Real Estate

Urban Institute urges CFPB to release more data on multifamily lending

Says expanded reporting will encourage more low- to moderate-income lending
Multifamily lenders are required by the Home Mortgage Disclosures Act to report data to regulators on the number of units in a property, including the number if rent-restricted units. But the CFPB doesn’t share all of this data with the public, and the Urban Institute says this is a roadblock to understanding how well a lender is serving its community.
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Median rent reaches all-time high

Rents rise as increased demand takes a bite out of homeownership
Median asking rent has reached an all-time high, rising to a record $1,006 in the first quarter of 2019, according to recent data from the U.S. Census Bureau. Zillow's director of Economic Research, Skylar Olsen, said a massive wave of 20- and 30-somethings looking to rent instead of buy is driving up prices as they compete for limited inventory.
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Recession fears diminish as the nation approaches a Goldilocks economy

This is what experts say Q1's GDP growth means for the nation's economy
For months, several reports indicated the U.S economy was quickly approaching what many feared to be a recession. However, Friday’s Gross Domestic Product report produced by the Bureau of Economic Analysis signaled the economy was strengthening. So, why are economists citing Goldilocks?
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U.S. economy rebounds, exceeding market expectations

Economy grew 3.2% in the first quarter, signaling strong start to 2019
Gross Domestic Product reversed its course in in the first quarter of 2019, according to the advanced estimate from the Bureau of Economic Analysis. Mortgage Bankers Association Chief Economist Mike Fratantoni said although this advance estimate is subject to revision, if it holds up, this faster growth should continue to provide strong support for the job and housing markets.
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Dying malls resurrected in multifamily markets

Follow the money with these 3 new multifamily deals
A popular solution favors converting failing retail space into multifamily, mixed-use developments. And it's finding big backers with even bigger pockets, with three deals emerging this week alone. For a recent example, look no further than right here.
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Average home seller saw a 31% return on their investment

Those who sold in Q1 pocketed an average of $57,500
Home prices are appreciating, and home sellers are realizing a sizable return on their investment as a result. Those who sold their homes in the first quarter of 2019 made a 31.5% return, pocketing an average gain of $57,500, according to the latest from ATTOM Data Solutions.
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U.S. Homeowner Vacancy Rate: It’s back to the 90s

Rate of 1.4% is the lowest since 1994
Remember when O.J. Simpson fled police in his white Ford Bronco? Or, when figure skater Nancy Kerrigan was clubbed in the knee in the “whack heard round the world?” If you go by home vacancy data released today by the Census Bureau, we’re all the way back to 1994 when those events happened. The rate of vacant homes dropped to 1.4%, the lowest level in almost a quarter of a century.
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This is where Millennials want to live

NAR analysis details factors are driving Millennial migration
A recent report from the National Association of Realtors reveals that Millennial homeownership migration is primarily motivated by market affordability and strong job prospects. Find out which housing markets most appeal to Millennial homeowners here.
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HUD delays new rule on FHA down payment assistance in response to lawsuit

Halts implementation to review claims of "unlawful destruction" by Native American group
The Department of Housing and Urban Development announced Wednesday that it was delaying the implementation of new rules regarding down payment assistance for loans backed by the Federal Housing Administration in response to a lawsuit filed by a Utah-based Native American band, which claimed that the mortgagee letter "unlawfully targets American Indian tribes."
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The biggest earners in finance don't work at banks

This is who's really raking in the big bucks
In the world of finance, you might think it's the bankers who are making money hand over fist, but apparently, that's no longer the case. Now, professionals working in real estate are the ones who are raking in the big bucks, as REITs posted some of the highest median pay figures for employees. Here's how much employees make at companies in the mortgage sector.
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