Category: Real Estate

Biden Makes First Move Toward a Radical National Rent Control

Tenant activists from around the country rally outside the White House on Nov. 16. They want the Biden administration to regulate rent increases on federally-backed housing.

BY RICK MORAN

SEE: https://pjmedia.com/news-and-politics/rick-moran/2023/01/26/biden-makes-first-move-toward-a-radical-national-rent-control-law-n1665210;

Republished below in full unedited for informational, educational, & research purposes.

Responding to a letter sent earlier this month by congressional radicals like Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez urging the president to take executive action to prevent evictions and lower rent prices,  Joe Biden has initiated a series of actions that will eventually lead to a national rent control law.

Under the Biden plan, the president is directing the Federal Housing Finance Agency (FHFA) to look at limits “for future investments and actions promoting renter protections,” according to a report in Yahoo Finance.

The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) have been enlisted to “root out practices that unfairly prevent applicants and tenants from accessing or staying in housing,” according to the report.

Please define “unfairly.” I don’t think that Senator Warren or AOC define the term the same way that you, I, or most landlords would define it.

Related: AOC Humiliated by GOP Congressman in Gas Stove Dispute

“In the absence of robust investments in fair and affordable housing, it is clear that additional timely executive action is needed to address the urgent issue of historically high rental costs and housing instability,” the lawmakers wrote. “We urge your Administration to pursue all possible strategies to end corporate price gouging in the real estate sector.”

Specifically, lawmakers had called on the president to direct the FTC to issue new regulations defining excessive rent increases and enforce actions against rent gouging, suggestions that are [morel ] aggressive than what the administration has so far put forth. The letter also asked to have FHFA put in place rent protection for tenants living in properties financed with government-backed mortgage properties, which is more closely aligned with what the president outlined on Wednesday.

In Wednesday’s announcement, the administration also sought to rally state and local governments — as well as the private sector — to protect renters.

Since the beginning of the republic, laws governing rent and leases have been local matters. If a landlord is cheating renters, local and state governments have the authority and the tools to punish the landlord. And being much closer to the problems of renters and landlords than anyone in Washington, local and state governments have a much better handle on the local rental housing situation.

But now, the federal government doesn’t believe that landlords should be compensated for owning rental property. They’re “gouging” renters. This is after more than two years of preventing landlords from evicting renters for non-payment of rent. And in a period of rapidly rising inflation, landlords are being accused of “profiteering” at the expense of renters.

“We believe that the administration can go significantly further to help tenants struggling to pay rent as soon as next week,” Rep. Jamaal Bowman (D-NY) said. “We need actions that will urgently address skyrocketing housing costs, keep people housed, and rein in corporate profiteering…I look forward to continuing to work with the Biden Administration on this issue.”

It’s a ridiculous charge given that 98 percent of all rental property owners, or 80 percent of all rental properties, are owned by small business entrepreneurs who own five units or fewer, according to a study in Business Wire.

These rules, and any legislation supported by AOC, would destroy the rental housing market and make it much harder to find affordable housing. What small business owner wants to be beholden to Washington for their business? Rental housing will disappear — perhaps the intended purpose of the new rules.

The narrative of corporate greed being responsible for rent increases is a far easier sell than small businesses struggling to keep their properties during an inflationary economy that Warren, AOC, and Biden are mostly responsible for.

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SEE ALSO: https://www.whitehouse.gov/briefing-room/statements-releases/2023/01/25/fact-sheet-biden-harris-administration-announces-new-actions-to-protect-renters-and-promote-rental-affordability/

Georgetown/REHOBOTH BEACH, Delaware: DeSantis “apparently sent” new plane of migrants to Biden’s summer home~MIGRANTS ALL SIGNED CONSENT FORMS FOR TRIP

UPDATE SEPT. 21, 2022:

DeSantis responds to criminal investigation after he flew migrants to Martha's Vineyard

Florida Gov. Ron DeSantis joined 'Hannity' to respond to authorities in Bexar County, Texas after they opened a criminal investigation into him over sending migrants to Martha's Vineyard.

