Fund – DHINC Thu, 30 Sep 2021 21:14:14 +0000 en-US hourly 1 Fund – DHINC 32 32 Rocket Companies jump 9% after reporting sky-high preliminary profit growth (RKT) Thu, 08 Apr 2021 02:38:35 +0000

Getty Images / Bryan R. Smith

  • Shares of the recently listed Rocket companies jumped 9% on Friday after the company reported strong preliminary second quarter results.
  • The mortgage company has likely benefited from low interest rates, which have led to a refinancing boom, and increased demand for housing amid the COVID-19 pandemic.
  • The volume of loan origination climbed 126% year-on-year, while adjusted net income jumped nearly 1,000% year-on-year, according to the results.
  • Visit the Business Insider homepage for more stories.

Rocket companies seems to have chosen the right time to go public as it reports strong earnings growth.

The recently floated mortgage company benefited from two major positive winds in 2020: mortgage rates still low, which has led to a boom in refinancing existing mortgages and an increase in demand for housing as people flee cities for suburban backyards amid the COVID-19 pandemic.

Friday, Rocket announcement preliminary second quarter results, which revealed stunning growth figures for the Ohio-based company.

Here are the key figures:

Returned: $ 5.0 billion, representing 437% year-over-year growth
Adjusted net income:
$ 2.8 billion, representing a 995% year-over-year growth
Original volume of closed loans:
$ 72.3 billion, representing a 126% year-over-year growth

Read more: MORGAN STANLEY: Buy These 9 Top Rated Stocks Now For Above-Market Returns Of 15% Or More Over The Next 3 Months

CEO Jay Farner attributed the massive growth to Rocket’s long-term technology investments, which allowed the company to grow rapidly as it sees increased demand for mortgages.

Rocket went public on August 6 and saw his actions jump up to 26% on its first day of trading. The shares are up 14% since its first print IPO of $ 18.00.

Rocket will hold its first call for results on September 2.

Rocket shares rose 9% to $ 20.43 in Friday trades.

Rocket companies chrt.JPGMarket insider

NOW LOOK: Pathologists Debunk 13 Coronavirus Myths

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8 expenses cost me a fortune in my first month of homeownership Thu, 08 Apr 2021 02:38:25 +0000

Becoming a homeowner is an important step, and I am especially grateful for having succeeded under difficult circumstances.

First, I lost income due to the COVID-19 pandemic, which is undermine many of my millennial colleagues’ homeownership goals.

Then there was the surprisingly competitive housing market. I was very lucky and managed to land one of the increasingly rare affordable homes in my city: Reflection of a national trend, there are less than 20 homes for sale under $ 275,000 in my mountain town of Asheville, NC.

And although say goodbye to the advance payment – an amount I had worked so hard to save – was scary, I had a monthly mortgage to hope for that was cheaper than the rent I had paid for years.

But the relief didn’t last long: As it turned out, there were a myriad of unforeseen costs to contend with in my first month of homeownership.

Here are a few to watch out for if you are thinking of owning a home.

My monthly mortgage includes private mortgage insurance

One of the unexpected costs that I paid in my first month, and that I will have to get used to paying for a while, is Private mortgage insurance.

The PMI, as it’s called, is meant to protect your lender in the event of your mortgage default, and it’s required for home buyers who have put less than 20% down.

Eventually, I won’t have to pay that extra $ 100 per month, but it will be years before my payments hit 20% of the home equity.

Roofs, even the simplest, are quite expensive – especially when they are environmentally friendly

Speaking of insurance, your home insurance company may have surprises in store for you.

I thought I was clear after relaying over the phone the basics of my water, my heating, and the year the roof was built. But a few weeks after I moved in, insurance sent someone to do an in-person assessment, and repairs that I thought I could postpone a bit longer had to be dealt with immediately in order to stay covered, starting with the roof.

With the immediate pressure to replace the roof, I (luckily) knew at least what I wanted: a shiny metal roof. But when I saw the price, I almost gave in and went for asphalt.

