Real Estate

Midtown Manhattan reels from the highest retail vacancies in NYC

[ad_1] People walk past office buildings in midtown Manhattan on May 7, 2021 in New York City.Angela Weiss | AFP | Getty ImagesBefore the pandemic, it would take Rob Byrnes at least 15 minutes to wait in line and grab a quick lunch at a fast-casual restaurant in midtown Manhattan. Now, in the minority of people returning to office buildings in the area, Byrnes says he's in and out with
Real Estate

How much house can you afford? First-time homebuyers need a budget

[ad_1] Alexandra Lashner of Bensalem, Pennsylvania, became frustrated after attempting to buy a house this year and decided to postpone homeownership.Source: Alexandra LashnerAlexandra Lashner and her husband were excited to buy their first home earlier this year.They saved up enough for a 20% down payment and had no debt. Yet they still couldn't find a house, even after bumping their budget up to $300,000 from $250,000."A lot of homes have
Real Estate

As mortgage rates shoot even higher, refinance demand plummets 10%

[ad_1] A for sale sign shows the home as being "under contract" in Washington, DC, November 19, 2020.Saul Loeb | AFP | Getty ImagesA sharp jump in mortgage interest rates over the past few weeks is taking its toll on mortgage demand. Total application volume fell nearly 7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average contract interest rate for 30-year
Real Estate

Even with low interest rates, mortgages are becoming unaffordable

[ad_1] Even in the current low interest rate environment, mortgage payments are becoming increasingly unaffordable for the median American family, according to a report from the Federal Reserve Bank of Atlanta.A median-income household would need to spend 32.6% of its yearly income on a median-priced home, the Atlanta Fed reported. And the median existing home price reached a record level in June 2021: The three-month average rose above $340,000, a
Real Estate

China property default risk for Fantasia, Sinic amid Evergrande crisis

[ad_1] A pedestrian crosses a road in front of residential buildings in Beijing, China.Qilai Shen | Bloomberg | Getty ImagesOn the heels of Evergrande's debt crisis, there are increasing signs of stress in China's property market after one developer failed to make a bond payment on Tuesday.Ratings agencies have downgraded Chinese developers Fantasia Holdings and Sinic Holdings over risks from their strained cash flow situations.Fantasia did not repay a bond
Real Estate

Evergrande set to sell part of stake in property services unit

[ad_1] A man drives a cart past apartment buildings at China Evergrande Group's Life in Venice real estate and tourism development in Qidong, Jiangsu province, China, on Tuesday, Sept. 21, 2021.Qilai Shen | Bloomberg | Getty ImagesIndebted developer Evergrande is set to sell part of its stake in its property services unit, the second asset sale in as many weeks as the liquidity-squeezed property giant scrambles to raise cash.Trading in
Real Estate

Take a tour of the $55 million penthouse that towers over New York’s Hudson Yards

[ad_1] It's the year of the penthouse in Manhattan, with the upper-crust shelling out record prices for the highest floors of the city's luxury towers.More than 500 New York City penthouses are likely to sell this year, which would be the largest number since 2007, according to the Corcoran Group.Penthouse 90 at 35 Hudson Yards is one of the most over-the-top building toppers to come to market. It soars above
Real Estate

debt crisis, bond default and investor risks

[ad_1] Chinese property giant Evergrande is on the brink of collapse, and analysts warn the potential fallout could have far-reaching implications that spill outside China's borders."Evergrande's collapse would be the biggest test that China's financial system has faced in years," says Mark Williams, chief Asia economist at Capital Economics.Here's how bad its problems are, and what's in store for investors.How did we get here?After expanding rapidly for years and snapping
Real Estate

Orient Capital Research on Evergrande debt crisis, investor worries

[ad_1] Embattled developer China Evergrande's situation is not a surprise, given the steps taken by Beijing to reign in excessive debt in the property sector, according to Orient Capital Research's Andrew Collier."This is all a bit of a tempest in a teapot, which sounds funny given that the whole world is worried about Evergrande right now," Collier, managing director at the research firm, told CNBC's "Street Signs Asia" on Thursday.Collier
Real Estate

Mortgage demand falls as rates rise to highest level since July

[ad_1] Real estate agents arrive at a brokers tour showing a house for sale in San Rafael, California.Getty ImagesHigher interest rates took some recent wind out of the sails in the mortgage market.After gains the previous week, total mortgage application volume fell 1.1% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances