lodge Arizona, Ritz-Carlton

From ultra-luxury to family-friendly, Phoenix is about to see some striking new hotel options. Here's a look at three new additions on the horizon for the Valley's resort scene. 

Read more... https://www.azcentral.com/story/travel/arizona/2019/01/07/ritz-carlton-great-wolf-lodge-civana-arizona-construction-update/2303987002/

New Caesars hotel to be built at Scottsdale Fashion Square

Caesars Entertainment Corp. said it will build a non-casino hotel on the northern side of Scottsdale Fashion Square, with construction slated to start later this year.

Read more... https://www.azcentral.com/story/money/business/2019/01/28/caesars-republic-scottsdale-non-casino-hotel-planned-scottsdale-fashion-square/2699905002/

If you really like Fendi, the Italian designer is building homes in Scottsdale

Developers, architects and government leaders gathered Wednesday to break ground on the highly anticipated retail and dining portion of the Palmeraie master-planned community, as Fendi Private Residences was announced as the first luxury name associated with the $2 billion project.

Read more... https://www.azcentral.com/story/news/local/scottsdale/2019/02/14/fendi-homes-scottsdale-paradise-valley-palmeraie-five-star-development-ceo-jerry-ayoub/2861593002/

These 1 percenters are NYC real estate’s biggest losers

Don't believe the brochures. A Billionaire's Row apartment can be a terrible investment.

"One of the things that I struggle to wrap my head around is why people continue to park money in high-end New York real estate when it's not a very lucrative asset class," said Grant Long, senior economist at StreetEasy, a New York listing platform.

Read more... https://nypost.com/2019/02/16/these-1-percenters-are-nyc-real-estates-biggest-losers/

Saturday, February 9, 2019

Housing Sentiment May Be Bouncing Back

Respondents to Fannie Mae's January National Housing Survey adopted a new outlook to go along with the new year, primarily in responses about their personal financial situation.  As a result, the Home Purchase Sentiment Index (HPSI) increased 1.2 point to 84.7, taking back some of the 2.3 points it shed in December.

Read more... http://www.mortgagenewsdaily.com/02072019_national_housing_survey.asp

The U.S. Cut Taxes. Why Will Fewer Folks Get Refunds?

U.S. taxpayers are filing their first returns under the 2017 tax code overhaul that lowered rates for most people. What makes the paperwork headaches tolerable for many is the promise of a tax refund at the finish line. Yet more taxpayers will end up with no refund, or a smaller one, compared with a year ago, before the lower rates fully took effect. How could that be? The explanation rests with the many other changes that made it into the revised tax code. Some Americans are venting their surprise and anger.

Read more.... https://www.washingtonpost.com/business/the-us-cut-taxes-why-will-fewer-folks-get-refunds/2019/02/09/c7d34af4-2c40-11e9-906e-9d55b6451eb4_story.html

Friday, February 8, 2019

Daily Rate Update for February 8, 2019

Friday – February 8, 2019

Higher household incomes in January pushed home purchase sentiment higher during the month, reports Fannie Mae. The Home Purchase Sentiment Index rose 1.2 points to 84.7 last month though it lower by 4.8 points compared with the same time last year.

Fannie Mae's report revealed that there was an 8-percentage point increase in the net share of Americans who reported higher household income from January 2018. "Overall, these results are in line with our forecast that, amid improving affordability conditions, home sales should stabilize in 2019 after declining last year for the first time in four years," said Doug Duncan, senior vice president and chief economist at Fannie Mae.

Consumer credit in the U.S. hit a record high in December due in part to low unemployment and steady income growth, reports the Federal Reserve. Consumer credit rose $16.6 billion in December to an all-time high of $4 trillion. That's trillion! In December, the report showed that credit card debt rose 2% while auto and student loans were up 6%. Mortgage loan data is not included in the report.


18 Commercial Real Estate Trends To Dominate In 2019

Goodbye 2018, hello 2019! As the new year approaches, Bisnow spoke with several industry execs, researchers and economists to uncover the major trends expected to dominate the commercial real estate industry in the coming year. From the rise of opportunity zones to a slowdown in industrial absorption, these are 18 trends experts forecast for 2019.


Read more https://www.bisnow.com/national/news/commercial-real-estate/commercial-real-estate-trends-to-dominate-in-2019-95890

Friday, February 1, 2019

Daily Rate Update for February 1, 2019

Friday – February 1, 2019

The Bureau of Labor Statistics reported that 304,000 jobs were created in January as the labor market continues to remain on very solid ground. However, there was a large 70,000 downward revision for November and December. But even with that, the three-month job creation average is at a strong 240,000.

The Unemployment Rate ticked up to 4% from 3.9% while the Labor Force Participation Rate rose to 63.2%, the highest since August 2013. Average hourly earnings rose 0.1% from December and up a solid 3.2% year-over-year, which matches the annual December reading. Total unemployed, or the U6 number, rose to 8.1% from 7.6%. Overall, this is another solid report.

Manufacturing activity across the U.S. remained strong in January while the U.S. economy grew for the 117th consecutive month. The ISM Manufacturing Index came in at 56.6 in January, above the 53.6 expected. The report read that continued expanding business strength was supported by strong demand and output.

Courtesy of Mortgage Market Guide

Thursday, January 31, 2019

Daily Rate Update for January 31, 2019

Rate Update Thursday – January 31, 2019

The partial government shutdown ended last Friday so the delay of sales of newly built homes for November was reported today with a big number. November New Homes Sales jumped 17% from October to an annual rate of 657,000 units, well above the 555,000 expected. However, sales were down 7.7% from November 2017. Across the country, sales jumped 100% in the Northeast, up 30.5% in the Midwest, up 20.6% in the South with a 5.9% decline in the West. There was a six-month supply of homes for sale on the market which is seen as normal. A solid report, though somewhat backward looking due to the delay in reporting the numbers.

