#bank vacancy 2021

[brostateexam]

https://www.theatlantic.com/ideas/archive/2023/06/commercial-real-estate-crisis-empty-offices/674310/

“I’m about to cancel all my Zoom meetings.” It was May 2021, and Jamie Dimon had had enough. The JPMorgan Chase CEO expected that “sometime in September, October,” the company’s office would “look just like it did before.” Two years later, his company is slashing its Manhattan footprint by a fifth.

Post-pandemic, kids are back in school, retirees are back on cruise ships, and physical stores are doing better than expected. But offices are struggling perhaps more than most casual observers realize, and the consequences for landlords, banks, municipal governments, and even individual portfolios will be far-reaching. In some cases, they will be catastrophic. But this crisis, like all crises, also represents an opportunity to reconsider many of our assumptions about work and cities.

During the first three months of 2023, U.S. office vacancy topped 20 percent for the first time in decades. In San Francisco, Dallas, and Houston, vacancy rates are as high as 25 percent. These figures understate the severity of the crisis because they only cover spaces that are no longer leased. Most office leases were signed before the pandemic and have yet to come up for renewal. Actual office use points to a further decrease in demand. Attendance in the 10 largest business districts is still below 50 percent of its pre-COVID level, as white-collar employees spend an estimated 28 percent of their workdays at home. (x)

[mariacallous]

Central Asian countries have always made a strong play for being the master of their own destinies. Policymakers in the region tout their ability to sit in the driver’s seat and navigate international relations through balancing everyone against each other. Yet last month’s high-level engagements with China and Russia have instead served to highlight Central Asia countries’ growing bonds with both powers and the shrinking room for maneuver they have in international relations.

A number of assumptions about the war in Ukraine have not played out as initially expected. Early on, it was assumed by some of the international financial institutions (such as the World Bank) that Central Asia would suffer from the invasion. Its intimate connection to Russia via the Eurasian Economic Union (of which Kazakhstan and Kyrgyzstan are both members) and the fact that so many of its economic, social, and security ties are to Russia meant that many observers expected the region to encounter economic difficulties.

Questions were also raised about security relations. Traditionally, Moscow has been seen as the major external security provider to the region. In the run-up to the collapse of Kabul, it was Russia that rushed arms sales through, as well as undertook joint border training exercises. Similarly, when Kazakhstan was wracked with a violent internal power struggle in early 2022, it was Moscow that the government looked to, requesting a Russian-led Collective Security Treaty Organization operation to help provide security around key locations. The invasion of Ukraine seemed to presage greater Russian truculence in its immediate neighborhood.

Yet neither economic nor security doom has actually materialized. Money flows from Russia into the region have increased. More companies are moving to the region, as foreign and Russian entities and men seeking to escape the Kremlin’s mobilization drive and find an accommodating environment in Central Asia. The Russian government has also leaned heavily into its relationship with the region, with Russian President Vladimir Putin visiting all five countries and sending numerous high-level delegations to seek business links and opportunities. New schools, equipment, aid, and general rhetorical support have also flowed from Moscow.

The logic from Moscow’s perspective is multifaceted—Central Asia was perceived to be slipping out of the Russian orbit, something that preceded the invasion of Ukraine but had sharpened since February 2022. Russia is in some ways less concerned about Chinese inroads—something it has at this point rationalized as an inescapable reality—than about the region striking a more autonomous path away from Russia. It is also worth noting that Central Asia has served as a useful conduit for sanctions evasion for Moscow in the past.

Going the other way, the flow of Central Asians going to Russia has also increased. Already a well-trodden path, more Central Asians chose to go and work in Russia in the past year rather than less. Even usually Turkey-bound Turkmen are being drawn to the opportunities in Russia, with the Russian migration service recording 1,600 Turkmen seeking work permits in Russia in 2022, up from fewer than 20 in 2021—according to data we saw on a recent trip to Turkmenistan.

There has been a flow of Russians toward Central Asia as people flee the Kremlin’s policies, but this is balanced out in net migration flows by the volume of Central Asians who still see Russia as a lucrative place to work. No doubt the carnage on the battlefield in Ukraine has created lots of job vacancies.

This human connection has also tied itself to the war in Ukraine in a contradictory way. While fewer Central Asians have sought Russian citizenship according to official data, some residents of the region have chosen to align themselves with Moscow and several elected to fight on Russia’s side in Ukraine. Some are former convicts fighting alongside the paramilitary Wagner Group (at least 10 Tajiks are reported to have died doing so), while others may be joining out of a sense of patriotism toward Moscow.

In Kazakhstan’s north, the majority ethnic-Russian community has looked with scorn on the large numbers of Russians moving to Kazakhstan to flee the draft back home. Some are believed to have gone further and chosen to go and fight in Ukraine. And the region is increasingly being seen as a major conduit for trade to Russia as Moscow seeks to evade sanctions.

All this serves to explain the sometimes contradictory views from Central Asia about Russia and Ukraine. At a general public and official level, there is a clear expression of dislike toward the war (Kazakhstan’s president, Kassym-Jomart Tokayev, and Tajikistan’s president, Emomali Rahmon, have made direct statements to Putin in public formats), but when looking at countries’ actions, support has been evident. The appearance of all five Central Asian leaders in Moscow for this year’s Victory Day parade was a clear expression of this.

The Central Asian countries have also sought to cultivate China as an alternative ally. This was most clearly on display in Xian, China, on May 18-19, when all five leaders met with Chinese President Xi Jinping at an event that sought to increase Chinese-Central Asian engagement.

Billion of dollars worth of new deals and trade agreements were announced during the summit and the bilateral engagements that took place on its fringes. And there was even some discussion of China starting to offer itself as a regional security provider. While this is not new—Beijing has long been a player in Central Asian security questions both through direct engagement as well as through the Shanghai Cooperation Organization—the announcements this time had a particular tone given the current conflict in Ukraine.

The invasion of Ukraine has thrown Beijing’s role in Central Asia newly into question, both in terms of Moscow’s bandwidth to play a security provider role in the region while Ukraine consumes its military, and fears about how Moscow’s revanchist eye might turn toward the region.

In Kazakhstan, this fear is acute given the ease with which one can look at the country through Moscow’s eyes and see a very similar history that could justify an incursion as Putin did in Ukraine. The nation shares a long border with Russia and has a large ethnically Russian population that often feels targeted by national policies seeking to advance the Kazakh language. Senior Russian figures (including Putin) have questioned the nation’s statehood. Back in September 2014, after he first pushed an incursion into Ukraine, Putin seemed to deny Kazakh statehood in a speech, saying that then-President Nursultan Nazarbayev had “created a state on a territory that never had a state.”

Consequently, when Xi visited Kazakhstan in September 2022, a lot of public noise was made about his declaration that China would support “Kazakhstan in safeguarding national independence, sovereignty and territorial integrity.” Among more optimistic public commentators, this was seen as a clear message to defend Kazakhstan against potential Russian aggression.

In contrast, speaking to officials in Kazakhstan and the wider region, we found a far more sanguine picture. Most of them noted the similarity in what Xi said in Kazakhstan to what China had said about Ukraine before the Russian invasion (and even in the peace plan proposed by China), and China’s lack of action in stopping the conflict there. “We are on our own” was one particularly stark assessment we heard in Kazakhstan.

It is also not clear that China would step in to try to fix any of the regional problems that are on display. Beijing has maintained a high level of engagement with the Taliban, but this has remained narrowly focused on Chinese security concerns around Uyghur militants using Afghanistan as a base to foment trouble in China rather than an effort to stabilize the country.

All this highlights one of the toughest challenges facing Central Asia. The past year has found all five countries strengthening their links to both China and Russia. The ties to Beijing are an effort to balance against Moscow, but the reality is that this balancing act is not going to work very well given how close Russia and China are these days.

Buried toward the bottom of the joint statement that was put out after Xi and Putin met in Moscow earlier this year was a declaration: “The two sides are willing to strengthen cooperation, support Central Asian countries in safeguarding their national sovereignty, guarantee national development, and oppose external forces’ promotion of ‘color revolutions’ and interference in regional affairs.”

This highlights both the fact that China and Russia are eager to coordinate in Central Asia and that their basic aims in the region are the same. This complicates diplomacy for the Central Asian governments that have long sought to play the two countries off each other. And it is a perfect articulation of the shrinking geopolitical space that Central Asia increasingly finds itself within.

Entirely surrounded by powers in some level of conflict with the West, Central Asia finds its options are increasingly limited. This is not to say other options are not available—simultaneous to the Xian summit, Kazakhstan hosted a high-level economic forum with the European Union; the United States is a constant presence; and Turkey has made a great deal of noise about Turkic influence in the region over the past year via the Organization of Turkic States. But as the ties that bind China and Russia thicken, Central Asia will struggle to really balance against them.

[fahadventure]

My TEFL Journey In a nutshell

Alhamdulillah, by the grace of Almighty, in the 2nd last year (2021), I have passed the 198 hours Level 5 TEFL certification course (168 guided hours + Teaching English online 30 hours) from The TEFL Academy. For those, who might want to know, Teaching English as a Foreign Language (TEFL) involves teaching English abroad or online where English is not the primary language. TEFL educators can work for international and global schools, foreign companies, international organizations and associations, and internationally recognized universities, just to name a few. You can read more about my adventures in  Fahadventure.

I have been thinking about doing this since 2018, just after my Graduation from the Institute of Business Administration, Dhaka University (IBA, DU), Bangladesh, but could not really focus much as I got involved in corporate culture, after joining an event management company, namely Asiatic Experiential Marketing Limited. Later on, in May,2019, I joined a locally reputed bank, BRAC Bank where I continued to work for two and a half years. In the meantime, the overall lockdown phases during 2020 and 2021 finally came as a blessing among all those office workloads, few trips and some personal hassles which motivated me once again to work from home and pursue my dreams. This certificate is just like a passport to travel the world while I'll start working on attaining the visa i.e jobs abroad once it reopens. For now, I am exploring the online possibilities to start with. Check out the vacancies for better exploration.

Just after leaving the job of my previous organization, BRAC Bank, I got the opportunity to join a global platform within few months, named as "Native Camp" where my everyday work nowadays involves teaching and talking people online, mostly from China, Japan & Taiwan and I can't even explain how happy I am right now to have those sessions and exchange our thoughts with fun while doing so. I am also an avid learner and traveler with interest in knowing cultures and norms from all around the globe. I have worked for a very short time in this period with Lingua Roma, a global teaching company where I had to work with South Africans, Russians, French, Kenyans etc. Apart from that, while traveling in various parts of India and Thailand, I resided in the local hostels and houses to mingle with mixed races and know more about them. You can have a look at my teaching profile.

