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Illegal immigration could drop home prices

President Donald Trump signed an executive order Tuesday that directs his administration to enforce immigration laws more aggressively.

This new order could lead to a much higher rate of deportations in the coming months. One article by Prashant Gopal for Bloomberg points out this could lead to a cool-down in home prices.

“If Trump gets the immigration plan he wants, the housing market will get hit harder than any other,” said Alex Nowrasteh, a policy analyst for the libertarian Cato Institute. If “millions of people get deported and more people don’t come in to take their place, then you’ll have downward pressure on home prices, especially in urban areas.”

The immigrant housing market is often underappreciated, in part, because undocumented workers and the companies that cater to them sometimes like to fly below the radar.

Trump’s order announced it would not target immigrants under the Deferred Action for Childhood Arrivals, however even DACA immigrants are now struggling with the idea of homeownership.

From the article:

Even immigrants who marry U.S. citizens are losing faith. The 36-year-old Brazilian nonprofit executive, whose husband is an American, is six months away from a permanent green card, one step behind citizenship. After the travel ban and the ensuing chaos, she abandoned plans to bid on a Maryland home only a 15-minute drive from her office.

“I just don’t want to take my life savings and commit to a house because even if things go my way with the green card, what if the climate here continues to get more and more aggressive toward immigrants?” said the executive, who is working with real estate brokerage Redfin.

Public letter to Berkshire Hathaway shareholders

Every year billionaire investor Warren Buffett releases an annual letter to Berkshire Hathaway shareholders, unraveling the inner workings of his conglomerate’s performance, including its stake in the housing affordability crisis.

The public letter gives insight into a company that’s far from easy to become a shareholder in. At time of publication, Yahoo! Finance valued a share of Berkshire Hathaway at $255,980.

Aside from his acclaimed investment advice highlighted here in an article in Quartz by Ashley Rodriguez, the 29-page document also details the status of Clayton Homes.

Clayton Homes specializes and receives most of its revenue from the sale of manufactured homes. However, Buffett noted that it derives the bulk of its earnings from its large mortgage portfolio.

According to the letter, last year, Clayton became America’s largest homebuilder, delivering 42,075 units that accounted for 5% of all new American homes.

While the company did branch out in 2015 and purchase its first site-builder, Clayton’s focus will always be manufactured homes.

For added context, a lot of other large builders produce more dollar volume than Clayton since site-built homes command much higher prices.

However, it’s manufactured homes that are significantly helping America’s affordability crisis.

An article in Bloomberg by Patrick Clark stated last year that despite the negative stigma that surrounds mobile homes, it doesn’t mean the manufactured houses don’t have a role to play in the housing process, especially when it comes to affordability.

The article stated, “While mobile homes often make the most sense in sparsely populated areas, there’s no reason they can’t be used to increase the stock of affordable housing in U.S. cities.”

According to Buffett, manufactured homes account for about 70% of new American homes that cost less than $150,000, and Clayton manufactures close to one-half of the total.

The focus on the low-cost homes does come with side effects though.

The letter stated that last year Clayton had to foreclose on 8,304 manufactured-housing mortgages, about 2.5% of its total portfolio, attributing the data to customer demographics.

To help put this in perspective, according to the December 2016 National Foreclosure Report released by CoreLogic, foreclosure inventory sat at 0.8% of all homes with a mortgage in December 2016.

“Clayton’s customers are usually lower-income families with mediocre credit scores; many are supported by jobs that will be at risk in any recession; many, similarly, have financial profiles that will be damaged by divorce or death to an extent that would not be typical for a high-income family,” the letter stated.

“Those risks that our customers face are partly mitigated because almost all have a strong desire to own a home and because they enjoy reasonable monthly payments that average only $587, including the cost of insurance and property taxes. Clayton also has long had programs that help borrowers through difficulties,” it continued.

Last year about 11,000 borrowers received extensions, and 3,800 had $3.4 million of scheduled payments permanently canceled by Clayton.

Home Loans expands into Texas

Recent reports from the Texas Association of Realtors and Fitch Ratings call out how hot Texas real estate right now, as more homes were sold last year than ever before in Texas.

Fitch’s report notes that Dallas housing is so hot right now that it’s bordering on overheating.

Seeking to strike while the iron is hot, Embrace Home Loans announced this week that it is expanding into Texas and opening its first office in the state.

