The Monday Morning Real Estate Update — Monday, November 02, 2020

A Foreclosure and Eviction Storm is looming

Mykel Ferrantino

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Podcast Transcript of Never Too Late To The Game’s Monday Morning Real Estate Update, November 02, 2020.

MISC REAL ESTATE NEWS

  1. Commercial real estate giant, CBRE of Los Angeles is joining the plethora of people and companies making an exit from California (cue: due to high taxes and the cost of living). CBRE is relocating their headquarters to Texas.
  2. Core Logic is for sale! The company has entered into a non-disclosure with one potential buyer. Offers are hovering around $80 per share.
  3. Redfin is being accused of redlining by several Fair Housing Organizations. A lawsuit was filed in the US District Court of Seattle last Thursday for systematic racial discrimination. Redfin strongly denies any wrongdoing.
  4. Forbes is outlining a serious disconnect between the crazy hot real estate market and the coming wave of foreclosures. Mortgage delinquency rates are at a 20 year high with an estimated 2-million going into default.
  5. USA Today reported last week that 6 million people missed their mortgage or rent payments in September. This was according to research by Mortgage Bankers Association’s Research Institute for Housing America

MY RESPONSE TO SOME OF THE ABOVE NEWS

#1: People and/or Companies that move out of California and make a spectacle of it by complaining about high taxes are flat out elitists who don’t want to pay their fair share. What is oddly funny about many of these “so called moves” from California, is that I’m not seeing the wholesale move as lock-stock-and-barrel, meaning that moving headquarters does not include moving out of the state entirely. In fact, I has watched people change their primary residence but not sell their existing California home and then proceed to spend most of their time California. How convenient is for them to not have to pay their fair share while continuing to enjoy the benefits of California? Taxation and the avoidance thereof is at issue…

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Mykel Ferrantino
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San Francisco Real Estate Broker, Developer, Consultant, Writer & Podcaster of Never Too Late To The Game.