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By jgaffney@housingwire.com Not long ago, nonprofits pushed HUD for more NPL sales. Now, they’re suing for the same reason. Plus, former NFL star Antonio Cromartie is evicting his own mother for not paying rent. All this, and more, in this issue of MMCC. …read more

From:: Real Estate Wire

By Susanne Dwyer

Guests of this year’s RISMedia CEO Exchange will get to experience the life of ultimate Manhattan luxury, privacy and prestige—at least for an hour or two!—during the event’s unique closing event, “The Ultimate Power Broker Open House Experience.” This year’s location is sure to inspire, as guests tour the Duplex Penthouse at 50 United Nations Plaza, being offered for a cool $70 million.

Sponsored by Halstead Property, a member of Luxury Portfolio International®, the Power Broker Open House will transport CEO Exchange attendees to a luxe reception at the Duplex Penthouse at 50 United Nations Plaza on the 42^nd and 43^rd floors of this incomparable trophy home, located midtown on East 46^th Street. The event will close out the day-and-a-half-long CEO Exchange, taking place on Sept. 13^th and 14^th.

To kick off the Power Broker Open House Wednesday afternoon, Halstead Property CEO and Chairman Diane Ramirez will make closing remarks at the Harvard Club of New York City, the venue for RISMedia’s CEO Exchange. Transportation to and from the Open House will be provided for registered attendees.

About the Open House Location

The Duplex Penthouse at 50 United Nations Plaza, designed by Pritzker Prize winning architects Foster + Partners and delivered by New York’s legendary Zeckendorf Development and Global Holdings, is a one-of-a-kind home that combines over 9,700 square feet of interior living space with two extraordinary outdoor spaces—one a large terrace ideally situated off the main 73-foot living area; the other a 30-plus foot outdoor swimming pool and ipe wood pool deck, which link the master bedroom sitting room to a large entertainment lounge featuring a gas fireplace and equipped with catering kitchen.

A two-story bay window provides cinematic views of the Manhattan skyline which becomes the backdrop to an interconnecting stainless steel floating staircase joining the top floors. Deep bay windows of floor-to-ceiling glass and soaring 12’8 ceilings provide panoramic views of the East River and Manhattan skyline, the Chrysler and Empire State buildings, the United Nations and beyond.

In addition to the main Master Bedroom Suite, which occupies half of the 43rd floor, there are three additional Master Bedrooms, two staff rooms and seven-and-half-baths. 

The large windowed kitchen is appointed with the finest appliances and is suitable for large scale entertaining.

Providing an extraordinary level of privacy, security and beauty, access to 50 United Nations Plaza is via a gated entry which opens onto a sweeping motor court, within a landscaped enclave designed by M. Paul Friedberg and Partners.

The full-time staff of doormen, concierge and a Resident Manager stand ready to assist the next owners while valets park vehicles underground. A temple to luxurious wellness, the black marble-clad health and fitness center features a 75-foot swimming pool – the most glamorous in New York. A state of the art gym complements the exclusive spa, sauna and steam rooms.

We are looking forward sharing this unique opportunity with our CEO Exchange guests next month! For more information about RISMedia’s CEO Exchange, contact Randi Vannucchi at randiv@rismedia.com or visit our <a target="_self" …read more

From:: Real Estate News

By Susanne Dwyer

Across the country’s largest rental markets, almost 14 percent of on-market renters have strong credit scores, relatively high incomes and could afford to buy the median home in their market.

As the homeownership rate has declined over the past decade, a broader socio-economic swath of Americans are renting than at any time in recent history. That means people who could afford to buy are renting instead, increasing competition for limited available homes for rent, according to an analysis of financial qualifications reported via the Zillow® Renter Profile feature.

San Jose, San Diego, and San Francisco have the largest segments of on-market renters who have the credit score and income necessary to purchase a home, making those metros highly competitive for renters. Los Angeles, New York and Seattle also made the list of metros with large segments of current renters who are financially qualified to buy a home.