Embrace Home Loans, a mortgage lender that currently has more than 80 offices and is licensed in 46 states plus Washington, D.C., said that its first Texas office will be located in Frisco, a northern suburb of Dallas.

The office will serve Dallas, Ft. Worth, and all the surrounding suburbs, the company said.

“For more than 30 years, Embrace Home Loans has been a trusted mortgage provider throughout the east coast. Because of their solid reputation, they are ideal for the Texas market,” said Billy Holloway, branch manager for Embrace Home Loans’ Frisco office.

“As the demand for home financing strengthens, we’re ready to support the lending needs of individuals and families in Frisco as well as the surrounding communities,” Holloway continued. “We look forward to not only offering a best-in-class mortgage experience for our clients, but we’re also thrilled to be a part of the Embrace team.”

Jeff McGuiness, chief sales officer at Embrace Home Loans, said that as Texas housing continues to strengthen, borrowers will need a “trusted” option for their mortgage loan.

“Adding the right talent to support those markets is essential, and we’re confident Billy and his team will be an outstanding addition to our organization,” McGuiness said. “His customer-centric approach aligns with Embrace’s commitment to provide superior service to our clients, and we believe he will not only greatly support the needs of those in Texas, but also exceed our goals for years to come.”

Make Sure You’re Going To Have The Right Training For The Job

When a person would like to get a brand new occupation, it really is vital for them to have the proper instruction. This might not just enable them to perform the job, it will also help them to find the job initially. Businesses are always going to choose a person who has the right instruction over a person that doesn’t have any kind of instruction as it lets them make sure the member of staff will be all set to start working. Someone that wishes to work with injection molding will probably desire to look into the injection molding classes before they’ll begin applying to work opportunities.

Even if a person has exposure to injection molding, they’re going to wish to ensure they will have certificates that display they have learned precisely how to do it appropriately, fully grasp the safe practices issues, as well as are prepared to start working for the business. They can enroll in a few of the scientific molding seminars to be able to get started. This enables them to discover much more with regards to the industry and assures they’ll have a certificate to display prospective businesses that illustrates precisely what they currently know ahead of applying for the position. An individual with certificates such as these is going to have an improved probability of obtaining the career they want.

The individual may desire to sign up to the injection molding seminars and also acquire more information about exactly what they are going to include. This enables them to ensure they’re joining the proper seminars to be able to further their own expertise and to be able to help make sure they really are prepared for the occupation they’ll want. They might wish to find out if a business requires a particular course or perhaps take as many as feasible in order to learn just as much as is possible. Individuals who have much more training have a greater chance of getting the career than a person who has only attended one course.

If you might be prepared for a position working with injection molding, you are going to desire to examine the obtainable courses now. Have a look at PaulsonPlasticsAcademy.com to understand a lot more regarding your choices along with to be able to be sure you’ll locate the correct classes for your requirements. This is going to do a great deal to be able to help you find the job you are going to desire.

Producing Money From Property is Simpler

If you are searching regarding a means to make a modest extra income right away, there are a number associated with items which can be done without having a great deal of effort. Take a look around your home. Consider whether you will find things that you are not using. In the event that these things continue to be in good condition, it may be very easy to sell all of them. The actual internet is a very useful resource in terms of advertising things that have to be distributed.

So many people are utilizing their blog abilities in order to make some extra cash. If you have a post that a person could be curious about reading, just discuss it all. It really is surprising to know of how much cash can be created by merely doing a standard blog. If you are one who likes making crafts, just sell these on the internet. Many people are searching for homemade products however they don’t have the time or perhaps talent to be able to generate all of them.

Additionally it is a good idea to answer research on the internet. Frequently, you possibly can make a few extra dollars just by providing your view. Trading stocks is another fantastic way to make a lot of money without the need of doing lots of work. Nevertheless, it is important to be mindful along with the method that you commit. Spend some time to see this website and browse their explanation on the way to create extra cash from home.

