Free Republic

Older Americans own half of the houses in the market. Many are simply refusing to sell and others have adult “kids” moving back in since they can’t afford a place to rent or buy. It is a Catch 22 and many people are looking at countries like Italy where the number of adults that live at home is enormous. Multi-generational families just don’t coincide with the “rugged American” worldview where you go out on your own and you make it with your own two hands. Of course, many house humpers had mom and dad chip in but that doesn’t make...

SEATTLE - The Seattle City Council voted 8 to 0 to prohibit landlords from using criminal records to screen prospective tenants. The only exception to the new ordinance are sex offenders. City leaders and supporters of the measure; 'Fair Chance Housing Ordinance' insist its goal is to reduce housing discrimination and barriers. Inside Seattle Council Chambers there was overwhelming support for a measure. In short, it will restrict how landlords can use arrest and conviction records to exclude prospective renters. Seattle landlords will no longer be able to ask about criminal records, pending charges, juvenile records or any arrest record...

If the mall killed Main Street, then this must be Main Street’s moment for schadenfreude. Real Estate Investment Trust stocks have dropped 18% in the past year, Bloomberg recently reported, and while mall executives would prefer to see the current decline as a transformative period rather than a death knell, that may be wishful thinking. Not all malls are created equal, of course. A-class malls are thriving, due to a premier selection of retail and restaurant tenants that successfully target the affluent communities they serve. However, B and C-class malls are struggling to find customers and keep tenants, as anchor...

The percentage of American full-time minimum-wage workers who can afford to rent a one-bedroom apartment in any U.S. state without being what the government calls "burdened" is so vanishingly small — less than one percent — that it rounds down to zero. That's the conclusion of the National Low Income Housing Coalition, a lobbying group that pushes for more low-income housing and also reports that no full-time minimum-wage worker can afford a two-bedroom apartment in any U.S. state. Researchers define "afford" by people's ability to pay 30 percent of their income or less on the cost of housing, which may...

Sin City’s projected 5,000 new apartment units for this year makes no noise nationally in the latest real estate craze. “In 2017, the ongoing apartment building-boom in the US will set a new record: 346,000 new rental apartments in buildings with 50+ units are expected to hit the market,� writes Wolf Richter on Wolf Street. That is three times the number of units that came on line in 2011.Richter continues, “Deliveries in 2017 will be 21% above the prior record set in 2016, based on data going back to 1997, by Yardi Matrix, via Rent Café. And even 2015 had set a...

TORONTO -- Home sales in the Greater Toronto Area tanked last month and prices continued to recede, the city's real estate board said Thursday, further evidence that provincial measures aimed at cooling one of the hottest housing markets in North America may be working. The number of transactions fell 40.4 per cent in July compared to the same month last year, driven by fewer sales of detached homes in Toronto and its surrounding areas. The average selling price of all homes in the Greater Toronto Area was $746,218, up five per cent from a year ago. However, it's the third...

(Washington, D.C.) – Today, Citizens Against Government Waste (CAGW) named former Rep. Jason Chaffetz (R-Utah) its July 2017 Porker of the Month for advocating for taxpayer-funded housing for members of Congress.During an interview with The Hill on June 26, 2017, then-Rep. Chaffetz said, “I really do believe Congress would be much better served if there was a housing allowance for members of Congress.” He admitted that the current political climate made such a proposal legislatively arduous, but claimed that, “A $2,500 housing allowance would be appropriate and a real help to have at least a decent quality of life in...

As the effects of the housing crisis further recede, markers of distress are declining, with one notable exception: Among the batches of severely delinquent mortgages bought by institutional investors, foreclosures are on the rise. The trend is a reminder of the reasons many community advocates resisted allowing institutional investors to buy delinquent mortgages in government auctions that began in 2010. Wall Street, those advocates said, shouldn’t be rewarded for its role in creating the housing crisis with the chance to buy for pennies on the dollar the very assets whose values it dented. The government auctions promised a risk-sharing solution...

You'd be forgiven for thinking that all is right with the housing market these days. With prices and sales both soaring nationally, the housing panic of 2007 seems like an all-but-forgotten nightmare. But it's still very much with us. The prestigious State of the Nation's Housing report for 2017, published by Harvard's Joint Center for Housing Studies just last week, touts the newfound health of the housing market. "A decade after the onset of the Great Recession, the national housing market is finally returning to normal," the report says. "With incomes rising and household growth strengthening, the housing sector is...

TAMPA — Hillsborough County leaders voted Tuesday to move forward with a plan to add 90 miles of toll lanes to Tampa Bay's interstates despite continued opposition from the people whose neighborhoods would be impacted the most by the project. The Hillsborough County Metropolitan Planning Organization — a 16-person board which approves transportation projects — listened to more than 3½- hours of public comment on its Transportation Improvement Program, which lists the county's priorities for the next five years. The TIP includes dozens of projects, from road maintenance to bike paths. But the evening's debate centered around only one project:...

