Here is Real Estate News For You This Monday.

Finally Passed and Signed Into Law By The President

“The Housing Opportunity Through Modernization Act” has finally been signed into law by President Obama which will ease the restrictive mortgage process for condominiums and buyers. In short this bill will make it easier for finance condo’s.

NAR President said ” This is a long awaited victory for NAR and for home buyers for whom condos are an important and affordable option.”

Listen to NAR’s policy expert Megan Booth explain what this new legislation means.

Home ownership Hits 48 Year Low

Homeownership fell slightly again in the first quarter of 2016 while renters have increased in numbers. Rising prices, student loans, delays in marriage & child bearing are some of the factors that are pushing this trend. “One of the biggest hurdles now is affordability,” Mark Vitner, a senior economist at Wells Fargo Securities in Charlotte, N.C., told National Mortgage News. “Home prices are rising so much faster than incomes, so it’s hard for buyers to save for a down payment.”

The good news in this is that eventually these people sitting on the sidelines will become home owners as their situation changes. According to a survey completed by National Association of Home Builders, 81% of 18 to 29 year old’s said they want to be able to buy a home one day. The survey of 2,800 registered voters also said that they view home ownership as a good investment.

Here is the complete census report on housing.

New Home Sales Reach Highest Levels Since February 2008

Sales of newly built, single family homes rose 3.5% in June 2016 according to US Department of Housing And Urban Development (HUD). This increase is from an upwardly revised rate from May 2016. The seasonally adjusted annual rate now stands at 592,000.

The median sales price of new houses sold in June was $306,700 and the average sale price was $244,000

Despite Brexit Shadow, Fannie Mae Says Economic Outlook Unchanged

The economic growth outlook for the second half of the year remains unchanged from the prior forecast of about 2% according to Fannie Mae. Businesses will face headwinds from shrinking profits, weak productivity and rising labor costs in the face of uncertainty stemming from Brexit and the US presidential elections.

Government spending and residential investment should be positive contributors to economic growth this year, while  nonresidential and inventory investment and net export are expected to drag on growth.

Magic Jack Inventors Home Up For Sale

According to The Real Deal  the widow of the late inventor of MagicJack has listed her oceanfront home for sale at $27.5 million. The MagicJack inventor Daniel Borislow died in 2014 at the age of 52. The property is listed with Waterfront Properties and Club Communities and Traci DeGeorge.

They both the house in 2005 and it was built in 1970, with four bedrooms and six bathrooms and is nearly 10,000 square feet.

Real Estate News Monday morning is brought to you by South Florida Real Estate Guide and www.livinginflorida.net (coming soon).