Real Estate News

Agent Celebrates Fourth of July With 1,000 Flags

NAR Daily Real Estate News - July 3, 2018 - 1:00am

Real estate pro Silvia Madriaga has decorated her community in Destin, Fla., with American flags for the past 19 years.

Categories: Real Estate News

More Investors Plan to Cash in on Short-Term Rental Trend

NAR Daily Real Estate News - July 3, 2018 - 1:00am

A higher percentage of vacation and rental property owners say they will convert their homes to STRs this year, according to NAR research.

Categories: Real Estate News

Big Cities With the Best Rental Bargains

NAR Daily Real Estate News - July 3, 2018 - 1:00am

See which ZIP codes offer the most promise for urban dwellers hunting for cheaper rent.

Categories: Real Estate News

Coworking Spaces Influence Shift in Commercial Demand

NAR Daily Real Estate News - July 2, 2018 - 1:00am

Landlords and investors are showing interest in offices that can be rejiggered for communal use, which may lead to changes in leasing practice.

 
Categories: Real Estate News

4 Renovation Myths Reality TV Shows Propagate

NAR Daily Real Estate News - July 2, 2018 - 1:00am

Home improvement programs misguide consumers about the time and effort it takes to remodel a home. Disavow your clients of these common misconceptions.

Categories: Real Estate News

Does a Shark Tank Make This Home Stand Out?

NAR Daily Real Estate News - July 2, 2018 - 1:00am

Luxury developers are incorporating extravagant amenities into spec homes to steal buyers’ attention.

 
Categories: Real Estate News

Some Design Trends Create Noise Pollution in Homes

NAR Daily Real Estate News - July 2, 2018 - 1:00am

Luxury owners spend big bucks for “acoustic consultants” to solve noise problems enabled by open floor plans and smart-home gadgetry.

 
Categories: Real Estate News

Millennials Take Extreme Measures to Afford a Home

NAR Daily Real Estate News - July 2, 2018 - 1:00am

More than a third are working a second job just to cover a down payment, while others use more oddball tactics to build savings.

 
Categories: Real Estate News

Report: Urban Population Growth Rivals That of Suburbia

NAR Daily Real Estate News - July 2, 2018 - 1:00am

Even as people flock to live downtown, concerns about housing affordability in urban cores remain, according to a new report.

Categories: Real Estate News

Blockchain Lending: Reduced Fraud or Increased Risk?

RisMedia Consumer Advice - June 30, 2018 - 12:04am

Traditional lenders are transforming, adopting cutting-edge technology to stand apart from competitors and introduce an added level of security to financing. From AI-run algorithms to smart contracts, obtaining a mortgage could soon be a vastly different process than buyers experienced just 10 years ago. Industry disruptors, however, are looking to shift from the traditional model completely, threatening to take over the role typically performed by bank intermediaries, which buyers are accustomed to.

One new business claims it is the first company to apply blockchain to mortgages. Block66 is a blockchain-based marketplace for lenders, from which they can access vetted buyers looking to finance their mortgage. Co-founded in 2017 by CEO Joe Markham, CPO James Tuckett and COO Kamil Mieczakowski, the platform is set to launch in early 2019. The most significant benefit the company is advertising? Reduced risk for mortgage fraud.

“We created Block66 to offer new opportunities for borrowers and end the time-consuming and paper-driven processes in the mortgage industry,” said Joe Markham, founder and CEO of Block66, in a statement. “Our platform will make it easier for everyone to find what they need so mortgages can be approved and funded faster. By storing the history of each transaction on the blockchain, we will provide a valuable audit trail for lenders, which will help mitigate mortgage fraud.”

Additionally, Block66 states the addition of blockchain to a real estate transaction will reduce costs for buyers, as they will not have to be vetted via banks; instead, applicants’ information will be made public to any lenders using the platform. Block66’s loans, which will become asset-backed tokens, will reportedly play a role in leveling the lending playing field, allowing all types of investors (not only big banks) to participate, and giving way to increased applications for buyers who would not be considered worthwhile by larger banks.

