Leandra English, the deputy director of the Consumer Financial Protection Bureau, has filed a complaint against President Donald Trump for appointing Mick Mulvaney as the acting director of the Bureau. English claims that the appointment of Mulvaney violates the 2010 Dodd-Frank Act, which bars current White House staffers from being assigned to the independent agency.
According to a report from The Hill, English was next in line for the position, having been nominated by former CFPB Director Richard Cordray. Just before resigning from his position, Cordray promoted English from Chief of Staff to Deputy Director. Trump also nominated Mulvaney shortly after Cordray’s resignation.
The White House has defended Trump’s actions, citing that his power under the Vacancies Act of 1998 overrules the line of succession outlined in the Dodd-Frank Act. Reuters has reported that General Counsel Mary McLeod, the head lawyer of the CFPB hired under Cordray, has sided with the White House and plans to challenge the suit.
The official complaint states, “An earlier version of the Dodd-Frank Act, which would have specifically allowed the President to use the Vacancies Act to temporarily fill the office, was eliminated and replaced with the current language designating the Deputy Director as the Acting Director. And the President’s attempt to appoint a still-serving White House staffer to displace the acting head of an independent agency is contrary to the overall statutory design and independence of the Bureau.”
English has asked that the court not only ban Trump from nominating Mulvaney, but also ban Trump from nominating another acting director, stating that the Dodd-Frank Act supersedes the Vacancies Act.
English would largely be expected to carry on the precedents set by Cordray, such as extensive regulations on lending and punishment for financial fraud. Mulvaney, on the other hand, has backed legislation to eliminate the Bureau entirely, and progressives worry that he would work to dismantle the Bureau if appointed.
http://elitetitleagencyfl.com/wp-content/uploads/2017/12/512px-Official_Portrait_of_President_Donald_Trump.jpg648512support_8dbahttp://elitetitleagencyfl.com/wp-content/uploads/2019/04/elite-title-400x248.pngsupport_8dba2017-12-26 02:50:282017-12-26 02:50:28Trump Overrules Line of Succession at the CFPB
The Real Deal recently crunched some numbers to determine the top residential brokerages in South Florida. In addition to calculating each brokerage’s most recent annual total sales volume of single-family homes, townhomes, and condos (new developments not included), TRD also interviewed key players from some of the top firms to see what contributes the success of their businesses.
TRD created three separate lists showing the top 10 firms in Miami-Dade, Broward, and Palm Beach counties. Two firms that ranked in the top 5 on all three lists include Coldwell Banker and Keyes Company, which both had over half a billion to a billion dollars in sales in the past year. The lists also included some smaller, more local brokerages, like Beachfront Realty in Miami, which ranked #9 in Miami-Dade County with $306 million in sales.
No matter the size of the firm, there were two prominent themes when the companies were asked what they do to achieve high volumes of sales: research and support. In a market that has recently been slowed down by Hurricane Irma, these cornerstones are more important than ever.
When asked about their strategies, the top firms consistently responded that having relevant data was key. The firms always have the most recent numbers to determine what’s selling, which is important, as trends can change week to week. Sometimes price is the biggest factor, sometimes it’s interior style, and sometimes it’s the style of home (townhome, condo).
The top firms also always know what’s going on in the international market. For example, Coldwell Banker communicates with offices in Italy and Turkey for the latest info that could impact the South Florida market, and EWM Realty International routinely briefs its employees on currency trends in the international market.
Supporting employees was also a factor across the board. The top companies provide their employees with extra training, such as webinars and coaching, as well regular meetings and lunches to solidify goals and reinforce morale.
About Title Partners
From the simplest to the most complex residential or commercial real estate settlement transaction, let Elite Ocean View Title Agency, LLC show you why customers continually turn to us for the reliability, responsiveness and confidence they need – and deserve. Contact Us Today!
http://elitetitleagencyfl.com/wp-content/uploads/2017/11/1335-1243970607A63f-e1511818962134.jpg400500support_8dbahttp://elitetitleagencyfl.com/wp-content/uploads/2019/04/elite-title-400x248.pngsupport_8dba2017-11-27 21:43:072017-11-27 21:43:07What Do the Top South Florida Residential Brokerages Have in Common?