Being a TEFL tutor is a great way to build transferable skills, like communication, creativity, adaptability, critical thinking, problem solving, and leadership etc. It's been a tiring journey with lots of obstacles since I didn't know who to connect with for suggestions; specially anyone from my country. So, I had to look for international blogs, knock random people and gain idea on this. I would humbly request to expand my knowledge if anyone wants to know & explore this beautiful world together. I'll be writing other detailed posts about my journey and other tefl course online, tefl jobs in the coming days. For now, you can look the official website if it fits your budget. Please keep me in your prayers so that I can smoothly advance towards my dream journey, not just by sitting at a corner of the office. Thank you all. Soooo excited! ��

Read the full article again and know more about my adventures in  Fahadventure.

[infobae-news]

‘It's borderline criminal’ – Manufactured housing was an affordable homeownership option. Now, investor-owned parks are pricing residents out

At the end of the month, Edmund McGahey plans to load up his U-Haul with the American flag neatly rolled behind his front door, take his wind chimes down from his front porch, pack his eight potted Christmas cacti, and leave for Texas.

With an outstanding mortgage he has no choice but to hand the keys to his double-wide manufactured house within Great Brook Village over to his bank. He can’t sell it due to rising park rental fees.

McGahey, a 74-year-old Vietnam War veteran, envisioned the over-55 community as an affordable place to retire when bought the home in May of last year for $80,000.

When he first looked at the property, the rent for the lot of land beneath the home was $528 per month. By the time his loan was approved and he moved in, it increased to $829. As of July 1, rent on the plot was up to $965, and when a prospective buyer looked into making an offer on the house, the property manager said the new monthly fee would soon grow to over $1,000.

McGahey’s moving in with his daughter for health reasons, but if he stayed put, he’s not sure how he’d pay his bills. After an out-of-state investor, Oakshire Capital, purchased the park in 2021, rent increases soon followed.

Great Brook Village is not an anomaly in these rising prices. Across the country, investors have purchased manufactured housing parks in wide swaths. Residents can be cash cows for park owners, as they own their houses but only rent the land their homes sit on.

With a $1,050 monthly mortgage, the rent practically doubles McGahey’s bills.

“Bottom line is I have to move, but I am caught between a rock and a hard spot,” he said. “My credit is going to be totally destroyed. It was a very hard decision to make, but I have to do what’s best for me.”

Other residents in the park have hired a lawyer to contest the rent increases. Median home sale prices in New Hampshire recently hit $500,000 and rental vacancy rates remain below 1 percent statewide. With this landscape, they fear they have nowhere else to go.

Meanwhile, McGahey said he has no choice but to walk away.

“He’s holding me hostage here because I cannot sell my house and I have to get out of here,” McGahey said. “I never thought I’d be in this kind of predicament where I’m just going to turn the house back over to the bank. I just can’t do it. The stress alone is enough to drive anybody crazy.”

‘Not a good situation’ When McGahey moved into his three-bedroom, two-bathroom double-wide home, he replaced the old carpets, put a fresh coat of paint on the walls and spruced up the landscaping. He hung a framed photo of him and his late wife, Ann, above a small table in the living room. In the drawer, McGahey saved bills and notices from the park. The latest notice from the property manager – Matt Dennehy, who did not return requests for comment in this story – warned that monthly fees were increasing to $965 beginning July 1. It still had the blue masking tape used to stick it to his door.

The trend of investor interest in these parks began in 2015, according to George McCarthy, the president and CEO of the Lincoln Institute of Land Policy, a nonprofit that looks at trends nationwide. Since then, about 30 percent of manufactured housing sites across the country have changed hands to investors looking to turn a profit.

“Manufactured housing communities are considered to be the best-performing reach in the real estate investment trust sector,” he said. “So there’s been a lot of capital flowing in that direction, unfortunately for people who live in manufactured housing parks.”

In 2021, the 5.8-acre Great Brook Village was sold to Oakshire Capital for $4.2 million. Horvath and Tremblay, an investment real estate company based out of Massachusetts, arranged the sale.

Oakshire Capital manager Bradley Pereira did not reply to email and phone requests for comment.

McGahey didn’t realize his park was investor-owned when he purchased it. Meanwhile, longtime residents watched the sale happen, hopeful that a new owner would maintain the park as was.

Bob Denutte, 70, has lived in Great Brook Village for 14 years, a few doors down from McGahey. When he moved in, rent was a little over $300, he said. New rent for prospective buyers is now $1,195.

“He lied to everybody and tried to make him look good and said he would be a perfect owner and take care of everybody’s issues,” he said. “It was a scheme.”

Often manufactured houses are referred to interchangeably as “mobile homes.” To McCarthy, that’s a misnomer, because once a house is purchased it’s rarely moved. The cost of picking up the structure and delivering it somewhere else costs thousands of dollars.

If McGahey was staying in state, it would be unlikely his house would follow him if he left the park.

“I didn’t know anybody up here at all when I first moved in. They said it was a great place to live,” he said. “People are fantastic but everybody is up in arms about the rent increases. He’s destroying my life and getting away with it and there is absolutely nothing I can do about it.”

‘Deaf ear’ When an investor purchases a park, the change in ownership can often lead to a downturn in services – from trash collection to lawn care.

That has been the case at Great Brook Village, as well. Residents were recently asked to pay an additional trash collection fee. Denutte has asked for branches to be trimmed near his home with no response. One recently fell through his roof and cost him more than $3,000 to repair.

For nearly 20 years, Bruce Buckingham, 68, has lived in the park, in a double-wide home with a deck.

Erosion on the property has caused his deck to drop and his driveway to collapse. He is in an ongoing dispute with the park owner over whose responsibility it is to fix, arguing that he does not own the land where these problems are present. Building permit records from 2019 indicate that the deck needs to be replaced.

“He’s turned a deaf ear on it, he just won’t hear of it,” he said.

Buckingham has written to the Attorney General’s office, state representatives, manufactured home associations and the congressional delegation about his issue. The unanimous response has been to get an attorney, which he previously did but could not afford to retain.

“It’s very frustrating for people like us on fixed incomes that can’t afford an attorney,” he said. “It’s not a good situation.”

Resident-owned alternatives Mike Cox’s house is no different than those at Great Brook Village. It’s a double-wide, three-bedroom, two-bathroom manufactured home in a neighboring park in Belmont, he purchased for just over $80,000.

Since 2005, Cox has seen a $20 increase in the rent on his lot, which currently sits at $370 a month – he lives in the Lakes Region Manufactured Housing Cooperative, a resident-owned community since 2000. Next year, the park mortgage will be paid off, shedding another expense for residents.

A movement has been afoot in New Hampshire where residents band together to buy and own the land as a cooperative, giving themselves control over decisions, like lot rent. They elect leaders to manage the park bylaws and have collective input on decisions.

When a park is for sale, as Great Brook Village was in 2021, residents are offered the first right of refusal to purchase it. At the time, they passed on the offer, fearing that the cost to maintain the park themselves would equate to $900 in rent.

At the time, Denutte said Pereira, the owner of Oakshire Capital, visited and reassured residents about the sale so they backed down.

“If they had known this was going to happen I’m sure they would have done it,” said Denutte. “I’m sure they would have made more of an effort to purchase it.”

Over the last four decades, the expansion of resident-owned communities has become a staple of affordable housing in the state and the most prolific solution to maintaining these communities, according to the Lincoln Institute’s McCarthy.

New Hampshire has led the nation in this trend, with the first cooperative established in Meredith in 1984. Nearly 150 exist across the state. In the Merrimack County area, out of a total 58 manufactured housing parks, 22 are resident-owned.

On average, resident-owned community rent is $400 a month, according to data self-reported by park boards. Rent increases in investor-owned communities can outpace cooperatives by 50 to 100 percent, according to surveys that McCarthy has reviewed.

To Cox, living in a resident-owned park provides protections that others don’t offer, especially for senior residents. Before any changes to the bylaws are made, the community requires a vote. The co-op has a management company that collects rent and oversees the park finances. And state laws also provide guidance.

“We have quite a few people in the park that are in their 80s. They only live on Social Security,” Cox said. “Now, if we were to do what this other place just did? What would we do to these people? We’d destroy them. That’s not our intention. We want people to have a place where they can have and call it their home.”

‘This is how they play the game’ McGahey walked gingerly from his front door to a recliner in his living room. He can no longer live alone – he suffers from AL amyloidosis, a rare disease linked to Agent Orange herbicides used in Vietnam – opting to move to Texas to be with his daughter.

In June, he listed his house for $120,000 and hoped to sell it by the end of the summer. At the beginning of July, he cut the price to $110,000. Currently, it’s listed for $80,000, which means he’ll lose money on the sale after the real estate agents take their fees.

If turnover in the park stalls, then home values depreciate, as well.

“No one wants to buy the property because they know what it is going to cost them to rent, people can’t move,” said McCarthy. “If you can’t ever liquidate that into available money, it’s not worth anything, right?”

This is exactly McGahey’s predicament. He had one prospective buyer but when they learned the amount of the lot rent, they backed out. He doesn’t blame them.

His neighbors are equally outraged.

“He’s holding everybody hostage who is trying to sell now because he knows they can’t. He knows nobody is going to move in here and pay $1,200 for rent,” said Denutte.

The October notice left at McGahey’s door included a phone number for mediation through the state’s Manufactured Housing Consumer Action Program.

New Hampshire state law requires that when an owner increases the rent by more than $15 a month, residents can request a private mediation with the owner if more than half of the park residents agree for the session to take place.

To McCarthy, it’s an innovative solution that centers on residents’ concerns. In other states, he’s seen policy focus more on rent stabilization, instead.

At Great Brook Village, though, it hasn’t worked. Residents have now pooled money to hire a lawyer – with asks of $600 each to meet the retainer of $35,000. They’ve also considered hosting fundraisers to help.

“What we’re trying to do is find some way of getting rent back down, where it is civilized and where people will be able to sell their homes if they want, so they can move,” said Denutte.

Buckingham has spent years researching this trend across the country, learning about a cruel cycle that now envelopes his property and life.

“We’re all retired and living on a fixed income so that’s what they do. They rule with fear and intimidation. They scare people. They say, if you don’t do this, we’re going to evict you,” he said. “This is how they play the game.”

