What’s in The Shaker today:

• 🚨 Real Estate Fraud Alert

• ❤️ Heart & Politics in Homebuying

• 📈 Mortgage Rates Leap Over 7%

• 👀 NYC Rent Control Shake-Up

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Real Estate Fraud Alert

Real estate fraud is escalating, with victims losing substantial amounts due to sophisticated scams, particularly in wire fraud, where criminals exploit real estate transactions to divert funds to fraudulent accounts.

• Widespread Impact: About 1 in 20 Americans involved in home buying or selling in the past three years fell victim to real estate fraud, with median losses exceeding $70,000.

• Sophisticated Scams: Fraudsters are using advanced tactics to mimic official communications from title companies, tricking individuals into wiring funds to fraudulent accounts.

• Urgent Call for Awareness: Victims and experts stress the need for heightened awareness and education on the risks of real estate fraud, advocating for more secure transaction methods to prevent such scams.

Heart & Politics in Homebuying

Surveys from Zillow and Redfin highlight that while affordability remains paramount, political views and romantic prospects significantly influence homebuyers' decisions, with many relocating due to state politics or finding love post-move.

• Political Migration: A Redfin survey found 32% of agents had clients move due to local political climates, with a notable trend of buyers relocating from "blue states" to "red or purple states" for more favorable housing affordability and tax laws.

• Romantic Endeavors: Zillow's survey revealed 42% of recent homebuyers found new romantic partners post-purchase, especially among Gen-Zers and millennials, with urban movers having the highest success rate.

• Lifestyle Over Politics: Despite political motivations, factors like affordability, family proximity, and job locations still dominate homebuying decisions, although remote work has increased the flexibility to consider political and social values in choosing a new home.

Mortgage Rates Leap Over 7%

Mortgage rates have surged back over 7% for the first time since December, influenced by stronger-than-expected economic data, marking a significant moment for the housing market as the spring buying season approaches.

• Back Over 7%: The average rate on the popular 30-year fixed mortgage crossed the 7% threshold, reaching 7.04%.

• Economic Surprises: The sharp increase was triggered by unexpectedly high job growth and manufacturing data, challenging the market's optimism about the Federal Reserve easing interest rates.

• Market Impact: This rise in mortgage rates could dampen the budding recovery in home buying, as affordability remains a critical issue with high home prices and the ongoing low supply of homes.

NYC Rent Control Shake-Up

In New York City, stricter rent control laws have led to a significant decrease in property values, with landlords like Douglas Peterson facing financial distress and foreclosure threats, despite the potential for affordable housing this creates for tenants.

• Rent Control Rumble: NYC's tighter rent control laws have landlords in a lurch, slashing property values and sparking foreclosures.

• Tenant Triumph: While landlords lament losses, tenants celebrate the affordability win, keeping their foothold in the city despite dilapidated conditions.

• Market Madness: The laws have flipped the script on the traditional landlord playbook, leaving some buildings vacant and investors wary of the Big Apple's real estate scene.

How was today's shake?

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