In the end, I decided it was better to have a roof that I really liked to see every day, even though it came at a cost. And after shopping around I found a metal roof that was priced less than asphalt shingles, but it was still $ 800 more.

Whether it’s replacing the water heater, furnace, or old windows, tackling the job in an eco-friendly way often comes at an additional cost, although you’ll usually save money in the long run because of the cost. ‘efficiency.

I changed the locks, mostly because my house had been a rental

I didn’t realize the house was a rental until I got the keys, and at that point the prudent decision was to change the locks.

Even if the house had not been a rental, I would still have had to pay an expense: I did not receive all the keys. There was a door with a deadbolt and no matching key, leaving no recourse but to replace the entire lock.

The sewage got back into my basement

Bringing sewage up into the basement is as disastrous as it sounds, especially considering how much stuff has been stored there.

The city was at fault, so the cost of fixing the problem didn’t fall on me at least. But many items were destroyed, resulting in a substantial unexpected cost. It was the first time I really missed having an owner to shoulder the burden.

The back-flow of wastewater was primarily linked to a costly underground problem

The city’s best guess was that the sewage problem was caused by root growth underground.

And what’s under your house might surprise you when it comes to the cost of maintenance.

For example, I thought digging up bamboo shoots would be a job that required a few hours of paid labor. It turns out that a substantial bamboo eviction requires much, much more than a few hours of labor.

And since there’s no way of knowing what’s really going on underground, you might have to plan for some expensive surprises.

I had to pay for a storage locker

Speaking of tidying things up in the basement, these floors needed to be repainted before I could put my things away downstairs, so I had to keep my things in a storage locker in the meantime.

Even if you might want to opt for finishing the floors before you move in, you’d better factor in the cost of storage, which I didn’t.

DIY projects will save you on labor costs, but materials don’t come cheap

Speaking of soils, this was one of the projects I tackled myself.

I was fortunate enough to have access to a library of tools, so the floor primer didn’t come with a hefty rental price for a sander.

However, I was so busy savoring how much I had saved by not hiring a professional that I vastly underestimated the price of a polyurethane stain and finish.

One thing I’ve learned when it comes to materials for house projects: Buy the biggest container. Always. It is less expensive. And you will need it.

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Thousands of KBC clients left fearing mortgage sale to vulture fund Thu, 08 Apr 2021 02:38:15 +0000

Tens of thousands of KBC mortgage customers feared the bank would sell their mortgages to a vulture fund without telling them.

customers were shaken after their April mortgage payments were collected by an unknown entity called Phoenix Funding 7.

Fears that the mortgages might be sold to a fund ignited when the legal entity collecting their mortgage switched from KBC Bank Ireland PLC to Phoenix 7 on current account statements.

This triggered panic and resulted in a large number of calls and emails to KBC Bank.

The bank insisted that the use of the name Phoenix 7 which appeared on the statements instead of KBC Bank was wrong.

He said he did not sell the mortgages, but admitted he securitized them. Customers were not informed.

Securitization is where a lender consolidates a pool of mortgages and borrows against monthly interest payments.

It is a way to raise funds on the markets.

The lender remains the economic owner of the loans and continues to service them.

From the research done by this publication, it appears that there are 33,000 mortgages worth € 5.9 billion that have been consolidated, securitized and called Phoenix 7.

In what is a highly technical piece of financial engineering, KBC Bank Ireland has transferred the ownership of the mortgages to another entity within the wider KBC group.

KBC Group is headquartered in Belgium.

A bond was then issued on the back of the securitized loans, with a 149-page prospectus released as part of this process.

A person familiar with what happened explained: “It was an internal securitization. So a little financial engineering. The biggest KBC bank still holds the mortgages.

“They didn’t sell the mortgages to a fund. They just bundled them up and asked another part of the bank to buy them. They then issued a bond to raise funds.

The prospectus shows that mortgages are predominantly residential, with a minority of rental buyers.

According to a Phoenix 7 analysis released by rating agency Fitch, around 40% of the portfolio’s mortgages were issued before 2011, when mortgage underwriting standards were lower.

But those older loans are mostly paid off, Fitch says.