MIGRANTS ALL SIGNED CONSENT FORMS FOR TRIP

sussex airport

SEE: https://delawarecoastalairport.com/

21553 Rudder Lane
P.O. Box 589, Georgetown, DE 19947
Phone: (302) 855-7774 | Fax: (302) 855-7773

Ultimate Air Shuttle flight UE11 is expected to carry migrants from Texas to Delaware with a stop in Florida.

Delaware Coastal Airport’s 5,500-foot main runway and 3,109-foot crosswind runway can accommodate a wide range of aircraft.  LED runway lights and our new Medium Intensity Approach Lights (MALS) will light your way.  With these improvements, and VOR and GPS approaches to the main runway, Delaware Coastal takes the worry out of your next flight to the Delaware coastal region.

P0001736_resized

A GREAT PLACE FOR MIGRANTS TO WORK AS MAIDS & SERVANTS AT A MINIMUM WAGE; OR CHALLENGE THE LGBTQ COMMUNITY TO THEIR HANGOUTS:

Drag Volleyball 1

The First State Kicks Off Its First Official Pride Parade-Happy Pride ...

SEE: https://www.theadvertiser.com/story/news/2017/06/09/rehoboth-beach-area-braces-biden-family/385124001/

THE $2.7 MILLION, SIX BEDROOM FARVIEW ROAD HOUSE IN REHOBOTH BEACH, DE:

The Bidens are buying this six-bedroom Farview Road house in the Rehoboth Beach area. It's seen on Friday, June 9, 2017.

DeSantis refuses to confirm reports of Florida sending migrants to Biden's home state of Delaware

 

China’s purchases of U.S. land in North Dakota, Oklahoma & Texas southern border spark concerns

Sara Carter talks with Oklahoma government about Chinese land purchases

Sara Carter joined 'Hannity' to discuss China's purchase of American farmland and why it is sparking concern.

Sara Carter joins 'Hannity' with an updated report on China's questionable real estate buys.

Dan Ball With Rep. Byron Donalds: China Buys U.S. Land At Alarming Rate, 7/25/22

DeSantis won't let Florida farmland go to 'rogue states' like China without a fight

Indiana Realtors Enraged At Colleague’s ‘Islamophobia’

Move Over, Monkeypox: ‘Islamophobia’ Breaks Out in Southern Indiana

The Council on American-Islamic Relations has condemned the post made by Southern Indiana...

UPDATE:

Chief Executive Officer

SEE: https://www.sira.org/index.php/about/board-of-directors

Glenda Gasparine RCE, ePRO
CEO Southern Indiana REALTORS ® Association

BY ROBERT SPENCER

SEE: https://pjmedia.com/culture/robert-spencer/2022/07/24/move-over-monkeypox-islamophobia-breaks-out-in-southern-indiana-n1615504;

republished below in full unedited for informational, educational & research purposes:

Inflation is skyrocketing, COVID Joe is more feeble and bumbling than ever, America is weak and rudderless on the world stage, Leftist authoritarianism is advancing, the next pandemic hysteria is breaking out (or trying to), and at the Southern Indiana Realtors Association (SIRA), they’ve got their priorities straight: they’re all upset about a display of “Islamophobia” by their president and CEO.

As the negative effects of Leftism are increasingly obvious everywhere, it becomes all the more important for the Left to enforce its restrictions on speech, and hence on thought: the more afraid people are of committing wrongthink, the easier they’ll be to keep in line. In the process, we are seeing, again and again, the Left’s ugly totalitarian heart.

The News and Tribune, which covers Southern Indiana, reported Thursday that “a Facebook post by the president and CEO of the Southern Indiana Realtors Association (SIRA) has been brought to the attention of the association’s board for review.” This would be fine and utterly non-newsworthy if the post had something to do with real estate in Southern Indiana, but it didn’t: “Glenda Gasparine made a post on her personal Facebook account this week that other SIRA members criticized for being discriminatory and Islamophobic.” So now apparently you have to love Islam to sell houses in Southern Indiana.

