Monthly Archives: April 2014

Phishers Divert Home Loan Earnest Money By Altering E-mails

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“Real estate and title agencies are being warned about a new fraud scheme in which email bandits target consumers who are in the process of purchasing a home.  An alert sent by First American Title to its agents.  In this scheme, the attackers intercept emails from title agencies providing wire transfer information for borrowers to transmit earnest money for an upcoming transaction. The scammers then substitute the title company’s bank account information with their own, and the unsuspecting would-be homeowner wires their down payment directly to the fraudsters.  This scam was laid out in an alert sent by First American Title to its title agents.”

http://krebsonsecurity.com/2014/04/phishers-divert-home-loan-earnest-money/

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12 Detroit Houses Demolished Accidentally, Including Couple’s [2013]

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“The couple had purchased a dilapidated two-story townhouse in Detroit (pictured at left) for $500 at a tax auction in October 2012. But weeks later, when they drove to the home on the city’s east side to get measurements for boards that they were planning to have installed, the couple was shocked to discover that their house was nothing but ‘a pile,’ Diven told The Detroit News. And their house wasn’t the only one: 11 other properties, which had been purchased by a local investor, were also demolished.  It was a mistake made by the state’s Land Bank Fast Track Authority — who had demolished all 12 properties as part of a program to eliminate blight near three local schools.”

http://realestate.aol.com/blog/2013/01/11/detroit-houses-demolished-accidentally/

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$1M in forgivable loans offered to rehab seized Marygrove homes

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“Talmer Bank is committing up to $1 million in forgivable loans for people who commit to buying homes in an area south of Marygrove College in Detroit in upcoming auctions.  The individual loans from Troy-based Talmer Bank require that the recipient live in the home and would be up to $25,000, with $5,000 of the loan forgiven for each year the owner stays in the home, up to five years total. The money could be used to rehabilitate or renovate homes in the neighborhood.  The administration will target the owners of 79 abandoned homes that are still in good condition in a west-side Detroit neighborhood as it begins going after negligent landlords who leave houses to rot in a city flush with blight.”

http://www.freep.com/article/20140409/NEWS01/304090028/Detroit-blight-Mike-Duggan

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Detroit Is Auctioning Off Incredible Old Homes For $1,000

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“A new program introduced by Mayor Mike Duggan Monday addresses one of Detroit’s largest problems — thousands of vacant and blighted houses — by auctioning off some of the nicest ones to people who want to live in a Detroit neighborhood.   The catch? Unlike the thousands of properties in the county’s foreclosure auction each summer, a winning bidder in the Building Detroit auction must agree to bring the home up to code within six months, and then actually live in it.  Building Detroit is restricted to Michigan residents, companies and organizations who have not already lost a property due to back taxes in Wayne County in the last three years.”

http://www.huffingtonpost.com/2014/04/14/cheap-detroit-houses-auction_n_5148152.html

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Want to make money as a landlord? Try Detroit

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“Want to make money as a landlord? Consider Detroit… seriously. Real estate investors are flocking to the city — not only to take advantage of some of the best deals in the nation, but also because occupancy rates are soaring and so are rents.  In fact, after comparing the median sales price of homes to average monthly rents in nearly 1,600 counties, RealtyTrac found that Detroit’s Wayne County offers landlords the best return on their investment in the nation.  Investors who buy homes in the metro area can expect a 30% gross annual return from rents. That’s triple the national average of 10%.  One of the reasons is the ultra-low prices investors pay for rather sizable homes.”

http://money.cnn.com/2014/04/16/real_estate/detroit-landlord/

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Loan Program For Investors With More Than 4 Properties Financed

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“In 2009, Fannie Mae rolled back a mortgage rule that prevented real estate investors from financing more than 4 properties at once. At the time, investors were limited to 4 properties financed, which included their primary residence.  Today, the maximum number of allowable, simultaneously financed properties is 10. You wouldn’t know it, though — few banks actually offer the program.  This article describes how to get a mortgage if you have 5-to-10 homes in your portfolio.  So, why don’t all banks participate in the 5-10 Properties Financed program? The probable answer is that underwriting a 5-property-owning investor’s mortgage application can be very hard work.”

http://themortgagereports.com/7395/the-5-10-properties-program-is-for-investors-with-more-than-4-properties-financed

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Looking to play the rental market? Blackstone wants you

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“After investing close to $7 billion in rental properties through its Invitation Homes unit, Blackstone is offering cash to smaller investors wanting to get into the game. The firm is in the closing process on the first deals.  Blackstone is originating loans of $500,000 to $50 million to small and midsize investors buying a minimum of five single-family rental properties. Each home must be worth at least $50,000, and Blackstone will do a lot of homework, using local appraisers to determine if the property’s cash flow covers the debt service.  Though large investors have poured $14 billion-plus into the single-family rental market recently, they represent only about 2 percent of property owners.”

http://www.cnbc.com/id/101276543

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Housing in U.S. Cools as Rate Rise Hits Sales: Mortgages

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“After a roller-coaster decade of boom-bust-boom, the U.S. housing market is going downhill just when many economists thought annual sales would be heading up.  Sales of previously owned properties in March tumbled 7.5 percent from a year earlier to the slowest pace in 20 months, while purchases of new houses sank 14.5 percent from February, according to reports this week. Mortgage applications to buy homes plunged 19 percent from a year earlier, indicating slowing demand during what is typically the busiest season for deals.  Mortgage interest rates are rising from record lows as the central bank withdraws its stimulus, and investors are now retreating.”

https://www.bloomberg.com/news/2014-04-25/housing-in-u-s-cools-as-rate-rise-hits-sales-mortgages.html

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Argentina to receive $1 bln loan from Goldman Sachs, says newspaper

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“Argentina is closing in on a deal to receive around $1 billion in loans from investment bank Goldman Sachs and is in talks with other international banks about similar deals, local newspaper Pagina/12 reported on Sunday.  The paper, which has close ties with the government of President Cristina Fernandez, said the two-year loan would be announced in the next few days and carry an annual interest rate of 6.5 percent.  It would be the first time in more than a decade the country has received a substantial loan from international creditors and comes as the government seeks cash to avoid a further devaluation of the peso.  The Economy Ministry did not provide immediate comment on the report.”

http://www.reuters.com/article/2014/03/30/argentina-debt-goldman-idUSL1N0MR09W20140330

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Argentina’s Bond Yields Lure Back Buyers [March 2014]

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“Since the beginning of February, U.S. dollar-denominated bonds issued by Argentina’s government and companies have returned 12.7% to investors.  Some investors say they are encouraged by the steps Argentina has taken to shore up its finances, following the government’s decision in January to devalue the peso and raise interest rates amid increasing concern that the nation won’t be able to pay its debts.  ‘There’s a window of opportunity to invest in Argentina,’ said Pierre-Yves Bareau, global head of emerging-market debt at J.P. Morgan Asset Management, which oversees $1.5 trillion and has boosted its holdings of Argentine dollar bonds this year.”

http://online.wsj.com/news/articles/SB10001424052702304026304579449283459471874

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