By KIMBERLEY HAAS
Democratic lawmakers introduced a bill this week that would restrict tax breaks for corporate investors that purchase large quantities of homes.
If passed, the Stop Predatory Investing Act would prohibit investors who acquire 50 or more single-family homes for rental purposes from deducting interest or depreciation on those properties.
U.S. Sen. Sherrod Brown (D-Ohio), chair of the Senate Banking, Housing, and Urban Affairs Committee, says investors funded by Wall Street buy up homes that could have been sold to first-time homebuyers. He claims they rent them out at higher rates, neglect repairs, and then threaten families with eviction.
“Our bill will help prevent corporate landlords from driving up local housing prices and put power back in the…
Salt Lake City was a pandemic hot spot but as the housing market evens out across the nation, one senior loan officer who works in the metropolitan area says buyers are seeing some relief.
According to data from Redfin, home prices in Salt Lake City were down 8.5% in March compared to last year, selling for a median price of $540,000.
The city was ranked fifth on a recent Realtor.com list of the 10 U.S. cities where home sales were down the most, in part because fewer out-of-state buyers are relocating to the “Silicon Slopes.” In November 2021, there were 1,506 sales, compared to 708 in November of 2022.
Cory Ure works at SecurityNational Mortgage Company in Salt Lake City.…
By KIMBERLEY HAAS
Programs that support ownership of multifamily properties are estimated to make up almost 30% of homebuyer assistance offerings and that may present unique opportunities in markets strapped for inventory.
According to the Down Payment Resource’s Homeownership Program Index, 33 new programs supporting multifamily homebuyers and builders were added in Q4 2022.
Multifamily programs now make up 29.3% of all available assistance offerings, a 5.5% increase over Q3 2022, according to the index.
Sean Moss, executive vice president of product and operations at Down Payment Resource, told The Mortgage Note that even first-time homebuyers can qualify for down payment assistance and become both an owner and a landlord at the same time.
Moss said the buyer receiving the…
By KIMBERLEY HAAS As the spring selling season begins, people in the mortgage and real estate industries are speculating on whether 2022 will be a year of growth or the start of the end for a red-hot market that has favored sellers and forced up the price of housing in many parts of the country. Numbers from the start of the year look promising for growth. On Tuesday, S&P Dow Jones Indices released the latest results for the S&P CoreLogic Case-Shiller Indices. A 19.2% annual gain was reported in January, up from 18.9% in December. The 10-City Composite annual increase was 17.5%, up from 17.1% in December. The 20-City Composite posted a 19.1% year-over-year gain, up from 18.6% in the previous…
Homes are less affordable than they were a year ago, but they largely remain more affordable than at the peak of the 2006 housing boom, according to First American Financial Corporation’s Real House Price Index. In January, the RHPI rose 27% from the year prior, making it the fastest-growing RHPI – and fastest YOY decline in affordability – since 2004. This was driven by a 21.7% increase in home prices and a 0.7% rise in rates. The RHPI measures price changes for single-family properties adjusted for the impact of income and interest rate changes on consumer house-buying power. As such, it also serves as a measure of affordability. Household income was up 5% from January 2021, but that gain was…
By DOUG OHLEMEIER Despite many employees working from home and companies adopting hybrid work models, investors are still attracted to the land of cubicles. While office suites aren’t as packed with workers as before the pandemic, the commercial market remains strong. “There is investor interest in office properties,” said Stephen Newbold, National Director in the U.S. office of research for Colliers International, a Toronto, Ontario-based global real estate services and investment management company. “We are at a stage where we can fairly confidently say that we’re not going back to those (2020) levels. It may fluctuate a little, but my overarching view is we are stabilizing on vacancies and space on the market.” Observers aren’t sure how the new work…
Bidding wars on home offers from Redfin fell to 59.5% in November, their lowest level in eleven months, the company reported. It’s the first time it’s fallen below 60% since December 2020. Month-over-month, bidding wars fell 2.3%, dropping from 61.8% in October. However, they were up slightly year-over-year, from 57.3% in November 2020. They reached a pandemic peak in April when 74.6% of home offers written by Redfin agents faced competition. The top three cities for bidding wars were Richmond, VA, at 80%, Salt Lake City at 73.8%, and San Diego at 72%. Honolulu followed up at 71.1% and Dallas just made the top five at 70.6%. “Bidding wars are still happening, but buyers are starting to get more breathing…