Makenna Hall of the News and Tribune didn’t want to offend his readers’ delicate sensitivities, so he didn’t reproduce the offending post but summarized it thusly: “The post falsely states that imams, Muslim worship leaders, follow the idea that killing people who do not follow Islam will ensure Muslims a place in Heaven.” This was Gasparine’s crime: pointing out an aspect of Islam that non-Muslim Westerners, particularly Leftist ones, would prefer to assume did not exist.

And indeed, the post as Hall summarized it was crudely put. In fact, Hall was correct in his unsupported assertion that it was false: Islam doesn’t teach that “killing people who do not follow Islam will ensure Muslims a place in Heaven.” However, Islam does teach that those who are killed while killing people who do not follow Islam will be ensured a place in paradise: “Indeed, Allah has bought from the believers their lives and their wealth, because the garden will be theirs, they will fight in the way of Allah and will kill and be killed.” (Qur’an 9:111)

That’s the impetus behind suicide bombing, and we have seen enough of those around the world to know that this isn’t some esoteric view among Muslims but an all too common one. So Gasparine was more right than wrong, but the question of whether or not she was right doesn’t enter into this controversy, which rages even though she has deleted the post from her Facebook page. SIRA member Paul Kiger is out for blood (figuratively), saying: “My hope is that our board of directors calls an immediate emergency meeting and then they ask for her resignation.”

It’s virtually certain that Kiger and Gasparine’s other critics aren’t aware of Qur’an 9:111, or of anything else about Islam. They just know that Gasparine has said something that people aren’t supposed to say nowadays. They’re worried that she will now discriminate against Muslims, which is just more of the woolly thinking and victimhood mentality that is all-pervasive nowadays. Kiger asked: “What would happen if a Muslim buyer who lost out on a house with a multiple offer situation and then they later read a statement from the CEO that supports this kind of culture that she posted?” What would happen indeed?

The idea that your realtor has to approve of all your beliefs, life choices, and practices, before he or she can sell you a house, is ridiculous on its face and wouldn’t even be asked in other contexts. If Gasparine had criticized Christianity, would her outraged colleagues be saying that she couldn’t treat Christian customers fairly? Almost certainly not. But hating Christianity is acceptable today to the Leftist intelligentsia and thus to indoctrinated sheep such as Kiger and Gasparine’s other critics; saying something largely accurate but critical about Islam is not.

The fact that Gasparine was expressing her views on her own Facebook page, and not on SIRA’s account or its time, is not enough to exonerate her: “Though the post was made on her personal account, SIRA members still think Gasporine [sic] was in the wrong.” However, they don’t think that they can bring the feds in on this: “Neither Kiger” nor another SIRA member, Lincoln Crum, “were aware of any federal regulations specifically regarding posts made on personal accounts.” At the very least, they hope to get rid of Gasparine: “Crum said that he plans [to] run for the board of directors because he wants to ensure that behavior like Gasparine’s does not continue.”

Yes, that’s very important. We can’t have people committing thoughtcrime right in the middle of Southern Indiana. Get back in line, you lemmings. Nothing to see here.

WHAT REALTORS ARE NOT TELLING THE PUBLIC: ILLEGAL ALIENS WITHOUT CITIZENSHIP OR SOCIAL SECURITY NUMBERS CAN BUY HOMES WITH AN IRS “ITIN NUMBER” & SUB-PRIME MORTGAGE UP TO $7,500,000

TOO MANY ILLEGAL ALIENS CROSSING THE BORDER? HERE'S WHY!

MORTGAGE LOANS FOR THEM, BUT NOT FOR CITIZENS

"Foreign National" (A/K/A ILLEGAL) Loans | ITIN Loans

The LOOR Group Real Estate Experts - Lorena Loor:

Lorena Loor
Your Trusted Realtor®️
Better Life Realty
NRED LIC: S.0186561

(702) 758-1749
lorenaloor.realtor@gmail.com

New 0% Down Payment Assistance For ITIN & SSN Holders With A Minimum Credit Score of 580!

