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CLIMATE CRISIS TO TRIPLE FLOODING THREAT FOR LOW-INCOME US HOMES BY 2050

HOW VACCINE APPROVAL COMPARES BETWEEN THE UK, EUROPE AND THE US

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JANUARY 2021 Vol. 08 | Issue 1

OUT GOES TRUMP

“LET THIS GRIM ERA OF DEMONIZATION IN AMERICA BEGIN TO END HERE AND NOW”

HAVE YOU READ OUR PAST ISSUES YET? the power is now

magazine CENTRAL EDITION Vol. 08 | Issue 1

Eric Lawrence Frazier, MBA Publisher Office: (800) 401-8994 Ext. 703 Direct: (714) 361-2105 eric.frazier@thepowerisnow.com www.thepowerisnow.com EDITORIAL TEAM Sheila Gilmore Editor in Chief (800) 401-8994 ext. 711 sheila.gilmore@thepowerisnow.com Daniels George Managing Editor (800) 401-8994 ext. 712 daniels.george@thepowerisnow.com Goldy Ponce Arratia Graphic Artist and Design Manager goldy.ponce@thepowerisnow.com

CONTRIBUTORS The Power Is Now Research Team

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The PIN Magazine™ is owned and published electronically by The Power Is Now Media, Inc. Copywrite 2020 The Power Is Now Media Inc. All rights reserved. “The PIN Magazine” and distinctive logo are trademarks owned by The Power Is Now Media, Inc. “ThePINMagazine.com”, is a trademark of The Power Is Now Media, Inc. “Magazine.thepowerisnow.com”, is a trademark of The Power Is Now Media, Inc. No part of this electronic magazine or website may be reproduced without the written consent of The Power Is Now Media, Inc. Requests for permission should be directed to: info@thepowerisnow.com

CONTENTS

JANUARY 2021 a Mortgage? Here’s What’s Changed Since COVID-19.

POWER TECHNOLOGY Pg. 22. Embracing technology will be a key success factor for the lenders and title companies in 2021.

IN OUR CENTRAL EDITION: Pg. 27. Embracing technology will be a key success factor for the lenders and title companies in 2021, by Steve Peterson. Pg. 31. 5 fast Ways to Come Up With a Down Payment, by Johnnie Morine.

POWER GREEN Pg. 8. Climate crisis to triple flooding threat for low-income US homes by 2050.

IN OUR EAST COAST EDITION:

Pg. 10. California Struggles With Economic Inequity. Pg. 14. U.S. trade deficit widens by 1.7% to $63.1 billion in October last year. What this means for the economy.

Pg. 37. New Jersey’s Impending Marijuana Legalization Vote Is Accelerating An AlreadyHot Market, by Jerel Washington. Pg. 41. 5 Big Ways President Biden Is Poised To Help First-Time Home Buyers, by Emerick Peace. Pg. 45. Here’s what you need to know before putting your money in Miami properties, by Adriana Montes.

POWER REAL ESTATE

IN OUR WEST COAST EDITION:

Pg. 16. What’s causing Home sales in the US to Surge despite a low inventory count? Pg. 18. The market will probably get hotter before it gets better in the coming months.

Pg. 49. A New report show that Valley Housing Market will remain to be one of nation’shottest markets in 2021, by Yvonne McFadden. Pg. 53. Here’s a list of the hottest places for millennials to live in Arizona in 2021, by Peggie Simons. Pg. 57. A quick view of the most influential Housing metrics in Corona County, CA, by Kamesha Keesee.

POWER ECONOMICS

POWER LENDING Pg. 20. Self-Employed and Applying for 4

THE POWER IS NOW MAGAZINE | JANUARY 2021

Pg. 59. Fontana Housing Market: Overview and insights for 2021, by Ameer Elahee. Pg. 66. Already receiving multiple offers on your home? Wait first, here are 14 concerns you need to address with your realtor right away, by Ruby Frazier.

POWER LEGAL

Pg. 64. Out Goes Trump and “Let This Grim Era of Demonization in America Begin to End Here and Now”

POWER MORTGAGE

Pg. 68. Serious delinquencies hit six year high! What are delinquencies and why are they an important metric? by Julius Cartwright. Pg. 76. Top 5 California Markets for Affordable Housing Construction, by Jenny Gonzalez. Pg. 81. Just how much do San Diegans owe in back rent? by Denise Matthis. Pg. 84. Coronavirus: Eviction protection days could be dwindling, by Kenneth Session. Pg. 87. California needs more housing, but 97% of cities and counties are failing to issue enough RHNA permits, by Robert Langston. Pg. 91. San Francisco Bay Area Real Estate Market & Investment 2021, by Eric Hooks. Pg. 96. Best Neighborhoods in LA, by Briana Frazier. Pg. 99. LA Agents using influencers to help sell a lifestyle- and apartments, by Adrian Bates. Pg. 102. Closing? Maybe you should consider using a digital platform, by Success Money. Pg. 106. In Richmond, buyers are paying more for houses than what sellers are actually asking for! What does this mean for real estate in Richmond?, by Joe Fischer. WWW.THEPOWERISNOW.COM

Pg. 108. In order to lift the downtrodden neighborhoods in the US, We need to lend to people with low credit scores.

Pg. 112. Nonbank mortgage payrolls set new record, rise above the 350,000 mark.

POWER HEALTH Pg. 115. How vaccine approval compares between the UK, Europe and the US.

POWER COMMUNITY Pg. 116. How did the Martin Luther King Jr. Day become a Federal holiday? Here a little history lesson for you! Pg. 118. Let’s talk about how the next four years will look like for the Black Americans! l

FROM THE EDITOR other know that there is a shoulder they can lean on when the going gets tough.

appy New Year!

We meet again folks and I am really excited about what 2021 has in store for us. While the Virus that has plagued us for the better part of the year 2020 has upended every aspect of our lives, from the daily meaningless errands to life-changing events, it is understandable why most people feel overly anxious about this new year. I believe everyone wants change, and to go out mask off! However, even though this dark period, light emerges, spreading positivity like a wildfire, and nothing can stop that. Personally, I know 2021 will be a great year. I am glad that amidst the pandemic, we have found new ways to connect with each other. We have not lost our personal touch. We have found creative ways to share memorable moments while miles apart, letting each

We learned, we have lost and we will overcome. You have made it this far, you are a fighter. I take this opportunity to congratulate and to honor those who have risked their lives that we may live. Your sacrifice will never be forgotten. Looking back, I do it with pride knowing that I overcame, that nothing was ever lost. I challenge you also to look back proudly, at least, you now know your living space better… lol! The housing industry was among the hardest-hit industries in the country but I am glad we made a quick come back. This goes to show that people are hungry and the little that is available is merely enough. We have made innovative means to buy and sell upscaling the industry. Right now, not many agents are willing to let go of the virtual home showings. But we’ll get to that… First, help me welcome President-elect Joe Biden and Vice President-elect Kamala Harris. I am excited because I now know that this is a powerful team ready committed to ending the divide in the country. Read more about their story only on this issue. If you thought that 2021 was the year you become a homeowner, hold on to that thought because a new report shows that home sales in the country continue to surge despite a low inventory count. This shows that demand for housing units is not coming down anytime soon. Not unless Biden fast tracks his promise to build an additional 1.5 million housing units. That might do some good in the industry. Still, on housing matters, this issue looks at some of the reasons why some housing markets in the country will remain to be one of the hottest markets in 2021 as well as the hottest places to invest in 2021. If there is one thing that the virus has underscored is the increasing role of social media in our daily lives. Find out how LA agents are using Instagram influencers to help sell

THE POWER IS NOW MAGAZINE | JANUARY 2021

a lifestyle and apartments. Also, find out why Richmond buyers are paying more for houses than what sellers are actually asking for. Onto some promising news, the vaccine is finally out, find out how the approval process works between UK, Europe, and the US. additionally, this issue explores how the next four years will look like for the black Americans and minorities in the country after suffering four years of segregation. I am glad to announce that we launching our Spanish edition of the TPIN magazine following the wide acceptance of the radio and TV shows. Details of the magazine will

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be shared with you in our weekly shows, so stay tuned. As it stands, 2021 will be quite a busy year for us, keep on showing love by supporting us on our weekly shows, reading our blogs, tuning in to our blog talk radio. We wouldnâ€™t be here were it not for you. Please take a moment and share this magazine, knowledge is power and the power is now!

Have a prosperous month! ERIC L. FRAZIER MBA President and CEO The Power Is Now Media, Inc.

CLIMATE CRISIS TO T FLOODING THREAT F LOW-INCOME US HO

n the November 2020 edition of The PIN magazine, an article highlighted that the current disasters could be the future that scientists have been warning us about. Indeed, this could be it, but wait! This is not all the future holds for us. If we don’t take swift action to reduce carbon emissions and other environmental pollution forms, it could worsen. True to that, recent reports continue to give more hints. And to make it even worse, the climate crisis could dawn on American households, especially low-income households. A new study published in the journal Environmental Research Letters at the beginning of December 2020 reveals that the quantity of affordable housing in the US prone to the effects of coastal flooding will surge three times by 2050. This new study is a further sign of the inclining hardships experienced by low-income US households amid the ongoing climate crisis. According to the study by Climate Central, a New Jersey-based science organization, affordable housing in New York, Massachusetts, New Jersey, and California is at risk of damage and destruction from flooding caused by the worsening storms and high tides triggered by rising sea levels. Currently, the number of affordable housing units in the US at risk of coastal flooding is 7,668. However, this number is set to skyrocket to 25,000 units over the next 30 years if the ongoing global 8

warming isn’t drastically lowered. The study further reveals that a similar number of housing units is still at the risk of destruction by coastal floods even if huge greenhouse emissions are cut since there is a lot of heating already locked up from the decades of emissions from fossil fuel use. “Cutting emissions makes a huge, life-or-death difference in the second half of the century but there will be a growing need to build resilience and adapt no matter what we do now,” the chief executive and chief scientist of Climate Central, Benjamin Strauss, said. 2020 was termed as the most active year that recorded several huge Atlantic storms. Last year also revealed that some of the flooding events THE POWER IS NOW MAGAZINE | JANUARY 2021

TRIPLE FOR OMES BY 2050

However, the US low-income households are not the only ones at the risk of destruction by the coastal flooding events. Higher-income coastal households also face risks. However, researchers point out that higher incomer households can recover more quickly compared to people in low-income households, which are also located in low-lying clustered areas near back bays and channels prone to flooding. “We don’t train our attention on these neighborhoods but many of them are already suffering significantly from these problems,” Strauss said. “Low-income people don’t have the resources to respond or recover from these increasing floods. The impact upon their lives is far more severe than someone with a second home or a lot of disposable income.” Elsewhere, a climate scientist at the University of Wisconsin-Madison, Andrea Dutton (not involved in the study), stated that the study plays a significant role in outlining the personal and economic effects of flooding on low-income households.

could be dramatic. This is because they’re caused by hurricanes, which scientists termed as growing more powerful and slow-moving over dry land as the heating of the oceans and the atmosphere continues. IMPACTS OF COASTAL FLOODING These recurring coastal flooding events leave no good, only trails of damage and destruction in homes. However, most flooding events are attritional, causing flooded streets and basements after a heavy downpour or high tides. This means that the people in low-income coastal areas have to move vehicles and electrical appliances to prevent them from being soaked or getting mold that can grow on moist home surfaces.

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“Wealthy communities have the resources to undertake projects to adapt to sea-level rise and build new infrastructure,” Dutton said. “Furthermore, some of that infrastructure may in fact make the impacts of sea-level rise even worse for adjacent communities. For example, a sea wall that protects one community will just push even more water into the adjacent areas that cannot afford to build a sea wall.” The best option in such a case is to adapt to the rising sea levels and establish measures that will protect all communities from the impacts of the coastal flooding events. Lastly, we should start the journey to cut carbon emissions now to save the little we can for ourselves and future generations. Work cited. https://www.theguardian.com/environment/2020/dec/01/ climate-crisis-triple-flooding-threat-low-income-us-homesby-2050. l

CALIFORNIA STRUGGLES WITH ECONOMIC INEQUITY

Coronavirus pandemic hit the US nine months ago, resulting in the lockdown of businesses and social activities. The low business activities during the period significantly affected economic activities in the country.

alifornia happens to be one of the hard-hit states in the US. However, now that activities are returning to normal in many states across the country, California is faced with a new lockdown order. Since businesses may be shut down once again, the state’s economic activities might suffer another setback. On December 3rd, Governor Gavin Newsom announced a new stay-at-home period for the next three weeks. Following this announcement, the San Joaquin Valley and Southern California began their stay-at-home mandate. Other US states where the pandemic has been curtailed are regaining their foot, but that is not the case with California. To ensure that the state doesn’t suffer any economic crisis, there’s a need for proper economic planning. In the absence of this, California might begin to struggle with economic inequities and unable to meet up with other states’ growth. WHAT IS THE STATE DOING ABOUT IT? Speaking at the California Economic Summit, the state’s governor expressed his confidence about their ability to conquer the challenges at hand and put California on its foot once again.

He said, “We’re going to be alright,” and also proceed by saying, “In fact, not only be alright, there’s no state better positioned in the future than this state.” The summit holds every year. This year, its goal is to ensure that the state measures the state’s economic progress and analyzes regional approaches to economic problem-solving. Coincidentally, the 2020 annual summit happens simultaneously with the launch of the California Dream Index (CDI). The CDI will function as a tool to measure economic iniquities across the state. This new phenomenon will help to ensure that there are equal economic opportunities in every part of the state. Such an introduction is needed at a time like this, always to put the state on a check and see whether it is still on the path of progress or not. The California Development Index uses ten indicators of economic mobility to examine the state’s economic progress genuinely. It also accesses development based on security, affordable rent, and access to clean drinking water. For instance, if any region in the state suffers insecurity or its house rent spikes up, its CDI will drop. Therefore the higher the CDI, the better. Sometimes, the government might think it is doing the right thing and on the right paths, but the reverse might be the case. If such a government has a means of analyzing their growth index like the CDI, they’ll know what they’re doing wrong, pulling a part of the state backward and can correct such on time. According to the CDI, California has not significantly progressed between 2010 and 2018. Instead, it has only seen little improvement in those eight years. With 100 being the highest score, In 2010, the state had an overall score of about 60, and it was the same in 2018. Despite the challenges the state faces this year, including the devastating wildfire and the Coronavirus pandemic, experts believe that California will not be held back in terms of economic development with the right economic development plan in place. References https://www.google.com/amp/s/wtop.com/news/2020/12/californiacontinues-to-struggle-with-economic-inequity/amp/ https://www.usnews.com/news/best-states/articles/2020-12-07/californiacontinues-to-struggle-with-economic-inequity?context=amp

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THE POWER IS NOW EVENTS: FIRST TIME HOMEBUYER SEMINARS HOMEBUYER TOWN HALL LIVE ON FACEBOOK

NATIONAL EVENTS: NAREB NAREB MORTGAGE SERVICES CONFERENCE January 21, 2021 2021 VIRTUAL MID-WINTER CONFERENCE March 04, 2021

NAHREP NAHREP HOUSING POLICY SUMMIT NAHREP NATIONAL CONVENTION NAHREP AT L’ATTITUDE September 29–October 2, 2020

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THE U.S. TRADE DEFICIT WIDENED BY 1.7% TO $63.1 BILLION IN OCTOBER LAST YEAR. THIS IS DUE TO SEVERAL SIGNIFICANT FACTORS. DOES THIS EVEN MEAN ANYTHING? HOW DOES IT AFFECT THE U.S. ECONOMY? SHOULD THE GOVERNMENT GIVE IT LESS ATTENTION?

ow, let’s get started. According to the commerce department, there’s a significant gap between the goods and services sold and bought by the United States, increasing from $62.1 billion in September. A report by CNBC news revealed that one of the country’s significant income sources was the sales of aircraft engines, which contributed so much to the 2.2% increase in exports accounting for $182 billion. Besides exportation, importation also increased by 2.1%, which amounted to $245.1 billion. The shipment of auto parts contributed so much to this.

WHAT DOES THIS MEAN?

