Mike Cagney’s Figure Technology Taps Tannenbaum as Its New CEO
Figure Technology Solutions Inc. tapped Michael Tannenbaum as its new chief executive officer, ahead of the financial-services firm’s potential initial public offering.
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Figure Technology Solutions Inc. tapped Michael Tannenbaum as its new chief executive officer, ahead of the financial-services firm’s potential initial public offering.
Sales of new homes in the US bounced back broadly in March as an abundance of inventory helped drive prices lower.
Hong Kong developer Lai Sun Development Co. is considering options for a planned office tower in the City of London, including a potential sale of a stake in the project.
Germany’s financial regulator BaFin is taking a closer look at the real estate used by lenders to secure covered bonds known as Pfandbriefe, a €400 billion market traditionally considered among the safest in credit.
Taylor Wimpey Plc is failing to see lower mortgage rates translate into higher levels of home sales and is maintaining its forecast for fewer deals in 2024.
Mar 10, 2021
BNN Bloomberg
,Canada’s hot housing markets are setting off alarm bells for one of North America’s best known economists.
David Rosenberg, the chief economist and strategist at Rosenberg Research, described real estate valuations in this country as a “huge bubble” of historic proportions.
“This might be one of the biggest bubbles of all time,” Rosenberg said in an interview Wednesday. “Of course, it’s been predicated on where mortgage rates are.”
The comments followed the Bank of Canada decision to maintain its benchmark overnight interest rate at 0.25 per cent. In an accompanying statement, the central bank described recent housing market activity as being “much stronger than expected.”
The country’s largest market fetched headlines last week when the Toronto Regional Real Estate Board said the average selling price in the Greater Toronto Area jumped 14.9 per cent year-over-year in February to a record $1,045,488. And, in Vancouver, home sales in February were 42.8 per cent above the 10-year average, according to the local real estate board.
Rosenberg noted that a key national home price has experienced double-digit gains with virtually no wage growth to help Canadians keep pace. He described the relationship between income and home prices in Canada today as resembling the disparity between incomes and tech stocks during the dot-com boom-and-bust cycle.
“I’m pretty wary certainly about the valuations in residential real estate. Would I be going out and buying a home today as an investment in Canada or in the [Greater Toronto Area]? Absolutely not. I would just as soon go in the stock market.”