Foreclosures | Mortgages | Financing
Senate Democrats dubbed Trump’s nominee to lead the Department of the Treasury, Steven Mnuchin, the “foreclosure king,” but while this makes a nice soundbite, it simply isn’t true. Given that everyone is focusing on Mnuchin’s participation in the foreclosure crisis, Movement Mortgage CEO Casey Crawford penned a blog for The Hill to try and put an end to everyone calling Mnuchin the “foreclosure king” and instead give him the credit he deserves. …read more
From:: Real Estate Wire
In case you haven’t read the following quote in awhile, “an ounce of prevention is worth a pound of cure.” Benjamin Franklin gets the credit for this piece of powerful wisdom.
Whether it’s taking on a new partner, new employees, more risk, less risk or using intuition to keep up with the latest trends in our industry, we can’t be too prepared.
Tip #1 is to be “written ready.”
What that means is to write yourself a list of possibilities for the immediate future. It’s not like predicting the future. It’s about anticipating what you’ll need and what may change in your area.
Start a written list today of what you’re hearing, seeing, feeling and knowing regarding the rental housing market, the property management business. Write it on the list even if it’s unlikely or absurd.
Why would you want to be “written ready”? It’s because you want your unconscious to be able to expect the unexpected, or at least be processing all the possibilities. Psychologists and neurologists know that the operating system of our human awareness is mostly subliminal and below the surface of our waking thoughts. What they’ve also recognized is that we can “program” the subconscious to create possible scenarios and relevant responses. Yes, it’s amazing!
Tip #2 is to know the trends that are already in full momentum. You can do this by reading articles like this one and subscribing to trade journals and the publications of our industry’s associations.
If you haven’t joined your local and national associations, don’t hesitate to do so soon. A good example is The National Association of Residential Property Managers (NARPM®), which I recently wrote about.
One trend that’s getting lots of publicity now is an increase in inner-city evictions. Researchers found that one of the major reasons is that institutional investors now own more rentals than ever.
These large, corporate investors evicted at higher rates even after accounting for the demographics of the community where the rental units were located. They know the eviction laws and have investors or shareholders to answer to.
The National Rental Home Council reports that institutional investors have purchased large blocks of homes and used them for rentals. This is one of the reasons that in many areas of the country there is a limited supply of lower-priced houses for sale. The corporate or syndicate investors also purchased rental units from other landlords and inherited residents who sometimes can’t afford to pay rent. Anecdotally, they also tend to evict more quickly.
Government researchers don’t say why many institutional investors evict at higher rates. Some say it’s because their size enables them to negotiate less expensive legal rates and replace renters more quickly than smaller, local property managers. Be aware of that possibility going forward.
Local landlords and managers tend to treat responsible residents more patiently. They’re more likely to work with someone who has lost a job or can’t pay for the short term. Emphasize this in your marketing. Prepare for the advantages and disadvantages of what may impact your corner of the property management …read more
From:: Property Management
Wal-Mart Stores Inc.’s stock shot up 3.1% in morning trade Tuesday, making it the biggest gainer among Dow Jones Industrial Average components, after the discount retail behemoth said it planned to create 10,000 U.S. jobs this year. The price gain of $2.05 was adding 14 points to the price of the Dow, which was down 25 points. The stock’s rally comes one session after it closed at an 8-month low, and a week after The Wall Street Journal reported Wal-Mart was preparing to cut hundreds of jobs by the end of January. On Tuesday, Wal-Mart said it estimates that 24,000 construction jobs will also be supoprted through the opening of new facilities and the improvement of existing facilities. The stock
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Contamination under a military base in South Carolina lead some military moms to believe it could be the cause for their children’s cancer. At least 11 families near the base have children battling leukemia, but are the military’s efforts to fix it too little too late? …read more
From:: Real Estate Wire