To determine which markets have the highest number of financially stable and thus most competitive renters vying for the attention of landlords and property managers, Zillow examined the self-reported credit scores and incomes of renters who were on the market during the first half of 2016. Zillow also looked at regional median rental and home values and competition to determine the markets with the highest share of renters who reported a monthly income equal to or greater than necessary to afford the typical rental and median home in the metro area.

There are also long-term demographic trends impacting renter qualifications and competition: young adults, both the affluent and otherwise, are renting longer than ever before as they delay many of the hallmarks of adulthood that typically lead to homeownership, such as finishing their education and starting families.

In general, markets with lower homeownership rates have higher proportions of on-market renters with both strong credit and high incomes. That said, even when controlling for the homeownership rate, booming markets closely associated with the tech industry – such as San Jose and San Francisco – tend to have exceptionally high proportions of highly qualified, on-market renters.

At the other extreme, markets that tend to have higher homeownership rates, such as Houston, and metros that were particularly hard hit during the housing bust and foreclosure crisis, including Cleveland and Detroit, have lower shares of renters who report both strong credit and high incomes.

“When faced with hurdles of high prices and low inventory, first-time homebuyers are renting longer than ever before even if they are qualified to buy,” says Zillow Chief Economist Dr. Svenja Gudell. “San Jose, San Diego and Seattle are among the most competitive places for buyers, and the going isn’t any easier for renters – as they are competing against throngs of financially sound applicants with strong credit and high incomes. This is a conundrum for many young people who move to those cities because of their strong job markets, only to find tight inventory and steep competition standing between them and their dream home.”

For more information, visit www.zillow.com.

…read more

From:: Finance and Economy

By Susanne Dwyer

Across the country’s largest rental markets, almost 14 percent of on-market renters have strong credit scores, relatively high incomes and could afford to buy the median home in their market.

As the homeownership rate has declined over the past decade, a broader socio-economic swath of Americans are renting than at any time in recent history. That means people who could afford to buy are renting instead, increasing competition for limited available homes for rent, according to an analysis of financial qualifications reported via the Zillow® Renter Profile feature.

San Jose, San Diego, and San Francisco have the largest segments of on-market renters who have the credit score and income necessary to purchase a home, making those metros highly competitive for renters. Los Angeles, New York and Seattle also made the list of metros with large segments of current renters who are financially qualified to buy a home.

To determine which markets have the highest number of financially stable and thus most competitive renters vying for the attention of landlords and property managers, Zillow examined the self-reported credit scores and incomes of renters who were on the market during the first half of 2016. Zillow also looked at regional median rental and home values and competition to determine the markets with the highest share of renters who reported a monthly income equal to or greater than necessary to afford the typical rental and median home in the metro area.

There are also long-term demographic trends impacting renter qualifications and competition: young adults, both the affluent and otherwise, are renting longer than ever before as they delay many of the hallmarks of adulthood that typically lead to homeownership, such as finishing their education and starting families.

In general, markets with lower homeownership rates have higher proportions of on-market renters with both strong credit and high incomes. That said, even when controlling for the homeownership rate, booming markets closely associated with the tech industry – such as San Jose and San Francisco – tend to have exceptionally high proportions of highly qualified, on-market renters.

At the other extreme, markets that tend to have higher homeownership rates, such as Houston, and metros that were particularly hard hit during the housing bust and foreclosure crisis, including Cleveland and Detroit, have lower shares of renters who report both strong credit and high incomes.

“When faced with hurdles of high prices and low inventory, first-time homebuyers are renting longer than ever before even if they are qualified to buy,” says Zillow Chief Economist Dr. Svenja Gudell. “San Jose, San Diego and Seattle are among the most competitive places for buyers, and the going isn’t any easier for renters – as they are competing against throngs of financially sound applicants with strong credit and high incomes. This is a conundrum for many young people who move to those cities because of their strong job markets, only to find tight inventory and steep competition standing between them and their dream home.”

