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[ad_1] Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic markets ended their four-day losing streak on Thursday as benchmark indices rallied. S&P BSE Sensex closed 113 points or 0.20% higher at 57,901 while NSE Nifty 50 ended 27 points or 0.16% higher at 17,248. On the other hand, broader markets ended in red. Entering the final trading session of the week, SGX Nifty was down in red, hinting at a flat to negative start to the day’s trade. Global cues were weak after Dow Jones, S&P 500, and the NASDAQ index closed with losses. Asian stock markets mirrored the fall.  Shares of RateGain Travel Technologies will start trading on the stock exchanges today. The Rs 1,335 crore IPO of RateGain Travel was well received by investors earlier this month with Non-Institutional Investors (NII) subscribing to the issue 42.02 times. Qualified Institutional Buyers (QIB) had subscribed to their portion 8.42 times while retail quota was bid for 8 times, taking the overall subscription to 17.41 times. Shares of RateGain commanded a grey market premium of Rs 45 apiece till yesterday, down from Rs 100 per share last week.  [ad_2] Source link

[ad_1] It is an eventful week within the Slack channels of Knock, and an anxiety-filled one for the company’s 30 active loan officers.* On Tuesday, according to multiple sources within the New York-headquartered mortgage lender and “power buyer,” a weekly video meeting of Knock loan officers took a turn when Robert Foos, Knock’s director of sales, told loan officers that they would receive a 33% reduction in salaries effective Jan. 1. Knock loan officers draw a median salary of about $75,000 a year, according to these company sources. Both the news itself and how it was presented – with neither company CEO Sean Black nor Chief Operating Officer Jamie Glenn addressing the affected employees – caused a firestorm within the company’s virtual corridors. But on Thursday morning, Knock reversed course. Glenn sent an email to loan officers stating that their base salaries would, in fact, not be reduced. Moreover, loan officers could expect increased commissions under the company’s compensation plan. “Over the course of the week, with multiple 1:1s, we have heard feedback about some of the mechanics of the plan and confusion over how it works,” Glenn wrote, in the email obtained by HousingWire. “As a result, we have decided to not roll out the plan we communicated. We are working on a revised plan that will roll out in January, that addresses the feedback, keeps base salaries the same, while giving everyone the 43% increased upside for repeat customers and stellar customer service.” The revised plan would appear similar to the scrapped pay reduction in one respect – a focus on repeat business from Knock’s network of real estate agents. Founded in 2014 by Black, a founding member of real estate listings site Trulia, Knock helps consumers bid on a new home by fronting a cash offer. The company primarily works with the consumer in financing the home – including that the homebuyer work with one of Knock’s in-house loan advisors. Like other power buyers Orchard and Ribbon (Black has noted that Knock was the first of these companies), Knock works with outside real estate agents who recommend the cash offer service. One Knock loan officer, who requested anonymity to speak candidly about the company’s strategy, said there has been an increased focused on building these agent networks. Reached Thursday after Glenn’s announcement, the loan officer said that employees are generally satisfied with the change in course and that it shows the company’s values remain intact. A spokesperson for Knock declined to comment on specific questions but provided a statement to HousingWire: “Knock expects another year of rapid growth in 2022, and we want our team to participate in that upside. Our 2022 compensation plan keeps base salaries at current levels and significantly increases upside potential.” Knock’s reckoning with loan officer pay comes amid a historic housing inventory shortage and fewer deals, though Knock itself is growing. It began 2021 in 14 markets and is now in 70. More broadly, the mortgage refinancing gravy train has skidded off the tracks for several lending companies. (Knock does not do refinancings.) Chicago-based Interfirst Mortgage is set to lay off hundreds of loan officers between its offices in Illinois and North Carolina. Freedom Mortgage laid off hundreds of sales professionals in its Fort Mill, South Carolina office. And Better.com CEO Vishal Garg laid off 900 employees over a Zoom call, with Garg himself then taking leave following extreme blowback. * UPDATE 12/16: According to a Knock spokesperson, the company has 30 loan officers. The National Mortgage Licensing System states Knock employs 45 LO’s, but the spokesperson said that 15 of these employees provide company functions other than advising on loans. The original story stated that Knock has “about 50 loan officers.” The post Knock reverses course on loan officer pay cut appeared first on HousingWire. [ad_2] Source link

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[ad_1] Singapore's Nov exports surge 24.2% y/y, fastest pace in a decade [ad_2] Source link