ANDRES MEJER, IMMIGRATION ATTORNEY, NEW JERSEY:

SEE: https://www.andresmejerlaw.com/

Buying a House as an Undocumented Immigrant in the U.S.

What ITIN Mortgage Loans Offer

Below are some of the advantages that ITIN mortgage loans offer:

No social security number required!

You are NOT required to be a U.S. citizen.

Loan amounts available from $150,000 to $7,500,000.

75% Max LTV – Purchase or Cash Out Refinance.

Option to use tax returns or bank statements to document income.

JUST FILL OUT AN IRS W-7 FORM, WAIT A MONTH OR SO, BRING DOCUMENTATION TO A "SUB-PRIME LENDER"

ITIN Lending in America

What Bank Or Mortgage Companies Do ITIN Loans?

SEE: https://houseofdebt.org/what-bank-or-mortgage-companies-do-itin-loans/;

republished below in full unedited for informational, educational & research purposes:

This post may contain affiliate links. This means we may earn a commission if you decide to make a purchase through our links. Please read our disclosure for more info.

Financing can be difficult for people with no established credit standing. Aside from credit standing, there are also other relevant factors considered in getting loans. In the United States, most loans require a Social Security Number (SSN). However, not all people in the US have an SSN. Why? Probably, these people are immigrants.

Immigrants usually do not possess true American citizen privileges, and one exclusive privilege that Americans enjoy is the SSN. How can immigrants find greener pastures in the US if they can’t even acquire a house? Well, things like ITIN (Individual Taxpayer Identification Number) loans allow immigrants to improve their lives in the Land of the Free.

In this article, we’ll briefly discuss the nature of ITIN loans and where you can get them. And more importantly, we’ll give the top 3 ITIN lenders that we deem to be the best companies in ITIN loans.

Table of Contents [show]

3 Best Mortgage Lenders for ITIN Loans

Of all the mortgage lenders out there, we found three companies that reached our expectations in terms of four different criteria:

  • Loan products
  • Convenience
  • Rates and fees
  • Transparency of rates

Disclaimer: Take note that rates are not publicly disclosed on the company’s websites to keep a competitive environment against competitors. If you want to know the rates, you’ll know the quoted rate once you follow through with the application process.

Covid-19 Advisory: Due to the ongoing pandemic, the usual lead or processing time of loan applications is affected. More likely than not, loan applications will take longer than usual. Moreover, some loan products may not be available as well.

1. Better.com

First on the list is Better.com. One unique feature about this mortgage lender is that they operate entirely online. They don’t have brick-and-mortar stores where borrowers can go when applying. What we liked about Better.com is their fully-automated, online, and 24/7 services to their clients.

Upon application, Better.com has a drop-down list of all the loan products available, including ITIN loans. So you have to go through the process to see their products. We can give Better.com a 10/10 score in terms of online convenience, especially now that there’s a pandemic. Going out is a big threat to everyone’s health and obtaining financing online is a big plus.

Better.com says that they don’t charge application, origination, and underwriting fees. Lesser fees mean good news because borrowers can fully maximize the loan amount. If you want to see generalized rates, click this link. However, personalized rates are given only during the application process. The minimum credit score for Better.com loans is 620.

2. SunTrust

Next on the list is SunTrust Mortgages. Just like Better.com, SunTrust offers a variety of mortgage options, including ITIN loans. SunTrust also offers government-backed loans amid the ongoing pandemic. But since our main concern here is ITIN loans, SunTrust caters to immigrant borrowers as well.

The online application is also available at SunTrust. However, their online application is not as comprehensive as Better.com’s online system. They offer an easy online application process, so you should not have a hard time with the loan application process.

Generalized rates are available on their website. You can click this link to check it out. However, personalized rates are available only upon completion of the application form. The minimum credit score for SunTrust is 620.

3. Bank of America

Known as one of the biggest banks worldwide, Bank of America is your go-to choice in terms of financial stability and reputation. In terms of loan products, Bank of America has a wide variety of home mortgage loans depending on the consumer’s needs, with ITIN loans included.

