In the aftermath of the financial crisis, large private equity firms spent tens of billions of dollars buying foreclosed homes across the United States to operate them as rental properties.
Now some of those same firms are providing loans to smaller investors seeking to do much the same.
Three big private equity firms — the Blackstone Group, Colony Capital and Cerberus Capital Management — are betting that so-called landlord loans to small and midsize investors will become the next big opportunity to profit from the rebound in the United States housing market. The private equity firms are providing financing indirectly to hundreds of real estate funds buying single-family homes, something that until recently was not widely available. Read More
With rent and home prices fast rising, renters are paying their Orlando landlords an average of about a third of their monthly income, according to a new report by Zillow.
Long considered one of the more affordable markets in the country, Orlando renters now spend a greater share of their income to rent than the national average. Historically, Orlando-area renters spent 20 percent to 25 percent of their paychecks for rent.
The Ohio Civil Rights Commission has filed a lawsuit on behalf of the Fair Housing Contact Service against an Akron property owner accused of refusing to rent housing to families with children younger than 6.
John Gourley of Akron, owner of Fleetwood Properties, published an advertisement that appeared to limit the family makeup of prospective renters. Read More
DELTONA — Landlords who complained about a new ordinance regulating rental properties got what they wanted Monday night. The City Commission unanimously repealed the higher standards — including inspections and fees — on homes for rent.
The ordinance was one of three aimed at fighting blight in a city where the percentage of rental homes has grown since the Great Recession and housing crisis pushed thousands of Deltona homes underwater or into foreclosure. Read More
The U.S. Midterm Elections have been over for less than a week, and already Democrats are circling the wagons to protect what will certainly be a top priority on the Republicans' list of changes to make – the Consumer Financial Protection Bureau (CFPB).
Republicans have hinted, some not-so-subtly, that the Bureau is in need of reform, and they intend to do just that now that they have a majority in both the House and the Senate. It is widely speculated that financial regulation overhaul, which includes the CFPB and the Dodd-Frank Wall Street Reform and Consumer Protection Act, along with Obamacare will be two issues Senate Majority Leader Mitch McConnell (R-Kentucky) and Senate Banking Committee Chair Richard Shelby (R-Alabama) will go after first when they take their new seats in January. Read More
The number of seriously delinquent mortgage loans, which are those that are more than 90 days past due or in foreclosure, dropped nationwide by 21 percent year-over-year in September, according to CoreLogic's September 2014 National Foreclosure Report released on Wednesday.
While the number of seriously delinquent mortgages continues to decline, CoreLogic's chief deputy economist, Sam Khater, said that the rate of decline has slowed; every month from October 2013 to July 2014, serious delinquencies declined nationwide by at least 25 percent with a high of 25.9 percent in June 2014, according to CoreLogic. Read More
The Federal Open Market Committee (FOMC) of the Board of Governors of the Federal Reserve System announced today that its asset purchase program, known as QE3 (quantitative easing), will end this month, citing sufficient economic growth.
Following months of speculation of the end of the program, Fed made the announcement in today's FOMC statement, following the FOMC's seventh of eight meetings this year. Unlike the Fed's first two QE programs, which were launched in 2008 and 2010, QE3 allowed for the unlimited purchase of mortgage-backed securities; the Fed planned to continue the stimulus program until the economy was deemed healthy enough. Read More
Short sales and sales of distressed properties (those that are in foreclosure or bank-owned) accounted for 12.7 percent of all residential home sales in the U.S. in the third quarter, their lowest level since Q1 2011, according to RealtyTrac's Q3 2014 Residential Sales Report released today. The report marks the latest in a series of encouraging signs suggesting that the housing industry is continuing its steady climb towards a full recovery. Read More
EAST PRICE HILL, OH - A Cincinnati landlord has reached a settlement with the federal government to remove lead from more than 200 rental units. Most of those units are scattered over East Price Hill, but the government says tenants were not told their homes may contain the dangerous material.
Under the settlement Meyer management has to clean up lead-based paint hazards in 136 properties. That's $350,000 in lead abatement work plus the company has to pay $7,500 in penalties. FOX19 NOW reached out to the owners of Meyer Management. They declined to go on camera, but say they give every tenant a copy of a lead information pamphlet published by the EPA and there is a lead disclosure clause in every tenant's lease. Read More