04.29.24

Written by Chase Majerus and Ashlyn Faulkner

Death By Real Estate

Hurry in! We might have some great news for you! According to the Co-Founder of Re/Max, “Housing market is getting closer to end of elevated interest rate cycle” which makes you feel pretty good about the fact you’re reading a mortgage, real estate, and finance newsletter eh?! Look at you. So smart. So wise. So informed. We’re so proud.

What do you call a real estate agent that’s also a detective? Find out at the end of our newsletter!

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S1L Home Equity Loan

Use Your Home For The Best Future Gains

A home equity line of credit, or HELOC, lets you borrow against your home’s available equity. Applying for a HELOC with Synergy One Lending is fast and easy. Our application is fast, easy, and all online. If pre-approved, you’ll be instantly presented with your offer options.

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Death By Real Estate

This news about the Vietnamese real estate tycoon is insane. In fact, it’s so crazy, I asked ChatGPT to use this article from BBC, to recreate it as a story. Please enjoy.

“In the bustling heart of Ho Chi Minh City, within the grand colonial walls of a yellow portico courthouse, unfolded a trial so monumental, it would be remembered as Vietnam’s trial of the century. Truong My Lan, a 67-year-old property magnate, stood accused in a staggering tale of deception and greed. Over eleven years, she masterminded a $44 billion bank fraud, using a web of shell companies to drain the coffers of one of Vietnam’s largest banks. It was a spectacle with 2,700 witnesses and evidence weighing six tons!

The courts delivered a rare and resounding verdict: death for Lan, marking one of the few times a woman was sentenced to death for white-collar crime in Vietnam. This drama was part of the “Blazing Furnaces” anti-corruption crusade led by the steely Communist Party Secretary-General, Nguyen Phu Trong, aimed at cleansing the nation of corruption that threatened the party’s iron grip.

The city buzzed with whispers and fury, as the public watched powerful figures fall one by one. Yet, as breathtaking as the trial was, it exposed the paradox of a nation striving for economic glory while grappling with the pervasive corruption that fueled its growth. This was not just a trial, but a dramatic battle for the soul of a rapidly changing Vietnam, watched by a riveted nation and a puzzled world.”

You can read an article from CNBC here.

Major Manor

Luxury Real Estate Prices Hit An All Time Record

Normally I like to share an absurd house with a lazy river, or some gaudy mansion designed to look like a castle for $18 million, but today I want to share with you some news about luxury real estate.

Let’s start with the real estate market divide, with the luxury sector experiencing growth while the general market faces challenges due to high interest rates and low inventory. If you pay attention to the news (or this newsletter) this is nothing new.

But, luxury real estate sales have risen by more than 2%, with a significant number of these transactions being all-cash purchases, which is especially notable in places like Manhattan where 68% of sales were cash deals. The median price of luxury homes has reached a record high of $1,225,000, nearly doubling the price increase of the broader market. Meanwhile, the overall real estate sales across the U.S. have dropped by 4%, according to Redfin.

Read about luxury real estate here

Social Space

Our Top Social Links of the week

Read Me:
For all the bookworms out there – “Rethink Everything You Know About Being A Next Gen Loan Officer” – Check it out!

Watch Me:
For all the social media obsessed – The TikTok Ban! – Watch here!

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For all the financially fit – Synergy One Lending’s app S1 FinFit – Download here!

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For all the people looking for safe communities – The Top 10 Safest Cities in California Watch here!

Keychain: The $850 Billion Idea

Freddie Mac's proposed home equity product could unlock $850B in originations

Excuse me? I thought the self cooking pancake was like a million dollar idea but $850 billion?

Freddie Mac, a government-backed enterprise, has suggested a new option for homeowners who want to borrow money against the value of their homes. This option wouldn’t require homeowners to alter their existing mortgages, which often have very low interest rates. Essentially, homeowners could secure a second loan on top of their primary mortgage. The potential for these new loans could reach up to $850 billion (according to strategists at Bank of America).

The plan is to keep these new loans, known as second mortgages, within Freddie Mac’s control for about six to nine months before converting them into a type of investment product that can be sold to investors. This process is called securitization. However, creating these investment products has been tough because… well the market for them isn’t even really established. And that means there might be fewer buyers or less interest in these securities, which could pose a challenge to the success of the program.

Read about this $850 billion idea here!

S1 FinFit App

Digital financial assistant at your fingertips

S1 FinFit is a FREE app that provides a roadmap to help you reach your financial and lifestyle goals, no matter how big or small! Free credit monitoring with alerts, set financial goals, create budgets, and keep track of your spending to see where your money is going.

Download the app on the appropriate app store with the links below!

Keychain

HUD and The Heat

This one is hot off the press!

In celebration of Earth Week, The U.S. Department of Housing and Urban Development (HUD) announced they have launched several initiatives to help communities deal with extreme heat. They’ve created a new webpage that offers advice and resources for improving heat resilience and handling heat waves.

HUD has also introduced a guide and a webinar to help communities prepare for and respond to extreme temperatures. In addition, they will conduct a briefing to discuss these issues further on May 23, 2024. This effort includes collaborations with over 20 federal agencies and aims to support particularly vulnerable, low-income communities against the impacts of extreme heat.

Read the press release here!

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Second Mortgage