McGahey plans to attend his final two Veterans Affairs appointments in New Hampshire before going to the bank and beginning the paperwork to hand his house over. After long conversations with his three children, they picked a date to help him pack up and leave his house behind.

“I’m holding my breath that maybe my real estate agent can find a buyer, but it’s it’s not going to happen,” he said. “I’m a realistic person.”

[dailynow]

‘It's borderline criminal’ – Manufactured housing was an affordable homeownership option. Now, investor-owned parks are pricing residents out

At the end of the month, Edmund McGahey plans to load up his U-Haul with the American flag neatly rolled behind his front door, take his wind chimes down from his front porch, pack his eight potted Christmas cacti, and leave for Texas.

With an outstanding mortgage he has no choice but to hand the keys to his double-wide manufactured house within Great Brook Village over to his bank. He can’t sell it due to rising park rental fees.

McGahey, a 74-year-old Vietnam War veteran, envisioned the over-55 community as an affordable place to retire when bought the home in May of last year for $80,000.

When he first looked at the property, the rent for the lot of land beneath the home was $528 per month. By the time his loan was approved and he moved in, it increased to $829. As of July 1, rent on the plot was up to $965, and when a prospective buyer looked into making an offer on the house, the property manager said the new monthly fee would soon grow to over $1,000.

McGahey’s moving in with his daughter for health reasons, but if he stayed put, he’s not sure how he’d pay his bills. After an out-of-state investor, Oakshire Capital, purchased the park in 2021, rent increases soon followed.

Great Brook Village is not an anomaly in these rising prices. Across the country, investors have purchased manufactured housing parks in wide swaths. Residents can be cash cows for park owners, as they own their houses but only rent the land their homes sit on.

With a $1,050 monthly mortgage, the rent practically doubles McGahey’s bills.

“Bottom line is I have to move, but I am caught between a rock and a hard spot,” he said. “My credit is going to be totally destroyed. It was a very hard decision to make, but I have to do what’s best for me.”

Other residents in the park have hired a lawyer to contest the rent increases. Median home sale prices in New Hampshire recently hit $500,000 and rental vacancy rates remain below 1 percent statewide. With this landscape, they fear they have nowhere else to go.

Meanwhile, McGahey said he has no choice but to walk away.

“He’s holding me hostage here because I cannot sell my house and I have to get out of here,” McGahey said. “I never thought I’d be in this kind of predicament where I’m just going to turn the house back over to the bank. I just can’t do it. The stress alone is enough to drive anybody crazy.”

‘Not a good situation’

When McGahey moved into his three-bedroom, two-bathroom double-wide home, he replaced the old carpets, put a fresh coat of paint on the walls and spruced up the landscaping. He hung a framed photo of him and his late wife, Ann, above a small table in the living room. In the drawer, McGahey saved bills and notices from the park. The latest notice from the property manager – Matt Dennehy, who did not return requests for comment in this story – warned that monthly fees were increasing to $965 beginning July 1. It still had the blue masking tape used to stick it to his door.

The trend of investor interest in these parks began in 2015, according to George McCarthy, the president and CEO of the Lincoln Institute of Land Policy, a nonprofit that looks at trends nationwide. Since then, about 30 percent of manufactured housing sites across the country have changed hands to investors looking to turn a profit.

“Manufactured housing communities are considered to be the best-performing reach in the real estate investment trust sector,” he said. “So there’s been a lot of capital flowing in that direction, unfortunately for people who live in manufactured housing parks.”

In 2021, the 5.8-acre Great Brook Village was sold to Oakshire Capital for $4.2 million. Horvath and Tremblay, an investment real estate company based out of Massachusetts, arranged the sale.

Oakshire Capital manager Bradley Pereira did not reply to email and phone requests for comment.

McGahey didn’t realize his park was investor-owned when he purchased it. Meanwhile, longtime residents watched the sale happen, hopeful that a new owner would maintain the park as was.

Bob Denutte, 70, has lived in Great Brook Village for 14 years, a few doors down from McGahey. When he moved in, rent was a little over $300, he said. New rent for prospective buyers is now $1,195.

“He lied to everybody and tried to make him look good and said he would be a perfect owner and take care of everybody’s issues,” he said. “It was a scheme.”

Often manufactured houses are referred to interchangeably as “mobile homes.” To McCarthy, that’s a misnomer, because once a house is purchased it’s rarely moved. The cost of picking up the structure and delivering it somewhere else costs thousands of dollars.

If McGahey was staying in state, it would be unlikely his house would follow him if he left the park.

“I didn’t know anybody up here at all when I first moved in. They said it was a great place to live,” he said. “People are fantastic but everybody is up in arms about the rent increases. He’s destroying my life and getting away with it and there is absolutely nothing I can do about it.”

‘Deaf ear’

When an investor purchases a park, the change in ownership can often lead to a downturn in services – from trash collection to lawn care.

That has been the case at Great Brook Village, as well. Residents were recently asked to pay an additional trash collection fee. Denutte has asked for branches to be trimmed near his home with no response. One recently fell through his roof and cost him more than $3,000 to repair.

For nearly 20 years, Bruce Buckingham, 68, has lived in the park, in a double-wide home with a deck.

Erosion on the property has caused his deck to drop and his driveway to collapse. He is in an ongoing dispute with the park owner over whose responsibility it is to fix, arguing that he does not own the land where these problems are present. Building permit records from 2019 indicate that the deck needs to be replaced.

“He’s turned a deaf ear on it, he just won’t hear of it,” he said.

Buckingham has written to the Attorney General’s office, state representatives, manufactured home associations and the congressional delegation about his issue. The unanimous response has been to get an attorney, which he previously did but could not afford to retain.

“It’s very frustrating for people like us on fixed incomes that can’t afford an attorney,” he said. “It’s not a good situation.”

Resident-owned alternatives

Mike Cox’s house is no different than those at Great Brook Village. It’s a double-wide, three-bedroom, two-bathroom manufactured home in a neighboring park in Belmont, he purchased for just over $80,000.

Since 2005, Cox has seen a $20 increase in the rent on his lot, which currently sits at $370 a month – he lives in the Lakes Region Manufactured Housing Cooperative, a resident-owned community since 2000. Next year, the park mortgage will be paid off, shedding another expense for residents.

A movement has been afoot in New Hampshire where residents band together to buy and own the land as a cooperative, giving themselves control over decisions, like lot rent. They elect leaders to manage the park bylaws and have collective input on decisions.

When a park is for sale, as Great Brook Village was in 2021, residents are offered the first right of refusal to purchase it. At the time, they passed on the offer, fearing that the cost to maintain the park themselves would equate to $900 in rent.

At the time, Denutte said Pereira, the owner of Oakshire Capital, visited and reassured residents about the sale so they backed down.

“If they had known this was going to happen I’m sure they would have done it,” said Denutte. “I’m sure they would have made more of an effort to purchase it.”

Over the last four decades, the expansion of resident-owned communities has become a staple of affordable housing in the state and the most prolific solution to maintaining these communities, according to the Lincoln Institute’s McCarthy.

New Hampshire has led the nation in this trend, with the first cooperative established in Meredith in 1984. Nearly 150 exist across the state. In the Merrimack County area, out of a total 58 manufactured housing parks, 22 are resident-owned.

On average, resident-owned community rent is $400 a month, according to data self-reported by park boards. Rent increases in investor-owned communities can outpace cooperatives by 50 to 100 percent, according to surveys that McCarthy has reviewed.

To Cox, living in a resident-owned park provides protections that others don’t offer, especially for senior residents. Before any changes to the bylaws are made, the community requires a vote. The co-op has a management company that collects rent and oversees the park finances. And state laws also provide guidance.

“We have quite a few people in the park that are in their 80s. They only live on Social Security,” Cox said. “Now, if we were to do what this other place just did? What would we do to these people? We’d destroy them. That’s not our intention. We want people to have a place where they can have and call it their home.”

‘This is how they play the game’

McGahey walked gingerly from his front door to a recliner in his living room. He can no longer live alone – he suffers from AL amyloidosis, a rare disease linked to Agent Orange herbicides used in Vietnam – opting to move to Texas to be with his daughter.

In June, he listed his house for $120,000 and hoped to sell it by the end of the summer. At the beginning of July, he cut the price to $110,000. Currently, it’s listed for $80,000, which means he’ll lose money on the sale after the real estate agents take their fees.

If turnover in the park stalls, then home values depreciate, as well.

“No one wants to buy the property because they know what it is going to cost them to rent, people can’t move,” said McCarthy. “If you can’t ever liquidate that into available money, it’s not worth anything, right?”

This is exactly McGahey’s predicament. He had one prospective buyer but when they learned the amount of the lot rent, they backed out. He doesn’t blame them.

His neighbors are equally outraged.

“He’s holding everybody hostage who is trying to sell now because he knows they can’t. He knows nobody is going to move in here and pay $1,200 for rent,” said Denutte.

The October notice left at McGahey’s door included a phone number for mediation through the state’s Manufactured Housing Consumer Action Program.

New Hampshire state law requires that when an owner increases the rent by more than $15 a month, residents can request a private mediation with the owner if more than half of the park residents agree for the session to take place.

To McCarthy, it’s an innovative solution that centers on residents’ concerns. In other states, he’s seen policy focus more on rent stabilization, instead.

At Great Brook Village, though, it hasn’t worked. Residents have now pooled money to hire a lawyer – with asks of $600 each to meet the retainer of $35,000. They’ve also considered hosting fundraisers to help.

“What we’re trying to do is find some way of getting rent back down, where it is civilized and where people will be able to sell their homes if they want, so they can move,” said Denutte.

Buckingham has spent years researching this trend across the country, learning about a cruel cycle that now envelopes his property and life.

“We’re all retired and living on a fixed income so that’s what they do. They rule with fear and intimidation. They scare people. They say, if you don’t do this, we’re going to evict you,” he said. “This is how they play the game.”

McGahey plans to attend his final two Veterans Affairs appointments in New Hampshire before going to the bank and beginning the paperwork to hand his house over. After long conversations with his three children, they picked a date to help him pack up and leave his house behind.

“I’m holding my breath that maybe my real estate agent can find a buyer, but it’s it’s not going to happen,” he said. “I’m a realistic person.”

