High-tech flippers such as Zillow and Opendoor are using algorithms to reshape the housing market, and Phoenix is the “proving ground,” according to a Wall Street Journal story. The advent of iBuyers is just the latest challenge agents face in the Phoenix area, said Sam Miller, president-elect of the 10,000-member Phoenix Association of Realtors.
Sen. Elizabeth Warren, D-MA, recently called attention to a loan received by Kushner Cos., the real estate company owned by the family of Jared Kushner, son-in-law and advisor to President Donald Trump. In a letter to Freddie Mac CEO Donald Layton, Warren and Sen. Tom Carper, D-DE, questioned whether the $800 million Freddie Mac loan was pushed through because of the real estate company’s connection to Jared Kushner.
Freddie Mac is launching a new mortgage product that allows borrowers to buy a fixer-upper and finance the renovation all with one loan. The government-sponsored enterprise announced its new CHOICERenovation loan product on Wednesday, saying it’s available immediately to all approved lenders. The new product has a unique feature: it can be used to address or prevent damage from natural disasters.
The Federal Reserve left its benchmark rate unchanged on Wednesday at the end of its two-day meeting in Washington, D.C., and dropped the word “patient” from its statement, signaling a rate cut may be coming as soon as next month. The Fed downgraded its assessment of economic activity to a “moderate” rate from “solid.”