Facebook is removing thousands of ad targeting options to prevent housing discrimination. HUD filed a discrimination lawsuit against the social media giant because of the way advertisers choose their audience. The Department of Housing and Urban Developed says that Facebook has been violating the Fair Housing Act because housing ads were directed toward certain people, and hidden from other.
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A program designed to clean up blight in Detroit is also keeping a lot of potentially great homes off the market. Detroit created a “land bank” many years ago, to deal with vast numbers of foreclosed and vacant homes. The Land Bank is selling them off, but according to Bridge News, the city isn’t selling them fast enough and is now the owner of a massive number of properties.
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Concrete is becoming popular as a material for high-end homes that are stylish and easy to maintain. It’s no longer relegated to the basement as foundation material. You’ll see it sparkling with mica dust and imprinted designs on floors, or jutting artistically from a corner for a majestic countertop or stairwell landing. It can be used to create sculptural features in bathrooms, and energy efficient walls that are also less likely to sustain damage during a disaster.
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In this week's Real Estate News in Brief... we have a major bull-market milestone, increased foreclosure activity, and a new AirBnb legal battle.
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Home prices appear to be coming down a bit from their lofty heights. Zillow released a report showing that price cuts are becoming more common, especially for higher-priced homes in the hotter markets. Are we shifting from a sizzling seller’s market into something more friendly for buyers?
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Portland landlords are gearing up for a fight over legislation that would limit their use of an applicant’s criminal history. And that’s not all. City officials also want to reduce income and security deposit requirements. Landlord advocate Ron Garcia of the Rental Housing Alliance is calling it “activism run amok.”
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California voters could be in for a battle over Proposition 13, but not for another couple of years. A coalition of groups recently submitted more than enough signatures to qualify the measure, but they had previously decided to delay the vote until the November 2020 election. The measure would split the property tax law in half, leaving residential protections as they are now, but eliminating them for commercial properties.
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In this week's Real Estate News in Brief... we have population growth predictions, a big investment in Detroit by Ford, and a reality check on the “new retirement age.”
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HUD Chief Ben Carson is proposing a major shift to the enforcement of the Fair Housing Act, as a way to tackle the affordable housing crisis. He’s hoping to steer the focus away from the integration of low income housing in wealthier neighborhoods, and replace it with incentives for less restrictive zoning. That’s raising eyebrows in some circles, but Carson said in a Wall Street Journal interview that his strategy will promote “mixed-income multifamily dwellings all over the place.”
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Small businesses waiting anxiously for details on the new pass-through tax deduction are finally getting some answers from the IRS. The Internal Revenue Service released a 184-page document on proposed regulations that include income limits, qualified business categories, and strategies that won’t be allowed to “game” the system.
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Seattle is enlisting the help of big tech companies to help solve the city’s affordable housing crisis. It’s a big switch from a previous plan that would’ve penalized companies for “creating jobs”, expanding the local economy, and of course, driving up home prices. But instead of a controversial “head tax” on new employees, tech company representatives will put their collective heads together to help the city come up with solutions.
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A visa program for wealthy foreign investors is at risk of expiring next month, and some U.S. developers are worried about the impact on projects that need those dollars. Critics say the program has been abused by big money interests and needs either a major overhaul or to be scrapped altogether. So far, President Trump has not weighed in.
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In this week's Real Estate News in Brief... we have the latest on million dollar metros, a great way to save money without budgeting, and the power of the “paw” when it comes to buying a home.
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Today, I have some warm and fuzzy news from the mortgage world. Freddie Mac announced a new low financing option for multi-family landlords to help keep rental housing affordable. Borrowers can save money on loans from a wholesale lender who’s not requiring escrow accounts. And something called “comfort letters” are becoming popular as a way for borrowers to clarify their creditworthiness to underwriters.
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If you are relying on a pension to fund your retirement, you may be headed for a downgrade. There’s a new study that shows the deficit for public pension funds took another giant leap higher. Researchers say the gap is now $1.4 trillion dollars, and it’s growing. They say government intervention is needed to eliminate the shortfall but there’s no “one size fits all” solution, and most options are also painful.
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Wildfires are chasing thousands of Californians out of their homes. The deadly Carr Fire in the Redding area is the worst with six people killed, more than a thousand homes destroyed, and 125,000 acres burned. It’s a sad situation for those who’ve lost lives and homes, and will have a big impact on the housing market -- both positive and negative.
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In this week's Real Estate News in Brief… there’s a housing inventory overload in some markets, a $1 billion price tag for a piece of undeveloped land, and a new “accidental investment” strategy for move-up buyers.
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It’s cheaper to rent than to buy in San Francisco because of those stratospheric home prices. That’s not to say that San Francisco rentals are “cheap,” but Trulia’s latest Rent vs. Buy report shows that you’ll save more money if you rent your place San Francisco. It also provides a look at the difference between renting and buying in 98 other metros.
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For the first time since the housing crash, Chinese investors have sold much more U.S. real estate than they’ve bought. It’s a divestment that began last year, but continued at a rapid pace this year. According to the Wall Street Journal and Real Capital Analytics, they sold $1.29 billion worth of commercial real estate in the second quarter and only bought $126.2 million.
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