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Homeownership

If you wanted to relocate in New Zealand you’re outta luck!

(HOMEOWNERSHIP) If you were planning on taking that retirement egg to become a kiwi, you’re out of luck — New Zealand is changing their ownership laws.

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The time to resettle as a Kiwi has come and gone, well for foreigners at least. As a part of her new policies, Prime Minister elect Jacinda Ardern plans to ban foreigners from buying property in New Zealand.

The recently elected Ardern is the youngest female leader of a developed economy in the world. In fact, she is the youngest Prime Minister of New Zealand in the last 150 years. Following in the footsteps of other young leaders like Canada’s Justin Trudeau, Ardern is focusing on progressive policies.

She ran on a campaign dedicated to creating new jobs, improving regional development, reducing inequalities and cutting immigration. That last point comes into play when it comes to her outlined goals for New Zealand’s housing issues.

Banning foreigners from buying property may sound like a harsh law, but the government thinks of it as putting their citizens first. The policy was made to stop the rising housing prices, and instead focus on affordable housing for New Zealand residents.

The new plan was announced as talks of a coalition between the New Zealand First and Labour parties are underway.

“We have agreed on banning the purchase of existing homes by foreign buyers,” said Ardern last week. New Zealand First Deputy Prime Minister Winston Peters is in favor of entering into a coalition and officially announced his support for a Labour New Zealand government after Ardern was elected in September.

Peters also backs the new housing policies. “New Zealand is no longer for sale,” is Peters’ motto. Moving forward he intends to take the New Zealand First party beyond the status quo.

Both Peters and Ardern are adamant on protecting affordable housing for the citizens of their country. In her campaign, Ardern proclaimed the capitalism of the past a “blatant failure.”

The new policies agreed upon by both parties send a clear signal to the world that New Zealand is changing, and a unified government will be less lenient on issues that were overlooked in the past. Both Peters and Ardern believe that this stern step will make everyone in the world recognize that.

Natalie is a Staff Writer at The Real Daily and co-founded an Austin creative magazine called Almost Real Things. When she is not writing, she spends her time making art, teaching painting classes and confusing people. In addition to pursuing a writing career, Natalie plans on getting her MFA to become a Professor of Fine Art.

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Homeownership

LifeDoor automatically closes doors to save homes and lives

(TECH NEWS) LifeDoor is one of the smartest devices we’ve seen in ages and could save peoples’ lives and protect their homes.

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The way that we build our homes, with synthetic materials, furniture, and cheaper construction is making our homes more flammable – House fires spread 600% faster today than 40 years ago, according to the National Institute of Standards and Technology. This means that every second counts.

And while most us have some warning system: smoke detectors, and maybe even fire suppression systems built into our homes, there is a very easy way to help slow the spread of fire in your home: closing your door.

Research by the UL Fire Safety Research Institute concluded that closed doors do a number of things including:

  • A closed door can help keep back heat and prevent rooms reaching dangerous temperatures.
  • A closed door keeps more oxygen away from the fire so it allows you to breathe better.
  • Closing the bedroom door at night gives you more time to react to a smoke alarm.
  • Closed doors keep dangerous smoke away from you – smoke and toxic gasses can incapacitate you and keep you from escaping the fire.
  • Closing door cuts fire off from a fuel source and can better contain the fire.

And of course, where there is an opportunity, our internet of things has a solution.

In case you don’t automatically shut your doors (perhaps you’re a free spirit, a Gemini? Who knows?) There is a gadget for that. Lifedoor is a gadget that integrates with existing smoke detectors and does three things: it closes the door of the room, illuminates the room to help the occupant make a better decisions, and sounds a secondary alarm that can help wake your more heavier sleepers.

The product easily installs onto the hinge of a door and then attaches to the door with screws or even double sided tape. It activates when it hears the tone of the triggered smoke alarm (which is standardized at 85 decibels, #FunFacts).

For those of you who may fear the worst – this does not render the door unopenable and the battery should last 18-24 months depending on use. The product is currently in pre-order and is set to ship in the fall. (if you’re interested, there is a promo code floating around).

One particular note about this new product is that its support has largely come from firefighters – and those guys know their stuff.

Hopefully, you won’t have to experience a housefire. But even if you don’t invest in LifeDoor – remember that closing your own door can keep you safe by giving you more time. And nothing is more important than being prepared: make sure you follow the best home fire practices you can – learn more from the American Red Cross.

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Homeownership

How the foreclosure crisis still dictates many American’s lives post-recession

(REAL ESTATE) A decade after the Great Recession began, the foreclosures of many Americans still rocks the housing market – and beyond. 


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Foreclosure. The word alone can shake any struggling homeowner. And a decade after the Great Recession began, foreclosures continue to burden U.S. families, stifling economic growth, and leaving uncertainty about how those struggling the most will make it through the next crisis.

Sure, the nation’s unemployment rate holds steady at a pre-recession low of 4.4 percent and there are more jobs in the market today. However, for some Americans, the recession and its costs have been significant and seemingly never-ending. From job losses to home losses and everything in between, many are wondering when they will be able to get back on their feet.