Matthew Altman

[suziecastillorealtoraustin]

[ad_1] The latest interest rate cut provided hope for some commercial property owners on the brink of distress. But for others, it’s too late. At the Oct. 1 foreclosure sale in Houston’s Harris County, at least seven properties with mortgages totalling $260 million are set to be auctioned, according to Roddy’s Foreclosure Listing Service. The situation has been particularly dire for owners of older office space. Midway through this year, Houston’s office vacancy rate was 26.3 percent, according to a recent report from Partners Real Estate. That’s a jump from 24.7 percent a year before. Here’s a list of the biggest commercial properties facing foreclosure in Harris County next month. It’s possible that some of these borrowers and lenders reach agreements to avoid foreclosure before Oct. 1. OfficeOne RiverwayOne Riverway is a 25-story office building in Houston, just west of the Buffalo Bayou. Owner Beverly Hills-based Unilev Capital defaulted on an $80 million mortgage that German American Capital Corporation originated in 2015, according to the foreclosure notice. The 500,000-square-foot building was built in 1978 and renovated in 2020.  2900 WeslayanLender Frost Bank claims Houston-based Griffin Partners defaulted on a $19.35 million loan it provided in 2020 for the purchase of 2900 Weslayan. The six-story building was built in 1979 and spans 137,000 square feet. The property is located just south of River Oaks in Houston. 2401 Fountain View DriveIn 2020, Finial Group borrowed $17 million ($95.50 per square foot) to purchase a 178,000-square-foot office building located at 2401 Fountain View Drive in west Houston. Lender Woodforest National Bank moved to foreclose on the property last month. The 10-story building was constructed in 1981 and renovated in 2017. Multifamily Reserve at 6363Reserve at 63 at 6363 W Airport Blvd in Houston (Apartments.com)Lakewood, New Jersey-based Omni and Brook Holdings defaulted on a $37.25 million ($79,594 per unit) mortgage used to purchase the 468-unit Reserve at 6363 in 2022. Capital One originated the loan. The property was constructed in 1983 and is located at 6363 Airport Boulevard in southwest Houston.Park NorthPark North at 16112 N North Fwy in Houston (Apartments.com)Park North is a 372-unit apartment complex in north Houston at 16112 North Freeway. The owners defaulted on a $56.3 million ($151,344 per unit) loan provided by Arbor Realty in 2022. The owners are a group of LLCs associated with Florida-based Inman Equities. The property was built in 2008.Northbrooke Apartment HomesNorthbrook Apartments at 17111 Hafer Road in Houston (Northbrook)Mudra Investments defaulted on a $32.5 million ($135,417 per unit) loan from Arbor Realty, according to a foreclosure notice. The loan was for the purchase of the 240-unit Northbrooke Apartments Homes in 2022. Mudra Investments is based in Richmond, Texas, and managed by Rahul Patel. The property is located at 17111 Hafer Road in north Houston. Sutter RanchSutter Ranch Apartments at 10445 Greens Crossing Blvd, Houston (Apartments.com)In 2021, Berkeley Point Capital originally provided the $18.2 million mortgage for the purchase of Sutter Ranch, a 228-unit apartment complex at 10445 Greens Crossing Boulevard in northwest Houston. That’s just $79,824 per unit. The lender moved to foreclose on the property last month. The owner is Houston-based GenWealth Capital Group. "props":"pageProps":"mainMenu":["url":"https://therealdeal.com/latest/","label":"Markets","external":false,"childItems":"nodes":["label":"All Markets","url":"https://therealdeal.com/latest/","external":false,"childItems":"nodes":[],"__typename":"MenuItemToMenuItemConnection","__typename":"MenuItem","label":"Chicago","url":"https://therealdeal.com/chicago/","external":false,"childItems":"nodes":[],"__typename":"MenuItemToMenuItemConnection","__typename":"MenuItem","label":"Los Angeles","url":"https://therealdeal.com/la/","external":false,"childItems":"nodes":[],"__typename":"MenuItemToMenuItemConnection","__typename":"MenuItem","label":"National","url":"https://therealdeal.

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com/texas/houston/2024/09/27/260-million-in-houston-commercial-real-estate-loans-headed-to-auction/","date":"2024-09-27T16:09:21","contentTypeName":"post","contentFiltered":"\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eThe latest interest rate cut provided hope for some commercial property owners on the brink of distress. But for others, it’s too late.\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eAt the Oct. 1 foreclosure sale in Houston’s Harris County, at least seven properties with mortgages totalling $260 million are set to be auctioned, according to Roddy’s Foreclosure Listing Service.\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eThe situation has been particularly dire for owners of older office space. Midway through this year, Houston’s office vacancy rate was 26.3 percent, according to a recent report from Partners Real Estate. That’s a jump from 24.7 percent a year before.\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eHere’s a list of the biggest commercial properties facing foreclosure in Harris County next month. It’s possible that some of these borrowers and lenders reach agreements to avoid foreclosure before Oct. 1.\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003ch3 class=\"wp-block-heading\" id=\"h-office\"\u003e\u003cspan style=\"font-weight: 400;\"\u003eOffice\u003c/span\u003e\u003c/h3\u003e\n\u003cp\u003e\u003cstrong\u003eOne Riverway\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eOne Riverway is a 25-story office building in Houston, just west of the Buffalo Bayou. Owner Beverly Hills-based Unilev Capital defaulted on an $80 million mortgage that German American Capital Corporation originated in 2015, according to the foreclosure notice. The 500,000-square-foot building was built in 1978 and renovated in 2020.\u0026nbsp;\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e2900 Weslayan\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eLender Frost Bank claims Houston-based Griffin Partners defaulted on a $19.35 million loan it provided in 2020 for the purchase of 2900 Weslayan. The six-story building was built in 1979 and spans 137,000 square feet. The property is located just south of River Oaks in Houston.\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e2401 Fountain View Drive\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eIn 2020, Finial Group borrowed $17 million ($95.50 per square foot) to purchase a 178,000-square-foot office building located at 2401 Fountain View Drive in west Houston. Lender Woodforest National Bank moved to foreclose on the property last month. The 10-story building was constructed in 1981 and renovated in 2017.\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003ch3 class=\"wp-block-heading\" id=\"h-multifamily-nbsp\"\u003e\u003cspan style=\"font-weight: 400;\"\u003eMultifamily\u0026nbsp;\u003c/span\u003e\u003c/h3\u003e\n\u003cp\u003e\u003cstrong\u003eReserve at 6363\u003c/strong\u003e\u003c/p\u003e\n\u003cfigure class=\"wp-block-image size-full\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1000\" src=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserve.jpg\" alt=\"$260 Million in Houston Commercial Real Estate Loans Headed to Auction\" class=\"wp-image-922814\" srcset=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserve.jpg 1600w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserve-300x188.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserv

e-700x438.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserve-150x94.jpg 150w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserve-768x480.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserve-1024x640.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserve-1400x875.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserve-50x31.jpg 50w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003eReserve at 63 at 6363 W Airport Blvd in Houston (Apartments.com)\u003c/figcaption\u003e\u003c/figure\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eLakewood, New Jersey-based Omni and Brook Holdings defaulted on a $37.25 million ($79,594 per unit) mortgage used to purchase the 468-unit Reserve at 6363 in 2022. Capital One originated the loan. The property was constructed in 1983 and is located at 6363 Airport Boulevard in southwest Houston.\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003ePark North\u003c/strong\u003e\u003c/p\u003e\n\u003cfigure class=\"wp-block-image size-full\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1000\" src=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north.jpg\" alt=\"$260 Million in Houston Commercial Real Estate Loans Headed to Auction\" class=\"wp-image-922813\" srcset=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north.jpg 1600w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north-300x188.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north-700x438.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north-150x94.jpg 150w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north-768x480.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north-1024x640.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north-1400x875.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north-50x31.jpg 50w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003ePark North at 16112 N North Fwy in Houston (Apartments.com)\u003c/figcaption\u003e\u003c/figure\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003ePark North is a 372-unit apartment complex in north Houston at 16112 North Freeway. The owners defaulted on a $56.3 million ($151,344 per unit) loan provided by Arbor Realty in 2022. The owners are a group of LLCs associated with Florida-based Inman Equities. The property was built in 2008.\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eNorthbrooke Apartment Homes\u003c/strong\u003e\u003c/p\u003e\n\u003cfigure class=\"wp-block-image size-full\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1000\" src=\"https://static.

therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook.jpg\" alt=\"$260 Million in Houston Commercial Real Estate Loans Headed to Auction\" class=\"wp-image-922812\" srcset=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook.jpg 1600w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook-300x188.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook-700x438.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook-150x94.jpg 150w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook-768x480.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook-1024x640.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook-1400x875.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook-50x31.jpg 50w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003eNorthbrook Apartments at 17111 Hafer Road in Houston (Northbrook)\u003c/figcaption\u003e\u003c/figure\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eMudra Investments defaulted on a $32.5 million ($135,417 per unit) loan from Arbor Realty, according to a foreclosure notice. The loan was for the purchase of the 240-unit Northbrooke Apartments Homes in 2022. Mudra Investments is based in Richmond, Texas, and managed by Rahul Patel. The property is located at 17111 Hafer Road in north Houston.\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eSutter Ranch\u003c/strong\u003e\u003c/p\u003e\n\u003cfigure class=\"wp-block-image size-full\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1000\" src=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter.jpg\" alt=\"$260 Million in Houston Commercial Real Estate Loans Headed to Auction\" class=\"wp-image-922815\" srcset=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter.jpg 1600w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter-300x188.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter-700x438.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter-150x94.jpg 150w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter-768x480.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter-1024x640.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter-1400x875.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter-50x31.jpg 50w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003eSutter

