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…
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
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."
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