By Brittany De Lea Published December 13, 2018 U.S. Economy FOXBusiness Facebook Twitter Comments Print video US new home sales tumble in October Tri Pointe Group CEO Doug Bauer discusses how new home sales have tumbled in October and the Federal Reserve’s interest rate hikes. While the housing market was a centerpiece of the 2008 financial crisis, its stagnant recovery could actually save it from a downturn in another potential recession. Continue Reading Below “Because of the fact that it has been underperforming during the economic recovery, there is less room to go down,” Lawrence Yun, chief economist at the National Association of Realtors, told FOX Business. “I think the housing market would not see any big negative hit if there was an economic recession.” Yun said in the event of a recession, interest rates are likely to decline, while the Federal Reserve could halt rate increases and even cut some … [Read more...] about Housing: The new recession-proof investment?
Refinance investment property
By Jacky Wong The Wall Street Journal Mon., Nov. 19, 2018 Chinese offshore junk bonds have been in free fall lately. The country’s property developers, their largest issuers, are at the heart of the problem. The big jump in dollar-denominated Chinese bond yields was sparked after China Evergrande, the country’s biggest developer, issued $1.8 billion (U.S.) of new bonds late last month with eye-watering coupons of up to 13.75%—much higher than it has had to pay previously for debt of similar maturities. Several other Chinese developers have since issued dollar bonds with coupons at around 10% or higher, including Agile Group and KWG Group. Evergrande said Monday it would issue more two-year bonds on the same terms, although it didn’t specify how much. While the recent jump in dollar debt yields has been dramatic, they have been on an upward trend all year, partly in response to rising U.S. interest rates. Developers, though, face little choice … [Read more...] about Chinese property bonds are now a big bet on Beijing
The parent of the Red Apple and Kwik Fill gas and convenience stores has put up a new fence around a former gas station lot on the West Side that it already cleared, cleaned and sodded as part of a beautification project it undertook under community pressure. United Refining Co., owned by billionaire chairman John A. Catsimatidis Sr., said it is spending nearly $19,000 to put up the post-and-chain-link fence around the grassy field at 161 Grant St. That's in addition to the $15,000 it already spent to take out signs, level the ground, remove weeds and brush, add soil and plant grass. The existing concrete Jersey barriers will also be removed from around the site, where the company is talking with neighborhood representatives about putting in a community garden. The investment is part of a larger $250,000 program by Catsimatidis, whose company was publicly criticized by state and local officials in April for owning and neglecting five vacant "zombie" gas station lots in Erie … [Read more...] about United Refining adds fence to enhance former zombie gas station site
By Ilyce Glink and Samuel J. Tamkin, Tribune Content Agency Published 5:00 am CDT, Friday, October 12, 2018 Q: I was offered a mortgage "recast" and I need help evaluating if it is a sound financial move. My home is worth $250,000. I owe about $68,000, as I have been paying additional principal on the loan. My understanding is that when you do a recast of your mortgage, the lender simply takes the existing balance and adjusts it to the current amortization schedule. The appeal of having my current monthly payment lowered is attractive in case of a job change or if something happens and I suddenly earn less. I would still pay additional principal and pay off the loan sooner but would have the peace of mind knowing I only owed a lower payment each month. How do I measure the difference between my payment now and what it would be after a recast in terms of interest paid? All of the online calculators require a lump sum payment to the principal upfront, so I'm not sure I'm … [Read more...] about How to achieve a ‘home run refinance’
The owners of the troubled Monarch 716 student-housing complex near SUNY Buffalo State are trying to stave off an imminent foreclosure on their project, asking a judge in Buffalo to give them more time to negotiate "alternative financing" that would pay off their loans and liens on the property. Thomas Masaschi, one of the principals behind Rochester-based developer DHD Ventures, submitted an affidavit to State Supreme Court in Erie County last month, opposing the $38 million foreclosure filing by Acres Capital and requesting a month's delay for "a final opportunity" to finish talks with potential buyers or lenders. That would push back any ruling until at least Oct. 24. In the court document, Masaschi claims he has been "working diligently" and has "made strides" to reach a deal that would buy out the debts and other liabilities owed by Buffalo State Ventures, the limited-liability company DHD formed to own the Monarch 716 complex. "We have received some interest from a few lenders, … [Read more...] about Monarch 716 owners ask for delay in foreclosure as they seek to refinance