A fantastic article that anyone concerned abot real estate and the housing markets should read. - Tim Ballering
From 2009-2012, the top 1% of Americans captured 95% of income gains. Now, as the housing market rebounds, billions of dollars in recovered housing wealth are flowing straight to Wall Street instead of to families and communities. Since spring 2012, just at the time when Blackstone began buying foreclosed homes in bulk, an estimated $88 billion of housing wealth accumulation has gone straight to banks or institutional investors as a result of their residential property holdings, according to an analysis by Tom Dispatch. And it’s a number that’s likely to just keep growing.
via naked capitalism.
When home prices were heading downward banks would sometimes send default notices to homeowners but allow them to stay in the home without making payments if the homeowner would maintain the home and keep it in good condition. Now that the economy is improving and home prices are rising, banks are willing to complete the foreclosure process if homeowners dont start making their payments again.”
Of those occupied units about 74.9 million were occupied by their owners during both periods while renters occupied 39.87 million units in the third quarter of 2013 compared to 39.51 million during the same period in 2012.
The Neighborhood Assistance Corporation of America (NACA), who claims to be the largest homeownership organization in America is criticizing President Obama and the U.S. Department of Housing and Urban Development claiming both have been ineffective in helping the American homeowners.
Last fall, New Jersey-based Loan Value Group launched a new business model, offering lenders and mortgage investors a way to keep their current, but underwater, borrowers current through cash incentives.
Where is the boom that inevitably follows a deep bust, such as we experienced in 2008 and 2009?
But there is no mystery. What other result would you expect from the financial ruin of the once-great American middle class?
via News from Yahoo! Finance.
Donovan take[s] an anti-investment position as he separates them from homes of primary residence and alludes to homeownership almost as a right, also alluding that real estate investment homes are subject to being rejected as less than worthy.
via agentgenius .
Mary Myss never has to paint her Chaska, Minn., home, mow the lawn or shovel her driveway. That’s because her walkout rambler is in Pioneer Point, a subdivision of single-family homes that are maintained by a homeowners’ association.