Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-64597 Thu, 21 Feb 2019 04:03:04 GMT Sellers are taking huge losses on Billionaires' Row. These are some of the biggest http://implode-explode.com/viewnews/2019-02-20_SellersaretakinghugelossesonBillionairesRowThesearesomeofthebigg.html Whereas just 7.7 percent of the 16,000 apartments resold in New York from 2014 to 2018 sold for an outright loss, that percentage rose to 39 percent -- 26 out of 66 -- for luxury apartment resales in Midtown.

"One of the things that I struggle to wrap my head around is why people continue to park money in high-end New York real estate when it's not a very lucrative asset class," StreetEasy senior economist Grant Long told the New York Post.

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iehi-feed-64594 Wed, 20 Feb 2019 15:00:40 GMT Illegal SCRA Foreclosure Alert: Combat Vet Gets $125,000 In Damages http://implode-explode.com/viewnews/2019-02-20_IllegalSCRAForeclosureAlertCombatVetGets125000InDamages.html iehi-feed-64593 Tue, 19 Feb 2019 21:16:40 GMT Worried about Costs & Slowdown? Amazon Scuttles HQ2 Altogether, Plunges NY City Real Estate Industry "Into Despair" | Wolf Street http://implode-explode.com/viewnews/2019-02-19_WorriedaboutCostsSlowdownAmazonScuttlesHQ2AltogetherPlungesNYCit.html [Not renewing the HQ2 search] means that Amazon has decided it didn't really need this big facility. Is it worried about retail sales not holding up? Is it fretting about competition from the biggest retailers in the US and elsewhere as they catch the drift of e-commerce? Is it worried about a slowdown at AWS, its big data-center money maker, now that the exuberance about the "cloud" is waning? Is it worried that in the future, investors will once again hound it about ballooning expenses, and hammer its stock price to smithereens? This was a move designed to keep operating expenses and capital expenditures from ballooning further. Laying off people is one thing when push comes to shove, but getting rid of a monstrous multi-billion-dollar HQ2 is another.

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Forget soaring rents for apartments, forget higher home prices, and surging rents for office and industrial space, forget booming commissions. That whole dream went up in smoke today -- in a market that has already come under pressure.

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iehi-feed-64592 Tue, 19 Feb 2019 14:48:21 GMT FHFA Inspector General Says Mel Watt Sexually Harassed A Woman http://implode-explode.com/viewnews/2019-02-19_FHFAInspectorGeneralSaysMelWattSexuallyHarassedAWoman.html iehi-feed-64591 Mon, 18 Feb 2019 14:20:43 GMT Chrysler Building Goes On The Market For Undisclosed Figure http://implode-explode.com/viewnews/2019-02-18_ChryslerBuildingGoesOnTheMarketForUndisclosedFigure.html iehi-feed-64586 Sat, 16 Feb 2019 18:43:27 GMT Former Fannie Mae Employee Found Guilty In REO Foreclosure Scam http://implode-explode.com/viewnews/2019-02-16_FormerFannieMaeEmployeeFoundGuiltyInREOForeclosureScam.html iehi-feed-64584 Thu, 14 Feb 2019 16:48:52 GMT Sierra Pacific Mortgage Fined $3.67 Million For FHA Lending Violations http://implode-explode.com/viewnews/2019-02-14_SierraPacificMortgageFined367MillionForFHALendingViolations.html iehi-feed-64580 Tue, 12 Feb 2019 20:04:38 GMT Ditech Files Bankruptcy For The 2nd Time In 14 Months. Is This The End? http://implode-explode.com/viewnews/2019-02-12_DitechFilesBankruptcyForThe2ndTimeIn14MonthsIsThisTheEnd.html iehi-feed-64565 Sun, 03 Feb 2019 01:12:55 GMT Manhattan Condo, Co-op Sales Down Again http://implode-explode.com/viewnews/2019-02-02_ManhattanCondoCoopSalesDownAgain.html [Elliman], which tracks residential market trends, said annual sales of condominiums and co-ops had the largest year-over-year decline since the financial crisis.

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"Inventory was up 11.8% from the same time last year, however all the gains occurred in the resale market. By contrast, new developments fell 10.6%, with developers pulling apartments out of active inventory."

The report also "paints a picture of a market slowdown across the board in Manhattan in 2018," notes The Real Deal. "Though big sales at ultraluxury buildings like 520 Park Avenue, 432 Park and 220 Central Park South have dominated the headlines, Elliman's new report found that price trend indicators all declined year-over-year in 2018, as the legacy contracts inked when the market was booming finally closed."

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arburg's report also shows a greater difference between asking prices and selling prices in the New York City real estate market. "Offers 20% and 25% below asking prices began to flow in, a phenomenon last seen in 2009,"

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iehi-feed-64561 Fri, 01 Feb 2019 01:56:34 GMT Why Technology Hasn't Fixed the Housing Crisis http://implode-explode.com/viewnews/2019-01-31_WhyTechnologyHasntFixedtheHousingCrisis.html Billions have been flowing into a corner of the tech industry focused on the housing market. And now there are start-ups to help landlords manage properties, or homeowners manage sales, or tenants manage their packages.

But hardly any of it touches the central problem of housing: For many people, it costs too much.

