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☆ Average homebuyers are beating out Wall Street landlords
▼ + stars: | 2023-11-29 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

The shutdowns of 2020 created a perfect storm for the housing market — and supercharged the clash between Wall Street and regular homebuyers. Given the attention these markets received during the pandemic, it's no wonder that the battle between Wall Street and Main Street became the dominant story of COVID-era homebuying. Advertisement"If Wall Street was really gobbling up Main Street," Sharga told me, "we would see homeownership rates go down." Wall Street landlords have also been increasingly selling off homes to regular people, a Business Insider analysis found. Still circlingWhile average homebuyers have staged a comeback over the past three years, Wall Street isn't ready to jump out of the housing market altogether.

Persons: homebuyers, That's, Wall, elbowed, Rick Sharga, CJ Patrick Company, they're, who've, Axios, Sharga, CoreLogic, Pretium —, John Voorheis, Voorheis, —, Freddie Mac, James Rodriguez Organizations: Rage, Federal Reserve Bank of Philadelphia, Parcl Labs, Labs, National Association of Realtors, Wall Street, Investor, Wall, Tricon, Associates, Investors, Center for Economic Studies, Census Locations: Phoenix, Chicago, homebuilders, homeownership, Dallas, Charlotte, North Carolina, Atlanta

☆ With more than $1 billion in deals in the works, Wall Street is poised to get back into the home buying game
▼ + stars: | 2023-06-21 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +4 min

Wall Street landlords raised $110 billion to buy homes but have had a quiet year. One large transaction, and one large listing, could signal that investors are ready to start buying. The single-family rental market, a popular playground of Wall Street landlords in 2020 and 2021, has been in a deep-freeze for the last year. Rising borrowing costs and a shakier housing market halted most transactions, leaving idle much of the $110 billion raised to buy homes. The company, which was valued at nearly $2 billion last year, says it has facilitated more than $5 billion in deals.

Persons: dealmaking, Goldman Sachs, Don Mullen, DR, Barry Sternlicht's, redemptions, Gary Beasley, Roofstock, Allison Arest, Topping, Beasley, Morgan Stanley's, Ellen Zentner, Jay Powell, LeMaistre, everybody's Organizations: Bloomberg, Barry Sternlicht's Starwood Group, Fed Locations: Beach

☆ The Fed has destroyed more housing supply than demand, says Pretium's Don Mullen
▼ + stars: | 2023-06-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed has destroyed more housing supply than demand, says Pretium's Don MullenDon Mullen, Pretium founder and CEO, joins 'Last Call' to discuss gains in the Homebuilders sector and why it might not be reflective of what is really happening in the housing market.

Persons: Pretium's Don Mullen Don Mullen Organizations: Pretium

☆ Pretium to Pay $1.5 Billion to Biggest Home Builder for 4,000 Rental Homes
▼ + stars: | 2023-06-01 | by ( Will Parker | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/pretium-to-pay-1-5-billion-to-biggest-home-builder-for-4-000-rental-homes-8d6bbd51

Persons: Dow Jones

☆ Pretium CEO: Getting renters into home-ownership communities presents better opportunities
▼ + stars: | 2023-05-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPretium CEO: Getting renters into home-ownership communities presents better opportunitiesDon Mullen, Pretium Founder and CEO, sits down with Brian Sullivan at the Milken Institute Global Conference in Beverly Hills, CA to discuss his real estate business model and the state of housing in the U.S.

☆ A big landlord who controls 60,000 homes is funneling money into a political action group that could urge lawmakers to curb renter protections
▼ + stars: | 2023-03-02 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +5 min

Corporate owners of US rental homes are being scrutinized for making homes unaffordable. The landlords that control thousands of homes are girding for a political fight over regulation. As tenant advocates met with the White House and pushed the Biden administration to take action on high housing costs in November, one of America's largest single-family landlords was preparing its own move. AMH, formerly known as American Homes 4 Rent, did not respond to an Insider request for comment. Companies like AMH, Pretium Partners, and Invitation Homes have been building large portfolios of homes across the country since the last financial crisis.

☆ Wall Street has purchased hundreds of thousands single-family homes since the Great Recession. Here's what that means for rental prices
▼ + stars: | 2023-02-21 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +3 min

Institutional investors may control 40% of U.S. single-family rental homes by 2030, according to MetLife Investment Management. And a group of Washington, D.C., lawmakers believe that Wall Street needs to back away from the market. Khanna is the lead author of the Stop Wall Street Landlords Act of 2022. "What's outrageous is your tax dollars are helping Wall Street buy up single-family homes," he said in an interview with CNBC. Since the early 2010s, Tricon Residential, Progress Residential, American Homes 4 Rent, Invitation Homes have each bought thousands of homes.

☆ Billionaire Grant Cardone says he and other real estate investors will 'save the day' and prevent a home price crash
▼ + stars: | 2023-02-20 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

High home prices and mortgage rates have sparked a downturn in US real estate. Grant Cardone, a billionaire real estate manager, says investors will prevent that from happening. While the housing slump is escalating this year, there's a brighter future ahead, billionaire real estate fund manager Grant Cardone told Benzinga, as published by Yahoo Finance. As the real estate market softens, strategists at Goldman Sachs projected various markets, including Austin and Phoenix, will likely see peak-to-trough home declines of more than 25%. Single family homes may be a new frontier for the billionaire known for authoring books such as How to create wealth investing in real estate.

☆ One of the most active homebuyers on Wall Street just predicted the demise of Opendoor and other iBuyers that have made housing so volatile
▼ + stars: | 2023-02-08 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +3 min

In an interview with Bloomberg, Mullen doesn't see nearly as much chaos in today's housing woes, though pitfalls and opportunities still abound. In today's market, with most homeowners paying substantially lower mortgage rates than prevailing levels and mortgage delinquencies low, regular people aren't likely to sell. Homebuilders, representing another industry that's highly sensitive to housing market swings, are under pressure but can survive, Mullen said. Stepping back, Mullen's read is that too many institutions got in at the top of the housing market. "The most obvious example is iBuyers," Mullen said.

☆ Renewed U.S. junk bond rally ignites hope for more stuck buyout debt
▼ + stars: | 2023-02-03 | by ( Matt Tracy | ) www.reuters.com time to read: +3 min

This exercise now has more impetus on expectations that junk bond prices will continue to rally in the wake of Powell's comments, which raised hopes of slowing rate hikes and a so-called economic soft landing. Junk bond spreads on average tightened 37 basis points on Wednesday, the day of Powell's remarks, from a day earlier, according to ICE BAML data. This is around the level in September when banks sold only about half of the total $15 billion of debt through a U.S. dollar bond, leveraged loan and a Euro-denominated loan. Reuters could not confirm the exact amount sold in these sales and balance of LBO debt still left with banks. Banks could consider selling larger parcels of LBO debt in the primary bond markets where there has been a surge in new issue supply, said the sources.

☆ A band of immigrant tenants went to war with their $31 billion landlord. It's a sneak peek at what's to come across America.
▼ + stars: | 2022-12-27 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +16 min

In Alexandria, Virginia, $31 billion landlord CIM Group bought a massive apartment complex in 2020. The group was organizing against CIM Group, the landlord they said had upended their lives. Insider spoke with 10 Southern Towers tenants. The battle between the Southern Towers tenants and CIM could presage what's to come across America. "We're not going to leave"The Southern Towers tenants aren't the only ones following the money.

☆ Wall Street landlords who've stockpiled $110 billion are lying in wait for their biggest American home-buying spree yet
▼ + stars: | 2022-12-22 | by ( James Rodriguez | Daniel Geiger | ) www.businessinsider.com time to read: +11 min

Institutional investors have earmarked as much as $110 billion to buy or build single-family homes. Institutional investors now own about 3% of the roughly 20 million single-family-rental homes in the US, according to Roofstock, an online marketplace for single-family investment properties. That would be nearly 9% of the roughly 88 million single-family homes in the US, according to the Census Bureau's most recent statistics from 2020. Better deals expected in the years aheadThere are signs the institutional investors won't have to wait long to begin buying. That leaves between roughly $70 billion and $80 billion that could still flow into the sector.

☆ Democrats who want to 'stop Wall Street landlords' and rein in the $4.4 trillion single-family-rental industry will likely be foiled by Republicans who will soon run the House
▼ + stars: | 2022-11-16 | by ( James Rodriguez | ) www.businessinsider.com time to read: +6 min

A recently introduced bill promises to rein in corporate owners of single-family rental homes. They scooped up thousands more during the COVID-19 pandemic as interest rates dropped and demand for rental housing soared. The introduction of the Stop Wall Street Landlords Act marks the latest escalation. "Low- and middle-income families in my district and across the country are being pushed out because of profiteering and unfair practices by large corporate landlords." But the watchful eye of federal lawmakers is sparking concern among large SFR companies.

