Today’s News Synopsis:
Eminent domain in the name of affordable housing? Mortgage maturity volume for both commercial and multifamily properties are expected to increase by 48% this year. If you are holding out to buy until house prices drop, you may be waiting longer than you think.
In The News:
“Los Angeles politicians will make housing affordable, by force if necessary. On Friday, City Councilmember Gil Cedillo introduced a motion that asks city staff to draft plans for using eminent domain to seize Hillside Villa Apartments, a 124-unit, privately-owned development in the city’s Chinatown neighborhood to avoid rent increases at the property.”
Mortgage Bankers Association – “Commercial and Multifamily Mortgage Maturity Volumes to Increase 48 Percent in 2020” (2-10-2020)
“$163.2 billion of the $2.2 trillion (7 percent) of outstanding commercial and multifamily mortgages held by non-bank lenders and investors will mature in 2020, a 48 percent increase from the $110.5 billion that matured in 2019.”
Redfin – “Migrants Out of Expensive West Coast Metros Flocked to Portland, Oregon in Q4” (2-10-2020)
“Meanwhile, affordable stalwarts Phoenix, Sacramento, Las Vegas and Atlanta continued to dominate the list of the top migration destinations.”
“It’s unclear when the next recession will come. But a recent report argues that when it does the U.S. housing market is unlikely to adversely affected in any major way.”
Apartment Therapy – “3 Reasons Why Railroad Railroad-Style Apartments Are Actually Great, According to Real Estate Agents” (2-10-2020)
“There are certain unpleasant things all New Yorkers put up with in exchange for living in the city they love—massive street rats, unbearable traffic, and insane rent prices, to name a few.”
Realtor.com – “Is Temporary Wallpaper as Easy as It Seems? A DIY Reality Check” (2-10-2020)
“Not just for Grandma’s house, wallpaper is making a big comeback. One problem: Putting up wallpaper is quite the task. And removing the stuff is a whole different headache! The solution? Temporary wallpaper. ”
HousingWire – “Homesnap’s new platform guesses when people will move” (2-10-2020)
“Homesnap has a new service that crunches data to show which homes in a neighborhood are the most likely to be listed for sale in the next 12 months.”
CNBC – “Why FICO’s new scoring model may not mean much for consumers” (2-10-2020)
“Every so often, a new credit scoring model hits the market — such as the recently announced FICO 10 — and consumers are told their score may change.”
Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with LA South REIA TONIGHT.
Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with OC FIBI on Tuesday, March 3.
Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with NorcalREIA on Wednesday, March 11.
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