California Mortgages – Tinigard http://tinigard.info/ Sat, 02 Jul 2022 18:43:21 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://tinigard.info/wp-content/uploads/2021/05/default1-150x150.png California Mortgages – Tinigard http://tinigard.info/ 32 32 SMa.rt chronicle: A tale of two cities https://tinigard.info/sma-rt-chronicle-a-tale-of-two-cities/ Sat, 02 Jul 2022 07:18:08 +0000 https://tinigard.info/sma-rt-chronicle-a-tale-of-two-cities/ The city of Santa Monica is surrounded on three sides by the city of Los Angeles. Therefore, although the jurisdictions are different, the development processes, pressures and outcomes are very similar. This article by SMart guest columnist Dick Platkin explains what is happening in Los Angeles as these two cities struggle to implement the implausible […]]]>

The city of Santa Monica is surrounded on three sides by the city of Los Angeles. Therefore, although the jurisdictions are different, the development processes, pressures and outcomes are very similar. This article by SMart guest columnist Dick Platkin explains what is happening in Los Angeles as these two cities struggle to implement the implausible and impossible affordable housing numbers required by the community development and housing mandates of the State of California to build over the next 8 years. years. Many of the things he describes here about Los Angeles apply directly to Santa Monica. This article first appeared in city ​​watch (CityWatchLA.com) June 23, 2022. Dick Platkin is a former Los Angeles city planner who writes frequently on various city planning issues that often appear in City Watch:

Garbage In, Garbage Out
PLANNING WATCH – If you’re wondering why LA’s housing crisis is steadily getting worse, you need look no further than the old adage: “Garbage in; garbage cans.

If you start from a flawed theory to explain the housing crisis and devise its supposed remedies, no one should be surprised that the number of people living on the streets of Los Angeles continues to rise.

Therefore: The faulty theory is that zoning, planning and environmental laws are responsible for the lack of affordable housing. If cities and states revoke these laws, they could restrict zoning, planning and environmental reviews of private building projects. There would then be more housing and prices would fall. Voila, the housing crisis would become history.

Unfortunately, this theory is totally disconnected from reality. With or without deregulation of zoning, planning and environmental laws, real estate developers build high-end housing because it remains very profitable. Deregulation does not increase wages or reduce rents, mortgages, property taxes and the cost of utilities. So it doesn’t solve the homelessness crisis, and the housing data for Los Angeles shows that very clearly.

According to Redfin, in the three years between May 2019 and May 2022, the average price of a home in Los Angeles rose from $700,000 to $1,000,500. This same period not only saw the selective enforcement of zoning laws, but also the automatic approval of density bonus applications and the 90% approval of zoning waivers.

Same story for rents, despite a jump in vacancy due to the Covid 19 pandemic. According to Zumper, between March 2021 and June 2022, the average rent for a one-bedroom apartment in Los Angeles went from $1,900 to $2,371. The rent for an average two-bedroom apartment rose from $2,650 to $3,200 over the same period.

What explains these significant increases in the cost of housing even as the population of Los Angeles is in decline and the construction and supply of housing is booming? The answer is that new apartments are expensive, and they also make existing housing unaffordable for low-income Angelinos, including those in full-time jobs. So much for the fable of supply and demand reducing housing costs! In Los Angeles, the huge housing demand for low-income people goes unmet while expensive homes are permanently vacant, some intentionally.

Q) What prevents homeless people from moving into vacant apartments? A) They can’t pay the rent.

Over a slightly longer period, from 2015 to 2022, the Los Angeles Department of Planning reports that City Hall approved 184,826 new residential units, 14% of which were affordable. At the same time, the population of Los Angeles grew from about 3.9 million to 3,724,000 people. The addition of tens of thousands of high-end housing units during a period of population decline and a building boom has failed to reduce prices.

Nonetheless, these counterproductive housing policies are fully entrenched in the New Los Angeles Housing Element, the proposed Sacramento Housing Legislation, and the articles and editorials of the LA Times. Their common denominator is supply-side economic practices, better known as Reaganomics. But Reaganomics didn’t work in the 1980s, and it doesn’t work now, despite being fully embraced by nearly every Democratic and Republican leader. It remains, however, a great cover story for real estate investors and their appendages to line their pockets through get-rich-quick zoning schemes.

Like those of the Reagan era (1981-89), these true believers remain blind to the evidence. The housing crisis is not the result of insufficient housing construction, but of a lack of money in the pockets of people who need housing but cannot afford it because “the rent is too expensive”.

This counterproductive formula, however, is repeated over and over again, especially in California, where failed housing policies quickly turn into anti-camping orders and police raids on homeless encampments, as well as other deregulation and privatization initiatives:

By relying on private developers to build unprofitable low-cost housing, costs have increased to the point where some affordable housing projects now cost $1,000,000 per unit. According to the Los Angeles Times, there are “many factors within the control of state and local government that are to blame for the high cost of building affordable housing in California.” By many factors, the LA Times singles out union wages, environmental laws, and hired consultants who get financial subsidies for private developers. Trapped in a neoliberal consensus that ensures an ever-worsening housing crisis, the Times never considered restoring funding to the old HUD and ARC public housing programs. Without the need to make a profit and hire consultants, they could easily cut costs compared to private developers.

In Sacramento, the 2011 Assembly bill is also based on similar deregulation provisions to expedite construction of new housing in empty retail and office sites, strip malls and parking lots. These residential projects would be exempt from California’s environmental quality law, lawsuits, and zoning waivers passed by the city council. Despite the hype, it is doubtful that this legislation will work. First, it does nothing to increase the income of potential tenants so that they can afford new apartments built in former commercial areas. Second, in Los Angeles, developers can already build apartments on commercial lots. LA’s endless low-rise commercial avenues could become bustling residential transit corridors. Additionally, these new apartments could avoid most zoning regulations because they qualify for transit-oriented communities (TOC) density bonuses. Yet, in Los Angeles, developers are leaving these dev sites available untouched, leading to an obvious question: why would they behave any differently in other cities?