Tactics To Generate Money Coming From A Hot Blog Site

Monetizing a site that currently features a adequate volume of traffic might be a fantastic means in order to generate a second income. There are a few tactics a web marketer can make use of that can turn their well-liked blog to a funds creating web site that can make funds for them without having to perform any extra work. The easiest way of monetizing a blog is using Ad sense. All which is essential to achieve this is usually to insert a little program code into the site. Other methods require far more work but additionally they have got a higher potential for reward. Sponsored posts may make a ton of money. It’s critical for anybody who employs this particular idea from techinasia to reveal that they are compensated for the post to their viewers. It’s equally important to be honest when the post requires an assessment of a product or service or chance dropping trustworthiness with readers. Internet affiliate marketing is a very rewarding approach to generate income with a site. Marketers can see more here about this method that involves offering other people’s items for the part of the revenue. Successful Online marketers have a tendency to like active bloggers with a big target audience with regard to their affiliate programs however new business owners may love to have a small blog proprietor for his or her affiliate program.

Consider Moving Your Organization for a Easier Journey

As a business owner, you’re totally mindful of the importance of accomplishing anything a possibility to find clients. Occasionally, which means that transferring is required. If it is the case, it is certainly the perfect time to complete a little of study and find the ideal MN commercial real estate for lease. Carefully consider exactly where your very best clients are located.

Talk with someone through JGM Properties commercial real estate now. They will review your unique predicament then assist you to decide just where is definitely the best place to move. There is a variety of good leasing premises readily available. Look at commercial real estate for rent within a easy location now. In case you are thinking about relocating to another county, you should know the laws in various places. It’s also helpful to know more concerning the various tax possibilities within other places.

You definitely don’t wish to find out the hard way after deciding upon a lease on the piece of Minnesota commercial real estate. Browse the different real estate options online today. Discover more about what they will provide after which go ahead and arrange an appointment to begin going for a visit. You are going to be very impressed with the nice places where can be ideal for nearly any kind of business enterprise.

Evidently, you are taking the leap regarding confidence within transferring this company. It feels right to use somebody to assist as much as possible. A real estate agent can tell you all sorts of things and ensure you understand exactly what can be expected. At the same time, get started figuring out how much cash you will be charged for you to transfer. Usually have plenty of money set aside just in case for any unexpected expenditures. Keep in mind, a house supervision firm is probably going to be now there to aid out there until you will be established into the brand new site. Evidently, this business is your most valuable property. It makes sense to utilize extreme care as much as possible. Set up a consultation today and then a person shall be available to help you cope with this.

Surpasses expert expectations yet again

Existing home sales started out fast in 2017, reaching a recent cyclical high and increasing to the fastest pace in nearly a decade, according to the new report from the National Association of Realtors.

Total existing home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.3% in January to a seasonally-adjusted rate of 5.69 million. This is up from 5.51 million sales in December, and up 3.8% from last year’s 5.48 million, marking the highest rate since February 2007’s 5.79 million.

“With the exception of an unusually harsh and wintry December, existing home sales have now strongly beat expectations in four out of the past five months, as buyers took advantage of slightly better weather and slightly lower mortgage interest rates in January,” Zillow Chief Economist Svenja Gudell said.

These sales gain signals resilience among consumers even in a rising interest rate environment, according to NAR Chief Economist Lawrence Yun.

“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home,” Yun said. “Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate and deteriorating affordability conditions.”

Home prices continue to rise for all housing types, hitting $228,900 in January. This is up 7.1% from last year and the fastest price increase since last January. It also marks the 59th consecutive month of year-over-year gains.

“While strong price gains are positive for owners of homes, and help to reduce the number of homeowners who owe more on their mortgage than the market value of their home, it is a negative for affordability.” Nationwide Chief Economist David Berson said. “We have concerns that continued supply constraints in the housing market will allow outsized house price gains again in 2017, especially hurting potential first-time homebuyers.”

But as home prices increase, housing inventory remains down 7.1% from last year’s 1.82 million, marking the 20th consecutive month of annual declines. However, inventory increased 2.4% from December to 1.69 million in January. Inventory remains at a 3.6-month supply at the current sales pace, unchanged from December.

Record sales and home prices

It was another record-setting year for Texas real estate, as home sale and home prices both hit all-time highs – for the second year in a row.

According to a new report from the Texas Association of Realtors, there were more homes sold in the Lone Star State in 2016 than in any other year, eclipsing the previous high, which stood for all of one year.

And one might think that a decrease in home prices drove the increase in home sales volume, but it was just the opposite.

The Texas Association of Realtors report also shows that home prices in Texas also reached a new all-time high in 2016, also surpassing 2015’s previous record total.

According to the report, home prices in Texas increased at a steady pace throughout 2016, with the median price rising 7.7% from the previous year, to $210,000.

