Columbus mortgages – Columbus Chamber http://columbus-chamber.org/ Wed, 22 Jun 2022 09:06:47 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://columbus-chamber.org/wp-content/uploads/2021/05/cropped-icon-32x32.png Columbus mortgages – Columbus Chamber http://columbus-chamber.org/ 32 32 Former Illinois senator sentenced to prison for embezzlement https://columbus-chamber.org/former-illinois-senator-sentenced-to-prison-for-embezzlement/ Wed, 22 Jun 2022 09:06:47 +0000 https://columbus-chamber.org/former-illinois-senator-sentenced-to-prison-for-embezzlement/ CHICAGO A former Illinois state senator was sentenced to a year and a day in prison on Tuesday for taking hundreds of thousands of dollars from the Teamsters union for a no-show job. Thomas Cullerton, a Democrat from the Chicago suburb of Villa Park, was convicted of embezzlement of federal funds for fraudulently receiving union […]]]>

A former Illinois state senator was sentenced to a year and a day in prison on Tuesday for taking hundreds of thousands of dollars from the Teamsters union for a no-show job.

Thomas Cullerton, a Democrat from the Chicago suburb of Villa Park, was convicted of embezzlement of federal funds for fraudulently receiving union pay and benefits, according to the U.S. Attorney for the Northern District of Illinois.

Cullerton, 52, pleaded guilty in March, two weeks after he abruptly resigned from the Legislative Assembly. He admitted to wrongfully taking more than $240,000 from the Teamsters.

He agreed to pay $248,828 in restitution.

Prosecutors allege that from 2013 to 2016, he collected $169,488 in Teamsters salary, bonuses and allowances, $57,662 in health and pension contributions and $21,678 in reimbursed medical expenses while doing little or no work for the union.

Cullerton admitted to using the embezzled money to pay for personal expenses, such as his mortgage, utilities and groceries, prosecutors said in a press release Tuesday.

He resigned on February 23, hours before his attorney told a judge they had reached a plea deal with prosecutors.

Cullerton was charged in 2019 just days after former Teamsters boss John T. Coli pleaded guilty in an extortion case. Coli, who has not been convicted, admitted arranging the work for Cullerton despite doubts that “the job was legitimate”.

Cullerton is part of a Chicago political family that dates back to the Great Fire of 1871. He is also a distant cousin of former Illinois Senate President John Cullerton, a Democrat from Chicago.

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MBA tackles inequality in homeownership with new initiative https://columbus-chamber.org/mba-tackles-inequality-in-homeownership-with-new-initiative/ Mon, 20 Jun 2022 14:31:49 +0000 https://columbus-chamber.org/mba-tackles-inequality-in-homeownership-with-new-initiative/ Launched by MBA and the Tennessee Development Agency in March 2020, CONVERGENCE Memphis works to increase home ownership for Black people in that city, officials said. Since its launch, CONVERGENCE Memphis has made significant progress in amplifying existing local resources, deploying additional national and state resources, and participating in a wide range of community activities, […]]]>

Launched by MBA and the Tennessee Development Agency in March 2020, CONVERGENCE Memphis works to increase home ownership for Black people in that city, officials said. Since its launch, CONVERGENCE Memphis has made significant progress in amplifying existing local resources, deploying additional national and state resources, and participating in a wide range of community activities, officials described.

Read more: Minority ownership gap – the sobering statistics

At the end of 2021, Convergence Memphis formed a new organization 501 (C) (3) (nicknamed Convergence Memphis Inc.) to strengthen links with the community in order to advance its mission to increase the home ownership of blacks, have noted officials.

For its part, Convergence Columbus – directed by MBA, the Ohio Housing Finance Agency and the John Glenn College of Public Affairs of Ohio State University – was launched in July 2021. It is also an intersectoral and of a multi-year initiative focused on increasing minority home ownership in Columbus.

This effort comes against a backdrop of heightened interest in achieving equity in homeownership. Industry data show that the home ownership rate of blacks has not only contracted in the past 50 years, but that the gap between the home ownership of white and black American is worse than it was before the Fair Housing Act of 1968, which was introduced to create equal housing opportunities for minorities.

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Consumers are spending less due to inflation and economic fears https://columbus-chamber.org/consumers-are-spending-less-due-to-inflation-and-economic-fears/ Sat, 18 Jun 2022 13:00:00 +0000 https://columbus-chamber.org/consumers-are-spending-less-due-to-inflation-and-economic-fears/ Placeholder while loading article actions More Americans are starting to wait to book flights, get haircuts, build swimming pools in their backyards and replace old leaky roofs – in some of the new signs that the consumer engine of US economic growth could run out of steam. In recent weeks, households had already cut back […]]]>
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More Americans are starting to wait to book flights, get haircuts, build swimming pools in their backyards and replace old leaky roofs – in some of the new signs that the consumer engine of US economic growth could run out of steam.

In recent weeks, households had already cut back on large purchases due to soaring prices, but in a worrying twist, the data suggests that consumers are also starting to put the brakes on dining out, vacation plans and even vacations. routine services such as manicures, haircuts and cleaning appointments. Across the country, business owners say rising prices, dwindling savings and fears of a shrinking economy are weighing on household spending decisions.

