Real Estate and foreclosure thread

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Opendoor CHEATED HOME SELLERS OUT OF MILLIONS!!​


The FTC is sending payments totaling nearly $62 million to 54,689 homeowners who sold their home to Opendoor Labs, Inc., an online real estate company.

www.ftc.gov

Opendoor Refunds

FTC sends refunds to people who lost money selling their home to an online real estate business
www.ftc.gov www.ftc.gov



19:20
 
IMF podcast on the effects of monetary policy through housing markets. Nothing to see, can listen in one tab, play around the forum in a different tab.

www.imf.org

World Economic Outlook, April 2024: Coming Soon

Stay tuned for the April 2024 World Economic Outlook release on IMF.org.
www.imf.org
 
Don't know how true this one is but it does sound plausible.

Insurers Spy On Houses Via Aerial Imagery, Seeking Reasons To Cancel Coverage​

Insurance companies across the country are using satellites, drones, manned airplanes and even high-altitude balloons to spy on properties they cover with homeowners policies -- and using the findings to drop customers, often without giving any opportunity to address alleged shortcomings.

“We’ve seen a dramatic increase across the country in reports from consumers who’ve been dropped by their insurers on the basis of an aerial image,” United Policyholders executive director Amy Bach tell the Wall Street Journal. Reasons can range from shoddy roofing to yard clutter and undeclared trampolines.

Much of this surveillance is done via the Geospatial Insurance Consortium, which boasts of its coverage of 99% of the US population.

In pitching its ability to provide high-resolution "imagery and insights" for property reviews, GIC says insurers can use the service to "review risk and exposure on a building such as proximity of vegetation to the structure, whether a roof needs updating, and verify the exact location for a policy."

“If your roof is 20 years old and one hailstorm is going to take it off, you should pay more than somebody with a brand new roof,” Allstate CEO Tom Willson told the Journal, unapologetically and ominously adding that, where the company's use of digital imagery is concerned, "there's even more to come."
More:

Insurers Spy On Houses Via Aerial Imagery, Seeking Reasons To Cancel Coverage | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com
 
I thought the insurance companies employed big brained statisticians to work out the math on risk and premiums so that everyone paid to cover the policyholders with riskier properties. Are they going to start lowering rates for folks in low risk situations? lololol
 
pmbug said:
I thought the insurance companies employed big brained statisticians to work out the math on risk and premiums so that everyone paid to cover the policyholders with riskier properties. Are they going to start lowering rates for folks in low risk situations? lololol
Click to expand...
No. As you know.

What we are seeing here, is Brain Fog meeting basic abandonment of morality and integrity. These latter two were manifesting long before the Pharma Poisoning; but now, cognitive impairment is loosening discretion.

To put it in general terms, we're moving from a high-trust society, governed by uniform application of laws, to a low-trust society, where few people work with moral controls, where laws are capriciously applied and enforced, where the operating morality appears to be, rip off who you can, and bribe who would stop you. Leave repercussions, such as public anger at insurance companies and their representative...leave that to get worked out "tomorrow."

In a few years, you wind up with Mexico. Or worse than Mexico - Haiti, or Somalia.
 
Squatters breaking bad.

Squatters take over Gordon Ramsay's £13m pub​

Squatters have taken over a pub owned by Gordon Ramsay in central London, which is currently up for sale with a guide price of £13 million.

The group of at least six people have boarded up windows and put up a "legal warning" defending their occupation of the Grade II-listed York & Albany hotel and gastropub near Regent's Park.

The BBC understands they want to use the space as a community art cafe.

Gordon Ramsay Restaurants has been contacted for comment by the BBC.

BBC reporter Alison Earle, who is at the scene, said a notice asking for food and donations had been ripped down.

Two accounts on Instagram called the Camden Art Cafe and Autonomous Winter Shelter have posted about a "new squatted community space" at the York & Albany hotel.

Photos appear to show part of the interior of the pub set up with tables.

More:

 
tenor.gif
 
Looks like Florida is in bad shape. Lots of price reductions there. But their problem is the insurance crisis far more than interest rates.

