Best Airports in America

BY  ON OCTOBER 14, 2018

Everyone has their favorite airport and can tell you a story about the worst. Consumer insight giant J.D. Power recently surveyed over 40k weary travelers for their 2018 North America Airport Satisfaction Study in order to gauge satisfaction with mega, large, and medium North America airports.  They looked at six important factors: terminal facilities, airport accessibility, security check, baggage claim, check-in/baggage check, and food, beverage and retail.

“North America airports have been doing a tremendous job managing passenger volume, adding amenities, and keeping travelers moving despite some noteworthy challenges, but they will be put to the true test over the next few years,” said Michael Taylor, Travel Practice Lead at J.D. Power.

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Multifamily Units See Large Spike in 2017

BY  ON OCTOBER 14, 2018

According to new research from the NAHB’s Eye on Housing, construction of units in large multifamily buildings (50+ units) grew by 18% in 2017, representing the largest increase since 1972 when this data started being collected.  In addition, they report that these units accounted for more than half of all multifamily completions.  The data cited is from the U.S. Census Bureau’s latest Survey of Construction (SOC).

Click here to read the full report at the NAHB’s Eye on Housing.

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Former Rock-n-Roller Masterminds Multimillion-Dollar Real Estate Scam

BY  ON OCTOBER 14, 2018

 

When celebrities, even minor washed-up ones, are involved in scams it reveals the power they have over others – especially in product endorsements and cheap publicity.  According to a recent article on HousingWire the former bass player for the band The Ataris (known for their cover of Don Henley’s “The Boys of Summer”) spearheaded a massive real estate scam that defrauded more than 100k people across the country out of more than $25 million.  According to the report, he pleaded guilty to a charge of conspiracy to commit mail & wire fraud.  He also admmitted to owning and operating a California-based telemarketing business that supposedly offered prospective renters and homebuyers access to homes for sale or rent. All they needed get access to the homes was pay a $199 fee to his fraudulent company.

Click here to read the full story on HousingWire.

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Big Single-Family Landlord to Spend $1 Billion on Home-Flipping

BY  ON OCTOBER 14, 2018

Bloomberg is reporting that Amherst Holdings, one of the largest single-family landlords in the U.S., plans to invest more than $1 billion next year in an effort to to purchase, renovate and resell properties to reportedly simplify the consumer experience of buying a home.  Currently Amherst owns or manages around 20k single-family rentals.  The new venture was called Bungalo Technologies, LLC and was launched last month in Texas and Florida.

“Amherst is starting the business as a shortage of homes for sale has driven up prices and created hot competition for available listings, prompting bidding wars and all-cash offers and forcing prospective buyers to shoot first and ask questions later…”

Click here to read the full story on Bloomberg.com.

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Millennials Moving to Urban Cores

BY  ON OCTOBER 14, 2018

Millennials are about to become the largest generation in history and with that their choices and buying patterns continue to influence the U.S. economy.  A recent study by RentCafe recently took a look at where millennials are living and where the next potential hot spots are located.  They ranked the zip codes of the 30 biggest U.S. cities buy the highest increases in millennial population over a 5-year period.  They found (probably to no one’s surprise) that downtowns and areas near downtown are the clear favorites for millennials living in big cities.

“…this generation that values experiences more than material possessions prefers vibrant, walkable city neighborhoods where things are happening. Plus, with jobs increasingly relocating to urban cores and Generation Y making up most of the labor force, the residential areas in and near urban downtowns appear to be an increasingly popular choice…”

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Mortgage Fraud is Getting Worse

BY  ON OCTOBER 14, 2018

According to new data from CoreLogic, mortgage fraud is on the rise as more people lie about their income in order to qualify for loans.  CNBC’s Diana Olick reports that loan applications for real estate purchases are more likely to have fraud than for refinancing because higher interest rates have slowed refinancing activity, making mortgages a larger share.  In addition, Fannie Mae says tips are on the rise from law enforcement, consumers, trade groups and lenders.  Olick points out that the internet is making it easier and that a casual search reveals many online services that, for a fee, will not only generate fake pay stubs, but will also answer phone calls that “confirm” your purported income.

“The biggest jump in mortgage fraud risk was due to income reporting, up 22 percent annually. Since the epic housing crash a decade ago, lenders have had very strict limits on the amount of debt a borrower can have compared to his or her income. Some borrowers are therefore juicing their incomes in order to qualify. How? The internet is making it a lot easier.”

 

Click here to read the full story on CNBC’s Realty Check.

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Amazon Enters the Home Building Business

BY  ON OCTOBER 14, 2018

Is ecommerce giant Amazon entering the home building space?  A recent report on CNBC says they’ve recently taken a stake in Plant Prefab, a Southern California company that builds prefabricated custom single and multi-family homes that uses an automation in an attempt to keep costs low.  The investment was made by their Alexa Fund and follows Amazon’s launch of over a dozen new smart home devices powered by their Alexa platform.  By the way, these aren’t your normal run-of-the-mill prefab homes.

“Voice has emerged as a delightful technology in the home, and there are now more than 20,000 Alexa-compatible smart home devices from 3,500 different brands,” Paul Bernard, Alexa Fund’s director, said in a statement on Tuesday. “We’re thrilled to support [Plant Prefab] as they make sustainable, connected homes more accessible to customers and developers.”

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Foreclosure Activity Increases 9%

BY  ON OCTOBER 14, 2018

According to the latest ATTOM Data Solutions Foreclosure Activity report, nearly one in every 2k U.S. properties had a foreclosure filing in August, 2018.  According to the report,there were 70,166 U.S. properties with foreclosure filings in August, up 9% from July and down 7% from one year ago.  The states with the highest foreclosure rates were New Jersey (one in every 690 housing units); Maryland (one in every 918 housing units); Nevada (one in every 984 housing units); Delaware (one in every 1,012 housing units); and Florida (one in every 1,229 housing units).

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Fire Prevention Week is October 7-13th

BY  ON OCTOBER 6, 2018

Fire Prevention Week runs October 7-13, 2018 and the best way to celebrate is to check all your properties’ smoke alarms for functionality and age.  If you find one that’s more than 10 years old, it’s time to replace it.  And when you do, National REIA recommends both ionization and photoelectric technologies be used in all your properties.  You should also have a working & tested carbon monoxide detector and fire extinguisher in each unit as well.  In this case, an ounce of prevention is worth a ton of cure!  Today’s infographic also reminds us to “Look, Listen and Learn” because fires can happen anywhere…..Happy Friday!

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CoreLogic’s Market Pulse Report for September

BY  ON OCTOBER 6, 2018

 

CoreLogic recently released their Market Pulse Report for September, 2018 where they provide a lagging indicator snapshot of the U.S. housing market through July, 2018.  Among their findings, how disasters & housing affect the economy, home mortgage payments up 15%, how states are seeking loopholes to counter the federal SALT deduction and understanding the risks a volcano poses.

 

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