At Olentangy Maids in Columbus, Ohio, more and more customers are postponing or canceling home cleaning appointments. Some regulars are trying to negotiate lower prices, while others have stopped tipping altogether, co-owner Keith Troyer said.

“There wasn’t a massive drop, but enough to be noticeable,” Troyer said. “A lot of customers have called to say, ‘Hey, my wife was fired. We have to cancel,” or “Can I switch from biweekly to monthly? Before this month, that’s something that almost didn’t happen.

Consumer spending, which accounts for more than two-thirds of the US economy, held steady through April, even with inflation at historic highs. But there are growing signs that the spending streak could be coming to an end.

Retail sales slowed last month for the first time this year, led by a 4% drop in car sales. US flight bookings fell 2.3% in May from the previous month, according to data from Adobe Analytics. And both high- and low-income Americans have started to pull back, particularly in services, over the past four to six weeks, according to an analysis of credit card data by Barclays. The spending slowdown is now focused on services, not goods, the bank found in a new analysis of credit card data.

“Throughout 2022, the narrative has been that as COVID wanes, households will increase their spending on services,” Barclays analysts wrote in a note this week. “And indeed, that narrative has been true for much of this year. But…spending on services appears to be slowing significantly.

Spending on services like travel and restaurants, which were up more than 30% from 2021 rates this year, has now slowed to half that pace, Barclays analysis shows.

Customers at Salon Simis in Fairfax, Va., have started cutting in new ways. Clients who previously came every four weeks now go 12 weeks between appointments, owner Ahmet Sim said. Others negotiate for lower prices or opt for partial treatments instead of highlights all over. Overall sales are down 20% from a year ago. Average tips also decreased from about 20% to 10%.

“Last month, I started noticing customers were trading like crazy,” Sim said. “They’ll say, ‘My bill is usually $500 for color and highlights. What can you do to reduce it? ”

He tries to work with them, he says, using less expensive color ranges or switching blow-dry services to less experienced stylists. But he’s also feeling the pinch of inflation: Boxes of disposable gloves have gone from $7 to nearly $25 in two years. Hair dyes that used to cost $25 are now closer to $40. Sim raised prices during the pandemic once, but he fears another hike could alienate more customers.

“People are slashing left and right,” he said. “They say, ‘I’m sorry. I can’t afford it anymore.’

These early signs of a slowdown across a wide range of products and industries, including travel and restaurants, challenge the idea that Americans have simply shifted their spending from goods to services. Until now, the hope has been that after two years of sourcing goods like cars, furniture and appliances, Americans would splurge more on vacations, restaurants, manicures and other services than they postponed for much of the pandemic.

Meanwhile, a benchmark showed growth in the U.S. services industry slowed in May to its lowest level since February 2021, according to a closely watched index from the Institute for Supply Management.

Most Americans expect inflation to get worse, Post-Schar School poll shows

“The goods side [of spending] definitely weakening, but if you look closely, so are services,” said Kevin Gordon, senior director of investment research at Charles Schwab. “Restaurant sales are down, travel spending is weakening. The burden on the consumer becomes too great, whether because of inflation or other factors, and this in all income brackets.

Overall, searches for flights on booking site Kayak are down an average of 13% so far this month, compared to the same period in 2019 before the pandemic. Restaurant data from booking platform Open Table, meanwhile, shows the number of people eating at restaurants fell 11% in the week ending June 16, compared to the same week in 2019.

While lower-income families have been hardest hit by inflation, higher-income households are also starting to cut back on spending, especially as they watch their investments – from stock portfolios to homes – falter. of value, Gordon said. Household wealth fell for the first time in two years in the last quarter, largely due to a $3 trillion drop in stock values, according to Federal Reserve data.


The S&P 500 has the worst week

since March 2020

Monday kicked off a bear market

after higher than expected

inflation data

Stocks fall

following the Fed

rising interest rates

The S&P 500 has the worst week

since March 2020

Monday kicked off a bear market

after higher than expected

inflation data

Stocks fall after

Fed interest rate hike

and rising mortgage rates

Markets continued their volatile descent this week, with three major equity indices compounding the year’s losses and the S&P 500 index closing its worst week since March 2020.

Recession fears grow as Dow Jones closes below 30,000 and mortgage rates climb

At Posh Luxury Imports, a Los Angeles car dealership that also leases high-end vehicles, owner Omar McGee said consumer demand and their credit scores were significantly lower than six weeks ago.

“I see more credit issues,” McGee said. “More people have cards maxed out or have fallen behind on payments. Ultimately, that means people have to be a lot more careful with their spending.”

Credit card debt, which plunged during the pandemic as Americans used government stimulus to pay off balances, rebounded to historic highs. As of June 1, Americans had $868 billion in consumer debt, up nearly 16% from a year ago, according to Fed data.

7 Ways to Reduce Your Credit Card Debt After the Fed’s Rate Hike

And while the more affluent continue to rent Lamborghinis and Bentleys, McGee said there has been a noticeable drop in the number of tourists opting for high-end rentals.

“I can say travel is down, tourism is down,” he said. “A lot of upper-middle-class customers were coming to town and splurging, but you can see that dropping off quite dramatically.”