Customers became angry when they learned through this publication that their loans had been securitized without being told.

KBC mortgage holder Siobhan McMahon, from Skibbereen in Cork, said: “My God, I hate the idea of ​​our mortgage being sold to a non-entity. And not to be told. I have been with them since 1997-1998 and have never missed a single payment.

“I feel very betrayed now.”

She was just one of many clients who contacted the Irish Independent about the situation.

The bank insisted it was under no obligation to tell mortgage clients that their loans had been securitized and used to raise funds through bond issuance.

The bank “followed all regulations” regarding whether or not customers should be notified, a spokesperson said.

He said in a statement: “Some clients’ KBC mortgage payments appear on their checking accounts with a description of ‘Phoenix 7’ instead of ‘KBC Bank Ireland’.

“This is the result of an internal problem and KBC is working to resolve it.

“This had no impact on the processing of customer payments and we apologize for any confusion this may have caused.”

He added that he was using an “internal securitization program to support the financing of his balance sheet.” This is a well-established practice in the industry and has no implications for customers, he said.

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The parent-friendly Cube Cowork occupies 15,000 square feet of space in northeast Baltimore Thu, 08 Apr 2021 02:38:01 +0000

After providing babysitting services to a Hamilton-Lauraville space last year, The Cowork Cube resumed operations of all 15,000 square feet on April 1.

With the move, the Cube takes over for Coworking community function, which went out of business after more than two years in the main street space of Harford Road.

It brings great expansion for The Cube, which means office space, space to accommodate larger event space, meeting rooms, and spaces for content creation. And he will be able to develop a staffed play area for the children, so that parents can concentrate on completing the tasks. For co-founder Dr Tammira Lucas, who is leading a number of entrepreneurship initiatives in the city focused on families and economic opportunities, it is also a personal step.

“It’s much more important than me to expand a coworking space,” she said. “It really sets the tone for black women entrepreneurs and shows them that it’s possible to do whatever you want to do in business, but also provide space for black women to develop their own businesses and careers. “

The Cube was started by the Lucas sisters and TaKesha Jamison in 2016 from a smaller space at Towson’s Stoneleigh. Lucas said growing up at this point has not been easy. Indeed, new businesses often are not, and the disparities faced by black entrepreneurs have made it more difficult. But with the opportunity offered by the expanded space, Lucas wants him to be a role model for others. As well as looking to continue building community, she is also paying attention to how the business model can be set up for future growth to potentially other spaces.

“Black female-owned businesses don’t last as long or generate as much revenue as white male-owned businesses, and that’s because we don’t design models that will evolve and we don’t think about multiples.” sources of income that we can have in our business to make it sustainable, ”said Lucas.

Lucas is also looking to support other black-owned businesses. In addition to the space she provides, she is making sure to work with vendors in the community and envision an area where people can also purchase products made by black artists and manufacturers.

Children’s area at Cube Cowork. (Courtesy photo)

It will open up in an age of flow for in-person workspace models. Coworking was on the rise before the pandemic, leading to growth of shared workspaces in Baltimore. But the pandemic meant many people were working from home, and even when they reopened, coworking spaces had to put in place restrictions that limited the typical free movement and collaboration that characterized spaces. Lucas believes that with more reopening, people will be looking for a space outside the home to work.

At Function, the model centered around part-time subscriptions that provided access to a private office. The idea was therefore for coworking to be done in the office itself rather than a mixture of shared tables and dedicated desks. There was also a gallery and community meeting space focused on community building in Northeast Baltimore.

Co-founder of the function Gene Ward said the space started to take off after a year and a half. And due to the nature of coworking, which is plentiful in space but understaffed, the company was unable to benefit from many government loans. After the reopening, Function was able to start rebuilding its members, although the rates were lowered.

“The total membership was approaching pre-pandemic levels,” he said. “The income was not.”

Ward thinks the model could have grown over time. But with the short-term challenges of the pandemic, the landlord eventually offered to pay the rent back in exchange for terminating his lease. The Cube, in turn, was approached by the owner with an opportunity to reclaim the space.

