New California law gives owners, tenants, non-profits, and local governments a chance to outbid investors who buy foreclosures. It also bans the “auction bundling” of foreclosed homes, and prevents foreclosure blight with big fines.
The Mortgage Bankers Association is forecasting another busy year for lenders. It’s predicting that American home buyers will be taking out a record number of home loans in 2021 while refinancing activity slows down.
In this Real Estate News Brief for the week ending October 24th, 2020... the home buying frenzy continues, the government extends its forbearance program, and the Federal Reserve talks about the possible issuing of digital currency.
A company that helps people live “off-the-grid” in floating sea pod homes is now offering a different kind of live-work-play experience. Ocean Builders is converting a former cruise ship into a floating condominium complex off the coast of Panama for digital nomads, expats, researchers, start-ups, and crypto businesses. And you can own one for as little as $25,000.
California voters will tackle three thorny real estate issues on November 3rd. One will raise taxes on a significant group of taxpayers, while another will provide a property tax reprieve, and a third will allow new rent control measures for virtually all rental properties, including single-family homes. In this episode, you’ll hear more about Propositions 15, 19, and 21 in the 2020 California election.
In this Real Estate News Brief for the week ending October 17th, 2020, mortgage rates hit a new low, the pandemic migration hits 16 million, and condos are headed for a comeback.
We begin with economic news from this past week that shows mixed results. On the employment front, jobless claims surged to a 7-week high.
If you’re thinking about hosting a Halloween party at the end of the month, you won’t be able to do it at an Airbnb. Airbnb announced a ban on one-night whole house reservations for Halloween weekend. It’s not only a way to keep peace with the hosts and with neighbors, but a way to prevent the spread of the coronavirus.
In this Real Estate News Brief for the week ending October 10th, 2020... Fed Chief calls for more stimulus, the job market recovery cools off, and a haunted house appears on Zillow.
We begin with economic news from this past week, and comments from Fed Chief Jerome Powell about the need for more stimulus. In a speech to the National Association for Business Economics, he said it’s better for Congress to offer too much support than too little.
The Small Business Administration says it has begun PPP loan forgiveness after some frustrating delays. The Paycheck Protection Program was introduced in April, and tens of thousands of small business owners have been waiting to have those loans forgiven. Banks say the process for converting loans into grants has been complicated, but the SBA says it now expects to move quickly on the approval and payoff of those loans.
There’s a new twist on the old timeshare. It’s a start-up called Pacaso that takes the timeshare model and expands it to something closer to owning your own single-family vacation home. Instead of owning a second home and all the costs that go along with it, Pacaso finds co-owners to share the expense. Scheduling for use of the home is flexible, and allows for much greater access than a timeshare. And, Pacaso takes care of all the management.
Home buyers searching for affordable markets may be changing the political landscape. A new Realtor.com analysis shows that blue state home buyers are searching for new homes in red states. It’s unclear if these search results represent actual migrations, but they could indicate a shift in voter preferences for several important swing states. And that could have an impact on the upcoming presidential election.