Real Estate Tech News


New version of Kamala Harris housing bill would give many renters a monthly tax credit

New version of Kamala Harris housing bill would give many renters a monthly tax credit

In a sign of how the affordable housing crisis has become a focus for presidential contenders, Sen. Kamala Harris introduced a new version of her bill to give renters a tax credit. The new plan introduced Tuesday will give renters that spend more than 30 percent of their income on rent and utilities a credit depending on their income, and allow beneficiaries to receive monthly checks from the government instead of getting it once a year through a tax refund. Renters who make up to $125,000 a year would benefit, with those earning less getting the most support, and the credit would be capped based on the typical rent in the taxpayer’s neighborhood. Supporters say it would help rebalance a tax code that has long been weighted in favor of buying a home instead of renting.
Compass strikes deal to buy Stribling

Compass strikes deal to buy Stribling

Compass is buying Stribling & Associates, one of New York City’s last major independent brokerages, The Real Deal has learned.Financial terms were not disclosed. But the acquisition is Compass’ first major one in its hometown of New York City, and leaves the venture-backed firm with about 1,800 agents in 11 offices here.Stribling, with a reputation for tony listings on the Upper East Side, placed fifth on TRD‘s most recent ranking of residential firms in Manhattan. With just 270 agents in Manhattan, the boutique brokerage has a robust new-development marketing division and punches above its weight. It closed $1.62 billion in sell-side deals last year in the borough, according to TRD‘s analysis. It also operates a residential division for homes $5 million and up, known as Stribling Private Brokerage, which is run by Kirk Henckels.
Home Prices Have Reached Record Highs—Despite the Housing Slowdown

Home Prices Have Reached Record Highs—Despite the Housing Slowdown

The housing slowdown that has given hope to price-squeezed buyers, struck fear into the hearts of sellers, and captivated real estate aficionados from coast to coast appears to have taken a break. Home list prices aren't coming down, it seems—instead they reached a new all-time high as the busy spring market begins.Median list prices crossed the $300,000 mark for the first time in March, according to a recent realtor.com® report. And while annual price growth had been slowing and is even down in a few parts of the country, nationally list prices shot up 7.2% year over year in March.
Zillow Group launches Home Loans business, tweaks website as pivot to home sales continues

Zillow Group launches Home Loans business, tweaks website as pivot to home sales continues

Zillow Group today launched a Home Loans division, establishing another pillar of the company’s new identity of directly buying and selling homes.Zillow has been quietly originating mortgages for a few months, following the acquisition of Mortgage Lenders of America last year, but the company plans to double down with the Home Loans division. The new rebranded mortgage division will complement Zillow Offers, the company’s direct home sales operation, with a goal of streamlining and simplifying the process of buying a house. Zillow Home Loans is also a standalone business, so a customer doesn’t need to use Zillow Offers to get financing.
Wells Fargo CEO Tim Sloan is retiring, and shares jump

Wells Fargo CEO Tim Sloan is retiring, and shares jump

The embattled CEO of Wells Fargo is stepping down.Tim Sloan, who took over as chief executive of the bank in October 2016, is resigning as CEO immediately, the bank said Thursday in a release. The bank's general counsel, Allen Parker, will take over as interim CEO, and the bank is searching externally for a permanent successor.Sloan, the three-decade Wells Fargo veteran who was supposed to clean up the mess that had claimed his predecessor, had struggled to satisfy regulators' demands to overhaul the sprawling institution.
Lennar Misses Q1 Earnings Forecast but Sees 'Favorable' Housing Market Near Term

Lennar Misses Q1 Earnings Forecast but Sees 'Favorable' Housing Market Near Term

Lennar Corp. (LEN - Get Report) posted modestly weaker-than-expected first quarter earnings Wednesday as slow housing starts hit the second-largest U.S. homebuilder's bottom line even as mortgage rates eased.Lennar said earnings for the three months ended in February, the company's fiscal first quarter, came in at 74 cents a share, up 39.6% from the same period last year but 1 cent shy of the Street consensus forecast. Group revenues, Lennar said, rose 31% to $3.9 billion but fell shy of analysts' forecasts of $4.11 billion.
Offerpad closes Series C financing, bringing total capital raised to $975M

Offerpad closes Series C financing, bringing total capital raised to $975M

Offerpad, the Arizona-based real estate and technology innovator, announces the close of its successful Series C financing. The new equity funding, along with previously undisclosed debt capital from Citi late last year, brings the company’s combined equity and debt capital raised to nearly $1 billion since its start just three and a half years ago. Offerpad’s Series C was led by a new investor.Offerpad also secured funding in Q3 2018 from Citi (NYSE: C) in the form of a significant warehouse facility, the real estate tech company’s third in its nearly four-year history.
HomeStreet Bank finds a buyer for its retail loan centers: Homebridge

HomeStreet Bank finds a buyer for its retail loan centers: Homebridge

Earlier this month, HomeStreet, a community bank and mortgage lender that operates bank branches and standalone home loan centers, announced that it planned to sell off much of its entire retail mortgage operation, which includes 72 home loan centers in five states, and as nearly all of the mortgage servicing rights associated with loans originated in those retail outlets.
Zillow, Attn: debut docu-series spotlighting America's Denver real estate housing crises

Zillow, Attn: debut docu-series spotlighting America's Denver real estate housing crises

Dive Brief:Online Denver real estate marketplace Zillow teamed with media company Attn: on "Finding Home in America," an original docu-series covering housing issues, according to news shared with Marketing Dive.The six-part effort is hosted by Carri Twigg, who worked in the Obama administration, and incorporates footage, interviews and original animation. Each episode examines a specific housing challenge through the perspective of real people and will be available for streaming on Facebook Watch, with shorter versions on Instagram
Reykjavik Is Being Swamped by Empty Luxury Flats

Reykjavik Is Being Swamped by Empty Luxury Flats

The spacious entrance to Hildigunnur Haraldsdottir’s building in downtown Reykjavik is paved with marble from Prague and decorated with stained glass artwork by a famous local artist. The architect’s apartment on the 5th floor is fitted with floor heating, AEG appliances and balconies with stunning views of the city’s harbor and historic center.


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