Health/Food Posts Tagged as 'Real Estate'
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Loads of houses are up for sale -- but middle-class buyers are still shut out
Despite an uptick in homes on the market and weakening home sales across the country, home ownership is out of reach for a growing number of middle-class buyers, according to a recent report from real estate brokerage Redfin.
An analysis of U.S. homes on the market in 2017 and 2018 found that the number of affordable homes for sale has decreased in 86 percent of metro areas (of 49 included in the study), even as the number of homes on the market grew. While buyers normally benefit from better availability in competitive housing markets, it doesn’t help if the majority of available homes are priced for the wealthy.
“For the past few years, home prices have gone up faster than wages,” said Daryl Fairweather, chief economist at Redfin. “That kind of growth really isn’t sustainable. At a certain point, there won’t be enough buyers left for the homes left on the market.”
Boise and Reno Capitalize on the California Real Estate Exodus
For some Californians, the state’s punishing housing costs, high taxes, and constant threat of natural disaster have all become too much. They’re making their escape to areas such as Boise, Phoenix, and Reno, Nev., fueling some of the biggest home-price gains in the country. While the moves are motivated mainly by economics, they’re also highlighting political divides as conservatives from the blue state seek friendlier areas and liberal transplants find themselves in sometimes hostile territory.
The Super Rich of Silicon Valley Have a Doomsday Escape Plan
Years of doomsday talk at Silicon Valley dinner parties has turned to action.
In recent months, two 150-ton survival bunkers journeyed by land and sea from a Texas warehouse to the shores of New Zealand, where they’re buried 11 feet underground.
Seven Silicon Valley entrepreneurs have purchased bunkers from Rising S Co. and planted them in New Zealand in the past two years, said Gary Lynch, the manufacturer’s general manager. At the first sign of an apocalypse — nuclear war, a killer germ, a French Revolution-style uprising targeting the 1 percent — the Californians plan to hop on a private jet and hunker down, he said.
Scammers are tricking people out of enormous payments as they're about to close on a house
It's a nightmare scenario for any homebuyer: the day before closing, a scammer manages to trick you into wiring your down payment to an offshore account. You lose your hard-earned money and you lose the house, and there's no way you can get either one back.
That's how some criminals have adapted the common "business email compromise" scam – so-named because it used to almost exclusively target businesses – to focus on individuals, especially people who are involved in a pending real estate transaction.
This is how much money you need to make to afford rent in every state
The rule of thumb on how much a person should budget for rent is 25% to 30% of monthly income. But due to inflation in property values and surging demand, affordable housing is increasingly becoming a pipe dream in some states.
Among the most expensive rental markets is the nation’s capital, where a person must make an average of $8,487 a month to rent, according to cost estimating site HowMuch.net.
In California, the richest state in the U.S. based on gross domestic product, the monthly income to afford renting a house is $8,313, followed by Hawaii at $7,806 and New York at $7,223.
As millennials, especially Latinos and blacks, own fewer homes, wealth gap will grow
Angely Mercado, 26, who has a master's degree in journalism, makes a living as a freelance writer; she hopes to land a full-time job at some point.
The Queens, New York, resident was clear when she was asked where home ownership stood on her list of priorities. “I wish it could be higher, but it's not financially possible,” said Mercado, who describes herself as very budget conscious and someone who obtained scholarships so she wouldn't have student loans like so many young people her age.
Still, Mercado has to live with her parents in the home they own. She's part of a generation of millennials who are less likely than previous generations to buy homes, according to a new report from Better Mortgage, a digital lender focused on improving access to home finance, and the Urban Institute, a nonprofit organization with a focus on social and economic policy.
America’s 10 worst states to live in
Far be it for us to dent your home state pride, but the fact is that there are ways to objectively measure quality of life, and some states do not measure up as well as others. Our Quality of Life category in America's Top States for Business, worth 300 out 2,500 total points, looks at factors such as violent crime rates, area attractions, health care, and environmental quality, based on our Top States methodology and sources. These are the 10 worst states to live in this year.
Trump plan would raise rents on poor people by 26% on average
The Trump administration’s latest attack on housing assistance would boost rents by an average 26 percent for millions of financially vulnerable Americans and increase the risk of homelessness, a Center on Budget and Policy Priorities analysis found.
Department of Housing and Urban Development (HUD) Secretary Ben Carson claimed the “Make Affordable Housing Work Act,” which he announced on April 25, would create a path towards self-sufficiency for low-income Americans receiving housing assistance.
Under the plan, which still needs Congressional approval, people receiving housing assistance would see the percentage of their total income they are required to pay towards housing increase from 30 to 35 percent. It would also raise the minimum monthly rent on the 712,000 most financially vulnerable families from $50 to $150 per month, eliminate deductions for medical care and child care, and allow housing authorities to impose work requirements.