Ranch Apartments at 10445 Greens Crossing Blvd, Houston (Apartments.com)\u003c/figcaption\u003e\u003c/figure\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eIn 2021, Berkeley Point Capital originally provided the $18.2 million mortgage for the purchase of Sutter Ranch, a 228-unit apartment complex at 10445 Greens Crossing Boulevard in northwest Houston. That’s just $79,824 per unit. The lender moved to foreclose on the property last month. The owner is Houston-based GenWealth Capital Group. \u003c/span\u003e\u003c/p\u003e\n","noAds":false,"alternativeHeadline":"subheadline":"At least seven properties on the block and up for grabs","__typename":"AlternativeHeadline","updatedPost":"updated":false,"date":"2024-09-27T16:22:00+00:00","__typename":"UpdatedPost","mainArt":"mediaType":"image","image":"node":"sourceUrl":"/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-1400x875.jpg","srcSet":"/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-1400x875.jpg 1400w, /wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-300x188.jpg 300w, /wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-700x438.jpg 700w, /wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-150x94.jpg 150w, /wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-768x480.jpg 768w, /wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-1024x640.jpg 1024w, /wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-50x31.jpg 50w, /wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main.jpg 1600w","sizes":"(max-width: 1400px) 100vw, 1400px","caption":"\u003cp\u003eUnilev Capital\u0026#8217;s Raymond Levy with One Riverway, 2900 Weslayan, 2401 Fountain View Drive (Loopnet, Griffin Partners, Unilev)\u003c/p\u003e\n","altText":"$260 Million in Houston Commercial Real Estate Loans Headed to Auction","__typename":"MediaItem","__typename":"AcfMediaItemConnectionEdge","video":null,"caption":"Unilev Capital's Raymond Levy with One Riverway, 2900 Weslayan, 2401 Fountain View Drive (Loopnet, Griffin Partners, Unilev)","__typename":"MainArt","featuredImage":"node":"sourceUrl":"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail.jpg","srcSet":"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail.jpg 1200w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail-300x213.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail-700x496.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail-150x106.jpg 150w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail-768x544.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail-1024x725.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail-50x35.jpg 50w","sizes":"(max-width: 1200px) 100vw, 1200px","caption":"\u003cp\u003eUnilev Capital\u0026#8217;s Raymond Levy with One Riverway, 2900 Weslayan, 2401 Fountain View Drive (Loopnet, Griffin Partners, Unilev)\u003c/p\u003e\n","altText":"$260

Million in Houston Commercial Real Estate Loans Headed to Auction","mediaDetails":"sizes":null,"__typename":"MediaDetails","__typename":"MediaItem","__typename":"NodeWithFeaturedImageToMediaItemConnectionEdge","__typename":"Post","template":"templateValue":"right-rail","__typename":"DefaultTemplate","seo":"title":"$260 Million in Houston Commercial Real Estate Loans Headed to Auction","fullHead":"\u003c!-- This site is optimized with the Yoast SEO Premium plugin v23.0 (Yoast SEO v23.0) - https://yoast.com/wordpress/plugins/seo/ --\u003e\n\u003cmeta name=\"description\" content=\"At the October 1 foreclosure sale in Harris County, at least seven properties are set to be auctioned, according to Roddy’s Foreclosure Listing Service.\" /\u003e\n\u003cmeta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" /\u003e\n\u003clink rel=\"canonical\" href=\"https://therealdeal.com/texas/houston/2024/09/27/260-million-in-houston-commercial-real-estate-loans-headed-to-auction/\" /\u003e\n\u003cmeta property=\"og:locale\" content=\"en_US\" /\u003e\n\u003cmeta property=\"og:type\" content=\"article\" /\u003e\n\u003cmeta property=\"og:title\" content=\"$260M in CRE loans head to Houston foreclosure auction\" /\u003e\n\u003cmeta property=\"og:description\" content=\"At the October 1 foreclosure sale in Harris County, at least seven properties are set to be auctioned, according to Roddy’s Foreclosure Listing Service.\" /\u003e\n\u003cmeta property=\"og:url\" content=\"https://therealdeal.com/texas/houston/2024/09/27/260-million-in-houston-commercial-real-estate-loans-headed-to-auction/\" /\u003e\n\u003cmeta property=\"og:site_name\" content=\"The Real Deal\" /\u003e\n\u003cmeta property=\"article:publisher\" content=\"https://www.facebook.com/therealdealmedia/\" /\u003e\n\u003cmeta property=\"article:published_time\" content=\"2024-09-27T20:09:21+00:00\" /\u003e\n\u003cmeta property=\"article:modified_time\" content=\"2024-09-27T20:22:01+00:00\" /\u003e\n\u003cmeta property=\"og:image\" content=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail.jpg\" /\u003e\n\t\u003cmeta property=\"og:image:width\" content=\"1200\" /\u003e\n\t\u003cmeta property=\"og:image:height\" content=\"850\" /\u003e\n\t\u003cmeta property=\"og:image:type\" content=\"image/jpeg\" /\u003e\n\u003cmeta name=\"author\" content=\"Jess Hardin\" /\u003e\n\u003cmeta name=\"twitter:card\" content=\"summary_large_image\" /\u003e\n\u003cmeta name=\"twitter:description\" content=\"The latest interest rate cut provided hope for some commercial property owners on the brink of distress. But for others, it’s too late.\u0026nbsp; At the Oct. 1 foreclosure sale in Houston’s Harris County, at least seven properties with mortgages totalling $260 million are set to be auctioned, according to Roddy’s Foreclosure Listing Service.\u0026nbsp; The situation [\u0026hellip;]\" /\u003e\n\u003cmeta name=\"twitter:creator\" content=\"@trdny\" /\u003e\n\u003cmeta name=\"twitter:site\" content=\"@trdny\" /\u003e\n\u003cscript type=\"application/ld+json\" class=\"yoast-schema-graph\"\u003e\"@context\":\"https://schema.org\",\"@graph\":[\"@type\":\"NewsArticle\",\"@id\":\"https://therealdeal.com/texas/houston/2024/09/27/260-million-in-houston-commercial-real-estate-loans-headed-to-auction/#article\",\"author\":\"name\":\"Jess Hardin\",\"@id\":\"https://therealdeal.com/#/schema/person/09e2e67cfb4148460b60b79feae2088e\",\"headline\":\"$260M in CRE loans head to Houston foreclosure auction\",\"datePublished\":\"2024-09-27T20:09:21+00:00\",\"dateModified\":\"2024-09-27T20:22:01+00:00\",\"wordCount\":517,\"publisher\":\"@type\":\"NewsMediaOrganization\",\"@id\":\"https://therealdeal.com/#organization\",\"name\":\"The Real Deal\",\"alternateName\":\"TRD\",\"url\":\"https://therealdeal.com/\",\"logo\":\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https://therealdeal.

com/#/schema/logo/image/\",\"url\":\"https://static.therealdeal.com/wp-content/uploads/2022/10/logo.jpg\",\"contentUrl\":\"https://static.therealdeal.com/wp-content/uploads/2022/10/logo.jpg\",\"width\":612,\"height\":143,\"caption\":\"The Real Deal\",\"sameAs\":[\"https://www.facebook.com/therealdealmedia/\",\"https://x.com/trdny\",\"https://www.instagram.com/therealdeal/\",\"https://www.linkedin.com/company/therealdeal/\",\"https://www.youtube.com/TheRealDealMagazineNewYork/\",\"https://en.wikipedia.org/wiki/The_Real_Deal_magazine\"],\"foundingDate\":\"2003\",\"masthead\":\"https://therealdeal.com/about\",\"image\":[\"@type\":\"ImageObject\",\"width\":1024,\"height\":725,\"caption\":\"Unilev Capital's Raymond Levy with One Riverway, 2900 Weslayan, 2401 Fountain View Drive (Loopnet, Griffin Partners, Unilev)\",\"url\":\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail-1024x725.jpg\"],\"thumbnailUrl\":\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail.jpg\",\"keywords\":[\"Distress\",\"Foreclosure\",\"Houston\",\"Commercial\"],\"inLanguage\":\"en-US\",\"articleBody\":\"The latest interest rate cut provided hope for some commercial property owners on the brink of distress. But for others, it’s too late.\u0026nbsp;\\nAt the Oct. 1 foreclosure sale in Houston’s Harris County, at least seven properties with mortgages totalling $260 million are set to be auctioned, according to Roddy’s Foreclosure Listing Service.\u0026nbsp;\\nThe situation has been particularly dire for owners of older office space. Midway through this year, Houston’s office vacancy rate was 26.3 percent, according to a recent report from Partners Real Estate. That’s a jump from 24.7 percent a year before.\u0026nbsp;\\nHere’s a list of the biggest commercial properties facing foreclosure in Harris County next month. It’s possible that some of these borrowers and lenders reach agreements to avoid foreclosure before Oct. 1.\u0026nbsp;\\nOffice\\nOne Riverway\\nOne Riverway is a 25-story office building in Houston, just west of the Buffalo Bayou. Owner Beverly Hills-based Unilev Capital defaulted on an $80 million mortgage that German American Capital Corporation originated in 2015, according to the foreclosure notice. The 500,000-square-foot building was built in 1978 and renovated in 2020.\u0026nbsp;\u0026nbsp;\\n2900 Weslayan\\nLender Frost Bank claims Houston-based Griffin Partners defaulted on a $19.35 million loan it provided in 2020 for the purchase of 2900 Weslayan. The six-story building was built in 1979 and spans 137,000 square feet. The property is located just south of River Oaks in Houston.\u0026nbsp;\\n2401 Fountain View Drive\\nIn 2020, Finial Group borrowed $17 million ($95.50 per square foot) to purchase a 178,000-square-foot office building located at 2401 Fountain View Drive in west Houston. Lender Woodforest National Bank moved to foreclose on the property last month. The 10-story building was constructed in 1981 and renovated in 2017.\u0026nbsp;\\nMultifamily\u0026nbsp;\\nReserve at 6363\\nReserve at 63 at 6363 W Airport Blvd in Houston (Apartments.com)\\nLakewood, New Jersey-based Omni and Brook Holdings defaulted on a $37.25 million ($79,594 per unit) mortgage used to purchase the 468-unit Reserve at 6363 in 2022. Capital One originated the loan. The property was constructed in 1983 and is located at 6363 Airport Boulevard in southwest Houston.\\nPark North\\nPark North at 16112 N North Fwy in Houston (Apartments.com)\\nPark North is a 372-unit apartment complex in north Houston at 16112 North Freeway. The owners defaulted on a $56.3 million ($151,344 per unit) loan provided by Arbor Realty in 2022. The owners are a group of LLCs associated with Florida-based Inman Equities. The property was built in 2008.\\nNorthbrooke Apartment Homes\\nNorthbrook Apartments at 17111 Hafer Road in Houston (Northbrook)\\nMudra Investments defaulted on a $32.

