Real Estate and foreclosure thread

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Powell raises rates and we will watch one hell of a collapse.
 
searcher said:
Update

Real estate agents from major brokerages arranged questionable property deals around Temple University​

More than two dozen Philadelphia-area real estate professionals helped arrange $45 million worth of questionable deals around Temple University in which student rentals that had sat on the market for months abruptly sold for about double their asking prices, an Inquirer investigation has found.

In 52 settled or still-pending sales over roughly the last year, apartment buildings were listed for sale at an average price of $450,000, but found no takers. Within days of being re-listed for a higher price, the same properties sold for as much as $905,000 — at least on paper — to buyers who took mortgages that far exceeded the original asking price.

More:

https://www.msn.com/en-us/money/rea...emple-university/ar-AA1Vnj6Z?ocid=socialshare
Click to expand...

2nd update

Mounting foreclosures around Temple U spotlight questionable real estate deals​

A potential wave of foreclosures has begun near Temple University after some buyers who paid tens of millions of dollars in inflated real estate deals — at least on paper — stopped making mortgage payments.

Students and other renters in those properties could be caught in the fallout amid growing concerns of a possible mortgage-fraud scheme involving dozens of buildings in North Philadelphia.

The foreclosures, now moving through Philadelphia’s Court of Common Pleas, include two buildings on the 1800 block of North 18th Street, as well as properties on Willington Street and North Park Avenue, encompassing at least 11 apartments and 33 bedrooms.

More:

https://www.msn.com/en-us/money/rea...eal-estate-deals/ar-AA204jLU?ocid=socialshare
 
  • Home buyers in the first quarter were more concerned about the economy and mortgage rates than they were about home prices, according to the CNBC Housing Market Survey.
  • The average rate on the 30-year fixed mortgage hit a low of 5.99% the day before the Iran war started and is now hovering around 6.5%.
  • Affordability is not improving as much as most experts had forecast, which means buyer demand is dropping and homes are sitting on the market longer.
www.cnbc.com

Iran war upends spring housing market. Here's what real estate agents are seeing

Home buyers in the first quarter were more concerned about the economy and mortgage rates than they were about home prices, CNBC's Housing Market Survey found.
www.cnbc.com www.cnbc.com
 

To afford a four-bedroom house in West Chester, they moved in with their parents | How I bought this house​

The buyers: Chris Payne, 35, marketing director; Tessie Payne, 35, physical therapist

The house: A 2,185-square-foot colonial house in West Chester with four bedrooms and three baths built in 1986.

The price: Listed for $749,900; sold for $781,000.

The agent: Alison Simon, Keller Williams

The ask: Chris and Tessie Payne’s Manayunk rowhouse was the perfect starter home. It had a backyard for the dog. It was close to Main Street. But at 1,200 square feet, with only one bedroom and one bathroom, it was cramped. “We were always on top of each other,” Chris said. The couple wanted more space, so they put their home on the market and began searching for a bigger home in fall 2024.

More:

https://www.msn.com/en-us/money/rea...ought-this-house/ar-AA20IgOi?ocid=socialshare
 
Voodoo said:
More details on just how bad Commercial Real Estate has been.

Downtown Baltimore CRE Crash Signals Deeper Fiscal Crisis Ahead<!-- --> | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com

4,085 out of 14,027 - saw their assessed values slashed on average by 28.7%.
Click to expand...
"A localized commercial real estate crash has been spreading through downtown Baltimore City's office market like cancer, with more than $1 billion in property value erased since 2020. The rapid decline of the commercial tax base in the downtown area is colliding with deep structural crises, including violent crime"

"While remote work is only part of the story, traders, wealth managers, and back-office staff at major financial institutions in the city are all saying the same thing: Baltimore's crime problem has become intolerable and is bad for business."

I can't imagine it is even worse. It has been bad for last couple of decades.
 
Here is a large Commercial Real Estate Fund that is Now Gating investors as well.

Sternlicht's Starwood Real Estate Fund Gates Redemptions<!-- --> | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com

" amid mounting pressure on its bet that the commercial real estate markets would quickly recover from interest rate rises in 2022 and 2023"

Highly paid idiots should have read PMBug thread. We could have set them straight.
 
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