Foreclosures | Mortgages | Financing
With the housing market as competitive as it is, many are turning to renting as less believe that now is a good time to buy a home. The problem, however, is that the rental market has become just as competitive. Trulia breaks down the top rental markets, and how to get an edge up on the competition. …read more
From:: Real Estate Wire
Banks, insurance companies and other financial services companies that operate within the state of New York will soon be required to significantly increase their cybersecurity programs in an effort to further protect consumers’ personal and financial information. …read more
From:: Real Estate Wire
The PNC Financial Services Group Inc. has agreed to settle a class-action lawsuit alleging excessive fees and illegal kickbacks on second mortgages.
At issue are loans made by Community Bank of Northern Virginia, which PNC inherited with its 2006 acquisition of Mercantile Bankshares Corp.
Borrowers allege that Community Bank charged excessive fees and paid kickbacks to a mortgage brokerage firm that steered them toward the bank.
From:: Financing
Shares of Coach Inc. shed 1.9% to a seven-month low in midday trade Wednesday, after Morgan Stanley turned bearish on the high-end accessories seller, citing concerns over valuation given uncertainty over the outlook for sales growth. Analyst Kimberly Greenberger downgraded Coach back to underweight, after upgraded the company to equal weight on Dec. 17, 2015. Her stock price target stays at $32, which 10% below current levels. Greenberger said she had upgraded the stock late last year because she believed that “less bad” results would be enough to move the stock higher. The stock then rallied as much as 33% to 1 1/2-year closing high of $43.46 on Aug. 1, before selling off again, which makes her believe the move she was expecting had already materialized. Greenberger also questions whether a sustainable sales turnaround to justify the gains this year is really occurring. “Our definition of a turnaround is sales growth with stable margins or stable sales with margin improvement, but [Coach] has not delivered this yet,” Greenberger wrote in a note to clients. The stock was still up 8.8% year to date, while the S&P 500 has gained 4.5%.
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
Are you an optimist, a pessimist, or a realist? Most of us would choose the later, but I like to call myself an optimistic realist. How about you?
In the months and years ahead our self-confidence and self-image will be tested by what Shakespeare called “…the slings and arrows of outrageous fortune.” The uncertain future will test our mettle too.
Yet we dwell in the here-and-now, so in this present moment what are you doing to prepare for the many positive changes ahead? Let me give you a salient example.
Four years ago we lived in a residential rental income world where the price-per-rental-unit had decreased meaningfully after the 2007-2011 “Great Recession.” Today things have changed. If you and your clients purchased rental real estate back in 2012 you’re most likely happy you did. Vacancy rates have declined as the number of renters skyrocketed in the past four years. This led to increases in rent rates which created positive changes in the values of rental income properties. Depending on which region of the country you live in, those property values soared. Meanwhile, opportunities for property management companies to grow their clientele and units-under-management also blossomed nicely. Does this mean “the party” is over? Not in the least! In fact, these positive changes have opened the doors to many other outstanding possibilities.
For instance, your owner-clients have the chance to unload some of their properties at the best prices in the past ten years. Have you discussed this scenario with them in the past 6 months? Through the use of “1031 exchanges” or the tax-advantaged use of long-term capital gains, owners can rebalance their portfolios, pay-down mortgage debt and diversify their holdings all at the same time.
As a proactive property manager, now may be the ideal time to contact your owner-clients to discuss whether the rents charged on their units are reasonable. If it’s time for an increase, they need to know.
Remember, there are at least 4 ways to prosper as property managers under today’s real estate conditions:
1) Increase your income as a percentage of rents collected.
2) Increase the number of units-under-management. This includes taking on more clients.
3) Lower your operating expenses and overhead.
4) Sell your property management business. Perhaps it’s time for a big change?
Prosperous property managers are often exceptional financial managers. They know how to balance the advantages of realistic debt levels and leverage the power of investing using “other people’s money.”
They also know that having adequate reserves and operating funds is crucial. Now may be the best time yet for revisiting your own financial condition. Do you have a generous emergency fund?
In addition, you and your clients need to have plenty of liquidity. Liquidity is a comfy synonym for adequate amounts of cash or cash equivalents. Be sure you are up-to-date on that vital situation.
Since rental real estate prices are hot right now, do yourself and your clients a favor by adopting a formula to avoid overpaying for rental properties. When are prices too high?
Your clients should be asking you this question. …read more
From:: Property Management
Legislation that would replace the cumbersome Dodd-Frank Wall Street Reform and Consumer Protection Act has advanced.
On Tuesday, the Financial Choice Act moved forward in the House after a 30-26 vote in a Financial Services Committee markup.
The bill, which isn’t expected to get a vote on the House floor, is Committee Chairman Jeb Hensarling’s plan for replacing Dodd-Frank.
From:: Financing
A House Oversight Committee hearing next week will question Mylan’s chief executive officer, Heather Bresch, and other top executives about price increases on the company’s EpiPen allergic-reaction treatment. “We look forward to receiving answers next week from Mylan about its dramatic price hike for this life-saving medication,” chairman Jason Chaffetz (R-Utah) and ranking Democrat Elijah E. Cummings (D-Md.) said in a statement. The Food and Drug Administration’s Douglas Throckmorton, a deputy director at the agency, will also testify. The Sept. 21 hearing is the latest response from lawmakers after a sixfold increase in EpiPen prices over the last several years prompted public outrage and concerns about the lifesaving device’s accessibility. Controversy also built over top executive pay at the company outranking its industry position and that CEO Bresch is the daughter of Sen. Joe Manchin (D-W. Va.). Mylan shares dropped 8.2% over the last three months, compared with a 2.9% rise in the S&P 500 .
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
Purchase financing led an increase in overall new applications for home loans during the holiday week. A modest rise was recorded for refinances.
The volume of retail residential loan applications completed in the week ended Sept. 9 rose a seasonally adjusted 4 percent from a week earlier.
That was based on the Market Composite Index, which tumbled 17 percent when no seasonal adjustments are made for the Labor Day holiday.
From:: Financing
With home prices rising, many homeowners and renters alike are less likely to say now is a good time to buy a home compared to last quarter. Actually, more are saying that now is a good time to buy a home, and that home prices will continue to rise. NAR’s chief economist explains why first-time homebuyers are hesitant to enter the market. …read more
From:: Real Estate Wire
Oil futures turned higher on Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies fell by 600,000 barrels in the week ended Sept. 9. A 3.3 million-barrel climb was expected by analysts polled by S&P Global Platts, while the American Petroleum Institute late Tuesday reported an increase of 1.4 million barrels, according to sources. The EIA had reported a big 14.5 million-barrel drop in crude supplies for the prior week, which analysts attributed to weather-related issues. Gasoline supplies rose 600,000 barrels, while distillate stockpiles jumped up by 4.6 million barrels, according to the EIA. October crude rose 15 cents, or 0.3%, from Tuesday’s settlement to $45.05 a barrel on the New York Mercantile Exchange. Prices traded at $44.44 before the data.
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