[ad_1] By KK Pandey Municipal corporations that saw high numbers of Covid-19-affected were at the forefront of the fight against the pandemic, particularly during the lockdown, total and partial, during the first and second wave—mapping hotspots, managing containment zones with quarantine facilities, doing door-to-door tracking, managing specific waste, operating war-rooms with integrated command and control system, running helplines, telemedicine and transitory treatment centres in schools, stadiums, ensuring food for labourers/urban poor and rehabilitating construction workers, etc. The work done by municipal corporations to combat the pandemic, however, was at the cost of associated fiscal stress affecting their committed expenditure in a double-edged manner: (i) decline in own source revenue (liquidity and fiscal autonomy) and (ii) increase in expenditure on Covid-related operations. This has led to budgetary imbalance, particularly for obligatory functions of routine nature. These include water supply, sanitation, roads, payment of salaries and other liabilities. At present, the likelihood of another wave (resulting from the Omicron variant) or any other such eventuality in future can’t be fully ruled out; thus, sustaining the Indian economy (as cities account for a significant part of the growth) by addressing municipal fiscal stress is, without doubt, a top priority. Empirical evidence, from a sample of 141 municipal corporations, shows either a sharp decline in revenue or increase in expenditure in the case of 75% and a sharp 20-25% revenue loss during the first and second wave of Covid-19 (RBI State of Finances 2021, which also covers the third tier of government). Municipal corporations were already facing decline in own-source income. (as noted by the Economic Survey 2018). Further, the top 20 corporations in the RBI sample (accounting for 60% of the total population and 55% of the total expenditure of the sample) show substantial decline in the revised estimates of growth in expenditure in 2021 over actuals of 2019. The most affected services are sewerage (55-71%), roads (51%), water supply (54%) and solid waste management (28%).The establishment proposals also show a decline (from 30% to 13%). In addition, municipal budgets for 2022-23 seem set to fail to cover this decline in RE, pegging percentage point decline that won’t get covered for sewerage, roads ,water supply and solid waste at 16%, 46%,9%, and14%, respectively. On the revenue side, the RE in 2021 over actuals of 2019-20 shows decline for projected growth in property tax (11%), ,water and sewerage services (5%), professional tax (22%), rental income (31%) and municipal fee (50%); intergovernmental transfers, though, show a marginal increase (25-29 ppts). Implications of the fiscal stress are alreadyvisible in the incapability of many corporations (East Delhi and several other cities) to pay salaries and outstanding liabilities in time, leading to significant decline in the upkeep of roads, water supply and sanitation. At the same time, some cities have also showed efforts towards mobilisation of funds through bonds (five cities), while 15% cities used reserved funds, adding to the liabilities for which these were created (PF, pension, leave encashment, etc) and community and Corporate Social Responsibility(CSR) corpus. The fiscal stress of corporations therefore needs to be attended to through a six-pronged strategy. First, a fiscal stimulus needs to be announced as per intensity of stress, calibrated for the size of the city, to bridge the gap between declining revenue and increasing expenditure, giving priority to committed expenditure and Covid-related backlog. It should include (a) budget stabilisation/pool finance on the lines of a revolving fund, (b) overdraft facility against delayed receipts of transfers and revenue demand, (c) a special drive for green bonds to ease fund availability, and (d) a corpus fund for all this, with joint contribution by the Centre and the states. Second, stimulus packages should also be made available to other Urban Local Bodies (ULBs) whose financial position is worse compared to corporations. They also have an equally important role in the event of third wave or other similar occasions. Third, rationalise property taxes (as per the toolkit of GoI, issued in 2020 with the aim to double the proceeds by 2024). It includes GIS mapping of properties, cross checking, payments by government properties (including state governments), rationalisation of concessions, imposition of penalties (attachment of bank accounts of big defaulters) and revision of the unit area rate. Fourth, bring in efficiency in expenditure using out-sourcing, PPP including hybrid annuity model (HAM), participatory budgeting by expanding the size of local elasticity from the citizens, civil societies and community groups taking lessons from existing examples (Mathura, for HAM under Namami Gange, and participatory funding by Indore, Hyderabad). Fifth, develop synergy within government missions and programmes, and use XV Finance Commission funds for common service centres (Rs 450 crore), health infrastructure (over Rs 25,000 crore), with a regional approach (44 urban agglomerations) for water and sanitation. Sixth, the network of national/state/district disaster management (DM) agencies should be extended to corporations and other ULBs, with special provision of DM cell (staff/equipment) along with allocation of disaster management funds as specified by XV FC. The role of ULBs in disaster management (both man-made and natural) and community engagement does not need any elaboration. The author is Professor, IIPA, Delhi [ad_2] Source link