Fixer Upper’s Chip and Joanna Gaines broke EPA’s lead paint rules. They were fined $40,000.
The popular HGTV reality TV show Fixer Upper just got its wrist slapped by the Environmental Protection Agency for breaking lead paint rules.
It turns out that renovations Fixer Upper hosts Chip and Joanna Gaines did on older homes in several seasons of the show “did not depict the lead-safe work practices” and violated rules on toxic substances and lead paint, the agency said. The parent company of Fixer Upper, Magnolia Waco Properties LLC, reached a settlement with the EPA on Tuesday.
The company will pay a civil penalty of $40,000 and spend $160,000 to clean up lead contamination in the Waco, Texas, community.
The most and least expensive places to live in America
America's big coastal cities are really expensive.
The Bureau of Economic Analysis recently released data on personal income and the cost of living in 2016 for metropolitan and nonmetropolitan parts of states, including the relative cost of living in different parts of the country.
Regional price parity is an index that sets the national average cost of goods and services at 100, with a particular region's RPP showing how the cost of living in that region compares with that average.
For example, the New York metropolitan area had an RPP of 122 in 2016, meaning the city and its suburbs are about 22% more expensive than the national average.
Vermont will pay you up to $10,000 to move there, work remotely
Vermont is more than the place that provides the nation with delicious maple syrup, Ben and Jerry's ice cream and independent Sen. Bernie Sanders.
Now, it's the state that will pay you up to $10,000 in moving and business expenses to move there.
On May 30, Vermont Gov. Phil Scott signed a bill committing his state to paying people to pack their bags, move to his state and work remotely for a business in another state.
Rising Rents Are Pushing More Tenants Past the Breaking Point
Rents have increased rapidly across U.S. housing markets as the share of renting households has risen faster than the number of new units. Now, in a survey published Thursday by an apartment-listing service, nearly one in five respondents reports struggling to make the monthly payments.
While big landlords seem to be succeeding at finding tenants who can keep up, the survey, by Apartment List, suggests escalating housing costs may be straining renters’ resources. Eighteen percent of respondents couldn’t pay the full rent due in at least one of the past three months, according to the poll of 40,000 renters. Of those who have registered for the listing site this year, 3.3 percent said they had been evicted in the past, up from 2.8 percent in 2015.
Gays can be ‘cured,’ no gay marriage, no abortion: Hollywood hotel honcho outrages protesters
Several dozen opponents of a hotel project approved by the Los Angeles City Council Wednesday protested in the City Hall rotunda after the vote, angered by what they said was the developer’s support of an anti-LGBT group and shortcuts taken in getting the project approved.
The City Council approved the 21-story hotel with a 12-0 vote, clearing the way for it to be built near the corner of Sunset Boulevard and Ivar Avenue in Hollywood where a Jack in the Box restaurant now sits.
Opponents of the project have been led by Unite Here Local 11, a union representing 23,000 hotel, airport and food service workers.
The developer of the project, RD Olson, and its president, Bill Wilhelm, have been criticized by Unite Here Local 11 due to Wilhelm’s former membership in Legatus, a Catholic business leader networking group.
Legatus is opposed to same-sex marriage and abortion and in favor of “conversion therapy” aimed at “curing” people of homosexual desires.
My News LA
San Francisco residents freaking out after swanky street sells for $90K
Residents of the upscale Presidio Terrace neighborhood in San Francisco are outraged after learning their street was sold for $90,000 at auction, according to local reports.
Michael Cheng and Tina Lam purchased the block-long street, which is lined with multimillion dollar mansions, at a city auction after the homeowners association failed to pay taxes, the San Francisco Chronicle reported.
Cheng and Lam purchased the property in April 2015 and have been talking to land-use experts about how to leverage their holding. According to the San Francisco Chronicle, they are considering charging residents to park on the street.
"We could charge a reasonable rent on it,” Cheng said.
According to NBC-Bay area, the home owners association failed to pay a $14-a-year- property tax bill because the bill was being mailed to an accounting office, which is now a pilates studio.
'See Detroit like we do' ad with mostly white people sparks outrage
A sign with the slogan "See Detroit like we do," that filled the windows along the ground level of a downtown Detroit high-rise came under scrutiny as the photograph featured mostly white people.
In a Facebook post Sunday, billionaire businessman Dan Gilbert — founder of Bedrock Detroit and Quicken Loans — announced that his organization "screwed up badly" with the sign bearing the Bedrock real-estate company's insignia on the Vinton Building, a Bedrock property.
According to 2010 U.S. Census data, Detroit is more than 82% black.
"Although not intended to create the kind of feelings it did, the slogan/statement we used on these graphics was tone deaf, in poor taste and does not reflect a single value or philosophy that we stand for at Bedrock Development or in our entire Family of companies," according to the post.