5 million ($135,417 per unit) loan from Arbor Realty, according to a foreclosure notice. The loan was for the purchase of the 240-unit Northbrooke Apartments Homes in 2022. Mudra Investments is based in Richmond, Texas, and managed by Rahul Patel. The property is located at 17111 Hafer Road in north Houston.\u0026nbsp;\\nSutter Ranch\\nSutter Ranch Apartments at 10445 Greens Crossing Blvd, Houston (Apartments.com)\\nIn 2021, Berkeley Point Capital originally provided the $18.2 million mortgage for the purchase of Sutter Ranch, a 228-unit apartment complex at 10445 Greens Crossing Boulevard in northwest Houston. That’s just $79,824 per unit. The lender moved to foreclose on the property last month. The owner is Houston-based GenWealth Capital Group.\",\"@type\":\"WebSite\",\"@id\":\"https://therealdeal.com/texas/houston/2024/09/27/260-million-in-houston-commercial-real-estate-loans-headed-to-auction/\",\"url\":\"https://therealdeal.com/texas/houston/2024/09/27/260-million-in-houston-commercial-real-estate-loans-headed-to-auction/\",\"name\":\"$260 Million in Houston Commercial Real Estate Loans Headed to Auction\",\"isPartOf\":\"@id\":\"https://therealdeal.com/#website\",\"image\":\"@id\":\"https://therealdeal.com/texas/houston/2024/09/27/260-million-in-houston-commercial-real-estate-loans-headed-to-auction/#primaryimage\",\"description\":\"At the October 1 foreclosure sale in Harris County, at least seven properties are set to be auctioned, according to Roddy’s Foreclosure Listing Service.\",\"inLanguage\":\"en-US\",\"accessibilityFeature\":[\"largePrint/CSSEnabled\",\"highContrast/CSSEnabled\",\"resizeText/CSSEnabled\",\"displayTransformability\"],\"@type\":\"WebSite\",\"@id\":\"https://therealdeal.com/#website\",\"url\":\"https://therealdeal.com/\",\"name\":\"The Real Deal\",\"description\":\"Real Estate News\",\"publisher\":\"@id\":\"https://therealdeal.com/#organization\",\"alternateName\":\"TRD\",\"inLanguage\":\"en-US\",\"@type\":\"NewsMediaOrganization\",\"@id\":\"https://therealdeal.com/#organization\",\"name\":\"The Real Deal\",\"alternateName\":\"TRD\",\"url\":\"https://therealdeal.com/\",\"logo\":\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https://therealdeal.com/#/schema/logo/image/\",\"url\":\"https://static.therealdeal.com/wp-content/uploads/2022/10/logo.jpg\",\"contentUrl\":\"https://static.therealdeal.com/wp-content/uploads/2022/10/logo.jpg\",\"width\":612,\"height\":143,\"caption\":\"The Real Deal\",\"sameAs\":[\"https://www.facebook.com/therealdealmedia/\",\"https://x.com/trdny\",\"https://www.instagram.com/therealdeal/\",\"https://www.linkedin.com/company/therealdeal/\",\"https://www.youtube.com/TheRealDealMagazineNewYork/\",\"https://en.wikipedia.org/wiki/The_Real_Deal_magazine\"],\"foundingDate\":\"2003\",\"masthead\":\"https://therealdeal.com/about\",\"@type\":\"Person\",\"@id\":\"https://therealdeal.com/#/schema/person/09e2e67cfb4148460b60b79feae2088e\",\"name\":\"Jess Hardin\",\"url\":\"https://therealdeal.com/author/jessica-hardin/\"]\u003c/script\u003e\n\u003cmeta name=\"region\" content=\"Texas\" /\u003e\n\u003clink rel=\"alternate\" type=\"application/rss+xml\" href=\"https://therealdeal.com/texas/feed/\" /\u003e\n\u003clink rel=\"alternate\" type=\"application/rss+xml\" href=\"https://therealdeal.com/sector/commercial/feed/\" /\u003e\n\u003cmeta name=\"sailthru.image.thumbnail\" content=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail-150x106.jpg\" /\u003e\n\u003cmeta name=\"sailthru.title\" content=\"$260M in CRE loans head to Houston foreclosure auction\" /\u003e\n\u003cmeta name=\"sailthru.date\" content=\"September 27, 2024\" /\u003e\n\u003cmeta name=\"sailthru.author\" content=\"Jess Hardin\" /\u003e\n\u003cmeta name=\"sailthru.tags\" content=\"Houston,Texas,Commercial,Distress,Foreclosure\" /\u003e\n\u003c!-- / Yoast SEO Premium plugin. --\u003e","__typename":"PostTypeSEO","bylineInformation":"authors":["id":"dXNlcjoxODcx","name":"Jess Hardin","uri":"https://therealdeal.

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[latestgovtjobnews]

Visit MHA website for IB ACIO 2023 exam eligibility and online application.

New Post has been published on https://www.jobsarkari.in/visit-mha-website-for-ib-acio-2023-exam-eligibility-and-online-application/

Visit MHA website for IB ACIO 2023 exam eligibility and online application.

Candidates interested in the Intelligence Bureau Assistant Central Intelligence Officer Exam 2023 are advised to review the detailed advertisement on the MHA website to ensure eligibility before applying online. The Intelligence Bureau, under the Ministry of Home Affairs, is seeking technically sound young Indian Nationals with a consistent academic record and qualifying GATE scores in 2021, 2022, or 2023 to join as Assistant Central Intelligence Officer Grade-II/Technical in Computer Science & Information Technology or Electronics & Communication. The post is a General Central Service; Group ‘C’ (Non-Gazetted, Non-Ministerial) classification with a pay scale of Level-7 (Rs. 44,900-1,42,400) plus allowances.

Projected vacancies are listed for each discipline, and essential qualifications include achieving qualifying GATE scores in Electronics & Communication or Computer Science & Information Technology along with a relevant BE/BTech or Master’s degree from a recognized institution. The age limit for applicants is 18-27 years as of January 12, 2024. The post involves All India Service liability, and it is not suitable for any category of Persons with disabilities.

The scheme of examination includes shortlisting candidates based on GATE scores and conducting interviews to assess subject knowledge and communication skills. The final merit list will be determined by combining marks obtained in the GATE examination and interview. Applications must be submitted online through the MHA website within the specified dates.

The examination fee and recruitment processing charges must be paid online, with exemptions for certain categories such as SC/ST candidates, female candidates, and Ex-Servicemen who have secured employment under Central Govt in Group ‘C’ positions. Payment can be made through various methods, including debit cards, credit cards, internet banking, and SBI challan. The closing date for applications is January 12, 2024.

Candidates are warned about fraudulent elements that may attempt to deceive them by issuing fake appointment letters or providing assistance during the examination. It is advised to apply only through the official MHA website to avoid falling prey to such scams. Reports of unknown individuals claiming to be ex-IB officers and offering false assurances or question paper leaks should be disregarded, as the IB does not share examination materials with anyone.

For more detailed information on eligibility criteria, reservation benefits, selection process, submission of online application, and other instructions, candidates are directed to refer to the detailed advertisement on the MHA website.

Candidates should review the detailed advertisement on the MHA website before applying for the Assistant Central Intelligence Officer Grade-II/Tech Exam 2023.

Intelligence Bureau is looking for technically sound young Indian Nationals with qualifying GATE marks to join as Assistant Central Intelligence Officer Grade-II/Technical.

The post is classified as General Central Service, Group ‘C’ (Non-Gazetted, Non-Ministerial) with a pay scale of Level-7.

The essential qualification includes achieving qualifying GATE marks in Electronics & Communication or Computer Science & Information Technology, along with a relevant Bachelor’s or Master’s degree from a recognized university.

The age limit for the position is 18-27 years as of January 12, 2024.

The selection process includes shortlisting based on GATE scores, followed by an interview to assess subject knowledge and communication skills.

Applications must be submitted online through the MHA website within the specified dates.

Examination fee and recruitment processing charges are applicable, with exemptions for certain categories.

Introduction

Candidates should review the detailed advertisement on the MHA website before applying for the Assistant Central Intelligence Officer Grade-II/Tech Exam 2023.

Eligibility Criteria

Intelligence Bureau is looking for technically sound young Indian Nationals with qualifying GATE marks to join as Assistant Central Intelligence Officer Grade-II/Technical.

The post is classified as General Central Service, Group ‘C’ (Non-Gazetted, Non-Ministerial) with a pay scale of Level-7.

Essential Qualification

Achieving qualifying GATE marks in Electronics & Communication or Computer Science & Information Technology is essential.

Relevant Bachelor’s or Master’s degree from a recognized university is required.

Age Limit

The age limit for the position is 18-27 years as of January 12, 2024.

Selection Process

The selection process includes shortlisting based on GATE scores.

Followed by an interview to assess subject knowledge and communication skills.

Application Process

Applications must be submitted online through the MHA website within the specified dates.

Examination fee and recruitment processing charges are applicable, with exemptions for certain categories.

Summary of Main Points

Detailed advertisement review is crucial before applying.

Essential qualifications include qualifying GATE marks and relevant degree.

Age limit is 18-27 years.

Selection process involves shortlisting based on GATE scores and an interview.

Online application submission with applicable fees and charges.

[olko71]

New Post has been published on All about business online

New Post has been published on https://yaroreviews.info/2023/10/interest-rates-tipped-to-be-held-as-jobs-market-weakens

Interest rates tipped to be held as jobs market weakens

Getty Images

By Michael Race & Dharshini David

BBC News

Signs that the UK’s job market is slowing down have reaffirmed predictions that interest rates will be left unchanged again in November.

The unemployment rate was 4.2% between June and August, up from 4% in the March-to-May quarter, but unchanged from last month’s data.

Businesses appear to be hiring less as the impact of rising prices and higher interest rates starts to bite.

UK economic growth has also proved sluggish in recent months.

The Office for National Statistics (ONS) said August’s jobs figures had been calculated slightly differently than usual, in an attempt to make the data as reflective of the world of work as possible.

Balancing act

The Bank of England, which sets UK rates, will decide next week whether they should be increased, decreased, or kept on hold again at 5.25%.

The benchmark rate was left unchanged at its last meeting in September, ending a cycle of 14 consecutive rises. At the time the Bank’s governor, Andrew Bailey, said there were “increasing signs” that higher rates were starting to hurt the economy.

The Bank first started to raise rates in December 2021 in an attempt to control soaring consumer price rises.

But it is a balancing act – if rates go up too quickly, consumers and businesses may spend and invest less which tends to drag on the economy.

The impact of changes to interest rates, via higher debt repayments, also takes about a year to filter through to employers’ plans.

This month, one member of the Bank of England’s interest rate panel told the BBC that the bulk of the impact of the increase in interest rates was yet to hit the economy, adding younger and lower paid workers could be hit the hardest.

Official figures showed the UK returned to growth in August, following a sharp fall in July, however, economists have warned the economy was “only just grinding forward” and predicted that the Bank of England would opt to leave rates on hold again in November.

Ashley Webb, UK economist at forecaster Capital Economics, said Tuesday’s weak jobs numbers made that outcome even more likely.

“The Bank will probably continue to believe that interest rates are gradually doing their job and, in our view, it is unlikely to raise interest rates again,” he said.