[ad_1] Today, the U.S. Census Bureau reported that housing starts came in as a beat at 1,679,000 for November. The more critical number of housing permits came in 1,712,000, a solid uptick from last month, and we saw slightly positive revisions to previous numbers. Housing starts data has been choppy lately, as we are all aware of the delays in building homes in America. However, with all that said, the critical indicators for all housing data were consistently positive in 2021. If you knew where to look and expected a moderation from the COVID-19 surge in make-up demand, you would have prevented yourself from the embarrassment of being a housing crash bear in 2021. The builder’s confidence data had been rising for months now. At the same time, some people focused their attention on iBuyers, who don’t even account for 1% of total home sales in America. Rookies are always going to roll badly, as rookies do. While new home sales aren’t booming in 2021, demand is still good enough to build more homes as the monthly supply of new homes is still below 6.5 months on a three-month average. Building permits from from Census: Privately‐owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,712,000.  This is 3.6 percent (±0.9 percent) above the revised October rate of 1,653,000 and is 0.9 percent (±2.0 percent)* above the November 2020 rate of 1,696,000.  Single‐family authorizations in November were at a rate of 1,103,000; this is 2.7 percent (±1.1 percent) above the revised October figure of 1,074,000.  Authorizations of units in buildings with five units or more were at a rate of 560,000 in November. As we can see below, housing permits are not overheating like we saw in the last few years during the housing bubble years where mortgage credit was facilitated by exotic loan debt structures. Now, we have all legit high-quality homebuyers who are buying a home to live in with fixed low debt cost and rising wages. Housing completion data — which I call the Grundy of economics after my tortoise — is slow. We are all aware of the delays due to supply shortages, but this data line has legs to move higher over time slowly. Housing completions from Census: Privately‐owned housing completions in November were at a seasonally adjusted annual rate of 1,282,000.  This is 4.1 percent (±13.5 percent)* above the revised October estimate of 1,231,000 and is 3.1 percent (±13.6 percent)* above the November 2020 rate of 1,244,000.  Single‐family housing completions in November were at a rate of 910,000; this is 0.1 percent (±12.0 percent)* below the revised October rate of 911,000. The November rate for units in buildings with five units or more was 364,000. Housing starts data has been choppy for some of the reasons I stated above. However, since we are close to Christmas and 2022 is around the corner, I can finally retire one of my most extended economic calls in the previous expansion. From 2008-2019, my premise for housing was that we would see the weakest housing recovery ever and that housing starts wouldn’t start a year at 1.5 million or higher until 2020-2024, when demand finally warrants it. We are finally here on schedule, which means that the low bar that housing enjoyed from 2008-2019 is also gone. Housing starts from Census: Privately‐owned housing starts in November were at a seasonally adjusted annual rate of 1,679,000. This is 11.8 percent (±15.2 percent)* above the revised October estimate of 1,502,000 and is 8.3 percent (±14.3 percent)* above the November 2020 rate of 1,551,000.  Single‐family housing starts in November were at a rate of 1,173,000; this is 11.3 percent (±15.8 percent)* above the revised October figure of 1,054,000. The November rate for units in buildings with five units or more was 491,000.  Next up for housing starts would be the new home sales report coming out next week. The previous report came in as a miss of estimates and negative revisions. However, as I wrote last month, the builder’s confidence data for months were telling you a different story, and today you got to see why looking forward-looking indicators like confidence and housing permits is vital. Even with the new home sales report coming in as a miss last month, there was another story to tell. My rule of thumb for housing has always been that if the monthly supply on a three-month average is below 6.5 months, the builders will keep building homes no matter the labor shortage complaints and cost of materials; they find a way to get paid. Still, even with the increases we saw in the monthly supply data this year, we never broke above 6.5 months on a three-month average. Slow and steady wins this race, and as long as you’re not looking for a massive construction boom, you won’t be walking in the wrong path. Another new twist to the housing story is the comeback in lumber prices! Some of the crazier housing crash addicts in 2021 believed that lumber prices collapsing early in the year were forecasting the collapsing of housing. Like I have often said, the most untalented economic people we have in our country are all housing crash addicts, but as professional grifters, they’re fantastic. Think about being part of the lost decade from 2012-2021 and then going all-in on the crash thesis due to COVID-19, only to move the goal post to 2021 due to forbearance. And then to end up this Christmas as one of the more fraudulent bearish American groups of our generation. They watched our country have this epic recovery starting from April 7, 2020, and now know that they were forever left behind in the dust as they couldn’t stop screaming that housing was going to crash. In any case, I bet those same people aren’t saying housing is recovering because of higher lumber prices; a troll has always to keep the grift going. The rise in lumber prices isn’t