This past August, the Federal Housing Finance Agency said that a “tight inventory” of homes was a primary contributor to the 1.6% increase in single-family home prices in the second quarter and the 6.6% increase year-over-year. The FHFA’s findings are consistent with data compiled by the National Association of Realtors, which believes that the current supply of new homes is much too low.
The vast majority of states, plus the District of Columbia, saw median housing prices increase in the past year. The FHFA ranked Florida fourth in Y-O-Y housing price increases (9.4%), behind Idaho (10.3%), Colorado (10.4%), and Washington (12.4%).
While single-family home sales are overall on the rise, when compared with the size of the current US population, the amount of sales is relatively and historically low. However, since construction is not currently meeting the population’s need for new, affordable housing, median housing prices continue to increase despite the slump in sales.
In the past year, a net 2.2 million jobs have been created in the US, providing a new crop of home buyers. A tight housing supply coupled with a lack of new construction caused homes to sell quickly, especially those in the lower price range.
However, the national median home price of $255,600 is still too high for many buyers. NAR chief economist Lawrence Yun warns that unless the demand for affordable housing is met with new construction, too many potential home buyers will still be priced out of the market, unable to reap the financial benefits that home ownership can bring.
About Title Partners
From the simplest to the most complex residential or commercial real estate settlement transaction, let Elite Ocean View Title Agency, LLC show you why customers continually turn to us for the reliability, responsiveness and confidence they need – and deserve. Contact Us Today!
The population of octogenarians in the U.S. is set to double in the next decade, which also means the population of people with Alzheimer’s and dementia will sharply rise. However, in Manhattan, there have been no new assisted living facilities built in over 10 years, so Manhattan is not currently equipped to handle in impending influx of seniors.
While assisted living is more commonly confined to suburbs, where land is cheaper, there are indications that the aging population in New York City is willing to pay a premium to remain in their neighborhoods. Developers are taking this opportunity to offer luxury assisted living. For example, Maplewood is currently building a facility on the Upper East Side and has plans to expand its boutique senior properties to other cities in the U.S. and abroad.
The Maplewood-Omega tower will feature limestone exteriors and marble bathrooms, which will seem familiar to local, wealthy residents. Amenities will also include a spa, a movie theatre, a lush “sky park” on the 16th floor, along with housekeeping and Broadway ticket reservations.
The 23-story building is estimated to cost $270 million to build and will charge monthly rents starting at $12,000. Another building by Welltower, Inc. and Hines will charge rents upwards of $20,000 per month.
Luxury isn’t the only thing residents will be paying for. The buildings are being constructed to serve those living with Alzheimer’s, dementia, and other impairments. In addition to memory care and assisted living, the buildings are being constructed with the needs of this population in mind. For example, a building might feature lighting in the hallways that adjusts throughout the day to promote being awake and then winding down for bedtime.
Source:
Carmiel, Oshrat. Manhattan Gets $20,000-a-Month Homes for New Breed of Seniors. (2017, August 21). Retrieved from https://www.bloomberg.com/news/articles/2017-08-21/manhattan-gets-20-000-a-month-homes-for-new-breed-of-seniors
http://elitetitleagencyfl.com/wp-content/uploads/2017/10/new-york-1590175_640.jpg360640support_8dbahttp://elitetitleagencyfl.com/wp-content/uploads/2019/04/elite-title-400x248.pngsupport_8dba2017-10-23 20:59:342017-10-23 20:59:34Luxury Assisted Living on the Rise in Manhattan
After the 2009 financial crisis in the US, interest rates plummeted, and they’ve only recently started to rise again. Starting in December 2015, the Federal Reserve began to raise the funds rate, and the Federal Open Market Committee has voted to raise rates three time since then.
For savers, these rates haven’t affected much – interest rates have only risen slightly for them in the past year, and the difference between one percent and 1.2 percent may not warrant shopping around for another bank. The banks are full of savers’ cash and therefore not pressured to compete for deposits. The biggest banks often offer the lowest rates, even for customers with millions in their accounts. Customers wanting to increase their yields should consider regional or lesser known banks that do need the cash and are willing to offer higher rates.