This consumer hesitation follows months of inflation at 40-year highs. Prices have risen 8.6% over the past year, pushing up the costs of a range of essentials, including gasoline, which hit a record $5 a gallon.

The biggest bright spot in the economy remains the strength of the job market, with the unemployment rate at a pandemic low of 3.6%. Demand for workers neared record highs in April, with about twice as many openings as job seekers. Weekly unemployment insurance claims have recently started to rise, but they are much lower than they have been for most of the pandemic.

World Bank warns global economy could suffer 1970s-style stagflation

With workers still able to find jobs, the Fed made a sharper move this week to raise interest rates by three-quarters of a percentage point in the hope of cooling the economy enough to rein in inflation without tipping it into recession. Despite assurances from the central bank that it can pull off a “soft landing,” businesses and households are increasingly worried about the state of the economy as well as their personal finances. Indeed, US consumer confidence has fallen this month to its lowest level on record, according to an index from the University of Michigan.

Markets and households are losing confidence in the Fed’s ability to manage inflation

“The consumer is stressed,” said Douglas Duncan, chief economist at mortgage giant Fannie Mae, which expects a recession next year. “We’re seeing it in declining retail sales and increasing credit card usage. However, we don’t expect things to collapse immediately. It will be a slower decline.

Indeed, small businesses across the country are reporting small signs of customer withdrawal. Morehead Pools, which specializes in luxury pools in Louisiana, is booked until next summer, according to general manager Michael Moore. But in a sign that high-income consumers may think twice before splurging, new queries are down 30% so far this year.

“Once you go over $4 [per gallon of gas], everybody’s feeling it at the pump and they’re not earning enough up front to get over that,” Moore said on an analyst call hosted by Jefferies this week. “The cost of energy and inflation and then the cost of money…that’s really going to drive down demand in our industry.”

Noffke Roofing in Mequon, Wisconsin has seen insatiable demand during the pandemic. But lately, economic jitters are pushing many customers to repair their roofs instead of replacing them. Many are also turning to less expensive materials, such as asphalt shingles instead of cedar.

“We’re definitely starting to see a break,” Chairman Ben Noffke said. “Customers say, ‘I know it’s time for a new roof, but can we save a little more time on this one?’ They think a lot more about their budget.

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The real estate agent reacts to the rise in key rates https://columbus-chamber.org/the-real-estate-agent-reacts-to-the-rise-in-key-rates/ Fri, 17 Jun 2022 00:05:00 +0000 https://columbus-chamber.org/the-real-estate-agent-reacts-to-the-rise-in-key-rates/ CLEVELAND — The US Federal Reserve has raised its key interest rates by three-quarters of a percentage point. Announced this week, it is the biggest increase since 1994 and people are worried about its impact on the housing market. What do you want to know The US Federal Reserve has raised its key interest rates, […]]]>

CLEVELAND — The US Federal Reserve has raised its key interest rates by three-quarters of a percentage point. Announced this week, it is the biggest increase since 1994 and people are worried about its impact on the housing market.


What do you want to know

  • The US Federal Reserve has raised its key interest rates, which affects the economy, especially the housing market
  • Cleveland realtor thinks demand for homes will stay the same despite rising interest rates
  • KeyBank said “pre-qualifying” is a good way for potential buyers to budget and plan a monthly mortgage payment

“I don’t see a change in the number of people looking to buy,” said Ali Chapin, a Cleveland-based real estate agent. “What I expect to see is that buyers in different price points can shift.”

Chapin recently put a home on the market and discussed how rising rates could affect its sale.

“We expect demand to be quite high, and while maybe six months ago we could have had a dozen offers, it is possible that as the market develops we have more than a handful – four or five offers, but we expect the house to sell for the asking price,” she said.

Chapin said she believes there are positives to consider.

“It’s great for buyers who have been frustrated over the past year if they’ve written multiple offers and haven’t been able to get a contract for a home,” she said. “What we’re likely to see is that buyers will change in terms of price, so the ability to buy a house and win a contract is likely to improve.”

She said that since the demand for homes is still high, but the supply is low, prices should remain stable despite the change in interest rates.

In addition, KeyBank Doug Reilly, Head of Home Loans, shared tips for potential buyers.

  • Speak with your banker to get pre-qualified as early in the process as possible. This provides a competitive edge in that it shows your readiness and ability to close a home faster. In today’s market, these factors can increase the likelihood that your offer will be accepted.
  • Pre-qualifying is also a good way to budget yourself, ensuring you have an accurate estimate of your monthly payment and the cash needed to make an offer. With the speed at which homes are selling on the market, being prepared to make an offer when the opportunity arises can make the difference in landing the right home for you.
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Habitat for Humanity looks to the future https://columbus-chamber.org/habitat-for-humanity-looks-to-the-future/ Tue, 14 Jun 2022 19:16:32 +0000 https://columbus-chamber.org/habitat-for-humanity-looks-to-the-future/ Fayetteville Area Habitat For Humanity will host its Framing the Future event at Sweet Valley Ranch on Sunday, June 26 from 4-7 p.m. The “Kool in Khaki” themed event will feature live musical performances from the collaboration band Throwback, a barbecue chicken dinner provided by Mountaire Farms and door prizes from local businesses. While the […]]]>

Fayetteville Area Habitat For Humanity will host its Framing the Future event at Sweet Valley Ranch on Sunday, June 26 from 4-7 p.m.

