Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

MortgageReal Estate

DenverÕ marijuana boom pushing city into housing crisis

Legalization of marijuana great for city’s economy, but not for housing

In the three years since Colorado legalized recreational marijuana, the state has seen an economic boom, with marijuana sales bringing in $700 million in 2014 and the state expecting to collect $94 million in tax revenue from marijuana sales in 2016.

While the legalization of marijuana has had a positive impact on the state’s economy, the state’s largest city is facing a housing crisis, as steeply rising home prices are pricing out much of the city’s population.

The New Republic does a deep dive into the issue and its causes, which is more than just people moving to the state to express their freedom.

From the New Republic:

J.P. Speers, a real estate broker at Berkshire Hathaway Home Services, believes that legal marijuana has pushed the housing market up. Between millennials who are influenced to move by the idea of legal access to the drug and out-of-state entrepreneurs looking to establish themselves in the industry, Speers says people want to be in Denver. “I do believe that there has been a huge amount of individuals who have moved out here specifically for the marijuana industry, and it has affected the housing market,” he said.

According to Speers, because many banks won’t lend to the marijuana industry, many entrepreneurs are moving to the state to start their own “extralegal” marijuana-growing operations, buying up homes in cash and driving the prices up.

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