Real Estate and foreclosure thread

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Voodoo said:
The real Money and problems are still COMMERCIAL. No idea how they are hiding that utter destruction.
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If I had been in banking for... maybe the last decade? I would probably have been reprimanded continually for declining so many loans that could not PROVE 100% that they were solid and zero risk. And in this hypothetical dream, everyone else in the office would be making huge bonuses, writing bad paper.

I once admired Warren Buffet, That was before I learned about his dark dealings. But anyway, he did state some very instructive investment advice, and it should be obvious that you have two choices. You can can speculate, hope, and throw the dice. Or you can look at the data that proves (or not) that an investment will be safe and rewarding. So much of the stock market is overvalued because of the fools that take the hope, pray, and fear of losing out approach.

If a commercial enterprise needs to expand and can show the proof, then yes. If I had to pull a name out of my ass, Palmetto State Armory might be an excellent candidate for a real estate loan. But some "tech" company that has a questionable future? Goodbye!
 
Not going to be well received.

Most Philly homeowners will see property tax spike under reassessment

Philadelphia homeowners will receive property tax bills with an average increase of more than $300 a year following a citywide real estate evaluation, Mayor Cherelle Parker’s administration announced Monday.

Overall residential values rose 19%, and the average single-family home is slated to pay about $330 more, city officials said. The reassessment was the first in two years.

For about 20,000 properties, tax bills will decrease; however, a majority of homeowners will see hikes, with “some fairly substantial increases,” city Finance Director Rob Dubow told reporters during a City Hall news conference.

Notices will be mailed out beginning Wednesday, and the new valuations will be available online at property.phila.gov at about the same time, according to the Parker administration. Property taxes are due March 31, 2025.

The Office of Property Assessment uses a computer-assisted model to generate the new values, which are based on sales and market data from January 2020 through June 2023. Chief Assessment Officer James Aros Jr. said the 2025 assessments meet industry standards for uniformity, equity and accuracy.

More:


Philadelphia property taxes are going up. Here's where homeowners can find relief.

Philadelphia homeowners can expect to see increased property tax bills, but there are options for relief.
www.cbsnews.com

Own a property in Philly? Here’s what to know! | Department of Revenue

Learn the basic responsibilities of owning a property in Philadelphia. Real Estate Tax, property assessments, relief programs, etc.
www.phila.gov
 

Developers fear a Philly apartment glut as tenants cash in discounted rents​

Juan Serrat knows he has to leave his South Philadelphia apartment building.

The 37-year-old moved into the Olo, a four-story 30-unit building, last November. The one-bedroom unit he snagged is about 600 square feet, with central air, outdoor space, and a washer-dryer.

It also fell right in his price range — around $1,500 a month — because the owner offered two months of free rent as an incentive.

He doesn’t want to leave. But without that deal, which Serrat took as rent reductions throughout his lease, he can’t stay.

“If I want to renew, that two months off will be gone, and my rent goes up 5% annually, and I cannot do that,” Serrat said.

Next year, his rent will jump to almost $2,000 — more than he can afford on his state government salary. He’s already looking for a new place, specifically for another building that also offers a move-in deal.

Serrat is one of an increasing number of “concession surfers” — renters looking to repeatedly cash in on incentives doled out by landlords, especially in hypercompetitive environments like Northern Liberties and nearby neighborhoods on the Delaware River, where thousands of new apartments have recently come online.

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Fannie, Freddie Are Poised to Tighten Real-Estate Lending Rules​

Fannie Mae and Freddie Mac are preparing to impose stricter rules for commercial-property lenders and brokers, following a budding regulatory crackdown on fraud in the multitrillion-dollar market.

Lenders would have to independently verify financial information related to borrowers for apartment complexes and other multifamily properties, according to people familiar with the preliminary plans.

Additionally, lenders could face tougher requirements for confirming whether a property borrower has adequate cash and verifying their source of funds.

The new rules might also require lenders to complete due diligence on the appraised value of a property, by evaluating its financial performance, for example, these people said.

Under the current system, lenders are able to take a more hands-off approach when it comes to borrower and property financials. They face incentives to trust the figures they are sent, rather than pursuing expensive audits or risking losing clients to too much red tape.

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They keep raising taxes on homes they'll end up like Detroit...
 
searcher said:
Fannie Mae and Freddie Mac are preparing to impose stricter rules for commercial-property lenders and brokers, following a budding regulatory crackdown on fraud in the multitrillion-dollar market.
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Fraud? I thought they 'fixed' all that back in 2008?
 

'They're negligent': Maine land continues to be put up for sale without owners' knowledge​

Aug 14, 2024 #scammers #Portland #land

Selling your land right out from under you. The FBI warns fraudsters are stealing and selling vacant lots up and down the East Coast and attempts are continuing to happen in Maine.

DETAILS: https://bit.ly/3X3St7d

4:14
 

How 3D printed homes can help solve the housing crisis | 60 Minutes Australia​

Aug 18, 2024 #60MinutesAustralia

With the housing crisis becoming more desperate, Dimity Clancey investigates an ingenious solution: 3D printed houses.

18:39
 
Lol, still pushing the printed homes narrative. It's a complete fail. They've done a couple in Iowa and are already tearing them down.
 
Voodoo said:
Lol, still pushing the printed homes narrative. It's a complete fail. They've done a couple in Iowa and are already tearing them down.
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Sure.

That stuff draws viewers; and clicks translate to Gurglebux. So they put that stuff, and a lot of other BS and even factually-wrong stuff, out.

