HUD & Fidelity Ink $1 Million Agreement; Trends in Equity, Rent, and Where People Are Buying

I call home improvement projects ‘teaching my son to swear” jobs.” One group of folks not swearing are people in the residential lending industry – at least those who can handle the nearly overwhelming and overlapping myriad of rules. For me, April has included visits to Colorado, Kansas, North Carolina, Tennessee, Idaho, and Northern California. March and April were great months for many in terms of fundings, and the mood has been good, not great, as companies do their best to help their clients in spite of the palpable fear of making a mistake in a loan file.

The U.S. Department of Housing and Urban Development (HUD) announced a $1 million agreement between the Fair Housing Project of North Carolina Legal Aid and North Carolina-based Fidelity Bank to resolve allegations the mortgage lender engaged in unfair lending practices against minority applicants. Read the agreement.

For anyone who has been out of the

... read more at: http://www.mortgagenewsdaily.com/channels/pipelinepress/04252016-rent-increases.aspx

Home Sellers in U.S. Enjoy Highest Price Gains Since 2007

Home Sellers in U.S. Enjoy Highest Price Gains Since 2007

According to Irvine, Ca-based RealtyTrac’s March and Q1 2016 U.S. Home Sales Report,  U.S. home sellers in March on average sold for $30,500 more than they purchases for, a 17 percent average gain in price — the highest average price gain for home sellers in any month since December 2007 at the onset of the Great Recession.

Among 125 metropolitan statistical areas with at least 300 sales in March, home sellers realized the biggest average gains compared to purchase price in San Francisco (72 percent average gain); San Jose, California (60 percent); Boulder, Colorado (53 percent); Prescott, Arizona (51 percent); and Los Angeles (48 percent).

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Daren Blomquist

“Home sellers in many markets are now seeing average price gains close to or above what home sellers experienced during the last housing boom,” said

... read more at: http://www.worldpropertyjournal.com/real-estate-news/united-states/march-home-sales-report-q1-home-sales-report-realtytrac-home-price-gains-in-2016-median-home-price-april-2016-real-estate-news-housing-data-source-home-foreclosure-data-for-2016-9800.php

421 East Grand Ave., Unit 3D, Old Orchard Beach

OLD ORCHARD BEACH – Of the condominium developments that tower along and above East Grand Avenue, The SeaScape at Grand Beach is surely the most stylish and architecturally pleasing. Tucked just inside the Scarborough line, it’s also the condo building closest to Pine Point – an advantageous location. And SeaScape also offers the finest pool on the beach, a sands-and-seagrass-level beauty that seems to “bring the ocean in” through its wall of glass.

This oceanfront site is 1.5 miles from the Pine Point breakwater, and about the same from Old Orchard’s famous pier; i.e., this area of Grand Beach is as quiet as one can find. SeaScape’s being a gated community also enhances privacy.

The views – directly out to little Bluff and Stratton islands, northeast to Prouts Neck, and southwest to Wood Island Light – are as splendid as can be imagined. On the third level of SeaScape’s eight, this condominium

... read more at: http://www.pressherald.com/2016/04/24/421-east-grand-ave-unit-3d-old-orchard-beach/

New Hampshire’s Business News for April 21

A look at today’s top business headlines, including: Kinder Morgan suspends NED pipeline, Lawmakers seek Phillips Exeter probe, PillPack expands, Scribe Software moves, Plymouth State faculty vote for a union

Kinder Morgan suspends plans for NED pipeline The controversial Northeast Energy Direct pipeline won’t be coming through New Hampshire.  – KEENE SENTINEL

$300K grant will help Froling Energy expand A N.H. Public Utilities Commission grant of $300,000 to help Froling Energy expand its manufacturing facilities for precision dry wood chips has been approved by the Governor’s Council. – MONADNOCK LEDGER

PillPack expands to 80,000k square feet at Waumbec Mill Online pharmacy expects to add another 100 jobs in 2016. – N.H. BUSINESS REVIEW

Scribe Software moves to Manchester Millyard space Scribe Software has relocated its headquarters to a 23,000-square-foot space on the top floor of 150 Dow St. in the Manchester Millyard. – N.H. BUSINESS REVIEW

... read more at: http://www.nhbr.com/NHBR-News-Browser-April-2016/New-Hampshires-Business-News-for-April-21/

As sales boom, pot shops have become the new face of gentrification

It’s a cool, damp Saturday evening at 23rd Avenue and East Union Street, in Seattle’s Central District neighborhood. The tiny parking lot at Uncle Ike’s Pot Shop is packed to the gills.

