20 Years of home price changes in every city in the U.S.
Two Decades of Housing Prices
The interactive visual below ? created by Alison Young Global, using data from?Zillow?? is a comprehensive look at U.S. home price data over the past two decades.
At the turn of the century, the average U.S. home value was?$126,000. Today, that figure is at a record high?$259,000?? a 106% increase in just two decades.
Of course, the path from A to B was anything but linear with a financial crisis,?housing bubbles?in major cities, and now COVID-19, which is drastically altering market dynamics.
How has the housing market evolved, on a city-by-city basis?
TruHome Trucks Hitting the Road
We could not be happier with how our Logo looks on our trucks! Be on the lookout for us around Evansville and the surrounding areas! Please follow us on FaceBook!
Opportunity Zones & Funds: Aligning Public and Private Real Estate Capital
Opportunity zone funds (OZFs) can help the neighborhoods that need it most, while also providing significant tax benefits for investors.
An Opportunity Zone is a designation created by the Tax Cuts and Jobs Act of 2017 allowing for certain investments in lower income areas to have tax advantages. The purpose of this program is to put capital to work that would otherwise be locked up due to the asset holder's unwillingness to trigger a capital gains tax.
An opportunity zone fund (OZF) is an investment vehicle that provides tax benefits for private capital to help revitalize economically distressed communities. Both operating businesses and real estate are eligible for investment.
A Qualified Opportunity Zone Fund is any investment vehicle which is organized as a corporation or a partnership for the purpose of investing in qualified opportunity zone property (other than another qualified opportunity fund) that holds at least 90 percent of its assets in qualified opportunity zone property.
Many investor types may take advantage of opportunity zone funds:
- Corporations? Also includes partnerships
- Accredited investors? Defined as high net worth individuals, brokers, and trusts
- Nonresident foreign investors? Only on capital gains earned in the U.S.
- Retail investors? Through funds that have lower minimums, though options are more limited
In addition to their wide eligibility, OZFs have a number of potential benefits.
Affordable Housing Project Aims to Revitalize Jacobsville Neighborhood on 44 News
Our affordable housing collaboration officially launched in?Evansville, Indiana?with Mayor Lloyd Winnecke?and?Evansville Promise Zone. We are thrilled to have such amazing coverage by?44News?on how we are making an impact on families quality of life by owning a TruHome.
The Promise Zone and a company called TruVest are partnering to not only create affordable housing in Evansville but also create homeownership opportunities for the people living there.
Instead of knocking down homes, and building new ones, TruVest is renovating blighted homes in the Jacobsville neighborhood. At the same time, those who need affordable housing will have the opportunity to actually own homes instead of renting them.
This partnership will help provide first-time homeowners with the tools they need to keep their credit up, continue to pay mortgage payments and all the other things that go into owning a home.
TruVest co-founder Peter Bordes says, ?We?re going to find a balance between what we renovate, and then what we do helping the land bank taking those empty lots, and then developing new homes on them, but always with the idea that we?re not looking to gentrify neighborhoods, and we?re not looking to make the prices go up. We want to be able to keep them in line with the integrity of the neighborhoods.?
Mackenzee Pagett and her two children will be moving into this first house within the next few weeks. She tells 44News Evansville she?s very excited being a first-time homeowner.
September carries greatest single-month-default surge in a ten-year period
Home loan defaults rose in September, producing the most extensive single-month-default increase in many years.
Defaults accelerated to 13.2% in September, the most substantial month-to-month increase since November 2008. This increased the nationwide default rate to 3.97%.
Generally, the month of September experiences an increase in defaults. Of the most recent 19 Septembers, 16 experienced increases, which brought the average default rate to 5.2%. This is the biggest jump in defaults for any single month.
UNCOVER MORE REAL ESTATE TRENDS
The 2nd variable that generated an increase in defaults was the fact that the calendar month finished on a Sunday, which generally causes a tremendous burden on defaults.
Moreover, Hurricane Florence, which swept the Eastern United States in September, impacted defaults to an increase of 38% month-over-month in the States it affected. Currently, more than 6,000 homeowners are delinquent as a result of being affected by the hurricane.
Foreclosures dropped 15.1% from August to virtually an 18-year low. This was actually down 11.5% from September 2017. The month's double-digit decrease brought foreclosed properties to 40,000 for the month.
Transparency = Caring
I hope you had a great week!
For the past few weeks, we have been finishing up one of our properties in Indiana.
We have agreed to sell it with owner financing to a local family. This family has a special needs child. We were supposed to close the transaction this week, but there was an emergency with their child to where they had to take him to OH for surgery. We had the family scheduled with our Title Company to sign documents and close. With this emergency, they could not close and the Title Company charges a fee for "No-Shows". I was able to talk to our title representative and explain the situation. She was very thoughtful and wiped out the fee. She then told me that when the family comes in to close next week she had a few gifts she wanted to give them. It really touched me, and I thanked her many times. She said something that reminded me why I am in the business " Ryan, we all go through tough times in life, and if we cannot help one another why are we on this planet".
One of the core values we live by is "Doing The Right Thing". This situation definitely falls into that category! I am really excited to get this family?into?their home next week! I will share some pictures with you once we get them in.