“Zombie foreclosures continue to be a mere blip on the radar screen – one of many measures of the overall strength of the U.S. housing market. After some worries about a rise in abandoned homes following the end of the COVID-era foreclosure clampdown, they remain an anomaly throughout most of the country…”  Said Rob Barber, CEO for ATTOM.

Click here to read the full report at ATTOM.

“Home prices and inflation continue to factor into the political agenda coming into the election season…Before accounting for inflation, home prices have risen over 1,100 percent since 1974, but have slightly more than doubled (111%) after accounting for inflation.”  Said Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices (S&P DJI).

Click here to read the full report at S&P Dow Jones Indices.

“Numerous states recognized the holiday in the 1880s, but it didn’t become an official national holiday until President Grover Cleveland signed it into law in June 1894.”

Hat tip to Reader’s Digest.

“Single-family rents have been bouncing around their pre-pandemic rate of growth of about 3% this year after growing by double digits for most of 2021 and 2022. At the end of 2023, they did slow to the mid-2% range…While single-family rents are increasing at a stable rate, median rent continues to rise and has increased over $300 over the past two years”  Said Molly Boesel, principal economist for CoreLogic.

Click here to read the full report at CoreLogic.

“Though gas taxes are intended to serve as user fees and pollution deterrents, they vary widely across states.”

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Click here to read the full report at the Tax Foundation.

“…so even though this new law was meant to protect the buyer, I am not sure that’s the case.” – Kathy Fettke

Click here to listen.

Do you have questions that you would like to have answered in the next NEO presentation?  Please submit your questions here.

Click here for more information about Local Market Monitor.

Click here to read the full report at the New York Fed.

Click here to read the full report at the U.S. Census Bureau.

In a classic federal government agency overreach, the twice-determined-as-unconstitutional CFPB has ignored history and the 10^th Amendment in order to weigh-in on an area of housing contracts reserved for the states and private contracts.

Contracts-for-deed, or land installment contracts, are common in many parts of the U.S., especially among the unbanked.  They are very common among the urban core and very rural residents.  In the early 20^th century this was the primary venue for many minorities, especially in the black community, to purchase a house as the federal government opposed minority housing financing – until the Supreme Court, which the CFPB ignores, put a stop to it repeatedly.

U.S. citizens would be far better served by a CFPB that performed actual reports and recommendations based upon state law to state-based consumer protection bureaus and legislatures rather than trying to subvert the 10^th amendment and take over private contracts for real estate in every state with one regulation – remember the recent Chevron Deference case?

As to the recommendation that the Truth in Lending Act (TILA) applies, it is interesting to note that CFPB relies on Dodd-Frank and the specifically the ‘systemic risk’ factor as a justification for application of TILA – especially when CFPB has already stated that individual buyers selling their OWN property do not constitute a systemic risk!

Finaly, the use of the term “balloon payment” loan as justification for and denigration of contract-for-deeds is highly misleading.  In fact, almost every commercial loan is a “balloon loan” in that the amortization is longer than the payment window.  For example, a property purchased with a 25-year amortization and a 5-year note – requires the creditor (bank) and debtor (purchaser) to revisit the loan in 5 years for a refinance or even a movement of the loan.  This is how Canada handles residential housing loans.  The denigration of this form of widely used loan speaks to the deceptive practice and effect of the CFPB on this effort.  Shameful.

Charles Tassell, COO, National REIA

Click here to read “CFPB Goes After Contract for Deed Agreements.”

The National Real Estate Investors Association (National REIA) is a 501(c)6 non-profit association that has been representing the real estate investing industry for 35 years.  With over 40,000 members and 120 local Chapters and affiliates, we are housing providers that help to rebuild communities, one house at a time.  We thank our industry partner Home Depot for their support.  To learn more visit www.nationalreia.org