Companies like @FootageTrue, @getesusu + @SelfHelpFedCU use ⭐️equity-centered financing ⭐️ to reduce bias and increase access to lending for people who have been systematically locked out of homeownership #AffordableHousingMonth
https://t.co/Z0z7v7LBXa
Narrative Violation : “Don’t invest in MBAs”
If you just invested in the HBS Class of 2011, you would have hit $100B+ in market cap.
- Coupang: $60B
- Grab: $17B
- Gojek: $10B
- Oscar Health: $7B
- Stitchfix: $5B
Lesson? Don’t make up “proxy rules” in a game of outliers.
Transforming the data collection process for appraisal and assessing is the ante for change; anything less is "thoughts and prayers." Identifying the problem ok, fixing it better. Unlimited bias training won't solve alone. Great article from @brentinmock
https://t.co/AAsmW0aPnJ
@glennkelman@InmanConnect@koakley81@Redfin Square footage is just one input. We need a complete overhaul of data acquisition & standardization across markets to promote fairness and efficiency. Redfin can lead. I can email you or please reach out at [email protected] I’d love to talk to your team.
@glennkelman@InmanConnect@koakley81@Redfin@glennkelman this whole universe is contingent on the accuracy and verification of property data. If what’s on internet can’t be trusted bc MLS and property records are conflicting/stale/intentionally deceptive, then people are transacting completely in the dark. Redfin can solve
@CandaceETaylor Refi vol driven by rates but purchase data shows no historical correlation w/ rates. Covid accelerated inevitable suburbanization in many markets, esp. in NYC & SF. End of Yr you will see vaccinated boomers flooding cities cashing in on record suburban prices and low city prices
Hot Take: 2021 will eclipse record breaking 2020 year for mortgage market. Interest rates stay low, virus pushes young families towards more space, and vaccinated boomers take adv. of low prices in cities & sell at suburban peak, unlocking much needed suburban inventory.
Innovations accelerating the home sale process are here to stay even when health fears subside and even if interest rates rise. @issiromem
https://t.co/5e4VTOf12D
Avg. sized purchase loan hit all time high last week and markets are seeing tons of bidding wars. Real time dataset for comps to size loans correctly given velocity of market is non-existent. Comps from 90 days ago are low & stale. 🙃
with record low mortgage interest rates and tight supply of homes for sale, house prices have been accelerating across the country
the chart below shows the 3-month annualized rate of growth by state
NEW-- FHFA releases Q3 2020 House Price Index report:
U.S. House Prices Up 7.8 Percent from Last Year;
Prices Rise 3.1 Percent in Third Quarter
https://t.co/d5BBgKa7SM
Article today from @timothyglaze at @housingwire:
Oct. mortgage turnaround times up to 48 & 57 days for purchase and refi loans. That's 22 days more than turnaround time in March Why? increased volume. How to fix? Data collection digitization and process innovation
Check out this apt. It's real square footage is 22%/522 SF off it's advertised. According to @streeteasy, the building sells for $3400 PSF, meaning $1.8MM is wrongly captured.
2020 is an inflection point for all industry and hindsight will show mortgage industry as near top of list of most transformed. Potential ending of Fannie and Freddie conservatorship is a story to watch as we head into end of this year.
@CandaceETaylor says BK townhouse market is "blistering hot". PSA: if buying in NYC, get property remeasured. Sq Ft is often off (~12%+ ) and your next buyer increasingly likely to be $/PSF driven; so, impt. to know now. TH variability high as half count basement & other spaces