Gabriella Dickens, senior UK economist at Pantheon Macroeconomics, said the figures “added to the evidence” that rates would be held, while Thomas Pugh, at consultancy RSM UK, said the Bank would probably wait “to see wage growth and inflation return to more normal levels, rather than resuming rate hikes”.

High rates hurting low paid, says Bank member

Wages overtake prices for first time in two years

The UK is not currently in a recession but there have been concerns over weak growth, with the economy set to be a key battleground in the General Election, which is widely expected to be next year.

On Tuesday, a closely-watched economic survey indicated that output from private sector companies had fallen for a third consecutive month.

That prompted forecasters at Capital Economics to suggest “a mild recession is under way and that the Bank of England has finished hiking interest rates”.

Sarah Coles, head of personal finance at investment firm Hargreaves Lansdown, said there was “no clear overall shift in job losses just yet” but the UK needed to prepare “for more difficult times ahead”.

“This isn’t the agony of a collapsing jobs market: it’s the chronic malaise of an economy growing gradually weaker,” she said.

“With employment falling slightly, unemployment rising, economic inactivity up and vacancies dropping again, optimism is ebbing slowly away.”

The ONS estimated employment in the UK – which is the proportion of people in paid work – slightly decreased to 75.7% between June and August. It added that the economic activity rate, which measures people not actively looking for work, or available to start a job, had also edged up to 20.9%.

Neil Carberry, chief executive of the Recruitment & Employment Confederation, said unemployment remained low by historic standards and that the jobs market had been “normalising after the post-pandemic boom”.

“While vacancies are dropping, they remain above their levels of 2019,” he added. “But sector demand is varying widely and workers are facing having to make more transitions to new areas to find new roles. This transition is a primary driver of rising unemployment.”

Mel Stride, the Work and Pensions Secretary, said growing the economy was a “priority” and that the government was “bringing in the next generation of welfare reforms to drive down inactivity and help more people into work”.

He said there were now “more than one million more people on company payrolls compared to 2019, a near record high, and today’s statistics also show inactivity has fallen by over a quarter of a million since the pandemic peak”.

But Liz Kendall, Labour’s shadow work and pensions secretary, said the statistics confirmed “once again that the Tories’ dismal mismanagement of our economy is failing Britain”.

What happens if I miss a mortgage payment?

If you miss two or more months’ repayments you are officially in arrears

Your lender must then treat you fairly by considering any requests about changing how you pay, such as lower repayments for a short time

They might also allow you to extend the term of the mortgage or let you pay just the interest for a certain period

However, any arrangement will be reflected on your credit file, which could affect your ability to borrow money in the future

Read more here.

Related Topics

Unemployment

Employment

UK economy

Office for National Statistics

More on this story

Wages overtake prices for first time in two years

6 days ago

Interest rates expected to be held after small growth

12 October

[ennovance]

🇺🇸U.S. rental vacancy rate reached a low of 4.1% in October 2021 and has been on rise since ... now hovering near 7.1%, which is third-highest in index's history

@ApartmentList @DataArbor

via @LizAnnSonders

#news #commercialrealestate #CBRE #CRE #cmbs #wfh #realestate #mf #multifamily #banking #apartments #renting #rent #housing #economy #inflation #Healthcare #realtor #Philadelphia #Philly #phl #Finance #mbs

[breesays]

Vibe check

WE GOT THE STUDIO CITY APARTMENT!! My #1!!

Yesterday was so stressful. I got approved for a Sherman Oaks condo that was beyond my budget, and then upon approval they added a fat pet deposit and monthly pet rent. I didn't think I'd get approved for that place based on my income, so I didn't tour the entire property--which boasted a pool, fitness center, parking and onsite laundry. So I hesitated to sign the lease. Don't get me wrong - it was massive compared to most places I'd toured, and it had a tiny backyard with fake grass! But it was really pushing my limit financially.

I was hemming and hawing (is that the right usage?) about this Sherman Oaks property and google mapping it and booking the movers and WORKING and asking my sister for buffer -- and then I got a text from my #1 asking for another bank statement and to nudge my rental history contacts. Could it be? Did they pick ME? I had to jump through a few more red tapey hoops but WE GOT IT.

Note: This was not the first time we (I say we, but I mean ME and Desmond) toured that exact building. It was on our list at the end of 2021 but we were wary about cats + carpet. I didn't even find the spot through Zillow or any of my apps - I had booked a tour for one of their K-Town vacancies and then changed my mind, which linked me to this sweet penthouse 1bdr.

True, we are downsizing. From a 2 bd to a 1 bd - but I like co-sleeping with Des. Even if he wants to live with me "until he's 100."

More than anything, it's about how I felt when I walked into the space: This is it. This could be home. I felt that way at Normandie, I initially felt that way here, on New Years Eve in the pouring rain in 2021.

The irony: The downstairs neighbors are moving out, too. They bought a house in Lake Balboa. I am sad they will never get to experience normal walking (I tiptoe!!!) or like, an excited dog who lives above them. We are all escaping.

I keep looking at the photos on Redfin like ooooh we're gonna live there! We get our own washer/dryer. I'm happy. I'm packing.

[shalomelohim]

- Shabbat Shalom au Peuple d’Israël et aux qehilot de la Diaspora -

Que votre Shabbat soit reposant au travers de Yahshua Ha Mashia'h

Que le Dieu d’Abraham, le Dieu d’Isaac et le Dieu de Jacob vous bénisse et vous protège au nom de l’Adon Yahshua.

********

MAJ / Up Date :

Une tempête solaire "sévère" et "exceptionnelle" doit frapper la Terre ce dimanche

Site pour aider se préparer :  Articles pionniers des années 1800 que vous devriez toujours avoir à la maison

Jean-Dominique MICHEL (anthropologue) : «On assiste au retour de l’idéologie nazie dans l’agenda du Forum Économique Mondial !» (10 mn - à écouter)

********

Encore une fois, beaucoup d’informations.

Crise financière, Monnaie

Jacques Attali prédit une "grave crise financière" cet été   Idée qui m’est persistante depuis plusieurs années que cela pourrait survenir  vers un 15 août, période où tout le monde est en vacances ou en grand week-end (ce n’est pas une prévision, mais un point de vigilance).

Le Livret A s’étoffe de près de 20 milliards d’euros au premier trimestre, un record depuis près de quinze ans

La Banque Postale met les bouchées doubles pour aider ses clients en difficulté Mise en place d’une 2ème plateforme téléphonique afin de gérer les 250 appels par jour de personnes en difficultés financières

L’argent comptant du jour de l’impôt indiquera à quel point les États-Unis sont proches d’un défaut de paiement  

56% des BANQUES en FAILLITE potentielles - Guy de la Fortelle (43 mn)

Le Bangladesh va payer la Russie en YUANS pour une centrale nucléaire  

Ces 8 cygnes noirs qui ont provoqué les plus fortes baisses des bourses mondiales.  

Apple va-t-il provoquer un « bank run » aux Etats-Unis ? Le géant de la tech lance un nouveau compte d’épargne avec un taux de 4,15 %  Le nouveau compte d'épargne Apple est sans frais, sans dépôt minimum ni exigence de solde et les utilisateurs peuvent le gérer directement à partir l'Apple Wallet de l'App Store (limite solde max 250 000 $). Le taux est 10X supérieur à la moyenne nationale.  

Guerres, armement, conflit

Le décret autorisant l’usage des drones par les forces de l’ordre dans certains cas publié au « Journal officiel » (Décret Légifrance) Drones équipés de caméras par les forces de sécurité, notamment pour le maintien de l’ordre ou la surveillance des frontières. Il existe des drones armés.

[Notes : (rappel message novembre 2021) Peine de mort rétablie en Europe en cas d’émeutes Message destiné à tous et plus particulièrement aux frères et soeurs qui ressentent le besoin de rejoindre les manifestations. Il y a des soulèvements un peu partout dans le monde et samedi dernier a eu lieu un incident qui a été assez peu relayé par les médias :   A Rotterdam, la police a tiré à balles réelles lors d'émeutes contre les restrictions sanitaires. Pour rappel, voici la loi qui a été votée - quasi incognito - le 14 décembre 2007 et parue au Journal Officiel de l’Union Européenne. Page 18 - TITRE 1 - DIGNITE - Article 2 - Droit à la vie Aux paragraphes 3.a) et 3.b), 3. Les dispositions de l'article 2 de la Charte correspondent à celles des articles précités de la CEDH et du protocole additionnel. Elles en ont le même sens et la même portée, conformément à l'article 52, paragraphe 3, de la Charte. Ainsi, les définitions «négatives» qui figurent dans la CEDH doivent être considérées comme figurant également dans la Charte : a) l'article 2, paragraphe 2, de la CEDH : « La mort n'est pas considérée comme infligée en violation de cet article dans les cas où elle résulterait d'un recours à la force rendu absolument nécessaire : a) pour assurer la défense de toute personne contre la violence illégale; b) pour effectuer une arrestation régulière ou pour empêcher l'évasion d'une personne régulièrement détenue; c) pour réprimer, conformément à la loi, une émeute ou une insurrection. »

b) l'article 2 du protocole no 6 annexé à la CEDH :« Un État peut prévoir dans sa législation la peine de mort pour des actes commis en temps de guerre ou de danger imminent de guerre; une telle peine ne sera appliquée que dans les cas prévus par cette législation et conformément à ses dispositions …».]

L’Iran mobilise ses alliés paramilitaires pour mener des frappes contre Israël   Le commandant de la Force al-Qods a rencontré les dirigeants du Hamas et du Hezbollah dans les dernières semaines afin de coordonner les attaques

Délégation du Hamas en Arabie saoudite : « Si on pensait, il y a trois mois, qu'Israël allait inclure les Saoudiens dans les accords d'Abraham, aujourd'hui c'est un virage à 180 degrés et un énorme revers »  

Images historiques du leader du Hamas, Ismaël Haniyeh, en pèlerinage en Arabie Saoudite. C'est ici une autre évolution majeur des développements observables dans la région ces derniers temps  

Le chef d’état-major général des armées françaises est venu en Ukraine pour discuter de la situation au front   L'Occident participe ouvertement à la planification des opérations ukrainiennes, c'est-à-dire qu'il participe à la guerre contre la Russie.  

Le Brésilien Lula soulève la médiation de guerre de la Russie avec la Chine et les Émirats arabes unis   Le président brésilien a déclaré dimanche qu'il avait discuté d'une médiation conjointe pour la guerre de la Russie en Ukraine avec la Chine et les Émirats arabes unis, accusant les États-Unis et l'Europe de prolonger le conflit.  