Ward said Function is focused on creating a diverse space and has predominantly black members. With The Cube, it will now belong to Black.

“For this to be a coworking business owned by a black woman, I think that’s a really positive thing, especially in Northeast Baltimore,” he said.

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U.S. Capitol riots: YouTube removes several videos posted on Trump’s channel Thu, 08 Apr 2021 02:37:43 +0000

YouTube has removed several videos that US President Donald Trump posted to his channel and warned that any channel posted three times in 90 days with false allegations about US election results will be permanently removed from the Google-owned video platform. .

The move comes in the wake of the unprecedented storming of the United States Capitol by Trump supporters on Wednesday, disrupting the constitutional process of counting and certifying Electoral College votes in presidential elections. Four people, including a woman, died in clashes between protesters and police.

“Over the past month, we have removed thousands of videos spreading disinformation claiming widespread voter fraud changed the outcome of the 2020 election, including several videos President Trump posted to his channel on Wednesday,” he said. Google said in a statement.

“Due to the disturbing events that occurred on Wednesday and given that the election results have been certified, any channel posting new videos with these bogus claims in violation of our policies will now receive a warning, a penalty that temporarily restricts downloading. or live broadcast. streaming, ”he said.

READ ALSO : Chaos, violence, mockery as pro-Trump mob occupies US Capitol, 4 dead

“Channels that receive three warnings within the same 90-day period will be permanently removed from YouTube,” Google said in its statement.

Trump’s YouTube channel has 2.68 million subscribers. In the wake of violence that erupted on the United States Capitol after his supporters stormed the building, YouTube has removed most of his videos from the rally he addressed earlier today.

YouTube believes these videos alleging widespread fraud in the 2020 election violated its policies.

YouTube said the grace period is due to expire on Jan.21, after inauguration day. But since the election results were certified, after a pro-Trump mob stormed the Capitol, the Google-owned video platform says it is ending the grace period now.

Earlier, Facebook founder Mark Zuckerberg said President Donald Trump’s accounts on his popular social media platforms – Facebook and Instagram – would remain on hold until President-elect Joe Biden was inaugurated on January 20.

Announcing the decision, Zuckerberg said the risk of allowing President Trump to continue using the platform during this time is “just too great.” This is probably the first time that Facebook has taken such an extreme step to ban and block the social media handles of a head of state and also that of the United States.

Twitter also blocked Trump’s account for 12 hours on Wednesday and deleted three of his tweets, including a video.

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Georgetown College will virtually celebrate Martin Luther King Jr. Thu, 08 Apr 2021 02:37:21 +0000

Martin Luther King Jr. Day celebrates Dr. King’s legacy and reminds us of all of our continuing efforts to realize his dream of an equal and just world. Each year, the college celebrates this revered day by co-sponsoring a Dr King Memorial Walk. Recognizing the need to help keep our community as safe and healthy as possible, the community will virtually remember Dr. King with a special celebration video, which will be available on the college’s Facebook page on Monday, January 18.

Director of Diversity and Inclusion Robbi Barber has spearheaded the Martin Luther King Jr. Day event for over 15 years and is delighted to once again celebrate Dr. King’s impact this year. “We recognize the need to celebrate Dr. Martin Luther King Jr. and his legacy as well as to stay as safe and healthy as possible,” said Barber. “We are delighted to be able to celebrate this special day in a different way again this year. “

The video celebration will feature several local leaders including Mayor Tom Prather, Scott County Executive Judge Joe Pat Covington, Reverend Chester Palmer, Miss Camille Overstreet, GC President Will Jones and Miss Olivia Coleman. The music will be performed by GC music teacher Marlin McKay.

In addition to music and remarks from local leaders, the event will also include memorabilia and celebrations from several members of the community, as well as high school and college students. “Dr. King’s dream of all people working together to build a stronger nation and world is worth achieving, and this event will remind us all of Dr. King’s dream,” Barber said. will serve as an encouragement as we continue to work to achieve this. “

Viewers can tune into Georgetown College’s Facebook page at 5:00 p.m. EST on Monday, January 18 for the video celebration.