"None of that investment, nor the solutions that those companies are offering, will fundamentally change the dynamic of the housing market in a way that increases housing affordability," said Matt Hoffman, the vice president for innovation at the national housing nonprofit Enterprise Community Partners, surveying what venture capitalists have come to call "proptech."

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"This looking for a tech solution -- I understand why people want it," Ms. Brenner said. But she doesn't believe it exists. The housing crisis is a policy problem, she says, one that Nimbyism, zoning laws, land use restrictions and tax policies have made worse. She fears that the dream of a tech fix will distract voters and politicians from those culprits.

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It now costs as much as $500,000 per unit to build low-income housing in the most expensive markets. Savings in the cost of construction could help developers of such housing stretch subsidies further. Cheaper construction could also change the math in markets where developers say it's also not profitable to build middle-class housing.

But Mr. Hoffman is skeptical that construction tech can fundamentally change affordability; market-rate developers have no incentive to pass those savings on to renters or home buyers, he said

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It's notable this month that as both Microsoft and the Chan Zuckerberg Initiative pledged major new housing investments, neither proposed spending its money on tech fixes. Both announced investment funds to help affordable housing developers. And both plan to push for local policies that would make it easier to expand housing.

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iehi-feed-64556 Wed, 30 Jan 2019 21:32:44 GMT MFI-Miami Is Closing And Offering $450 Deals On Investigations http://implode-explode.com/viewnews/2019-01-30_MFIMiamiIsClosingAndOffering450DealsOnInvestigations.html iehi-feed-64554 Wed, 30 Jan 2019 17:49:55 GMT Chemical Bank Buys TCF Bank In $3.6 Billion All-Stock Deal http://implode-explode.com/viewnews/2019-01-30_ChemicalBankBuysTCFBankIn36BillionAllStockDeal.html iehi-feed-64547 Sun, 27 Jan 2019 00:08:25 GMT Most expensive home in the US sells for $238 million to Ken Griffin (WHICH IS A PRICE CUT!) http://implode-explode.com/viewnews/2019-01-26_MostexpensivehomeintheUSsellsfor238milliontoKenGriffinWHICHISAPR.html The most expensive home in the country sold in New York for $238 million. Hedge fund billionaire Ken Griffin closed on the Manhattan property at 220 Central Park South on Wednesday his spokesperson said.

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Miller said when he first heard about the property at 220 Central Park South in 2014 it was listed for $250 million. "The sale for $238 million has nothing to do with the current market. It has everything to do with 2015, which was around peak luxury," he said. "In New York the top end is softening right now because of over-development."

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iehi-feed-64546 Fri, 25 Jan 2019 15:24:44 GMT United Van Lines Says New Jersey Had The Most Outbound Truck Rentals http://implode-explode.com/viewnews/2019-01-25_UnitedVanLinesSaysNewJerseyHadTheMostOutboundTruckRentals.html iehi-feed-64545 Thu, 24 Jan 2019 15:14:59 GMT Lender Security Breach Leaves 24 Million Homeowners Exposed http://implode-explode.com/viewnews/2019-01-24_LenderSecurityBreachLeaves24MillionHomeownersExposed.html iehi-feed-64544 Wed, 23 Jan 2019 15:25:38 GMT Existing Home Sales Plummet In December http://implode-explode.com/viewnews/2019-01-23_ExistingHomeSalesPlummetInDecember.html iehi-feed-64542 Mon, 21 Jan 2019 16:09:28 GMT Ditech Holding Corporation Continues To Dodge Creditors http://implode-explode.com/viewnews/2019-01-21_DitechHoldingCorporationContinuesToDodgeCreditors.html iehi-feed-64539 Thu, 17 Jan 2019 17:59:11 GMT Metropolitan Property Group Accused of Illegal Airbnb Rentals http://implode-explode.com/viewnews/2019-01-17_MetropolitanPropertyGroupAccusedofIllegalAirbnbRentals.html iehi-feed-64534 Wed, 16 Jan 2019 14:09:20 GMT Democrats To Protect Unpaid Government Employees From Foreclosure http://implode-explode.com/viewnews/2019-01-16_DemocratsToProtectUnpaidGovernmentEmployeesFromForeclosure.html iehi-feed-64531 Wed, 16 Jan 2019 01:32:35 GMT Why mortgage lending at Wells Fargo, Chase and Citi plunged http://implode-explode.com/viewnews/2019-01-15_WhymortgagelendingatWellsFargoChaseandCitiplunged.html With earnings from three of the four biggest banks in, one metric stands in sharp relief. Mortgage lending just keeps plunging. In the fourth quarter, mortgage originations at Citi C, +4.16%   were down 23% compared to a year ago. At Wells Fargo WFC, -1.55%  , they were 28% lower, and at JPMorgan Chase JPM, +0.73%  , they were down 30%.

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What's going on? Here's how JPMorgan CFO Marianne Lake described it in her prepared remarks to analysts Wednesday: "Home Lending revenue was down 8%, driven by lower net reduction revenue in a low volume highly competitive environment."

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Mortgage lending is down, mostly because there aren't enough houses for people to buy to sustain a healthy housing market -- although rising rates aren't helping either. Also thanks to those higher rates, the long refinance boom is over

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