Weighing the total amount spent on importation and the amount earned through exportation, one will see a considerable gap with importation taking the lead. The amount spent on importation is over 50% higher than what was earned through importation. For a developed nation like the U.S., importation should be lesser than exportation. When the country earns more through importation, it will have enough to spend on development. On 14

U.S. TRADE DEFICIT WIDENED BY 1.7% TO $63.1 BILLION IN OCTOBER LAST YEAR. WHAT DOES THIS MEAN FOR THE ECONOMY THE POWER IS NOW MAGAZINE | JANUARY 2021

the other hand, when exportation begins to take the lead, the nation might be looking at an economic downfall if proper control measures are not implemented.

activities returning to normal following the global pandemic, the U.S. economy can find its proper footings once again.

HOW DID IT HAPPEN?

The Coronavirus pandemic contributed so much to the wide trade deficit as it caused a drastic reduction in the income coming to the U.S. government’s pocket. For instance, some areas where the government often records persistent surpluses are education and travel. Unfortunately, due to the global pandemic resulting in movement restraint and total lockdown across borders, there was no money coming from those angles. Therefore, the country’s income reduced drastically while its expenses increased. Simply put, the increase in deficits indicates how U.S. consumers are demanding goods from around the world. Still, on the pandemic’s effect, the U.S. services exports recorded a 20% reduction so far in 2020. While this happened, in October this year, America’s trade surplus in services also experienced a massive drop to $18.3 billion. The last time the U.S. had this kind of experience in August 2012 when the country experienced a massive recession.

WHAT HAS BEEN DONE?

To ensure that the economy is on the right path, President Donald Trump has vowed to reduce the trade deficit. However, he doesn’t just stop there. He took a step further by imposing tariffs on foreign steel and aluminum. He also imposed tariffs on various Chinese products worth $360 billion. Nevertheless, since there’s a new president-elect, the policy might change, and a new trade policy might be introduced. With the right policies in place, and economic WWW.THEPOWERISNOW.COM

References https://www.cnbc.com/amp/2020/12/04/us-trade-deficitwidens-by-1point7percent-to-63point1-billion-in-october. html https://www.google.com/amp/s/www.usnews.com/news/ business/articles/2020-12-04/us-trade-deficit-rises-17-to631-billion-in-october%3fcontext=amp https://www.google.com/amp/s/www.marketwatch. com/amp/story/u-s-trade-deficit-widens-inoctober-11607091632

WHAT’S CAUSING HOME SALES IN THE US TO SURGE DESPITE A LOW INVENTORY COUNT? Home sales continued to surge in the US with a low housing supply amid the pandemic in 2020. A report from the National Association of Realtors (NAR) recently reveals that sales of existing homes in October 2020 skyrocketed by 4.3% past expectations compared with September 2020, and 26.6% from October 2019, to a seasoned adjusted annualized rate of 6.85 million units. The annual increase was described as ”a spectacular gain” by Lawrence Yun, NAR’s chief economist, who also expects the rate to incline by 10% to 6 million in 2021. The October annualized sales rate also represents the highest since February 2006, with the previous rate highest rate being at 7.1 million units, which occurred in 2005.

”It’s quite amazing. Even if the home sales were to go down to 6 million, I would be happy,” said Yun. ”The surge in sales in recent months has now offset the spring market losses. With news that a COVID-19 vaccine will soon be available, and with mortgage rates projected to hover around 3% in 2021, I expect the market’s growth to continue into 2021.”

WHAT’S BEHIND THE SURGE IN HOME SALES? The question of the cause of the surge in home sales is a legitimate question among realtors in the US housing market. Besides the historically low mortgage rates, what else could have been driving the demand for homes in 2020? To explain this, NPR.com featured an article in August 2020 about a lady known as Caroline Wells and her husband from San Antonio. Living with two kids in a home with no backyard on a busy street and both of them working remotely from home, they spent all the time with their kids indoors. ”Probably the worst moment was when I was actually on a focus group that my company put on to hear the needs of parents. The

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Zoom call kept freezing because everyone in the house was using the Wi-Fi at the same time— including her 6-year-old son, who was hiding out in a fort made of blankets and chairs in the living room,” Wells narrates. ”I had to crawl into the fort to get him off the Internet, had to end up finishing the Zoom call on my cellphone in the closet with the door locked on the floor,” she continues. ”I was like, I can’t even get through a focus group about how hard it is to work from home because it’s so hard to work from home!” That was the moment she decided she couldn’t take this anymore. Wells’ story is what other millions of Americans were experiencing during the pandemic in 2020. Such stories contributed to a significant part of the reason for the surging home sales in the US in 2020— the need for more space. LOW MORTGAGE RATES. Historically low mortgage rates recorded in 2020 were certainly a driving force for the rise in home sales in the US. ”No matter what you’re looking for, this is a great time to buy since the current low interest rates can stretch your spending power,” said Bill Banfield, executive vice president of capital markets at Quicken Loans. ”With interest rates in the two’s available, a buyer can afford much more home than they could have just a few years ago.” As of December 2020, the mortgage rates were at around 2.7%. The historically low mortgage rates served so much relief to homebuyers since the recent surging home prices no longer had the power to increase housing affordability as they once did. However, the low mortgage rates may not be there for long. ”Mortgage rates could tick up in the months ahead and test the strength of this seemingly unstoppable WWW.THEPOWERISNOW.COM

housing market,” said Danielle Hale, chief economist at realtor.com. ”Additionally, rising coronavirus cases could also dampen sales. This spring we saw both buyers and sellers hit ’pause’ on their plans in areas where coronavirus spread was prevalent. While buyers were relatively quick to resume, sellers have come back more slowly.” STIFF COMPETITION. The current tight housing inventory in the US market is being met with an insatiable demand from eager buyers. This, in turn, has led to the stiff competition that is driving faster sales at higher prices. When Caroline Well decided she couldn’t take it anymore, they started shopping for a house in the suburbs outside San Antonio. On the first home they liked, they offered more than the asking price and still got outbid. There were a lot of other bidders who offered more for the unit to stand out and buy the home. Conclusively, the situation is expected to remain this way through to 2021. If you’re planning to buy a home in 2021, brace yourself for a notso-easy encounter as the housing inventory is expected to remain low, and the demand is expected to keep rising.

Works cited. https://www.cnbc.com/2020/11/19/october-existing-homesales-see-spectacular-26point6percent-annual-increase. html. https://www.marketwatch.com/story/the-housing-marketis-on-a-sugar-high-home-sales-are-soaring-but-is-it-a-goodtime-to-buy-heres-what-the-experts-say-2020-08-21. https://www.npr.org/2020/08/28/906725372/more-spaceplease-home-sales-booming-despite-pandemic-recession.

THE MARKET WILL PROBABLY GET HOTTER BEFORE IT GETS BETTER IN THE COMING MONTHS

recent National Association of Realtors report released towards the end of 2020 reveals that existing home sales were at a whopping 6.85 million, representing the highest record ever since 2006. The report further shows that days on the market dropped from 36 days in 2019 to 21 days in 2020. Moreover, cash buyers maintained their historically high level of 19%, the same as 2019, while sales increased 26.6% year over year. Indeed, the real estate market has been hot and is expected to remain so in the coming months.

money waiting for home prices to drop later in 2021, it may not be worth it. Do it now. In contrast to that, other three pressing factors could lead to unhealthy price growth in the coming months: •

•

Moving into 2021, the overall housing market predictions are optimistic concerning price appreciation, with Zillow projecting a 7.9% year• over-year increase from November 2020 through to October 2021. Elsewhere, a few experts believe that home prices will decline in 2021, while others predict a slow growth. Slowed growth is expected due to the following reasons: •

•

The available housing inventory is tight and quickly gets sold out, pricing out buyers who can’t afford to offer above list price. This will stop home prices from growing so fast since the market will calm down. Many homeowners could default on their mortgages if no more federal assistance plans and regulated mortgage forbearance options will be provided. The rising unemployment rate due to the pandemic could slow down the housing market, but its impact will be felt later in 2021.

To wrap it up, the housing prices may stop growing at the pace recorded in 2020, but they won’t decline. This means that if you’re sitting on your 18

The period between 2020-2024 has the best housing market demographics ever recorded in history. Housing tenure is currently at ten years, representing double what it was from 1985 to 2007. This is because people are staying longer in their homes. Mortgage rates are expected to remain low during the following five years of great demographics and long housing tenure. Mortgage rates are expected to remain below 5% for most of the time between 2020-2024 unless some significant fiscal stimulus takes place after getting the pandemic under control and full economic recovery occurs.

Moreover, if you’re wondering whether there is a possibility of the US housing market experiencing a crash, the answer is no. Experts project that the home price growth curve could flatten, but the prices would still remain high. Most of the housing market challenges that resulted in the great crash in 2008 are not there now. Also, the low mortgage rates are expected to stick around for a bit longer, thus relieving borrowers some financial burden.

Works cited. https://www.mashvisor.com/blog/will-house-prices-godown-2021/. https://www.housingwire.com/articles/the-housing-market-ishot-but-not-in-a-bubble/.

THE POWER IS NOW MAGAZINE | JANUARY 2021

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SELF-EMPLOYED AND APPLYING FOR A MORTGAGE? HERE’S WHAT’S CHANGED SINCE COVID-19

he gig market has boomed in recent years, with people increasingly choosing to freelance either by starting their own gig businesses or working on unsalaried tasks from more prominent companies. Reports from the Freelancers Union revealed that more than 50 million Americans worked as freelancers in 2020, representing around 35% of the US workforce. While working as a freelancer apparently has its perks, qualifying you to get a mortgage is certainly not inclusive. 20

BEFORE THE PANDEMIC. Before the arrival of the pandemic, self-employed borrowers (freelancers, independent contractors, business owners, and sole proprietors) were only required to have two crucial things to get approved for a mortgage: two years of tax returns and proof that their business is operating, according to Todd Huettner of Huettner Capital. “Depending on timing, if you were more than six months into the following year, you may have also needed THE POWER IS NOW MAGAZINE | JANUARY 2021

an unaudited profit-and-loss statement for the business,” Huettner says. On top of those exclusive requirements for self-employed, the other basic requirements for borrowers, such as minimum credit score and maximum debtto-income ratio, also applied to them. “Most people don’t realize this and think there are totally different rules,” says Huettner. “But the main difference is that as a freelancer, you just had to document the income.”

DURING THE PANDEMIC PERIOD.

Since the arrival of COVID-19 on American soil in early 2020, there have been several reports of freelancers facing more challenging times in getting mortgage approval. The main thing that changed for freelancers during the pandemic period is the increased need for documentation. Amid the pandemic-induced economy, lenders tightened their rules and became extra cautious when determining who should qualify for the mortgages and whether they’re realistically capable of paying back.

to support the profit and loss statement.”

HOW DO YOU INCREASE YOUR CHANCES OF GETTING APPROVED AS A FREELANCER?

Besides doing all the typical things to boost your chances of getting approved, such as raising your credit score and improving your debt-to-income ratio, a freelancer should also be ready to jump through some extra administrative hoops to prove that your income is what you say it is. This includes having your profit and loss (P&L) statements ready and even pulling some bank statements to back them up. Other times a lender might allow you to get through with just an audited P&L statement. However, getting an audited P&L statement is never easy. “Most people don’t have a clue about the time and cost of obtaining an audited financial statement,” says Huettner. “Most CPAs don’t

provide this service—it’s a very specific process with a lot of requirements. The result is that it can cost thousands of dollars and take several weeks or months to finish.” Most freelancers choose to present an unaudited P&L statement backed with bank statements to prove their income when given the option. So, if your freelancing business has been doing well amid the pandemic and you have documentation to prove it, your chances of qualifying to get approved for a mortgage are very high. But if your business slowed down due to the pandemic or you lack the documentation to prove your income, getting a mortgage might be a lot harder than you thought. Work cited. https://www.realtor.com/advice/finance/ self-employed-and-applying-for-amortgage-heres-whats-changed-sincecovid/

“In the past, we could simply use the prior year’s tax returns,” says Todd Wells of Sinberg Capital Lending. “There’s more documentation required post-COVID for self-employed borrowers. Now, we need a year-todate profit and loss statement, as well as business bank statements WWW.THEPOWERISNOW.COM

EMBRACING TECHNOLOGY WILL BE A KEY SUCCESS FACTOR FOR LENDERS AND TITLE COMPANIES IN 2021

echnology possesses the power to enhance various aspects of any business, from processing, customer support to communication. Technology allows businesses to keep up with the ever-evolving consumer needs across all industries. In industries such as title companies and lenders, technology comes with massive significance on aspects surrounding the businesses. Since the onset of the COVID-19 pandemic, most businesses resorted to embracing technology to continue offering their goods and services to consumers. The pandemic period saw a great transition from the traditional ways of doing business to incorporating technology in business operations.

As the US experienced a historic transition to embrace technology, lenders and title companies have the chance to embrace the benefits of mortgage technology to connect with clients in new ways and expand their businesses.

In a virtual event held on November 9, 2020, Qualia and its partners discussed the nature of the dynamic world of technology in the mortgage, real estate, and title lending and what lies ahead in 2021. Some of the key topics of discussion in the virtual event were the transition to remote online notarization, protection against wire fraud, and maintaining relationships amid the pandemic period, which features minimal inperson interactions.

According to Diane Tomb, CEO of the American Land Title Association, relationships are a crucial aspect of the title lending business since most business leads come from referrals. However, the COVID-19 pandemic has forced people to isolate and

THE POWER IS NOW MAGAZINE | JANUARY 2021

maintain social distance from one another, making person-to-person relationships more challenging. Fortunately, with video conferencing and using online portals for paperwork, the day-to-day activities have been made possible in the industry. ”We’re really trying to make all title lending folks stay engaged with customers – through technology – the best that they can,” Tomb said. ”We’re creating a program on our end for customers to go online and understand everything about their loan and what’s going on. It’s a new time for our industry, with so much going virtual.” ”Having good relationships is good business,” said Rick Hill, vice president of industry technology at the Mortgage Bankers Association. ”I think it’s even more critical to stay in touch with people during COVID. You want to maintain that ’good feeling’ with your clients. This is such a big ecosystem that we are in, we have to keep an open line of communication with people.”

REMOTE ONLINE NOTARIZATION.

According to Hill, one of the industry’s significant steps has been the gradual integration of remote online notarization (RON). ”We were already doing digital closings, but the pandemic has really increased the need for all documents to be filled out and filed online,” he said. ”Remote notary is certainly growing, but more companies are working to make it mainstream.” Experts have agreed that using RON is a boom for any business, considering the cost it cuts alone. According to Aaron Davis, CEO of Florida Agency Network, the use of RON could cut the cost of printing and save a lot of time. Just by doing business online, and using remote notarizing, we’ve seen closing times decrease from WWW.THEPOWERISNOW.COM

an average of 60 minutes to 20 minutes,” Davis said. ”I think we might be the largest killers of trees in the country, with all the paper we have to print, have signed, and have to file. No paper or printing is a huge cost saver.” Moreover, Max Lamb, Qualia’s director of partnerships and integration, admits that challenges lie ahead as RON goes mainstream. ”It’s certainly a change that needs to be adapted to,” he said. ”When used, RON tech problems can be alleviated by having everyone involved work on the same platform. That would lead to less confusion and more streamlined information. But it’s going to need to be used by more companies before it becomes more of a mainstream program.” However, experts agree that technology was consumed at the highest rate in 2020— including mortgage technology. This is not likely to change in 2021, even if physical interaction resumes. Businesses should continue embracing technology in their operations for efficiency and other improvements in processes. As Tom Cronkright, CEO of CertifID, states, ”companies that approach this technology-first mindset that is slowly sweeping over everyone are the companies that will thrive.”

Work cited. https://www.housingwire.com/articles/embracing-mortgagetechnology-will-be-key-for-lenders-and-title-companiesin-2021/.

SELECT A VIP AGEN Adrian Bates Los Angeles

Adriana Montes Florida

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Emerick A. Peace Maryland

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NT IN YOUR AREA Monica Hill Menifee

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Steve Peterson EMBRACING TECHNOLOGY WILL BE A KEY SUCCESS FACTOR FOR THE LENDERS AND TITLE COMPANIES IN 2021 You are probably reading this on your mobile device or maybe your desktop computer or are you reading with a laptop? Well, never mind. I am sure you are reading with one of the recent innovations made by technological advancements in the world.

o doubt, technology has impacted several human activities, the real estate market inclusive. There is no denying that technology has the uncanny ability to help improve already existing functions, even in business setups. It aids communication regardless of party distance. It helps to promote services and products. It has aided in the creation of an easier, convenient and faster way of transportation. Technology has done so much for humans that we canâ€™t but live with these innovations. Take, for instance, our communication gadgets. Decades ago, fax machines were highly soughtafter, they made sending messages less stressful, more comfortable and faster according to the times of then. Fax machines were the best available option when sending messages over long distances. And it became a priority for many businesses and individuals to get this trendy communication gadget.

