Late-Stage Delinquencies are Surging, Especially Those With FHA Loans
"The overall rate of loans 30 or more days past due increased during the second quarter to a seasonally adjusted 8.22 percent of all outstanding one-to-four-unit mortgages. This was up 386 basis points (bps) from the first quarter of the year and 369 bps year-over-year. MBA includes loans in forbearance in its delinquency numbers."
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Mortgage delinquencies are generally accompanied by not paying HOA and condo assessments, which is bad news. Banks can survive these situations a lot better than associations that operate on a shoestring budget and have no source of income but assessments.
Tuesday, August 25, 2020
Sunday, August 23, 2020
Steve Bannon Arrested on Superyacht Owned by Chinese Billionaire – Robb Report
Steve Bannon Arrested on Superyacht Owned by Chinese Billionaire – Robb Report
"[Guo] Wengui, an exiled Chinese billionaire, has business ties to Bannon. He was not arrested yesterday, but there are warrants out for his arrest in Beijing, where authorities have accused Wengui of crimes including bribery, kidnapping, money laundering, fraud and rape. He fled to the U.S. in late 2014 and lives in self-imposed exile in Manhattan. He is also a member of President Trump’s Mar-A-Lago club in Florida."
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Guo Wengui is a great example of Privatopia. He is essentially stateless by choice, a citizen of nowhere who moves through a world of private institutions and private wealth, protecting his wealth from taxation and living above the civil and criminal laws of all nations. And here is Steve Bannon, Mr. Nationalism, the architect of Trump's nativist-themed campaign, palling around with him. The hypocrisy is pretty obvious. Most of Trump's anti-government, pro-privatization moves have been scams of some sort. Bannon's fake border wall-building fund raising was a scam. The effort to destroy the US Postal Service is another.
"[Guo] Wengui, an exiled Chinese billionaire, has business ties to Bannon. He was not arrested yesterday, but there are warrants out for his arrest in Beijing, where authorities have accused Wengui of crimes including bribery, kidnapping, money laundering, fraud and rape. He fled to the U.S. in late 2014 and lives in self-imposed exile in Manhattan. He is also a member of President Trump’s Mar-A-Lago club in Florida."
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Guo Wengui is a great example of Privatopia. He is essentially stateless by choice, a citizen of nowhere who moves through a world of private institutions and private wealth, protecting his wealth from taxation and living above the civil and criminal laws of all nations. And here is Steve Bannon, Mr. Nationalism, the architect of Trump's nativist-themed campaign, palling around with him. The hypocrisy is pretty obvious. Most of Trump's anti-government, pro-privatization moves have been scams of some sort. Bannon's fake border wall-building fund raising was a scam. The effort to destroy the US Postal Service is another.
Thursday, August 20, 2020
Urban Exiles Are Fueling a Suburban Housing Boom Across the U.S.
Urban Exiles Are Fueling a Suburban Housing Boom Across the U.S.
"In the Covid era, the single-family houses that are the stock in trade for Previti’s Frontier Communities are a hot commodity. Armed with the lowest mortgage rates in history, buyers are increasingly shunning urban centers, settling instead where they can live at a safe distance from their neighbors. “Is this the little runup before everything runs off the rails?” asks Previti, chief executive officer."
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I've seen a number of articles saying the same thing, but I'm holding off on believing it for another year or so. There are too many unknowns about COVID-19, the state of the economy, and the November election.
"In the Covid era, the single-family houses that are the stock in trade for Previti’s Frontier Communities are a hot commodity. Armed with the lowest mortgage rates in history, buyers are increasingly shunning urban centers, settling instead where they can live at a safe distance from their neighbors. “Is this the little runup before everything runs off the rails?” asks Previti, chief executive officer."
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I've seen a number of articles saying the same thing, but I'm holding off on believing it for another year or so. There are too many unknowns about COVID-19, the state of the economy, and the November election.
Monday, August 17, 2020
Top Consumer Home Features During Coronavirus - Realtor.com Economic Research
Top Consumer Home Features During Coronavirus - Realtor.com Economic Research
Some people, notably author Joel Kotkin, argue that COVID-19 is killing cities. I think it is too early to predict that people will move from cities to suburbs to avoid contagion. Pandemics are as old as humanity and so are cities, which are bigger than ever all over the world.
Some people, notably author Joel Kotkin, argue that COVID-19 is killing cities. I think it is too early to predict that people will move from cities to suburbs to avoid contagion. Pandemics are as old as humanity and so are cities, which are bigger than ever all over the world.
- "Consumers value quiet neighborhoods, outdoor spaces and proximity to grocery stores during pandemic
- Reflecting constraints of quarantines, consumers struggle with confinement, separation from family and friends, and elevated stress
- More space, updated kitchens and home gyms top list of desired changes for current homes
- Having more personal and family time ranks as top benefit of sheltering at home
- Wish list for next homes: bigger houses, more outdoor spaces and updated kitchens"
Tuesday, August 11, 2020
Fraud & Embezzlement – Community Associations Network
Fraud & Embezzlement – Community Associations Network
I lost track of all the fraud and embezzlement stories, but Community Associations Network has it all! Check it out.
I lost track of all the fraud and embezzlement stories, but Community Associations Network has it all! Check it out.
Condo Prices Falling at Trump International Hotel & Tower Chicago
Condo Prices Falling at Trump International Hotel & Tower Chicago
"Prices are down at the Trump International Hotel & Tower in Chicago. They’re down big-time. Hotel rooms in the 98-story building can be purchased for less than $200,000 these days, though real estate experts might caution you against pulling the trigger: After hotel management fees, taxes and interest on the loan, there likely wouldn’t be much rental income on the room, Gail Lissner managing director at Integra Realty Resources, told the Chicago Sun-Times."
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Heartbreaking. Where's my tiny violin?
"Prices are down at the Trump International Hotel & Tower in Chicago. They’re down big-time. Hotel rooms in the 98-story building can be purchased for less than $200,000 these days, though real estate experts might caution you against pulling the trigger: After hotel management fees, taxes and interest on the loan, there likely wouldn’t be much rental income on the room, Gail Lissner managing director at Integra Realty Resources, told the Chicago Sun-Times."
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Heartbreaking. Where's my tiny violin?
PCB woman arrested for allegedly defrauding condo associations
PCB woman arrested for allegedly defrauding condo associations
"PANAMA CITY, Fla. (WJHG) - The Bay County Sheriff’s Office announced Thursday the arrest of a Panama City Beach woman for allegedly defrauding several condo associations. Deputies say 52-year-old Lynn Price has been charged with Ongoing Scheme to Defraud in Excess of $50,000 for her alleged involvement. Bay County Sheriff’s officials say they were made aware of the possible theft back in May when $230,000 was removed from one local condo association’s bank account and deposited into a second association’s account. Deputies tell us the second association began reviewing their bank records and found that money had been removed from their account since at least 2017 by their association manager, Lynn Price."
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A few years ago I tried to keep track of the condo association fraud stories but there were so many I gave up. If you live in a condo or HOA you need to be vigilant about where your money is going and who has access to it.
"PANAMA CITY, Fla. (WJHG) - The Bay County Sheriff’s Office announced Thursday the arrest of a Panama City Beach woman for allegedly defrauding several condo associations. Deputies say 52-year-old Lynn Price has been charged with Ongoing Scheme to Defraud in Excess of $50,000 for her alleged involvement. Bay County Sheriff’s officials say they were made aware of the possible theft back in May when $230,000 was removed from one local condo association’s bank account and deposited into a second association’s account. Deputies tell us the second association began reviewing their bank records and found that money had been removed from their account since at least 2017 by their association manager, Lynn Price."
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A few years ago I tried to keep track of the condo association fraud stories but there were so many I gave up. If you live in a condo or HOA you need to be vigilant about where your money is going and who has access to it.
Monday, July 27, 2020
The Surprising Ways Race Remains a Factor in Mortgage Lending | realtor.com®
The Surprising Ways Race Remains a Factor in Mortgage Lending | realtor.com®
“There are many practices that lenders can engage in to accomplish the same thing as literal redlining," says Evan McKenzie, a political science professor at the University of Illinois at Chicago. "These are very hard to discover. They're practices in a bank that everyone knows they're doing. But it's not stated policy."
“There are many practices that lenders can engage in to accomplish the same thing as literal redlining," says Evan McKenzie, a political science professor at the University of Illinois at Chicago. "These are very hard to discover. They're practices in a bank that everyone knows they're doing. But it's not stated policy."
Friday, July 24, 2020
Will Trump Save the Suburbs By Cutting a Rule To Stop Discrimination? | realtor.com®
Will Trump Save the Suburbs By Cutting a Rule To Stop Discrimination? | realtor.com®
"Trump "is trying to win back the suburban vote by scaring them and claiming he is up against an opponent who wants to destroy the suburbs through racial and economic integration," says Evan McKenzie, a political science professor at the University of Illinois at Chicago. "He's invoking the idea of the suburbs of the past, that were uniformly white and prosperous."
"Trump "is trying to win back the suburban vote by scaring them and claiming he is up against an opponent who wants to destroy the suburbs through racial and economic integration," says Evan McKenzie, a political science professor at the University of Illinois at Chicago. "He's invoking the idea of the suburbs of the past, that were uniformly white and prosperous."
Sunday, July 19, 2020
What is the most private city in the world? | Cities | The Guardian
What is the most private city in the world? | Cities | The Guardian
"It is notoriously difficult to quantify and map the privatisation of space and place. Dubai, which must lay claim to being one of the most privatised cities in the world, is defined by its newness – and it is this newness which is generally an indicator of how private a place is likely to be. This is because today’s dominant economic model is reflected by high-security, privatised plazas which house shopping areas, conference centres and luxury apartments in an environment less reminiscent of the public realm than an airport lounge."
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This is from 2015, but it is fascinating.
"It is notoriously difficult to quantify and map the privatisation of space and place. Dubai, which must lay claim to being one of the most privatised cities in the world, is defined by its newness – and it is this newness which is generally an indicator of how private a place is likely to be. This is because today’s dominant economic model is reflected by high-security, privatised plazas which house shopping areas, conference centres and luxury apartments in an environment less reminiscent of the public realm than an airport lounge."
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This is from 2015, but it is fascinating.
Thursday, July 09, 2020
U.S. town creates local currency to boost coronavirus relief
U.S. town creates local currency to boost coronavirus relief
"Tucked away under lock and key in a former railroad depot turned small-town museum in the U.S. state of Washington, a wooden printing press cranked back to life to mint currency after nearly 90 dormant years. The end product: $25 wooden bills bearing the town's name - Tenino - with the words "COVID Relief" superimposed on the image of a bat and the Latin phrase "Habemus autem sub potestate" (We have it under control) printed in cursive. With the coronavirus pandemic plunging the United States into a recession, decimating small businesses and causing job losses across the country, some local governments are looking for innovative ways to help residents weather the storm. For Tenino, the answer was the revival of the local currency that had bolstered the town's economy in 1931 in the wake of the Great Depression."
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"Tucked away under lock and key in a former railroad depot turned small-town museum in the U.S. state of Washington, a wooden printing press cranked back to life to mint currency after nearly 90 dormant years. The end product: $25 wooden bills bearing the town's name - Tenino - with the words "COVID Relief" superimposed on the image of a bat and the Latin phrase "Habemus autem sub potestate" (We have it under control) printed in cursive. With the coronavirus pandemic plunging the United States into a recession, decimating small businesses and causing job losses across the country, some local governments are looking for innovative ways to help residents weather the storm. For Tenino, the answer was the revival of the local currency that had bolstered the town's economy in 1931 in the wake of the Great Depression."
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Wednesday, July 08, 2020
Real-estate developers refuse to change communities' plantation names
Real-estate developers refuse to change communities' plantation names
"Volusia and Flagler counties are home to several “plantation” communities. They include Halifax Plantation, Plantation Oaks of Ormond Beach and in Flagler, Sugar Mill Plantation and Plantation Bay. Flagler County is also home to Palm Coast Plantation as well as the Bulow Plantation manufactured home park. West Volusia is home to the DeBary Plantation golf course community. Developers of plantation communities in Volusia and Flagler counties said they were unaware of any public outcries locally to change the names of their developments. “It never even occurred to me that it was something that needed doing,” said Scott Vanacore of Vanacore Homes in Ormond Beach.
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Utterly clueless.
"Volusia and Flagler counties are home to several “plantation” communities. They include Halifax Plantation, Plantation Oaks of Ormond Beach and in Flagler, Sugar Mill Plantation and Plantation Bay. Flagler County is also home to Palm Coast Plantation as well as the Bulow Plantation manufactured home park. West Volusia is home to the DeBary Plantation golf course community. Developers of plantation communities in Volusia and Flagler counties said they were unaware of any public outcries locally to change the names of their developments. “It never even occurred to me that it was something that needed doing,” said Scott Vanacore of Vanacore Homes in Ormond Beach.
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Utterly clueless.
Tuesday, July 07, 2020
Inside the luxury nuclear bunker protecting the mega-rich from the apocalypse - CNET
Inside the luxury nuclear bunker protecting the mega-rich from the apocalypse - CNET
"A volcanic-ash scrubber, a decontamination room, a waterslide -- when it comes to surviving a nuclear apocalypse, the Survival Condo has everything you could need, at a price."
