A former HGTV star has been sentenced to four years in prison and ordered to pay nearly $10 million in restitution for defrauding 11 people, Santa Clara County prosecutors announced. Charles “Todd” Hill, the 58-year-old star of the show “Flip It to Win It,” was held in jail following his sentencing, according to the Santa Clara County District Attorney's Office. The concept for Hill's show was that he would buy dilapidated homes, fix them up and sell them for a profit, but prosecutors say he spent millions on expensive renovations, laundered the profits and pocketed millions of dollars in fraudulent…
Author: Private Lending Agent
Thomas Michaud, CEO of Stifel subsidiary KBW, evaluates regional banks, commercial real estate and the stability of the Basel III proposals. The commercial real estate market is beginning to collapse under the strain of rising interest rates and remote work. According to a new report from real estate data provider ATTOM, there were 625 commercial property foreclosures in March, up 6% from February and 117% from the same time last year. The figure is calculated based on commercial properties with at least one foreclosure filing, including notices of default, scheduled auctions and bank foreclosures, entered into the ATTOM data warehouse…
Editor's note: We earn commission from Forbes Advisor partner links. Commissions do not influence our editors' opinions or ratings. Business loans are essential for entrepreneurs, startups, and established companies looking to grow or overcome short-term financial challenges. This flexible financing is typically offered through banks, credit unions, and online lenders, and comes with a variety of interest rates, repayment terms, and eligibility requirements. Small business loans can be used for a variety of purposes, including financing new equipment or inventory, expanding your business, hiring new staff, consolidating debt, etc. Whether you're a small business owner looking to expand your reach…
SALT LAKE CITY — Utah homeowners are experiencing significant increases in property taxes because many counties lack proper data to assess commercial real estate assets, causing a “tax shift” toward residential properties, according to a recent legislative audit.The Legislative Auditor General's report also found that the state's property tax department “has been reluctant in its oversight role” and recommended greater transparency in the property tax appeals process. The auditor general said lawmakers should consider a policy requiring the disclosure of some property sales data to guide property assessments, but the report noted that some people worry such disclosures could violate…
In this article, we will be covering the global real estate market and the 21 largest real estate companies in the world. If you wish to skip our detailed analysis, you can move directly to the 5 Largest Real Estate Companies in the World.Global Real Estate Market: An OverviewAs reported by Savills, global real estate including residential and commercial real estate as well as agricultural land was valued at $379.7 trillion in 2022. This global real estate value decreased from $390.5 trillion in 2021 although it is 18.7% higher than the pre-pandemic period. The slow growth has been attributed to…
Readers' comments “What commercial buildings need is tax cuts, not tax increases.” Pedestrians cross an empty street in downtown Boston on June 6, 2023. (Jessica Rinaldi/Globe Staff) Boston Mayor Michelle Wu introduced a city council petition earlier this month proposing a temporary increase in commercial property taxes, which she said was aimed at protecting local taxpayers who would be forced to pay higher taxes due to declining commercial property values. From $16 million to $4.1 million: How downtown office building sale impacts Boston real estate market “Without legislative action, the downward trend in commercial property values will result in automatic…
Interest rates are rising again at nearly all maturities. The 10-year Treasury note closed at 4.7% on Tuesday, up from 4.1% just six weeks ago and 1.6% at the start of 2022. The yield on the three-month Treasury note is now nearly 5.5%, up from less than 0.1% at the start of 2022. As a result, the federal government is Interest costs are soaring. Interest rates have been trending higher since the start of 2022 as the Federal Reserve has tried to address surging inflation and rising federal debt, with the 10-year Treasury yield surging nearly 60 basis points in…
Google CEO Sundar Pichai has promised more job cuts this year, and the company is delivering. Business Insider first reported that the latest round of cuts will affect “multiple teams” across Google's real estate and finance divisions. The article added that “one current employee said the changes are 'pretty significant,' and that some roles will be moved overseas.” CNBC obtained a copy of the memo about the layoffs sent to employees by Ruth Porat, CFO of Google and Alphabet. Porat blamed the layoffs on AI, saying, “The technology industry is at the cusp of a major shift in AI-enabled platforms.…
Richard BergerApril 18, 2024, 4 AM ATTOM's March report also showed a 6% increase from the previous month. According to ATTOM's latest report, the number of commercial residential foreclosures in the U.S. has steadily increased from a low of 141 in May 2020 to 625 in March 2024. That's a 6% increase from the previous month and a 117% increase from last year. The real estate data tracker also noted that California, New York and Florida were the states with the highest number of foreclosures. New York saw a total of 61 commercial residential foreclosures in March 2024, up 5%…
Downward angle icon Downward angle icon. Shutterstock/Getty Images Commercial real estate foreclosures rose 117% year-to-date in March, according to ATTOM data, reflecting a challenging real estate market hit by high interest rates. Office property saw a notable decline, with delinquency rates in the sector continuing to rise in the first quarter. The commercial real estate market continues to struggle, as made even more evident by the sharp increase in real estate foreclosures. Real estate data provider ATTOM reported Wednesday that foreclosures rose 117% in March compared to a year ago, with 625 foreclosures reported, compared to a pandemic low of…