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Before then, messages were sent mostly through postal services which take days if not weeks or even months before the delivery of such letters. However, with the invention of computers and mobile devices, messages can now be sent through more digital means. SMS, Emails, MMS, and Social Media are some of the existing innovative technological messaging systems. The people of today are more likely to consider a digital application in contrast with a paper and pen application. Major global businesses also request that their applications and pitches are sent to them electronically. And businesses keep looking at how they can incorporate more technology into their businesses. So it is not surprising that industry players in real estate are also embracing technology in droves. Not just that, there have been gradual and reasonable adaptations of technological l

advancements into several sectors of the real estate market. Lenders and titles companies that have embraced technology would not just be doing themselves a great good. It would also make collaboration between them more comfortable and more seamless. Basically, Lenders and titles companies who refuse to adapt to the rapid spreading change, would only aid in fast-tracking their fall. Exchanges and collaborations between both parties, from sharing data to other necessary information, would be easily accessible to all involved bodies in the process. The major challenge faced by lenders and title companies collaborations is the unavailability of shared platforms for collaborative data or work. Delays and complications often tend to arise because sometimes lenders do not choose the title or escrow companies they collaborate with; the real estate agencies usually choose them. Technological integrations by lenders/mortgage companies would increase the level of transparency between lenders and their clients, whilst also fast-tracking the granting of loans. One of the issues facing lenders is the seeming lack of transparency. A digitized platform which integrates a credit score calculation module, with basic mortgage application setup, would help to improve the trustworthiness of the application process. In a broader view, embracing technology would improve the borrower and lender relationship, since it reduces physical interactions and chances of any dispute. Like the interaction between intelligence agencies and corporate bodies, technological integrations would reduce the time needed to process applications. Hence, borrowers have their data already filed in the database of their chosen lenders and title companies, eliminating the stress of filling applicant information on every mortgage loan application. This also means that lenders can 28

easily share needed details of borrowers with title companies, on the request of the said applicants. Technological integrations like Artificial Intelligence would help to facilitate an efficient transition from analogue to digital transformation. Automation would empower lenders and title companies to serve their clients more efficiently and rapidly. Traditionally, when less technological methods are used, lenders have to follow-up with title companies to retrieve closing documents and other training documents after the closing process. With the availability of a shared network, title companies can easily upload these details into the database and notify the lenders company. Shortly, when lenders and title companies fully integrate technology systems into their workforce, it would help them better enhance their services. Technology systems that enhance the collaboration of all real estate sectors, especially the lenders and title companies would improve real estate interests and services. However, while automation would move services online, to a fast serve or network, it cannot eliminate the functions of human labour and physical offices. Both would be required for increased yields and better communication. As while automation enhances functions, it doesnâ€™t fully replace the emotional, cognitive functions of the human worker.. References; https://nationalmortgageprofessional.com/news/74449/ mortgage-industry-collaboration-transformation https://blog.qualia.com/lender-title-collaboration

THE POWER IS NOW MAGAZINE | JANUARY 2021

Johnnie Morine

5 FAST WAYS TO COME UP WITH A DOWN PAYMENT So you have the plans of owning a home but you somehow canâ€™t come up with down payment. Donâ€™t fret, you are not alone in this boat. Coming up with a down payment has always been a challenge for first-time homebuyers, especially millennials, who have to think of a way of paying off their student debts and other financial challenges that comes with the current century.

he coronavirus pandemic has also made this more difficult as it literally has affected our financial lives too. Many are out of jobs or are being underpaid, and the reality for most is that they are already eating into whatever savings they had previously. So, how can someone come up with a down payment in little to no time? In this article, we present 5 tested and trusted means one can come up with a down payment:

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1. USE STATE AND FEDERAL ASSISTANCE PROGRAMS You might find it hard to believe but one truth is that the government is actually there to make life easier for their citizens. And one way they can help is to promote homeownership traits.

It is because of this reason that the government has set up agencies that would

offer down payment assistance programs. However, any would-be home buyer looking to enjoy this programs would need to first fulfill certain criteria which range from their level of income to the property’s location and even presenting details of their identity. There are different programs for different classes of would-be homeowners; veterans have a dedicated down payment assistance program, same with first-time buyers and others. New York is one such state that offers an assistance program. Home buyers can be eligible for an assistance that is as high as $40,000. So, a path one can take to being a homeowner would be to search for available programs they might qualify for.

2. SAVE AS MUCH AS YOU CAN

Another no-brainer way of getting a down payment quick is to always save as much as you can. Everyone gets tempted to spend frivolously on things, necessary and unnecessary. It’s an innate human nature, spending, and could be difficult to curb and unlearn, especially in adults. However, this is the surest means of attaining homeownership without incurring excessive debts, from loans or interest on loans. Not only does saving help you make down payment, it helps you understand your financial power and encourages prudence in spending.

3. USE YOUR FIRST TIME BUYERS BENEFITS. If procuring down payment for houses or land properties was very easy, you probably wouldn’t be reading this. However, most mortgage firms have incentives which aid first time home buyers or owners, but most borrowers aren’t aware of these programs. These incentives help first time home buyers who qualify for them, to meet up with the financial demands of the real estate market, most times, they include reduced tax and interest rates, or no rates at all.

4. CROWDFUNDING.

Sites like FeatherTheNest HomeFundIt and GoFundMe allow for their users to create public profiles which enable them to solicit for funding to aid their projects, public or personal. Although, some of these crowdfunding networks require certain fees, there are some completely free ones. However crowdfunding is more effective if you have a large audience on the internet.

5. UTILIZE YOUR RETIREMENT FUNDS ACCOUNT.

Certain retirement funding plans allow clients take out funds for emergency use or investments, without charging them for it. For retirees looking to purchase homes, these plans make it easier to afford the down payments, without the pain and stress of loan applications.

YOU DESERVE TO LIVE SAFE FROM SEXUAL HARASSMENT.

Sexual harassment by a landlord or anyone related to your housing violates the Fair Housing Act. If you receive unwelcome sexual advances or are threatened with eviction because you refuse to provide sexual favors, you may file a fair housing complaint. To file a complaint, go to

hud.gov/fairhousing or call 1-800-669-9777 If you fear for your safety, call 911.

FAIR HOUSING IS YOUR RIGHT. USE IT. A public service message from the U.S. Department of Housing and Urban Development in cooperation with the National Fair Housing Alliance. The federal Fair Housing Act prohibits discrimination because of race, color, religion, national origin, sex, familial status or disability. For more information, visit www.hud.gov/fairhousing.

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NEW JERSEY’S IMPENDING MARIJUANA LEGALIZATION VOTE IS ACCELERATING AN ALREADY-HOT MARKET

Jerel Washington

fter many years of legislative failures, New Jersey finally voted to legalize Marijuana. This constitutional amendment was voted on November 3, 2020. The result of the vote was 2,737,682 yes and 1,343,610 no. The “Yes” vote, therefore, amounts to 67.08%, while the “No” was 32.92%. The “Yes” vote is supportive of the constitutional amendment to legalize the possession and use of marijuana. However, this is only meant for persons aged 21 and above. Thus, it is illegal for individuals below the age limit to possess and use the drug. The amendment also means that Marijuana can be cultivated, processed, and transacted in New Jersey.

THE “NO” VOTES, ON THE OTHER HAND, OPPOSED THIS CONSTITUTIONAL AMENDMENT Marijuana is one of the most controversial drugs in the US, so is its legalization. There has always been fear of misuse of the drug. It is narcotic and can affect the mood or behavior of an individual. Already, many WWW.THEPOWERISNOW.COM

people have been abusing the drug even before its legalization. However, with the right policies in place, abuse of the drugs can be controlled. New Jersey is not the first state to legalize Marijuana. Recently, the possession of all drugs was decriminalized in Oregon. That’s not all yet. Deep-red Mississippi also approved medical Marijuana. Also in that rank is South Dakota and Arizona fully legalized Marijuana. However, none of these Legalization measures is as influential as New Jersey’s. The state passed its Question 1 proposed amendment, and over two-thirds of voters voted yes. There’s nothing surprising about this, considering the 67.08% support it got.

HOW WILL THE LEGALIZATION AFFECT NEW JERSEY’S ECONOMY

Though many people oppose the legalization of Marijuana in the US, however, now that New Jersey has joined the rank of states that has legalized the drug, we should talk about the economic importance of this move. l

We can study the economic effects of Marijuana in the states where it has been legalized to know how the New Jersey’s economy will be affected. Speaking on this topic, Senate President Steve Sweeney of South Jersey recently commented on NBC10, where he said, “The new industry could create 43,000 jobs in the state.” However, besides job creation, legalizing Marijuana can also generate Taxes for the government. It’ll provide investment opportunities and also give researchers more access to the drug to aid their research.

THE LEGALIZATION VOTE IS ACCELERATING AN ALREADY-HOT MARKET New Jersey’s legalization of Marijuana doesn’t mean sales will begin right away. However, a study has revealed that the news about the Cannabis legalization vote has increased illegal transactions.

New Jersey is one of the key states in the US with a high rate of illegal Marijuana dealings. There’s a hot market for the controversial drug in the state even before its legalization votes. Thus, the reason for the increased transactions following the Legalization votes. How soon the drug will hit the market after the legislative vote is yet to be known. Nevertheless, New Jersey will need to ensure that the legislation is not abused.

References https://ballotpedia.org/New_Jersey_Public_Question_1,_ Marijuana_Legalization_Amendment_(2020) https://www.rollingstone.com/culture/culturefeatures/weed-legalization-cannabis-new-jersey-legalmarijuana-1085105/amp/ https://www.nbcphiladelphia.com/news/politics/ decision-2020/nj-votes-to-legalize-weed-though-sales-wontbegin-right-away/2583040/ https://www.investopedia.com/articles/insights/110916/ economic-benefits-legalizing-weed.asp

EMERICK A. PEACE

#320004 240-882-0198 EmerickPeace@KW.com Your #1 Referral Source for Phenomenal Service in Washington, DC & Maryland

FIVE BIG WAYS PRESIDENT BIDEN IS POISED TO HELP FIRST-TIME HOME BUYERS

Emerick A. Peace

eing a first-time homebuyer has recently become more challenging due to the low housing inventories in the market met with insatiable demand and spiking home prices. Being a firsttime homebuyer in a market full of bidding wars and a struggling economy has never been harder despite of the low mortgage rates. However, there may be some light at the end of the tunnel. Presidentelect Joe Biden has brought forward a series of actions meant to help first-time homebuyers achieve the American dream of becoming a homeowner. These actions are outlined in the $640 billion housing plan he released during his election campaigns.

1. HUGE TAX CREDITS.

One of the most significant benefits for first-time homebuyers under the Biden administration is likely to be a tax credit of up to $15,000 in down payment. While the tax credit won’t take away the pressure on saving up for a down payment as home values are rising, it will provide a down payment of roughly 4.3% of a median-priced home. “That will be a huge step,” says Ali Wolf, chief economist for national building consultancy Zonda. “The No. 1 reason people say they can’t buy a home is coming up with the down payment or closing costs.” According to Wolf, the previous tax credits imposed under George W. Bush and Obama administrations resulted in a modest increase in home sales and prices, consequently strengthening a crashing market. While the tax credits will be of enormous help to lowerincome individuals, not everyone believes that a tax credit for buyers will be good for the housing market. As witnessed during the last recession, there were many empty homes for sale with very few buyers, which caused the prices to plunge. However, the current case is the exact opposite of what was experienced during the last recession. “We’ve got very limited housing inventory across the country, we’ve got the lowest mortgage rates in history, and we have

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1. research at John Burns Real Estate Consulting, which works mainly with home builders. “It would be like pouring gasoline on the already hottest part of the housing market, which are starter home.”

2. HOME BUYING ASSISTANCE TO PUBLIC SERVANTS.

The US President-elect promised to help public servants own homes by expanding the HUD’s Good Neighbor Next Door Sales Program. The program is currently only open to teachers, firefighters, emergency medical technicians, and law enforcement officers involved in critical jobs but often go paid unequally for their service. This program makes them eligible for additional down payment assistance and discounted home prices. However, the program requires one to purchase their primary home in either poorer neighborhoods in need of investment or more expensive areas such as the Bay Area, where there is not much affordable housing. “It could allow them to ... own a home where they want to live,” says Zonda’s Wolf. “It will be a very big deal in places like New York, San Francisco, Washington, DC, Miami, your bigger cities. Those are the markets in particular where you see the most financial burdens.”

3. STUDENT LOAN DEBT FORGIVENESS.

The US President-elect is seemingly a proponent of eliminating $10,000 of student loans from each borrower. While the exact extent of forgiveness has not been made clear, helping out indebted young individuals could have a significant impact. The idea behind this is to have the young individuals not directing vast portions of their paychecks towards student loan providers, to enable them to save up for a down payment. The young individuals could also have an easier time getting approved for mortgages if they’re less indebted. “If you look at what’s delaying people from saving up to buy a home, student loan debt plays a big part,” says Realtor.com’s Hale. “College-educated people tend to buy and own homes at a higher

rate. That will probably have a bigger impact on the housing market.”

4. PUBLIC CREDIT AGENCY.

The incoming US President also pledged to create a public credit agency with the potential to aid more people in qualifying for a mortgage. The agency would consider one’s on-time rental, utility, and cellphone bill payments in addition to monthly car credit and credit card payments. “There are a significant number of credit-invisible people,” says Hale. “This could open doors for people.”

5. AFFORDABLE HOMES.

The incoming US president has a plan to address the persistent challenge of the lack of affordable homes. Biden pledged to require and incentivize local and state governments to eliminate regulations that facilitate racial segregation, making it harder for builders to construct new houses. Consequently, this could limit local and state government restrictions on the quantity of new construction. Biden also targets to increase housing supply by putting $100 billion toward constructing and renovating affordable housing.

So, folks, just hang in there. Help is on its way. If all the promises of the incoming president will be implemented, the situation could significantly improve. Work cited. https://www.realtor.com/news/trends/how-president-biden-willhelp-first-time-home-buyers/.

