Cash sales accounted for 33.9% of total home sales in the month of October, compared to 36.4% in October 2014, according to CoreLogic. At that rate of decline, cash sales could return to “normal” levels by 2018. …read more
From:: Real Estate Wire
Running Criminal Background Checks on Prospective Tenants
One of the most difficult problems a property manager can face is the incidence of crime on the properties they manage. While there is no full proof system for eliminating all crime, proper screening procedures can go a long way to ensuring that those with a criminal or sex offender background are not inadvertently approved during the application process. While most property managers and staff are diligent in processing credit and employment checks, not all properties have jumped on board with the idea of running a criminal background check on potential tenants.
According to a Boston research firm, only 44 percent of landlords conduct sex offender checks, and only 51 percent conduct criminal background checks on applicants.
Along with credit checks, criminal background and sex offender checks should be part of the application process – for many reasons. A lack of proper background checks, including a sex offender check and criminal background check not only endangers current tenants, but the entire community as well. Part of the responsibility of a property manager is to ensure that all of the properties managed are as safe and secure as they can possibly be. If you’re ready to start running criminal and sex offender background checks on applicants, here are a few pointers:
- Create guidelines for running these background checks, making them a routine process along with the standard credit and employment checks currently processed for all applicants. Be sure to update any documentation such as procedures and policies handbooks to reflect the changes. Managers must also make sure that all employees are trained properly, and adequately informed that criminal background checks and sex offender checks are mandatory for all applicants with no exceptions.
- Under no circumstances should these background checks be run at the employee or managers discretion or be based on appearances or other criteria. Not only does this violate Fair Housing regulations, opening the property up to potential litigation, you may inadvertently drive away a potentially terrific tenant in favor of one with an extensive criminal history.
- Make it clear in your ads and any other marketing materials that all applicants will be subject to a criminal/sex offender background check. This will likely discourage a large percentage of those with a criminal history from applying.
While you’ll never be able to control all criminal activity, implementing criminal and sex offender background checks will help to ensure the safety of your apartment community and the surrounding community as a whole.
From:: Property Management
BOE cuts forecasts for U.K. economic growth
The Bank of England on Thursday cut its U.K. growth forecasts for the next three years, pointing to sluggish global economic activity. U.K. gross domestic product is expected to expand by 2.2%, down from a previously expected 2.5% rate. Growth in 2017 and 2018 is pegged at 2.4% and 2.5%, respectively. The BOE had previously forecast 2017 growth of 2.7%, and 2018 growth of 2.6%. The BOE, in its Quarterly Inflation Report, noted the “U.S. economy has grown by less than expected,” over the past three months as have emerging-market economies. “There have also been considerable falls in the prices of risky assets and another significant fall in oil prices,” it said. Bank of England Governor Mark Carney said Thursday he doesn’t expect U.K. inflation to return to its 2% target until 2018.
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
Natural-gas prices continue lower with U.S. supplies down 152 billion cubic feet
Natural-gas futures continued to trade lower on Thursday after the U.S. Energy Information Administration reported that supplies of the commodity declined by 152 billion cubic feet for the week ended Jan. 29. Analysts polled by Platts expected a fall of between 148 billion and 152 billion cubic feet. Total stocks now stand at 2.934 trillion cubic feet, up 490 billion cubic feet from a year ago and 445 billion cubic feet above the five-year average, the government said. March natural gas was at $2.001 per million British thermal units, down 3.7 cents, or 1.8%. Prices traded $1.997 before the supply 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
Freddie Mac: Mortgage rates fall below expectations
Mortgage rates sank even further below 4%, marking the fifth consecutive week of declines amid ongoing market volatility. Mortgage rates now are in the neighborhood of early-2015 lows. …read more
From:: Real Estate Wire
Wells Fargo will pay $1.2 billion to settle mortgage lawsuit
San Francisco-based bank Wells Fargo will pay $1.2 billion to settle a mortgage-related lawsuit brought by two U.S. attorneys, the Justice Department and the Department of Housing and Urban Development, the Wall Street Journal reports.
The regulators filed the case in 2012, alleging Wells Fargo (NYSE: WFC) had misused government money for the “reckless origination and underwriting” of federally backed mortgages.
Regulators filed a rash of lawsuit against lenders it said had improperly used… …read more
From:: biz journal foreclosures
U.S. stocks open lower after weak data, poor earnings
U.S. stocks opened slightly lower on Thursday as investors focus on earnings, economic data and volatile oil prices. Weekly jobless claim and productivity growth came in below expectations. Lower guidance from big retailers such as Ralph Lauren Corp. and Kohl’s Corp. weighed on sentiment. The S&P 500 opened 5 points, or 0.2%, lower at 1,909. The Dow Jones Industrial Average was down 18 points, or 0.1%, at 16,315 at the open. Meanwhile, the Nasdaq Composite began the day down 14 points, or 0.3%, at 4,490.
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
Kohl’s shares sink after company cuts outlook
Kohl’s Corp. shares sank 15.6% in premarket trading after the company said it is revising its earnings per share guidance for fiscal 2015 downward. The retailer now says it expects earnings between $3.40 and $3.45. Adjusted earnings are expected to total between $3.95 and $4.00. Previous earnings guidance was between $4.40 and $4.60. The change is due to lower-than-planned sales for the quarter and “significantly” lower-than-expected gross margin, the company said in a Thursday release. Lower margins were the result, in part, of a competitive promotional environment. Kohl’s said same-store sales for the fourth quarter were up 0.4% and sales increased 0.8%. Fourth-quarter same-store sales were expected to rise 1.7%, according to FactSet. Fiscal 2015 same-store sales increased 0.7% and total sales increased 1%. Full-year same-store sales were expected to rise 1.1%, according to FactSet. “We experienced a very strong holiday selling season from the week of Thanksgiving through Christmas. These results were offset by a very slow start to the quarter in early November and a weaker-than-expected January as soft demand for cold-weather goods led to lower store traffic in these more discretionary shopping periods,” said Kohl’s Chief Executive Kevin Mansell in a statement. The digital business grew 30% for the quarter, Mansell said. Fourth quarter and full-year earnings will be announced on Feb. 25. Kohl’s shares are down 23.5% for the past 12 months while the S&P is down 6.3% for the same period.
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
Charter Communications shares fall on fourth-quarter earnings miss
Charter Communications shares fell 2% after the company missed fourth-quarter expectations Thursday. The company reported a net loss of $122 million, or a loss of $1.09 per share, compared to a loss of $48 million, or a loss of 44 cents per share, in the year-earlier period. The FactSet consensus was an adjusted loss per share of 18 cents. The company reported revenue of $2.51 billion, up from $2.36 billion in the year-earlier period, but below the FactSet consensus of $2.52 billion.
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From:: Stock Market News
ICE raises quarterly dividend 13% to 85 cents a share
Intercontinental Exchange said Thursday it is raising its quarterly dividend by 13% to 85 cents a share. The new payment will be made on March 31 to shareholders of record as of March 16. Shares were trading up 2.6% in premarket trade, and are up 22% in the last 12 months, while the S&P 500 has fallen 6%.
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