Fremont Real Estate and Beyond

FEMA announced late Friday that it will once again renew flood insurance policies, which were halted during the partial federal government shutdown.  This has affected ~40,000 home sale transactions nationwide.  More info here-- https://rismedia.com/2018/12/31/nar-helps-secure-fema-reversal-shutdown/

Marketplace's, "Make Me Smart" podcast did a great report on the affordability crisis of housing in the US. 

Per the Freddie Mac news release.  This opens the door for obtaining loans with realistic interest rates to those who may not be able to afford a traditional home.  The next step is getting through the prohibitive park approvals... Freddie Mac (OTCQB: FMCC) today announced CHOICEHomeSM conventional financing for manufactured housing to help increase the availability of the quality affordable homes that borrowers want, while providing lenders with the innovative financing options they need. Today’s manufactured homes can deliver outstanding quality at prices that are up to 50 percent less per square foot than conventional site-built homes. These savings can enable more Americans to own their own home, even in the face of an ever-widening housing affordability gap. “Finding a home is more difficult than ever because of the ongoing housing supply shortage in many parts of the country, especially when looking for a home at a lower price point,” said Mike Dawson, vice president ...

The California Association of Realtors came out with this handy side by side comparison of the tax reforms pertaining to Real Estate that just came out and thought I'd share.  

I mentioned in an earlier post that the FHA was planning to decrease their annual premiums for first time home buyers.  News just broke that the Trump Administration reversed this and will no longer be available. No explanation was given for the sudden move. More details here-- http://www.sfgate.com/news/article/Trump-administration-overturns-Obama-s-10872216.php

HUD just announced it is reducing FHA annual premiums by a quarter of a percent, saving the homeowner on average of $500/year. More details here-- https://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2017/HUDNo_17-003

Federal Housing Finance Agency (FHFA) announced the development and implementation of Fannie Mae and Freddie Mac’s new Flex Modification program which will replace the Enterprises’ current Home Affordable Modification Program (HAMP®) which expires at the end of the year.  The program incorporates elements of a joint white paper developed by the U.S. Department of the Treasury in conjunction with the U.S. Department of Housing and Urban Development (HUD) and FHFA titled Guiding Principles for the Future of Loss Mitigation. Terms of the program included a 20 percent payment reduction for eligible borrowers. A high percentage of those who are at least 60 days delinquent would be eligible; the modification could also be an option for those who are current or less than 60 days delinquent in certain situations. More info here-- https://www.nar.realtor/articles/gse-announce-new-modification-program

In a very head scratching hire, president-elect Donald Trump tapped retired neurosurgeon Dr. Ben Carson to be head of HUD.  He has never held public office before. More info here-- http://www.npr.org/2016/12/05/503150852/trump-taps-ben-carson-for-secretary-of-housing-and-urban-development

Propublica published a report about the ability of Realtors and Sellers to exclude potential buyers by race when advertising on Facebook.  This is a very serious violation of the Fair Housing Act and I hope they change it.   https://www.propublica.org/article/facebook-lets-advertisers-exclude-users-by-race

Case-Shiller released their data for the Bay Area.  You can find it here-- http://us.spindices.com/indices/real-estate/sp-corelogic-case-shiller-san-francisco-home-price-nsa-index#

http://realtormag.realtor.org/daily-news/2016/06/23/here-they-are-top-20-markets-for-june

The Washington Post did an interesting study of 19,000 zip codes looked to see who recovered from the recession and who didn't. Check it out! https://www.washingtonpost.com/graphics/business/wonk/housing/overview/ https://www.washingtonpost.com/graphics/business/wonk/housing/stockton/

The very low inventory we have seen in the Bay Area has spread to the rest of the country and decreased sales of existing homes nationally.  

Real estate is about information--specifically, who has the most accurate information and where do they get it from? There has been a huge legal battle over the past year+ regarding Zillow, Realtor and Move over this.  A fascinating peek into this was published on the Realtor magazine about how listing data (aka: IDX) is shared, used, and who has control over it. Link-- http://realtormag.realtor.org/daily-news/2016/02/01/how-zillow-using-idx-listing-data In the ongoing legal battle initiated by the National Association of REALTORS® and Move Inc. against listing aggregator Zillow, Zillow’s defamation counterclaim has raised key questions about how the aggregator uses the data it collects from agents, brokers, and MLSs through its company Diverse Solutions. Read more: Seattle Court Unseals Evidence in Move v. Zillow Zillow’s claim stems from the publication of a letter written by a former vice president of the company, Chris Crocker. In the letter, sent to NAR and Move attorneys...

The Foreign Investment in Real Property Tax Act of 1980 (aka: FIRPTA) withholding rate has been increased from 10% to 15% effective February 17, 2016. However, if the property acquired is to be used as the buyer’s residence and the property price is $1,000,000 or less, then the 10% withholding rate would still apply.