Author: Brad Beckett

Freddie Mac has made changes to the way lenders handle rental income.  Mortgage News Daily is reporting that in a recent bulletin from Freddie Mac, changes were made that affects determination in cases of rental income from short-term rentals with no lease in place.  The changes were reportedly made to reflect recent changes in rental market resulting from the proliferation in short term rentals. A loan used to purchase or refinance the subject property, or a non-subject property, which was not owned in the prior calendar year requires considering net rental income only up to a limit of 30 percent…

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development are reporting that sales of new single-family houses in July, 2017 were at a seasonally adjusted annual rate of 571k.  This number is 9.4%  below June’s revised rate and is 8.9%  lower than one year ago.  The median sales price in July was $313,700 and the average sales price was $371,200.  There was an estimated 276k new houses for sale representing a 5.8 months supply at the current sales rate. Click here to read the full release.

HousingWire is reporting that a group of California landlords recently settled a lawsuit with a tenant and a fair housing group over allegations of discrimination involving a service animal.   The agreement “resolves allegations that the owners and their agents discriminated against a female tenant with disabilities who requires an assistance animal”, requires the the landlords to develop a reasonable accommodation & modification and requires them to pay the woman $31k and the fair housing group $41k The fair housing group alleged that the woman, who lived at the property for more than 15 years, was discriminated against through retaliation due…

In case you haven’t noticed, big-box department stores aren’t actually in vogue nowadays and the malls in which they inhabit are feeling some pain.  The British newspaper Daily Mail recently had a story entitled “Change or Die” about America’s malls and their evolving clientele.   Basically these “climate-controlled beacons to American consumerism,” as they Daily Mail calls them, are part of a huge industry-wide transformation that may or may not allow them to survive.  The bottom line; can they save consumers money while still giving them the experience. The arrival of e-commerce and greater price transparency means malls must compete not…

With the idea of “aging in place” (living independently and at home as long as possible) becoming a common trend, the folks over at Realtor.com analyzed the 300 largest U.S. metros for affordability, health services, desirability and cost of living, demographics, and a list of other important criteria. They came up with an interesting top 10 list (with accompanying reasons) that might actually surprise you. “…There are about 75 million baby boomers growing a little older every day. They’re the largest generation ever to retire, whenever they get around to it. And following right behind are 65 million Gen-Xers, the oldest of whom are…

Energy costs are something all of us area aware of – whether you’re in South during the summer months or up north during the winter, you’re paying attention to the bills.  The folks over at howmuch.net recently put together this handy chart showing the average energy bills in each state and their sources of energy.  Interestingly, they conclude that the highest average electricity bill by state is nearly double the least expensive, which they say is because of the source used to generate electricity.  Looks like Coal might be king. Most Expensive States and Electricity Source: Alabama – Average Monthly…

The U.S. Government is reporting that privately owned housing starts in July were at a seasonally adjusted annual rate of 1,155,000.  This is 4.8% below the revised June’s estimate and is 5.6% below July 2016.  Single-family housing starts in July were at a rate of 856k and the rate for units in buildings with five units or more was 287k.  Privately-owned housing units authorized by building permits were at an annual rate of 1,223,000. This figure is 4.1% below June’s revised rate, but is 4.1% above the July 2016. Single-family authorizations in July were at a rate of 811k. Authorizations…

When it comes to pests, termites rank right up there with bed bugs when it comes to being a nuisance.  The folks over at Rentokil put together this fascinating infographic about termites, how they reproduce, their cost to the economy and ways to you can protect your property.  Who knew termites have been around over 50 million years and that there are approximately 3,000 different types of species?  Happy Friday!!! Hat tip to jcehrlich.com.

It seems like trying to figure out the millennial generation’s next move is akin to hitting a moving target – we just can pin them down.  Now we find that as millennials age, the oldest of the cohort have finally discovered the suburbs.  In a recent post over on John Burns Real Estate Consulting we learn that the same people who drove urban demand from 2005–2015 are projected to “drive demand for surban housing in inner-ring suburbs, especially those in mature and slower-growing cities.”  The article cites some of the reasons give as better schools, bigger yards (dogs & kids),…

A pair of real estate investors in San Francisco may have hit a proverbial goldmine when they spotted an exclusive private neighborhood’s entire street, sidewalks and common areas listed on the city’s online auction site.  According to the San Francisco Chronicle, the couple paid $90k for the “block-long, private oval street lined by 35 megamillion-dollar mansions,” near the Presidio that its HOA reportedly owed just over $994 in back taxes & penalties going back at least 30 years!  Apparently all private streets in San Francisco are required to pay the $14 per year fee.  Not surprisingly, they’re now looking for…