Homeowners are getting rich. Renters? Not so much

Plus: Texas home builder Camillo accused of fair housing violations

May 09, 2024

👋 Good morning and happy Thursday. Welcome to the newsletter that tells you what’s going on in the industry in less than 5 minutes.

Today's newsletter is 521 words — a 2.5-minute read.

1. Signorelli Co.'s Cielo community near Conroe starts home sales

Home sales have commenced at The Signorelli Co.'s new Cielo community in Montgomery County. This 256-acre development, located near the Conroe-North Houston Regional Airport, plans to feature 840 single-family homes.

Three builders are offering a variety of home sizes and floor plans, with prices ranging approximately from $219,000 to $328,000. The community emphasizes green spaces and amenities to enhance residents' quality of life. Additionally, Cielo will soon include a new elementary school. Source

2. Deadline looms; VA urged to adjust homebuying fee policies

As the August deadline for implementing changes from the NAR commission settlement approaches, there's limited time for the Department of Veterans Affairs (VA) to revise policies on fees veterans cannot pay when using VA loan benefits.

“One of the consequences of what the lawyers, the Department of Justice and the Biden Administration have done is they have screwed veterans, minorities and low-income Americans,” said James Dwiggins, the CEO of NextHome. “If a buyer cannot have the ability to finance representation in the loan because the seller didn’t want to offer compensation, when you have multiple offers, that buyer is going to lose every single time.”

Industry experts and organizations are urging the VA to adapt its rules to prevent veterans from being competitively disadvantaged and are advocating for interim rule changes to maintain veterans' purchasing power.

3. Catch up quick

💸 Homeowners are getting rich. Renters? Not so much. (Axios)

🏘️ Single women outpace single men as homeowners, while single moms are lagging behind single male parent counterparts. (LendingTree Study)

🐂 Wall Street has spent billions buying homes. A crackdown is looming. (Realtor)

4. Texas home builder Camillo accused of fair housing violations

The Fair Housing Council of South Texas has sued Houston-based home builder Camillo Properties and its affiliates, Bella Vista Homes and Legend Homes, alleging discrimination against homebuyers with disabilities in their policies and practices.

“They have a strict policy of not allowing any changes to building plans,” which prevents buyers from making necessary adjustments during construction to accommodate disabilities, the lawsuit states.

“Bella Vista refuses to consider — let alone grant — any exceptions to its policy, even if the homebuyer is willing to pay for the costs of any modifications. This policy makes housing inaccessible or prohibitively costly for people with disabilities.”

5. 1 fun thing

🧠 Riddle: I bought a cow for $800. I sold it for $1000. I bought it again for $1100. I sold it again for $1300. How much did I earn? Reply to this email with your answer

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