The answer is that they would behave no differently. Private developers focus on maximizing their profits, not on producing unprofitable cheap housing. To argue otherwise might justify planning policies that financially benefit property investors, but deregulation cannot turn them into their opposite, local housing authorities designed to build and operate non-market public housing.

By Dick Platkin

SMart Santa Monica Architects for a Responsible Future
Thane Roberts, architect, Robert H. Taylor AIA, Ron Goldman FAIA, architect, Dan Jansenson, architect and building, fire and life safety commission, Samuel Tolkin, architect and urban planning commissioner, Mario Fonda-Bonardi AIA and urban planning commissioner, Marc Verville MBA, CPA (inactive), Michael Jolly, AIR-CRE.
For previous articles, see www.santamonicaarch.wordpress.com/writing

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Five Michigan golfers at Shippen Field will play for a coveted spot in the Rocket https://tinigard.info/five-michigan-golfers-at-shippen-field-will-play-for-a-coveted-spot-in-the-rocket/ Thu, 30 Jun 2022 16:56:17 +0000 https://tinigard.info/five-michigan-golfers-at-shippen-field-will-play-for-a-coveted-spot-in-the-rocket/ Detroit — The tournament before the tournament is defined. Rocket Mortgage Classic officials have announced the course for the second annual John Shippen National Golf Invitational, which will grant a bye for the PGA Tour stop in Detroit. The Shippen, founded in 2021 as an avenue to provide more opportunity for black golfers and named […]]]>

Detroit — The tournament before the tournament is defined.

Rocket Mortgage Classic officials have announced the course for the second annual John Shippen National Golf Invitational, which will grant a bye for the PGA Tour stop in Detroit.

The Shippen, founded in 2021 as an avenue to provide more opportunity for black golfers and named after the nation’s first black golf professional, will feature a field of 22 golfers, half of whom played the first game l ‘last year. Many of the players have local ties.

Among those in the 2022 John Shippen field are: Marcus Byrd, 24, a professional from Ann Arbor; Joe Hooks, 27, a Detroit pro and former Wayne State; Willie Mack III, 32, a professional from Flint who has five PGA Tour starts, including last summer’s Rocket Mortgage Classic; Marcus Smith, 20, who plays in Eastern Michigan; and Troy Taylor II, 22, who plays at Michigan State.

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Weekly CA Real Estate Update / Lexington Park https://tinigard.info/weekly-ca-real-estate-update-lexington-park/ Tue, 28 Jun 2022 09:00:00 +0000 https://tinigard.info/weekly-ca-real-estate-update-lexington-park/ As mortgage rates rise in concert with Fed rate hikes this month, fears over the price of the US housing market to tens of millions of potential buyers continue to mount. The interest rate for a 30-year fixed rate mortgage is around 6%. And not only is it getting more expensive to borrow money, but […]]]>

As mortgage rates rise in concert with Fed rate hikes this month, fears over the price of the US housing market to tens of millions of potential buyers continue to mount.

The interest rate for a 30-year fixed rate mortgage is around 6%.

And not only is it getting more expensive to borrow money, but most real estate investors and builders said they don’t expect house prices to drop significantly, but rather growing up at a slower pace.

There are signs this week, however, that the real estate market is shifting ever so slightly towards the buyer. May data shows homebuilders started lower prices for newly built homes as demand has cooled.

Home sales in May were down 8.6% year over year, according to the National Association of Realtors. This is the fourth consecutive month of decline in activity. May also saw the median home price break $400,000 for the first time in history.

“We’re not going to see any distressed sales, but we could see a drop in prices if the economy is so badly hit that buyers just can’t afford the high prices that sellers want,” the statement said. Chief Economist of Redfin. said this week in response to the May housing data release.

To help you stay up to date with the market, ZeroDown compiled a weekly report on the real estate market in the California, MD metro area using data from red fin. The stats are from the four weeks ending June 19, 2022. Metros with more than 50 homes sold during that time period were considered for metro-level rankings for each statistic.

Median selling price

California Metropolitan Area/Lexington Park:

  • Median selling price: $393,461
  • Change over one year: +15.1%

Metros with the highest median sale price
#1. Metro San Francisco, California: $1.6 million
#2. Metro San Jose, California: $1.5 million
#3. Santa Cruz, CA metro area: $1.2 million

Subways with the lowest median sale price
#1. Davenport, IA metro area: $127,375
#2. Bay City, MI Metro Area: $136,438
#3. Cumberland Metropolitan Area, MD: $138,338

Median selling price per square foot

California Metropolitan Area/Lexington Park:

  • Median selling price per square foot: $176
  • Change over one year: +6.0%

Metros with the highest median selling price per square foot
#1. Metro San Francisco, CA: $1,111
#2. Kahului, HI metro area: $945
#3. Metro San Jose, CA: $917

Subways with the lowest median selling price per square foot
#1. Pine Bluff, AR metro area: $86
#2. Carbondale, Illinois metro area: $86
#3. Peoria, Illinois metro area: $87

Sales/list price ratio

California Metropolitan Area/Lexington Park:

  • Average ratio of sales to list price: 1.00
  • Change over one year: -0.01

Metros with the highest sales/list price ratio
#1. Rochester, New York Metro Area: 1.17
#2. Buffalo, NY Metro Area: 1.11
#3. Oakland, CA metro area: 1.10

Metros with the lowest sales/list price ratio
#1. Springfield, Missouri Metro Area: 0.91
#2. Pine Bluff, AR Metro Area: 0.96
#3. Lake Charles, LA Metro Area: 0.96

Homes sold with price reductions

California Metropolitan Area/Lexington Park:

  • Homes sold with price reductions: 16.2%
  • Change over one year: +6.1%

Metros with most homes sold with price cuts
#1. Beaumont, Texas metro area: 25.9%
#2. Pass Grants, Metro GOLD: 25.6%
#3. The Villages, Florida Metro Area: 25.4%

The metros with the fewest homes sold with a price drop
#1. Springfield, Missouri metro area: 0.0%
#2. Elkhart Metropolitan Area, IN: 0.0%
#3. Columbia, Missouri Metro Area: 0.0%

Out of market in two weeks

California Metropolitan Area/Lexington Park:

  • Off-market in two weeks: 37.0%
  • Change over one year: -9.5%

Metros with the most homes off the market in two weeks
#1. Rochester, New York Metro Area: 87.0%
#2. Kalamazoo, Michigan metro area: 80.3%
#3. Wichita, Kansas metro area: 80.1%

Metros with the fewest homes off the market in two weeks
#1. Urban Honolulu, HI metro area: 1.6%
#2. Oshkosh, Wisconsin metro area: 3.9%
#3. Corvallis Metropolitan Area, OR: 4.0%

Months of supply

California Metropolitan Area/Lexington Park:

  • Months of supply: 8.5 months
  • Change over one year: +1.3 months

Metros with the most months of supply
#1. Lake Charles, LA Metro Area: 220.1 months
#2. Springfield, MO metro area: 71.1 months
#3. Joplin, MO Metro Area: 47.8 months

Metros with the least months of supply
#1. Greenville, North Carolina metro area: 3.6 months
#2. Wichita, Kansas Metro Area: 4.0 months
#3. Columbus, IN metro area: 4.0 months

This story originally appeared on ZeroDown and was produced and distributed in partnership with Stacker Studio.


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How a 9/11 Firefighter’s Brother Helped Homeless Vets in Los Angeles https://tinigard.info/how-a-9-11-firefighters-brother-helped-homeless-vets-in-los-angeles/ Sun, 26 Jun 2022 12:00:45 +0000 https://tinigard.info/how-a-9-11-firefighters-brother-helped-homeless-vets-in-los-angeles/ With its donations increasing, a charity formed by the older brother of a firefighter who died in the September 11 terrorist attack on the World Trade Center was poised to up its game. Its mission to pay the mortgages of families of deceased first responders and build homes for seriously injured veterans was no longer […]]]>

With its donations increasing, a charity formed by the older brother of a firefighter who died in the September 11 terrorist attack on the World Trade Center was poised to up its game.

Its mission to pay the mortgages of families of deceased first responders and build homes for seriously injured veterans was no longer enough, Tunnel to Towers founder Frank Siller decided.

“We need to expand our mission to eradicate homelessness among our veterans nationwide,” Siller told his board of directors late last year.

That goal has brought the New York-based nonprofit to Los Angeles, where it is making a vital contribution to accelerating the extremely slow redevelopment of the Department of Veterans Affairs’ West Los Angeles campus into a community of 3,000 veterans.

An undisclosed grant from Tunnel to Towers will fill a multimillion-dollar gap in construction funding that is expected to continue over the next decade to build at least 1,700 housing units for homeless veterans.

A homeless veteran walks along a homeless encampment known as Veterans Row in West Los Angeles in October 2021.

(Genaro Molina/Los Angeles Times)

“Their input will speed up the construction of these units by about a year,” said Steve Peck, general manager of US VETS, one of three developers on the team selected by the VA to build the units and oversee services and governance that will make development a community.

The project grew out of the 2015 settlement of a lawsuit alleging the VA misused the 388-acre property by leasing portions of it for non-veteran purposes while failing to serve veterans.

But since its unveiling in a 2016 master plan, there has been little tangible progress. Although a small village of houses was built, allowing the VA and local authorities to relocate homeless veterans who had formed an encampment nearby on San Vicente Boulevard, this was not part of the master plan.

In November, the VA’s inspector general faulted the agency for completing only one building, with 55 homes, out of the 480 planned in the master plan’s four-year target. Once complete, the 28 new and rehabilitated buildings on campus will be operated by developers under long-term leases or, in VA terminology, “enhanced use.”

“Reasons for VA’s limited progress include required environmental impact studies, necessary infrastructure upgrades, the need to establish an enhanced use lease by the lead developer, and difficulties experienced by developers in collecting necessary funds from public and private sources,” the Inspector General said. found.

The Wadsworth Chapel behind a chain-link fence.

Wadsworth Chapel will be renovated and used as a center for mental health services.

(Genaro Molina/Los Angeles Times)

After initially issuing leases for individual buildings, the VA in 2018 selected the West Los Angeles Veterans Collective to complete the rest of the masterplan which includes 1,694 planned housing units, a city hall, space for service providers and restoration of a Victorian era. Chapel.

Along with US VETS, the collective is made up of Century Housing, a nonprofit that builds and funds affordable housing, and Thomas Saffran and Associates, a Brentwood-based for-profit affordable housing developer.

The first hurdle the team faced was upgrading underground utilities from pre-war housing on campus that were abruptly closed following the 1971 Sylmar earthquake.

“Hundreds of millions of dollars have poured in, much of it is underground,” said Laney Kapgan, VETS US Vice President for Development and Communications. “Opening up the main lines and putting it all in, that’s not what people care about or want to see.”

Once that was done, money remained an obstacle. Most of the $1.1 billion projected cost will come from state and federal housing subsidies, tax credits and bonds. But to apply for those funds, the West Los Angeles Veterans Collective must first line up the difference with private sources.

Three people are sitting on a bench outside a white building.

Veterans David Bunche, left, Joey Meece and Jeremy Spear spend time in the historic Trolley House which will remain as part of the new downtown on the campus of Veteran Affairs West LA.

(Genaro Molina/Los Angeles Times)

All three partners are working independently on individual buildings in the plan, meaning each would have had to increase this gap funding for their projects.

Stepped Tunnel to Towers, named to commemorate the fateful journey of Brooklyn firefighter Stephen Siller, who left his vehicle behind and drove through the blocked Brooklyn Tunnel on September 11, 2001 to get to the Twin Towers.

Formed by his older brother in 2001, the nonprofit has seen moderate growth, reporting just over $7 million in donations on its 2015 tax return. In 2019, donations doubled to nearly $40 million and more than doubled in each of the following two years, reaching $258 million last year.

“Our ability to do more good and to diversify comes from the successes we’ve had in showing the American people that Frank Siller is up to it,” said Brad Blakeman, the organization’s senior adviser. “He does not play small ball. It goes big on everything. Our heroes deserve it.

In its new initiative, Tunnel to Towers has found an ally in Los Angeles, US VETS, a national veteran housing and services provider that operates 30 residential sites where veterans receive counseling, career services and management. of cases.

