October 04, 2013 By mortgage
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October 02, 2013 By mortgage
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September 30, 2013 By mortgage
Luxury retailers might be in for a dry spell in the coming months. The good thing is that upscale merchants say they have learned some lessons since the last recession today know how to adapt quickly. Year-to-date luxury retailers have been performing well, with luxury department stores posting same-store sales growth of 8.5 percent, ahead of 7.4 percent growth for all retail chains tracked by ICSC.
For the third consecutive month, the Obama administration’s signature housing help plan posted the lowest numbers of preliminary mortgage modifications since the program’s start in the spring of 2009. Just 13,000 homeowners received initial mortgage modifications from the Home Affordable Modification Program in August, down from 14,000 in July and 15,000 in June, already the fewest since April 2009.
A brush with fame — or infamy — may have its place, but apparently it doesn’t gain much in the way of real estate currency. The price of the 6,800-square-foot Tribeca townhouse rented by former IMF head Dominique Strauss-Kahn for the duration of his state-mandated stay in New York year just dropped from $13.995 million to $12.5 million — about an 11 percent cut. Tenant Strauss-Kahn pretty much made a mad dash for the border once the charges against him of sexually assaulting a maid were dropped, returning the Franklin Street unit to the market either as a rental for $50,000 a month or a purchase.
Refinances slowed but applications for government-backed mortgages jumped this past week after gaining the largest number of new mortgages in months, according to the Mortgage Bankers Association. The survey accounts for 75% of all U.S. mortgage applications applied for during the week. Mortgage applications fell a combined 4.3% from a week ago as the seasonally adjusted refinance index dropped 5.2% to lead the slowdown. Home purchase mortgage applications were down by a slimmer margin, 0.8%. Refinancing made up 79.1% of loan application activity.
Apple founder and former CEO Steve Jobs succumbed to his long battle with pancreatic cancer on Wednesday, leaving behind an enduring legacy. Fans, celebrities and politicians have flooded the internet and airwaves with responses to his passing. Jobs’ childhood home in Los Altos has long been an attraction, Patch reports. The 1,793-foot home was the birthplace of Apple. Jobs and Steve Wozniak famously created Apple in the home’s garage in 1976.
Capping off a week-long trend among retail REITs, Simon Property Group Inc., the country’s largest regional mall owner, entered into a new $4 billion unsecured revolving credit facility on Wednesday. The facility will offer Simon favorable terms, including a money market competitive bid option program that will allow the company to hold auctions for lowest pricing on short-term loans. Simon’s existing unsecured revolving credit facility was due to mature on March 3, 2013.
Reduced loan limits on jumbo mortgages cut Saturday had little immediate affect on home purchases or mortgage financing, and little real impact is expected by many lenders. Jumbo mortgages are being offered by lenders, despite the loss in government purchases. The Federal Housing Administration (FHA) cut mortgage limits on loans it purchases in the highest metropolitan areas of the U.S. on jumbo loans, while leaving limits unchanged in the majority of the country.
Facing opposition in his caucus to the current package of new revenues in President Barack Obama‘s jobs bill, Senate Majority Leader Harry Reid is considering replacing them with a five percent surtax on those with incomes over $1 million.
The move is largely a political stunt, after Reid himself was gamed by Republican leader Sen. Mitch McConnell on Tuesday. Members of the public overwhelmingly support Democrats’ efforts to tax the rich, while their spending proposals are less loved. Such a plan would be certain to fail, as House Republicans have pledged to kill any bill with new taxes.