The “Kool in Khaki” themed event will feature live musical performances from the collaboration band Throwback, a barbecue chicken dinner provided by Mountaire Farms and door prizes from local businesses.
While the primary purpose of the event is to raise funds for Habitat for Humanity’s current and future projects in the Fayetteville area, current CEO Ron Gunter views it as a celebration. A celebration of all things accomplished and accomplishments to come.

Gunter also sees in this event the opportunity to say goodbye before his retirement at the end of June.

Gunter, who came out of retirement to serve as CEO in 2019, reflects fondly on his time with the organization and is very excited about things to come.

“I love what we do here, our mission and what we do,” he told Up & Coming Weekly. “We have a great, passionate staff and are very team-oriented. Together we’ve built over 55 homes, done over 100 repairs, and we’re thrilled with what we’ve done and the possibilities. of the future.”

Gunter is stepping down at a time of tremendous transition within the organization. Brandon Price, current head of advocacy and compliance and recent law school graduate, is set to take over as CEO effective July 1.

Additionally, Fayetteville Area Habitat for Humanity’s geographic service area has expanded to include Cumberland, Robeson, Columbus, Sampson, and Bladen counties, making it the largest landmass affiliate in North Carolina. Gunter is especially excited about the inclusion of Robeson and Columbus counties, as neither has had support from a Habitat for Humanity affiliate before.

In addition to recognizing the exciting new developments on the horizon, Framing the Future will look at one of the organization’s most significant accomplishments, the completion of Oakridge Estates.

Oakridge Estates, located near Old Bunce Road in Fayetteville, includes 47 homes, nine of which have veteran owners, and 15 will house those displaced by hurricanes. The project, which began in the summer of 2019, is expected to be completed by the end of June. Currently, all of the housing units in the subdivision are occupied, with the exception of four that are still under construction.

For Gunter, the immense pride he has in the project and the people who made it possible is immeasurable.

“We did this in remarkable time. Before 2019, with hurricanes Sandy and Matthew, almost all of our work was repair work. We’ve built three homes in Cumberland, Sampson and Bladen County in the last three years – no more new homes were built during this time.To reverse the trend and build 55 homes in three years, we are very happy to maintain this pace and build more homes for families in need.

To that end, Gunter spoke of the need for greater community outreach as the need for safe and affordable housing becomes more important.

“The single-family home is our specialty,” he explained. “The City of Fayetteville has been a great partner and we work with churches, several Pan-Hellenic organizations and service groups.”

Despite high visibility globally, reliable and consistent help is still sometimes hard to come by and is vital to bringing these projects to fruition, according to Gunter.

“We want people to know and realize that Habitat is here and in it, and it can’t do what it does alone. We need the community to volunteer, donate, and understand that building a whole house takes a lot of time,” he explained. “As a brand, we are very well known, but we still need help to create change and bring change to the lives of people in the community. We need more people to come and work alongside us – many people are needed to help make the changes we need to make, and together we can make a difference.”

The Framing the Future event is free and open to the public. Still, April De Leon, director of marketing for Fayetteville Area Habitat For Humanity, hopes to attract people who want to get involved with the organization.

“We hope to see county leaders and build potential volunteer partnerships. All of our staff will be there to answer questions about donations, volunteering and any available avenues to get involved,” she said.

Gunter also hopes the fundraiser will raise awareness of exactly what Habitat for Humanity is and isn’t.

“There is a lot of misinformation about Habitat for Humanity,” he said. “We don’t just donate homes. Our homeowners have mortgages, and we are the underwriters, builders, and mortgage holders. Habitat owners have put 300 hours of work into their homes. first-time homeowners, so 50 of those hours are spent on classes on budget building, property tax, insurance, and the ins and outs of owning a home. the front we build the homes, but we do everything we can on the back to keep the families in that home.Our goal is to help create generational wealth by putting them in a safe, high energy efficient and that will last a lifetime – something to leave to their children.

For those wishing to donate, there are several ways to do so outlined on the event website. People can donate items to the silent auction, sponsor a table or become an FAHFH partner.

From Friday, June 24 through Sunday, June 26, a portion of all Sweet Valley Farm sales will be donated to Fayetteville Area Habitat For Humanity.

Another way to support the organization’s efforts is to shop at the Fayetteville Area Habitat for Humanity ReStore. Proceeds from all sales go towards underwriting new homes.

Framing the Future is an opportunity for people to get outside, eat good food, listen to good music, and start a conversation about what it means to be a good neighbor.

Sweet Valley Ranch is located at 2990 Sunnyside School Road in Fayetteville.

This event is free and open to the public, but an RSVP is required. To RSVP, visit the FAHFH website at www.fayettevillenchabitat.org/.