Together they build veterans housing in Florida, Texas, Arizona and at the March Air Reserve Base in Riverside.

The collaboration caught Siller’s eye on VA’s West Los Angeles campus, a real estate gem in the middle of LA’s most expensive neighborhoods with a truncated history as housing of last resort for veterans of wars. Americans. Since its donation to the U.S. government in 1887, the campus has cared for and housed veterans of the Civil War, Spanish–American War, World War I, World War II, Korean War, and Vietnam War.

After the displacement of more than 1,000 inhabitants in 1972, the roar Buildings from the 1920s and the depression were transformed into outpatient clinics, research centers, and a home for veterans with ongoing health care needs after discharge from the VA hospital on the south side of campus.

But several have remained vacant and, over the decades, have fallen into disrepair. Due to their historical value, the master plan calls for 14 buildings to be brought up to current standards but retained in their original form and 14 others to be constructed from scratch.

“When we realized the need in Los Angeles and realized this hallowed ground, Frank Siller and the board said we had to be part of it,” Blakeman said. “We have historic buildings that will be given new life and restoration and we will be able to house many veterans in the LA area.”

A construction worker walks down a hallway inside a building

A construction worker walks down a hallway inside Building 207, the first project of the West Los Angeles Veterans Collective, a building for elderly veterans and their families. It is scheduled to open this fall.

(Genaro Molina/Los Angeles Times)

The VA Masterplan model comes from another thread of Los Angeles history that is barely remembered outside of the small circle of veterans and housing connoisseurs.

During the construction of the Century Freeway, now Interstate 105, thousands of homes were destroyed in its path. A federal lawsuit challenging the project resulted in a settlement in 1979 establishing the Century Freeway housing program with a charge to create 4,000 replacement homes.

After achieving this goal, the state agency was converted into a nonprofit organization, Century Housing Corp., a social impact lender that has helped fund thousands of affordable housing units in California and one of three collective partners.

Its flagship is Century Villages in Cabrillo, a 27-acre campus in Long Beach where last year more than 1,500 adults — 42% of them veterans — and 400 children occupied permanent, transitional and short-term housing. . Dozens of nonprofit groups, including US VETS, keep staff on site to provide health care, counseling, skills training and case management.

“That’s our model for this project,” said Peck of US VETS. “We will expand this model.”

The Tunnel to Towers donation, which will be spread over several years to ensure access to tax credits and bonds, comes as the progress of the master plan finally materializes. Two other buildings that were commissioned before the collective arrived are expected to open by the end of the year, adding an additional 122 units.

The collective’s first project, a 60-unit apartment building for elderly veterans and their families, is set to open this fall. Early next year, construction will be underway on five more buildings with nearly 400 additional units.

“We are finally bringing home veterans,” said Kapgan of US VETS. “And this is the right time to tell the story.”

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Are rising interest rates plaguing you while you wait to build your house? https://tinigard.info/are-rising-interest-rates-plaguing-you-while-you-wait-to-build-your-house/ Fri, 24 Jun 2022 21:03:32 +0000 https://tinigard.info/are-rising-interest-rates-plaguing-you-while-you-wait-to-build-your-house/ By chris arnold | NPRFriday, June 24, 2022 Have you put money aside to buy a house that hasn’t been built yet and now have a hard time affording it due to higher mortgage rates? We want to hear from you. NPR If you’re putting down a deposit for a home that’s not yet built, […]]]>

By
chris arnold |
NPR
Friday, June 24, 2022

If you’re putting down a deposit for a home that’s not yet built, NPR wants to hear from you. Many people who are waiting for their homes to be finished are at a dead end. Higher mortgage rates often make these homes much more expensive, if not unaffordable. Some people risk losing the money they put on deposit if they can’t buy the house. If you’re stuck in this situation, or just trying to figure out if you should buy the house with the higher prices, please tell us your story.

We can contact you to see if you would like to be interviewed. And hearing about your situation helps us understand what people are dealing with right now.

Please help us by filling out the form below.

Your submission will be governed by our terms and conditions Terms of use and Privacy Policy. As set out in the Privacy Policy, we want you to be aware that there may be circumstances in which statutory exemptions for journalistic activities or freedom of expression may override the privacy rights that you might otherwise have.

Copyright 2022 NPR. To learn more, visit https://www.npr.org.

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One year after Surfside collapse, two California startups create Carfax-like reports for HOAs – Orange County Register https://tinigard.info/one-year-after-surfside-collapse-two-california-startups-create-carfax-like-reports-for-hoas-orange-county-register/ Thu, 23 Jun 2022 01:04:56 +0000 https://tinigard.info/one-year-after-surfside-collapse-two-california-startups-create-carfax-like-reports-for-hoas-orange-county-register/ As family and survivors commemorate the one-year anniversary of the deadly Surfside, Fla. collapse on Friday, June 24, two Southern California companies are offering new tools to help condo buyers and owners assess the strength of their own owners’ associations. Their goal is to avoid pitfalls like those that may have contributed to the tragedy […]]]>

As family and survivors commemorate the one-year anniversary of the deadly Surfside, Fla. collapse on Friday, June 24, two Southern California companies are offering new tools to help condo buyers and owners assess the strength of their own owners’ associations.

Their goal is to avoid pitfalls like those that may have contributed to the tragedy last June, when the 12-story South Champlain Towers collapsed in a pile of rubble, killing 98 people.

News reports showed that the Champlain Towers board had argued for years over how to pay for $15 million in much-needed repairs. Repairs started too late.

With a federal investigation into the cause of the collapse not expected until 2024, the Miami Herald reported that construction flaws coupled with years of deferred maintenance caused a pool deck to move away. deterioration of the foundation, toppling pillars and causing the building to fall. like a house of cards.

In May, Association Reserves, a Westlake Village company that had Champlain Towers South as a client, unveiled a new product to help buyers, owners and board members assess the financial and physical health of their “ community associations”.

“We looked at condo associations across the country, and really, it’s bad,” said Christopher Gardner, founder of new consumer product, CondoFax. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)

Called Perspectives of the association and market placeor AIM, it seeks to create a database covering the country’s 370,000 “association-governed” communities, including condominiums, co-ops and townhouses.