For more information, visit www.zillow.com.

…read more

From:: Real Estate News

By Susanne Dwyer

Home purchase sentiment reached an all-time survey high in July, an indication that Americans are feeling more upbeat about the housing market, according to Fannie Mae.

Overall sentiment rose 3.3 points to a reading of 86.5. Each of the index’s six components– including selling outlook and personal finances – also rose last month.

The share of consumers who said they would buy if they were going to move climbed to 67 percent, while the share of consumers who said they would rent dropped to 26 percent, an all-time survey low.

Forty-one percent of consumers expect home prices to rise over the next 12 months, an increase of 8 percentage points from June. Household income rebounded in July as well, rising 3 percentage points to 11 percent.

“The HPSI reached a new survey high in July, but enthusiasm should be tempered because the increase only returns the index to a very gradual upward trend,” says Doug Duncan, senior vice president and chief economist at Fannie Mae. “One interesting potential bright note for housing in the July survey is that younger households may finally be shifting toward buying rather than renting in greater numbers. Whether the shift in sentiment in July toward buying rather than renting on their next move holds up or is a temporary reaction to their view that rents are on the rise and mortgage rates will be lower, we will see. However, we are getting set to release some additional research in early August showing evidence of a broader move by older millennials in the direction of ownership.”

Here are some additional findings from the latest survey:

• 33% of Americans say it’s a good time to buy a house, a 1 percentage increase over June.
• 20% of Americans say it’s a good time to sell a home, a 2 percentage point increase from June (a new survey high).
• 41% of Americans believe home prices will rise, an 8 percentage point increase from June.
• 36% of Americans believe mortgage rates will drop over the next year.
• 69% of Americans say they are not concerned with losing their job, a 1 percentage point increase from June.
• 11% of Americans say their household income is significantly higher than it was 12 months ago, a 3 percentage point increase from June’s sharp decline.

Source: Fannie Mae

For more information, visit www.realtor.org.

…read more

From:: Finance and Economy

By Susanne Dwyer

Home purchase sentiment reached an all-time survey high in July, an indication that Americans are feeling more upbeat about the housing market, according to Fannie Mae.

Overall sentiment rose 3.3 points to a reading of 86.5. Each of the index’s six components– including selling outlook and personal finances – also rose last month.

The share of consumers who said they would buy if they were going to move climbed to 67 percent, while the share of consumers who said they would rent dropped to 26 percent, an all-time survey low.

Forty-one percent of consumers expect home prices to rise over the next 12 months, an increase of 8 percentage points from June. Household income rebounded in July as well, rising 3 percentage points to 11 percent.

“The HPSI reached a new survey high in July, but enthusiasm should be tempered because the increase only returns the index to a very gradual upward trend,” says Doug Duncan, senior vice president and chief economist at Fannie Mae. “One interesting potential bright note for housing in the July survey is that younger households may finally be shifting toward buying rather than renting in greater numbers. Whether the shift in sentiment in July toward buying rather than renting on their next move holds up or is a temporary reaction to their view that rents are on the rise and mortgage rates will be lower, we will see. However, we are getting set to release some additional research in early August showing evidence of a broader move by older millennials in the direction of ownership.”

Here are some additional findings from the latest survey:

• 33% of Americans say it’s a good time to buy a house, a 1 percentage increase over June.
• 20% of Americans say it’s a good time to sell a home, a 2 percentage point increase from June (a new survey high).
• 41% of Americans believe home prices will rise, an 8 percentage point increase from June.
• 36% of Americans believe mortgage rates will drop over the next year.
• 69% of Americans say they are not concerned with losing their job, a 1 percentage point increase from June.
• 11% of Americans say their household income is significantly higher than it was 12 months ago, a 3 percentage point increase from June’s sharp decline.

Source: Fannie Mae

For more information, visit www.realtor.org.

…read more

From:: Real Estate News