Adam Colucci, Jesse Wig and Dan Spanovich bought a second abandoned school in Homestead, Pennsylvania for $90,000 and turned it into a 33-unit apartment building. The renovation cost about $4.5 million and took 18 months to complete. The trio's first abandoned school-turned-apartment building, Bowtie High, is located right across the street.
Four houses sell at auction in Warrnambool, with multiple buyers securing their first homes. Ray White Warrnambool will hold 18 auctions throughout December.
Attorney says NAR is "still analyzing" the consequences of the Sitzer | Burnett verdict. Judge says Moehrl is a "different case" that will likely go to trial in Q4 2024.
The S&P CoreLogic Case-Shiller home price index was announced today (11/28/23) which showed that home prices reached a new all-time record high for the month of September 2023 despite mortgage rates rising. Something that should not be overlooked though is their home price index for September is a 3-month average of July, August and September. This represents a significant lag because it's based on purchase agreements signed between buyers and sellers mostly in May to August when average 30 year fixed mortgage rates were in the range of 6.4% to 7.1% per Freddie Mac. Mortgage rates surged to a 23-year high in October 2023
Zillow just u-turned and got a lot more pessimistic about the future of the US housing market. They revised downward again their housing market forecast and real estate market predictions for home prices and home sales by a significant amount due to elevated mortgage rates and rising housing inventory levels..
Realtor.com chief economist Danielle Hale discussed the housing inventory shortage as homebuyers continue to juggle steep housing prices and mortgages.
At a recent meetup in Idaho, Pace Morby breaks down a faulty wholesale contract for a subject to transaction. He gives us a run down of basic creative finance legal disclosures and what you need to include in your wholesale contract, including things like whose name remains on the mortgage and how to handle a due on sale clause being called.
Last month, a Missouri jury found that real estate brokers colluded to artificially inflate and fix their own commissions, and as a result, ordered the National Association of Realtors to pay $1.8 billion in damages. While the ruling will be appealed, with highly uncertain damages and remedies, the case is shining a light on how participants in the real estate industry get paid, and raising the question of whether homebuyers are paying too much to their brokers. So how do brokers get paid? What are their incentives? And why haven't fees for brokers gone down, even as online platforms that compete with them have proliferated. On this episode of the podcast, we speak with Andra Ghent, a finance professor at the University of Utah and a specialist in real estate who explains how the structure works currently, and how the lawsuit could ultimately change the entire business model of buying and selling homes.
Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets.
Our 2024 housing market predictions are here. Will interest rates finally fall? Will home prices continue to stay strong even with weak demand? And will we EVER “technically” enter into a recession? We’ve got the full "On the Market" panel here to give their forecasts on everything that could happen in 2024, plus where the biggest buying opportunities could be.
But first, we’ll painfully review our incorrect housing market predictions from 2023 and one BIG guess that we all got wrong. But we’re not the only ones! Both Zillow and Redfin had some predictions that didn’t age too well. From there, we’ll get into 2024 housing price predictions and whether or not we expect to see home prices FINALLY decline after a standstill year.
Then, what everyone’s been waiting for—mortgage and interest rates predictions. If these start to fall, you can assume that home prices will rise, a buying frenzy will ensue, and the bidding wars will begin (again). With the potential for a recession at some point in 2024, lower mortgage rates may result from an even worse economic event. So, what IS going to happen? Stick around for our predictions!
~~~~ Where America’s Most Accurate Forecaster Sees Home Prices in 2024:
On this episode of Industry Relations, Sam DeBord joins Rob and Greg, and things get a bit uncomfortable as Sam tries to set NAR’s record straight. Tune in as Sam and Rob have a testy disagreement on NAR’s competency, but at the end of the day display their passion for the industry. While Greg tries to keep the peace and believes everyone on all sides can do a better job.
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