[ad_1] The post How to Flip Houses – A Guide for New Real Estate Investors appeared first on Millennial Money. House flipping is one of the most common strategies in real estate investing, making it an excellent option for experienced individuals who know the housing market.  If you’re a beginner who wants to excel at house flipping like the pros on HGTV, you need to know what you’re getting involved in so you can master your first flip and set yourself up for a career of success.  Ready to start flipping houses? Here’s how to get started.  What Is House Flipping?  House flipping is the process of buying real estate property with the intention of selling it for a profit.  House flipping is different from buying a house to live in or rent. This strategy is for a property investor who wants to buy houses, hold them, and sell at the opportune time.  In other words, house flipping doesn’t involve treating a house as a residence.  How to Flip Houses  Pick a strategy Consider getting a real estate license Get smart about funding Research market conditions Form a solid network 1. Pick a strategy  There are a few different strategies you can choose when flipping houses. Let’s briefly examine some of the most popular ones. Fix and flip This strategy involves buying distressed properties, fixing them up, and selling them for more money. Fixing and flipping is definitely not a passive real estate investment. It can require a substantial amount of work — such as replacing flooring or windows or doing foundational or support work.  Buying at foreclosure Foreclosure happens when a homeowner defaults on their loans and the bank steps in to sell the house. Often, you can get decent properties at foreclosure for far less than market value. Buying short sales  A short sale occurs when a financial owner runs into financial trouble and sells a property for less than the amount due on the mortgage.  This strategy is a bit harder, but it can be done.  Standard flipping  It’s possible to find normal houses that don’t require extensive repairs. You can either enhance their value with upgrades or hold them until market conditions are favorable.  2. Consider getting a real estate license If you’re serious about flipping homes, it’s a good idea to look into getting a real estate license so you can put your own homes on the market.  Otherwise, you’ll have to pay realtors to act as listing agents every time you sell, which can get pricey. If you decide to work with an agent, it’s a good idea to be selective about who you sign a contract with. Look for a partner who has both expert knowledge of the local real estate market and great negotiating skills.  3. Get smart about funding  Flipping a home is generally more expensive than buying a house to live in or rent — especially if substantial repairs are required. As such, it’s a good idea to be smart about how you fund the property. The best thing to do when flipping a home is to save up money and buy the home in cash outright. This will prevent having to go through the mortgage process and talking with different lenders about home equity lines of credit (HELOCs) and other types of loans.  Lenders are often skeptical about working with inexperienced house flippers, so it could be harder to get decent rates. In addition, some lenders won’t even consider working with house flippers at all. 4. Research market conditions  Before you start looking at houses, it’s a good idea to assess local market conditions and do some advanced planning. Try to narrow down specific locations with affordable pricing in areas that are either already popular or up and coming.  Remember, house flipping is not typically a long-term play. As such, it doesn’t make sense to look too far down the future when considering whether to purchase a property.  As an example, you might find a house that’s reasonably priced in an area that has a lot of development and investing taking place. The trick is to buy a place at a bargain rate and then sell it once the house and surrounding properties shoot up in value.  It’s difficult to time the market perfectly, but it can be done. 5. Form a solid network Success as a real estate investor requires having a solid team around you to guide you and help you get top dollar for your properties. For example, one of the best investments you can make is in a team of trusted contractors who can give you honest assessments about repairs and upgrades. Have this team on standby so they can step in whenever work needs to be done. Even if you’re decent with home repairs, it’s a good idea to work with professional contractors who can advise about what materials to use, what to upgrade, and what should be left alone. The same can be said about specialists like landscaping providers and painters. It also pays to form relationships with local financial professionals and trusted home inspectors whom you can call for assessments and advice when it’s required.  How Long Does It Take to Flip a House? It’s easy to underestimate how long it takes to flip a house. The process may look fast and easy on HGTV, but it can actually take a ton of time. Altogether, the entire process can take six months. For inexperienced flippers, it can take much longer than that. Of course, this can vary depending on the type of project and the quality of the house as well as market demand. Often, a house can sit vacant for a lot longer before the owner decides it’s time to sell. Here’s a general breakdown of the time frame when flipping a house:  Buying: Three weeks to a month or longer Restoring: One to twelve months — depending on how much work is required Marketing the house: One to two

[ad_1] Stocks, Led by Tech Shares, Fall Amid Decisions From Central Banks  The Wall Street Journal Stocks fall, Nasdaq drops nearly 2.5% as tech sector stumbles  CNBC Stocks tumble as Nasdaq paces drop  Fox Business Stocks Close Higher as Investors Welcome Fed Decision  The Wall Street Journal Dow Jones Rises But Nasdaq Dips; Adobe Dives On Guidance, Tesla Rival Rivian Earnings Loom  Investor’s Business Daily View Full Coverage on Google News [ad_2]

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