As a popular and well-established bank, Bank of America’s online system is streamlined from customer service to the loan application process. We can say that they are on par with Better.com’s online system in terms of features. Existing customers of this bank will fully enjoy their online banking features.

Generalized rates are available on their website to give you an idea of the cost of financing. But just like Better.com and SunTrust, personalized rates are available after the application process. If you want to see their generalized rates, click this link. The minimum credit score for Bank of America is 620.

Can I Get an ITIN Loan if I Don’t Have a Credit Score?

The financial institutions above mention a minimum credit score of 620. However, you should remember that they’re the cream of the crop in this industry. If you don’t have a high credit score, you can still get an ITIN loan. You just need to look for lenders who (1) accept ITIN in lieu of SSN and (2) offer loans that don’t put too much consideration on your credit history.

What is an ITIN?

ITIN stands for Individual Taxpayer Identification Number. The Internal Revenue Service (IRS) is the issuer of ITIN. The IRS gives ITINs to taxable individuals without SSN. An ITIN has nine digits that always begin with a nine and include a 7 or 8 as the fourth digit.

Who needs an ITIN?

Since ITIN holders don’t have SSN, these individuals do not qualify for the Social Security Administration requirements. Thus, the following individuals require an ITIN when in the United States:

  • Resident Aliens filing a tax return with the IRS
  • Non-resident Aliens filing a tax return with the IRS
  • Dependent(s) or spouse of Citizen or Resident Alien
  • Dependent of a spouse of a Non-resident Alien visa holder

Take note the ITIN doesn’t consider your immigrant status. As long as you’re required to file tax returns, you need to ask for an ITIN from the IRS. To know more about the alien tax status, click this website to see the various tests that the IRS uses.

What are ITIN Loans?

ITIN loans are financing agreements that don’t require an SSN. It is a mortgage option available to immigrants or people who are still processing their US citizenship application. With an ITIN loan, immigrants can access additional financing sources and acquire houses even with the absence of an SSN.

Advantages of ITIN Loans

Apart from SSN, ITIN loans don’t require a residency requirement. In other words, it won’t need a Green Card to prove legal residency. Aside from acquiring mortgages, you can also access mortgage refinancing with an ITIN.

In fact, mortgage refinancing happens in reality to most ITIN holders, especially if the real estate market makes interest rates more favorable. Lastly, ITIN loans can also help in credit building. If you’re still new in America, building a credit score is vital if you want to be eligible for prime mortgage offers. Thus, starting with an ITIN loan is a good stepping stone.

Disadvantages of ITIN Loans

The major disadvantage we can think of is if you don’t have an ITIN yet. If you already have one, then there’s no problem. However, the problem arises if you don’t have an ITIN. Applying to the IRS is easy, but it will take about four to six weeks to get your number.

Thus, if you badly need money now and have no ITIN, you’re in a major predicament. Another disadvantage is the high denial rate in ITIN applications. But, don’t be discouraged. Most denials are due to inadequate requirements and unacceptable identification proofs. However, as long as you comply with the needs and present valid documents, you’ll have no problem here.

Third, most banks don’t offer ITIN loans. The financial institutions mentioned above are the famous companies that provide loans to immigrants. Unfortunately, most commercial banks don’t provide ITIN loans. You can most likely find ITIN loans in private financial institutions and credit companies.

And finally, ITIN borrowers are vulnerable to predatory lending. Why and how? It’s because many immigrants in the US come to the country illegally. Predatory lenders use this opportunity to impose higher down payments and interest rates with a threat of exposure to US Immigration. If you want to learn more about the lending practices in the immigrant community, check out this study from the Kirwan Institute at the Ohio State University.

How Can I Get a Loan with an ITIN Number?

First and foremost, you need to have an ITIN number. If you already have one, you can proceed to the financial institution that offers ITIN loans. You can start with the companies mentioned above. However, you can also shop around and look for better offers. In the meantime, here’s a quick run-through of the ITIN application process.