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WTF is wrong with these people?
"A volcanic-ash scrubber, a decontamination room, a waterslide -- when it comes to surviving a nuclear apocalypse, the Survival Condo has everything you could need, at a price."
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WTF is wrong with these people?
Monday, June 29, 2020
St. Louis couple pulls firearms on protesters cutting through their private street - CNN
St. Louis couple pulls firearms on protesters cutting through their private street - CNN
The private streets associations of St. Louis are early examples of HOAs. These two lawyers almost went full metal jacket on peaceful protesters who had the temerity to march down their private streets. The man of the house was interviewed about it and kept repeating "private property" over and over, as if they were magic words that entitled him to pull out his assault rifle.
The private streets associations of St. Louis are early examples of HOAs. These two lawyers almost went full metal jacket on peaceful protesters who had the temerity to march down their private streets. The man of the house was interviewed about it and kept repeating "private property" over and over, as if they were magic words that entitled him to pull out his assault rifle.
Wednesday, June 24, 2020
The £450 BILLION yacht: Concept for 200-yard-long mega-catamaran with a built in HARBOUR | Daily Mail Online
The £450 BILLION yacht: Concept for 200-yard-long mega-catamaran with a built in HARBOUR | Daily Mail Online
As wealth inequality explodes around the world, there is a class of super-rich people who live like villains in a James Bond movie. Their own private islands, yachts bigger than a football stadium, underground condo bunkers...sooner or later one of them will build a fortress inside a volcano.
As wealth inequality explodes around the world, there is a class of super-rich people who live like villains in a James Bond movie. Their own private islands, yachts bigger than a football stadium, underground condo bunkers...sooner or later one of them will build a fortress inside a volcano.
The arsenal in the hands of Wisconsin’s police - Wisconsin Examiner
The arsenal in the hands of Wisconsin’s police - Wisconsin Examiner
"[T]the 1033 Program has given Wisconsin law enforcement nearly 2,300 semi-automatic rifles, almost 200 .45 caliber pistols, an ACOG scope kit, 60 night vision sniper scopes and 42 mine resistant vehicles (commonly known as MRAPs). The MRAPs, carrying a sticker price between $495,000 and $733,000, were built to protect soldiers in Iraq and Afghanistan from improvised explosive devices, but now they sit in the garages of 39 police departments and sheriff’s offices around Wisconsin (Brown, Pierce and Polk Counties have each received two MRAPs through the program)...Most of the MRAPs, 29, are used by county sheriff’s offices, but the remaining 13 are in local police departments in cities as big as Eau Claire and Appleton or as small as Whitewater and Tomah. In Whitewater — a city with a population of 14,000 and a university with an undergraduate enrollment of 10,000 — there isn’t a dedicated grocery store. But in the city garage, the police have an MRAP."
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American policing is off the rails and everybody knows it except American police.
"[T]the 1033 Program has given Wisconsin law enforcement nearly 2,300 semi-automatic rifles, almost 200 .45 caliber pistols, an ACOG scope kit, 60 night vision sniper scopes and 42 mine resistant vehicles (commonly known as MRAPs). The MRAPs, carrying a sticker price between $495,000 and $733,000, were built to protect soldiers in Iraq and Afghanistan from improvised explosive devices, but now they sit in the garages of 39 police departments and sheriff’s offices around Wisconsin (Brown, Pierce and Polk Counties have each received two MRAPs through the program)...Most of the MRAPs, 29, are used by county sheriff’s offices, but the remaining 13 are in local police departments in cities as big as Eau Claire and Appleton or as small as Whitewater and Tomah. In Whitewater — a city with a population of 14,000 and a university with an undergraduate enrollment of 10,000 — there isn’t a dedicated grocery store. But in the city garage, the police have an MRAP."
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American policing is off the rails and everybody knows it except American police.
Saturday, June 20, 2020
The Pandemic is Making the Suburbs Even More Appealing - The Atlantic
The Pandemic is Making the Suburbs Even More Appealing - The Atlantic
"The pandemic will improve suburban life, perhaps in lasting ways."
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Is the pandemic making suburban life more attractive? The big shutdown may change things permanently. If suburbanites can continue working from home, the agonizing car commute is no longer a factor. Lawns, outdoor grills, pools, parks, low density and low risk of infection--
"The pandemic will improve suburban life, perhaps in lasting ways."
