News

Mortgage Rates Inch Up in March: What It Means for Consumers

Positive economic news, including steady increases in consumer spending and forward momentum on construction-spending, caused mortgage rates to increase slightly at the beginning of March. The average interest rate on a 30-year-fixed mortgage rose to 3.82%. It held steady at

How Store Closures Affect Real Estate Investment

Store closures are happening every day, but are they taking other things down with it? They have the potential to affect the local community, real estate investments, commercial mortgage and more. With so many stores closing at the same time,

Wells Fargo Offers Payout to End Home Loan Mess

Wells Fargo agreed to pay $1.2 billion to settle a lawsuit. The bank said it reached the agreement earlier this week with the U.S. Department of Justice, two attorneys general and the Department of Housing and Urban Development. The agreement still

Credit Suisse Reports Huge Loss

On Thursday, Credit Suisse announced a huge loss in the fourth quarter, the largest in seven years. The bank reported a loss of about $5.75 billion, and shares of the company went down as much as 12 percent. The loss

Prices on Luxury Real Estate in NYC Drop

New York City is known for selling real estate at astronomical prices, but it appears as though the market may be settling down. “I have seen more broker incentives and price reductions in the last few months than I’ve seen

U.S. to Track Luxury Real Estate Buyers

The U.S. Department of Treasury said on Wednesday that it would start tracking secret buyers of high-end properties in an effort to illicit money coming into luxury real estate. The initiative will begin in Manhattan and Miami-Dade County, two of the

Manhattan Real Estate Prices Break Records

Prices on Manhattan real estate are soaring. According to real estate firm Douglas Elliman, the average sales price went up 12 percent, while the median sales price broke records at $1.15 million. “The (Manhattan) market continues to be a safe haven,” said

Fidelity Replaces Credit Card Partners With Visa

On Monday, Jan. 4, Fidelity Investments announced that is was dropping credit card partners American Express and Bank of America. This ends a 12-year partnership. Fidelity will be replacing these partners with Visa and U.S. Bancorp. This is another loss

Critics Blame New Mortgage Form Laws for Loan Delays

Many in the real estate industry are saying the new federal rules on mortgage forms are to blame for delaying home buyers from getting mortgages. According to mortgage-processing firm Ellie Mae, in November, mortgages took an average of 49 days to

Congress Relaxes Law On Foreign Real Estate Investment

The commercial real estate industry has been looking to Congress to overturn a 1980s law which curbs foreign real estate investors. On Friday, Congress finally listened and the move is expect to bring billions of dollars in foreign investment to

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