Struggling College Gives Bondholders Rights to President's House
La Roche University, a private Catholic university in Pennsylvania, is giving bondholders a mortgage on the college president's home as extra protection.
The provision was included as part of a forbearance agreement that the college reached this month with UMB Bank, the trustee for bondholders, according to a regulatory filing. The five-bed, 3 1/2-bath residence, which is similar to others in the neighborhood, is worth an estimated $682,000, according to Zillow.
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Newsweek
3 hours ago
- Newsweek
Over 1 Million Homes for Sale Across US as Inventory Piles Up
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This surge in the number of homes for sale is putting significant downward pressure on home prices, which some experts now expect to fall by the end of the year. A home is seen for sale on April 24, 2025, in Austin, Texas. A home is seen for sale on April 24, 2025, in Austin, To Know A chronic lack of inventory, partially due to the fact that homebuilders in the U.S. significantly underbuilt in the years following the 2008 crash, contributed to bringing U.S. home prices through the roof in recent years. Over the past five years, U.S. home values have surged by on average 8 to 9 percent per year, on average, according to Zillow data. The pace of this vertiginous home price growth, however, has started slowing down this year thanks to rising inventory. Active listings have been growing over the past few months in part because of the new homes landing on the market, and in part because existing homeowners who were waiting for mortgage rates to come down to sell their homes have resigned to the fact that it is unlikely to happen anytime soon. Many of these sellers, especially those who bought their properties during the pandemic, are hoping to sell their homes at the same price they purchased them during the homebuying frenzy of 2020-2022. But the market is not the same: buyers are being kept to the sidelines by historically high prices and elevated mortgage rates, while growing economic uncertainty is making them question whether this is a good time for such a big purchase at all. The result is that "excess inventory is piling up," Nick Gerli, CEO and founder of Reventure App, wrote on X. "Relative to buyer demand, we now have the highest inventory in close to a decade, which is causing home prices to drop in over half the U.S." According to Reventure App, more than 60 percent of all U.S. counties reported month-over-month price drops in May. Meanwhile, Redfin reported that sellers currently outnumber buyers in the U.S. housing market by about 500,000. This imbalance is forcing sellers to slash prices to attract cautious buyers, readjusting their price expectations significantly in an effort to get their properties off the market. According to Reventure App, the number of sellers cutting their original listed price was up by 24.6 percent in May compared to a year earlier. "That's the highest level of price reductions for the month of May on record, going back to 2017," he said. Despite the dynamics at play, home prices are still historically high compared to pre-pandemic levels—but they are starting to come down. 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Yahoo
8 hours ago
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'Remote work isn't a perk, it's a business strategy,' Zillow exec says
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Yahoo
18 hours ago
- Yahoo
Buying a Home? In This Economy? 6 Ways To Find Affordable Rentals Instead
It's hard for many Americans who are struggling to afford groceries and gas to imagine buying a home in the current U.S. economy. Whiplashing tariff prices, many months of inflation struggles and persistently high home prices and mortgage rates are not making for the friendliest homebuying environment. Find Out: Read Next: With the average home value around $367,000 in the U.S., according to Zillow, (and that's on the vastly low end for West Coast and East Coast states), the fact is that many Americans may need to keep renting. What are the best ways to find affordable rentals, however? Real estate experts offered some tips. Jonathan Ayala, a licensed real estate agent and founder of Hudson Condos, agreed that while finding affordable rentals in today's market is not easy, 'but with a smart strategy, it may still be possible to land a good deal.' Ayala said you can't think small when you look for a rental; you need to 'cast a wide net.' He recommended using both digital tools and personal connections. 'I would recommend using multiple platforms — Zillow, and Facebook Marketplace, HotPads — or by getting involved in local community groups online.' Learn More: The key to finding a rental is to find a good rental agent, according to Jeff Lichtenstein, CEO and broker at Echo Fine Properties, but 'that is much harder than it sounds,' he said. The problem is that agents are more motivated by the commissions associated with homebuying than renting. The commissions an agent will earn on rentals 'is so low that it basically buys a nice lunch, but not much more for the agent,' Lichtenstein said. Additionally, agents are wary of prospective renters being fickle or working with multiple agents. Without a sense of commitment, they may be reluctant. 'Once the agent realizes that the customer is working with multiple agents, most just drop off because it isn't worth it for the little pay they are getting.' The best search engine for a good rental may be the people you know, Ayala said. 'Friends, colleagues, and even social media followers. Let them know what you want.' He suggested that it's common for affordable rentals to change hands through word-of-mouth and other informal communication before they're ever posted online. Word of mouth works best when you tell everyone you know that you are looking and offer finder's fees to friends who connect you with good landlords, according to Eli Pasternak, a real estate agent and founder of Liberty House Buying Group. 'I suggest checking with local coffee shops, gyms and community centers because they often have bulletin boards with rental listings.' Pasternak has also found that his clients have better success searching on their own than using agencies. Not only do brokers add fees that increase your total cost by 10% to 15%, who better than the potential renter knows what you're looking for. One of his clients found his rental through Facebook neighborhood groups where landlords post directly. Ayala also suggested that sometimes if you aren't finding what you seek, you may need broaden your search location range. 'By searching just outside the most high-demand areas, renters can save significantly. A few extra minutes commuting can mean hundreds of dollars saved a month,' he said. No matter how you go about seeking a rental, there are some general red flags to watch for. Ayala pointed out that things like 'vague descriptions, missing photographs, or listings that invoke the presence of additional 'fees' with little specificity' could be sketchy. He also warned to be wary of listings that seem to be offering a much lower rate than the area calls for. 'They can be bait-and-switch ploys,' he said. Pasternak added, 'I tell my clients to watch for ads that do not show the actual address or require application fees before viewing the property.' If you're not sure that the rental you find is appropriately priced, Lichtenstein said look for 'comparables' — check that other similar apartments or homes are priced in the same range. Lichtenstein said that the rental market may be better right now than it has been for a while because 'inventory is piling up.' Sellers who can't make a sale or are delaying selling, are renting instead, 'making this a good time to be a tenant.' More From GOBankingRates 8 Common Mistakes Retirees Make With Their Social Security Checks Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why This article originally appeared on Buying a Home? In This Economy? 6 Ways To Find Affordable Rentals Instead Sign in to access your portfolio
