Dec 28

But his family arrived in Los Angeles at a time of discrimination in housing and mortgage lending, which largely restricted black families to certain neighborhoods in South Los Angeles.Through a practice known as redlining, real estate agents and lenders marked these neighborhoods as areas undesirable for investment, preventing residents there from obtaining home loans.

Source: Black, Homeless and Burdened by L.A.’s Legacy of Racism – The New York Times

Nov 23

Now, a home buyer who purchases a single-family fixer-upper in an Opportunity Zone can tack up to $50,000 in rehabilitation costs onto the mortgage to purchase the property using an FHA-insured 203(K) mortgage program. Previously, the limit was $35,000.This new increase also can be used by a homeowner who wants to refinance a mortgage to fix up their home.

Source: HUD Secretary Carson visits Bristol Opportunity Zone – News – The Intelligencer – Doylestown, PA

Nov 04

Apple’s commitment includes $1 billion in affordable housing investments, $1 billion in mortgage assistance for first-time homebuyers, and $300 million worth of Apple land opened up to affordable housing projects.

Source: Apple Commits $2.5 Billion to Fight California Housing Crisis – MacRumors

Oct 09

It’s a disturbing twist to the phenomenon I’ve dubbed the Great Reset. A large and growing component of the shift, or reset, from homeownership to rental housing is made up of single-family homes that were once owned but are now rented. The NBER study estimates that the 4 percent decline in America’s homeownership rate, from 67 percent before the crash in 2007 to 63 percent in 2014, means that roughly 1.5 million American households have shifted from owners to renters.

Source: The Decline in Owner-Occupied Single-Family Homes – CityLab

Jun 16 predicts, according to the Wall Street Journal, that Chinese investors will plow $1.5 trillion into assets abroad over the next decade, with about half of that going into foreign property.The exact number of investors in China that have piled into these housing markets is still nebulous, despite some efforts locally to collect data on it. But home prices have soared under this buying pressure of foreign money, and now, after years of denying it, politicians are no longer denying it.

Source: China: investors inflating housing markets in US, Canada, Australia – Business Insider

Jun 06

Earlier this year, Lin He made a $400,000 profit from a single home flip.The 3,600-square-foot house in Malibu was in foreclosure and was listed for $1.39 million. He purchased it for $985,000 in 2017 without ever stepping foot inside.”Boy, it was bad. It was a lot worse than I thought,” he said. The renovations took three months and cost him around $300,000, plus he incurred many other costs like taxes, staging and realtor commissions.

Source: He made $400,000 flipping a house

May 01

Yet look at the wealth. Even in its current (kinda sad) state, the nine blocks of the core downtown still produce 287% more property tax than the entire mall property. And that’s before the Herberger’s goes away, before there is a big hole in a building with no obvious way to fill it.Imagine the wealth we would have if we hadn’t destroyed our downtown — if we hadn’t walked away from the wealth our ancestors had built and disinvested from our core, if we hadn’t been seduced by the shiny and new…

Source: The Real Reason Your Local Mall is Failing — Strong Towns

Apr 30

“Historically, the typical single-family landlord was a local person who owned a few houses,” said Julia Gordon, executive vice president of the National Community Stabilization Trust, an anti-blight nonprofit organization. “They would basically oversee things like collecting the rent, do home repairs themselves, or employ a handyman to do home repairs. It was a very mom-and-pop type industry.”

Today, Gordon said, it seems like rental homes “are almost always owned by somebody whose last name is ‘LLC.'”

Source: In Georgia, Sean Hannity is just another landlord hiking the rent

Apr 25

Tenant-rights advocates say they have enough signatures to ask voters to repeal a 1990s law that sharply limits cities’ ability to impose residential rent control, potentially setting up a multimillion-dollar fight at the ballot box in November.

Source: Bid to repeal rent-control limits in California could be headed to ballot – San Francisco Chronicle

Apr 25

Home prices posted an annual gain of 6.3% in February, according to the latest S&P CoreLogic Case-Shiller Indices, and have been rising continuously for the past 70 months.

Source: Home prices are on an epic run

preload preload preload