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- Ready Capital plans to purchase the real estate investment trust United Development Funding IV
Ready Capital plans to purchase the real estate investment trust United Development Funding IV
Plus: Gen X now represents 24% of recent homebuyers
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Today's newsletter is 608 words — a 2.5-minute read.
1. State Representative Briscoe Cain proposes a bill to allow Texas to seize control of Austin
Texas State Representative Briscoe Cain filed a joint resolution for the Texas House to consider creating a new 'District of Austin' to address concerns about rising crime and public safety.
In House Bill 274, Cain proposes a constitutional amendment allowing the legislature to create a new district that serves as the seat of government.
Cain, who first filed the legislation in 2021 but was not approved, recently posted on X why he felt the need to re-file it again this year.
Re-filed legislation I first filed in 2021 to create the District of Austin.
For far too long, city leaders have thumbed their nose at the Capitol and turned their backs on their own citizens.
A District of Austin will keep residents and visitors safe.
#txlege
— Briscoe Cain (@BriscoeCain)
9:49 PM • Dec 2, 2024
2. 9 Texas cities rank among the top 100 cities with the highest rents in the nation
Nine Texas cities made it to Zumper’s list of the top 100 U.S. cities with the highest rents, highlighting the state’s diverse rental market dynamics. While the national median rent for a one-bedroom apartment held steady at $1,534, Texas cities show a range of prices, with Plano leading and El Paso offering more affordable options.
The table below outlines the rankings and median rental prices for these cities:
City | Rank | Median Price (1-Bedroom) | Median Price (2-Bedroom) |
|---|---|---|---|
Plano | 36th | $1,490 | $1,860 |
Austin | 38th | $1,440 | $1,770 |
Dallas | 42nd | $1,440 | $1,750 |
Irving | 58th | $1,280 | $1,570 |
Fort Worth | 59th | $1,270 | $1,560 |
Houston | 65th | $1,240 | $1,540 |
San Antonio | 77th | $1,090 | $1,330 |
Arlington | 81st | $1,070 | $1,330 |
El Paso | 95th | $920 | $1,150 |
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3. Catch up quick
⏳ FHA extends cybersecurity reporting requirement timeline from 12 to 36 hours. (HUD)
💰 The Trails from Castle Hill Partners in New Caney will offer a $10,000 Realtor incentive. (HoustonAgentMagazine)
🚀 Bitcoin hits $100,000 as Trump picks cryptocurrency fan to head financial watchdog. (CNN)
🏗️ Greystar, the largest apartment operator in the nation, invests in modular homes. (CREDaily)
🏡 Gen X now represents 24% of recent homebuyers. (realtor.com)
🤯 Texas affiliates 'blindsided' by Compass' @properties acquisition. (Yahoo)
🔥 Fun read: WWE Saturday Night's Main Event is coming to San Antonio. (NBC)
4. Ready Capital plans to purchase the real estate investment trust United Development Funding IV
New York real estate finance firm Ready Capital plans to acquire United Development Funding IV (UDF IV) in a deal valued at $181 million.
UDF IV has long been a significant player in financing single-family residential developments, having originated $1.6 billion in loans since 2008. These funds have facilitated the creation of 62,000 residential lots and 1,000 homes in Austin, Dallas-Fort Worth, Houston, and San Antonio.
5. Redfin’s 2025 Predictions
Redfin's economists expect more home sales in 2025 due to pent-up demand, but some would-be homebuyers will still be priced out as home prices rise and mortgage rates remain near 7%. This is according to Redfin's annual housing market predictions, which are as follows:
Home prices will rise by 4%.
Mortgage rates will remain near 7%.
There will be more home sales in 2025 than in 2024.
2025 will be a renter’s market.
Fewer construction regulations will lead to more homebuilding.
Wealthy people will pay less to buy and sell homes as commissions decline slightly.
The real estate industry will consolidate.
Climate risks will be priced into individual homes.
Mayors in blue cities will help reverse the flight from urban centers.
Gen Z will rewrite the American Dream, reducing the focus on homeownership.
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