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Is the pandemic making suburban life more attractive? The big shutdown may change things permanently. If suburbanites can continue working from home, the agonizing car commute is no longer a factor. Lawns, outdoor grills, pools, parks, low density and low risk of infection--
Friday, June 19, 2020
How Racist Clauses in Housing Deeds Divided America | realtor.com®
How Racist Clauses in Housing Deeds Divided America | realtor.com®
"It's had a disastrous impact on African Americans," says Evan McKenzie, a political science professor at the University of Illinois at Chicago. "The symbolic statements that these covenants make is a national disgrace. It’s a legacy of shame.”
"It's had a disastrous impact on African Americans," says Evan McKenzie, a political science professor at the University of Illinois at Chicago. "The symbolic statements that these covenants make is a national disgrace. It’s a legacy of shame.”
Westchester County Family Says They Were Unfairly Targeted After Being Forced To Take Down Banner With MLK Quote – CBS New York
Westchester County Family Says They Were Unfairly Targeted After Being Forced To Take Down Banner With MLK Quote – CBS New York
"The banner reads, “Injustice anywhere is a threat to justice everywhere.” It used to hang over the Brown family’s bay window in Eastchester above several yard signs supporting the Black Lives Matter movement. “I had the big sign for a reason because this needs to be prominent. I want people to see this because this needs to stay in the forefront of everyone’s mind right now,” Avisia Brown said. The banner with the quote from Dr. Martin Luther King Jr. was up for nearly two weeks, the family says, until they happened to find a violation letter from the town in the dirt near their front steps."
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The city should take a hard look at this decision, because they may run afoul of the US Supreme Court decision in Ladue v. Gilleo. Yard signs are protected by the First Amendment. There could be a legitimate "time, place, and manner" issue if the ordinance deals with size, placement, etc., rather than a total ban, but I think the city might be vulnerable to a First Amendment challenge.
"The banner reads, “Injustice anywhere is a threat to justice everywhere.” It used to hang over the Brown family’s bay window in Eastchester above several yard signs supporting the Black Lives Matter movement. “I had the big sign for a reason because this needs to be prominent. I want people to see this because this needs to stay in the forefront of everyone’s mind right now,” Avisia Brown said. The banner with the quote from Dr. Martin Luther King Jr. was up for nearly two weeks, the family says, until they happened to find a violation letter from the town in the dirt near their front steps."
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The city should take a hard look at this decision, because they may run afoul of the US Supreme Court decision in Ladue v. Gilleo. Yard signs are protected by the First Amendment. There could be a legitimate "time, place, and manner" issue if the ordinance deals with size, placement, etc., rather than a total ban, but I think the city might be vulnerable to a First Amendment challenge.
Thursday, June 18, 2020
Coronavirus update: People flee cities to live in suburbs
Coronavirus update: People flee cities to live in suburbs
"If millennials once piled into the cities, fueling downtown renewal and growth, apparently they are now piling out. The stay-at-home orders brought on by coronavirus have more potential homebuyers looking for properties in the suburbs. Millennials are now the largest cohort of buyers. As the real estate market began to recover in May, home searches in suburban zip codes jumped 13%, according to realtor.com, one of the largest real estate listing websites. That doubled the pace of growth in urban areas...“This migration to the suburbs is not a new trend, but it has become more pronounced this spring,” said Javier Vivas, realtor.com director of economic research. “After several months of shelter-in-place orders, the desire to have more space and the potential for more people to work remotely are likely two of the factors contributing to the popularity of the burbs.”"
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Several recent articles have said this is a trend. Time will tell, and so will progress toward a vaccine and treatments for COVID. But will there be lingering fears of dense urban life?
"If millennials once piled into the cities, fueling downtown renewal and growth, apparently they are now piling out. The stay-at-home orders brought on by coronavirus have more potential homebuyers looking for properties in the suburbs. Millennials are now the largest cohort of buyers. As the real estate market began to recover in May, home searches in suburban zip codes jumped 13%, according to realtor.com, one of the largest real estate listing websites. That doubled the pace of growth in urban areas...“This migration to the suburbs is not a new trend, but it has become more pronounced this spring,” said Javier Vivas, realtor.com director of economic research. “After several months of shelter-in-place orders, the desire to have more space and the potential for more people to work remotely are likely two of the factors contributing to the popularity of the burbs.”"
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Several recent articles have said this is a trend. Time will tell, and so will progress toward a vaccine and treatments for COVID. But will there be lingering fears of dense urban life?
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