THE POWER IS NOW MAGAZINE | JANUARY 2021

HERE’S WHAT YOU NEED TO KNOW BEFORE PUTTING YOUR MONEY IN MIAMI PROPERTIES

Adriana Montes

he housing market in Florida is constantly growing. With its numerous luxurious buildings facing the seafront, Miami is one of the top housing markets in Florida. Miami’s billing as one of the most prominent travel destinations in the US makes its real estate market vibrant. The sandy beaches, the great cuisine, its inhibitors’ diverse culture, and its perfect weather significantly contribute to make Miami an epic travel hub and a perfect place to live. Being a travel destination, Miami boasts of a robust housing market whose chances of getting it wrong are slim. The beautiful beach city’s real estate market is known for giving back healthy returns to investors. WHY INVEST IN THE MIAMI HOUSING MARKET? One thing that makes Miami’s real estate market stand out is its consistency, something present in very few markets around the country. The market has proved to thrive even during the pandemicinduced economy. Miami has recorded a consistently above-average rate for the last decade in terms of the appreciation rate for properties. Reports have further revealed that property values in Miami have appreciated 4% over the previous five years. Moreover, reports have shown that properties in the Miami market have cumulatively appreciated by 22.64%, ranking it among the top 30% of the US cities. This also means that your investment grows at an average of about 2% with each passing year when you invest in this market. MIAMI RESIDENTS’ PREFERENCES. Recent studies have revealed that approximately 70% of Miami residents prefer to live in rented spaces instead of buying one. This is because most of the Miami population is employed on seasonal WWW.THEPOWERISNOW.COM

or temporary jobs or recreational purposes, thus preferring rented units. In Miami, buying a house could be pretty costly. Therefore, renting an apartment is a cheaper short-term accommodation option for most city dwellers’ housing worries. WHAT DOES THIS MEAN TO AN INVESTOR? This means that rental properties in Miami are highly demanded and are a sure way to reap big. Reports have shown continuously that return on investment from Miami real estate properties are always impressive and alluring due to its extensive need for rental properties. MIAMI REAL ESTATE REGULATIONS. Miami is also prominent for its friendly laws, regulations, and customs that make life bearable for landlords and real estate investors. Miami features plenty of freedom to real estate investors through rules that include:

• Unregulated rent. • The upper limit of security deposits is not defined. • A slight delay in rent payment for as little as three days may legally result in the filing of eviction proceedings. • A tenant is liable to be served a 7-day unconditional eviction notice if they violate the lease agreement all too often. For real estate looking to try the Miami market, you can be certain that’s undoubtedly a good decision. Work cited. https://www.iedunote.com/investing-in-miami-real-estate. l

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Yvonne Mcfadden A NEW REPORT SHOWS THAT VALLEY HOUSING MARKET WILL REMAIN TO BE ONE OF THE NATION’S HOTTEST MARKETS IN 2021

recent Realtor.com 2021 Housing Forecast has revealed that the Phoenix area is expected to record a growth in home sales in 2021 as home prices in the area shoot above the national average. The forecast predicts that home sales in the Valley will jump to 11.4% over the levels recorded in 2020. The Valley price jump will be the 11th largest growth among the top 100 metros countrywide. The forecast further expects average home prices in the Valley to jump by 7%, to represent the 12th largest rise forecasted in the report. The analysis further expects home prices to grow by 5.7% in 2021, with existing sales expected to increase by 7%, while housing starts to increase by 9% nationally. Meanwhile, Tucson, Arizona’s second-largest real estate market, is expected to record a 3.4% yearWWW.THEPINMAGAZINE.COM

over-year growth in home sales in 2021, with home values expected to rise by 4.5%. The report further predicts inventory will give buyers some relief by making a steady resurgence. However, mortgage rates are expected to increase by 3.4% by the end of 2021 and combine with the hiking home prices to make affordability more challenging. The affordability challenge will, in return, result in a slow down on home prices as 2021 progresses, according to the report. “The 2021 housing market will be much more ‘normal’ than the wild swings we saw in 2020. Buyers may finally have a better selection of homes to choose from later in the year but will face a renewed challenge of affordability as prices stay high and mortgage rates rise,” Realtor.com Chief Economist Danielle Hale said in a statement. “With less cash and no home equity, millennial and Gen Z first-time buyers will be l

impacted the most by rising home prices and interest rates. While waiting until the fall or winter months of 2021 may mean more home options to choose from, buyers who can find a home to buy earlier in the year will likely see lower prices and mortgage rates.”

SELLER’S MARKET. The Realtor.com forecast further indicates the likeliness of homes to continue selling relatively quickly in 2021, but the number of days on the market will increase gradually in most markets. As of October, the average number of days on the market was 27, down from 39 in October 2019. Moreover, the forecast indicated home prices are expected to rise more slowly in 2021 than in 2020. The market is still expected to remain a seller’s market nationwide, with the number of homebuyers set to exceed the housing inventory on the market. Meanwhile, the report revealed that a speedy COVID-19 vaccine rollout could result in better-thanexpected home sales with a rise in home prices and housing inventory. The report further hinted at the possibility of the housing market experiencing a double-dip recession in 2021. “As the U.S. continues in a K-shape recovery, a gap is widening between those with and without jobs as well as industries recovering well versus those seeing continued lack of business,” Realtor.com said in a statement. “In the short term, this could lead to less consumer spending, which could more broadly impact businesses and economic growth. In the long term, this could impact the U.S. housing market as ‘would-be’ buyers disappear from the market, cooling demand, and driving down home prices. The current question is how long the K-shape can diverge before the impact begins to cascade into the broader economy and other previously less-affected sectors such as housing.” Work cited. https://www.bizjournals.com/phoenix/news/2020/12/02/valleyhousing-market-forecast-2021.html.

THE POWER IS NOW MAGAZINE | JANUARY 2021

Peggie Simmons HERE’S A LIST OF THE HOTTEST PLACES FOR MILLENNIALS TO LIVE IN ARIZONA IN 2021 One thing that stands out about millennials is that they don’t prefer being fixed in a particular category. The same thing applies to where they want to live. Millennials, a generation aged between 24 to 39 as of 2020, represents young professionals whose majority are taking their first steps towards achieving the American dream of homeownership. The young professionals are slowly spreading out in Arizona, especially during the pandemic period when homeownership among millennials surged significantly. A study conducted by Niche reveals some of the best places where young professionals planning to move or buy a home in Arizona should consider. Note that the list below is not in any order.

•

TEMPE

Tempe, a city in Maricopa County, Arizona, with a population of 183,652, is one of the best places to live in Arizona, according to Niche. Residing in Tempe comes with an urban-suburban feel, making it among the best places to live in Arizona. The city features lots of restaurants, coffee shops, and recreational parks, making it suitable for many young professionals. According to Niche, Tempe qualifies for grade A in overall live-ability, preference for young professionals, and commute, C+ for housing, A+ for nightlife, C for the cost of living and crime and safety, B for jobs, A- for outdoor activities, and B+ for settling with family.

• SCOTTSDALE

Scottsdale is also a city in Maricopa County and one of the best places to live in Arizona. Residing in Scottsdale comes with a dense suburban feeling, and most residents are homeowners there. Niche has awarded Scottsdale an overall grade of A+, A for preference for young l

•

professionals, bringing up families, and nightlife, A- for outdoor activities and commute B- for housing, C+ for crime and safety, C- for the cost of living, and B+ for jobs and diversity.

• CHANDLER

Chandler is a suburban area located in Phoenix, AZ, with a population of 248,631. Like Scottsdale, residing in Chandler also comes with a strong suburban feeling as most residents are homeowners. Chandler has earned grade A+ for overall and public schools, A for preference for young professionals, families, and diversity, A- for jobs and outdoor activities, B+ for housing and commute, outdoor activities, and nightlife, and C+ for the cost of living and crime and safety.

• PARADISE VALLEY

Paradise valley is a Phoenix suburb and home to 14,215 residents. The suburb has earned to be among the best places to live in Arizona. Residing in this suburb comes with a rural feel, and most residents here are homeowners. Niche has awarded Paradise Valley grade A for public schools, jobs, and raising families, A- for preference for young professionals and outdoor, B+ for nightlife, B for crime and safety and commute, C for housing, C+ for diversity, and C- for the cost of living.

Other Arizona places that appeared in the Niche compilation include Catalina Foothills, Gilbert, Phoenix, Casas Adobes, Florence, Tucson, Glendale, Mesa, Marana, Peoria, Litchfield Park, Goodyear, and Oro Valley. If you’re looking to buy or rent a house in Arizona in 2021, consider any of the places highlighted above.

Work cited. https://www.niche.com/places-to-live/search/best-places-foryoung-professionals/s/arizona/?type=suburb&type=city.

THE POWER IS NOW MAGAZINE | JANUARY 2021

A QUICK VIEW OF THE MOST INFLUENTIAL HOUSING METRICS IN CORONA COUNT Y

Kamesha Keesee

orona, a quality community in Western Riverside County with a population of more than 148,000, has recently experienced a real estate boom, with home prices and housing demand significantly rising. Corona’s economy has also been increasingly strengthening as retail and commercial areas and office development is flourishing. Corona, CA boasts of an ethnically diverse community, whose bigger population comprises young, well-educated families. The booming Corona, CA real estate market has influential metrics such as inventory, median list price, and days on the market, among others. Home prices continue to grow year-over-year in Corona, CA, as inventories remain low compared to the growing demand for homes. The median list price in Corona, CA was at $640,000 in December 2020, which is a 1% decline from the previous month, and a 16% growth from December 2019, WWW.THEPOWERISNOW.COM

according to Movoto. Moreover, the median list price per square foot in Corona, CA, according to Movoto, was $283 in December 2020, which is a 2% month-over-month increase and a 14% year-over-year increase. On the other hand, house inventories remain historically low, contrasting with the rising demand for homes. According to Movoto, home resale inventories in Corona, CA, were 175 in December, a 4% month-over-month increase and a 52% decline from the previous year (December 2019). Meanwhile, homes listed for sale in the Corona market are moving really quickly due to the high demand in the market. The median days on the market declined by 12% in December 2020 from the previous month and dropped by 46% from the previous year. The data above is summarized in the table below: December 2020 November 2020 December 2019 Median list price Median $/Sqft Inventory Median days on the market

$640,000

$648,000

$549,999

$283 175

%276 168

$248 372

Source: Movoto.com

Meanwhile, if you’re planning to invest in the Corona, CA real estate market, Walletinvestor advises that you do it on a long-term basis as a short-term investment in Corona City market is “not so good.” According to Walletinvestor, a 5-year investment in the Corona, CA market is expected to make about 11.35% in profit. This means that investing $100,000 today may give out $111,350 in profit by 2025. This is enough indication that Corona, CA, is a good place to buy real estate in 2021. Work cited. https://www.movoto.com/corona-ca/market-trends/. https://walletinvestor.com/real-estate-forecast/ca/riverside/corona-housing-market. l

FONTANA HOUSING MARKET: OVERVIEW AND INSIGHTS FOR 2021

Ameer Elahee

Inventory

ontana is a city in San Bernardino County, CA, with a population of 213,739 and a total of 53,510 housing units, including homes and apartments, according to Neighborhoodscout. The city continues to boil with housing activities even as 2020 nears its end. Like other major cities in the country, home prices in Fontana continue to soar higher. As of December 2020, the median list price in Fontana was $499,900, representing a less than 1% change from the previous month, and an 11% increase from the previous year, according to Movoto. Conversely, the median listing price per square foot in Fontana is also on the rise, according to Movoto. The median list price per square foot in Fontana was $264 in December, up 6% from November 2020 and 11% from the previous year. Moreover, the city’s home resale inventory continues to drop year-over-year. In December, home resale inventories were 119, which is a 4% increase from November 2020 and a 59% decline from the previous year. Elsewhere, the median days on the market are rising gradually towards the end of 2020. Movoto indicates that the median days on the market for a house to sell was 41, up 41% from the previous month and 5% from December 2019. The above data is summarized in the following table. WWW.THEPOWERISNOW.COM

Median list price Median days on market Median $/ Sqft

TODAY

PREVIOUS MONTH

PREVIOUS YEAR

119

114 (+4%)

296 (-59%)

$499,900

$499,994

$450,000 (+11%)

29 (+41%)

39 (+5%)

264

249 (+6%)

237 (+11%)

Source: Movoto.com

SHOULD YOU INVEST IN THE FONTANA REAL ESTATE MARKET IN 2021? Home values are expected to continue rising in 2021, as the historically low mortgage rates are expected to maintain affordability. Data from Neighborhoodscout indicates that Fontana has recorded some of the highest home appreciation rates in the last ten years. The Fontana real estate market appreciated 111.18% over the last ten years, representing an average annual home appreciation rate of 7.76%. In the last 12 months, Fontana’s real estate market appreciation rate was at 4.99%, which is slightly above the national average. In the last quarter of 2020, Neighborhoodscout indicates that Fontana’s appreciation rate has been 1,27%, which annualizes to 5.19%. So, if you’re looking to buy a home in Fontana in 2021, either for living or renting purposes, you can rest assured that your investment will be profitable in the long-run. Besides, Fontana has a track record of being one of the best long-term real estate investment markets throughout the last decade. Work cited. https://www.neighborhoodscout.com/ca/fontana/realestate#description. https://www.movoto.com/fontana-ca/market-trends/. l

CENTRAL EDITION

Ruby Frazier

ALREADY RECEIVING MULTIPLE OFFERS ON YOUR HOME? WAIT FIRST, HERE ARE CONCERNS YOU NEED TO ADDRESS WITH YOUR REALTOR RIGHT AWAY

WWW.THEPOWERISNOW.COM

he current pandemic-induced housing market comprises a significant quantity of house shoppers chasing very few houses for sale available on the market. This means whenever you put your home under a listing agent, youâ€™re going to receive multiple offers from so many buyers looking for homes. Receiving multiple offers on your home is incredible. In a multipleoffers scenario, your goal as a home buyer is to choose the best deal after all the considerations. However, how do you ensure that you pick the best deal of all without missing out on a better one? When choosing from several offers, price is not the only thing you should consider. Itâ€™s not all about the highest bidder. Together with your realtor, you must figure out several other concerns as listed below: 1. UNDERSTAND WHAT YOU WANT. Before picking any offer, first, ensure you understand what you want from the transaction. Understand whether you have a set timeline or if you just want a quick transaction. Understanding your wants and communicating that to your realtor plays a significant role in identifying the right offer from the multiple offers available.

Some of the aspects that can help you guarantee the buyer’s economic qualification include; how much they are putting as a down payment and if they’ve been preapproved for a loan.

When your realtor understands what you want, they can get to work knowing what to expect from the process. Also, consider taking some time with your realtor to review procedures and set what you expect in advance to enhance a quick assessment of the offers as they pour in. 2. UNDERSTAND WHAT THE BUYER WANTS. After understanding your wants, it’s crucial to understand what the buyer wants in the process to ensure they align. Under the buyer’s wants, you should consider the buyer’s timeline. Check to see if the date they intend to close aligns with the date you wish to move out. If the timelines don’t align, check if the buyer is flexible on timing in case you have a specific timeline you want to follow based upon the purchase of your next home, a job transfer, or another event. Also, consider the expiry time of the deal. In some cases, the deal may have an expiry date set by the buyer. The expiry date can indicate when the buyer is looking to seal the deal and relocate.

Usually, a substantial down payment indicates the buyer’s monetary stability. A deposit between 20-50% is a strong indication that should guarantee the buyer’s qualification. Conversely, being preapproved for a loan is a basic requirement in the current competitive markets. Pre-approving may not guarantee funding, but it’s a massive indicator of the buyer’s preparedness and ability to purchase a home. 5. PRICE Considering the offer prices is quite apparent. But wait, there are several other extra aspects you ought to consider when assessing offer prices since the main objective is to make a profit. One thing you should check is if the buyer is offering to pay for the closing expenses. Usually, both the buyer and the seller are supposed to pay a part of the closing costs. But in a competitive market, buyers strive to stand out by offering to pay more than their normal share.

3. CERTAINTY OF THE DEAL. As soon as you’ve aligned the deal with the timeline, next is to consider the certainty of the deal. Is it an all-cash deal or an externally-financed deal? An all-cash deal takes less time and involves fewer risks making them so enticing. All-cash deals feature a higher certainty level but come at lower price tags. Considering your objectives, you have to figure that out.

Don’t allow yourself to settle for less when the market is a seller’s market. Carefully account for all the aspects highlighted above to get yourself the best deal of all.

4. BUYER QUALIFICATION. In a case where the buyer cannot afford an all-cash deal, consider how economically safe and secure the buyer is.

Work cited. https://www.firstteam.com/multiple-offers-onyour-home-14-concerns-you-must-addresswith-your-realtor/.

THE POWER IS NOW MAGAZINE | JANUARY 2021

Do you know

Peppermint Ridge? We provide a community of loving homes and empowering support services for individuals with intellectual and developmental disabilities.

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live at The Ridge, 38 have lived here for more than 20 years, with 10 of those calling The Ridge home for 40 years or more. Residents have the opportunity to flex their muscles of independence while developing rich lives of their own away from their loved ones. About 30% of our residents have no family, so other Ridgers and our staff have become their family.

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OUT GOES TRUMP AND “LET THIS GRIM ERA OF DEMONIZATION IN AMERICA BEGIN TO END HERE AND NOW”

The results of the November 2020 elections provided a history-making moment for presidentelect running mate, Kamala Harris of California, who will become the first woman to serve as a vice president. His triumphant shot at the presidency fulfilled his decade-long ambitions in his third bid for the white house to become the oldest person to be elected as president. Mr. Biden is poised to lead the nation and the democratic party that today have become far more ideological since his arrival in the capital in 1973.