  1. Apply before April 15. The deadline for tax filing is April 15. So if you plan to submit after the current tax season, you have until April 16 of the current taxable year until April 14 of the following taxable year. However, it’s recommended to accomplish your application before or after the busy tax season.
  2. Submit via mail the W-7 form, including proof of identity documents in the address indicated in the form.
  3. Wait for the IRS to mail you within four to six weeks.

You can contact the IRS at their toll-free number 1-800-829-1040 or visit this page for written instruction for detailed guidance on the application.

Conclusion

An ITIN loan is a great financial assistance to immigrants in the US. It is an excellent opportunity for them to discover greener pastures in the land of milk and honey. However, whether we like it or not, the sad truth is that America is not equally green for everyone. Even if ITIN loans are available to immigrants, it’s still hard to access this type of financing due to its limited supply in the financial services market.

But with proper guidance and skepticism, you can find a genuine and honest ITIN lender. Overall, there’s nothing bad about ITIN loans. It’s just hard to get one, considering that many applications get rejected due to insufficient documents of proof. But as long as you follow the requirements, there’s a high assurance that you’ll get the loan. What do you think of the ITIN loan? Share your thoughts in the comment section below.

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SEE ALSO:

https://www.nonprimelenders.com/itin-mortgage-loans/

https://www.nonprimelenders.com/itin-mortgage/

https://dreamhomefinancing.com/ITINMortgageLoans.aspx

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IRS Acceptance Agent Program FOR FORMS W-7

SEE: https://www.irs.gov/individuals/international-taxpayers/acceptance-agent-program;

republished below in full unedited for informational, educational & research purposes:

Section 203 of the Protecting Americans from Tax Hikes Act, enacted on December 18, 2015, included provisions that affect the Individual Taxpayer Identification Number (ITIN) application process. Taxpayers and their representatives should review these changes, which are further explained in these Frequently Asked Questions, before requesting an ITIN.

The following is a public list of Acceptance Agents for Forms W-7. This list is updated quarterly.

National/International CPA Firms *

  • Deloitte and Touche, LLP
  • Ernst & Young LLP
  • KPMG LLP
  • PricewaterhouseCoopers LLP
  • BDO

* Check local telephone directory for nearest location.

* Acceptance Agents are denoted with an asterisk. Certifying Acceptance Agents are not denoted with an asterisk.

Acceptance Agents Outside of the U.S.

U.S. Acceptance Agents by State

 

 

 

STOCKS, BONDS, CRYPTO and REAL ESTATE: The whole house of cards is coming down

BY MIKE ADAMS

SEE: https://www.naturalnews.com/2022-06-15-stocks-bonds-crypto-real-estate-whole-house-of-cards-is-coming-down.html;

republished below in full unedited for informational, educational & research purposes:

 (Natural News) The Fed raised interest rates by 0.75% today (75 basis points), fulfilling their promise to attempt to reverse the runaway inflation that they caused in the first place by printing trillions of dollars and flooding the markets with cheap or nearly-free funds (zero percent interest rates, for example).

As of right now, America’s real estate bubble is now in the process of a catastrophic collapse. The stock market is collapsing and the crypto universe is absolutely imploding. “The crypto apocalypse is here,” writes Michael Snyder from End of the American Dream:

Over the last seven months, we have witnessed a cryptocurrency collapse that is so epic that it is truly difficult to put it into words… approximately two-thirds of the value of all cryptocurrencies has already been wiped out.  Some are calling this a “crash”, but the truth is that this is the sort of full-blown “collapse” that so many have been warning about for such a long time.  A lot of crypto investors are now deeply in the red, and the outlook for the months ahead is very bleak.

Meanwhile, the average stock portfolio is down 31% this year alone, and the downside still remaining now looks like a deep, ominous chasm of financial devastation that’s going to suck the vast majority of Americans into financial destitution.

You see, while everybody’s assets are plummeting, the prices of the things they need to buy keep skyrocketing.

