The housing market has been on a roll recently, with some markets even recovering to their peak 2006 levels. That sounds good, until you remember what 2006 was like.
It's been seven years since the housing bubble burst and foreclosures skyrocketed, but in 2015 we'll see the end of that era. Already this year has seen a major improvement in the composition of sales--that is, there are fewer foreclosures and short sales in the mix.
Prices might be rising more slowly in millennials' favorite metros. But affordability is nonetheless a big challenge in those markets.
Real estate practitioners love times like these for marketing, as they can show that in most markets it's cheaper to buy than to rent. With interest rates still low and owned homes having to compete with foreclosures in the market, prices of homes not in foreclosure haven't been rising much.
Every day struggling New Yorkers who are behind on their mortgages -- facing foreclosure, and desperate to keep their heads above water -- are bombarded with TV and radio ads promising lower interest rates or a reduction in their mortgage principal if they "call now!"
Consumers think 2015 will be a better year than 2014, especially for selling a home. But the recovery will slow as the rebound effect fades before fundamentals become strong. Key markets to watch are in the Northeast, South, and West.
For too long we've ignored America's housing insecurity crisis, in part because it happens behind closed doors, hidden from the public eye. We can no longer afford to do so.
Being African-American in America means knowing the country was not made for you. I mean this literally, not figuratively.
For the past half-century, we've made progress bridging the gaps between the races and addressing inequality. If we don't want history to repeat itself, we cannot stop now. We must tell Congress to stop cutting successful housing and urban programs. On the contrary, it must restore funding cut over the last several years.
Many American children won't have a safe, stable home this holiday season. Homelessness among families with children isn't an intractable problem; federal rental assistance -- like the Housing Choice Voucher program -- is an effective solution. But funding is seriously inadequate and has faced significant cuts.
It's now widely known that the foreclosure crisis and the resulting recession have been devastating to homeowners and neighborhoods across New York State. Sadly, the foreclosure crisis has also generated a second wave of hardship for homeowners: foreclosure rescue fraud.
While evictions tell only a small piece of the story, it's clear that San Francisco has contracted full-blown heart disease. San Francisco lost so much of its talent and spirit from the HIV virus back in the '80s and '90s. This time it is caused by an economic virus of success.
Looking at sprawling villas in the suburbs and 2,000-square-foot condos in the middle of downtown is one thing. How much home you can afford may be entirely different.
Recently released mortgage disclosure data findings indicate that a majority of future U.S. households could face significant challenges in achieving homeownership.
It is important that we continue to seek new opportunities to improve housing conditions because too many families know the impossible compromises that must be made to afford acceptable shelter.
From the attorney's perspective, there is a Zen-like quality to residential real estate transactions. When the vibrational activity of buying or selling an apartment advances to the point when an "accepted offer" is within reach, an attorney is usually contacted and a relationship created.