{"id":44500,"date":"2016-02-08T08:04:27","date_gmt":"2016-02-08T16:04:27","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=44500"},"modified":"2020-10-06T17:08:21","modified_gmt":"2020-10-07T00:08:21","slug":"the-b-word-surfaces-congress-actually-passes-something-gondolas-and-ugly-houses","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/the-b-word-surfaces-congress-actually-passes-something-gondolas-and-ugly-houses\/","title":{"rendered":"The &quot;B&quot; Word Surfaces, Congress Actually Passes Something, Gondolas and Ugly Houses"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Last week we had some <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/01\/charlotte-vs-denver-which-city-is-better-to-live-in.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">football<\/span><\/a><span style=\"font-weight: 400\"> and some <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/02\/the-economy-created-151000-jobs-not-great-but-well-take-it.html\"><span style=\"font-weight: 400\">job creation<\/span><\/a><span style=\"font-weight: 400\"> and some debating. This week: Janet Yellen speaks, Obama releases his budget, China looks <\/span><a href=\"http:\/\/www.businessinsider.com\/opening-bell-february-8-2016-2016-2\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">dicey<\/span><\/a><span style=\"font-weight: 400\"> and New Hampshire votes. Finally: What to do with all those extra trees? <\/span><br \/>\n<b>Who says Congress can\u2019t get along?<\/b><span style=\"font-weight: 400\"> The House voted unanimously to pass a bill that improves <\/span><a href=\"http:\/\/www.cbpp.org\/blog\/house-unanimously-passes-bill-improving-housing-programs?utm_source=CBPP+Email+Updates+for+Media&amp;utm_campaign=d535aeca88-ICYMI_Media_2-5-16&amp;utm_medium=email&amp;utm_term=0_af368626dc-d535aeca88-43783377\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">rental assistance<\/span><\/a><span style=\"font-weight: 400\"> to the poor, elderly and disabled. And it saves money! Well done.<\/span><br \/>\n<b>Uh-oh, the \u201cB\u201d word.<\/b><span style=\"font-weight: 400\"> As in bubble. <\/span><a href=\"https:\/\/www.fitchratings.com\/site\/fitch-home\/pressrelease?id=999204\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">Fitch Ratings<\/span><\/a><span style=\"font-weight: 400\"> says Bay Area home prices are overvalued by about 16 percent. In fact, homes in most major metros in California, Florida and Texas are \u201ccurrently overpriced.\u201d <\/span><br \/>\n<b>Green gets ugly<\/b><span style=\"font-weight: 400\">. Congress is weighing a bill to loosen mortgage credit standards if a house is energy efficient. But if green is worth anything, it should be reflected in the home price, according to the libertarian-leaning Cato Institute. No need to make the mortgage reflect it, too. \u201c<\/span><span style=\"font-weight: 400\">Borrowers could easily leave the closing table devoting over half their income to their mortgage,\u201d Cato\u2019s <\/span><a href=\"http:\/\/www.cato.org\/blog\/will-senate-use-energy-bill-weaken-fha-mortgages\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">Mark Calabria<\/span><\/a><span style=\"font-weight: 400\"> writes. \u00a0<\/span><br \/>\n<b>Speaking of ugly<\/b><span style=\"font-weight: 400\">. <\/span><a href=\"http:\/\/www.citylab.com\/housing\/2016\/02\/rooftop-parasite-homes-paris-affordable-housing-3box\/459399\/?utm_source=nl__link6_020316\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">Parasite homes<\/span><\/a><span style=\"font-weight: 400\">. C\u2019mon, architects, you can do better.<\/span><br \/>\n<b>Weather watch:<\/b><span style=\"font-weight: 400\"> California\u2019s war on <\/span><a href=\"http:\/\/abcnews.go.com\/US\/wireStory\/california-weighs-extending-drought-conservation-orders-36658692\"><span style=\"font-weight: 400\">drought<\/span><\/a><span style=\"font-weight: 400\"> is only at halftime. <\/span><br \/>\n<b>Gondolas swing to the rescue.<\/b><span style=\"font-weight: 400\"> Oft-gridlocked Washington, D.C, might build a\u00a0<\/span><span style=\"font-weight: 400\"><a href=\"http:\/\/www.planetizen.com\/node\/83610\/georgetown-rosslyn-gondola-proposal-gets-funded-study\" target=\"_blank\" rel=\"noopener noreferrer\">gondola<\/a><\/span><span style=\"font-weight: 400\">. <\/span><br \/>\n<b>Amen!<\/b><span style=\"font-weight: 400\"> Thirty-three states give tax breaks to developers who rescue <\/span><a href=\"http:\/\/www.pewtrusts.org\/en\/research-and-analysis\/blogs\/stateline\/2016\/02\/02\/state-tax-credits-help-turn-old-churches-into-taxable-property?utm_campaign=2016-02-02%20Stateline%20Daily%20%20&amp;utm_medium=email&amp;utm_source=Eloqua\"><span style=\"font-weight: 400\">old churches<\/span><\/a><span style=\"font-weight: 400\"> (and add them to the tax rolls). Win-win-win. <\/span><br \/>\n<b>Are you underwater?<\/b><span style=\"font-weight: 400\"> If you haven\u2019t refinanced because you think you can\u2019t, think again. Nearly 370,000 homeowners are eligible for low-interest loans even if they have little or no equity. Details on the HARP program are <\/span><a href=\"http:\/\/harp.gov\/Default.aspx?Page=363\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">here<\/span><\/a><span style=\"font-weight: 400\">. (Chicago residents in particular should click that link.) HARP has worked so well that some people are now <\/span><a href=\"http:\/\/www.freddiemac.com\/finance\/pdf\/jan_2016_public_outlook.