All this AI talk...seems the thing AI does best, is research and narrate worthless Eww Toob vids. You can spot a generated vid easily - information is presented flat; often data is wrong (a lot of auto vids have cars that were never made, branded as "failures" and with one shot, of a prototype, to illustrate) and the monotone narration, often with a British accent, but with myriad mispronounced words.

So, Gurgle is gonna kill off one of its moneymakers, by encouraging and monetizing this kind of personality-free, fact-free dreck.
 
Election talk, fwiw.

‘Starter home’ tax breaks, aid for first-time buyers: What to know about Harris’ affordable housing proposals​


  • Vice President Kamala Harris called for the construction of 3 million new housing units, both for rent and for sale, over the next four years.
  • Other proposals include tax incentives to build more homes and down payment assistance for first-time buyers.

Affordable housing is a cornerstone of the “opportunity economy” that Vice President Kamala Harris sketched out last week. Harris’ economic policy pitch included proposals to lower the costs of owning and renting a home in the U.S.

“We should be making everything to make it more affordable to buy a home, not less,” Harris said during her speech in Raleigh, N.C.

The Democratic presidential nominee called for the construction of 3 million new housing units, both for rent and for sale, over the next four years — an initiative housing experts say would help improve affordability.

That’s “the most exciting part of her plans to me,” said Daryl Fairweather, chief economist at Redfin, an online real estate brokerage.

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Voodoo said:
Lol, HAHAHAH she has no idea how many housing units are already built every year. We've already been building about 1 million a year. And we are facing a glut of homes.
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Soon I hope, would not mind a price drop.
 
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THEY'RE DESPERATE TO KEEP HOME PRICES HIGH FOREVER!​

Aug 24, 2024

There's a growing set of people out there who are proponents of the 40 year mortgage. They think that this will make housing more affordable for people that are having a tough time. Affording a house today with a 30 year mortgage. But the difference in payments is almost negligible at today's interest rates and prices and how long before, the 40 year mortgage becomes unaffordable? We need better answers to make our housing market work for everyone.

24:15
 
With no profit motive why would anyone buy tax liens then again? Because there is also quite a bit of risk that the properties aren't worth the tax lien and no one is gonna pay.
 

Hundreds of Miami-Dade condo owners worried about losing their homes​

Aug 29, 2024
The 40-year recertification of Commodore Plaza has been overdue for 13 years. The city of Aventura has been issuing violations and now the 654 property owners fear an upcoming Miami-Dade County unsafe structures hearing could mean they have to leave their units.
NBC6 Investigates spoke with several condo owners at Commodore Plaza.
Full story: https://www.nbcmiami.com/investigatio...

3:36
 
Jack talks property taxes in this one.

This happened in Real Estate while you were not looking!​

Aug 30, 2024

Here are my thoughts on the Florida Real Estate Collapse coming in 2025?! This will drastically change prices!

19:37
 
They have to plunge.

They cannot BUT plunge.

Land is only worth what people will pay for it. When prices reach to where even the vulture capital firms cannot justify it; to where they're out of loose cash, and with none coming - ZIRP-QE∞ being paused until after the (s)election fraud is done - they can't buy, not even with their mad desires to corner the human-housing market.

So, prices fall. UNLIKE with manufactured or prepared goods, land has no inherent attached cost. It's all about what people will pay for it, and what the owners will accept.

Flippers are getting burned, I guess. People who've lived in their homes 25 years, are probably annoyed at having missed the peak, but if they have to move, they have to move.

But there is no WAY to justify the average house now costing half a million dollars.
 
What the banks needs to do is offer special rates to refi corp real estate, but they may not be able to resell it on the open market. China did something similar and will take a few years to get their RE market back to normal. However, China has much more exports in everything except energy and PMs. The ZIRP really messed everything up and the bill is coming due.

Inflation will be here for awhile unless they crash the global economy and drop everything which could be worse.
 

The First FED Rate Cut is JUST THE BEGINNING...​

Sep 20, 2024

In every instance in modern history every time the Fed kicks off its rate cutting cycle with a 50 basis point rate cut it's because of a recession or tough economic times. Why does everybody think it's different this time? Just because they're saying it is? I think it's much better to watch what they do and ignore what they say.

15:31
 
Fortune

Uninsurable homes are selling for all cash at a deep discount​

There’s an incredibly risky two-pronged trend in the housing market. Insurance companies are refusing to cover properties because they’re located in severe weather zones or because the housing stock is old. And banks won’t give you a mortgage because of the same risk. The outcome is a further divided housing market—traditional homes that can be insured and mortgaged and a burgeoning segment of properties that can only be sold for cash and at a deep discount, if at all.

An estimated $1.6 trillion in property value of uninsured homes was at risk three years ago and 6.1 million homeowners were uninsured, concluded a report published this year from the Consumer Federation of America. It’s only grown worse since then, even if that is the most recent data available. And yet, such homes can still sell. According to Axios, “uninsurable homes still change hands on the housing market.” You can’t take a mortgage out on them, but you can pay all-cash, and probably receive a steep discount, the publication reported.

More:

 

The biggest single-family home landlord in the US is poised to pay $48 million in settlement with FTC​

  • Invitation Homes is poised to pay over $48 million in a settlement with the FTC.
  • The FTC allegations included hidden fees, unfair evictions, and withholding deposits.
  • The company has already agreed to pay millions of dollars related to lawsuits in California.
The country's largest single-family home rental company is poised to pay more than $48 million as part of a proposed settlement with the Federal Trade Commission over allegations that it deceived and overcharged consumers.

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