 

PROOF We Are HEADED FOR WORST CASE SCENARIO!​

Apr 14, 2024 #realestate #housingmarket #homeprices

Ever since our country went off the gold standard, and the Fed and the government figured out, they could print, essentially unlimited dollars to fund all of their unwarranted spending we have been on a trajectory toward economic collapse. And since failure doesn't seem to be an option anymore when it comes to business or economic policy this is proof we are headed towards a worst case scenario.


22:13

Articles Mentioned in the Video
- https://www.federalregister.gov/docum...
- https://www.floridarealtors.org/news-...
- https://apple.news/A7weVmvjLScizioDxa...
 
Real estate mogul concerned how Americans with deal will squatters: ‘Something really bad is going to happen’

Real estate mogul Shawn Meaike is concerned how hard-working, well-intentioned Americans will handle squatting issues as they grow more and more desperate.

"People are going to start taking matters into their own hands. That’s what we do when there is lawlessness," Meaike told Fox News Digital.

"Something really bad is going to happen," he said. "Am I saying this right thing to do? No, I'm not."

Squatting, whereby strangers move into the properties of American homeowners and refuse to leave, has quickly become part of the zeitgeist as a series of news-making stories have shocked the nation.

More:

 
No kidding... you try to steal a home by living in something you don't own or rent. In America with guns everywhere. You have no morals but some large cahones.

Interesting tidbit here. New Homes sales at one of the large builders (insider leak so 3rd hand info) went from 2,000 Q4 to only <500 in Q1.

 
Get an allowance from the seller to buy the rate down .
 

IMF Issues STARK WARNING TO UNITED STATES!​

Apr 17, 2024

According to the International Monetary Fund (IMF) the US is on a collision course with disaster if our government keeps spending the way it is. They say that if we continue down this road, we will no longer have fiscal stability and that's a big problem considering the United States holds the privilege as having a dollar being the global reserve currency. Our bad behavior can up and end the entire global economy, if we keep this up.


25:46

Articles Mentioned in the Video
https://apple.news/AB-v9mq3fTU-3POubH...
https://apple.news/Aj02gs3-cTX2K2plIz...
https://techcrunch.com/2024/04/16/tes...

https://apple.news/A1mh2OV-fRAGmFZmbQ...

#realestate #housingmarket #homeprices #housingmarketcrash
 
Don't know if this is true or not but the title had me laughing. WTF happened to America?

New York City Gives 'Squatters' Free Lawyers​

Residents in New York City who are accused of being squatters can qualify for free legal assistance, a housing lawyer told Newsweek on Wednesday.

Squatting has emerged as a top-button issue in recent weeks after incidents in New York captured headlines creating the impression of a crisis. However, experts have pointed out that cases of people establishing residency in properties they have no legal right to are rare.

Asked if someone accused of being a squatter with an eviction hearing in New York City qualifies for free legal assistance, Ami Shah, deputy director of citywide housing at Legal Services NYC, said: "Yeah, they do."

"That language is very laden and we're seeing more and more landlords claim people are squatters and as soon as you look at the facts and the law around their possession of that apartment, in fact, they do have legal rights," she added.

Shah's examples included someone who has lived in their mother's apartment who has passed away or has been a resident in a property for a long time but then is accused of being a squatter.

 

Car Payments EXPLODING And PEOPLE ARE FALLING FOR IT!​

Apr 19, 2024

People do a lot of stupid things. But having a car payment that's over $1000 a month especially when you don't have the income to support it is one that takes the cake in recent history. Amount of people that are signing up for this is pretty alarming and even if you can't afford it, it's still dumb. No wonder we're starting to see the repossessions tick up.


23:42

Articles Mentioned in the Video
- https://apple.news/AmTdAKwl4SoW5FlikY...
- https://apple.news/A_Pbn7F8WSey-HGoWP...
- https://apple.news/AUcx2XBwxR6CgQ3Jpu...
- https://apple.news/AealXxPGJTHSy4D63s...
 

$300,000 robotic micro-factories pump out custom-designed homes​

Construction is the world’s largest industry, employing seven percent of the planet's working-age adults, contributing 13 percent of the world’s GDP and completing floor space equivalent to the city of Paris every seven days.

