The National Association of Hispanic Real Estate Professionals (NAHREP®) released the 2023 State of Hispanic Homeownership Report (SHHR) today, which examines the progress made in the last year toward the organization's mission of increasing sustainable Hispanic homeownership. the Hispanic homeownership rate grew to 49.5 percent, representing a significant milestone. Despite confronting what has been recognized as the most challenging housing market in terms of affordability on record, Latinos achieved a notable net gain of 377,000 owner-households, marking the largest single-year increase since 2005, spanning nearly two decades. Despite formidable obstacles such as soaring interest rates and dwindling housing inventory, resilience prevailed. Hispanic homebuyers demonstrated adaptability by relocating to more financially viable regions, leveraging co-borrowers in their financing arrangements, and capitalizing on specialized local programs, all contributing to realizing their homeownership aspirations. "The resilience and determination demonstrated by Latino homebuyers in 2023 are truly remarkable. Despite facing unprecedented market conditions, Latinos…
The Freddie Mac (OTCQB: FMCC) Multifamily Apartment Investment Market Index® (AIMI®) decreased in the fourth quarter of 2023, but increased over the full year, with the annual gain indicating that investment conditions were better in the fourth quarter compared with one year prior. With mortgage rates persistently high, AIMI fell nationally and in all 25 regional markets measured for the fourth quarter of 2023, as did net operating income (NOI) over the same period. Despite the fourth quarter dip, AIMI finished 2023 up for the year nationally and in the majority of regional markets.
“The end of 2023 was a tale of two directions for AIMI,” said Sara Hoffmann, senior director of Multifamily Research at Freddie Mac. “The index finished 2023 up overall for the year, but fourth quarter was down across the board. The market continues to adjust to the new reality of higher interest rates, which…
Cyber attacks have been an ongoing challenge for individuals and businesses over the years. Previously, they manifested through emails, Trojan horses, and various forms of malware that, upon infiltrating your computer via the internet, replicated themselves and replaced code within functional programs. Today, this threat continues to persist, posing a constant danger to both individuals and businesses.
But as digital technology has evolved at unprecedented rates, so too have cyber attacks and their complexities. Recently, I discussed how Ransomware has impacted many industries — most recently, the manufacturing industry. Ransomware attacks are a Hard Trend that is not slowing down anytime soon, as cyber criminals infiltrate organizational software and lock away vital information the company requires to operate. Frankly, it is unfortunate that when these cyber criminals demand compensation, or ransom, to return the information, including sensitive customer and client information as well as valuable data, many organizations simply buckle…
When you talk options, be sure your clients know the true cost of their choices. I have had a number of conversations recently where my clients have won deals because they put the client in a position to succeed by sharing the true cost of their choices. We spoke a few months ago as we approached the end of the year and I suggested you drive the conversation around getting into a home prior to the beginning of the year, and the increase in demand that often creates. Some shared, others didn’t. Those that did are seeing their clients in homes that they secured at prices that are significantly lower than they would be right now, as well as the cost of that home a few more months from now. It’s simple, supply/demand is in favor of the seller. When sellers are in control, the cost to buy is higher…
There are more homes for sale as spring approaches, and house hunters are hitting the pavement. Home touring activity is rising, and mortgage-purchase applications are up 11% this week. New listings rose 13% from a year earlier nationwide during the four weeks ending March 3, the biggest increase in nearly three years, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The boost in new listings helped bring the total number of homes for sale up 1.7%. Following eight months of declines, February is the first month the number of homes for sale has increased on an annual basis. This week’s pricing data also brings a few glimmers of hope for house hunters. Asking prices of new listings posted their smallest increase in roughly two months; additionally, 5.5% of home sellers dropped their asking price, on average, the highest share of any February since at least…
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The National Association of Realtors® thanked President Biden on Thursday for raising awareness of the affordable housing crisis during his State of the Union address. The following is a statement from 2024 NAR President Kevin Sears: “The lack of affordable housing supply is hurting the middle class and depriving first-generation and first-time homebuyers of the financial security that homeownership and the American Dream provide.
NAR first sounded the alarm on this issue with original research showing a nationwide shortage of 5.5 million affordable housing units. We commend President Biden’s commitment to an all-of-government approach to solve this problem. NAR has proposed and advocated for many of these proposals, which together would make serious headway toward fixing this crisis. Tax incentives can help close the affordable housing gap, and we are especially grateful for the President’s willingness to explore new tax measures. NAR also supports an all-of-the-above approach to this…
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