HOAs are recruited to upload their information to the database, which will then be used to create reports on maintenance reserve funds, finances and the physical condition of buildings, said Robert Nordlund, CEO of the Association. Reserves and co-founder of the new AIM product.

Reports are free to participating HOAs and their members, but will cost buyers $50.

Additionally, AIM creates a FICO-like score for each complex, called the FiPhO score. Had the score existed before the Champlain Towers collapsed, the Florida Towers would have received a 45 out of 100, Nordlund said — a low score.

“We’re here to change the whole community association industry ecosystem,” Nordlund said.

Nordland and the founder of another new HOA reporting company, Condofax, said they hope their products will become the condo industry’s version of Carfax, which provides used car reports to car buyers. cars.

Founded last November, Condofax charges $299 for reports based on a deep dive into an HOA’s documentation. Like AIM, it produces a brief report and its own version of a credit-like score.

“We’ve looked at condo associations across the country, and really, it’s bad,” said Christopher Gardner, founder of Condofax and an executive at FHA Pros, which helps condo resorts qualify for home mortgages. Federal Housing Administration. “One way or another, condominium associations have largely escaped scrutiny. It’s pretty amazing, and we hope to change that.

A third California organization, based in Oakland HOA Transparency, a non-profit organization, provides free HOA reports. A fourth company, based in Indiana InspectHOA.comprovided $189 reports for 2.5 years to companies such as securities companies, iBuyers and real estate investment groups.

“What created momentum was many institutions buying houses,” said InspectHOA chief executive and co-founder Vishrut Malhotra. “(But) our customers started asking more questions after the Champlain Towers incident.”

Tool for buyers

The new products will be a boon to potential buyers who are now virtually flying blind when buying a home that is part of an HOA, according to product developers and real estate agents.

“It’s brand new. This is something we’ve never seen before,” said Lisa Dunn, regional sales manager for Century 21 Award, who led an Orange County Association of Realtors task force encouraging more HOAs to qualify for FHA mortgages.

The Westlake Village condo complex in Thousand Oaks where Robert Nordlund, founder and CEO of Association Reserves, lived is seen Tuesday, June 21, 2022. Nearly a year after the deadly collapse of Champlain Towers South Condos in Florida, Nordlund unveils a scoring system for homeowners associations that works like a credit score.  (Photo by Sarah Reingewirtz, Los Angeles Daily News/SCNG)
The Westlake Village condo complex in Thousand Oaks where Robert Nordlund, founder and CEO of Association Reserves, lived is seen Tuesday, June 21, 2022. Nearly a year after the deadly collapse of Champlain Towers South Condos in Florida, Nordlund unveiled a scoring system for homeowners associations that works like a credit score. (Photo by Sarah Reingewirtz, Los Angeles Daily News/SCNG)

“I’ve never seen a service like (these new) reports,” added Veronica Hicks, a broker for Condos Etc. based in Irvine. “No one can be certain of…the financial health of a community, the culture of the community, and the quality of board management and oversight. That would be a very beneficial report for a buyer, for an association of owners as well as for members.

A bundle of HOA documents provided during escrow should be enough to determine the strength of an association, said Dawn Bauman, vice president of government and public affairs for the Community Associations Institute, an HOA educational organization. Provided, that is, a buyer takes the time to read and understand all that paperwork.

But agents and product vendors say the association’s documentation, which can be up to 300 pages or more, often comes late in the escrow process and is so intimidating that many buyers don’t read it.

“They just don’t know what they’re looking at. They don’t know how to analyze a condo association,” Gardner said.

“If you’re thinking of spending $500,000 on a condo, $50 is one of the cheapest things and one of the wisest things you can do. … It just helps the buyer know what they’re getting into,” Nordlund said.

Special Assessment Risk

The Champlain Towers board received bad news about the condition of their building nearly three years before the June 24, 2021 tragedy. The once-luxurious towers needed major repairs totaling $15 million. To pay for this, the council had to impose a “special assessment” on unit owners, ranging from $80,000 to at least $200,000 each. But the co-owners resisted.

Report providers claim that their products can help buyers assess the risk of an association of a future special assessment, which is paid in addition to monthly assessments.

“If we find that (an HOA’s) reserves are low and the roof needs to be replaced shortly, you can expect a big increase in fees,” InspectHOA’s Malhotra said.

Kelly Richardson, a Pasadena-based HOA attorney and weekly contributor to the Southern California News Group, said Association Reserves’ AIM product is “the company’s first legitimate effort in this regard.”

But the product is far from ready. The AIM database requires thousands of HOAs to log into the company’s website and upload their data.

Nordlund says the company’s report will typically be 11 pages, covering an HOA’s financial health, property maintenance history, and good management of the association.

About half of HOAs have sufficient reserves to pay for necessary maintenance as their buildings age, Nordlund said. Co-owners tend to elect board members who promise to control monthly dues, which often compromises the financial strength of an association.

AIM seeks to give condo owners a “virtuous goal” of improving their score, rather than the destructive incentive of lowering their HOA dues and deferring maintenance.

The Condofax report covers six categories, including state law compliance, HOA financial condition, maintenance reserves, mortgage options for buyers, and insurance.

Robert Nordlund, who runs a company that helps HOAs build reserves for future maintenance, hopes his new AIM database will become the Carfax of the condo industry.  For $50, buyers will be able to purchase a report card showing the financial and physical strength of a homeowners association.  (Photo by Sarah Reingewirtz, Los Angeles Daily News/SCNG)
Robert Nordlund, general manager of the Reserves Association, wants to encourage condo owners to pay more dues for the maintenance of their properties. The Westlake Village HOA expert designed the FiPhO score to assess the financial, physical and operational health of each association. (Photo by Sarah Reingewirtz, Los Angeles Daily News/SCNG)

Transparency HOA provides a one-page report focusing on the financial aspects of an HOA, along with a score. The volunteer-run organization does not charge for its reports, although donations are welcome. Co-founder Amber Gill maintains her team is more willing to share bad news about an HOA because it’s independent.

