
Wall Street CEOs Head to Washington With Capital-Rule Concerns
At a Capitol Hill meeting designed to hold bank leaders accountable, some of Wall Street’s top brass will instead air their own complaints.
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At a Capitol Hill meeting designed to hold bank leaders accountable, some of Wall Street’s top brass will instead air their own complaints.
The Bank of England said that far fewer households will struggle to meet their mortgage payments, suggesting a limit to defaults on home loans and support for the ailing property market.
The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales in November edged down one per cent compared with the same month last year.
The Bank of Canada is expected to hold interest rates steady as officials seek out a neutral way to acknowledge their rate hikes have gone far enough.
US mortgage rates fell to the lowest level in almost four months last week, spurring the biggest demand for refinancing since February.
Oct 28, 2021
Bloomberg News
,(Bloomberg) -- The largest owner of U.S. rental houses isn’t seeing any let-up in demand, or in its ability to increase rents.
Invitation Homes Inc., which owns more than 80,000 single-family rentals, raised prices by nearly 11% in the third quarter, according to a statement. The company boosted rents by 8% on renewals and 18% when leasing homes to new tenants. Rates are rising fastest in the Southwest, where rents increased 30% on new leases in Las Vegas, and 29% in Phoenix.
“It’s a little bit crazy,” Chief Executive Officer Dallas Tanner said on a conference call with investors Thursday. “There just isn’t enough quality housing available right now.”
Rising rents have been a staple of the economy since early Covid lockdowns lifted in the middle of last year. Surging purchase prices have pushed homeownership out of reach for first-time buyers.
Invitation’s properties, which tend be more centrally located than those owned by other institutional landlords, have been especially popular. And tenants tended to stay put: The company had a record-low turnover rate in the quarter, which reduced the expenses associated with preparing a house for leasing.
Invitation’s shares rose slightly to $40.77 at 12:49 p.m. New York time after the company raised its expectations for full- year revenue and net operating income. The stock is up 37% for the year.
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