Real Estate and foreclosure thread

Welcome to the Precious Metals Bug Forums

Welcome to the PMBug forums - a watering hole for folks interested in gold, silver, precious metals, sound money, investing, market and economic news, central bank monetary policies, politics and more. You can visit the forum page to see the list of forum nodes (categories/rooms) for topics.

Why not register an account and join the discussions? When you register an account and log in, you may enjoy additional benefits including no Google ads, market data/charts, access to trade/barter with the community and much more. Registering an account is free - you have nothing to lose!

I have no experience with a HOA and from talking to different people I don't want to. 13 mins 50 secs.

How Homeowners Associations Took Over American Neighborhoods​

Oct 30, 2023



More than 80% of newly-built single-family homes sold in 2022 belonged to an HOA, according to the U.S. Census Bureau. HOAs tout themselves as a value-add to homeowners, specifically when it comes to maintaining high property value, but not everyone is pleased with HOAs. Fifty-seven percent of homeowners surveyed said they disliked living in an HOA with more than 3 in 10 homeowners saying they feel like the HOA has too much power.
 
www.mortgagenewsdaily.com

Mortgages Rates Just Barely Higher. Bigger Moves Are Likely Ahead

Mortgage rates barely budged today. The average lender was just a hair higher compared to Friday's top tier conventional 30yr fixed rate offerings. In other words, if you were thinking of locking in a rate last week, things would look about the same today. This wasn't necessarily the case...
www.mortgagenewsdaily.com
 

US jury finds realtors liable for inflating commissions, awards $1.78 bln damages​

Oct 31 (Reuters) - A U.S. jury on Tuesday found the National Association of Realtors and some residential brokerages, including units of Warren Buffett's Berkshire Hathaway (BRKa.N), liable to pay $1.78 billion in damages for conspiring to artificially inflate commissions for home sales.

The verdict by a federal jury in Kansas City, Missouri, could upend decades-old practices that have allowed real estate agents to boost commissions as home prices and mortgage rates rise, hurting consumers by making housing transactions more expensive.

More:

www.reuters.com

US jury finds realtors liable for inflating commissions, awards $1.78 bln damages

A U.S. jury on Tuesday found the National Association of Realtors and some residential brokerages, including units of Warren Buffett's Berkshire Hathaway , liable to pay $1.78 billion in damages for conspiring to artificially inflate commissions for home sales.
www.reuters.com www.reuters.com
 
searcher said:

US jury finds realtors liable for inflating commissions, awards $1.78 bln damages​

Oct 31 (Reuters) - A U.S. jury on Tuesday found the National Association of Realtors and some residential brokerages, including units of Warren Buffett's Berkshire Hathaway (BRKa.N), liable to pay $1.78 billion in damages for conspiring to artificially inflate commissions for home sales.

The verdict by a federal jury in Kansas City, Missouri, could upend decades-old practices that have allowed real estate agents to boost commissions as home prices and mortgage rates rise, hurting consumers by making housing transactions more expensive.

More:

www.reuters.com

US jury finds realtors liable for inflating commissions, awards $1.78 bln damages

A U.S. jury on Tuesday found the National Association of Realtors and some residential brokerages, including units of Warren Buffett's Berkshire Hathaway , liable to pay $1.78 billion in damages for conspiring to artificially inflate commissions for home sales.
www.reuters.com www.reuters.com
Click to expand...
About time. ,😃
 
Article in local paper. Lotta neighborhoods have been revamped over the last 10 / 15 years. Home prices soared, bars / bistros attracted new peeps sending prices higher, etc. But there is collateral damage.

www.inquirer.com

In gentrifying neighborhoods, longtime residents bear the brunt of construction destruction

About 300 rowhouses since 2018 have been deemed unsafe during neighboring construction. Their owners typically have lower incomes and often can't afford to do anything about it.
www.inquirer.com www.inquirer.com
 
Parts of this made me smile (experience.)

Top 10 Things To CONSIDER When You Inherit REAL ESTATE​

Nov 1, 2023

20:24

In this video, we're going to talk about the top 10 things you need to consider when you inherit real estate. Inheriting real estate can be a huge decision, and it's important to have all the information you need before making a decision.
 
searcher said:

US jury finds realtors liable for inflating commissions, awards $1.78 bln damages​

Oct 31 (Reuters) - A U.S. jury on Tuesday found the National Association of Realtors and some residential brokerages, including units of Warren Buffett's Berkshire Hathaway (BRKa.N), liable to pay $1.78 billion in damages for conspiring to artificially inflate commissions for home sales.

