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Real Estate Investors Out To Sell; Buyers Who Fueled Boom Now Face Saturated Market
When we see a whole bunch of (for-sale) signs on one street and run the ownership (through county records), very frequently we'll find that almost the whole street will be owned by California investors," said Kate Southard, owner of Kate Southard Real Estate.
Finally, the investor sellout trend has begun in places like Phoenix and Las Vegas. Albuquerque followed them on the first leg, so it's likely the Duke City would do so now.
Southard says she believes it's part of a cycle: Investors buy a place and rent it out for a year after hunting for a tenant for a few months. Fourteen months from the date of purchase, the lease expires and the renter vacates, leaving the owner with the next few months of mortgage payments and a home that needs maintenance.
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Reporter's notebook: Real Estate Lending Conference Focuses on the Economic Outlook
The most pressing issues for community bankers were on the regulatory front, as well as the possible changes in the economy at this year's National Real Estate Lending Conference and Marketplace held at the Westin Kierland Resort in Scottsdale, AZ. More than 350 mortgage bankers and vendors from across the country convened to discuss key issues affecting the mortgage industry, as well as to take advantage of the 80 degree weather in February. Linda Brakeall, president of Phoenix Seminars, armed attendees at the general session strategies on how to rate-proof their banks' business. Banks should adopt holistic banking, which is being concerned with the whole community rather than parts, Brakeall said. ...
Personalize your estate planning vision
Some steps that you may wish to take to ensure that your estate plan is comprehensive and effective are presented, including: 1. Estimate your estate tax liability. 2. Draft a living trust and "pour-over" will. 3. Draft financial and health care powers of attorney. 4. Create credit shelter trust provisions in your living trust. 5. Create separate ownership of assets over $675,000. 6. Re-title assets in the name of your living trust. ...
The Race is on to Catch the Phoenix
We are all familiar with the Phoenix Bird from Greek and Egyptian mythology which is said to burn itself on an altar and rise again from its ashes young and beautiful. But in the world of credit, when a company does 'a phoenix' and rises again, it always comes at a high price to creditors. Phoenix companies have a bad reputation which is not surprising considering there have been numerous examples of directors deliberately running companies into the ground, buying the assets at a knockdown price, from a "friendly" liquidator, leaving the creditors of the original company with nothing. The directors have no obligation to pay back the original company's creditors; they can start again with a clean slate, and rise again just like the Phoenix Bird. Analysing the phoenix concept, the author uses the example of the National Association of Paper Merchants that is trying to combat phoenix companies within its industry and illustrates the approach taken internationally on phoenix companies. The article explains how to protect business from dealing with phoenix companies, and gives seven key data elements to look for when spotting the next phoenix company. ...
Latest Phoenix Management Lending Survey Points to New Concerns Among Lenders
Lenders across the nation reported increased concerns about the lending environment, the economy and their customers' futures this quarter, according to the results of the second quarter "Lending Climate in America" survey administered recently by turnaround firm Phoenix Management Services. After receiving more optimistic results earlier this year, these latest results suggest increased pessimism among lenders in the U.S. Some of that concern may be tied to increased competition, the survey results suggest. When asked what the single largest impediment to their financial institution's efforts to book and maintain loans was, nearly three-quarters of lenders cited competitive forces; 40% said relaxed credit quality standards by competitors was the leading culprit, while 32% cited reduced pricing by competitors. Of less worry to lenders in their quest to book new loans was demand by borrowers. Only 12% said lack of borrowing activity was the main impediment to their efforts, and only 4% cited improved working capital by borrowers as the reason. ...
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