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">unHARPing<\/span><\/a><span style=\"font-weight: 400\">. <\/span><br \/>\n<b>Should homeowners pay capital gains taxes?<\/b><span style=\"font-weight: 400\"> Pay attention. More and more, policymakers and activists are talking about <\/span><a href=\"http:\/\/cityobservatory.org\/more-support-real-estate-cap-gains-tax\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">dismantling tax subsidies<\/span><\/a><span style=\"font-weight: 400\"> for homeowners. What do you think? <\/span><br \/>\n<b>Wal-Mart closing, Part II<\/b><span style=\"font-weight: 400\">. Two weeks ago we alerted you to a Bloomberg story about Wal-Mart <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/01\/the-other-census-the-redskins-hire-a-utopian-and-duplex-superpowers.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">pulling up stakes<\/span><\/a><span style=\"font-weight: 400\">. This week, the Washington Post reports that a big share of those store closings were in communities that could <\/span><a href=\"https:\/\/www.washingtonpost.com\/news\/wonk\/wp\/2016\/02\/05\/what-happens-to-a-tiny-town-when-walmart-disappears\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">least afford<\/span><\/a><span style=\"font-weight: 400\"> the loss.<\/span><br \/>\n<b>Economic roundup:<\/b><span style=\"font-weight: 400\"> Fewer people reported an increase in income, pushing Fannie Mae\u2019s <\/span><a href=\"http:\/\/www.fanniemae.com\/portal\/research-and-analysis\/housing-survey.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">Home Purchase Sentiment Index<\/span><\/a><span style=\"font-weight: 400\"> down last month. Mortgages were <\/span><a href=\"https:\/\/www.mba.org\/news-research-and-resources\/forecasts-data-and-reports\/single-family-research\/mortgage-credit-availability-index?utm_source=Informz&amp;utm_medium=Email&amp;utm_campaign=mba%2Eorg\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">harder to get<\/span><\/a><span style=\"font-weight: 400\"> in January even though rates <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/02\/mortgage-rates-time-to-refinance.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">continue to fall<\/span><\/a><span style=\"font-weight: 400\">. Job growth was <a href=\"https:\/\/redfin.com\/blog\/2016\/02\/the-economy-created-151000-jobs-not-great-but-well-take-it.html\" target=\"_blank\" rel=\"noopener noreferrer\">so-so<\/a>. Are you having trouble getting a loan? Drop me an email with your story.<\/span><br \/>\n<b>Bad-guy roundup<\/b><span style=\"font-weight: 400\">. HSBC will pay <\/span><a href=\"http:\/\/www.federalreserve.gov\/newsevents\/press\/enforcement\/20160205a.htm\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">$131 million<\/span><\/a><span style=\"font-weight: 400\"> in fines for foreclosure and mortgage servicing failures. \u00a0<\/span><br \/>\n<b>Austria has too many forests.<\/b><span style=\"font-weight: 400\"> So it\u2019s building the world\u2019s tallest <\/span><a href=\"http:\/\/www.worldarchitecturenews.com\/project\/2016\/26345\/ronald-lu-partners\/wood-high-rise-in-vienna.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">wood high-rise<\/span><\/a><span style=\"font-weight: 400\">. HoHo!<\/span><br \/>\n<b>Speaking of trees.<\/b><span style=\"font-weight: 400\"> They can make your wait at the <\/span><a href=\"http:\/\/www.atlasobscura.com\/articles\/the-secret-weapon-that-can-fix-the-excruciating-wait-for-the-bus\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">bus stop<\/span><\/a><span style=\"font-weight: 400\"> shorter. No, seriously.<\/span><br \/>\n<b>Save the date.<\/b> <span style=\"font-weight: 400\">Brookings and Neel Kashkari ponder the financial collapse on <\/span><a href=\"http:\/\/www.brookings.edu\/events\/2016\/02\/16-kashkari-lessons-financial-crisis\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">Feb. 16<\/span><\/a><span style=\"font-weight: 400\">, and Redfin &amp; Friends ponder Seattle\u2019s Future on <a href=\"https:\/\/redfin.com\/blog\/seattle_livability_panel_discussion?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=1001966\" target=\"_blank\" rel=\"noopener noreferrer\">Feb. 24<\/a>. Tune into\u00a0<a href=\"http:\/\/onpoint.wbur.org\/2016\/02\/08\/rent-is-too-damn-high\" target=\"_blank\" rel=\"noopener noreferrer\">On Point<\/a>\u00a0today as it ponders #$%! high rents.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Your weekly roundup of the housing market and other fun stuff<\/p>\n","protected":false},"author":13355,"featured_media":42742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74],"coauthors":[],"class_list":["post-44500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The &quot;B&quot; 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She\u2019s based in Washington, D.C., where she writes about housing and the economy. Before joining Redfin, Lorraine was at Bloomberg News reporting on politics, financial mayhem, housing and the economy. Her dream home is a top-floor loft with a pool, friendly neighbors and a terrace for throwing parties. Everyone's invited. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. 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