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We are trying to revolutionize the thinking behind the financing of agro-industries across Africa – AgroMinds Africa Challenge Thu, 08 Apr 2021 02:36:49 +0000

AgroMinds Africa Challenge Executive Director Steven Nhyira Odarteifio said the introduction of equity financing for agribusiness companies will be a game-changer for agribusiness finance on the African continent.

According to him, equity financing of agri-food businesses is a more sustainable way to ensure that agripreneurs on the continent have access to funds to grow and ensure the development of their businesses compared to the usual grants and borrowing facilities.

He said the AgroMinds challenge was a platform to connect agripreneurs with ready-to-invest investors to secure their business finances.

Speaking on JoyNews’ AM Show, Steven Nhyira Odarteifio said, “AgroMinds is pretty much an empowerment platform that supports agribusiness across Africa with equity financing for develop and develop agro-industries.

“And so we created a platform that brings equity investors into the space, they interact with these finalists or candidates who are full-fledged agripreneurs and they pitch to secure the financing of their businesses.

“So we’re moving away from the typical subsidy or debt facilities that most of the continent’s agro-industries are used to.

“We are introducing the concept of equity financing where an investor takes a share of your business and exchanges it for a percentage of ownership. And this is how we are trying to revolutionize the financing of agribusiness businesses across the continent by targeting youth-led businesses.

Further explaining what equity financing entails, IESO Agribusiness Consult management consultant Francis Osei said equity financing will ensure the growth of agribusiness businesses through risk sharing.

He said, “We know the problems we have had with the debt. You would go to a bank and there are difficulties especially with regard to agriculture. Sometimes you don’t get what you need, sometimes you don’t get it at all. If you are playing in the grant space, the people giving grants have their own amount and it may not even be what you need.

“In other jurisdictions, fairness is what keeps the business growing, as other people decide to share the risk with you. They go into the business with you and share the risks and of course the rewards.

He added that equity financing was the sustainable way forward for agribusiness companies in Ghana, given that banks and credit institutions were now risk-averse, especially when it came to the Covid-pandemic. 19.

“But if you look at the usual lenders, they are systematically becoming risk averse across Africa and it’s much worse in the Covid situation. And so this is the gap that we intend to bridge for young people in Africa who are engaged in agribusiness.

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Universal Music Group raises $ 3.5 billion in funding. Will a spending spree follow? Wed, 07 Apr 2021 23:17:44 +0000

MBW’s Stats of the Week is a series in which we show why a single data point deserves the attention of the global music industry. Statistics of the week are supported by Group Five Music, a record label, distribution and rights management company focused on technology.

Last month, MBW revealed that Universal music group spent 1.5 billion euros (approximately 1.7 billion dollars) in 2020 on a combination of catalog acquisition and payment of advances to artists.

This expenditure figure was unusually high – more than three times the equivalent number of the previous year. It included nearly $ 400 million spent by UMG for Acquisition of Bob Dylan’s unrivaled song catalog in Q4 2020.

All of this seemed to point to something important: the large “traditional” music companies, like Universal, stubbornly refuse to retreat from a modern music rights acquisition frenzy that has been accelerated by groups like Hipgnosis Songs Fund, Primary wave, KKR and others. (Another example of this trend: Sony Music Editing just spent an unknown – but almost certainly nine-figure – sum on buy Paul Simon’s song catalog.)

The $ 1.7 billion spent by Universal in 2020 suggested that the company was locking in its market power (and refusing to allow it to be clawed back elsewhere) before UMG’s public market debut, which is should arrive in Amsterdam Later this year.

So, has Universal run out of its music acquisition war chest with its gigantic 2020 catalog craziness?

Don’t bet on it.

Universal Music Group confirmed to MBW that it recently reached an agreement with four “top banks” for a new five-year line of financing worth € 3 billion (approximately $ 3.5 billion).

UMG expects the syndication of this financing between a pool of banks to be finalized by the end of April 2021.

One particularly interesting aspect of this increase is that it is being carried out by Universal itself, rather than by its majority parent company, Vivendi.

