Real Estate

CFPB moves to further ease enforcement on financial services industry

Releases new rules on “no-action letters” and proposes “product sandbox”
In the last few days of his leadership at the Consumer Financial Protection Bureau, Mick Mulvaney moved to further ease the bureau’s enforcement of the industries that it oversees. Additionally, the CFPB proposal would create a “Product Sandbox,” which would allow and encourage companies to create and test new products and services under safe harbor provisions from the bureau itself.
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What would Mark Calabria as FHFA director mean for the future of Fannie and Freddie?

Analysts weigh Calabria’s potential impact
The Trump administration has officially nominated Mark Calabria to be the next director of the FHFA when Mel Watt’s term is up early next year. But what would Calabria bring to the FHFA and what might that mean for the future of Fannie Mae and Freddie Mac? Here's a look at what's next, from those in the know.
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Homelessness accelerates in expensive rental markets

In many markets, rent burden exceeds 32% threshold
As more and more Americans become rent burdened, the homeless rates in the nation’s most unaffordable markets continue to grow, according to the latest data from Zillow. Zillow Director of Economic Research and Outreach Skylar Olsen said that although the nation’s homelessness rate has fallen, some communities are still grappling with affordability.
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Redfin: Number of sight-unseen home offers retreat

One in five recent homebuyers made an offer without stepping foot on property
As inventory increases and home price growth slows down, homebuyer competition has begun to ease, according to the latest data from Redfin. Redfin Agent Jessie Culbert said now that most homes are staying on the market for longer than a week, there just isn’t as much pressure for buyers to make offers so hastily.
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TCI, Southern Properties Capital, Macquarie partnering to build significant multifamily portfolio

Joint venture already has 10,000 units, with plans for much more
Southern Properties Capital, a subsidiary of real estate investment company Transcontinental Realty Investors that operates primarily in Texas and specializes in Class A multifamily, is forming a joint venture with a subsidiary of Macquarie Group, the global finance giant. According to the companies, the joint venture will focus on creating a “business platform that will allow dramatic expansion in the multifamily arena.”
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This is what the housing market could look like in 2019

Expert says declining mortgage rates bode well for buyers
In 2018, the housing market experienced its fair share of up and downs, attributed to many factors including affordability and inventory concerns. But as the year comes to an end, homebuyers will be walking into 2019 with more pep in their step. Here’s why.
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Minneapolis is about to abolish single-family residential zoning

Minneapolis 2040 would allow multifamily housing in single-family neighborhoods
In a move that strikes a blow against decades of racial inequality and could prove to a boon to multifamily developers, the city of Minneapolis is on the verge of ending single-family residential zoning. Under the plan, duplexes and triplexes would be allowed in neighborhoods that only previously allowed single-family housing.
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The end of Fannie, Freddie conservatorship? Trump reportedly picking Mark Calabria to lead FHFA

Calabria currently serves as VP Mike Pence's economist
Long-time housing finance reform advocate Mark Calabria is reportedly the Trump administration's choice to lead the FHFA after Mel Watt's term ends early next year. Calabria currently serves as Vice President Mike Pence's chief economist. As Pence's economist, Calabria famously called for the end of the conservatorship of Fannie Mae and Freddie Mac. Is that a sign of things to come?
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Monday Morning Cup of Coffee: Appraisers may not get paid as CoesterVMS runs out of money

Housing industry responds to Kraninger’s Senate confirmation to lead CFPB
Sources continue to inform HousingWire of new information regarding CoesterVMS as it appears it may be running out of money and leaving some appraisers unpaid. Plus, find out what the housing industry thinks of the new director of the Consumer Financial Protection Bureau.
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