Lenders await Zombie homes bill
Mortgage lenders may be relieved from an obligation to sell zombie homes in Milwaukee if the Wisconsin State Senate decide to overturn a current law. As things stand a lender is required to sell an abandoned home where foreclosure proceedings have started following a 5-week period in which a homeowner can make the defaulted payments.
The Washington Times reports that if the senate decides to change the law then lenders will have a year to make a sale, after which they can sell or walk away, leaving it with the owners. The bill has passed the Assembly but there may not be time for it to clear the senate in the only available session on March 15.
Housing market under pressure from low wage growth
While the US economy added more jobs than expected in the figures released Friday it may not be entirely good news for the housing market. While more people in work is a good thing, the data revealed a continuing lack of wage growth.
Crunching the numbers for CNBC was The Lindsey Group’s managing director Peter Boockvar who highlighted year-over-year wage increases of 1.6 per cent in February’s data, down from 2.5 per cent in January and well below the average 6.5 per cent rise in house prices.
The article points out that more people joining the labor force will increase demand for housing and increasing prices, while affordability will become an even bigger issue if wage growth does not pick up pace.
‘Thor’ lists Malibu home
‘Thor’ actor Chris Hemsworth has listed his Malibu home for $6.5 million the LA Times says. The Point Dume Victorian-style home was vacated by the actor and his wife following their move home to Australia in 2015. The gated-home with has 5 bedrooms and 6 bathrooms along with a 1-bedroom guest house. If the asking price is achieved it would give Hemsworth more than $1.5 million profit on their original 2013 purchase price. Ryan Davis of John Aaroe Group is the listing agent.