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Analysts: Lack of affordable housing threatens economy https://columbus-chamber.org/analysts-lack-of-affordable-housing-threatens-economy/ Sat, 11 Jun 2022 12:26:00 +0000 https://columbus-chamber.org/analysts-lack-of-affordable-housing-threatens-economy/ WEST PALM BEACH, Florida. The shortage of affordable housing in Palm Beach County has begun to affect the growth of its economy, to the point that its recent expansion is under threat, speakers said at a housing summit last week. Some companies interested in relocating their headquarters to Palm Beach County have put plans on […]]]>

The shortage of affordable housing in Palm Beach County has begun to affect the growth of its economy, to the point that its recent expansion is under threat, speakers said at a housing summit last week.

Some companies interested in relocating their headquarters to Palm Beach County have put plans on hold until the situation improves, said Kelly Smallridge, chief executive of the county’s Economic Development Council, as she was leading a panel discussion Thursday at the Palm Beach County Convention Center.

One company even explored the possibility of buying an apartment building for its employees, but couldn’t because of the cost, she said.

Smallridge said a few employees quit within days of being hired because they couldn’t find housing to match their salary.

“We offer competitive salaries,” said Clinton Forbes, executive director of Palm Tran, the county’s bus system, “but we struggle to hire and retain employees. People want to live where they work, and it’s hard for our drivers to do that.

Bus drivers’ starting salary is $65,000, which is potentially enough to buy a house costing around $200,000 on a 30-year mortgage, according to online calculators.

Only a fraction of new housing in Palm Beach County fits “labour” budgets

Analysts have estimated the county’s affordable housing shortage at tens of thousands of homes, condominiums or apartments. Over the past five years, the county has created about 1,000 residence halls for the workforce, a figure County Commissioner Mack Bernard has said in the past is woefully insufficient.

“It’s going to take all of us to preserve paradise,” County Administrator Verdenia Baker said, noting that the county’s population has grown from 863,503 in 1990 to more than 1.5 million.

Housing demand has pushed the median cost of homes to more than $600,000, Baker noted, nearly four times what it was in 1990.

Thursday’s summit came as commissioners plan to ask voters to approve a referendum on the $200 million bond in November to build more affordable housing and for the workforce. Bernard, a panelist, said the bond approval will help create more capacity.

“We desperately need this to happen,” he said, noting that as more units are built, prices will come down. Other commissioners questioned whether it was wise to seek the bond at a time of high inflation and with money coming from unspent past county housing money.

Bernard, who represents Riviera Beach and parts of central Palm Beach County, also acknowledged the county needs to “use current dollars more effectively.”

Some want to put the $200 million housing bond vote on the ballot

Jack Weir, president of Eastwind Development, another panelist, said the bond issue will provide a dedicated source of funding for developers.

He expects the funds to be used as “gap” financing, which will provide low-interest loans to help pay some of the construction costs for apartments and condominiums. Builders would be required to reserve certain residences at below-market rates.

The county’s Workforce Housing Program aims to create residences that people in essential occupations such as teaching, nursing and public safety can afford.

The rents that can be requested by participating developers are linked to household income: the lower the income, the lower the rent. These rents vary between 60% and 140% of the median family income.

Rents, for example, for a one-bedroom apartment should be capped at $1,318 for households earning up to $63,280. Rent can be as high as $2,306 for a household earning $110,740.

The county requires new residential developments to set aside a percentage of their units for households with qualified income. In exchange, developers can increase the density of their projects, sometimes doubling what the zoning code allows. Rental limits apply to units between one and four bedrooms.

County guidelines apply to unincorporated areas. Some municipalities have their own guidelines.

Nick Rojo, president of Affiliated Development, noted that any solution will have to come from the local or county level. “We can’t rely on Tallahassee,” he said.

Weir noted that the state legislature often took money from a state housing fund to balance the state budget. Backed by the state’s Republican-led legislature, Gov. Ron DeSantis in 2021 signed a bill to divert half of Florida’s affordable housing trust fund — called the Sadowski fund — to pay for housing systems. remediation and sea level rise projects.

Weir and Rojo said developers also need to do a better job of confronting the “not in my backyard” argument, aimed at dissuading city, town and village officials from approving denser, higher-density developments. tall as apartment buildings in neighborhoods dominated by single-family homes. .

“We need to make sure that future tenants of these apartment buildings are represented at public hearings,” Weir said, “so that elected officials understand that there are two sides to this situation.”

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Mortgage rates jump again, buyers sideline https://columbus-chamber.org/mortgage-rates-jump-again-buyers-sideline/ Thu, 09 Jun 2022 15:13:31 +0000 https://columbus-chamber.org/mortgage-rates-jump-again-buyers-sideline/ ]]>

FILE – A For Sale sign stands in front of a home, Oct. 6, 2020, in Westwood, Mass.  Average long-term US mortgage rates have moved higher ahead of next week's Federal Reserve meeting where it is expected to announce another hike in its key <a class=borrowing rate. Mortgage buyer Freddie Mac reported Thursday, June 9, 2022 that the 30-year rate jumped to 5.23% this week from 5.09% last week. (AP Photo/Steven Senne, File)” title=”FILE – A For Sale sign stands in front of a home, Oct. 6, 2020, in Westwood, Mass. Average long-term US mortgage rates have moved higher ahead of next week’s Federal Reserve meeting where it is expected to announce another hike in its key borrowing rate. Mortgage buyer Freddie Mac reported Thursday, June 9, 2022 that the 30-year rate jumped to 5.23% this week from 5.09% last week. (AP Photo/Steven Senne, File)” loading=”lazy”/>