The verdict by a federal jury in Kansas City, Missouri, could upend decades-old practices that have allowed real estate agents to boost commissions as home prices and mortgage rates rise, hurting consumers by making housing transactions more expensive.

More:

www.reuters.com

US jury finds realtors liable for inflating commissions, awards $1.78 bln damages

A U.S. jury on Tuesday found the National Association of Realtors and some residential brokerages, including units of Warren Buffett's Berkshire Hathaway , liable to pay $1.78 billion in damages for conspiring to artificially inflate commissions for home sales.
www.reuters.com www.reuters.com
Click to expand...

Federal jury verdict on broker fees rocks real estate industry​

A federal jury in Kansas City on Tuesday found the National Association of Realtors (NAR) and some of the largest real estate brokers in the country guilty of colluding to inflate real estate commissions.

Why it matters: The verdict is a major shake up to the U.S. real estate market and could change how Americans purchase homes, or specifically, how they pay for broker fees.

More:

 
They also collude to charge everyone a freaking pretty penny just for access to what others input into their precious MLS systems.
 
NEW YORK, Nov 7 (Reuters) - Some Americans who have been priced out of the tight residential real estate market are turning to prefabricated homes, helping to power a nascent recovery in sales of a far less expensive home-buying option.

www.reuters.com

Prefabricated home shipments on the rise in a pricey property market

Some Americans who have been priced out of the tight residential real estate market are turning to prefabricated homes, helping to power a nascent recovery in sales of a far less expensive home-buying option.
www.reuters.com www.reuters.com
 
WeWork has finally filed for Chapter 11 bankruptcy in New Jersey Federal court after it has spent its entire life burning huge amounts of cash raised from investors – a total of $13.8 billion raised in 22 rounds, much of it from SoftBank and SoftBank’s Vision fund, and after more recently stiffing office landlords left and right.
...
... During the bygone era when companies were hogging office space that they thought they might grow into, WeWork created huge demand for office space, contributing to the notion of the office shortage that caused more hogging of office space.

Reality has now set in, leaving cities with the greatest glut of vacant offices ever, and WeWork is adding to that glut by using the bankruptcy process to get out from its unwanted office leases – that’s what “further streamline real estate footprint” translates into. Office Landlords and CMBS holders are in a world of hurt.
...
Click to expand...

 
Watch Austin Tx. The RE market there (from a general outsider view) looks to be collapsing.

Over just the last few days inventory is exploding. In the last 7 days there have been just 37 sales. However, there has been 10x that recently listed or 333 houses.

Overall there are now 3,870 houses listed with only 167 sales over the last 30 days. So that's roughly 23 months of inventory. TWO YEARS of supply. Anyone telling you there is no inventory is either lying, in a unique/slow market, or an idiot. There were 4,487 sales over the past year, all according to Zillow. So even there you'd be getting to almost a one year of supply.
 
Voodoo said:
Watch Austin Tx. The RE market there (from a general outsider view) looks to be collapsing.

Over just the last few days inventory is exploding. In the last 7 days there have been just 37 sales. However, there has been 10x that recently listed or 333 houses.

Overall there are now 3,870 houses listed with only 167 sales over the last 30 days. So that's roughly 23 months of inventory. TWO YEARS of supply. Anyone telling you there is no inventory is either lying, in a unique/slow market, or an idiot. There were 4,487 sales over the past year, all according to Zillow. So even there you'd be getting to almost a one year of supply.
Click to expand...
That should be no surprise.

Austin built up with people escaping LA. Who scarcely liked it because it wasn't kewel. The weather wasn't so nice; it wasn't so "diverse." The people didn't speak with approved accents (Cal Surfer, or West Indian, or Chicano or Mexican) - only that hated Redneck heard on King of the Hill.

Once it filled up with the kind of people that they (each of them) were fleeing...with the rudeness, the chaos, the anger...there was no reason to stay. I've heard them say it: "I always hated Texas. Now it's time for me to move on."

Trouble is, I don't know where they're gonna go. Colorado is packed with their ilk; Denver's traffic is worse than LA's, it seems. Portland and Seattle are imploding. Boise has lost its charm and its safety.
 
All the signs are there of a huge RE and banking implosion. Everyday we see more evidence but most people cannot see the change, yet.

therealdeal.com

Ralph Herzka’s Meridian Capital Under Freddie Mac Investigation

Multifamily lending agency Freddie Mac is investigating Ralph Herzka’s Meridian Capital Group over a deal the brokerage did for the company.
therealdeal.com

The blacklist designation is a big blow to Herzka’s business. Meridian Capital is one of the country’s largest commercial mortgage brokerages, and Freddie Mac is a huge source of loans for the multifamily industry.
 