A Look Back at Trump’s Presidency

In all honesty, Trump’s presidency has been both revered and reviled and from early on, it has been a sempiternal source of turmoil when a narrow victory in three states brought the anti-establishment and anti-internationalist businessman to power. In the four years that the president has been in power, we have seen it all, however, with Biden’s victory, the Trump Administration is finally coming to an end. The following are some of the notable moments from Trump’s time in office and that will shape Biden’s tenure. His time in office was probably well brought out by a mix of conservative tax and deregulatory achievement, the remaking of the judiciary, criminal reform bills military operations in the middle east, strong and sweeping anti-immigrant

Picture source: https://www.rtve.es/noticias/20201107/donald-trump-derrota-del-presidente-dividio-estados-unidos/2053809.shtml

oseph Robinette Biden Jr. is the 46th presidentelect of the United States, his main promise, ‘to be a president who seeks not to divide, but to unify.’ The president-elect also promised to restore normalcy after four years of intense political polarization, raging health crisis, and economic turmoil. Biden’s victory came after a repudiation of the President, Mr. Donald J Trump by millions of Americans who clearly were puffed with his divisive governance and a chaotic administration. Looking back through history, Trump now becomes the third president to lose re-election since World War II and the first in more than a quarter-century.

“Don’t be afraid of Covid. Don’t let it dominate your life.”

rules, atypical moves in foreign policies, and history-making scandals and the list goes on. But let’s start with the most recent CoronaVirus pandemic that has plagued Trump’s last year in office, probably like no other, and that has also left millions of Americans jobless and killing more than 200,000 people. First, Trump lied about the virus and misled people by claiming that “we have it totally under control” and “it’s going to be just fine.’’ The months that followed afterward particularly set his administration haywire as they grappled with which direction to take with the virus. More worrying was the fact that Trump ignored publicly some of his top officials and even came up with some wild conspiracy theories about the virus. At the same time, his administration struggled with rolling out testing measures, and rather than facing the problem heads on, he complained about not getting enough praise for helping develop a vaccine. Even after getting affected by the virus in early October last year, you would think that the president would become serious for once but he continued to downplay the virus telling the country, “Don’t be afraid of Covid. Don’t let it dominate your life.” Onto some other key issue marking his presidency was his move to bolster the republican backed majority of the Supremecourt with the aid of Mitch McConnell, the Senate majority leader and whose priority is judicial

appointments. This saw a replacement for Justices Antonin Scalia, Anthony Kennedy, and Ruth Bader Ginsburg. Kavanaugh’s appointment sparked uproar as he was facing allegations of sexual harassment while coney’s appointment was so unprecedented following Ginsburg’s death in September. We will probably remember Trump for appointing 25 percent of America’s federal judges. Clearly, there was a motive for Trump’s appointments, and predicting a judge’s ruling based on their political affiliations can be confounding. What is more clear now is that moving forward, the federal courts will have a sway on some of the largest social issues affecting people. How can justice be delivered when the highest court in the land has a notable number of originalists judges? In addition, Trump’s tenure in office has been marked by outright racial bias against minority THE POWER IS NOW MAGAZINE | JANUARY 2021

secrets, failed middle east deals, lying to the public, anti-LGBTQ push, criminal justice reform will inform Biden’s decisions for the next four years.

Out Goes Trump… Welcome, Biden but First “I Pledge…”

As with all the presidents, the first 100 days into office will be very crucial for the incoming president. All the focus will be on what he will be able to accomplish in his first 100 days in office. In fact, some people argue that the first 100 days of the president sets precedence for the next four years. Usually, the first 100 days for a president is an arbitrary measure, to be sure, and mostly, it is one which most politicians use to set their agendas.

communities in America. The president has failed to denounce white supremacists sparking one of his largest controversies. He has openly been seen to support radical racial groups in the country and one incident that clearly brought this fact to light is after the killing of the 32-yearold woman killed by a car in Charlottesville, Virginia. Trump never condemned the action, rather he waited for two days and said, “I think there is blame on both sides,” “You had some very bad people in that group,” he said referring to the peaceful protestants. “But you also had people that were very fine people, on both sides.” His failure to denounce radical racial groups in the country and his attitude towards them is said to be a factor stoking racial divide, hostility, and antisemitism in the country. With the rise of the BLM movement in the Summer of 2020, following George Floyd’s death, Trump claimed that the majority of the anti-race protests were violent. He was also in support of the physical dispersal of the peaceful protests. These issues among so many others including his tax WWW.THEPOWERISNOW.COM

Looking at what Biden promises to the Americans, it is safe to say that it is an ambitious plan and one that mostly seeks to counter the policies set by President Trump. The president-elect promised Americans a safe steer through the Coronavirus Pandemic and come January 20, when he will be sworn in, he said that he will ask Americans to take the pandemic seriously and to wear masks. “Just 100 days to mask, not forever. One hundred days,” he told CNN on December 3. Shortly after being sworn in, Biden promised that he would ensure that “at least 100 million COVID vaccine shots into the arms of the American people in the first 100 days” and “will work to see that the majority of our schools can be open by the end of my first 100 days.” Most of Biden’s policies will be centered around mending the damage left by Trump. On foreign policies, Biden has on several occasions repudiated Trump’s “America First” philosophy and vowed to re-establish alliances with nations he perceives to have suffered under the tyrannical rule of President Trump. l

Still, on that issue, Biden has promised to rejoin the Paris Climate Agreement as soon as he is inaugurated. The country left the Agreement in 2017. Basically, what we should be expecting is a president who is committed to revoking most rules set by Trump, which is a good thing because most executive orders issued by trump are doing damage, especially to the environment.

But Who Is Biden Really?

Long before entering the biggest political scenes in the country he briefly worked as an attorney before joining politics. Biden became the fifth-youngest senator in history as well as the longestserving senator of Delaware. While he had attempted to run for office in 2008, his campaign never gained enough momentum. However, President Obama selected him as his running mate. In 2017, Obama presented Biden with the Presidential Medal of Freedom and two years later, he made his ambitions clear. Something he achieved marvelously and became the 46th president of the United States. Biden credits his parents for instilling in his perseverance and hard work. He attended St. Paul’s Elementary School in Scranton. In 1955, Biden’s family moved to Mayfield, Delaware. He later attended St. Helena School until he gained acceptance into the prestigious Archmere Academy. At this school, Biden was a solid student and despite being small, he was a standout receiver on the football team. “He was a skinny kid,” his coach remembered, “but he was one of the best pass receivers I had in 16 years as a coach.” he later graduated from the school in 1961. 68

After graduating from law school in 1968, Biden moved to Wilmington Delaware where he began practicing at a law firm. He also became a staunch follower of politics and a strong member of the Democratic party. In 1970, he was elected to the Castle County Council. In 1987, having led a successful career in politics, and also having established himself as one of Washington’s prominent Democratic Lawmakers, Biden decided to give a shot at the White House. He however dropped out of the race after a report surfaced that his speech had plagiarized parts. During his campaign trails at this time, Biden had been having severe headaches, and shortly after dropping out of the race, his doctors made a shocking discovery that he had two lifethreatening aneurysms. He underwent surgery that resulted in complications leading to clotting in his lungs. This called for another surgery. Despite all these, still resilient, Biden returned to the senate after seven long months.

Biden’s Relationship With Kamala Harris

In April of 2019, Biden announced that he was running for president in 2020. In the video announcement, Biden referenced Trump’s administration attempt to equate people on both sides of the violence that was a racially charged clash in Charlottesville, Virginia. He said, “the threat to our nation was unlike any I’d ever seen in my lifetime.” While Biden was leading in most polls at the time he entered the race for the presidency, it is safe to say that his candidacy was largely a litmus test given that the democratic party was increasingly being influenced by a progressive base.

THE POWER IS NOW MAGAZINE | JANUARY 2021

His relationship with Kamala has been characterized as a fierce rivalry and this was well brought out during the first Democratic primary debate that happened in late June. Kamala Harris took him to task for his apparent opposition to busing as a means of integrating schools in the late 70s. However, right now the two are preparing to take control of the highest offices in the land. In fact, they say they are full partners who agree on how to steer the country in the next four years. “Look, there’s not a single decision I’ve made yet about personnel or about how to proceed that I haven’t discussed it with Kamala first,” Biden told CNN’s, Jake Tapper. Given their past relationship, Biden came out to clear the air saying, “And as I told her, you know because you asked the question, I don’t hold grudges.” the president-elect further went on to say that there hadn’t been any surprised working with Kamala Harris. He extrapolated that he and Harris had discussed at length their views on several issues including their stand on foreign policy, domestic policy, and intelligence. While Biden pointed out that Kamala’s excellence in state affairs and as a legislature are among the factors that informed his decision, he also acknowledged the relationship between Kamala and his Beau as another factor. “While I first knew Joe as vice president, I really got to know him as the father who loved Beau, my dear friend, who we remember here today,” Kamala said during her victory address on November 7. Both Kamala and Beau were Attorney’s General at the same time. “I thought a lot about that as I made this decision. There is no one’s opinion I valued more than Beau’s and I’m proud to have Kamala standing with me on this campaign.”

Let’s Look At Biden’s Next Four Years In Office

The 2020 election was no ordinary election owing to the health crisis still raging on and the strained relations between the U.S. and China. Some of the key factors that will measure his success and probably determine his re-election include; COVID-19: Joe has promised to fix the problem by bringing the COVID cases down. He has promised WWW.THEPOWERISNOW.COM

to provide clear, consistent, evidencebased national guidance, plan for effective, equitable distribution of treatment and vaccines. Restore economic prowess: Joe has promised to provide the state, local, and tribal governments with the necessary aid they need in order for the educators, firefighters, and other essential workers arent laid off from work. China: Biden has also promised to make China “to play by the international rule” on trade. Immigration Policies: his promise to the American people is to modernize America’s immigration system, welcome immigrants in America, revoke the Trump rule on refugee bans, reassert America’s commitment to asylum-seekers among many others.

Energy: Joe has promised to build a modern

infrastructure that will position America’s auto industry to win the 21st century with home-based technology. Also, he has promised to help the country achieve a carbon pollution-free power sector by 2035. In addition, he has promised to make dramatic investments in energy-efficient buildings, including completing 4 million retrofits and building 1.5 million new affordable homes. Gun Violence: Joe has vowed to ban the manufacture and sale of assault weapons and high capacity magazines, regulate the possession of existing assault weapons under the National Firearms Act, reduce the stockpiling of weapons and end the online sale of firearms. After 5 years of divisive politics, a change in the governance structure doesn’t sound bad. But the question that remains is, ‘can Biden deliver?’ he is entering a tough battleground with the sole agenda of reuniting the nation. In his victory speech, Biden said “Let this grim era of demonization in America begin to end here and now,” which showed that he very well understands that this will be an uphill battle especially given the fact that even his Democratic party faces internal issues from the progressives. Well, his promise is sound and his action plan solid, we can only hope that he will deliver on his promise.

SERIOUS DELINQUENCIES HIT A SIX-YEAR HIGH!

WHAT ARE DELINQUENCIES?

WHY ARE THEY AN IMPORTANT METRIC? Cornelius Jackson

recent report by CoreLogic has revealed that an estimated 6.6% of all mortgages in the US “were in some state of delinquency in August.” This stands for nearly a 3% year-over-year incline in the number of residential units that were at least 30 days past due. According to CoreLogic’s monthly Loan Performance Insight Report, early-stage delinquencies (30-59 days past due) were at 1.6% in August, representing a slight decline from August 2019.

On the other hand, adverse delinquencies (60-89 days past due) were at 0.8%, which is a slight year-over-year increase. The report also reveals that serious delinquencies (90+ days past due) were at 4.3% in August 2020, up from 1.3% in August 2019. The August 2020 rate represents the highest countrywide serious delinquency rate recorded since February 2014. The report has further revealed that August’s foreclosure inventory rate was 0.3%, which was the same as the previous year. Also, note that CoreLogic’s delinquency categories include foreclosures. In the Inland Empire, early-stage delinquencies were at 7.3%, representing a 3.7% year-over-year rise. On the other hand, the serious delinquencies rate was at 4.6%, which is a 3.6% rise from the previous year. Moreover, the region’s foreclosure rate was at 0.2% in August 2020, which is essentially where it was the same time in 2019.

WHAT ARE DELINQUENCIES?

You might be wondering what delinquency is, probably because you’ve never met yourself in that situation. Regardless of that, let me break it down for you so that you know how to distance yourself from it in the future. THE POWER IS NOW MAGAZINE | JANUARY 2021

Delinquency or a delinquent mortgage is a mortgage loan in which the borrower has dishonored to make payments as required by the loan document. A mortgage or loan is considered delinquent/late when a scheduled one fails to make a scheduled payment on or before the stated date. A delinquent mortgage falls under three categories: early-stage, adverse, and serious, which refer to a mortgage that is 30-59, 60-89, and 90+ days past due, respectively. Borrowers who fail to make payments on time are often penalized and may be required to pay late fees. Moreover, the lender may choose to begin foreclosure proceedings if the borrower fails to make the payments on a delinquent mortgage within a certain period. Alternatively, the lender may also offer the borrower several other options to prevent foreclosure when a mortgage payment is overdue. However, foreclosures are usually the last resort for lenders when a mortgage is rendered delinquent. The process of foreclosing is costly, and lenders lose money during foreclosure proceedings. Meanwhile, it’s important to note that mortgage delinquencies negatively affect one’s credit score and their ability to get loans in the future. This means that borrowers should always make an effort to settle their mortgage payments on time. If you suspect that you won’t make it to your mortgage payment on time, you should reach out to your lender as WWW.THEPOWERISNOW.COM

soon as possible. You might be lucky that your lender has alternative ways to help you avoid a delinquent mortgage. Additionally, if you find out that your financial difficulties aren’t going to be temporary, you can get into a foreclosure agreement with your lender. A foreclosure agreement is an alternative for foreclosure where the lender temporarily allows the borrower to halt making payments or to pay less amount than the monthly requirement. Alternatively, if your mortgage loan is rendered delinquent, but you want to avoid foreclosure, you should try convincing your lender to agree to a short sale. This happens when the homeowner cannot sell the home because he owes more than the home’s value. In such a case, the lender may allow the borrower to sell the house for an amount lower than what he owes the lender. In some regions, the lender might require you to settle the difference later or forgive the difference. Having understood delinquency and all that it entails, you realize it’s not a good thing. When making your decisions, please ensure that you do all it takes to stay away from it. And when it catches up with you, don’t panic. You can try the alternatives highlighted above.

Work cited. http://iebusinessdaily.com/report-serious-delinquencies-hit-six-yearhigh/#:~:text=An%20estimated%206.6%20percent%20of,according%20 to%20a%20recent%20report.&text=Adverse%20delinquencies%2C%20 defined%20as%2060,increase%20year%2Dover%2Dyear. https://www.investopedia.com/terms/d/delinquent_mortgage.asp.

THIS VETERAN HAS EXPERIENCED ENOUGH.

HE SHOULDN’T HAVE TO FIGHT HOUSING DISCRIMINATION BECAUSE OF HIS DISABILITY. Sergio lost his leg and his hearing while serving our country overseas. Now back home, he was ready to start a new chapter in his life. But when he found the perfect apartment, the landlord refused to make a reasonable accommodation to allow his service dog in a “no pets” building. Then Sergio learned that the Fair Housing Act protects people with disabilities. He contacted HUD and filed a complaint. Today, Sergio is feeling right at home. If you believe you’ve experienced housing discrimination, please contact

hud.gov/fairhousing 1-800-669-9777 50 YEARS OF OPENING DOORS. A public service message from the U.S. Department of Housing and Urban Development in cooperation with the National Fair Housing Alliance. The federal Fair Housing Act prohibits discrimination because of race, color, religion, national origin, sex, familial status or disability. For more information, visit www.hud.gov/fairhousing.

TOP 5 CALIFORNIA MARKETS FOR AFFORDABLE HOUSING CONSTRUCTION

Jenny Gonzalez

he topic of California’s housing affordability crisis is not new in the U.S. In March 2020, a report from the California Housing Partnership indicated the population of affordable rental units needed in California was at an overwhelming 1.4 million. Due to the dire housing shortage in California, the homeless population is rapidly growing in the state, as the White House’s Council of Economic Advisors estimated 47% of the country’s homeless to be in California. Following this crisis, several financing initiatives have been picking momentum recently across the state to encourage more development. From these initiatives, some markets have already started effectively addressing the crisis, while others have not. This article highlights California’s top five markets where housing construction affordability is improving, based on data from Yardi Matrix. 76

1. San Francisco.

Rents in San Francisco have repeatedly appeared among the highest across the country. In February 2020, the average rent rate in San Francisco was at $3,150, putting it in second place countrywide after Manhattan. The metro’s high cost of living was continually pushing people out to the broader Bay Area. However, the San Francisco market had 22 fully affordable developments, bringing the total to 2,482 units underway as of March. This accounted for more than a quarter of the total multifamily construction pipeline. The largest project in progress in the metro area is the Chinatown Community Development

THE POWER IS NOW MAGAZINE | JANUARY 2021

Center’s Ping Yuen at 838 Pacific Ave. The project features a full rehabilitation and renovation of a 12-story, 200-unit property initially constructed in 1962.