Among other things... If you illegally enter someone’s house, refuse to leave, and hand them a list of 13 demands, a few things will happen. If you aren’t immediately shot for breaking and entering, you’ll be told to get the hell out. Then, your demands will be mocked, ridiculed, and refused. Finally, the police will be called and you’ll be forcibly removed. You won’t be coddled, indulged, or comforted. You’ll be jettisoned with extreme prejudice. On the other hand, if you illegally enter the United States, you’ll find an army of liberals who are willing to forgive your initial crime,...

Americans refinancing their mortgages are taking cash out in the process at levels not seen since the financial crisis. Nearly half of borrowers who refinanced their homes in the first quarter chose the cash-out option, according to data released this week by Freddie Mac. That is the highest level since the fourth quarter of 2008. The cash-out level is still well below the almost 90% peak hit in the run-up to the housing meltdown. But it is up sharply from the post-crisis nadir of 12% in the second quarter of 2012. In a cash-out refi, a borrower refinances an existing...

Cairo, Ill., has a population of fewer than 3,000 people. A plan to demolish two public housing developments would force many residents to leave and cut the school enrollment in half. ___ The authorities announced last month that the cost of fixing the developments was out of reach, and that replacing them altogether would cost almost 10 times as much. For hundreds of residents, the decision may mean not only leaving these crumbling buildings, but also moving from Cairo altogether. “For sure they needed to fix this place up a long time ago,” said Nena Ellis, 38, a mother of...

Ald. Arena's Section 8 development means more crime, lower property values in Jefferson Park, says expert Crime Glenn Minnis James Bovard warns residents of Jefferson Park that they need look no further than the opposite side of the city to see what a proposed low-income, subsidized housing complex could mean for their neighborhood. The plan, backed by 45th Ward Alderman John Arena, would nearly double the amount of subsidized housing in the neighborhood. “It could be the Chatham aftermath all over again,” Bovard, a noted libertarian author and lecturer, told the Chicago City Wire. Chatham is a South Side neighborhood...

Home Capital Group Inc. said Wednesday its subsidiary has seen deposits drop by nearly $600 million in recent weeks and it is seeking a $2 billion credit line to mitigate the impact, which it expects to accelerate. ... As part of the agreement, Home Trust would be required to pay a non-refundable commitment fee of $100 million and make an initial draw of $1 billion. The interest rate on outstanding balances would be 10 per cent, and the standby fee on undrawn funds would be 2.5 per cent, Home Capital added. Gloyn said this translates to an effective interest rate...

Low-income Americans will no longer be passed over when the federal government pays the bill for construction projects, HUD Secretary Ben Carson said Thursday. Carson said using a rule that has been ignored for much of the past 50 years is part of his different approach to running the Department of Housing and Urban Development. “It’s not how many people we can get into public housing,” Carson said during an interview with Newsmax TV. “It’s how many people we can get out of it.”

Foreign-born residents will have a "significant impact" on the housing market according to "Housing in America: Immigrants and Housing Demand," released by the Urban Land Institute's Terwilliger Center for Housing. The report also notes that if the current levels aren't sustained, the industry could suffer. "Immigrants have helped stabilize and strengthen the housing market throughout the recovery," says Stockton Williams, executive director of the Terwilliger Center. "Immigrants' housing purchasing power and preferences are significant economic assets for metropolitan regions across the country. This suggests the potential for much more growth attributable to foreign-born residents in the years ahead." Immigrants in...

Back in December we looked at one of the final “midnight regulations� handed down from the Obama administration which sought to ban smoking tobacco products in government housing units. That was a complicated case to be sure, but Susan Shapiro brings up an even stranger story at the Washington Post this week. Shapiro is a former smoker herself (who is to be congratulated for having kicked the habit fifteen years ago) and lives in a privately owned co-op which is considering banning smokers and even giving the boot to people who already own a unit there if they smoke. The...

Tesla Inc.’s “gigafactory” has a big new neighbor: Google. Google last week bought land stretching across 1,210 acres at a private industrial park east of Reno, Nev., for $29.1 million, according to people familiar with the deal and documents filed late Friday in Storey County, Nev. The Alphabet Inc. GOOGL -0.15% unit aims eventually to build a data center at the 107,000-acre Tahoe Reno Industrial Center, according to these people. Google, which made the deal through a subsidiary called Silver Slate LLC—created in Delaware in August—has no immediate plans to build, according to a person close to the company. The...

Alright all knowing FRiends. I have one of those neighbors, you know the ones, that keep their junk in their back yard. Normally I'd be ok with it but I moved to a subdivision with an HOA and guidelines in the bylaws regarding maintenance of the property including the back yard. I'm forced to look at 7 foot tree stumps that they had a stop order on due to cutting them down illegally, commercial stoves from his food truck, chain link fencing just laying around and even a fence he decided to move in about 7 feet from his property...