Everything people own is going to collapse in value, while nearly everything people buy is going to double or triple in price.

The real estate bubble will now collapse, however, which may offer some relief for those trying to rent or purchase new homes. But for the tens of millions of people already locked into bubble-priced mortgages and rent contracts, the pain of paying too much won’t be easily reversed.

The truth is that most assets have been Ponzi schemes for many years or even decades. The stock market hasn’t operated from fiscal reality since the 1980s, and the fiat currency dollar has been living in a delusional fairy tale land since Nixon took it off the gold standard in 1971.

The real estate asset price explosion was just an expression of low-interest rates and cheap money, while the crypto universe was a grand social experiment that primarily served as a new generation’s “dot com bubble” where they ultimately learn an expensive (but valuable) lesson in the seduction and false promise of seemingly becoming wealthy without work. Too many crypto pioneers thought they could recreate the laws of economics by simply claiming absurd things that aren’t true, like “we don’t need intrinsic value, our token is backed by an algorithm.” That’s the crypto equivalent of the biological fantasy that claims “men can get pregnant,” which is why I call the crypto Ponzi schemes “financial transgenderism.”

See, what we’re all really beginning to experience in the world right now is a heavy dose of reality.

Learn more in today’s Situation Update:

Brighteon.com/e450a1bf-8a5e-433b-aed5-7839e4210c19

Here it comes: All signs point to Housing Bubble 2.0 amid widening price, income gap

Image: Here it comes: All signs point to Housing Bubble 2.0 amid widening price, income gap

BY J.D. HEYES

SEE: https://www.naturalnews.com/2022-05-15-signs-point-housing-bubble-widening-price-income-gap.html;

republished below in full unedited for informational, educational & research purposes:

(Natural News) When the U.S. housing market collapsed in 2007, causing a similar near-collapse of the U.S. financial system — which in turn led to a massive global “Great Recession” — our leaders pledged to never allow such market conditions to repeat themselves.

And yet here we are, less than 15 years later, and market conditions are lining up once again for another massive housing market collapse.

Call it the “Housing Bubble 2.0.”

The Epoch Times reports that, according to the latest data, there is a widening gap between the average prices for homes and median income, a phenomenon that led, in large part, to the first collapse:

The U.S. economy is currently experiencing the hottest real estate market on record, the latest Realtor.com housing data show.

According to the April report from Realtor.com, the median listing price advanced 14.2 percent year-over-year to $425,000. Housing experts suggest that the typically busy spring buying season will be notably competitive.

“Despite moderating demand, the U.S. median home price hit yet another all-time high and accelerated over the March annual growth pace in April,” the real estate listings website said in a statement.

Also, the most recent S&P/Case-Shiller U.S. National Home Price Index data show a sizzling hot real estate market. In February, for instance, home prices around the country shot up almost 20 percent year-over-year, with cities in the Sun Belt gaining the most. “The last time the U.S. real estate market recorded such exceptional growth was during the 2008 housing crisis,” noted The Epoch Times.

However, another trend that is catching the eye of economists is the home-price-to-median-household-income ratio, a figure that skyrocketed to an all-time high of 7.72

in January. The previous record came just a few short years before the last housing collapse: 7.03 in November 2005.

Over the past decade, median household income rose around 11 percent while median home prices soared by 30 percent, CNBC has reported. Since the mid-1960s, average values of homes have shot skyward 118 percent, while median household income has only risen by 15 percent.

“A household earning $75,000 to $100,000 can currently afford to buy 51% of the active housing inventory,” according to a joint report by the National Associations of Realtors and Realtor.com. “Nevertheless, that same household could afford to buy 58% of the homes for sale in 2019. Thus, during the pandemic, affordability for households in the income bracket $75,000-$100,000 dropped by 7 percentage points.”

There is also the matter of now-steadily rising mortgage rates which will also play a significant role in the housing market.

Today, an average 30-year mortgage rate is more than 5 percent, according to data from the Mortgage Bankers Association (MBA), which is an increase of about 3 percent from this time last year. Also, it is estimated that the average U.S. household would need to spend about one-third of monthly income in order to make the house payment.