J.C. Penney Co. Inc. shares surged 3.7% Tuesday, after the company announced a new partnership with sports equipment and apparel maker Nike Inc. . The troubled department store chain said it has added in-store Nike shops to more than 600 of its stores. The company has dedicated 500 square feet of space to Nike in the men’s department of its stores, anchored by a a Nike swoosh sign and what it called “motivating” graphics of athletes. “Fitness enthusiasts will find everything they need to maximize their workouts including Dri-FIT base layer pants, mesh shorts, jogger pants, moisture wicking compression tees, performance socks and breathable hoodies,” J.C. Penney said in a statement. Nike shares rose 1.7%, while the S&P 500 was down 0.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Shares of Brinker International Inc. slumped 1.1% in morning trade Tuesday, after the operator of Chili’s Grill & Bar and Maggiano’s Little Italy restaurant chains was downgraded at Morgan Stanley, which cited concerns over decelerating industry trends. Analyst John Glass cut his rating to underweight from equal weight and lowered his price target to $47, which is just 0.8% above current levels, from $51. “While market expectations for sales have been reduced and shares have already faded from their postelection highs…we see risk to the consensus estimates in [fiscal 2017] as broader industry trends continue to weaken…and [Brinker’s] core Chili’s business has seen its sales trail the industry average over the last seven quarters (though the gap narrowed in the most recent quarter),” Glass wrote in a note to clients. Brinker’s stock has run up as much as 12% after the election to a 15-month high on Nov. 23, but has since tumbled 15%. He also downgraded Blooming Brands Inc. , which operates Outback Steakhouse and Carrabba’s Italian Grill, to underweight from equal weight. Meanwhile, Glass upgraded Texas Roadhouse Inc. to equal weight from underweight. Brinker’s stock has lost 1.5% over the past 12 months, while Bloomin’ shares have gained 2.6%, Texas Roadhouse’s stock has soared 31% and the S&P 500 has climbed 21%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
General Motors Corp. said Tuesday it will invest an additional $1 billion in U.S. manufacturing operations and create 7,000 jobs for American workers. The company said it will begin work on insourcing axle production for full-size pickup trucks, including work that was previously done in Mexico. That will create 450 jobs in Michigan. “The U.S. is our home market and we are committed to growth that is good for our employees, dealers, and suppliers and supports our continued effort to drive shareholder value,” Chief Executive Mary Barra said in a statement. The car maker said it has created 25,000 jobs in the U.S. in the last four years, about 19,000 in engineering, IT and professional services, and 6,000 hourly manufacturing jobs. Shares were slightly higher in early trade, and are up 26% in the last 12 months, while the S&P 500 has gained 20%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
U.S. stocks opened lower on Tuesday, pressured after President-elect Donald Trump told The Wall Street Journal that the dollar was “too strong,” raising new questions about the types of economic policies he might pursue when he takes office later this week. Investors also digested comments from British Prime Minister Theresa May, who spoke about the country’s upcoming exit from the European Union. On the upside, both Morgan Stanley and UnitedHealth Group reported strong quarterly results. The Dow Jones Industrial Average fell 48 points, or 0.2%, to 19,836. The S&P 500 lost 7 points, or 0.3%, to 2,268. The Nasdaq Composite Index slid 19 points to 5,555, a loss of 0.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Revlon Inc. announced an organizational restructuring Tuesday to focus on four distinct brands, including its namesake Revlon cosmetics brand, the hair coloring and cosmetics brand Elizabeth Arden, which it purchased for $870 million last September, as well as two others focused on fragrances and portfolio brands. The company said the move will streamline and simplify the business, giving it the opportunity to more easily meet its long-term growth targets in the global beauty industry. Shares of Revlon were inactive in premarket trade, but they’ve underperformed both in the last three months and the past year. They’ve declined 9% in the past three months, compared with a 7% increase for the S&P 500 , and are up 15% from three months ago, compared with an increase of 21% for the index.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Exxon Mobil Corp. announced Tuesday to more than double its Permian Basin resource to six billion barrels of oil equivalent through the acquisition of companies owned by the Bass family. As part of the deal, Exxon Mobil will make an upfront payment of $5.6 billion worth of shares, and a series of contingent cash payments of up to $1 billion, starting in 2020. “This acquisition strengthens ExxonMobil’s significant presence in the dominant U.S. growth area for onshore oil production,” said Exxon Mobil Chief Executive Darren Woods. Exxon Mobil’s stock was unchanged at $86.35 in premarket trade. It has eased 0.2% over the past three months, while the SPDR Energy Select Sector ETF has gained 7.1% and the Dow Jones Industrial Average has climbed 9.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News