“I find it hard to believe that (commercial suppliers) are going to bite the hand that feeds them,” she said.

Richardson said he’s not sure the reports are enough to fully assess an HOA.

“I fear that the information, while useful, is exaggerated in its importance,” he said. “HOAs can change quickly, and I’m concerned about how the reported data would be kept up to date.”

He also doubts that these reports alone will be enough to prevent future tragedies like the collapse of the Champlain Towers. But the collapse highlighted “how bad condos are” and the need for condo owners and buyers to have better access to information, suppliers said.

“That’s why the world changed,” Nordlund said of the Surfside tragedy. “That’s why we spent a lot of time and money (to develop this product). The future could therefore be different.

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Reverse Mortgage Funding LLC (RMF) Expands Presence in Arizona to Meet Growing Demand for Reverse Mortgages https://tinigard.info/reverse-mortgage-funding-llc-rmf-expands-presence-in-arizona-to-meet-growing-demand-for-reverse-mortgages/ Tue, 21 Jun 2022 14:36:12 +0000 https://tinigard.info/reverse-mortgage-funding-llc-rmf-expands-presence-in-arizona-to-meet-growing-demand-for-reverse-mortgages/ RMF has six Arizona-based loan officers dedicated to serving senior homeowners across the state. BLOOMFIELD, NJ/ACCESSWIRE/June 21, 2022/ Reverse Mortgage Financing, LLC (RMF) today announced its expanded presence in the state of Arizona. RMF’s Arizona-based loan officers are led by the Branch Manager, King Robinin Scottsdale, and include David Christensen, Neal Melton, Deb Vallowand William […]]]>

RMF has six Arizona-based loan officers dedicated to serving senior homeowners across the state.

BLOOMFIELD, NJ/ACCESSWIRE/June 21, 2022/ Reverse Mortgage Financing, LLC (RMF) today announced its expanded presence in the state of Arizona. RMF’s Arizona-based loan officers are led by the Branch Manager, King Robinin Scottsdale, and include David Christensen, Neal Melton, Deb Vallowand William Troy Vallowin Scottsdale and Doug Polk in Sahuarita. This dedicated group of loan officers has decades of combined experience in the reverse mortgage industry.

According to RMF Lending Data, in 2021, Arizona ranked fifth in the nation for the most reverse mortgages. RMF expects homeowner interest in reverse mortgages to grow in the Arizona market in the coming years, and this expanded team will be able to serve senior homeowners in all regions of the State.

“The state of Arizona remains one of the strongest markets for reverse mortgages in the nation and key to the continued growth of our company,” said David Peskin, president of RMF. “Arizona homeowners age 55 and older are eligible for RMF’s exclusive reverse mortgage product, Equity Elite®. We’re thrilled to see our Arizona team grow and look forward to helping clients in this region use their home equity wisely and strategically to improve their cash flow and lifestyle at home. retirement. »

“Our Arizona-based loan officers are well connected to their communities. Many of them live in retirement communities and interact with retirees on a daily basis,” says Richard Thorpe, Distributed Retail Manager at RMF. “These loan officers know firsthand many of the financial challenges and concerns that retirees and pre-retirees face today. They are knowledgeable about reverse mortgage strategies and are dedicated to educating clients on the ways in which they can use the equity in their property to offset factors such as inflation and market instability.

RMF is committed to guiding older Americans to make their imagined retirement lifestyle a reality and in the comfort of their own home. In keeping with the company’s commitment to providing exceptional customer support, straightforward advice, and ensuring an exceptional customer experience, RMF lowered the minimum age age 55+ requirement in some states* for its exclusive Equity Elite® reverse mortgage product. These reduced age restrictions now allow an additional 2.7 million households to benefit from a reverse mortgage, grant the possibility of having a greater cash flow, especially for those who have not been able to save enough for a successful retirement.

To learn more about reverse mortgage financing, please visit ReverseFunding.com

About LLC Reverse Mortgage Financing

Founded in 2012, Reverse Mortgage Funding LLC (NMLS ID #1019941) is one of the nation’s largest GNMA issuers of reverse mortgages and a recognized thought leader in the industry. RMF is focused on originating, acquiring, investing and managing reverse mortgages and reverse mortgage-backed securities. The company is headquartered in New Jersey, with offices in New York and California, and field offices in the United States. RMF is a wholly owned subsidiary of Reverse Mortgage Investment Trust Inc. (RMIT), a finance company specializing in the reverse mortgage industry. RMIT is a subsidiary of Starwood Capital Group, a global private investment firm and agencyless mortgage innovator. The relationship with Starwood Capital provides RMF with the unique ability to develop new product lines and create strategic partnerships within the Starwood Capital family of companies.

RMF prides itself on continually receiving accolades from its customers, receiving a 98% customer satisfaction rating.1 Evaluation; a 4.7 stars / Excellent score on Trustpilot;2 4.8 out of 5 stars on LendingTree;3 And one A+ rating with the Better Business Bureau4.

*Available to borrowers over age 55 in select states only. Higher minimum age requirements may apply. Visit www.reversefunding.com/equity-elite for details.

Reverse Market Insight research data, June 2021.

1Source: RMF customer satisfaction survey, December 2021

2Source: Trustpilot, January 2022

3Source: LendingTree Ratings and Ratings, January 2022

4Source: Better Business Bureau as of January 2022

This material has not been reviewed, approved or released by HUD, FHA or any government agency. Company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.