FILE – A For Sale sign stands in front of a home, Oct. 6, 2020, in Westwood, Mass. Average long-term US mortgage rates have moved higher ahead of next week’s Federal Reserve meeting where it is expected to announce another hike in its key borrowing rate. Mortgage buyer Freddie Mac reported Thursday, June 9, 2022 that the 30-year rate jumped to 5.23% this week from 5.09% last week. (AP Photo/Steven Senne, File)

PA

Average long-term U.S. mortgage rates jumped ahead of next week’s Federal Reserve meeting, where it is expected to announce another big hike in its key lending rate.

Mortgage buyer Freddie Mac reported Thursday that the 30-year rate jumped to 5.23% this week from 5.09% last week. A year ago at this time, the average rate was 2.96%. Until April, the average rate had not exceeded 5% for more than a decade.

Rapidly rising rates, along with sharply rising house prices, have pushed potential buyers out of the market.

Mortgage applications were down 6.5% from the previous week, the Mortgage Bankers Association reported on Wednesday. The group’s composite index, a measure of the volume of mortgage applications, is at its lowest level in 22 years. Its refinancing index is 75% lower than a year ago.

Last month, the Federal Reserve stepped up its fight against the worst inflation in 40 years by raising its benchmark interest rate by half a percentage point and signaling more significant rate hikes to come. The Fed’s move, its most aggressive since 2000, means higher costs for mortgages as well as credit cards, auto loans and other borrowing for individuals and businesses.

Rising borrowing rates appear to be slowing the housing market, an important part of the economy. In April, sales of existing homes and new homes showed signs of losing momentum, aggravated by the sharp rise in house prices and a reduced supply of available properties.

However, some economists expect lower demand to benefit more determined home buyers.

“The significant decline in buying activity, combined with the increased supply of homes for sale, will cause price growth to decelerate to more normal levels, providing some relief to buyers still interested in the market. ‘buying a house,’ said Freddie Mac chief economist Sam Khater. .

Home ownership has become increasingly difficult lately, especially for first-time buyers. Along with skyrocketing inflation, rising mortgage rates and soaring home prices, the supply of homes for sale continues to be tight.

The average rate on 15-year fixed-rate mortgages, popular among those refinancing their homes, rose to 4.38% from 4.32% last week.

Economists expect the Fed to raise its key interest rate by another half point when it meets next week.

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Stocks climb on Wall Street, driven by more tech gains https://columbus-chamber.org/stocks-climb-on-wall-street-driven-by-more-tech-gains/ Tue, 07 Jun 2022 05:45:42 +0000 https://columbus-chamber.org/stocks-climb-on-wall-street-driven-by-more-tech-gains/ Pedestrians walk past the New York Stock Exchange on May 5, 2022, in the Manhattan borough of New York. Stocks started higher on Wall Street on Monday, June 6, 2022, driven by more gains in big tech companies. The S&P 500 rose 0.8%. The benchmark has just had its eighth losing week in the past […]]]>

Pedestrians walk past the New York Stock Exchange on May 5, 2022, in the Manhattan borough of New York.  Stocks started higher on Wall Street on Monday, June 6, 2022, driven by more gains in big tech companies.  The S&P 500 rose 0.8%.  The benchmark has just had its eighth losing week in the past nine.  The Nasdaq rose 1.2% and the Dow Jones 0.5%.  (AP Photo/John Minchillo, file)

Pedestrians walk past the New York Stock Exchange on May 5, 2022, in the Manhattan borough of New York. Stocks started higher on Wall Street on Monday, June 6, 2022, driven by more gains in big tech companies. The S&P 500 rose 0.8%. The benchmark has just had its eighth losing week in the past nine. The Nasdaq rose 1.2% and the Dow Jones 0.5%. (AP Photo/John Minchillo, file)

PA

Stocks rose broadly in morning trading on Wall Street on Monday, led by more gains at big tech companies.

The S&P 500 was up 1.4% at 10:10 a.m. EST. The Dow Jones Industrial Average rose 325 points, or 1%, to 33,231 and the Nasdaq rose 1.8%.

Tech stocks were doing much of the heavy lifting for the market. The companies in the sector, with their high stock market values, tend to give the market a bigger boost or a bigger boost. Apple rose 1.9%.

Banks have gained ground alongside higher bond yields, allowing them to charge more lucrative interest rates on mortgages and other loans. The 10-year Treasury yield rose to 2.99% from 2.95% on Friday night. Bank of America rose 1.9%.

Several major companies were moving on a mix of deals and other news.

Twitter fell 4.2% after Tesla CEO Elon Musk threatened to cancel his deal to buy the company, saying Twitter refused to hand over data. Spirit Airlines rose 4.3% after JetBlue raised its offer to buy the rival carrier, and Amazon rose 4.7% after executing a 20-to-1 stock split.

The first gains in the major indices at the start of the week come as the broader market remains in a slump. The benchmark S&P 500 index is coming off its eighth losing week in the past nine.

