Category: Housing Market

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Fair Housing and Equal Opportunity In Sales and Rentals

In the sight of the law all people are protected in housing issues.

What Is the Fair Housing Act? 

The Fair Housing Act is a federal law enacted in 1968 that prohibits discrimination in the purchase, sale, rental, or financing of housing—private or public—based on race, skin color, sex, nationality, or religion. The statute has been amended several times, including in 1988 to add disability and family status.1 State and local laws may expand on these protections in some jurisdictions, but may not detract from or reduce them. #fairhousing

What Makes for Housing Discrimination? 

Here are some examples of what may be considered illegal discrimination under the law:

  • A landlord says that an apartment is available when a prospective tenant calls to inquire over the phone, but upon seeing that the person who inquired is African American, says that the apartment has just been rented. Upon hearing an inquiry from a member of another race, the landlord says it is available again.
  • A real estate agent refuses to show a house for sale in a specific neighborhood because of the race, religion, or ethnicity of the buyer—or conversely, steers a buyer to a different neighborhood when they asked to see a property elsewhere at the same price range.
  • A mortgage lender charges an applicant a higher interest rate for a loan to buy a home in a predominately Latinx neighborhood than in a predominately white neighborhood or steers a borrower to a loan with less favorable terms because of their sex, race, or nationality.
  • A modern multifamily condominium fails to comply with accessibility requirements for buildings erected after 1991, such that a prospective wheelchair-bound buyer can’t access a unit or parking there.
  • A rental agent refuses to rent an apartment to any single woman with children
Finding your right home is hard enough, Your rights are protected.

KEY TAKEAWAYS

  • The Fair Housing Act outlaws discrimination against home renters and buyers by landlords, sellers, and lenders on account of their race, color, religion, sexual orientation, nationality, disability, or family status.
  • The Act is enforced at the federal level by the Dept. of Housing and Urban Development (HUD).
  • State laws can enhance the protections under the Fair Housing Act, but cannot reduce them.
  • Housing discrimination persists nonetheless and can be difficult to prove. Winning a legal case requires proper documentation and patience. #entarlovesyou
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Fair housing rules cover all kinds of housing situations. Everyone is protected under the rules

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com  Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

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Housing Market During Inflation

Housing market on fire in 2020, unsustainable in 2021 and beyond — without runaway inflation.

For 2021, the real estate market is expected to be more volatile, varied and less predictable than normal. The national housing market is now overheated as compared to five years ago. Greater Los Angeles Area single family home prices are expected to plateau, while urban condominium prices shall continue to fall. Los Angeles, New York and other big city urban center property prices have already been falling for several years.

Price inflation normally has an upward price pressure on most things, including residential properties. Inflation is correlated to a reduced value of the U.S. Dollar. The federal government and Federal Reserve have indicated that they plan to increase spending, increase the national debt, increase the money supply, increase quantitative easing and increase radical new measures to stimulate the economy and liquidity. Most of these measures reduce the value of the U.S. Dollar in the future, resulting in inflationary pressures that build up over time, which can result in sudden, unexpected runaway inflation, immediately followed by rising interest rates. | Blog Video

While the Federal Reserve chairman downplays real estate froth, Chairman Powell agrees that rapidly rising home prices are unsustainable. Many housing markets have doubled or tripled in price since 2011.

More and more economists and billionaire investors have been raising concerns about runaway national debt approaching $28 trillion, tidal wave of corporate debt and crushing personal debt. Unusually large, rapidly growing debts can indicate looming financial disaster in the form of a debt bomb explosion, which could potentially wipe out even the safest of retirement funds. High debt increases inflationary pressure for the future.

The primary counterforce keeping prices down is a declining GDP and surge in unemployment — The Greater Depression of 2020s. Stock market volatility tends to have a neutral impact on the dollar value and housing market provided that the long-term end result is near normal.

As 2021 is largely a repeat of 2020 in many ways, we can see most home prices continue to accelerate only if the federal government and Federal Reserve loosen purse strings even more than they did in 2020. These extreme measures are unsustainable, as 2020 already created price shocks in real estate and in many products while the average income went down, resulting in reduced productivity and declining net worth for the average American. Inflation is linked to inefficiencies and detrimental effects such as currency crises, shortages and decreased overall standard of living. The only way to keep pumping up the housing market is by pumping up inflation and costs of living in general.

The most practical ways to protect one’s finances, and to benefit from inflation, is by owning assets such as gold, bitcoin, stocks and real estate. Renters and paycheck-to-paycheck consumers tend to suffer the most when severe inflation takes hold.

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Today’s debt bomb is 75% larger and more explosive than when this scintillating video appeared.

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, BRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.