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Costs Mounting for Homebuyers

Appraisal Buzz

Since launching in 2017, Clever has reached $11.4 Louis-based real estate company, homebuyers spend an average of $31,975 in homebuying expenses, such as closing costs, repairs, and moving, in addition to their down payment. home ($501,500) adding $75,255, the upfront cost totals a staggering $107,230.

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Could renovated foreclosure resales help solve the nation’s increasingly complex affordable housing puzzle?

Housing Wire

In 2021, McCormick resold two renovated properties that she originally purchased at foreclosure sale on Auction.com in her hometown of Dayton, Ohio. Most of the renovated foreclosure resales came from local community developers like McCormick who sell a handful of renovated foreclosures a year in communities they care about. “I

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Congress should adopt mortgage interest tax credit: CHLA

Housing Wire

The Community Home Lenders of America (CHLA) is calling on both houses of Congress to adopt a mortgage interest credit as the 2017 Tax Cuts and Jobs Act (TCJA) is currently set to expire in 2025. The 2017 law also made interest from home equity loans non-deductible except for when the money is applied to home improvements or renovations.

Mortgage 497
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Affordable housing inventory is limited due to foreclosure prevention efforts

Housing Wire

Once the transfer of ownership occurs at foreclosure auction, a distressed property can be renovated and returned to the retail market as affordable housing for homeowners or renters. “[I My renovated homes are] reducing the number of rental properties , which in our town has become a source of demise.”

Inventory 435
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American Pacific Mortgage names Bill Lowman chairman of the board

Housing Wire

Lowman has been with the lender for more than 21 years starting from managing a founding branch to being promoted as president in 2004, CEO in 2017 and vice chairman earlier in 2023. “I I look forward to driving APM forward in the new year and turning the challenges into opportunities in 2024 and beyond,” Lowman said.

Retail 448
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Hometap reaches $1B in home equity investments 

Housing Wire

Boston-based fintech company Hometap has deployed more than $1 billion in home equity investment (HEI) products since its launch in 2017, the company announced on Tuesday. And it boasts a home renovation calculator and home service offerings from Hometap’s partner network.

Investing 422
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Redwood Trust finalizes acquisition of lender Riverbend 

Housing Wire

Over the last 12 months, Riverbend [founded in 2017] has originated over $1.0 Riverbend offers financing to veteran real estate investors who acquire residential and multifamily transitional properties with plans to renovate and sell them. It also serves professional developers of multifamily properties.

Finance 418