2. Central Valley.

In February 2020, the Central Valley had the lowest rental rates averaging at $1,167 per month compared to California’s major metro areas. The market also features more than a quarter of the market’s units that are in fully affordable properties, although upward pricing pressure drove the need for additional deliveries. Central Valley’s rents surged by 6.9% in 12 months ending February 2020. In that period, only two affordable projects totaling 116 units came online. While only 426 units were in progress as of March 2020, it accounted for nearly 20% of the market’s multi-housing development pipeline. Meanwhile, the second phase of Sierra Vista in Stockton with 100 units, owned by AHDC and the Housing Authority of San Joaquin, is one of the largest developments in progress in Central Valley, whose construction kicked off in August 2019 and is set to be ready in mid-2021. The first phase with 115 units was delivered in February 2020.

3. Inland Empire.

The Inland Empire market has significantly lower housing costs compared to nearby Los Angeles. As of February 2020, the average monthly rental rate was $1,592, compared to L.A.’s $2,391. The Inland Empire market experiences unique challenges, with significantly lower wages due to the area’s high concentration of manufacturing, retail, and logistics jobs. Affordable housing in the Inland Empire had a relatively huge presence in the metro area as of February 2020, with about 30,000 units online, which accounted for 19.2% of the total inventory. Despite only 69 units being delivered in 2019, 2020 was expected

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to be more dynamic, with 773 units expected. One of the largest projects in the area was the Orange Housing and C & C Development’s Mission Trail, which featured an 81-unit community at 32585 Mission Trail in Lake Elsinore whose construction began in early 2019. The project’s $26.2 million costs were provided by the City of Lake Elsinore and Bank of America.

4. East Bay.

In February 2020, the East Bay market had the fourth-highest average monthly rents in California behind San Francisco, the South Bay, and Los Angeles. Although it’s less expensive than some of its neighbors, affordability is becoming more severe within the area. However, a limited share of 506 of the 4,099 units delivered in 2019 was in fully affordable communities. At the start of March 2020, 1,778 affordable units were underway, indicating a stronger outlook. The units were set to be delivered before the end of 2020 to add housing capacity desperately needed across the East Bay.

5. Orange County.

Several of Orange County’s cities came under fire for declining to adhere to the new affordable housing requirements. Despite that, many parts of the market continued to reject demands from the state. However, Orange County’s affordable housing was growing as of March. In Early March, 732 units were expected, accounting for slightly above 14% of the multifamily development pipeline in March. Moreover, a joint venture between AMG, Jamboree Housing, and The Pacific Cos in mid-2019 commissioned the 419-unit Metro Senior park, the largest project in progress set to be delivered in 2020.

Work cited. https://www.multihousingnews.com/post/top-5-californiamarkets-for-affordable-housing-construction/.

What you need to know about California’s eviction protections Danon Burnside

alifornia enacted statewide protections in mid-September to run through to 2021to protect tenants struggling to raise rent amid the pandemic-induced economy. This came after massive numbers of more than eight million Californians filed for unemployment since midMarch, which triggered fears of a massive eviction wave as both tenants and renters lost their income sources. The state, lawyers, and housing advocates came up with new rules to control the situation. Below is what you need to know about the rules. TENANTS. The new state protections barred evictions due to unpaid rents between March and August. The rules, however, required tenants to settle 25% of their rents between September 1, 2020, and January 31, 2021, to prevent evictions through legal action. This means that you can’t be evicted for failing to settle your rent expenses since March, provided you settle 25% of your rent from September 2020 to January 2021 and providing a declaration under penalty of perjury that you’ve lost a significant part of income due to the pandemic. As a tenant, you have 15 days, from the moment your landlord hands you a rent or vacation notice, to provide the declaration form. The rules further clarify that one doesn’t have to give the payments on a monthly basis, but one must have settled 25% of the rent due from September 2020 to January 2021. If you have a declaration and paid the 25% as required, you’re protected through January 31, 2021, irrespective of your immigration status. However, it’s crucial to note that the new rule doesn’t protect one from eviction caused by other reasons such as health and safety. WWW.THEPOWERISNOW.COM

On the other hand, the landlord may evict you under specified conditions: if they want to remove the unit from the rental market (Ellis Act) or if there are health and safety risks. Those are the only grounds that the landlord may evict you according to the new state rules. LANDLORDS. The landlords also have not been left unprotected by the new state rules. For landlords, the new rules do not completely wipe out the unpaid rents. Instead, you can pursue the debts through legal action from March 1, 2021. Additionally, the new rules offer some relief to homeowners and landlords with less than five properties and are struggling to settle their mortgages due to the pandemic. Those whose mortgages are federally-insured are allowed by the CARES Act to request the postponement of repossession of their properties. WHAT IF YOUR MORTGAGE IS NOT FEDERALLYBACKED? In this case, contact your lender to request for an extension. If they deny your request, they must provide an explanation highlighting the reasons, after which you’ll have 21 days to rectify any emerging concerns not pandemic-related. Additionally, homeowners and landlords can also contest a denial notice through legal action. If you maintain that your lender has breached the law, the statewide ban on eviction might give you standing to contest the denial in a court of law. Work cited. https://calmatters.org/california-divide/2020/09/californiaeviction-protections/. l

JUST HOW MUCH DO SAN

DIEGANS OWE IN BACK RENT? Denise Matthis

Many tenants complain about not having paid rent since the pandemic began. A landlord, Sandra Yacura, shared her story of how the two women renting her condo in the East village lost their jobs and struggled since to make payments. Although both women applied for the Sand Diego rent relief program which allowed her to get paid for the lost rent, only one of the tenant got approved while the otherâ€™s application hasnâ€™t been attended to.

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he complained about the relief not being enough to cover the back rent and she has a mortgage of her own to take care of. Although she has not been hard on the renters and has no plans to carry out evictions, she hopes that the relief fund is increased to help cover most of the cost. This is the case of many landlords who have several renters struggling to meet up with rent payment all over the nation; landlords also have a hard time figuring out the right step to take next. Some analysts foresee an eviction cliff in the nearest future for renters, but there is no way to tell just how many renters owe back rent and how many will not be able to pay off the back rents before the housing protection ends. Outstanding debts in rent nationwide is predicted to reach over $7.2 billion at the end of 2020, and the estimate was made based on the fact that most moratoria on eviction

would be ending with 2020 all over the nation. California is stated to have one of the most extended moratoria on eviction in the country as the law shielding renters was signed into law in August to protect renters from facing eviction and possible homelessness due to COVID-19. The law allowed those who lost work or their source of income as the early period of the pandemic to avoid rent payment from March to August. If the hardship however continues, tenants are expected to pay at least 25% of the rent to landlords to avoid getting evicted. However, renters till end up owing lots of money in back rent. It is unclear just how many renters in San Diego owe rent or how much they owe; some organizations have tried to find out just how much but only a few landlords have taken to reporting their situations to a national organization. However, a majority of the landlords have worked out some form of deal with their renters and are covering up just how much money they have lost in terms of rent.

lack of information makes it hard to take a stand on the actions of the government. A study released in September by property management and software company RealPage stated that San Diego had the highest number of people paying rent in the country with only 3.4% not paying rent. They stated that the high payment is due to deals between landlords and renters and this data was gotten from the National Multifamily Housing Council that kept tabs on over eleven million apartments. PROPERTY MANAGEMENT The FBS Property Management based in San Diego understands what it means to have a large number of renters locally due to their management of over 900 apartments in San Diego. They stated that about 90 tenants took to working out deals or payment plants with the landlord due to hardship. About twenty tenants have not paid anything in several months, and the FBS cannot carry out evictions due to the

moratorium placed on evictions, but some aggressive landlords have tried getting just cause evictions. Just cause eviction can take place if the tenant is being a nuisance, violating lease agreement different from rent and carrying out illegal activities in the building. FBS stated that most of their residents have been very cooperative while going through the hardship and FBS isnâ€™t looking to evict people as well because it costs time and money and is generally bad for business. However, this is only FBS, and other property managers are reacting differently. Some landlords still try to evict their tenants under the â€˜just causeâ€™ clause due to delay in payment. There are many renters in this situation and who desperately need help navigating the law. Reference https://www.sandiegouniontribune.com/ business/story/2020-12-04/just-howmuch-do-san-diegans-owe-in-back-rent

Chris Thornberg is an economist who has shared that there is not enough database for economists to take a look at so they can get the right number of people not meeting up with rent payment. With millions of apartments in San Diego, it is important to be able to gather data in a particular pattern consistently from landlords. He empathizes that the process is not easy, and the

THE POWER IS NOW MAGAZINE | JANUARY 2021

Kenneth Session CORONAVIRUS: EVICTION PROTECTION

DAYS COULD BE DWINDLING

he pandemic has had a great impact on public health and the economy. Due to the stay at home order and close to many businesses, several people lost their job in the US. This led to a rise in unemployment claims and also led to housing insecurity for many people due to a lack of income. To decrease the effect of the pandemic on people, the government has taken necessary steps to protect clients, and that includes placing moratoriums on eviction and the prohibition of late rent fees. Some of the protection tenants got included not being charged a penalty for nonpayment or eviction from March to July. When this period ended, landlords could then give their tenants a 30 daysâ€™ notice to vacate the property. Some agencies regulating the Federal Housing Finance Authority as well as the Federal Housing

Administration extended the moratoria till the end of 2020. This moratoria on eviction protected tenants who had lost their source of income, might become homeless if they got evicted and those who were putting in their best efforts to come out with partial payments of rents in a timely manner. However, there has been a statewide moratorium on court eviction hearings, and it is set to end on Friday. Several housing advocates have issued warnings that many California renters might lose their homes at the end if the Governor and lawmakers donâ€™t create more protections for the renters. Community advocates have urged Governor Newsom to issue an order to delay evictions and also enact a bill providing relief for both tenants and landlord while the pandemic lasts.

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prevent the eviction of tenants until 90 days after the pandemic emergency has been removed. The bill inspires landlord to work out payment agreements with their tenants. The bill also allows landlords to sue in civil courts for back rents that have accumulated over the pandemic.

Community advocates have stated that when evictions begin, it is bound to hit the community of color. Most of the Black and Latino households have lost their jobs because of the pandemic; this was made public by a study by the UC Berkeley Terner Center for Housing Innovations. Residents who are on the minority are going through economic insecurity while carrying out their jobs in different industries. The colored community have faced the struggle of this pandemic the most but continue to live from one paycheck to the very next, and there are many undocumented families that havenâ€™t received financial aid from the government. A moratorium on all eviction court hearing was placed by the Judicial Council of California in April, and this placed a hold on the displacement of tenants that havenâ€™t paid rent throughout the pandemic. The council held a meeting in July and announced that they reconsider the meeting soon, but there has been no schedule made for the hearing.

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Lawmakers have however concluded that there is a chance of the order being rescinded on Friday which would then allow eviction hearings to proceed in courts around the states. Most Bay Area governments have other renter protections that could help suspend legal actions from being taken against renters. Governor Newsom has announced that he is working on a solution to facilitate the extension of protection for renters.

This bill has however received opposition from groups of commercial and residential landlords. This coalition has sent a letter to Chiu stating that the bill does not favor struggling landlords and the bill essential provides renters free accommodation. They stated that the bill does not provide funding for both renters and landlords that would offer solutions to the unpaid rents. They also made apparent that due to the protection, landlords will not be able to hold back foreclosure on their buildings. Counties in the Bay area have however considered extending the moratoria on renter protections.

A bill released by David Chiu, who is an assembly member would

Reference https://www.timesheraldonline. com/2020/08/11/coronavirus-californiaeviction-protections-could-bedwindling-2/ https://www.nolo.com/legalencyclopedia/emergency-bans-onevictions-and-other-tenant-protectionsrelated-to-coronavirus.html

CENTRAL EDITION

CALIFORNIA NEEDS MORE HOUSING, BUT 97% OF CITIES AND COUNTIES ARE FAILING TO ISSUE ENOUGH RHNA PERMITS

Robert Langston

n 2017, neighborhood leaders gathered to discuss a City Hall plan to discuss the housing shortage in the city, and they came into information that sparked a revolt. The planners suggested that multistory apartment buildings be built around the city in order to increase the housing supply and then increase residential costs. Planners saw this as a prominent solution to the housing supply crisis, but the neighborhood saw this as a disaster.

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The neighborhood associations made a plea to the City Hall Planners to suspend plans which could potentially ruin the neighborhood. They made their plea based on the fact that with increased building heights was bound to be more people and cars. Residents revolted by attacking town hall meetings and eventually reached a compromise with the city who then agreed to concentrate building downtown. This revolt is similar to the losing battle California is facing with the housing crisis, which keeps getting worse. California is said to need at least 1.8 million and 3.5 million homes by the end of 2025. To achieve this goal, cities and counties will need to approve much more homes than they would permit in the past year. However, instead of counties and cities to approve more homes, theyâ€™re instead falling behind on the mandated housing goals. Most cities and counties are expected to comply with a state law which expects them to plan and zone for housing for different income levels. However, 3% of these cities which stands at just 15 jurisdictions are actually complying with the law to build these homes by the end of the year.

SCNG has made findings about the California housing crisis includes: •

• •

97% of counties and cities in California are behind in permitting new housing which is needed for the Regional Housing Needs Assessment process. Only one-third of local governments are on track with more than 50% being behind track. Close to half of the county is behind on the different homebuilding categories which include low-income, above-moderate-income, very-low-income and also moderate-income homes.

The issue is worse for the low-income housing categories, with only 22% of the state’s jurisdiction actually permitting low-income housing. However, up to 45% of jurisdiction are in the process of permitting upper-income housing. Southern California is more plagued by this problem as this region’s target is anticipated to be tripled in the following years. A scorecard by SCNG showed that more than half of California cities and counties earned a D and an F and only onesixth was able to earn an A or B. The Chair of the Assembly Housing and Community Development Committee, David Chiu, has stated that California has the worst housing crisis because not enough homes are simply being built. California is said to be all talk without any action as even though economic growth is celebrated in the city, enough housing is not permitted to accommodate the workforce. This led to higher prices in homes, worse traffic and higher rents. Counties and cities have lamented that the

RHNA targets are unrealistic with the rising cost of construction, resistance to change and labor shortage in the state. Many people have stated that even though there is a need for more housing, there is no simple approach to the situation and there are a lot of problems cities need to address. Local residents need to have a right to decide what they deem right for their communities, and there is simply not enough space for the housing units mandated.

CREATING SOLUTIONS

Communities are expected to change standards if they are to meet the housing requirements; such standards could range from parking requirements to height limits. There should also be inclusionary zoning laws which are popular with successful cities. There should also be housing trust funds, lower development fees and infrastructures should be built to encourage affordable homebuilding. Although communities are far from enthusiastic about the new housing projects, these projects could bring essential infrastructures to the community and become an asset in the long run. Many average households and tenants would find it advantageous to be able to find affordable housing. Without sufficient housing options and with the high rent situation in the state, there are bound to be more homeless people, people staying in shelters and more who would find it hard to be independent. Reference https://www.ocregister.com/2019/12/09/losing-the-rhnabattle-97-of-cities-counties-fail-to-meet-state-housing-goals/

THE POWER IS NOW MAGAZINE | JANUARY 2021

SAN FRANCISCO BAY AREA REAL ESTATE MARKET & INVESTMENT

2021

Eric Hooks

n October, the prices were driven up due to increased sales in the housing market. With October came a new record low in mortgage rates and due to this, homes are getting snatched. There have been bidding wars all around the Bay Area, driving prices far above asking price. October set the median sales price of single-family homes in San Francisco Bay Area up to $1.1 million, which is 17% higher than it was last October. These rising trends stand against the normal and expected slowdown that is expected to hit the real estate market in the fall. Instead of slowing down, the buying season known with summertime carried over to the fall and remained in full swing. C.A.R. has reported that Bay Area has recorded the second largest price increase in California with Central Cost leading the line. Within Bay Area, San Francisco was the only county WWW.THEPOWERISNOW.COM

that experienced a dropdown in price as its median price experienced a drop of over 1.5% from its price in October last year. All counties experienced sales year after year with Santa Clara experiencing the highest sales with a 32.4% growth and is closely followed by San Mateo with a sales growth of 29.1%. Sales in the San Francisco Bay Area housing market continued to soar and saw an increase of 1.5% from the month of September and over 18.9% from the previous year. Prices have also started increasing due to a tight supply in many areas. Buyers are beginning to bid aggressively, but when supply starts to increase, a correction could take place in the housing market. However, the San Francisco Bay Area housing market is in favor of sellers as here are more demand when compared with the present supply of properties available for sales.

