Author: Brad Beckett

The Wall Street Journal (reprinted on Realtor.com) says that “rising home prices are getting borrowers comfortable again with the idea of tapping their homes for cash” and that HELOC’s (home-equity lines of credit) are back!  They say this reflects growing consumer confidence and that it could benefit the economy as homeowners get extra money to spend.   Home-equity lines of credit are similar to credit cards (the line of credit is based on the amount of equity) except that the house is being used as collateral.  Or in the case of a “cash-out refi,” borrowers can refinance their existing mortgage into…

Freddie Mac’s most recent monthly outlook says that the limited supply of houses has created a highly competitive housing market which keeping the share of cash sales significantly higher than its historical norm and affecting mortgage originations. Key takeaways: Housing starts were lower than anticipated during the second quarter of this year Cash sales in June accounted for around 18% of all home sales, which is well above the historical average of 10% If cash sales remain near 20%, that could translate to $172 billion less in mortgage originations than would occur if the cash share was at its historical…

A recent Investment Community of the Rockies (ICOR) podcast speaks with Gene Gaurino about the Top 4 Questions You Should be Asking About Assisted Living Residences.  Gene is known as the “Godfather of Assisted Living Residences” and is the founder and president of Residential Assisted Living Academy.  He will also be speaking in mid-September at ICOR’s annual Real Estate Expo. Click here to listen to more ICOR podcasts.

Citing data from their most National Delinquency Survey, the Mortgage Bankers Association reported that the foreclosure starts rate was at its lowest since 1988 and that the percentage of loans in the foreclosure process at the end of Q2 2017 was 1.29%, down 10 basis points from the Q1 and 35 basis points lower than one year ago.  In addition the percentage of loans having foreclosure actions started was 0.26%. Continuing resolution of distressed loans and fewer foreclosure starts have helped to reduce the number of loans in the foreclosure process to its lowest level since the first quarter of…

We’ve read a lot in recent months about the housing needs of retiring baby boomers and the features they’re looking for and are coming to expect.  Several departments of the U.S. federal government recently put together this interesting infographic illustrating how many of the 21.5 million homes with an adult >65 have accessible features.  It’s good intel about demand for that next deal….. Happy Friday!

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…