More precisely, it is the Dutch company of Universal – Universal Music Group BV – which raises the 3.5 billion dollars.

This is not only significant as Universal’s IPO will take place in Amsterdam this year. It’s also important because of UMG’s corporate structure today – one that appears to have been consolidated and cemented in preparation for the company’s IPO.

MBW has obtained the latest official organizational chart from UMG (see below).

It shows Universal Music BV as the parent company of the company’s two global subsidiaries: (i) Universal Music Group Inc (covering the United States); and (ii) Universal International Music BV (covering UMG operations outside the United States in territories such as the United Kingdom, Japan, Germany, China, South Korea, Canada and France ).

Indeed, we have confirmed that the headquarters of Universal Music Group is today officially located in Hilversum, the Netherlands, while its operational headquarters are located in Santa Monica, California, United States.

In other words, Universal Music BV is the name of the largest music rights company in the world. The one currently 80% owned by Vivendi, and 20% by a consortium led by Tencent.

Very soon, therefore, we expect that a part of 60% of Universal Music BV will be sold on the Amsterdam Stock Exchange.

As long as UMG’s new fundraising game is successful, it will go public with $ 3.5 billion in capital in its back pocket.

We anticipate that part of this sum will be used as working capital to enable the newly created company to move.

But it doesn’t take a diviner from the music world to suggest that some of it will eventually end up in the portfolios of iconic songwriters / artists as they sell their life’s work on a sparkling market… at the highest possible price.

Five Music Group’s repertoire has won Grammy Awards, dozens of RIAA Gold and Platinum certifications, and numerous No. 1 positions on a variety of Billboard charts. His repertoire includes heavyweights such as Bad Bunny, Janet Jackson, Daddy Yankee, TI, Sean Kingston, Anuel and hundreds more.Music trade around the world

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Local Catholic Community Pays Last Tribute to Bishop Murry at Call Hours, Public Prayer Wed, 07 Apr 2021 23:17:40 +0000

While many came to St. Columba’s Cathedral on Thursday, they shared their favorite moments and memories.

YOUNGSTOWN, Ohio (WKBN) – Bishop George Murry died last week after several battles with leukemia. On Thursday, calling times and public prayer were held at St. Columba Cathedral in Youngstown.

“He was a good guy,” said Elida Schiavone of Poland. “I think he’s done a lot of good here. Just a lovely guy, I think he was just a lover so I wanted to be here and see him.

“We just wanted to come and pay tribute to him and let him know, once again, how much we love him,” said Maureen Hall, of Girard.

“He will be sorely missed,” said Richard Zebrowsky, Jr., of Campbell.

Obituary of Bishop George Murry

Since arriving in the valley in 2007, the former head of the Catholic Diocese of Youngstown has been known to spread love and light throughout the community.

While many people came to Saint Columba’s Cathedral to pay their last respects, they shared their favorite moments and memories.

“He always said hello and ‘how are you’, and always greeted you with open arms,” ​​said Candy Zebrowsky of Campbell.

A couple from Poland actually got to meet the bishop in St. Thomas in the Virgin Islands while on vacation – two years before he came to Youngstown.

“We attended mass in a carport adorned with beautiful flowers and the priest arrives in a boat,” said Stéphanie Rosselli.

It was Bishop Murry. A memory that the Rossellis will not soon forget. They said he never did either.

“He was just always receptive and seemed to remember us every time we met, which was very special for him,” said Rosselli. “I appreciate that we were able to pay tribute.”

A friend of all who crossed his path, Bill Howe – Fourth Degree Master of the Knights of Columbus – said so much made Bishop Murry special.

Murry was another knight.

“His personality, his love of the church, his dedication to the church and his willingness to be a friend,” Howe said.

Guy Sebastian reflected on a time the Bishop spoke to a group of men at the Ohio Valley Teen Challenge. The interaction moved Sebastian and many others, both spiritually and emotionally.

“He was the kind of teacher who welcomed any kind of question, whether or not you believed in a Higher Power. He was a great teacher, ”said Sebastian.

During Thursday’s prayer service, songs of praise could be heard inside and outside of St. Columba, raising Murry’s legacy and the love he had for so many – a love that the community shared at the time.