Nik Shah, the CEO of Home LLC, a down payment assistance provider for homebuyers, said that the rise in mortgage rates is already pricing a sizeable portion of Americans out of the housing market altogether.

“In late 2020, the typical U.S. resident could afford to buy a home worth 48 percent more than the median-priced home in the country,” Shah told The Epoch Times. “In 2022, thanks to rising mortgage rates and home prices, that’s reduced to only 5 percent.”

In spite of concerns about higher mortgage rates having a detrimental impact on the housing boom during the pandemic, elevated rates will only affect those currently attempting to enter the real estate market, Morgan Stanley notes.

“The mortgage market is mostly fixed-rate, so raising rates won’t raise the monthly payment on current owners, but instead will disproportionately impact first-time homebuyers,” bank researchers said in a recent research note. “Robust mortgage underwriting should keep foreclosures limited, preventing the forced selling that would weigh on home prices.”

Taken together, however, the conditions for Housing Bubble 2.0 are certainly present.

Sources include:

TheEpochTimes.com

NaturalNews.com

ALERT: Communist Group Praises Biden ‘Eviction Moratorium’; Plans to Protest Local Realtor Group

BY RENEE NAL

SEE: https://rairfoundation.com/alert-communist-group-praises-biden-eviction-moratorium-plans-to-protest-local-realtor-group/;

republished below in full unedited for informational, educational & research purposes:

The pandemic has presented an unprecedented opportunity for communist agitators to put a further wedge between landlords and their tenants and ultimately strip citizens of the American dream of home ownership.

A communist front organization that supports North Korea, Iran, China, Venezuela and Cuba is praising installed puppet Joe Biden’s unconstitutional extension of the so-called “Eviction Moratorium.” The radical group will be descending on the Alabama Association of Realtors in a protest planned Saturday at 2:00 pm.

The Party for Socialism & Liberation is using their front groups “Cancel the Rents” and the ANSWER Coalition to advertise the protest, which is being held along with the “Housing Justice League,” a socialist organization that sprang up from the Occupy Wall Street movement and works closely with the Atlanta chapter of America’s largest Marxist organization, the Democratic Socialists of America.

Source

In an email sent to supporters, the Party for Socialism and Liberation said:

A national housing rights campaign, Cancel the Rents, will hold a protest rally to defend the federal eviction moratorium that was extended by the Biden administration on Wednesday. The Alabama Association of Realtors is the site of the protest because the AAR filed suit in federal court to try to overturn the moratorium. Over 15 million people are threatened with losing their homes from evictions or foreclosures.

Cancel the Rents is a nationwide movement that was initiated at the start of the 2020 pandemic to demand that the U.S. government cancel the rents and mortgages, and stop all evictions and foreclosures. Over the past year, it has organized several national days of actions in coordination with 50+ cities—including monthly car caravan protests.

Cancel the Rents organizer Estevan Hernandez said, “The Biden administration established a new moratorium under pressure from the millions of people who supported Cori Bush’s sit-in protest at the Capitol. The new moratorium is a victory but needs to be expanded to include the cancellation of rents and mortgages—including accumulated debt. The right to survive is more important than the protection of ‘private property’”.

“Real estate developers and large landlords are poised to reap profits through mass evictions, and millions risk being tossed in the street permanently. The two-month extension buys us some time. We will not sit by and allow this. We will mobilize others to fight back.

“All the housing and tenants rights organizations are working nationwide to build a movement to win housing justice!”

Radical leftist organizations believe the government should provide housing for all. The pandemic has presented an unprecedented opportunity for communist agitators to put a further wedge between landlords and their tenants and ultimately strip citizens of the American dream of home ownership.

The left seeks to bring down “capitalism.” Every action they take is motivated by discrediting “capitalism” to pave the way for socialism.

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SEE ALSO: https://www.frontpagemag.com/fpm/2021/08/bidens-cdc-orders-new-unconstitutional-eviction-joseph-klein/