Retail sales rose 0.4% in April, less than expected as consumers struggle with inflation
Miscellaneous store retailers led gainers with a 2.4% increase, while online sales rose 1.2% and health and personal care retailers saw a 0.9% rise. Food and drink sales climbed 0.6% and were up 9.4% on a 12-month basis. Read More
Consumer debt passes $17 trillion for the first time despite slide in mortgage demand
“The mortgage refinancing boom is over, but its impact will be seen for decades to come”. Fed data shows that about 14 million mortgages were refinanced during the pandemic period starting in March 2020. Some 64% were considered “rate refinances,” or homeowners looking to take advantage of lower borrowing costs. Average savings totaled about $220… Read more »
Despite The Banking Turmoil, It Doesn’t Look Like There Is a Lending Crisis
Challenges in the banking system help the Fed achieve its goals if it means consumers and businesses have a more difficult time getting financing from banks. Read More
Brooklyn Racked Over $1Billion Commercial Sales In First Quarter
TerraCRG reports a total of 245 commercial transactions in the first quarter of 2023, amounting to $1.054 billion. Residential development was the asset class with the highest dollar volume, totaling $294 million. Multifamily and mixed-use building sales combined had 142 trades, totaling over $490 million. Retail transactions accounted for $106 million of total sales, while… Read more »
JPMorgan To Pay FDIC $10.6 Billion For First Republic, This is What It Gets
JPMorgan Chase & Co. will pay $10.6 billion to the Federal Deposit Insurance Corporation (FDIC) to buy First Republic Bank As a part of this deal, JPMorgan will take on all $92 billion of First Republic’s $103.9 billion deposits. It will also buy the bulk of the failed bank’s assets, which include about $173 billion… Read more »
Globest Presents Real Estate Forum’s Picks For Best Bosses in 2023
KALMON DOLGIN & NEIL A. DOLGIN As a fourth-generation family business, Kalmon Dolgin Affiliates boasts a company culture that values honesty, respect, hard work and fair-ness. As a teenager, Kalmon Dolgin helped his dad, brothers and other agents before officially joining the firm, which was founded in 1904, in 1968. He was then joined by… Read more »