NOT FOR CONSUMER USE. ©2022 Reverse Mortgage Funding LLC, 1455 Broad Street, 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. NMLS Company ID: #1019941. For licensing information, go to: www.nmlsconsumeraccess.org. Arizona Mortgage Banker License #0927682; Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; Loans made or arranged under a California Finance Act license; Georgia Mortgage Lender Licensee #36793; Massachusetts Mortgage Lender License #ML1019941; Licensed by the New Jersey Department of Banking & Insurance; Licensed Mortgage Banker – New York State Department of Financial Services – Branch Address 700 Corporate Blvd, Newburgh, NY 12550; Rhode Island Approved Lender. For California consumers: For more information about our privacy practices, please visit https://www.reversefunding.com/privacy. Not all products and options are available in all states. Conditions subject to change without notice. Certain conditions and fees apply. This is not a loan commitment. All loans are subject to approval. L4330-Exp012023

Media Contact:

Tyler Bryant, Interdependence Public Relations
(813)951-4169
[email protected]

THE SOURCE: Reverse Mortgage Financing, LLC

See the source version on accesswire.com:
https://www.accesswire.com/705932/Reverse-Mortgage-Funding-LLC-RMF-Expands-Presence-in-Arizona-to-Meet-Rising-Demand-for-Reverse-Mortgages

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A solution that won’t solve California’s low homeownership rate – Orange County Register https://tinigard.info/a-solution-that-wont-solve-californias-low-homeownership-rate-orange-county-register/ Sun, 19 Jun 2022 14:00:12 +0000 https://tinigard.info/a-solution-that-wont-solve-californias-low-homeownership-rate-orange-county-register/ California is the land of dreams and extremes and nowhere is that more evident than in the state’s very low homeownership rate. According to the Public Policy Institute of California, only 56% of California families live in homes they own, a rate very slightly higher than the lowest rate of 55% in New York and […]]]>

California is the land of dreams and extremes and nowhere is that more evident than in the state’s very low homeownership rate.

According to the Public Policy Institute of California, only 56% of California families live in homes they own, a rate very slightly higher than the lowest rate of 55% in New York and nearly 10 percentage points behind the national rate. by 65%.

“Homeownership has long been a central part of the American dream,” writes the PPIC research team. “It’s the main source of wealth for most families, and in the long run it provides families with more stable and lower housing costs compared to renting.” Yet, primarily due to high housing prices in the state, home ownership is out of reach for many Californians.

That so few Californians live in their own homes should come as no surprise. After all, the state has the highest poverty rate in the nation, and if you add the near-poor, more than a third of the state’s estimated 40 million people live in financial hardship, calculated the PPIC.

Additionally, the state’s median home price of $834,000 – nearly double the national figure – means only a quarter of California families can afford such a home, those with incomes of $160,000 and above. .

In other words, home ownership is another of many clues to California’s highly stratified society — an infinitely ironic one for a state whose political leaders, especially Governor Gavin Newsom, hold it up as a model. of egalitarianism and social mobility that should be emulated elsewhere.

So what, if anything, could be done to increase wealth-generating home ownership? Toni Atkins, the acting president of the state senate, made a crusade of it, citing her personal story while proposing a new agenda.

“Owning a home was out of the question when I was growing up, so I was deeply proud when I was able to buy my 950 square foot home in San Diego when I was in my 30s,” she said. “Everyone should have the opportunity to realize this dream and invest in the future of their family.”

As part of its California Dream for All, the state would partner with select families to make down payments on home purchases and then recoup its investment when the homes are later refinanced or sold.

Atkins’ program would join other state programs that already offer homeownership assistance. And while his sincerity is genuine, his proposal would only help about 8,000 families at best in a state where about 7 million families are renters.

This is typical of politicians’ approaches to social and economic disparities – creating a new agenda with a catchy title that has little, if any, impact and avoids the fundamental problems.

California’s low homeownership rate results from high levels of poverty and exorbitant home prices. Throwing a few dollars at it doesn’t solve the problem and could even make it worse by encouraging some families to buy homes they really can’t afford.

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California Creates Jobs in May; the economy is showing signs of weakness https://tinigard.info/california-creates-jobs-in-may-the-economy-is-showing-signs-of-weakness/ Fri, 17 Jun 2022 23:42:00 +0000 https://tinigard.info/california-creates-jobs-in-may-the-economy-is-showing-signs-of-weakness/ California released another strong jobs report on Friday as the jobless rate fell to its lowest level since before the pandemic; but the news was overshadowed this week by the surer signs of a faltering economy that could soon usher in a recession. Employers added 42,900 new jobs in May, bringing the unemployment rate down […]]]>

California released another strong jobs report on Friday as the jobless rate fell to its lowest level since before the pandemic; but the news was overshadowed this week by the surer signs of a faltering economy that could soon usher in a recession.

Employers added 42,900 new jobs in May, bringing the unemployment rate down to 4.3%. It is the lowest rate since the 4.1% reached in February 2020, just before the country’s most populous state closed many businesses due to the coronavirus and lost more than 2.7 million. jobs.

California has now recovered 93% of the jobs it lost at the start of the pandemic, according to the Department of Employment Development. But the news was tempered by other signs of unrest this week as inflation has reached its highest level in 40 yearsStock prices have fallen and the Federal Reserve imposed the biggest rising interest rates in nearly three decades.

California’s economy will likely be hit harder than other states by these developments, given the state’s reliance on real estate and capital gains income — money from the sale of various assets, including actions.

“I think from now on things will get worse, not better,” said Sung Won Sohn, an economics professor at Loyola Marymount University.

The Federal Reserve on Wednesday raised the interest rate for banks when they lend money to other banks. This rate affects other interest rates throughout the economy, including mortgage rates.

As the median home price in California set another record in May at $898,980, the average monthly interest rate on a 30-year fixed mortgage exceeded 5% for the first time since April 2010. The result was that 9.8% fewer homes were sold in May compared to April, down 15.2% from a year ago. This is the lowest level of sales since June 2020, according to the California Association of Realtors.

“We’re starting to see signs of a more balanced housing market with fewer homes selling above list price and homes staying on the market a bit longer than in previous months,” the California president said. Association of Realtors, Otto Catrina.

Nationally, prices for food, gasoline and other goods jumped 8.6% in May, the highest since 1981. California retailers, particularly general merchandise stores, have lost 3,700 jobs in May, the most of any industry – a sign that consumer demand may be slowing.

“My advice to job seekers or anyone who might still be on the sidelines or looking for a job: Now is the time to try to get back. It’s going to get harder,” said Michael Bernick, research director for the California Workforce Association. and an attorney from the Duane Morris law firm.

Rachel Michelin, president and CEO of the California Retailers Association, said retailers are still seeing strong sales — it’s just that more of those sales are happening online rather than in-store. She said retailers were still struggling to hire workers, suggesting the May layoffs could be the result of business owners adjusting to labor shortages by doing things like the installation of more self-service payment stations.

