If you were interested in my Sunday story about easing mortgage credit standards, take note of this: FICO is luanching a new a credit model called FICO Score 9, which will enable lenders to do a better job measuring a borrower's credit stability on everything from auto loans to home mortgages. Score 9 will be available to lenders this fall.
Here's what Jim Wehmann, executive vice president for Scores at FICO, had to say about these upcoming changes: “FICO Score 9 uses a more refined treatment of consumers with a limited credit history and those with accounts at collection agencies, so that lenders can grow their credit and loan portfolios more confidently...by applying innovative predictive modeling techniques on recent data to capture consumer credit behavior, FICO Score 9 will extend FICO’s leadership in providing the credit score that most accurately and fairly defines U.S. consumer credit risk.”
Here's a link to the full details.
At almost $23,000 per square feet, this house in Hong Kong is reputed to be the world's most expensive house on a per square foot basis. The property is in the Twelve Peaks subdivision in the exclusive Victoria's Peak neighborhood. At nearly $106 million, it's not the most expensive house on the market in the world - that distinction belongs to a house in London.
The house has 4,661 square feet, including four bedrooms, a private pool, garden, rooftop terrace and a two-car carport. To see the house, click here.
Trulia's latest Trends report takes an interesting look at rents and house prices for the 100 largest metro areas in the nation. It shows some interesting shifts in the market. Namely, prices gains have moderated dramatically now that prices are being driven by wages rather than the rebound factor (investors and bargain shoppers).
On the price side, for the first time in 26 months, no housing market saw an annual increase over 15 percent duing July. On the rental side of the equation, rents rose the most in markets that saw the strongest job growth. San Francisco was tops with a 14.3 percent gain, while the Twin Cities had a 3.4 percent gain - the 24th largest in the nation.
Edina Realty broke ground this week on a new office building in Plymouth - the company's first new facility since 2007.
The 10,000 square-foot, one-level building will house about 100 agents and staff and is being built on a vacant lot at 9605 Schmidt Lake Rd. and will replace a facility that's at 4425 Highway 169 North. It'll serve agents that focus on markets ranging from Minneapolis to St. Michael.
Edina Realty, an affiliate of Berkshire Hathaway, has been remodeling, upgrading and moving its offices to better accommodate the changing ways agents do businesses - namely an increasing reliance on technology for an increasingly mobile sales force. The existing Plymouth building didn't lend itself to such a transformation and another suitable building wasn't available. used in the neighboring Maple Grove location, which relocated in Nov. 2013
Edina Realty CEO Greg Mason, president Barb Jandric, regional manager Terry McDonough and Plymouth office manager Jeff Shuman were on hand for the occassion.
“Our current facility is not ideal for the way agents do business today,” said Shuman. The offices will have several Apple TVs and fully outfitted private workspaces with computers, printers and phones. The building is being designed by Mohagen Hansen architects and is being constructed by Shingobee Builders; it'll be owned by United Properties. The Plymouth office is Edina Realty’s third largest and construction is expected to be completed by January 2015.
Home builders picked up the pace this month. Twin Cities builders were issued 443 permits to build 903 units, according to the Builders Association of the Twin Cities. Half of those units (a single permit can be issued to build multiple units) were rental apartments and other kinds of multi-family housing.
Both permits and the number of units were up considerably from last year, but the number of planned units was down slightly from the previous month. The report comes after a quieter June report, but such volatility is common from month to month.
Here's a link to the full report with all the numbers.
It's going to be an interesting night at the Minneapolis City Planning Commission's Committee of the Whole meeting Thursday. Developers will be releasing a bevy of interesting new details on three high-profile housing developments planned for in and around downtown.