SAN FRANCISCO BAY AREA REAL ESTATE MARKET FORECAST 2021

San Francisco Bay Area housing market seems to be continuing on the path of being one of the hottest markets in California. Even if the market becomes balanced, it will take up to six months before the supply completely dwindles to nothing. The median home price has remained flat since 2018 after a steady increase in value from 2012. The median price for single-family properties in San Francisco currently lies a $1,405,199, but market forecasts predict that San Francisco home values will rise by over 5.9% in the next twelve months. Zillow Home Value Index predicts that home values in the Bay Area will rise by 7.2% by the end of 2021. LittleBigHomes.com predicts that the probability of property prices increasing in San Francisco is 77%%, and if this turns out to be as predicted, then home values in San Francisco will surpass the value in 2018’s third quarter. With mortgage rates being as low as it is at the moment, many people are swooping into the market to grab their favorite housing deal.

SAN FRANCISCO REAL ESTATE INVESTMENT 2021

The real question becomes if it is right to make an investment into the San Francisco Bay Area real estate market. The median price of homes in San Francisco is staggering, and most average families won’t be able to afford it. Although we don’t hold the final say on investment choices, evidence shows that there are positive things waiting in the San Francisco future and an investment into this market is one that will not diminish in value over time. Although interest rates have been low, luxury buyers have stormed the market. This is backed by examples why buyers pay over $1 million more than the asking price. There is a one billion dollars investment made into the Bay Area housing market as announced by A Google report; this fund is expected to fund a 10-year housing project in the area. A wise investment in San Francisco housing market could secure your future, and if you invest in areas with high population density and a high rate of employment growth, your investment will become very profitable. This is because these parts generally have a higher demand for housing. One of the best neighborhood in San Francisco to consider for your investment is the Golden Fate Heights; it has more of single-family homes and is relatively inexpensive, making it an absolute steal. Reference https://www.noradarealestate.com/blog/san-francisco-real-estatemarket/

THE POWER IS NOW MAGAZINE | JANUARY 2021

BEST NEIGHBORHOODS

IN LOS ANGELES Briana Frazier Los Angeles can be charming. If you are considering relocating here, it means you have been pulled in by the beauty and the ecstasy of this beautiful county. But the problem is, you donâ€™t know where to stay, given the many neighborhoods in the county. If you are worried about the neighborhoods, worry no more. after having lived in the county for so long, I believe I am your best resource for the best neighborhoods in the county. I will outline five neighborhoods that I think are the best. Read on to find out more.

ATWATER VILLAGE Coming in first is this beautiful neighborhood in LA. The average rent for a one-bed apartment is $1,800/mo. Also, Atwater village is located at 5, which connects to the 134, 101, 170, and 110. Therefore, in terms of transportation, you will be well sorted. The neighborhood is well removed from the noise of the urban cities of Silver Lake and Los Feliz, but that doesnâ€™t mean that Atwater cannot be fun. A characteristic of Atwater, every house is notably different from the next one. Most residents of Atwater are somewhat older and have managed to maintain their youth, and you can feel it in the air. Additionally, it is quite easy to note that Atwater village is quite diverse and makes for a fun multicultural playground.

MID CITY The city is amazing, and that is a big understatement. As traffic gets crazier, you will want to be able to move up and about LA with ease, and by LA standards, it is easy to get around by car, however, there are several driving alternatives. From this city, it gets relatively easy to get across much of the LA including the west sides of LA. Homes here showcase a range of styles; well maintained century-old apartment 96

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building, blocks of cute Spanish-style duplexes and bungalows that go for less than $1 million or even much lower than you will find elsewhere.

CENTRAL EDITION

WEST HOLLYWOOD at the heart of LA in West Hollywood. The neighborhood is walkable and surrounded by beautiful green spaces, parks, and hiking sites. The Runyon Canyon is just a few miles away and there aren’t very many places to hike in the county that beats it. Additionally, you will find that there are a number of yoga studios, and other social amenities in the area, but if there’s one thing that has put West Hollywood on the maps is the world-class bar that can be found here. Come here and I guarantee you the best nightlife you will ever experience.

DOWNTOWN This is one that is experiencing a ma jor come back after decades of stagnation and a decreasing population following WWII, and the ‘not-so-good looking’ skid row. This neighborhood has improved so much to level with other significant places in LA. Today, the DTLA neighborhood is a thriving destination for dining, nightlife, and entertainment. If you work Downtown, it might be the perfect place for you to live too considering the fact that transportation here can be painful. Other than that, DTLA is one of the best places to live in LA.

SHERMAN OAKS This is a family-friendly neighborhood located in the San Fernand Valley. One thing you will love about this neighborhood is that is surrounded by freeways, which means easy access to most other parts of LA. The Sherman Oaks Galleria is a shopping, dining, and entertainment destination for the people who live in these neighborhoods. Also, rents here are significantly lower than in other places in LA. If any of these areas caught your attention, talk with Briana Frazier of the Frazier Group Realty. To contact Briana, follow this link; https:// thepowerisnow.com/briana-frazier/. Sources https://www.thrillist.com/lifestyle/los-angeles/bestneighborhoods-in-los-angeles-where-should-i-move-in-losangeles

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Adrian Bates LA AGENTS USING INFLUENCERS TO HELP SELL A LIFESTYLE AND APARTMENTS

ue to the pandemic, it has become increasingly difficult to sell tiny homes, and the luxury market is filled with condos. Unlike the traditional approach of selling a home, new homeowners usually require more effort before they agree to buy a home they can’t see in person. These days, it has become increasingly difficult to move residential units in Los Angeles. This has made real estate agents to improve their marketing games by utilizing social media. Many prospective buyers are not willing to go check out residential units in person except it somehow gets to them during the pandemic. Many real estate agents recognize this and are taking the homes to people where they spend most of their time. Instagram creates a vibe that goes beyond photoshopping furniture into ads posted online. New buyers want to picture a space where they can carry out work as well as have space for their life. This is where influencers come into play; WWW.THEPOWERISNOW.COM

economists have noticed that social media is influencing many people to buy homes. This is because people are influenced by the social influencers that they follow, and once a residential unit is endorsed by such influencer, fans feel more comfortable buying such residential units. Blackburn has partnered with over three Instagram influencers to help promote residential units, and these influencers share photos of these residential units with their millions of followers who then picked interest in the units. AvalonBay’s marketing department has also partnered with influencers who have hundreds of thousands of followers. These influencers are continually sharing photos of these homes on their pages as well as photos of themselves playing pool in the surrounding or viewing the city from the home’s balcony. This act is popular in Los Angeles than in other cities because it has a higher quantity of people buying homes for the first time. These first-timers l

are on the younger side and more tech-savvy than those in other cities who prefer traditional house shopping methods. Los Angeles Housing market is clearly in trouble and is therefore utilizing all necessary mediums to promote sales. An Instagram post or YouTube channel post allows buyers to fully envision a day in the aspired home. They can picture a life working from home in their living room or simply relaxing in the terrace. Pictures made available allows them to visualize the beauty of a home as they carry out daily activities, unlike dull online ads that present them with sterile spaces. An ad from an influencer helps real estate agents in Los Angeles sell a lifestyle and helps promote sales of apartments in the city. Millennials have the highest number of home buyers and tend to turn to social media for choices of homes they can buy. Luckily, the pandemic has helped influencers to bond more with millennials, and real estate agents in LA are taking advantage of this strong relationship. 100

Trust is the most important factor utilized by Los Angeles real estate agents before the pandemic and was pointed out as a determining factor by many home buyers. Therefore, LA agents need to include authenticity in their marketing strategy. The ads need to look authentic and unscripted; a simple picture showing a person living their regular day in the house could lead to a high percentage increase in clicks on the website and visit to the online page. Hopefully, traditional selling methods will not be replaced by this new marketing strategy. However, this marketing tactic might become more conventional as time goes on. People find it easy to relate with this approach, and it involves thinking beyond the norms and making a home look alive which is what people are looking for.

Reference https://immobilier-lamy.com/2020/12/05/real-estate-agentsturn-to-influencers-to-help-sell-a-lifestyle-and-apartments/

THE POWER IS NOW MAGAZINE | JANUARY 2021

Success Money CLOSING? MAYBE YOU SHOULD CONSIDER USING A DIGITAL PLATFORM. HEREâ€™S WHY

ver the past decade, digital technology has had a remarkable impact on industries with mortgage and real estate businesses experiencing significant changes. Today, several setbacks have been cleared off to make digital real estate and mortgage practices such as eClosing a reality. Beyond this, the coronavirus pandemic has accelerated the need for remote and digital home buying and closing experience. The spread of the virus had forced the closure of several registries and stalled closing practices. As a result, remote online Notarization of mortgage and closing documents are now allowed by most states. Thanks to a strategic partnership in the country, full digital closing practices are now enabled in up to 15 states. Lucky for this niche, there is an influx of technologies in the real estate market. So, with the thought of an easy closing in mind, we expand on the reasons why a digital closing should be considered.

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Why You Should Consider Digital Technology When Buying and Closing â€˘ Time Efficiency and Effectiveness

Reports have shown that, on average, homebuyers would spend up to 10 weeks when searching for a new home. Furthermore, millennials now account for over 35% of home sales compared to other generations of buyers. Armed with the knowledge of the digital revolution, they express little desire to spend the bulk of their time browsing through homes with agents. However, further analysis has shown that the real challenge is in closing on a home. Closing, in most cases, requires in-person meetings for notarization, appraisal, and final inspections. Thanks to the power of digital technology, home buyers, and realtors have time efficiency at their fingertips. Today, commercial drone shots and advanced 3D technology provide interested candidates with detailed virtual home tours. Additionally,

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the Federal Housing Finance Agency has partnered with digital tech to facilitate alternative appraisal and notarization methods.

• Access to Timely Information

Today’s competitive world has made it essential for home buyers and real estate agents to be privy to information. Like other industries, the mortgage industry is data-driven. Laws, regulatory stamps, and bills are continually being added or revisited making it essential to keep up with the flow, especially when closing. Digital technology provides consumers with timely information when needed. Information that will otherwise take time to work out and subsequent updates is easy to search for. For instance, home buyers require costing and regulatory compliances during the closing process. Access to real-time information gives them an edge and a relatively hassle-free journey through the process. Closing software are integrated with digital tools that gather data consolidated from various sources to anticipate the clients’ needs and carve effective communication with other participants. Conclusively, integrating a digital platform gains agents a competitive edge with the effective use of access to data for insights transforming them into well-informed advisors.

• Ease and Accountability

Closing a home requires a lot of paperwork and this is relatively the most challenging process of buying a home. Not only do the details involved make the entire process prone to human error, but it is time-consuming.

The prospect of e-Closing in real estate activities relegates the physical presence of notaries when securing mortgage or during the full closing process. With Remote Online Notarization (RON), the hassle of paperwork and compulsory in-person meetings is reduced. Integrating a digital platform into the process of closing ensures that the process is simplified through apt document deliveries, e-signatures, e-Recording, and notarization. The digitization of manual tasks improves collaboration and automates workflow such that efficiency is guaranteed.

Works Cited https://www.blackknightinc.com/blog-posts/finding-the-best-digitalclosing-technology/ https://www.smallbizgenius.net/by-the-numbers/real-estatestatistics/#gref https://theclose.com/real-estate-statistics/ https://www.forbes.com/sites/alyyale/2018/07/23/digital-homeclosings-now-possible-in-15-new-states/amp/

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IN RICHMOND, BUYERS ARE PAYING MORE FOR HOUSES THAN WHAT SELLERS ARE ACTUALLY ASKING FOR! WHAT DOES THIS MEAN FOR REAL ESTATE IN RICHMOND?

Joe L. Fisher

ichmond real estate market has been booming all year due to the high interest of investors in Richmond homes. This increasing interest has buoyed the real estate market with almost half of the homes in Richmond sold to buyers willing to pay cash from 2009-2013. After then, the number of absent buyers have continued to rise and raises concern amongst residents who worry that having absent landlords could hurt the neighborhood. There is quite a low inventory of homes in Richmond and with it a low-interest rate, this has driven sales of homes to a new all-time 106

high in Richmond due to high demand. The Richmond housing market is compared to a steaming temperature by Joan Peaslee, who is a real estate agent; she observed that houses come and go as quickly as they come. It is pretty clear that inventory doesnâ€™t match the number of demand in the housing market. There are no new listings, and when a wellpriced home in stellar condition appears in the market, it is immediately priced and paid for. This is the problem faced in the Richmond real estate market; the low inventory is causing multiple offers to be made on every property available in the market. THE POWER IS NOW MAGAZINE | JANUARY 2021

Every buyer is assured of having a competitor when they make an offer on homes, the prices are inflated, and there is bound to be multiple offers of higher prices made on the house. Many investors looking to grab a home offers thousands of dollars more than the asking price for homes in Richmond estate market. One of the causes of higher demand is the low-interest rate in the market, which is causing renters to also consider buying and building equity instead of renting. A tenant in Richmond has complained that investors don’t care much about keeping the place nice except you’re lucky to have an excellent rental firm behind you. Renters can leave easily when they feel like changing locations, but homeowners tend to stay for quite a while and have more probability of making improvements to homes owned so as to make them look nicer. There are different views about the increase of investors as a local realtor believes the market is bound to change soon, and this means there’s nothing to worry about in Richmond. Many homeowners in Richmond recognize that the neighborhood might be unstable if they sell to absent buyers and are therefore willing to sell their homes to people who would live in the home than absent landlords. Fisher, the local realtor, states that most people are not really interested in investors but in a method where their top dollar is guaranteed in the sale. However, this is not usually the situation with

investors still beating out homeowners in home sales. This is because most investors are willing to buy homes without negotiating repair costs. This speeds up the buying process and saves sellers lots of funds. Many sellers profess that they receive multiple offers on a home almost as soon as they list it on the market. Most homebuyers usually need to borrow some money before they can pay for homes and therefore, cannot offer such sweet deals, making them lose out to investors who gobble up these offers quickly. The rising price might however be a top worry for redevelopment and low-income residents in Richmond. With investors flooding the Richmond real estate market, housing prices continually rise and have gone up to a high of $230,000. It is however noteworthy that investors won’t always rule the market, and soon enough, the market will balance itself out, giving home buyers a chance.

Reference https://richmond.com/news/local/in-richmond-realestate-across-town-buyers-are-paying-more-for-housesthan-sellers-are/article_d98742dd-8ea0-5919-a6729bc169f3f239.html https://www.newsbreak.com/virginia/richmond/ living/2040424743443/in-richmond-real-estate-acrosstown-buyers-are-paying-more-for-houses-than-sellers-areasking

n recent times, mortgage loans have been the centerpiece of most American homes, especially in Black, Native and Latino American communities. However Black American, Native American and Latino American borrowers account for little of the total mortgage loans issued yearly, in contrast to their White and Asian counterparts. Most of the loan rejections are reported to be due to credit score ineligibility and some wrong information. The major factor influencing the decline of mortgage loans for downtrodden neighborhoods have always been poor credit history and credit score ratings. Credit score and credit history are usually used by mortgage institutions to determine the possibility of an applicant paying within the allocated period. This method often damns applicants in or from disadvantaged communities as they are less likely to have well paying jobs or good credit history.