“He was always smiling, always,” said Schiavone. “With every photo I saw, he was smiling and happy. He was just a big inspiration to me.

A private mass will be held Friday at 1:00 p.m. at St. Columba’s Cathedral. Interment will be in Calvary Cemetery in Youngstown.

WKBN 27 First News will air a special feature, “Remembering Bishop Murry”, on channel 27 at 12:30 p.m. and provide live coverage until the conclusion of mass. All coverage will be broadcast live simultaneously on the WKBN mobile app and The coverage will also be archived online and available for future reference.

Memorial contributions can be made at St. Columba Cathedral, 159 W. Rayen Avenue, Youngstown, Ohio 44503.

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Government housing policies criticized by Bay of Plenty first-time homebuyers, rental agents and real estate investors Wed, 07 Apr 2021 23:17:39 +0000

“[The government has] had this whole series of changes for investors, and then they approached these changes without much thought or analysis for first-time homebuyers, ”he said.

In 2016, the Real Estate Institute of New Zealand recorded the median house price in the Bay of Plenty at $ 495,000.

The latest data from last month showed it had jumped to $ 848,000 – a 71% increase in five years.

In Tauranga and Western Bay, the price cap to be eligible for a first home loan under government changes had increased from $ 50,000 to $ 600,000 for a new property and from $ 25,000 to $ 525,000 for a new property. existing property.

Taylor said the price cap for first-time home loans was too low and needed to be raised to keep pace with house prices.

“[It’s] not good enough by the government here, [it’s] really leaving Bay of Plenty first-time homebuyers out in the cold. “

Meanwhile, Tauranga Rentals owner Dan Lusby received agitated calls from property owners shortly after the announcement.

This included that of a landlord who decided to sell his rental property because he could not afford to keep it without offsetting his interest charges against his rental income when calculating tax.

He said first-time homebuyers from outside the region would grab rental properties in the market, but current local tenants were unlikely to be able to afford to buy property in Tauranga.

The average house price in the Bay of Plenty was $ 848,000 and would-be homeowners needed a deposit of $ 170,000 for it, Lusby said.

“In all honesty, it will be very difficult for them,” he said.

Lusby predicted that the changes would reduce the supply of rental properties and increase rents in the city.

Tauranga Property Investors Association president Juli Anne Tolley called the policy changes “ridiculous.”

“[The changes] sound like gut reactions, ”she said.

Tolley said changes to interest deductions in combination with the extension of the lightline test would trap real estate investors.

She thought investors – especially those who bought properties in the past five years – would have budgeted for a low interest rate.

She said investors would have to cover that cost with changes to the interest deduction, which in turn would see them selling properties and getting stung by the light line test in the process.

“Now they lose [money] and go back to what they were establishing five years ago, ”she said.

She believed that rents would increase with more landlords renting out their properties as vacation homes or short-term accommodation, which would reduce the rental supply.

“There will always be investors in the market, but this will narrow the field a bit.”

Meanwhile, Western Bay of Plenty Mayor Garry Webber praised the government’s allocation of $ 3.8 billion for a Housing Acceleration Fund that will be used to finance all critical infrastructure. necessary for the realization of a real estate development.

Webber wanted to focus on building affordable homes, like a KiwiBuild development in Ōmokoroa where the homes cost less than $ 650,000.

He said the properties sold very quickly to first-time buyers and he called for more price-controlled homes to be built in the West Bay.

“A house over a million is generally salable, but it is not for people at the bottom of the ladder who really need houses built to meet their needs.”

He supports increasing the light line test, saying it was only fair to tax capital gains.

Bay of Plenty national deputy Todd Muller said the policy had done nothing to increase the supply of homes.

Muller said this was the root of the problem, with housing developments in Tauriko West and Ōmokoroa tied to bureaucracy, while Pāpāmoa East lacked land.

He said a process bypassing the Resource Consent Management Act was needed in Tauranga, similar to what happened in Christchurch, and called for a special agency to be assigned to Tauranga to make it happen.


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