Rising inflation has stung businesses and consumers. Inflation concerns also prompted the Federal Reserve to aggressively raise interest rates in an effort to slow economic growth enough to temper inflation. But Wall Street fears that raising interest rates too quickly or excessively could trigger a recession.

Meanwhile, rising interest rates put downward pressure on stocks and other investments.

Investors will get more data on the impact of inflation on Friday when the Department of Labor releases its May report on consumer prices.

Russia’s invasion of Ukraine further adds pressure on rising inflation with high energy prices. Lockdowns in China due to COVID-19 have also heightened concerns about worsening supply chain problems, but some of those measures are being lifted. Diners are returning to restaurants across most of Beijing for the first time in more than a month as authorities further eased pandemic restrictions.

Solar energy companies have gained ground following reports that the United States may lift tariffs on certain Chinese imports such as solar panels. Sunrun grew by 9% and SunPower by 5.4%.

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Stock comparison of Sturgis Bancorp (OTCMKTS:STBI) and Huntington Bancshares (NASDAQ:HBAN) https://columbus-chamber.org/stock-comparison-of-sturgis-bancorp-otcmktsstbi-and-huntington-bancshares-nasdaqhban/ Sat, 04 Jun 2022 10:14:00 +0000 https://columbus-chamber.org/stock-comparison-of-sturgis-bancorp-otcmktsstbi-and-huntington-bancshares-nasdaqhban/ Sturgis Bancorp (OTCMKTS:STBI – Get Rating) and Huntington Bancshares (NASDAQ:HBAN – Get Rating) are both finance companies, but which is the best investment? We’ll compare the two companies based on the strength of their profitability, earnings, valuation, risk, institutional ownership, dividends and analyst recommendations. Insider and Institutional Ownership 79.3% of Huntington Bancshares shares are held […]]]>

Sturgis Bancorp (OTCMKTS:STBI – Get Rating) and Huntington Bancshares (NASDAQ:HBAN – Get Rating) are both finance companies, but which is the best investment? We’ll compare the two companies based on the strength of their profitability, earnings, valuation, risk, institutional ownership, dividends and analyst recommendations.

Insider and Institutional Ownership

79.3% of Huntington Bancshares shares are held by institutional investors. 16.0% of Sturgis Bancorp shares are held by insiders. By comparison, 0.7% of shares in Huntington Bancshares are held by insiders. Strong institutional ownership is an indication that endowments, hedge funds, and large money managers believe a company is poised for long-term growth.

Analyst Recommendations

This is a summary of recent ratings for Sturgis Bancorp and Huntington Bancshares, as reported by MarketBeat.com.

Sales Ratings Hold odds Buy reviews Strong buy odds Rating
Sturgis Bancorp 0 0 0 0 N / A
Huntington Bancactions 3 3 3 1 2.20

Huntington Bancshares has a consensus target price of $16.28, suggesting a potential upside of 19.78%. Given the likely higher upside of Huntington Bancshares, analysts clearly believe Huntington Bancshares is more favorable than Sturgis Bancorp.

Valuation and benefits

This chart compares the revenue, earnings per share (EPS), and valuation of Sturgis Bancorp and Huntington Bancshares.

Gross revenue Price/sales ratio Net revenue Earnings per share Price/earnings ratio
Sturgis Bancorp $33.38 million 1.40 $6.34 million $2.91 7.56
Huntington Bancactions $6.08 billion 3.22 $1.30 billion $1.17 11.62

Huntington Bancshares has higher revenues and profits than Sturgis Bancorp. Sturgis Bancorp trades at a lower price-to-earnings ratio than Huntington Bancshares, indicating that it is currently the more affordable of the two stocks.

Dividends

Sturgis Bancorp pays an annual dividend of $0.68 per share and has a dividend yield of 3.1%. Huntington Bancshares pays an annual dividend of $0.62 per share and has a dividend yield of 4.6%. Sturgis Bancorp pays 23.4% of its profits as a dividend. Huntington Bancshares pays 53.0% of its profits as a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings over the next few years. Huntington Bancshares has increased its dividend for 11 consecutive years. Huntington Bancshares is clearly the better dividend-paying stock, given its higher yield and longer track record of dividend growth.

Profitability

This table compares the net margins, return on equity and return on assets of Sturgis Bancorp and Huntington Bancshares.

Net margins Return on equity return on assets
Sturgis Bancorp 18.57% N / A N / A
Huntington Bancactions 26.96% 12.19% 1.19%

Risk and Volatility

Sturgis Bancorp has a beta of 0.53, suggesting its stock price is 47% less volatile than the S&P 500. In comparison, Huntington Bancshares has a beta of 1.18, suggesting its stock price is 18% more volatile than the S&P 500.

Summary

Huntington Bancshares beats Sturgis Bancorp on 14 out of 17 factors compared between the two stocks.