Another walk & talk.

EXPOSED! Homebuilders SECRETLY PAYING YOUR RENT Driving UP The Housing Market​

Nov 15, 2023


19:05

Some homebuilders are now offering to pay their homebuyers up to 3 years of rent payments on their old home and turn it into an investment property in order to get them to buy their new builds. Let's say the average house rents for $2,500 per month, that would be $90,000 of free money to a homebuyer! Talk about a subsidy, and artificially keeping the housing market high! This is the ultimate example of that.
 
In a dictatorial tyranny, the average person HAS no property rights.

It's all about GOVERNMENT CONNECTIONS. Crony-corporatism. Who-ya-know.

That's what we're about, now. In broad strokes, it's Fascism.
 
Another walk & talk.

SUBSTANTIAL CHANGES COMING For 2024 Housing Market​

Nov 17, 2023


21:11

The real estate "experts" have spoken about where they see the housing market going in 2024. And for once, some of these predictions actually seem pretty level headed rather that completely outlandish like we saw at the beginning of this year.

Articles Mentioned Video
https://www.floridarealtors.org/news-...
https://apple.news/A7XJqDT7yTBua3lLyw...
https://apple.news/AgymXWai2Tr2LScrzm...
https://apple.news/A0g2JlQj2SNeTyo-VK...
 

Scammers are taking out $45,000 home loans without the owner knowing it​

Real estate attorney Lauren Griffin said UCC liens 'are a new kind of fraud that we haven’t seen before.'

NEW ORLEANS — David Bryan and his wife Annemarie Ellgaard both grew up in New Orleans, met at Tulane University and sent their daughter to their alma mater. A quarter century after moving away to Minneapolis, they bought their forever home Uptown and decided to retire back in the Crescent City.

But their dream was nearly derailed this spring, by something that looked like typical junk mail. Bryan almost threw away a letter from a California lender called GoodLeap, thinking it was solicitation for a home equity loan. It turned out to be a statement for a $45,000 loan taken out in his name, without his knowledge, to cover new doors and windows that he never ordered and were never installed.

More:

www.wwltv.com

Scammers are taking out $45,000 home loans without the owner knowing it

Real estate attorney Lauren Griffin said UCC liens 'are a new kind of fraud that we haven’t seen before.'
www.wwltv.com www.wwltv.com
 
Isn't it so CONVENIENT that we do all our banking (borrowing, really) online, now?

Who couldn't see this trend, this risk, coming.
 

Sheriff Auctioned Off Houses Without Notifying Owners​

It happened more than once in Nova Scotia.

Nov 21, 2023


11:33

For those who would rather read:

www.ctvnews.ca

Owners of prized historic N.S. home in legal nightmare, thanks to local government

W5 investigates: A couple buys a historic house in Nova Scotia at auction and puts hundreds of thousands of dollars into renovations, but the local government says they don't own the property.
www.ctvnews.ca
 
That's in the People's Socialist Republic of Canaduh.

I would expect nothing else, there.

My only question is, how did that nation go from the best of American and European cultures, to a socialist hellhole, in just 20 years? Justin Castro True-d'oh is only a symptom. If he wasn't there, they'd have found someone worse.
 
Another random guy doing a walk and talk. However, its nice to hear from guys with experience in other markets. Interesting to hear that he is seeing some huge price drops, like 50k, after just a week or two on the market.

 

Blackstone head Steve Schwarzman plans to spend billions buying up dorms, warehouses, and data centers across Europe: ‘We have enormous capital and can buy the types of real estate that we like’​

Steve Schwarzman, the founder of Blackstone—one of the world’s largest owners of commercial real estate—is doubling down on the asset class in which he made his name.

The private-equity firm with roughly $1 trillion in assets under management plans to invest in real estate across Europe, Schwarzman told Bloomberg on Monday after the Global Investment Summit in London. Blackstone has raised about $200 billion in recent months, according to Schwarzman, who called that war chest one of the biggest piles of unspent cash in the world. As of October, about $66 billion of those funds will be targeted for the real estate sector, according to Blackstone’s third quarter earnings release, and Blackstone will be particularly focused on the European real estate market, Schwarzman said.

More:

https://www.msn.com/en-us/money/rea...S&cvid=a5576046a87f490c9920ace084dec698&ei=27
 
What are they spending the other $134B on?
 
