Despite inventory shortage, existing home sales surge in California

For two years now, California has dealt with extremely low housing inventory, and it doesn’t look like it’s getting better any time soon. According to the latest report from the California Association of Realtors, existing home sales in California took off in June to their highest pace in nearly four years. But the increase in sales, coupled with the double-digit decline in active listings, now means June’s available housing supply is even lower.
Source: Housing Wire

Colony Starwood Homes rebranding as Starwood Waypoint Homes

For the second time in two days, a business that carries the “Colony” brand name announced that it plans to shed that name and begin operating under a new name. First, it was Colony American Finance, which is being renamed CoreVest American Finance Lender after Fortress bought the company. Now, Colony Starwood Homes is rebranding as Starwood Waypoint Homes.
Source: Housing Wire

FHFA wants more input on improving credit access for borrowers with limited English proficiency

In May, the Federal Housing Finance Agency asked the housing market to provide input on how to increase access to credit for borrowers with limited English proficiency. Originally, the FHFA set a deadline of July 10, 2017 to receive all input, but the FHFA announced Tuesday that it is extending the deadline to get more feedback from the market.
Source: Housing Wire

Fortress acquires Colony American Finance

Fortress Investment Group is about to be acquired by SoftBank Group in a $3.3 billion deal, but Fortress isn’t done making its own acquisitions while that deal works its way through the legal process. Fortress announced Tuesday that it is acquired Colony American Finance, a lender that provides financing for real estate investors who want to purchase single-family rental homes, townhomes, condos, and small multifamily properties.
Source: Housing Wire

Foreign investment in U.S. real estate surges 49%

Transaction growth from foreign buyers exploded over the past year, climbing a full 49%, to an all-new high. While Chinese investors hold the number one spot on U.S. real estate investment, the sudden surge can be credited to a hike in sales volume among Canadian buyers, whose unprecedented growth also hit a new high.
Source: Housing Wire

Will pending IPO establish Redfin as a billion-dollar real estate company?

Online real estate brokerage Redfin filled in a few blanks originally left empty on its recent initial public offering request with the U.S. Securities and Exchange Commission, revealing the company thinks it is worth around a billion dollars. When the company first filed its request for IPO, it left out key details on how many shares it would sell, along with how much it would sell them for. Well, the wait’s over. Here are the missing details on exactly much capital Redfin wants to raise.
Source: Housing Wire