The federal government adopted the Housing and Community Development Act in 1977, and the Community Reinvestment Act (CRA) portion was designed to prompt lending institutions to provide mortgages for low- and moderate-income Americans. The underlying reasoning for the CRA was to discourage discriminatory lending practices that inhibited low-income communities and neighborhoods. Over the years, its regulations have been revised to improve effectiveness. During the early 1990s, upwards of five changes were made and more following the 2007 financial crisis. With the country currently in the midst … [Read More...]
Last week's economic reporting included readings from the National Association of Home Builders Housing Market Index, Commerce Department reports on housing starts and building permits issued. The University of Michigan consumer sentiment index was also released. Weekly readings on mortgage rates and new jobless claims were also reported. NAHB: Builder Confidence Rises as Housing Starts Slip Home builder confidence in current market conditions rose one point to an index reading of 65 in June. Any reading over 50 means that most builders view housing markets conditions as positive, but July's … [Read More...]
If you've just moved into your new home and you have a pet, you may be thinking of installing a pet door. A pet door is a permanent door feature that is cut into the bottom third of an entry door. Before making a permanent alteration to your door, consider the pros and cons of installing a pet door. Pro: Your Pet Can Come And Go As Needed A pet door could cut down on indoor pet accidents if that's a problem you've had to deal with in the past. This is especially convenient if you get home late to let the dog out, or if they have a temporary gastric illness that requires more frequent … [Read More...]
Have you ever played the classic board game called Monopoly? The object of the game is to collect all the properties until one winner bankrupts all the other players. The other part of the game is that accumulating properties adjacent to each other increases the value of the individual properties. When a player acquires all the properties of the same color (two or three), then the rents go up and property development can begin. The Monopoly Game In Real Life The same basic principles sometimes work in real life. Owning a property and then buying the one next door creates a value-added … [Read More...]
Home Builder sentiment rose one point in July according to the National Association of Home Builders Housing Market Index. 2019 builder confidence in housing market condition continued to fall short of 2018 levels. July's Housing Market Index reading of 65 was one point higher than June's reading. Component readings also rose one point each. Builder confidence in current housing market conditions rose to 72; the reading for builder confidence in market conditions for the next six months rose to 71. Builder confidence in buyer traffic in new housing developments rose to an index reading of 48; … [Read More...]
The most expensive home sold in America, so far, was a New York penthouse that sold for $238 million in January 2019. It is on the top of a building that overlooks Central Park. The 26-story luxury condo building designed by Robert A. M Stern is nearly all sold out. Who Has That Kind Of Money? The proud buyer of the penthouse is Ken Griffin. His net worth is estimated to be $9.6 billion. He is the founder of the Citadel hedge fund. Griffin is 50 years old. A few days before buying the NYC penthouse, he closed on a home in London that overlooks St. James Park near Buckingham Palace. For that … [Read More...]
