Guardian Residential Lending Industry News, November 14-21, 2019

Guardian Residential Lending Industry News, November 7-14, 2019
November 14, 2019
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December 5, 2019
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In the Know: A Roundup of This Week’s Local and National Real Estate Stories 

US Economic Optimism; Minority Homeownership gains; and the Comeback of Starter Homes…

This is now the best bull market ever (CNBC, Nov. 14)

The longest bull market in history is also the best ever.

The current market boom, which started March 9, 2009, has enjoyed a whopping 468% gain for the S&P 500 through the first day of November, making this record-long bull run also the best-performing one since World War II, according to The Leuthold Group.

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Seller’s market: Prices are still going up, housing inventory keeps falling (HW, Nov. 20)

Correlating with low inventory and even lower mortgage rates

As mortgage rates remain low, homebuyer demand has risen and that’s leading to fewer and fewer houses being on the market.

The supply of homes for sale fell 9.1% year over year in October, the biggest decline since April 2017 and the fourth month in a row of declines, according to a new report from Redfin.

And with supply on the decline, home sale prices are rising to meet the demand.

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Fannie Mae: Housing to help fuel economic growth in 2020 (HW, Nov. 18)

But expect one last rate cut

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Freddie Mac: U.S. economic optimism spurs growth in mortgage rates (HW, Nov. 14)

The modest uptick in mortgage rates over the last two months reflects declining recession fears and a more sanguine outlook for the global economy, said Sam Khater, Freddie Mac’s Chief Economist.

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Minority homeownership gains (HW, Nov. 15)

Homeownership for Black Americans rises from the lowest level since 1950 Census

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Starter homes may be making a comeback (HW, Nov. 15)

Tight supply, rising home prices spur builders to create more affordable homes

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California’s median home price jumps 6% to $605,280 (HW, Nov. 19)

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NYC, London, Vancouver Losing Luster with Luxury Homebuyers (Bloomberg, Nov. 14)

There’s uncertainty at every corner, from trade wars to Brexit, Hong Kong pro-democracy protests and a populist backlash in some of the world’s biggest and most affluent cities that are imposing new taxes on the rich.

“The safe havens are becoming less certain,” said Dan Conn, chief executive officer of Christie’s International Real Estate. “It’s becoming much more challenging in the hubs to find a high-quality place to deploy capital.”

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Oregon’s economy added 4,400 jobs in October, as the unemployment rate held steady at 4.1%. (Portland Tribune, Nov. 14)

State employment officials said Wednesday, Nov. 13, Oregon’s unemployment rate has hovered between 4% and 4.4% for the past 36 months. Officials said the state economy has been tight for the past few years. The number of people unemployed for 52 weeks or more dropped to 6,000 in October, the lowest level in a dozen years.

Oregon’s October job gains were concentrated in the leisure and hospitality industry (up 2,400 jobs), government (up 2,300) and wholesale trade (up 1,000). The state’s construction and health care and social assistance industries lost a total of about 2,300 jobs last month.

Employment grew by 27,800 jobs during the past 12 months in Oregon, officials said.

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Just For Fun

A Hawaiian Home with Spiritual Energy

Built with the Hawaiian concept of ‘mana,’ or spiritual energy, in mind, this custom home brings the outside in and highlights views of the Mokulua islands. It is on the market for $21 million.

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