News

Landmark Links February 14th – What a Drag

  Lead Story… Pretty much any adult with a rudimentary degree of financial knowledge is aware of the impact that interest rates have on housing.  Lower rates make monthly payments cheaper and higher rates make monthly payments more expensive on a relative basis. Since nearly all homes are financed, rates impact buyer demand and prices rise and […]

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Landmark Links February 10th – Surprise?

  Lead Story…. The cost of housing – both renting and buying – has been on a steep upward trajectory in recent years as more and more young people gravitate towards cities.  At the same time, members of the Millennial generation are saddled with ever-larger student debt loads and are making substantially less money than their […]

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Landmark Links February 7th – Garbage In, Garbage Out

  Lead Story… Like most Americans, I spent my Sunday afternoon and evening transfixed to a television as the Patriots completed the most epic single game comeback of all time.  I’m still in a bit of disbelief about what actually transpired but the shocking overtime ending certainly added to the bonafides of both Tom Brady and Bill Belichick […]

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Landmark Links February 3rd – Hey Ladies

  Lead Story…. Not a ton of commentary for today but I found this piece about women and home ownership from Bloomberg’s Mary Pilon absolutely fascinating (emphasis mine): The news and research about women and money can be dreary. Women earn less than their male counterparts, pay harsher workplace penalties for pursuing parenthood, struggle more […]

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Landmark Links January 31st – Equilibrium

  Lead Story…. Over the past couple of weeks, I’ve written about how a lot of capital available in the home building and development market today is a poor fit for where we are in the cycle.  I ended January 20th’s post that dealt with a lack of horizontal debt financing currently in the market by making […]

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Landmark Links January 27th – Growing Pains

  Lead Story… They say that a picture is worth a thousand words.  IMO, if that’s true, a good chart is worth at least 2,000.  The following chart, which I found on Calculated Risk was the basis for one of the main themes on the blog last year: the aging of the Millennial generation and it’s impact […]

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Landmark Links January 24th – Bad Development

  Lead Story… Some not-so-great-for-housing news over the past week or so, especially as it pertains to first time buyers.  One of the first things that the Trump Administration did after taking office was to suspended the previously announced FHA insurance premium cut that were due to take effect this year.  The cut would have resulted in a payment reduction […]

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Landmark Links January 20th – Standoff

  Lead Story…. There is no task in real estate finance today more difficult than securing a horizontal development loan.  Home builder acquisition, development and construction loans have become quite a bit easier to find over the past couple of years, assuming that a builder has decent financials and is willing to sign a guarantee (non-recourse is […]

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Landmark Links January 17th – Its All Relative

  Lead Story….. Just last week, I had lunch with an old friend/investor client of ours.  This is a person who has invested in dozens of small builder/developer equity deals (mostly residential but some commercial as well) in the current cycle.  The topics of recent deals and investment outlook for 2017 were discussed in depth.  There was […]

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Landmark Links January 13th – Divergence

  Lead Story… I’ve been writing about the inherent conflict in the housing market between economic growth and rising interest rates for a while now.  Today, I want to focus on an important divergence that is occuring.  This is the situation that we currently find ourselves in: Generally speaking it takes accelerating economic growth to, spur […]

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