Interest rates have changed more significantly for borrowers, though some products have hardly seen any change at all. Auto loan rates are down due to the competitive market and the rise of auto defaults. Home mortgage rates dropped after the Fed’s first rate hike in 2015; however, they have bounced back since then, since those rates are less affected by the Fed funds rate.
Historically, credit card rates have closely mimicked Fed rates, and this time is no exception. However, consumers may still find opportunities to save – those with good credit scores may be able to find cards with limited time rates of zero percent. And the Navy Federal Credit Union, the largest credit union in the US, took the last Fed hike in June as an opportunity to stand out from the crowd, dropping their basic card’s rate by two percentage points.
http://elitetitleagencyfl.com/wp-content/uploads/2017/10/up-arrow-2382831_640.png366640support_8dbahttp://elitetitleagencyfl.com/wp-content/uploads/2019/04/elite-title-400x248.pngsupport_8dba2017-10-02 17:16:022017-10-02 17:16:02Fed Rates Are Up – Where Do Consumers Feel It Most?
A new report by the National Multifamily Housing Council and the National Apartment Association has ranked Miami third on its list of cities with the highest estimated demand over the next decade for new apartment buildings with 5 or more units. The same report shows that Miami is the fourth most difficult metro area in which to build new apartments, behind Honolulu, Boston, and Baltimore (first to third, respectively).
While New York City and Dallas have a significantly higher estimate for demand of new apartment buildings in comparison to Miami, both cities rank much lower on the list of cities in which it is most difficult to build. New York is number 10 on that list, while Dallas doesn’t even break the top 10. The study looked at zoning regulations and land costs when ranking how difficult it is to build in each metro area.
All over the country, home ownership rates are down, and while large apartment buildings are high in demand, there is also demand for more single-family homes and apartment buildings. Both metropolitan areas and smaller cities are seeing a shortage of existing properties, which means competition for leases has become more intense.
As rental demands increase, renters are finding themselves spending a higher percent of their wages on rent. In Miami, more than half of renters spend over one-third of their income on housing. This is not unordinary, as seven of the ten cities in which it is most difficult to build currently see renters spending at least 35 percent of their income on rent.
Source:
Clark, Patrick. These Are the U.S. Cities Where It Costs Too Much to Build. (2017, June 26). Retrieved from https://www.bloomberg.com/news/articles/2017-06-26/these-are-the-u-s-cities-where-it-costs-too-much-to-build
http://elitetitleagencyfl.com/wp-content/uploads/2017/09/Flag_of_Miami-Dade_County_Florida.png216325support_8dbahttp://elitetitleagencyfl.com/wp-content/uploads/2019/04/elite-title-400x248.pngsupport_8dba2017-09-23 20:00:012017-09-23 20:00:01Demand for Multifamily Housing is High in Miami – But So Is the Cost
Trump Overrules Line of Succession at the CFPB
UncategorizedLeandra English, the deputy director of the Consumer Financial Protection Bureau, has filed a complaint against President Donald Trump for appointing Mick Mulvaney as the acting director of the Bureau. English claims that the appointment of Mulvaney violates the 2010 Dodd-Frank Act, which bars current White House staffers from being assigned to the independent agency.
According to a report from The Hill, English was next in line for the position, having been nominated by former CFPB Director Richard Cordray. Just before resigning from his position, Cordray promoted English from Chief of Staff to Deputy Director. Trump also nominated Mulvaney shortly after Cordray’s resignation.
The White House has defended Trump’s actions, citing that his power under the Vacancies Act of 1998 overrules the line of succession outlined in the Dodd-Frank Act. Reuters has reported that General Counsel Mary McLeod, the head lawyer of the CFPB hired under Cordray, has sided with the White House and plans to challenge the suit.
The official complaint states, “An earlier version of the Dodd-Frank Act, which would have specifically allowed the President to use the Vacancies Act to temporarily fill the office, was eliminated and replaced with the current language designating the Deputy Director as the Acting Director. And the President’s attempt to appoint a still-serving White House staffer to displace the acting head of an independent agency is contrary to the overall statutory design and independence of the Bureau.”
English has asked that the court not only ban Trump from nominating Mulvaney, but also ban Trump from nominating another acting director, stating that the Dodd-Frank Act supersedes the Vacancies Act.