The mostly young, mostly white patrons climb out of their cars, show their IDs to the bouncer, and slip into the glossy boutique. Inside, customers stock up on marijuana in almost every form imaginable: buds, joints, tinctures, elixirs, candies, breath mints, lip balm, and chocolates. There’s cannabis-infused body scrub, mango-flavored caramel chews, and gluten-free parmesan crisps. In the parking lot, next to a patio with mini cafe tables, an organic food truck serves vegan “fish” tacos and lentil-kale burgers.

Uncle Ike’s is one of Seattle’s most popular recreational marijuana shops. It’s got good prices, flashy decor, and, on occasion, a dapper, old-school van that shuttles customers to and from the hipster bars. But Uncle Ike’s is also

... read more at: http://grist.org/cities/as-sales-boom-pot-shops-have-become-the-new-face-of-gentrification/

Huge Vermont development plan alleged to be massive fraud

NEWPORT, Vt. – Their plans for a biomedical research plant, a hotel, an airport runway extension and big upgrades at two ski areas brought the promise of jobs to a remote area of northern Vermont that has some of the highest unemployment rates in the state.

Now, the two businessmen behind the sweeping developments stand accused of misusing more than $200 million of about $400 million raised from foreign investors “in Ponzi-like fashion.” The case has brought some of the development to a halt and left state officials who enthusiastically promoted the projects feeling betrayed.

“It’s a dark day for Vermont,” Gov. Peter Shumlin said in announcing the fraud allegations last week.

Last week, the federal Securities and Exchange Commission and the state accused Ariel Quiros of Miami, the owner of Jay Peak ski resort, and Bill Stenger of Newport, the resort’s president, of a “massive eight-year fraudulent scheme.” The court filings allege

... read more at: http://www.pressherald.com/2016/04/20/huge-vermont-development-plan-decried-as-massive-fraud/

Denver, Boulder hit record high home prices in March

Colorado’s northern Front Range has the hottest housing markets in the country, with four metro areas setting records last month for gains in home prices.

Denver, Boulder, Fort Collins and Greeley all saw the median price of a home sold climb to a new high in March. Only three other cities in the U.S. had that distinction.

“March was very much dominated by the Colorado markets,” said Daren Blomquist, a vice president with RealtyTrac, a real estate information provider in Irvine, Calif.

The double-digit home price gains have far outstripped income gains along the Front Range and can’t go on indefinitely, he said, adding that he expects a correction in the coming months.

Boulder, Denver, Fort Collins and Greeley were among only<p data-recalc-dims=... read more at: http://www.denverpost.com/business/ci_29790917/denver-boulder-hit-record-high-home-prices-march

Riverwalk Apartments Sells for $43.1M – Multi

Riverwalk Apartments, Eugene, Ore.

Riverwalk Apartments, Eugene, Ore.

Portland, Ore.—Local multifamily real estate investment firm HFO Investment Real Estate announced it has arranged the sale of Riverwalk Apartments, one of the newest and most expensive apartment communities in Eugene, Ore. The luxury multifamily asset was acquired for $43.1 million by Green Leaf Riverwalk of Danville, Calif.

The sale price of the 272-unit property equates to a price per unit of $158,456, or $205.21 per square foot. The seller was Alexander Loop LLC, owned by a partnership managed by Walter Bowen, CEO at BPM Senior Living Company.

Riverwalk Apartments was developed by Portland-based BPM Real Estate Group and completed in 2015. By 2016, the community was fully occupied.

Located at 470 Alexander Loop, Riverwalk Apartments offers studio, one-, two- and three-bedroom floor plans ranging in size from 486 to 1,985 square feet. It is conveniently

... read more at: https://www.multihousingnews.com/post/hfo-investment-real-estate-brokers-43m-multifamily-deal-in-eugene-msa/

U.S. Home Sellers in March 2016 Realized Highest Home Price Gains Since December 2007

IRVINE, CA–(Marketwired – April 20, 2016) – RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its March and Q1 2016 U.S. Home Sales report, which shows that U.S. home sellers in March on average sold for $30,500 more than they purchased for, a 17 percent average gain in price — the highest average price gain for home sellers in any month since December 2007 at the onset of the Great Recession.

The RealtyTrac Home Sales report is based on publicly recorded sales deeds collected and licensed by RealtyTrac in more than 900 counties nationwide accounting for more than 80 percent of the U.S. population.

Among 125 metropolitan statistical areas with at least 300 sales in March, home sellers realized the biggest average gains compared to purchase price in San Francisco (72 percent average gain); San Jose, California (60 percent); Boulder,

... read more at: http://www.marketwired.com/press-release/us-home-sellers-in-march-2016-realized-highest-home-price-gains-since-december-2007-2116689.htm