According to Alana Semuels of The Atlantic, if the U.S. is to weather another economic crisis, understanding why recession recovery has been so tough for some families is crucial. If not, losses could be even more devastating next time around.

So what’s the deal?

On a macro level, economic conditions seem brighter, but it’s only when you dig into the nitty gritty data that the struggles reveal themselves. For example, the labor-force participation rate (which measures the ratio of adults who either have jobs or are actively seeking one), fell sharply during the recession and remains at 62 percent, according to Bureau of Labor statistics.

Additionally, Census data shows lower-income tier families have experienced an average annual income decline of more than $500 between 2006 and 2016, while the top 20 percent of Americans experienced average income growth surpassing $13,000. That’s dramatic difference.

And then there’s the housing market.

While the population has grown significantly, there are now 400,000 fewer homeowners. Before the recession, the homeownership rate was 69 percent and today it’s 63 percent, per the Federal Reserve. That seemingly minute 6 percent drop actually represents millions of families who have lost their homes and livelihoods in the past 10 years.

Money disappeared, credit scores were ruined, and many are still trying to rebuild. Approximately 9 million families lost their homes to foreclosure between 2006 and 2014 in addition to their financial stability.

The recession created an unstable job market and many families just focused on making ends meet instead of moving up the career ladder or accumulating wealth. As a result, they fell to the bottom of the economic ladder, as Semuels put it, and are still trying to climb back up.

The foreclosure crisis was also focused on individuals who were already vulnerable, hitting Latino and black families the hardest. Many such families were first-time homeowners who really wanted a home but lacked access to traditional financial products. On top of less savings, education and wealth connections, foreclosures have really set these families back.

The detrimental effects of foreclosures spiral into other aspects of life, too. Researchers have found families in foreclosure visit emergency rooms more often, their mental health declines, and children struggle in school, to name a few.

Foreclosure often means leaving a community and the connections in that area that could otherwise be used to find jobs or get financial assistance, too.

For these reasons, many families are still struggling today, and their plight continues to be controlled by the economy. Millennials who have entered the workforce post-recession have made historically proportionately lower wages than previous generations and, as a result, have not been able to save as much money. In fact, anyone who lost their job during the recession (about 8 million people) lost substantial financial footing.

To this point, it’s not surprising that first-time homeowner rates are suppressed, as the National Association of Realtors 2017 Profile of Home Buyers and Sellers found. Fewer homebuyers has led to fewer homes built, a situation that has slowed economic growth a decade post-recession.

If the pace of homebuilding had returned to a more normal level, there would’ve been $300 billion more in the U.S. economy last year, boosting GDP by 1.8 percent, according to Ken Rosen, chair of the Fisher Center for Real Estate and Urban Economics at Berkeley.

“The failure of the housing sector to recover is the main reason we have subpar economic growth,” Rosen told The Atlantic.

Many Americans do not feel financially secure right now.

Some are still just trying to find stable housing options.

And until they are able to raise their standard of living, it remains uncertain how the families who suffered the most during the Great Recession will weather the next (inevitable) economic downturn.

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Homeownership

What can you expect with property values in 2018?

(REAL ESTATE NEWS) Although property values fluctuate depending on location, we can spot regional trends to showcase what 2018 has in store.

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One question property owners and potential buyers are constantly asking as 2017 winds down is: What can I expect with my property values for the next year? While there may be no crystal ball for property values, there are certainly trends that can be helpful in making decisions in the New Year.

According to data analysis on property value trends from the National Association of Realtors (NAR) using federal American Community Survey (ACS) numbers, good things are in store for property owners and hypothetical buyers.

“Using data from the American Community Survey (ACS), we can analyze the gains and losses of property values over time,” Michael Hyman, research data specialist for NAR said. “Looking at the 2005 – 2016 period, the figures point to trends, which vary by region and state.”

Using data from the ACS from years 2005 to 2016, NAR found only a few states for this 11-year period are showing property value stagnation or devaluation. More specifically, property value growth was the strongest in the Southern region. The Northeast had the weakest growth in property values.

NAR’s regional analysis of the of Northeast, Midwest, South, and West goes further in the weeds to describe what types of value trends are occurring. The South’s lead on property value growth is lead by Louisiana, with a ratio of 57 percent price growth with four percent average annual price growth. This finding falls in lockstep with the idea that many property flippers that are now turning their attention to Louisiana (specifically Baton Rouge).

In contrast to the South, the Northeast (which normally has the slowest price growth) had one of the biggest losers in terms of price trends, with Rhode Island’s value dropping 11 percent, and negative one percent change annually. If your eye is on the Northeast at any cost, Pennsylvania is your best bet, with a 40 percent price growth and 3 percent annual growth.

But the big winner in the property growth trends? The Midwest’s North Dakota, with a whopping 106 percent increase in price growth and 6 percent growth annually. The big loser for this time frame is Nevada, with negative 16 percent growth and a decrease of one percent annually.

While this data can’t guarantee that any current or future property venture will turn profitable, it can highlight some areas of interest. It’s no crystal ball, but it can give you a great perspective on future property value forecasting.

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