But she said retailers were watching inflation closely, noting that many were still struggling with supply chain issues.

“As of today, I would say we’re not as concerned about retail sales in general,” Michelin said. “But I think when you watch some of the big national retailers lower their expectations, we’re setting ourselves up for an economic downturn, which will obviously lead to even more retail job losses.”

Governor Gavin Newsom signed a $5.5 billion tax cut for most businesses earlier this year. On Friday, he announced $178.2 million in tax credits for 16 companies that together have pledged to create 7,600 new jobs and $2 billion in private investment. The tax credits are known as the California Competes program, which was created in 2013 to convince businesses to stay in California.

“Investing in innovation works, and no place does it better than California,” Newsom said in a press release.

The Office of the Nonpartisan Legislative Analyst has questioned the effectiveness of the California Competes program, saying the program’s success is difficult to measure.

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US weekly jobless claims fall slightly; Housing starts at their lowest in 13 months https://tinigard.info/us-weekly-jobless-claims-fall-slightly-housing-starts-at-their-lowest-in-13-months/ Thu, 16 Jun 2022 14:41:00 +0000 https://tinigard.info/us-weekly-jobless-claims-fall-slightly-housing-starts-at-their-lowest-in-13-months/ A ‘Now Hiring’ sign is displayed on the window of an IN-N-OUT fast food restaurant in Encinitas, California, U.S., May 9, 2022. REUTERS/Mike Blake/File Photo Join now for FREE unlimited access to Reuters.com Register Weekly jobless claims fall by 3,000 to 229,000 Continuing claims rise by 3,000 to 1.312 million Housing starts plunge 14.4% in […]]]>

A ‘Now Hiring’ sign is displayed on the window of an IN-N-OUT fast food restaurant in Encinitas, California, U.S., May 9, 2022. REUTERS/Mike Blake/File Photo

Join now for FREE unlimited access to Reuters.com

  • Weekly jobless claims fall by 3,000 to 229,000
  • Continuing claims rise by 3,000 to 1.312 million
  • Housing starts plunge 14.4% in May; permits down 7.0%

WASHINGTON, June 16 (Reuters) – The number of Americans filing new claims for unemployment benefits fell less than expected last week, suggesting some cooling in the labor market, although conditions remain tight.

The outlook for the economy darkens, with further data on Thursday showing residential construction slumped to a 13-month low in May, weighed down by soaring mortgage rates and building material prices. Manufacturing also seems to be losing steam. The slowing economy comes as the Federal Reserve aggressively raises interest rates to fight inflation.

The latest batch of economic data followed news this week of a surprise drop in retail sales last month and could amplify fears of a recession. The Fed on Wednesday raised its key rate by three-quarters of a percentage point, the biggest hike since 1994.

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“The risk of a hard landing for the US economy has increased exponentially,” said Christopher Rupkey, chief economist at FWDBONDS in New York. “The aggressive and abrupt policy tightening by the Fed could soon be criticized for letting in the winds of recession.”

Initial claims for state unemployment benefits fell by 3,000 to a seasonally adjusted 229,000 for the week ended June 11. Economists polled by Reuters had forecast 215,000 claims for the past week.

The drop partially reversed the previous week’s jump, which had lifted deposits near a five-month high, and was blamed on seasonal fluctuations around moving holidays like Memorial Day.

Significant increases in claims were reported in California, Ohio, Illinois and Michigan. Claims have dropped in Missouri.

There has been a steady increase in reports of job cuts, primarily in the tech and housing sectors. Still, claims have remained stuck in a narrow range since plunging to a more than 53-year low of 166,000 in March.

Fed Chairman Jerome Powell told reporters on Wednesday that “the labor market has remained extremely tight” and that “labour demand is very strong.” The US central bank has raised the key rate by 150 basis points since March. Read more

“For now, supply-demand mismatches will keep deposits low,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics in White Plains, New York. “But the level could start to rise as the Fed continues to remove accommodative policy to slow demand.”

US stocks opened sharply lower. The dollar fell against a basket of currencies. US Treasury yields rose.

NARROW LABOR MARKET

The claims report showed the number of people receiving benefits after a first week of help rose by 3,000 to 1.312 million in the week ending June 4. There were 11.4 million job openings at the end of April.

Higher borrowing costs combine with record house prices to cool the housing market. This could help realign housing demand and supply and lower prices.

A separate report from the Commerce Department on Thursday showed housing starts fell 14.4% to a seasonally-adjusted annual rate of 1.549 million units last month, the lowest level since April 2021. Economists had forecast housing starts would slip at a rate of 1.701 million units.

Permits for future housing fell 7.0% to 1.695 million units. A survey on Wednesday showed the National Association of Home Builders/Wells Fargo Housing Market Sentiment Index hit a two-year low in June, with a traffic gauge of potential buyers falling below break-even. of 50 for the first time since June 2020. Learn more

Single-family housing starts, which account for the largest share of home construction, fell 9.2% to a rate of 1.051 million units last month, the lowest since August 2020.

Construction of single-family homes increased in the Northeast, but fell in the Midwest, South and West regions.

The 30-year fixed-rate mortgage jumped 25 basis points last week to an average of 5.65%, the highest level since November 2008, according to data from the Mortgage Bankers Association.

Building permits for single-family homes fell 5.5% to a rate of 1.048 million units, the lowest since July 2020.

Housing starts for housing projects of five or more units fell 26.8% to 469,000 units. Permits for multi-family dwellings fell 10.0% to 592,000 units.

The number of homes approved for construction that have not yet started rose 0.7% to 283,000 units. The order book for single-family dwellings remained unchanged at 152,000. These will eventually become housing starts and help support residential construction.

“Mortgage rates above 6% are probably enough to cool the housing market, which isn’t necessarily a bad thing,” said Ryan Sweet, economist at Moody’s Analytics in West Chester, Pennsylvania.

“The housing market was hot, and it wasn’t sustainable.”

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Reporting by Lucia Mutikani Editing by Nick Zieminski

Our standards: The Thomson Reuters Trust Principles.

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