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.

Opendoor Refunds

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

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
 
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
 
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:

 
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:

$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
 
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
 
Anyone who believes that...should take a little trip to Detroit before spending any money.
 

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:

 
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.
 

This is WHY YOU FEEL POOR!​

Apr 28, 2024
Sometimes it looks like everyone around you is doing well and is rich and is having fun in the meantime you feel poor. Ever wonder why that is? I think some new data on the amount of inherited wealth with the largest wealth transfer in world history, taking place right now can shed some light on that.

21:16
 
Nothing special, just a story I enjoyed.

Philadelphia is a leader in turning old factories and offices into apartments​

For more than a century, the massive brick building at the corner of 31st and Jefferson Streets housed a brewery, then storage, small businesses, and briefly, another brewery. More recently, it sat as a vacant, graffitied relic for 16 years. This spring, it will take on new life as apartments and retail space.

The former home of F.A. Poth Brewing Co. is part of the fabric of Brewerytown, “and it would be a sin for that building to be torn down,” said David Waxman, cofounder and managing partner of Philadelphia-based MMPartners, which is developing the site.

Construction is underway to outfit the new Poth Brewery with 132 apartments and 25,000 square feet of retail space. Because the structure wasn’t built for apartments, many of the units are uniquely shaped and sized with 36 different layouts. Openings in the masonry will become windows, exposed steel beams will be focal points in new light wells, and existing graffiti will be sealed on apartment walls.

“Everyone assumed this building was shot,” said Aaron Smith, cofounder and partner. “The fact this building can live another 50, 60 years — nothing could make us happier.”

Developers in Philadelphia have created more than 1,800 apartments in 10 repurposed or soon-to-be repurposed older buildings in the last couple of years, more units than in any other U.S. city, according to an analysis published last month by RentCafe, a national apartment search website. Philadelphia has been a leader in adaptive reuse since the 1980s. The city is peppered with converted factories, warehouses, offices, churches, and schools.

More:

 
Uh...no.

The first, and most-obvious question is: If offices are unwanted in office parks and skyscrapers downtown...and somehow the buildings are transformed into apartments (ignoring the grotesque costs in changing plumbing, window structures, ventilation and the like)...why would they want to LIVE where there is no WORK?

Is this just to WAREHOUSE people, where they can get UBI and use their CBDCs to buy pot and whatever else is going to be our real-life soma? Just going to sit around all day in these not-that-pleasant high-rise ghettos and watch TikTok videos?

A new sort of housing project. It would be WEEKS before the elevators are not safe, and MONTHS before some vibrant got full of bath salts and tried to burn the tower down.
 
gotta house those 10mil illegals somewhere.........gov will pay for their rent.....turn half of them into slave labor ....seems like the plan to me

 
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We’ve Been SOLD A LIE SINCE DAY ONE...​

May 5, 2024 #realestate #housingmarket #homeprices

Growing up we were told if you work hard, go to college get a degree, get a good paying job that you would be able to afford a handsome lifestyle a beautiful home with still plenty of money left over to spare. But in 2024 that is no longer true in fact it probably hasn't been true for at least the last three years or so. Life now has become so expensive, you're lucky if you can even afford a home today let alone have all the extra luxuries that come along with the promises of the past. This economy is failing Americans.

23:13
 
Not since Day One.

Since Nixon took us "temporarily" off the Gold Standard. You could argue the lies started with the creation of the Federal Reserve Bank (the name a lie, three ways) and I wouldn't argue; but the money-printing and moving to a debt-based economy started in 1971.

And it went the way that all fiat currencies go, and we're all surprised - because there is NO economic education in our schools, little in universities (all slanted to support the Status Quo) and absolutely no serious discussion in the MSM.
 

How Wall Street Priced You Out of a Home | Robert Reich​

May 7, 2024
Rent is skyrocketing and home buying is out of reach for millions. One big reason why? Wall Street. Let me explain.

4:24
 
I wouldn't trust a Marxist plant like him, if he told me the time.

He may be right. I won't waste my time on his clips or other propaganda he spews. But IF HE IS, it's not because he asserts it; it's because facts have become momentarily useful to him and his ilk.
 
This is from Canada

Unpaid rent, arrests, arson: Fed-up landlords fight back​

May 6, 2024 #realestate #news #ontario

Small Ontario landlords are calling out bad tenants and what they say is a system that allows them to get away with it. CBC’s Ioanna Roumeliotis talks to fed-up property owners who say a broken Ontario Landlord and Tenant Board is pushing them to the edge and forcing them to find new ways to fight back.

16:27
 

REIT Deep Dive: Better Passive Income Than Physical Real Estate?​

May 10, 2024
Can Real Estate Investment Trusts be a good substitute for the passive income you get from physical real estate? I compare real estate REITs and see why they are not the same and their returns have been very different over the last 5 years.

I look at the performance of the different REIT sectors as well as the largest REIT ETFs like VNQ, SCHH, XLRE, and IYR. I compare their expenses, dividends, and performance. I also take a look at what REITs are the largest percentage of their funds.

23:12
 
Another Commercial Real Estate Disaster from another city. That may not even be the actual value because that's not an Arms-Length Sale. Just the lender taking it back and it means that no one wanted to out-bid their credit bit.

Fort Worth's tallest building sells for just $12.3M at auction in stunning price drop

The tallest building in Fort Worth, Texas, has been bought by a bank for $12.3 million, three years after it sold $137.5 million. Burnett Plaza has 40 stories and is 567 feet tall.
finance.yahoo.com

Burnett Plaza, the tallest building in Fort Worth, Texas, has been purchased via foreclosure auction for $12.3 million just three years after it was sold for more than $137.5 million, according to the Dallas Business Journal.


The 40-story behemoth was bought back by Pinnacle Bank Texas in the auction held on the steps of the Tarrant County courthouse on Tuesday.
 
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