English would largely be expected to carry on the precedents set by Cordray, such as extensive regulations on lending and punishment for financial fraud. Mulvaney, on the other hand, has backed legislation to eliminate the Bureau entirely, and progressives worry that he would work to dismantle the Bureau if appointed.
What Do the Top South Florida Residential Brokerages Have in Common?
UncategorizedThe Real Deal recently crunched some numbers to determine the top residential brokerages in South Florida. In addition to calculating each brokerage’s most recent annual total sales volume of single-family homes, townhomes, and condos (new developments not included), TRD also interviewed key players from some of the top firms to see what contributes the success of their businesses.
TRD created three separate lists showing the top 10 firms in Miami-Dade, Broward, and Palm Beach counties. Two firms that ranked in the top 5 on all three lists include Coldwell Banker and Keyes Company, which both had over half a billion to a billion dollars in sales in the past year. The lists also included some smaller, more local brokerages, like Beachfront Realty in Miami, which ranked #9 in Miami-Dade County with $306 million in sales.
No matter the size of the firm, there were two prominent themes when the companies were asked what they do to achieve high volumes of sales: research and support. In a market that has recently been slowed down by Hurricane Irma, these cornerstones are more important than ever.
When asked about their strategies, the top firms consistently responded that having relevant data was key. The firms always have the most recent numbers to determine what’s selling, which is important, as trends can change week to week. Sometimes price is the biggest factor, sometimes it’s interior style, and sometimes it’s the style of home (townhome, condo).
The top firms also always know what’s going on in the international market. For example, Coldwell Banker communicates with offices in Italy and Turkey for the latest info that could impact the South Florida market, and EWM Realty International routinely briefs its employees on currency trends in the international market.
Supporting employees was also a factor across the board. The top companies provide their employees with extra training, such as webinars and coaching, as well regular meetings and lunches to solidify goals and reinforce morale.
About Title Partners
From the simplest to the most complex residential or commercial real estate settlement transaction, let Elite Ocean View Title Agency, LLC show you why customers continually turn to us for the reliability, responsiveness and confidence they need – and deserve. Contact Us Today!
Low Housing Supply Contributes to Housing Price Increases
UncategorizedThis past August, the Federal Housing Finance Agency said that a “tight inventory” of homes was a primary contributor to the 1.6% increase in single-family home prices in the second quarter and the 6.6% increase year-over-year. The FHFA’s findings are consistent with data compiled by the National Association of Realtors, which believes that the current supply of new homes is much too low.
The vast majority of states, plus the District of Columbia, saw median housing prices increase in the past year. The FHFA ranked Florida fourth in Y-O-Y housing price increases (9.4%), behind Idaho (10.3%), Colorado (10.4%), and Washington (12.4%).
While single-family home sales are overall on the rise, when compared with the size of the current US population, the amount of sales is relatively and historically low. However, since construction is not currently meeting the population’s need for new, affordable housing, median housing prices continue to increase despite the slump in sales.
In the past year, a net 2.2 million jobs have been created in the US, providing a new crop of home buyers. A tight housing supply coupled with a lack of new construction caused homes to sell quickly, especially those in the lower price range.
However, the national median home price of $255,600 is still too high for many buyers. NAR chief economist Lawrence Yun warns that unless the demand for affordable housing is met with new construction, too many potential home buyers will still be priced out of the market, unable to reap the financial benefits that home ownership can bring.
About Title Partners
From the simplest to the most complex residential or commercial real estate settlement transaction, let Elite Ocean View Title Agency, LLC show you why customers continually turn to us for the reliability, responsiveness and confidence they need – and deserve. Contact Us Today!
Luxury Assisted Living on the Rise in Manhattan
UncategorizedThe population of octogenarians in the U.S. is set to double in the next decade, which also means the population of people with Alzheimer’s and dementia will sharply rise. However, in Manhattan, there have been no new assisted living facilities built in over 10 years, so Manhattan is not currently equipped to handle in impending influx of seniors.
While assisted living is more commonly confined to suburbs, where land is cheaper, there are indications that the aging population in New York City is willing to pay a premium to remain in their neighborhoods. Developers are taking this opportunity to offer luxury assisted living. For example, Maplewood is currently building a facility on the Upper East Side and has plans to expand its boutique senior properties to other cities in the U.S. and abroad.