☆ Analysis: Twitter's 'massive' revenue drop adds to heavy debt burden
▼ + stars: | 2022-11-07 | by ( Matt Tracy | ) www.reuters.com time to read: +4 min

loadingYet even before this upheaval, Musk had engineered an acquisition that pushed the San Francisco-based company's finances to the edge. It's not clear how much of the $5.29 billion debt Twitter had before the acquisition was refinanced or remained with the company. Debt investors and analysts said Musk needs to ensure the company is profitable enough to meet its debt payments or it will require a cash infusion. If he can generate enough revenue to diversify Twitter's profits without alienating users, that would be a boon, credit analysts said. BRAND ADVERTISINGIn their note, S&P analysts also said that an expected economic recession would weigh on Twitter's advertising revenue next year.

☆ Newcrest Mining reports safety incident at Canada mine, suspends operations
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +1 min

Oct 24 (Reuters) - Australian gold miner Newcrest Mining (NCM.AX) said on Monday it was investigating a "critical incident" involving a team member from its Brucejack mine in British Columbia, Canada. The individual belongs to its mining and development contractor for the project, Procon. Newcrest said it was working closely with Procon and the relevant authorities. Newcrest did not immediately respond to a Reuters request for comment on the status of the individual involved. Newcrest acquired Brucejack, which produces gold and silver, as part of its acquisition of Pretium Resources Inc this year.

Typically, banks would sell the debt to investors and pocket an underwriting fee. Elon Musk vs TwitterThe debate, currently a topic of conversation among investment bankers and debt investors, provides a window into the havoc wreaked on Wall Street by Musk’s U-turn last week. Musk, however, conditioned his proposal on his ability to secure debt financing and now has until Oct. 28 to close on the transaction. VARIOUS OPTIONSThe debt financing package is comprised of leveraged loans, which are risky because of the amount of debt the company is taking on, as well as secured and unsecured bonds. In September, banks financing the Citrix buyout undertook a similar restructuring.

☆ The corporate landlords buying up America's houses are hiring high-profile PR execs and lobbying Washington regulators to convince opponents they're not the bad guys
▼ + stars: | 2022-05-28 | by ( James Rodriguez | ) www.businessinsider.com time to read: +10 min

Corporate owners of single-family homes face mounting criticism as their presence grows. Organizers from the Center for Public Democracy stood atop the stage at the Park Hyatt hotel in Washington, DC, where they interrupted a conference for owners of single-family rental homes. Institutional owners of single-family homes have typically preferred to operate quietly. In the decade-plus since the financial crisis, institutional investors have poured billions of dollars into acquiring and developing single-family homes for rent. It's for that reason that Howard is concerned about homeowners associations barring investors from buying homes in certain neighborhoods.

☆ As families and 'Parrotheads' flock to campgrounds and RV parks, institutional real-estate investors see their next big score
▼ + stars: | 2022-05-23 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +13 min

Investors are eyeing profits in campgrounds and RV parks as Americans flock to the great outdoors. Camp Margaritaville RV Resort and Cabana Cabins Auburndale, Central FloridaThe trend is also driven by demographics. Sam Zell's Equity Lifestyle Properties, another large REIT that invests in RV parks alongside mobile homes, has also been busy. While it's not clear how much big investors have thrown into RV campgrounds, manufactured housing communities as a whole have seen a burst of Wall Street financing. After looking hard at multifamily and industrial, he settled with RV parks.

☆ A major investor who owns 40,000 rental homes can't find enough new supply, so it'll manufacture its own out of factories in Sun Belt states like Texas and Florida
▼ + stars: | 2022-05-14 | by ( James Rodriguez | ) www.businessinsider.com time to read: +4 min

The goal is for each of those factories to produce between 500 and 750 rental homes a year, Joe Butler, the head of Studio Built, told Insider. Modular homes meet the same standards of those built using traditional methods but are typically cheaper and faster to produce. Meanwhile, soaring mortgage rates have made homeownership more expensive, pushing more people into rental homes. Many of those people still want to live in single-family homes in good school districts, Nguyen said. "We believe that Studio Built is going to be a very long-term initiative that's going to be quite successful," Butler said.

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