Bankrupt Philadelphia plunders homeowners via gas monopoly
"The gas company is filing liens over people’s properties due to unpaid gas bills for as little as $300. There is essentially zero due process here."
Feds secretly rolling out real estate cash reporting rules to more states
"Officials no longer want to publicize what kind of transactions fall under the reporting requirement. They worry that making too much information public will give money launderers a road map to stay off the radar of regulators."
Landlords Are Practically Giving Malls Away
"The handful of investors that are active in the space are demanding steep discounts to take on the risks of shaky tenant rosters, falling foot traffic and an antiquated business model."
Opendoor Raises $325 Million to Expand Automated House Flipping to 50 Markets
"Opendoor, a startup that uses computer algorithms to buy and sell homes, has closed a new fundraising round in a bid to supercharge growth."
California’s Solar Mandate Raises Housing And Energy Prices Without Reducing CO2
"The California Energy Commission (CEC) approved the regulation with little public debate or discussion, prompting criticism from one of the state’s top energy economists."
Making a Crypto Utopia in Puerto Rico
"Dozens of entrepreneurs, made newly wealthy by blockchain and cryptocurrencies, are heading en masse to Puerto Rico this winter. They are selling their homes and cars in California and establishing residency on the Caribbean island in hopes of avoiding what they see as onerous state and federal taxes on their growing fortunes, some of which now reach into the billions of dollars. They want to build a crypto utopia, a new city where the money is virtual and the contracts are all public, to show the rest of the world what a crypto future could look like. Blockchain, a digital ledger that forms the basis of virtual currencies, has the potential to reinvent society — and the Puertopians want to prove it."
NYC not liable for processing fake deed allowing theft of woman’s home
"Merin, 74, had sued the city for not catching the forgery when the paperwork was first filed, but lost on appeal when the court backed a judge who said she couldn’t prove the city was negligent. The feisty homeowner is fuming and has vowed to fight the decision."
Cash House Sales Rising in U.S. Despite Stable Mortgage Market
"Home buyers are facing a new challenge in finding mid-priced houses to purchase: Cash buyers who swoop in and snatch up all the properties. According to a report in The Wall Street Journal, while mortgage lending is finally rebounding after the housing crash of a few years ago, cash deals are still at higher than normal levels – even with the prices of homes heading into record territory."
China’s banks imperiled as property binge fuels mortgage fraud frenzy
"Gravity-defying property prices in China have spawned widespread home-loan fraud as buyers fear missing out on what seems like a sure bet. Real estate agents, valuation companies and banks themselves are party to the scam."
Homebuilder helping Millennials trade student loan debt for house debt
"Buyers of Lennar's homes could receive a payment of up to $13,000 toward their student loans, as much as 3% of the home's purchase price, from its subsidiary, Eagle Home Mortgage. The nation's collective student debt stands at an all-time high of $1.34 trillion, according to the Federal Reserve Bank of New York."