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Real Estate Wire Fraud Is Real — And It Almost Happened To This Forbes R.E. Columnist
by Aly J. Yale, Senior Contributor, Forbes I cover mortgage, housing and real estate. It all started with an email. Just days before closing on a home, I got a message from my escrow officer—or at least someone pretending to be her. Our closing costs needed to be wired to the title company right away, …
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Buyer Bilked Out of $123K Down Payment
After a yearlong search, Aaron Cole and his family finally found their dream home in Canby, Ore., in December 2018. The seller accepted Cole’s $440,000 offer, and with a down payment of $123,000, he and his wife were ready to move in just in time to celebrate Christmas and their son’s fifth birthday. Nothing seemed …
The Hottest Real Estate Markets Projected
Veros Real Estate Solutions predicts that the following 10 housing markets will see the greatest appreciation through June 1, 2020: Odessa, Texas: 9.7% Coeur D’Alene, Idaho: 9.5% Idaho Falls, Idaho: 9.4% Boise City-Nampa, Idaho: 9.1% Midland, Texas: 8% Bellingham, Wash.: 7.8% Spokane, Wash.: 7.4% Kennewick-Pasco-Richland, Wash.: 7.2% Pocatello, Idaho: 7.2% Yakima, Wash.: 7.2% READ MORE: …
Seller Financing Opportunities
About 37% of U.S. households are “free and clear,” meaning they no longer have a home mortgage to pay, according to a Zillow data analysis. This number ticked upward after the Great Recession and over the past 10 years the share of homeowners paying off their mortgages has risen 5.5 percentage points. In 2017, the most recent …
Minneapolis Abolishes Single Family Home Neighborhoods
The Minneapolis City Council has approved the Minneapolis 2040 comprehensive plan, which declares the city’s intent to abolish single-family-home zoning and allow duplexes and triplexes to be built anywhere in the city. Single-family-only neighborhoods, a staple of city and suburban planning, are woven into the DNA of the American dream: the leafy, peaceful street lined …
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Stearns Lending declares Chapter 11 bankruptcy
Just nine months ago, Stearns Lending was very much in growth mode, acquiring an equity interest in Citywide Home Loans, rolling out new loan programs and acquiring other new lending channels. But the tide appears to have turned as Stearns is now facing Chapter 11 bankruptcy. Stearns Holdings, the parent company of Stearns Lending, announced Tuesday that it is launching a “comprehensive financial …
New Nevada Foreclosure Law
Effective June 10, 2019, Nevada AB393 (the “statute”) adds foreclosure restrictions and a pre-foreclosure notice requirement concerning the rights of federal, state, and tribal workers who may be affected by a government shutdown (“affected worker”). The statute was passed and is effective as of June 10, 2019, without any language as to retroactive effect. The …
New Law Prohibits Debt Collectors From Contacting Certain People
President Donald Trump signed a bill on July 1 that in part will prevent private debt collectors from pursuing low-income individuals who owe money to the Internal Revenue Service. The Taxpayer First Act makes several administrative changes to the IRS, including creating an independent appeals process, strengthening the IRS’ ability to proactively combat identity theft …
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Oregon Enacts Statewide Rent Control
As of Feb. 28 Oregon caps rent increases and bans no-cause evictions for many, reshaping the state’s housing market for years to come. Landlords will be limited to when they can issue eviction notices after the first year of tenancy. Landlords can only raise rents once a year for tenants, and when they do, with some exceptions …