The construction industry is also the most inefficient, least digitized and most polluting industry (37% of ALL emissions), so change is imperative from macro economic necessity alone. For the builders of the world faced with a jigsaw puzzle of partial digital solutions and chronic labor and supply chain issues, the margins are growing ever-thinner and the necessity is to change or perish.

British company Automated Architecture (AUAR) has a thoroughly ingenious solution and it has enlisted an all-star cast of financial backers in short order: Morgan Stanley, ABB Robotics, Rival Holdings (USA), Vandenbussche NV (Belgium) with VCs such as Miles Ahead and Bacchus Venture Capital (Jim Horowitz et al) helping to get the initial idea off the ground.

More:

newatlas.com

$300,000 robotic micro-factories pump out custom-designed homes

Construction is the world’s largest industry, contributing 13% of global GDP. It is also the most inefficient, least digitised and most polluting industry. Now AUAR has begun rolling out an ingenious end-to-end solution based on its micro-factory.
newatlas.com newatlas.com
 
So, they're gonna make them moar cookie-cutter as they make them moar unaffordable.

Yeah, that's progress. Progress, like Soviet Workers' Housing was "progress."
 

Why The U.S. Government Is Buying And Destroying Homes​

Apr 22, 2024 #CNBC

The U.S. government is buying up and destroying American homes. Homeowners in the floodplain are choosing to voluntarily sell their doomed properties to the government. Since 1989, FEMA has helped fun around 45 to 50,000 home buyouts. FEMA is estimated to have spent somewhere around $4 billion on the project so far but that’s just a fraction of the total amount spend on buyouts, since there are programs outside of FEMA. But not everyone is convinced buyouts are a good idea. Watch the video to find out how floodplain buyouts work and if they are helping or hurting American homeowners.


16:59

Chapters:
0:00 Introduction
1:39 How buyouts work
6:15 Costs
12:10 Managed retreat
 

Revitalized Detroit: Affordable, Lucrative, and Growing - Nader Shariff #6048​

Apr 24, 2024

Kerry Lutz and Nader Shariff discussed the investment potential of Detroit real estate, highlighting the city's low entry price point, strong rental returns, and ongoing redevelopment efforts. They also addressed the risks involved in investing in Detroit, such as dealing with nonpaying tenants and the challenges of maintaining older properties. The conversation also touched on the potential for further price increases and the current opportunities for investors to enter the market.

Additionally, they discussed the unemployment situation and the growth of new businesses in Detroit, particularly highlighting the impact of companies like Rocket Mortgage in providing employment opportunities. Overall, they expressed hope for the city's resurgence and encouraged engagement with their organization.


12:23
 

Mortgage demand drops as interest rates soar over 7%​

  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 7.24percent % from 7.13%
  • Applications for a mortgage to purchase a home fell 1% for the week and were 15% lower than the same week one year ago.
  • The ARM share of mortgage demand rose last week, which often happens when interest rates rise.
Mortgage rates rose for the third straight week last week, hitting the highest level since November. As a result, mortgage application demand dropped 2.7% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 7.24% from 7.13%, with points increasing to 0.66 from 0.65 (including the origination fee) for loans with a 20% down payment.

More:

 
Orlando has a really good video today on just how bad Commercial properties are getting. How they are keeping banks propped up is beyond me.



Bottom line Tl:DR

This skyscraper sold for like $4.5 million two years ago and sold again for $3.something.

www.google.com

AT&T Center · 909 Chestnut St, St. Louis, MO 63101

Building
www.google.com www.google.com
 
Last edited:
Voodoo said:
This skyscraper sold for like $4.5 million two years ago and sold again for $3.something.
Click to expand...
So what idiot made a loan for a property that was not ironclad for BOTH current income AND resale value?! I despise pawn shops, but maybe they should be making the decisions about commercial real estate loans. They should understand the fundamentals of loans and value better than anyone.
 
Income CHANGES, and can change rapidly. Everyone has too much recency bias and think well if its rented well for the last few years nothing can ever change. Rents only go up right? BTW, not sure if you watched but that was a $200 mil+ building back in like 2003. Almost probably a half Billion in today's money selling for $3 million.
 
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