Monthly Archives: May 2017

Applies to short term tenants

Thanks to a newly enacted law in the state of Colorado, renters in the state on short-term leases will now receive more advanced notice of rent increases or lease terminations.

The new law requires landlords to provide a 21-day notice to short-term renters (those on month-to-month leases or those with lease terms under six months) of rent hikes or terminations of their lease.

Previously, landlords were only required to provide a 7-day notice to short-term tenants.

The Denver Post has more details:

The legislation — Senate Bill 17-245 — passed with bipartisan backing from state Rep. Dan Pabon, D-Denver, and state Sen. Kevin Priola, R-Adams County.

Pabon said it took two years to get the legislation passed.

Housing advocates say the new law provides a more reasonable amount of time for renters to find another place if they can’t afford a rent hike or if the landlord needs them out.

Additionally, the owners of the homes connected to the loans in questions were never parties in the supposed sales, nor where any of the homes in question actually sold.

Court documents also showed that Harris and his co-conspirators established virtual offices for individuals and businesses involved in the loan transactions by setting up dozens of phone numbers, email addresses, fax numbers, websites, and mail drop addresses, all of which was done to maintain the appearance that lawyers, employers, borrowers, sellers, settlement agents, title insurance companies, homeowner’s insurance companies, notaries, and others were actively involved in legitimate lending transactions.

Going through all of those steps allowed Harris and his co-conspirators to deceive a number of lenders into processing fraudulent loan applications.

Once the loan was approved, the lender disbursed the loan proceeds, which for the mortgages ranged from $196,000 to $230,000, to a bank account opened in the fictitious or stolen name of a title company or law firm.

Then, Harris and his co-conspirators would withdraw the loan proceeds by visiting ATMs and bank branches in New Jersey to make “numerous and frequent” withdrawals over a period of time ranging from several weeks to several months until the entire amount stolen from the lender was withdrawn.

Slow down construction in real estate

After rebounding in June, housing starts sank once more in July, according to the latest joint report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

Privately-owned housing starts dropped to a seasonally adjusted annual rate of 1.16 million in July, down 4.8% from June’s 1.18 million and 5.6% from 1.22 million in July last year, the report showed.

However, this drop was lead primarily by a drop in multifamily construction. Single-family housing starts dropped just 0.5% from 860,000 starts in June to July’s 856,000 starts.

And privately-owned housing units authorized by building permits also decreased, falling 4.1% from June’s rate of 1.28 million to 1.22 million in July, the report showed. But this is still up 4.1% from 1.18 million in July 2016.

Of these, single-family authorizations remained unchanged from June to July at 811,000 building permits.

Privately owned housing completions decreased to a seasonally adjusted 1.18 million in July. This is down 6.2% from June’s 1.25 million, but up 8.2% from last year’s 1.09 million. Single-family housing completions decreased just 1.6% from June’s 827,000 completions to 814,000 completions in July.

This decrease in housing starts is not welcome news to the housing market, which continues to struggle with low levels of inventory and rising home prices.