24 Jul 2019
By Randy Courtney

What Is Eminent Domain?

Real Estate
Eminent domain is a law that gives the federal, state, county, and municipal governments in the United States the legal right to "condemn" property and then seize it to allow its use for development. Eminent domain is supposed to be used by the government at the various levels to do things for the public benefit, such as to build new roads or construct new public schools. Compensation Under Eminent Domain Seizure The government cannot take property without compensating the owner for its market value. Disputes that lead to lawsuits arise when the property owner and the government have a serious…
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23 Jul 2019
By Randy Courtney

The Community Reinvestment Act Explained In Simple Terms

Real Estate
The federal government adopted the Housing and Community Development Act in 1977, and the Community Reinvestment Act (CRA) portion was designed to prompt lending institutions to provide mortgages for low- and moderate-income Americans. The underlying reasoning for the CRA was to discourage discriminatory lending practices that inhibited low-income communities and neighborhoods. Over the years, its regulations have been revised to improve effectiveness. During the early 1990s, upwards of five changes were made and more following the 2007 financial crisis. With the country currently in the midst of an economic comeback, the Office of the Comptroller of the Currency announced that…
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22 Jul 2019
By Randy Courtney

What’s Ahead For Mortgage Rates This Week – July 22nd, 2019

Financial Reports
Last week's economic reporting included readings from the National Association of Home Builders Housing Market Index, Commerce Department reports on housing starts and building permits issued. The University of Michigan consumer sentiment index was also released. Weekly readings on mortgage rates and new jobless claims were also reported. NAHB: Builder Confidence Rises as Housing Starts Slip Home builder confidence in current market conditions rose one point to an index reading of 65 in June. Any reading over 50 means that most builders view housing markets conditions as positive, but July's reading was lower year-over-year. Builders have long cited a shortage…
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