At the same time, Texas also saw continued growth in home sales volume during the year, which climbed 4.6% to 324,924 homes sold in 2016.

“Strong gains in end-of-year home sales activity were a key factor in making 2016 another record year for Texas real estate,” said Vicki Fullerton, chairman of the Texas Association of Realtors. “Last year’s record home sales activity was fueled by the momentum of multiple years’ strong job and population growth across the state, despite the fact that Texas job and economic growth began to slow in 2016.”

But as the report notes, the forecast for Texas housing in 2017 is not quite as rosy as the previous years, thanks to decreasing inventory, as well as those rising prices, and the state’s rapidly rising property taxes, which are significantly impacting affordability in the state.

“Rising home prices and skyrocketing property taxes are driving up the cost of homeownership at an alarming rate,” Fullerton added.

“Growth in property values makes homeownership a strong investment, but must be balanced by lower tax rates so that Texans are not being forced out of their homes,” Fullerton continued. “The Texas Association of Realtors urges state legislators to pass legislation that ensures an honest and transparent conversation occurs at the local level if more tax revenue is needed and gives property owners the right to decide when their tax rates should be raised.”

As the report also notes, there is not a significant amount of available inventory on the market, which also impacts affordability.

According to the report, Texas’ low housing inventory level remained consistent with the prior year, ending at 3.3 months of inventory in December 2016.

Selects six programs for grants

JPMorgan Chase announced it is committing $1.2 million to the ongoing revitalization of Detroit’s neighborhoods, giving grants to six different community development programs.

The once booming city still struggles to recover from the financial crisis, even though it posted huge leaps in economic growth. Since it fell so low, there remains a long way to go in order to be healthy again.

As part of JPMorgan Chase’s $100 million commitment to the city, the six programs support recovery in housing development, blight removal, new business creation, parent education, and neighborhood beautification projects.

More specifically, the new grants will support Southwest Housing, Vanguard Community Development Corp., Grandmont Rosedale Community Stabilization Program, Eastside Community Network, Michigan Community Resources, and Community Development Advocates of Detroit.

“These targeted efforts provide Detroiters with the local resources they need to invest in the future of their own neighborhoods and create more widely shared prosperity,” said Janis Bowdler, head of community development initiatives, JPMorgan Chase.

“By investing in these programs, the quality of entire neighborhoods can improve as housing prices stabilize, blighted homes are removed or renovated, and education programs offer residents the support they need to own a home,” continued Bowdler.

The city is steadily improving though, continuously ranking in the top 20 for hottest housing markets. According to the latest ranking list from realtor.com, Detroit is the 15th hottest housing market in the nation.

And JPMorgan isn’t the only banking helping fuel the Motor City’s recovery.

Quicken Loans has become an integral part of the city’s recovery since moving its headquarters there in 2010. The company’s revitalization efforts include investing more than $2.2 billion to purchase and renovate more than 95 commercial properties, accounting for more than 15 million square feet in the city’s urban core.

“There is a lot of work yet to do, but Detroit is on the road to recovery.  By investing in programs like this that make a real difference to our neighborhoods, we are seeing progress accelerate,” said Detroit Mayor Mike Duggan on the JPMorgan news. “Neighborhoods like the North End and Michigan-Livernois are getting better because of the programs JPMorgan Chase is supporting and the great work of our community partners.”

Deadlines spur action

A favorite saying of mine is “deadlines spur action,” and in the case of our Rising Stars awards program, it’s proving true.

Quite a few of you are waiting until the last minute to get your nominations in.

And hey, we get it.

There’s a lot going on around in the world and in the office these days.

So you might be a little crunched for time when it comes to submitting your entry for Rising Stars, hich honors the next generation of leaders in lending, servicing, investments, and real estate.

And maybe that’s stressing you out, especially considering the deadline to enter is TODAY.

Or is it?

We’ve heard from quite a few folks that are feeling the pressure of that impending deadline, and we feel you. We get it.

And we’re not monsters around here. We’re here for you.

We’re here to help.

So, in that spirit, HousingWire is extending the deadline for entering our Rising Stars award program until Sunday night at midnight.

Yep, you now have all weekend to get your entry in.

But that’s it.

If you don’t make it in by Sunday night, then you’re not in.

Afraid of missing out? Well, you now have two more full days (plus the rest of Friday) to get your entry in.

For more information on the program, click here.

And get to work on those entries. That new (and final) deadline is just two days away.

So get to it!