Foreclosures | Mortgages | Financing
Monthly building permits for new housing units rose to a 12-month high. Meanwhile, completed construction soared in the Northeast.
In places where permits are issued on new privately owned housing units, there were 114,000 units authorized during June of this year.
That was the busiest month for building permits since June 2015, when a downwardly revised 134,800 housing permits were issued.
From:: Financing
When was the last time you took a careful look at your business’ insurance protection? There is no need for salespeople to give you a pitch. This is a serious topic that is really self-motivating.
Many property managers are so busy managing properties that they delegate the responsibility for adequate insurance coverage to someone else. Yet this topic is truly worthy of your personal attention.
Before you think I’m trying to scare you to action, allow me to make one thing very clear. Having insufficient or lapsed insurance protection can and sometimes does lead to financial ruin. It’s not just property and casualty insurance that I’m referring to. It’s the various liability insurance products that are often overlooked. Without the right “umbrella policy” you may be quite vulnerable. An umbrella policy is only important if there’s a chance you could be involved in an accident that ends in a lawsuit. Unless you live a very sheltered life or have few assets, you’re likely to need one. It provides an additional layer of insurance, typically $1 million or $2 million, above your auto insurance, your home insurance, and your business liability coverage. An umbrella is for the unexpected “big one.”
An insurance agent described a scenario that I’d categorize as a possible big one: “After attending a Christmas party, my client got involved in a fatal auto accident where the other driver was killed,” the agent explained. “My client was given a breathalyzer on the scene and [it] exceeded the legal alcohol limit. He was sued for around $1.25 million by the claimant’s family and was legally liable for the damages, which were paid by the umbrella policy. The client was otherwise an upstanding citizen with no past history of these kinds of tragedies.”
If you think you don’t have $1 million and thus you don’t need an umbrella policy, think again! If you’re sued by someone who falls down the stairs at your apartment building, you can be sued for a lot more than what you have in savings or cash. Your retirement funds, investments, properties and even your future earnings are at risk if a judge allows someone to garnish your wages to pay off a settlement. In some states, the equity in your home can be part of a lawsuit judgment.
If you own your business, a house and have a retirement account, an adequate umbrella policy should be part of your financial plan. Most insurance companies offer these plans in increments up to $5 million, and some go as high $10 million. In the slower seasons of the year like summertime, this is a concern to thoroughly address. Call your insurance carrier and ask for help in doing an assessment of your insurance needs.
Now may also be a good time to shop around and ask for quotes from a number of insurance providers. Each may offer suggestions and timely tips that may help you see where you’re over or under insured. Speaking of “coverage” summertime is also a great time to plant …read more
From:: Property Management
Department of Housing and Urban Development Secretary Julián Castro, rumored to be on former Secretary of State Hillary Clinton’s shortlist for vice president, violated federal election law when discussing and endorsing Clinton during an April interview with Yahoo News. Here’s the full story. …read more
From:: Real Estate Wire
It has been 10 months since the number of Federal Home Loan Mortgage Corp. loans that were refinanced was as high as it was in May.
There were 173,217 residential loans backed or owned by Fannie Mae and Freddie Mac that were refinanced during all of May 2016.
Refinances of government-sponsored enterprise loans were the highest they’ve been since July 2015, when 198,080 loans were refinanced.
From:: Financing
“These enhancements significantly expand the scope of research that can be performed through use of the CoreLogic University Data Portal and provide deep insight into the most seismic real estate event of the last 80 years: the mortgage and foreclosure crisis,” said CoreLogic Chief Economist Frank Nothaft. …read more
From:: Real Estate Wire
Shares of U.S. health insurers tumbled Tuesday, after Bloomberg News said U.S. antitrust officials are set to file lawsuits to block the planned mergers of Anthem Inc. and Cigna Corp. , as well as Aetna Inc. and Humana Inc. . Citing a person familiar with the matter, Bloomberg said officials are concerned the deals would stifle competition and harm consumers. The Wall Street Journal has reported that the $34 billion merger of Aetna and Humana, and the $48 billion deal for Anthem to buy Cigna, had faced resistance from the Justice Department, as they would reduce the top five health insurers to just three, and the companies were facing an uphill battle in overcoming those concerns. A decision is expected mid-July. Humana shares fell the most at 5.3%, followed by Aetna, down 4.2%. Anthem was down 3.3% and Cigna lost 2.4%.
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
Netflix Inc.’s stock plunge, which is on course to be the second-biggest one-day price decline in its history, has wiped away nearly $6 billion in market value. The stock tumbled $13.96, or 14%, toward the lowest close since Feb. 8, after video streaming service reported second-quarter results late Monday. With about 428.3 million shares outstanding, according to FactSet, the selloff is shaving $5.98 billion from Netflix’s market cap. Co-founder and Chief Executive Reed Hastings, who owned 6.16 million shares as of July 1, according to FactSet, could be losing about $86 million. The stock’s tumble currently ranks second to the $14.06 loss it suffered on April 19, 2016–it lost about $6 billion in market cap on that day–after the company reported first-quarter results. Netflix’s stock went public in May 2002.
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
Not only did MGIC surpass last year’s revenues, but also experts expectations for the second quarter. MGIC also showed strength in its new insurance written, which also increased from last year. …read more
From:: Real Estate Wire
Goldman Sachs Group Inc.’s stock slumped 1% in morning trade Tuesday, reversing sharp gains made before the open, as analysts and investors digested second-quarter results. Goldman reported earlier earnings and revenue that beat expectations, sending the stock up as much as 1.6% in premarket trade. Analyst Steven Chuback at Nomura said while the headline beats were “impressive,” he said the “somewhat disappointing” results in its equities and investment management businesses may dampen the magnitude of the shares’ performance relative to its peers. Meanwhile, Chuback reiterated his buy rating and stock price target of $195, which is 21% above current prices. Goldman reported equities revenue declined 12% to $1.75 billion, missing the FactSet consensus of $1.96 billion. The stock was still up 3% since the end of the first quarter, compared with a 4.6% gain in the SPDR Financial ETF and a 4.7% rally in the Dow Jones Industrial Average .
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
Housing starts came in higher than last month, but down from last year. Overall, the numbers are still well below historic norms. Trulia’s chief economist explains what could be the cause for the shortage in new supply. …read more
From:: Real Estate Wire