News


Costco Credit Cards to Be Taken Over by Citi

In a move that has been in the making for more than a year, Citi Cards has announced it will acquire all Costco-branded credit cards by June 2016. The Costco portfolio is rumored to be worth upwards of $1 billion. Current cardholders will soon receive information about their new cards in the coming months, including all benefits for which ... More

Mortgage Rates Inch Up in March: What It Means for Consumers

Positive economic news, including steady increases in consumer spending and forward momentum on construction-spending, caused mortgage rates to increase slightly at the beginning of March. The average interest rate on a 30-year-fixed mortgage rose to 3.82%. It held steady at 3.8% throughout February. Adjustable-rate mortgage rates rose ... More

How Store Closures Affect Real Estate Investment

Store closures are happening every day, but are they taking other things down with it? They have the potential to affect the local community, real estate investments, commercial mortgage and more. With so many stores closing at the same time, it opens the market up to risk. The closures may influence investors into thinking twice before ... More

Wells Fargo Offers Payout to End Home Loan Mess

Wells Fargo agreed to pay $1.2 billion to settle a lawsuit. The bank said it reached the agreement earlier this week with the U.S. Department of Justice, two attorneys general and the Department of Housing and Urban Development. The agreement still needs to be approved. Image via Flickr/Mike Mozart   More

Credit Suisse Reports Huge Loss

On Thursday, Credit Suisse announced a huge loss in the fourth quarter, the largest in seven years. The bank reported a loss of about $5.75 billion, and shares of the company went down as much as 12 percent. The loss was mainly due to a write-down of 3.8 billion francs, after the bank reassessed the value of its investment bank. ... More

Prices on Luxury Real Estate in NYC Drop

New York City is known for selling real estate at astronomical prices, but it appears as though the market may be settling down. “I have seen more broker incentives and price reductions in the last few months than I’ve seen in the last three years combined,” said Leonard Steinberg, the president of real estate brokerage firm ... More

U.S. to Track Luxury Real Estate Buyers

The U.S. Department of Treasury said on Wednesday that it would start tracking secret buyers of high-end properties in an effort to illicit money coming into luxury real estate. The initiative will begin in Manhattan and Miami-Dade County, two of the major destinations for global wealth. This is the first time the federal govern... More

Manhattan Real Estate Prices Break Records

Prices on Manhattan real estate are soaring. According to real estate firm Douglas Elliman, the average sales price went up 12 percent, while the median sales price broke records at $1.15 million. "The (Manhattan) market continues to be a safe haven," said Jonathan Miller, president of Miller Samuel, an appraisal firm. "The volatil... More

Fidelity Replaces Credit Card Partners With Visa

On Monday, Jan. 4, Fidelity Investments announced that is was dropping credit card partners American Express and Bank of America. This ends a 12-year partnership. Fidelity will be replacing these partners with Visa and U.S. Bancorp. This is another loss for American Express, which recently lost a deal with Costco Wholesale. Image ... More

Critics Blame New Mortgage Form Laws for Loan Delays

Many in the real estate industry are saying the new federal rules on mortgage forms are to blame for delaying home buyers from getting mortgages. According to mortgage-processing firm Ellie Mae, in November, mortgages took an average of 49 days to close, the longest closing time since February 2013. In October, the Consumer ... More