IN ORDER TO LIFT THE DOWNTRODDEN NEIGHBORHOODS IN THE UNITED STATES, WE NEED TO LEND TO PEOPLE WITH LOW CREDIT SCORES

Credit history is a record of bills and amenities payments made by individuals and homes. They are usually accessible by mortgage companies, and are major determinants in seeking loans. They affect disadvantaged people greatly, especially in the case of couples applying for joint loans. Here, a couple could be disqualified because of an erring partner, regardless of the eligible partner’s credit score, if the average credit score of the couple doesn’t meet the median credit score. Low credit scores often make it difficult to obtain loans of any sort, and in some instances if the loans are granted, they come with high interests. However, sometimes these credit score ratings could be either misleading or inaccurate. Thereby leaving loopholes in the existing conditions guiding mortgage loans approval. There should be considerable adjustments made to the guidelines, to support underprivileged borrowers. There’s the case of credit invisibles, people who have little or no credit history, sometimes due to lack of documentation.

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No developed country improved by continuously stalling the progress of its people. Since the government can’t get into every part of “Distraught America”, it’s the mortgage industry’s duty to aid development, rather than fight it. Instead of handing out loans with ridiculous interest rates to people who already struggle to meet up with the deadline for the basic bills, financial institutions should consider reducing the interest rates in comparison to the original rates. Reduction of interest rates would incentivize borrowers and encourage them to meet up with their payment deadline. This move helps the Bank or Mortgage Lender recoup their money faster and encourages borrowers to patronize their services. The basic idea here is to help spread development in underdeveloped communities. One new business or growing investment in a disadvantaged

community, is one less unemployed individual and more employment opportunities for its inhabitants. Instead of demonizing low credit scores, Mortgage Lenders should rather review the applications of applicants and grant them loans based on investment viability. Borrowers with sound business and financial education/knowledge are less likely to err in their loan payments. Credit Scores should also be reduced for downtrodden neighborhoods, as they have lesser job opportunities and are more likely to have debts from student loans. Furthermore, borrowers from disadvantaged communities should be given extended loan repayment period, using their income revenue. The rise of crime in downtrodden neighborhoods is largely due to the limited existence of job opportunities and the continued destruction of existing investments by criminal elements. Mortgage Lenders denying individuals looking to escape these situations and create better living and working conditions for their immediate society only end up creating a more unstable environment for crime to thrive.

References; https://www.americanbanker.com/opinion/lend-to-those-withlow-credit-scores-to-lift-downtrodden-neighborhoods https://www.thebalance.com/side-effects-of-bad-credit-960383

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NONBANK MORTGAGE PAYROLLS SET A NEW RECORD RISE ABOVE THE 350,000 MARK

ccording to the data obtained from the Bureau of Labor Statistics, the nonbank mortgage payrolls experienced a significant increase in recent months. This increase is a new record, higher than the previous numbers in recent years. The data revealed that in August, the non-bank mortgage brokers and bankers recorded about 333,100 people on their payroll. The last time there was a surge was about a decade ago, in 2010. Before the August surge, payrolls were large, but the standard maintained in recent years were still maintained. For instance, the payrolls in August 2017 was 325,900, while in July 2020, it was 324,000. Now you can see there’s not much difference between the two until August when there was a surge. In September 2019, it was 339,900, but it reduced to 112

305,100 in October. However, still last year, the increase in broker hiring in September continued into October. Brokers increased from 101,100 to 87,900. In response to low rates, Homeloan refinancing continues to rise. Though there was a slight fall to September’s numbers, the industry witnessed high estimated employment by October, setting a new record. A report by the National Mortgage News revealed that the industry saw 350,100 people on its payrolls in October 2020. For a better understanding of how this number significantly increased, we need to leap what it was a year ago. According to a press statement emailed by Odeta Kushi — the First American Deputy Chief Economist on Friday, “November’s jobs report shows a sharp slowdown in job growth, as total nonfarm payroll

employment rose at 245,000 and the unemployment rate fell to 6.7%, underperforming consensus estimates and still leaving a hole deeper than in the worst of the Great Recession.” He made this statement following the fall in November’s employment rate compared to the 638,000 jobs increase in October. The non-bank mortgage industry, therefore, needs to put in more effort to ensure that the surge experienced in October is maintained. If it continues, there will be more job opportunities across the country, and

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unemployment will continue to drop significantly. America suffered a massive setback when the Coronavirus pandemic set in. Economic activities were closed, and the country’s income was drastically reduced. Almost every sector of the economy was affected by this sudden wave, resulting in a drop in employment rates. However, Odeta Kushi believes that the mortgage industry can absorb this shock and continue to thrive as usual.

WHAT LED TO THE SURGE IN MORTGAGE PAYROLLS?

The recent surge in mortgage payrolls can be attributed to the increase in demand for loans. A significant reason why there’s an increase in demand for loans is that the country is just healing from the pandemic’s effect, which caused WWW.THEPOWERISNOW.COM

businesses to close. Now, people need money to keep get back on track; thus, the reason for turning to third parties for help.

References https://aboutyourmag.info/2020/10/03/nonbank-mortgageemployment-reaches-a-10-year-high-about-your-onlinemagazine/ https://www.nationalmortgagenews.com/news/nonbankmortgage-jobs-report-for-october-2020#:~:text=Nonbank%20 mortgage%20payrolls%20set%20new%20record%2C%20 rise%20above%20the%20350%2C000%20mark&text=Unprecedented%20levels%20of%20hiring%20 at,the%20Bureau%20of%20Labor%20Statistics.

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HOW VACCINE APPROVAL COMPARES BETWEEN THE UK, EUROPE, AND THE US The race to unveil an effective COVID-19 vaccine continues to pick momentum as leading companies in the UK, Europe, and the US eyed to produce an effective vaccination by the end of 2020. Also, the competing companies seem to rival against each other instead of what most would expect them to work together to achieve a 100% safe and effective vaccine. This was portrayed when the UK, through its Medicines and Healthcare Products Regulatory Agency (MHRA), approved the first vaccine against COVID-19 and attracted criticism instead of a round of applause from all over the world.

ours after the UK gave temporary authorization to the Pfizer vaccine on December 2, 2020, the European Medicines Agency (EMA) gave out a stiff statement citing that more work than MHRA had done was needed. In response, MHRA’s chief executive, June Raine, pointed out that the agency had “simply taken advantage of a provision that any country in Europe could use to fast-track approval in a pandemic.” On the other hand, the UK COVID-19 vaccine approval suffered a more stinging blow from the US side through the prominent head of the National Institute of Allergies and Infectious Diseases, Prof Anthony Fauci. Criticizing the 114

UK move to approve the vaccine, Prof Fauci reckoned that the US regulator, the Food and Drug Administration (FDA), was proceeding in the right way while the UK “did not do it carefully,” which he later comprehensively expressed his regrets citing he had “great faith in both the scientific community and the regulatory community in the UK.” WHAT’S TAKING EUROPE AND THE US SO LONG? You might be wondering if Europe or the US are doing it differently; that’s why they’re taking so long in approving their vaccines. For Europe, their process is not so different from the one adopted by the MHRA. EMA adopted many of the THE POWER IS NOW MAGAZINE | JANUARY 2021

Medicines Control Agency’s existing procedures, which became the MHRA when it was set up in the 1990s in Canary Wharf, London. EMA’s take on the UK vaccine was that the UK had opted for temporary emergency approval of specific vaccine batches. That was the difference, according to EMA, from the “conditional marketing authorization” it hoped to permit in a few weeks, which would signal nay European country to use the vaccine. On the US side, there are reportedly significant variances. Minimal evidence shows that the US regulatory agency (FDA) is generally slower than Europe. All of them take the main role of a regulator seriously—safety— but FDA seems to go an extra mile. Moreover, the FDA, being the oldest and most influential regulator globally, has a varied history from the MHRA. FDA was established to safeguard consumers both in terms of effectiveness and safety. On the other hand, Europe’s drug regulations were founded to satisfy the need to align commercial regulation; the reason critics cite them as being probusiness. If you remember the Thalidomide scandal that struck in the UK and many other parts of the world causing birth defects, except the US after the FDA turned it down, then you understand what this means. WWW.THEPOWERISNOW.COM

WHY THE FDA APPROVAL PROCESS IS TAKING LONGER. Slow but sure perfectly describes the FDA’s vaccine approval process. The FDA takes all the raw data from the lab, animal and human trials, and does its own statistical analysis. The agency then convenes advisory bodies consisting of leading experts and scientists to address scientific issues. As the FDA’s commissioner stated, the FDA is “one of the few regulatory agencies in the world that actually looks at the raw data. On the other hand, FHA states that safety is vital and that it has left out no corners, also considering it has an impeccable global reputation to uphold. Nevertheless, let’s be patient and hope that the agencies will unveil vaccines that will help eliminate the coronavirus from the face of the earth. That will be a massive win for us, the generations to come, and for humanity at large.

Work cited. https://www.theguardian.com/world/2020/dec/04/howvaccine-approval-compares-between-the-uk-europe-andthe-us.

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HOW DID MARTIN LUTHER KING JR. DAY BECOME A FEDERAL HOLIDAY? HERE A LITTLE HISTORY LESSON FOR YOU! WHO IS MARTIN LUTHER KING JR.?

reasons may still be traced back to the high rate of racial discrimination at the time. While King was seen as a hero in some states, he wasn’t viewed as such in other states. Thus, the implementation began with states that respected King for his nonviolent approach to protest. It used to be believed that an African-American is a violent being, but King proved that concept wrong through his nonviolent activism. When this holiday was declared, states that are not in support of it called it different names to wear a different face apart from honoring King’s legacy. For those that didn’t give it an alternative name, they combined the holiday with other holidays.

It all started in the mid-1950s when Martin Luther King Jr, an American Christian minister and activists came to the limelight as the chief spokesperson and leader in the Civil Rights movement. In those periods, there was increased racial injustice against the black communities in the US. This remained the trend for years, and its traces can still be seen today. However, thanks to King and other Americans who stood up and protested against these racial injustices peacefully.

However, in 2000, King’s holiday was first officially observed in all 50 US states. Today, the King’s holiday is celebrated every third Monday of January every year.

Initially, protests of such nature used to be violent, but King adopted a new nonviolent approach and abstained from civil disobedience. Being a church minister, King will not embrace a violent approach to protest; the nonviolent activism of Mahatma Gandhi also inspired him.

The 2019 Martin Luther King Jr. Day was observed on January 21; this year’s holiday falls on January 20. For 2021 and 2022, it’ll be January 18 and 17, respectively.

Historically, there has been no holiday associated with a figure other than the president in the United States. Thus, a holiday declaration in memory of King shows how heroic he was. He’s able to achieve a lot through nonviolent protest, and he’ll forever be remembered in the US.

He led the protest against racial discrimination in federal and state law, and he was able to achieve a lot for the black community. He’s a vast orator, with one of his famous speeches, “I have a dream,” ranked among the best speeches of all time. This hero was assassinated on April 4, 1968, at age 39.

HOW THE HOLIDAY CAME ABOUT

To honor the life and death of Martin Luther King Jr., people began to push a campaign for a federal holiday in King’s honor immediately after his death. This continued until the holiday was signed into law by President Ronald Reagan in 1983, fifteen years after King’s death. However, the implementation of this new law didn’t take effect until it was first observed in 1986, three years later. At first, some states refused to honor this holiday for reasons best known to them. However, these 116

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Let's Talk About How The Next Four Years Would be for Black Americans

hile we don’t know the events that would happen in the next minute not to talk of the next hour or next day, we are about to look at how life would be for an average Black American in the next four years. Truth is we can not make conclusions on the events that would follow the new Government’s regime. But we can, instead, always attempt to make near-reliable assumptions based on the campaign promises of the new Presidentelect and his past actions as Senator and Vice President. Joe Biden, over time, has shown himself to be a progressive leader, as well as a unifier. His vicepresident, on the other hand, Kamala Harris, exudes the same qualities. However, she has been described as too good for leadership by certain people. Her records do speak for itself. As District Attorney in San Francisco, she adopted

milder forms of corrections in place of the death penalty. Also, she started the “Back On Track” program, which rehabilitates first-time offenders before returning them to society. As a Senator, she promoted a bill on general police reform and the banning of chokeholds. This year has been a long one, especially with the lockdown and the global Pandemic. However, this has given us more time to think about our relationship with people. Earlier this year, the black community reacted to the death of George Floyd by occupying the streets to protest against police brutality and racial profiling. The Black Lives Matter Movement gained massive support, all over the world with hurtful images and stories of victims and torture. And with the outcome of the election result

showing Joe Biden winning the presidential seat over the incumbent President, Donald Trump. There would be changes in the Government’s approach to its citizens and its allies. If history is to be trusted, the President-elect and his vice appear to be better options than the current occupant of the seat. Joe Biden in his campaign had emphasized his concerns on racial inequalities and economic inequity. Likewise in his time as Vice-President, serving with Barack Obama, he only meant for the ideas he proposed, to alleviate primary human suffering. Kamala Harris, on the other hand, is a black woman, as well as an Indian woman. Naturally, she should be more concerned about helping individuals and families of colour, and this she has successfully done throughout her career, as District Attorney and as a Congresswoman. With the seemingly drop in racial or discriminatory events, mainly due to the sensitization that followed after the deaths of George Floyd, Breonna Taylor and lots more who were unluckily cut down due to the rising racial tensions in the country. Whilst President-elect Joe Biden has continuously reiterated his disgust for President Trump’s handling of national affairs; he has promised to enact new tax rules that would correct the inequalities being promoted by President Trump’s 2017 taxation bill. However, all of these new regulations might not see the light of the day immediately he takes control.

But, if these promises do come true. The renewed tax policy would have a mostly positive effect on low-income earners, especially black Americans, who would have more wiggle room to handle their financial obligations. Black Americans now have a representative in the person of Harris. As a black woman herself, she understands the level of prejudice that Black Americans face. Hence, the expectation would be that there would be more bills which seek to protect the minorities in the society, whilst making sure to include the welfare of the majority. The next four years should see us witness a drop in racial inequality in government organizations. However, this might be due to the perceived sensitivity of the Vice-President. Together with the gradual drop in racism, we could expect a drop in crime rates in Black American societies, judging by Kamala’s history with reformative options. Regardless of this, the next four years should be a lot easier for Black Americans as there should be a drop in the racial prejudice against them while they can also expect to have their earning capacity improved.

References https://news.northeastern.edu/2020/06/04/how-do-todaysblack-lives-matter-protests-compare-to-the-civil-rightsmovement-of-the-1960s/

HOME OWNERSHIP by Eric Lawrence Frazier MBA

Home ownership brings stability to individuals and families who have never had a dwelling place that they could call their own. There is something special about owning real estate that is unlike anything else on earth you can own. Real Estate you own is not like cars that decay over time and you have to replace them. Real Estate you own is not like clothes that go out of style and you have to buy new ones. Real Estate you own is not like expensive vacations or experiences that only last a moment in time. Real Estate you own is not like an apartment where the landlord may increase the rent until it’s no longer affordable. Real Estate you own is not like staying at your parents house where you know can’t stay forever. Home ownership is the beginning of wealth that increases over time and becomes your estate & legacy Home ownership is the pride of a mother nurturer and the kitchen her domain Home ownership is the pride of a father provider and protector of his territory and family. Home ownership is the foundation of permanence and the place where life happens, birthdays celebrated, deaths mourned. Home ownership is the place you build memories that can never be taken from you. Memories etched in walls and concrete, experienced in rooms and floors, Memories living in trees and shrubs planted by your hand. Howe ownership is the manifestation of you - your style, your colors, your smell, your stuff, your junk, your memories, your yard and your spaces, your life. It’s the height markers on your first child’s bedroom wall. It’s the hearts drawn in the concrete slabs when you pour your patio floor It’s the birthday parties, and anniversaries in the living room and kitchen. It’s the back yard barbecue with friends, neighbors and family contentions it’s the high school and college graduation, and wedding receptions Its’ the family nights and block parties and the fellowship of family connections Home ownership It’s more than real estate. Land, brick and mortar, wood frame construction and chicken wire. It’s more than money saved, gifts recieved and grants obtained It’s more than the debt you incur to buy it. It’s more than the payments you make to own it. It’s more than the appreciation that comes with keeping it over time. It’s memories, it’s family, and it’s life that can happen in one place Until you say it’s time to move.