“The idea behind mortgage tokenization is to bring in smaller lenders,” said Markham. “They are often reluctant to tie themselves to longer repayment plans but are more willing to lend capital to customers who aren’t always favored by traditional banking institutions, even though they are creditworthy.”

The risk? While bank intermediaries are often more costly—resulting from the manpower needed to not only vet candidates for creditworthiness, but to ensure financials are in order and paperwork is completely submitted—they often add another layer of security to the transaction that the new technology cannot be trusted to replicate at this time. Often, these banks become reliable vendors for real estate agents who have partnered with them, providing buyers with vetted mortgage lenders who not only get clients to the closing table, but also prioritize customer service and become community resources.

There are other challenges, as well. Smart contracts are not yet recognized by courts on a global level, an obstacle for Block66 when transacting across borders. Additionally, while applicant and property information is publicly displayed on the blockchain, the technology is still new, adding uncertainty into the equation for smaller banks who do not typically risk lending long-term loans. Applicants may still find ways to bypass this technology-based security and fraudulently represent the assets or financial history necessary to buy.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Blockchain Lending: Reduced Fraud or Increased Risk? appeared first on RISMedia.

Categories: Real Estate News

8 Nabbed in Cybercrime Ring Targeting Real Estate

NAR Daily Real Estate News - June 29, 2018 - 1:00am

The FBI, along with authorities overseas, has accused alleged fraudsters of using fake emails to steal millions from people and companies involved in property transactions.

Categories: Real Estate News

Where $117K Is Considered ‘Low-Income’

NAR Daily Real Estate News - June 29, 2018 - 1:00am

The Department of Housing and Urban Development has released new guidelines for who is able to qualify for housing assistance, and the threshold in one city will shock you.

Categories: Real Estate News

Commercial Properties See Major Tax Hikes

NAR Daily Real Estate News - June 29, 2018 - 1:00am

In some areas of the country, tax assessments have surged 300 percent, according to reports.

Categories: Real Estate News

Falling Mortgage Rates Offer Affordability Relief

NAR Daily Real Estate News - June 29, 2018 - 1:00am

The decrease in borrowing costs are helping to temporarily offset increased home prices for budget-conscious home buyers.

Categories: Real Estate News

Condo Buyers Could Get Fast, Automated Appraisals

NAR Daily Real Estate News - June 29, 2018 - 1:00am

Freddie Mac announces a program to fast-track the appraisal process and help mortgage borrowers who buy a condo save money on fees.

Categories: Real Estate News

5 Marketing Ideas for Social Media Day

NAR Daily Real Estate News - June 29, 2018 - 1:00am

The “holiday” on Saturday is a perfect time to freshen up your approach to reaching clients and prospects online.

Categories: Real Estate News

Coldwell Banker Unveils Its 2018 30 Under 30

NAR Daily Real Estate News - June 28, 2018 - 1:00am

From Texas to Spain, see who made Coldwell Banker's worldwide list of young, up-and-coming real estate professionals this year, including three who also appeared in REALTOR® Magazine’s 30 Under 30 class of 2018.

Categories: Real Estate News

Agent Throws Housewarming for Buyer She’d Never Met

NAR Daily Real Estate News - June 28, 2018 - 1:00am

After a single mother of four went through an agonizing homebuying experience, a Philadelphia real estate pro—who wasn't her agent—helped her celebrate the move-in.

Categories: Real Estate News

Slow Mobile Load Times Could Hurt Your SEO Ranking

NAR Daily Real Estate News - June 28, 2018 - 1:00am

Make sure your website operations work quickly on mobile devices, or you may be harder to find online.

Categories: Real Estate News

Fair Housing Groups Sue BofA Over Foreclosure Neglect

NAR Daily Real Estate News - June 28, 2018 - 1:00am

The lawsuit alleges that the bank failed to conduct routine exterior maintenance on homes in predominantly African-American and Latino neighborhoods.

Categories: Real Estate News