Wi-fi locks on houses when borrowers miss a payment can't be that far in the future, based on this NYTimes article
Ms. Bolender was three days behind on her monthly car payment. Her lender, C.A.G. Acceptance of Mesa, Ariz., remotely activated a device in her car’s dashboard that prevented her car from starting. Before she could get back on the road, she had to pay more than $389, money she did not have that morning in March.
And for context, Zillow has a nice, digestible post (with pictures) in which they look at subprime mortgages' return:
Similarly, premiums charged to subprime borrowers remain higher than in 2011 and 2012, but have been mostly flat in recent months (chart below). For a 30-year fixed rate purchase mortgage, upper-tier subprime borrowers pay 70 more basis points while lower-tier subprime borrowers pay 120 more basis points.
I've written about student loans' impact on housing, notably its impact on the Charlottesville market, but these are two recent stories, each with its own take on student loans. (My short opinion: student loans are increasing for the same reason the housing bubble expanded ... we do remember what happened to that, right?)
The Wall Street Journal:
Higher levels of student debt will reduce U.S. home sales by around 8% this year, according to a report released Friday by John Burns Real Estate Consulting, an advisory firm.
Higher debt burdens will defer home purchases for many borrowers while requiring others to buy a less expensive home in order to qualify for a loan or save for a down payment.
The paper estimates that every $250 per month in student loan debt reduces borrowers’ purchasing power by $44,000, and since 2005, some 3.8 million additional households have at least $250 per month in student debt.
Put differently, around 35% of households under age 40 have monthly student debt payments exceeding $250, up from 22% of households in 2005.
And The Onion:
Lamenting that she will spend the foreseeable future paying off her college expenses, local 23-year-old digital marketing assistant Ashley Orlinsky expressed concern Wednesday that her student loans will prevent her from ever owning an entirely different type of utterly crippling debt. “Realistically, it’ll take years or even decades to fully repay $50,000 of loans, which makes me worried that I’ll never qualify for a backbreaking mortgage on a house that I can in no way afford,” said Orlinsky, adding that with $350 in monthly student loan payments, she will likely struggle to even borrow money to purchase a new car that will destroy her credit rating and may one day be repossessed by the bank.
It's all about your perspective!
Taken on this morning's bicycle ride on Garth Road.
One of the best things about living in Charlottesville is, quite simply, this time of year. The weather - the crisp temperatures, clean air, blue skies - and the changing of the leaves makes this truly a great time to live in Charlottesville.
But living in Charlottesville is one thing - making/taking the time to appreciate where we live is another.
I love this about Charlottesville.
C'Ville Pie Fest is Back
! It's this Sunday at the Crozet Mudhouse, supports the Crozet Volunteer Fire Department, and pie entries are needed
(there are some hungry judges!)
mmmmm … Pie.
It all started on Twitter and was, as I said at the time, ridiculously good fun at the Charlottesville Downtown Mudhouse.
And we had pie later in 2009 at Crozet Mudhouse, and it benefited PACEM.
And Pie was had in 2010.
And more pie in 2011, benefiting the Haven.
And the judges:
- Head Judge Brian Geiger
- Wendy Novicoff
- Sean McCord
- Rebecca Cooper
- Josh Harvey (Albemarle Baking Company baker)
- Nathan Moore of WTJU
- Gary Dillon of the Crozet Firefighters
- Jim Duncan (that's me!)
Food for thought ...
A couple stories and trends that I'm trying to work through as they apply to real estate: Tesla and Uber/Lyft:
Tesla, the groundbreaking electric car company is slowly but surely breaking down archaic, consumer-unfriendly barriers to being able to sell their cars direct to consumers, and Tesla is in the midst of building a new infrastructure through which to distribute the fuel for their vehicles.
Uber/Lyft, brand new to Charlottesville, have seemingly led to a 65% decline in cab use in San Francisco.
The real estate world has its own parallels - real estate agents (some are middlemen, some are critical advisors), MLS (the infrastructure) and the shifting dynamics of ownership (do we really own our iPhones) and motivations to buy homes (see: millennials).
I'm not yet sure where the real estate world is evolving, but it's going to be different in 18 months than it is today.
A bit more fun with Hyperlapse. I'm sure I'll tire of these very soon, but for now, I think this is a neat way to show how one of the City of Charlottesville's main corridors has recently changed.
Google have released a new tool that further enables users (us) to help them map the world. Photosphere was just released for the iPhone (it's been available on Android for a while) and it's quite remarkable. I'm not sure just how useful it is, but it's mighty interesting. Photosphere will certainly help me detail for my out of town/country clients, but I don't know if it's any better than video, despite the higher resolution.
Curious? This is a photosphere I took of the new Lochlyn Hill neighborhood, currently under construction.
Hyperlapse by Instagram/Facebook is different, exciting - and differently useful. In comparison to the static, 360º images provided by the Photosphere app, Hyperlapse has been described as "a $15,000 Video Setup in Your Hand." I see great potential for Hyperlapse for telling stories - the stories that make a city, an area, a neighborhood, a street - compelling.
Interesting times, and with the new iPhones being released with seemingly infinitely more powerful processors, I think we'll be seeing an a lot more Hyperlapses and Photospheres.
An example - Downtown Crozet is in the midst of Streetscaping right now ...
An easy way to learn about and engage with Albemarle County - Engage Albemarle.
Here's an interesting topic:
The Comprehensive Plan is Albemarle County's most important document regarding growth, development and change. It establishes government policy to help guide public and private activities as they relate to land use and resource utilization. What general thoughts would you like to share about the Comprehensive Plan as it is being reviewed by the Board of Supervisors this summer and fall?
Better to express your opinion now in the hopes the Comp Plan can be altered than complain about the decisions that have already been made.
What would be helpful would be if the County would identify which specific parts of the Comp Plan are, or are likely to be, up for debate/discussion - in the Housing section, for example (pdf).