La Chine se dit prête à être médiateur dans le conflit israélo-palestinien   “Pour faciliter un accord de paix au Moyen-Orient.” (Propos du Ministre des Affaires Etrangères à ses homologues israélien et palestinien)  

Xi Jinping veut passer à « l’étape supérieure » avec la Corée du Nord   La Chine est le principal allié de la Corée du Nord et son plus grand soutien économique  

Intelligence Artificielle, reconnaissance faciale, paiement avec la main, bioinformatique

En “bioinformatique”, une startup élève des cellules humaines et les connecte à l’IA  Via l’intelligence artificielle, Cortical Labs, une startup australienne combine des cellules cérébrales humaines cultivées en laboratoire et des puces informatiques.

JO 2024 : les députés autorisent la vidéosurveillance algorithmique avant, pendant et après les Jeux  Comprendre que c’est la reconnaissance faciale qui a été adoptée.

"Maman, des types m'ont enlevée" : les fausses voix générées par l'IA, nouvelle arme des arnaqueurs  L’idée parait peut-être excessive, mais prévoir un mot de passe oral, une situation vécue, anecdote connue uniquement par les 2 personnes en ligne pour vérifier qui est au téléphone.

"Peste bleue": quand l'intelligence artificielle crée des événements historiques qui n'ont jamais existé  On réécrit l’histoire, on invente un futur : vivre dans un monde où tout est faux, tout n’est qu’illusion

Le PDG de Google, M. Pichai, déclare qu'il ne comprend pas son système d'intelligence artificielle après qu'il a fait des choses pour lesquelles il n'avait pas été programmé.  

Au Japon, des caisses enregistreuses permettent de payer en scannant son visage. Plus besoin de carte, ni de liquide, il suffit de pencher vers l'objectif.  

Pour la première fois, un pistolet intelligent lit vos empreintes avant de vous laisser tirer  

Faute de candidats, une IA présente la météo en Suisse   Jade, l’intelligence artificielle, est toujours en forme et jamais absente dit le Directeur Général de la chaîne qui réfléchit à recourir à l'IA dans d'autres domaines et s’en servir comme un outil d’amélioration et de production de contenu.  

Eau, Gaz, Nourriture

Sécheresse dans les Pyrénées-Orientales : quatre communes privées d’eau potable  Pour 7 jours, distribution de 6 bouteilles d’eau par personne pour l’hygiène, la cuisine et s’hydrater. Communes de Bouleternère (957 habitants), Corbère (777 habitants), Corbère-les-Cabanes (1 040 habitants),  Saint-Michel-de-Llotes (353 habitants) composées principalement de personnes âgées. Ces villages sont l’exemple de ce qui arrivera prochainement, à savoir qu’il sera plus facile de rapatrier les habitants sur la ville la plus proche que de mettre en place une organisation pour continuer à distribuer les services. Pendant ce temps-là : La France s'apprête à vendre 4 milliards de mètres cubes d’eau contre du carburant

Gaz: une copropriété ne peut plus payer sa facture, multipliée par 6 en un an   La facture annuelle passe de 700 € à 3 600 € par appartement.

Sécheresse : le Pas-de-Calais appelle à la sobriété et demande d’économiser l’eau potable.   Augmentation des installations de cuves de récupération des eaux de pluie afin d’économiser l’eau potable

La Police de l’Eau fait des inspections dans les villages pour traquet les contrevenants

Dans les prochains jours, la première entreprise israélienne recevra l'autorisation de produire du lait alternatif et peut déjà imprimer du poisson issu de la culture en laboratoire

Climat, Pass Carbone, fin de la voiture

Faut-il instaurer un quota de carbone par personne ?

Climat : le Parlement européen adopte la réforme du marché carbone   Pour concrétiser les ambitieux objectifs de réduction des gaz à effet de serre du plan climat des Vingt-Sept.  

Paris : Le périphérique bientôt limité à 50 km/h avec la voie réservée ? François Wouts, le directeur de la voirie de la Ville de Paris, a laissé entendre que la vitesse maximale autorisée sur le périphérique parisien pourrait être abaissée de 70 à 50 km/h dès fin 2024, avec la mise en place de la voie dédiée au covoiturage et aux transports collectifs.  

Eglise, persécutions, couronnement

Ukraine, Ukraine 1, Ukraine 2, Ukraine 3 Vandalisme, église scellée, évêque frappé et devant rester à résidence surveillée

Deux morceaux de la croix de Jésus offerts pour le couronnement du roi Charles III Le pape François a décidé d'offrir deux fragments de la croix supposée où Jésus est mort au monarque britannique avant son couronnement le 6 mai.

Le Dr Makenzie Lystrup prête serment en tant que Directeur du centre de vol spatial Goddard de la NASA en utilisant le "point bleu pâle" de Carl Sagan au lieu de la Bible

Divers

Inflation : les prix des produits pour animaux flambent, la SPA s'inquiète de l'impact sur les abandons et les adoptions Les prix des produits pour animaux sont ceux qui ont le plus augmenté. Conséquence : la SPA observe une baisse des adoptions et s'alarme d'une possible hausse des abandons économiques.

Pays-Bas : l'euthanasie sera possible pour les moins de douze ans  

Le Plan de Dépeuplement révélé il y a 50 ans !

[meghalayacareer]

NPCIL Recruitment 2023: Executive Trainees 2023 Through GATE (325 Posts)

NPCIL Recruitment 2023: Nuclear Power Corporation of India Limited (NPCIL), Mumbai has released an employment notification for the recruitment of 325 Executive Trainees 2023 through GATE 2021/2022/2023. The last date for submission of the application is 28th April 2023. Post Name: Executive Trainees  No. of Vacancy: 325 Discipline-wise posts: # Mechanical: 123 # Chemical: 50 # Electrical: 57 # Electronics: 25 # Instrumentation: 25 # Civil: 45 Eligibility Criteria: i. BE/B Tech/B Sc (Engineering)/5-year Integrated M Tech with a minimum of 60% aggregate marks in one of the 6 engineering disciplines mentioned in the Table below from a University/ Deemed University or Institute recognized by AICTE/UGC. A minimum of 60% marks means the marks as per the ordinances of the respective university. ii. Applicants must have a valid GATE-2020 or GATE-2021 or GATE-2022 score in the same engineering discipline as the qualifying degree discipline. iii. Engineering degrees allowed each discipline to see an advertisement. Stipend - During Training: - # Monthly Stipend – Rs.55,000/- # One-time Book Allowance – Rs.18,000/- # Mandatory Lodging & Boarding– In accommodation as provided by NPCIL. Age Limit (as of 28/04/2023): - # General/EWS: 26 years # OBC (NCL): 29 years # SC/ST: 31 years # PwBD (General/EWS): 36 years # PwBD (OBC (NCL)): 39 years # PwBD (SC/ST): 41 years Application Fee of NPCIL Recruitment # Only male candidates belonging to the General/EWS/OBC categories are required to make a non-refundable payment of Rs.500/- towards the application fee with the applicable bank charges. # SC, ST, PwBD, Ex-serviceman, DODPKIA, Female applicants, and employees of NPCIL are exempted from the payment of the application fee. # Only after verification of payment of fee, the online application form can be viewed/printed. How to Apply for NPCIL Recruitment? # Candidates are requested to read the eligibility criteria and ensure that they meet all the criteria before applying. # Candidate must ensure that she/he has a valid GATE 2021/GATE 2022/GATE 2023 Score with qualifying marks applicable in the discipline against which she/he wish to apply. # A Candidate has to apply through the online application form provided on the website www.npcilcareers.co.in only. # The online application form will be available on the website from 11/04/2023 to 28/04/2023. # Before applying online candidate should scan her/his photograph in JPEG format, of size not more than 50KB (maximum 480 X 640 Pixels) and a minimum of 10 KB (minimum 180 x 240 pixels), and a signature in JPEG format of size not more than 20KB (maximum 160 x 560 pixels) and a minimum of 80 x 100 pixels. The photograph uploaded will be printed on the interview call letter and only the applicant whose photograph is printed on the call letter will be allowed to appear for an interview if called for. Those who wish to apply are advised to go through the below official notification in detail before submitting applications. Online Application Link Click Here Download Official Notification Click Here Job Updates on Telegram Click Here Read the full article

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After a series of historic interest rate hikes, economists are left wondering whether job losses are next. High interest rates cause businesses and consumers to pull back on spending. As business slows, companies review their staffing levels and unemployment tends to climb.

However, up until now, the Canadian labour market has remained strong. In December, the unemployment rate was five per cent, just above the all-time low of 4.9 per cent reached in the summer.

In its latest monetary policy report, the Bank of Canada said it expects the full effects of rate hikes on the labour market to play out over a longer period. The comment came as the central bank raised its key interest rate for the eighth consecutive time. It said it was taking a conditional pause, keeping the door open to further rate hikes if inflation isn't tamed.

Labour groups have voiced concerns about the Bank of Canada's rate hikes in recent months, with Unifor president Lana Payne previously accusing the central bank of waging war on the working class.

Jim Stanford, an economist and the director of the Centre for Future Work, is concerned higher interest rates will slow the economy more than the central bank is anticipating.

Stanford said 40 years ago, that was the case when the Bank of Canada fought off runaway inflation with rapid interest rate hikes. In either case, he said it will mean "higher unemployment and reduced life chances for people who are trying to find a way and in a labour market."

But some economists are cautiously optimistic that employment may prove to be somewhat resilient to the slowdown, given that unemployment is currently near historical lows.

Job vacancies reached record highs last year, with over one million jobs unfilled in the economy. Since then, the number of unfilled positions has fallen to around 850,000 vacancies in November.

On Thursday, Statistics Canada reported the number of job vacancies fell by 2.4 per cent in November to their lowest level since August 2021. The Bank of Canada is also hopeful it can rebalance the economy and restore low inflation without trriggering massive job losses.

In a research paper published in the fall, Bank of Canada researchers estimated in their base case scenario that restoring normal job vacancy levels would push up the unemployment rate to a peak of 6.7 per cent.

As the economy cools, BMO's forecast suggests Canada's unemployment rate will average six per cent this year. And while that does suggest more Canadians will be unemployed, Kaushik said a six per cent unemployment rate is "still fairly low."

Unemployment fell significantly during the 2008 global financial crisis. According to Statistics Canada, the unemployment rate rose from 6.3 per cent to 8.6 per cent between October 2008 and October 2009.