Voodoo said:
Another random guy doing a walk and talk. However, its nice to hear from guys with experience in other markets. Interesting to hear that he is seeing some huge price drops, like 50k, after just a week or two on the market.

Click to expand...


Enjoyed this. Nice looking houses, pleasant day.
 
... the Case-Shiller Index, which I think is the most reliable house price index out there, does not cover the entire US; it only covers the 20 metros discussed here.

So S&P CoreLogic, in its attempts to give the 20-City data the aura of a “National” index, combined the clean 20-City Case-Shiller data with data from the FHFA House Price Index. The FHFA data is based on mortgage data from Fannie Mae and Freddie Mac that systematically excludes all cash deals and all deals with mortgages that hadn’t been bought by Fannie and Freddie. This systematic selection and exclusion of home price data makes the FHFA index very weird and skews it.

Nevertheless, S&P CoreLogic mixed these two data sets into a cocktail it calls “National Home Price Index,” and the doofus reporters or bots at the media outlets to make clickbait out of it.
...
Click to expand...

More:

 
Nice neighborhood today.

REALITY CHECK! 5% Mortgage Rates WILL NOT SAVE THIS HOUSING MARKET​

Dec 1, 2023


19:06

According to the FED even if mortgage rates were to drop to 5% tomorrow, home prices would still be 25% too high for the average homebuyer to afford. So will lower rates actually bring back a wave of buyers in the housing market? Unlikely...
 
WASHINGTON, Dec 1 (Reuters) - The Justice Department and National Association of Realtors tangled on Friday in an appeals court over the government's decision to close, and then re-open, an antitrust investigation into the way people pay the thousands of dollars in fees when they buy or sell a home.

The Justice Department, during the Trump administration, closed an investigation into the realtors organization. The Biden administration re-opened it in 2021 so it could probe how broadly housing listings are available and what fees home sellers pay to the brokers who represent buyers.

www.reuters.com

U.S. Justice Dept, realtors argue over probe into fees, listings

The Justice Department and National Association of Realtors tangled on Friday in an appeals court over the government's decision to close, and then re-open, an antitrust investigation into the way people pay the thousands of dollars in fees when they buy or sell a home.
www.reuters.com www.reuters.com
 

First-time home buyers banked on D.C. aid. Then the city changed the rules.​

Six years ago, as Alfred Swailes was entering retirement, he started to think: Would he ever be able to own a home in the city where he spent his whole life?

Swailes, a former salesman who advocates for small Black-owned businesses, was living mostly on Social Security. In his native D.C., where homes were going for well upward of half a million dollars, owning didn’t seem possible — unless, Swailes learned, he could qualify for D.C.'s Home Purchase Assistance Program (HPAP).

The program is intended to significantly boost the purchasing power of very-low-to-moderate-income residents who would otherwise not be able to get a mortgage — a priority of Mayor Muriel E. Bowser (D), who has sought to lift Black homeownership in a city that has been entrenched with wealth inequality along racial lines for generations.

“Without this program, everything is out of my reach,” said Swailes, 67, who qualified for just over $200,000 in HPAP aid, the maximum under enhanced aid that Bowser rolled out last year.

But now D.C. officials have pulled the rug out from under Swailes and an untold number of low-income residents in his situation: After abruptly running out of money for HPAP over the summer, D.C. officials changed the rules of the program. They have capped the amount of assistance available for each applicant at 30 percent of a home’s purchase price so that the money can be spread across more people — but that also can effectively exclude some of the lowest-income residents who need the most help.

More:

 
:ROFLMAO:

What the hell did he expect from government? ACTUAL...HELP?

Does he think government gives this money away, for STATED reasons? Does he think they LOVE people like him, want them to OWN HOMES?

No. Now he's in the jackpot, and BlackRock is gonna wind up getting his home.
 

Scammers List Strangers' Homes for Rental Online​

Dec 7, 2023


8:00

One family found out the hard way when they tried renting a home over Thanksgiving.
 
Mike's at the beach in this walk & talk.

BUYERS REMORSE IS BACK! and it's Starting To Take it's Toll...​

Dec 9, 2023
It turns out that 93% of recent homebuyers have some level of buyers remorse. Thats almost everyone! But now that the damage is done, is there anything you can do about it? Maybe...but not without learning some hard life lessons first.


20:37
 

Court Rules Squatter Owns Home and Can Sell It​

Dec 10, 2023

It happened in London but the laws are similar here.


17:37
 
You must log in or register to reply here.
Back
Top Bottom