Byron Lazine and Nicole White talk mortgage fraud, rising home prices in the Sunshine State and news from left, right and center. Find out what they have to say on these hot topics, and check out The Real Word this week.
Byron Lazine and Nicole White are two agents in Connecticut who bring us every Friday on "the real word," a weekly video column on Inman.
Byron Lazine and Nicole White opened this week's episode by discussing a recent CoreLogic study that examined the increased risk of fraud for mortgage lenders. They then examined the impact of remote work on the Florida real estate market. Finally, they covered the political spectrum in their regular left-center-right article.
Fraud no. 1: Mortgage lenders face increased risk of fraud
By a Core Logic StudioMortgage lenders are at increased risk of fraud as programs artificially inflate a homebuyer's income and assets or misrepresent the value of a property for sale.
Some of the tactics range from manipulated low-tech pay stubs and W2s to falsifying bank statements that show a pattern of fake deposits over several months. In one case, a federal grand jury indicted two real estate agents and a loan officer for allegedly participating in such a scheme.
Lazyne and White said it's hard to believe real estate agents would get involved and risk their licenses, let alone criminal charges. According to the heat map, New York, New Jersey, Connecticut, California, and Miami and New Orleans were among the top ten markets where fraud was most prevalent.
Slugger no. 2: Remote work ruins Florida as a resting place
Florida due to higher home prices, it may become less attractive as a retirement destination. Price increases are reportedly driven by telecommuters who can work from anywhere and are lured by relatively low costs, no state income taxes and mild weather year-round.
According to Lazine, there are many factors driving price increases in Florida, but for those moving from the Northeast, they will still feel affordable. Although prices are getting more expensive in South Florida, Florida is a great state to live in. White said this is a great opportunity for some of these smaller markets to figure out how to attract new investment and new inbound buyers.
LEFT, CENTER, RIGHT
Biden touts Logan update
As part of his infrastructure program, President Biden recently announced huge and much-needed improvements to Logan Airport in Boston. For those selling real estate in Boston or elsewhere with a major airport, take a look at the airport near you. Check out the food, bar scene, parking and car rentals. It's a great way to get on the radar of people looking for information about your area.
How bankrupt and biased venture capital is
Adam Neumann flopped at WeWork, but just three years later he gets a big venture capital investment for Flow, his real estate-related startup. According to Lazine, we've seen many people enter the real estate world from the outside and not make it because it's so difficult.
This is another reason why working with an experienced local property manager will benefit you. White said women are having to work harder and harder for what they get.
Burger King has a plan (that is doomed to fail)
Burger King is investing $400 million in technology and running ads to try to make up lost ground and revamp its brand. Lazyne and White said you won't succeed in today's market if you invest in old-school advertising instead of content.
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