Mortgage rates were essentially unchanged in the latest week after the rise seen from January 2018 through November. Freddie Mac reports that the 30-year fixed-rate mortgage average 4.46% this week with an average 0.50 in points and fees. A year ago this time, the rate was 4.22%. Sam Khater, Freddie Mac’s chief economist, says, “Purchase applications were down this week after soaring early in the year. However, softening house price appreciation along with increasing inventory of homes on the market – and historically low mortgage rates – should give a boost to the spring homebuying season.”

Americans filing for first-time unemployment benefits rose to a near two and a half year high in the latest week. The partial government shutdown could be attributed to the jump in claims. Weekly Initial Jobless Claims rose 53,000 in the week ended January 26, above the 220,000 expected. The four-week moving average of initial claims, which irons out seasonal abnormalities, rose 5,000 to 220,250.

Courtesy of Mortgage Market Guide

Daily Rate Update for January 30, 2019

Rate Update Wednesday – January 30, 2019

The labor market continues to produce strong numbers while the U.S. economy remains on solid ground. ADP reports that private employment grew by 213,000 in January, well above the 170,000 expected. December was revised lower to 263,000 from 271,000 and also a strong number. “The labor market has continued its pattern of strong growth with little sign of a slowdown in sight. Midsized businesses continue to lead job creation, however the share of jobs was spread a bit more evenly across all company sizes this month,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.

Contracts signed but not yet closed for home purchases fell again in December, according the National Association of Realtors (NAR). Pending Homes Sales fell 2.2% from November to December and are down nearly 10% from December 2017. It was the lowest December reading since December 2013 and marks 12 straight months of annual declines. Lawrence Yun, NAR chief economist, cited several reasons for the decline in pending sales. “The stock market correction hurt consumer confidence, record high home prices cut into affordability and mortgage rates were higher in October and November for consumers signing contracts in December,” he said.

The Mortgage Bankers Association (MBA) reports that mortgage rates were essentially unchanged in the latest week and have remained near current levels for several weeks now. The MBA said the 30-year fixed-rate mortgage was at 4.76% in the week ended January 25 with 0.47 in points. Within the report it showed that the refinance index fell 6% while the purchase index fell 2%. The survey covers over 75% of all U.S. retail residential mortgage applications and has been conducted weekly since 1990.

Courtesy of Mortgage Market Guide

Wednesday, January 16, 2019

Mr. Cooper laying off 109 mortgage employees in California

Over the last several months, layoffs have hit companies across the housing industry as the industry works to find solid footing in a shifting mortgage market.

Read more... https://www.housingwire.com/articles/47921-mr-cooper-laying-off-109-mortgage-employees-in-california

Wednesday, January 2, 2019

CoreLogic: November Home Prices Up 5.1 Percent

Home prices in November increased by 5.1 percent from one year earlier and were up by 0.4 percent from October, according to new data from CoreLogic.

Read more... https://nationalmortgageprofessional.com/news/69597/corelogic-november-home-prices-percent

Tuesday, January 1, 2019

FHLBank San Francisco Releases November 2018 Cost of Funds Index

SAN FRANCISCO, Dec. 31, 2018 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (Bank) announced December 31, 2018, that the 11th District Monthly Weighted Average Cost of Funds Index (“COFI”) for November 2018 is 1.060%. The index for October 2018 was 1.079%.

The COFI is computed from the actual interest expense reported for a given month by the Arizona, California, and Nevada savings institutions members of the Bank that satisfy the Bank’s criteria for inclusion in the COFI (“COFI Reporting Members”). For November 2018, 9 eligible institutions reported COFI data. Changes in interest rates on adjustable rate mortgage loans offered by many financial institutions are tied to changes in the COFI.

Although the Bank makes a good faith effort to be accurate in the calculation and publication of the COFI, the Bank does not warrant, confirm, or guarantee the accuracy of the data it receives from its COFI Reporting Members, the accuracy of the COFI calculation, or the accuracy of the COFI as published. The Bank does not examine the books and records of its COFI Reporting Members for the purpose of confirming the accuracy of the data they deliver to the Bank used to calculate the COFI, and the Bank expressly disclaims all liability that may arise from any use of the COFI or the use of inaccurate data received from its COFI Reporting Members in calculating the COFI. In addition, the Bank expressly disclaims any liability to any person for any inaccuracy in the COFI, regardless of the cause, or for any resulting damages.

The Bank accepts data for the COFI for a given month from the COFI Reporting Members until 12 noon California time on the last business day of the following month and publishes the COFI for that given month based on data received by that time. The Bank will not revise or republish the COFI for a given month based on new or corrected data received after that time and expressly disclaims all liability that may arise as a result. In addition, although the Bank makes a good faith effort to publish the COFI on the last business day of the following month at or after 3 p.m. California time, the Bank does not guarantee that it will always publish the COFI at that date and time, and the Bank expressly disclaims any liability for any delay in publishing the COFI.

Certain corporate activity, such as charter changes or mergers, may cause the Bank to determine that a financial institution no longer qualifies as a COFI Reporting Member and will no longer be included in the COFI. Similarly, if a COFI Reporting Member’s Bank membership is terminated, it will no longer be included in the COFI. The impact of such removals on the COFI will depend entirely on the amount of interest expense and total funds of the entity being removed, and may be significant.

For additional information and disclosures about the calculation of the COFI, removal of a COFI Reporting Member, and other matters concerning the COFI, visit the Bank’s website at www.fhlbsf.com.

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