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76 Secrets of U.S. Home Ownership - 3 Solutions
realestatedecoded.com/76-secrets-of-…
John Wake
47.9K posts
John Wake
@JohnWake
Independent Real Estate Market Analyst. Former: Real Estate Agent, Forbes .com Contributor, Int'l Ag Trade Economist at USDA, Ag Attaché U.S. Embassy in Paris
- The U.S. is a mortgage-ownership society, not a home-ownership society. The U.S. has the 3rd lowest free-and-clear home ownership rate of these 28 countries, according to the OECD. oecd-ilibrary.org/sites/03dfe007…
- Wow! This explains a LOT. "In 2007, 35% of new FHA borrowers had debt-to-income ratios above 43%. By 2020, 54% did. As housing prices and inflation surged, borrowers became more stretched. The FHA kept insuring mortgages to borrowers who were increasingly leveraged. About 64% of
- "Why Airbnb owners are about to Sell" Revenue per available listing in Phoenix DOWN 48% in May compared to May last year. reventure.app/blog/airbnb-ow…
- Sold for $5.2M. Purchased for $45M in 2019.Grand Central Block in the Pioneer Square district Seattle, Washington sells for 11.5% of its price 6 years ago. Sold for $5.2M. Purchased for $45M in 2019. Closed and empty for 6 years. "As a 100% vacant asset unencumbered by leases, Grand Central Block offers investors
- Real estate attorney says about half his phone calls these days are disputes about buyers canceling contracts.
- Supply Myth Although the number of single-family units under construction is only 78% of the peak in 2006, the number of multi-family units under construction is DOUBLE the peak in 2008. Total units under construction is 20% above the 2006 peak. fred.stlouisfed.org/graph/?g=YlRj
- NOT a Free Market "Fannie and Freddie now back more than 60% of new mortgages, compared with roughly 45% before the 2008 financial crisis. When you add in Federal Housing Administration and Veterans Affairs loans, the government backs nearly 85% of today’s mortgage market."
- "Starting May 25, non-permanent residents will no longer qualify for FHA loans."
- New 15,516 square foot home on 5 acres in Paradise Valley sold last week for $32,388,888.
- AirbnBusted Heard a story about a landlord buying a house & turning it into a short-term rental. A neighbor somehow found out the mortgage was for a primary residence = mortgage occupancy fraud. Neighbor told lender. House soon put up for sale again. @texasrunnerDFW
- Arizona convicts 900 people, recovers $1.83 billion in pandemic unemployment fraud