Sturgis Bancorp Company Profile (Get a rating)

Sturgis Bancorp, Inc. operates as a bank holding company for Sturgis Bank & Trust Company which provides banking products and services in Michigan, USA. The company offers checking, savings and health savings accounts, as well as money market accounts; and Certificates of Deposit and Individual Retirement Accounts. It also offers mortgage, auto, secured savings, personal, equipment and machinery, government-backed and commercial real estate loans, as well as home equity lines of credit and business lines of credit; and credit cards. In addition, the Company offers other personal banking services, such as private banking, cashiers checks, wire transfers, foreign drafts and foreign currencies, overdraft protection, overnight deposit and notary, as well as safe deposit boxes and residential mortgages. Additionally, it provides direct deposit, remote deposit capture, Visa check card, and check replenishment services; and investment and financial advisory services, as well as commercial and consumer insurance and title insurance products. In addition, the Company offers real estate and asset management services, such as real estate settlements, trust administration, record keeping, investment management and custodial services; and online and mobile banking, bill payment and mobile wallet services. It operates through 14 banking facilities; and 4 full-service stand-alone ATMs located in 11 Michigan communities. Sturgis Bancorp, Inc. was founded in 1905 and is based in Sturgis, Michigan.

Huntington Bancshares Company Profile (Get a rating)

Logo Huntington BancsharesHuntington Bancshares Incorporated operates as a bank holding company for Huntington National Bank which provides commercial, consumer and mortgage banking services in the United States. The Company operates through four segments: Personal and Commercial Banking; The Commercial Bank; Vehicle financing; and Regional Banking and The Huntington Private Client Group (RBHPCG). The Consumer and Business Banking segment offers financial products and services, such as checking accounts, savings accounts, money market accounts, certificates of deposit, credit cards and personal and small business loans, as well as investment products. This segment also provides mortgage, insurance, interest rate risk protection, foreign exchange, automated teller machine and cash management services, as well as online, mobile and telephone banking. It serves consumers and small businesses. The Commercial Banking segment offers regional commercial banking solutions for middle market businesses, government and public sector entities and commercial real estate developers/REITs; and specialist banking solutions for healthcare, technology and telecommunications, franchise financing, sponsor financing and global services. It also provides asset financing services; capital raising solutions, sales and trading products and enterprise risk management; institutional banking services; and cash management services. The Vehicle Finance segment provides financing to consumers for the purchase of automobiles, light trucks, recreational vehicles and watercraft at franchise dealerships and other select dealerships, as well as to franchise dealerships for the acquisition of new and used inventory. The RBHPCG segment offers private banking, wealth and investment management and pension plan services. As of March 18, 2022, the company had approximately 1,000 branches in 11 states. Huntington Bancshares Incorporated was founded in 1866 and is headquartered in Columbus, Ohio.



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Bainbridge and TPG pay $161 million for Jupiter apartment complex https://columbus-chamber.org/bainbridge-and-tpg-pay-161-million-for-jupiter-apartment-complex/ Fri, 03 Jun 2022 18:30:00 +0000 https://columbus-chamber.org/bainbridge-and-tpg-pay-161-million-for-jupiter-apartment-complex/ Richard Schechter of Bainbridge and Avi Banyasz of TPG with Allure in Abacoa (Bainbridge, TPG, Allure in Abacoa) Bainbridge Companies and TPG Real Estate Partners have teamed up to buy an apartment complex in Jupiter for $161.1 million. Through an affiliate, the joint venture acquired Allure in Abacoa, a 304-unit rental community located at 1456 […]]]>

Richard Schechter of Bainbridge and Avi Banyasz of TPG with Allure in Abacoa (Bainbridge, TPG, Allure in Abacoa)

Bainbridge Companies and TPG Real Estate Partners have teamed up to buy an apartment complex in Jupiter for $161.1 million.

Through an affiliate, the joint venture acquired Allure in Abacoa, a 304-unit rental community located at 1456 Cades Bay Avenue and 4515 Main Street, records show. Wellington-based Bainbridge and Fort Worth, Texas-based TPG Real Estate paid $529,934 per apartment.

The joint venture secured an $83.3 million mortgage from JPMorgan Chase Bank.

The seller, a subsidiary of Columbus, Ohio-based Klingbeil Capital Management, paid $65 million for the 13-building complex in 2015, the same year Allure at Abacoa was completed, records show.

The 10.5-acre rental community includes one- and two-bedroom units with monthly rents of $2,205 to $3,400 per month, according to Apartments.com. The resort is in Abacoa, a planned community spanning 2,055 acres with homes, shops, restaurants, parks, and a minor league ballpark. A Florida Atlantic University campus and the University of Florida’s Scripps Biomedical Research Center are also located in Abacoa.

Bainbridge, led by Chairman and CEO Richard Schechter, has 60 multi-family projects in Florida, Georgia, North Carolina, Maryland and Texas, according to the company’s website.

TPG Real Estate, led by co-head Avi Banyasz, is the real estate investment platform of global alternative assets firm TPG, which has $109 billion in assets, according to a press release.

The price per square foot for the Jupiter complex is well above the average price of $413,253 per square foot for sales of Class A multifamily properties in Palm Beach County during the first quarter, according to a Franklin Street report.

Other recent South Florida multi-family transactions include Nuveen Real Estate’s acquisition of a Sunrise apartment complex for $43.7 million and KVR Properties’ $26.3 million purchase of a Pompano Beach rental community.

In April, Rental Asset Management paid $30.1 million for an apartment building in Miami’s Little Havana neighborhood.

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