The Maplewood-Omega tower will feature limestone exteriors and marble bathrooms, which will seem familiar to local, wealthy residents. Amenities will also include a spa, a movie theatre, a lush “sky park” on the 16th floor, along with housekeeping and Broadway ticket reservations.
The 23-story building is estimated to cost $270 million to build and will charge monthly rents starting at $12,000. Another building by Welltower, Inc. and Hines will charge rents upwards of $20,000 per month.
Luxury isn’t the only thing residents will be paying for. The buildings are being constructed to serve those living with Alzheimer’s, dementia, and other impairments. In addition to memory care and assisted living, the buildings are being constructed with the needs of this population in mind. For example, a building might feature lighting in the hallways that adjusts throughout the day to promote being awake and then winding down for bedtime.
Source:
Carmiel, Oshrat. Manhattan Gets $20,000-a-Month Homes for New Breed of Seniors. (2017, August 21). Retrieved from https://www.bloomberg.com/news/articles/2017-08-21/manhattan-gets-20-000-a-month-homes-for-new-breed-of-seniors
Fed Rates Are Up – Where Do Consumers Feel It Most?
UncategorizedAfter the 2009 financial crisis in the US, interest rates plummeted, and they’ve only recently started to rise again. Starting in December 2015, the Federal Reserve began to raise the funds rate, and the Federal Open Market Committee has voted to raise rates three time since then.
For savers, these rates haven’t affected much – interest rates have only risen slightly for them in the past year, and the difference between one percent and 1.2 percent may not warrant shopping around for another bank. The banks are full of savers’ cash and therefore not pressured to compete for deposits. The biggest banks often offer the lowest rates, even for customers with millions in their accounts. Customers wanting to increase their yields should consider regional or lesser known banks that do need the cash and are willing to offer higher rates.
Interest rates have changed more significantly for borrowers, though some products have hardly seen any change at all. Auto loan rates are down due to the competitive market and the rise of auto defaults. Home mortgage rates dropped after the Fed’s first rate hike in 2015; however, they have bounced back since then, since those rates are less affected by the Fed funds rate.
Historically, credit card rates have closely mimicked Fed rates, and this time is no exception. However, consumers may still find opportunities to save – those with good credit scores may be able to find cards with limited time rates of zero percent. And the Navy Federal Credit Union, the largest credit union in the US, took the last Fed hike in June as an opportunity to stand out from the crowd, dropping their basic card’s rate by two percentage points.
Source:
Steverman, Ben. Why You Don’t Feel the Fed Rate Hike in Your Bank Account. (2017, July 18). Retrieved from https://www.bloomberg.com/news/articles/2017-07-18/why-you-don-t-feel-fed-rate-hikes-in-your-bank-account
Demand for Multifamily Housing is High in Miami – But So Is the Cost
UncategorizedA new report by the National Multifamily Housing Council and the National Apartment Association has ranked Miami third on its list of cities with the highest estimated demand over the next decade for new apartment buildings with 5 or more units. The same report shows that Miami is the fourth most difficult metro area in which to build new apartments, behind Honolulu, Boston, and Baltimore (first to third, respectively).
While New York City and Dallas have a significantly higher estimate for demand of new apartment buildings in comparison to Miami, both cities rank much lower on the list of cities in which it is most difficult to build. New York is number 10 on that list, while Dallas doesn’t even break the top 10. The study looked at zoning regulations and land costs when ranking how difficult it is to build in each metro area.
All over the country, home ownership rates are down, and while large apartment buildings are high in demand, there is also demand for more single-family homes and apartment buildings. Both metropolitan areas and smaller cities are seeing a shortage of existing properties, which means competition for leases has become more intense.
As rental demands increase, renters are finding themselves spending a higher percent of their wages on rent. In Miami, more than half of renters spend over one-third of their income on housing. This is not unordinary, as seven of the ten cities in which it is most difficult to build currently see renters spending at least 35 percent of their income on rent.
Source:
Clark, Patrick. These Are the U.S. Cities Where It Costs Too Much to Build. (2017, June 26). Retrieved from https://www.bloomberg.com/news/articles/2017-06-26/these-are-the-u-s-cities-where-it-costs-too-much-to-build