Industry News
Bank Failures and Rescue Test Yellen’s Decades of Experience
By Fatima Hussein | The Associated Press | March 27, 2023 | ReprintsWorking against the clock to stop a developing banking crisis, Treasury Secretary Janet Yellen had until sunset on Sunday, March 12, to come up with a plan to calm the U.S. economy.
New Haven Hopes to Spur Stalled Affordable Projects
By James Sanna | March 27, 2023 | Reprints | Unlock Link
New Haven officials are planning to plow $5 million in leftover federal COVID relief money into a slate of affordable housing developments searching for small amounts of money to close holes in their capital stacks.
Hartford ‘Holding Up Best’ Among Nation’s Housing Markets: Redfin
By James Sanna | March 27, 2023 | ReprintsEconomists at combined listings portal and brokerage Redfin say Hartford’s housing market appears to be “holding up best” among the nation’s top 100 metro areas last month.
Report: 108 Planned Units Gives Hartford Neighborhood Revamp Boost
By James Sanna | March 24, 2023 | Reprints | Unlock LinkAnother major parcel in Hartford’s Bushnell South neighborhood could become apartments, giving the latest neighborhood city leaders have targeted for redevelopment a boost.
Fed’s Unwanted Ally in Bid to Tame Inflation: Credit Crunch
By Paul Wiseman | March 24, 2023 | Reprints | Unlock LinkThe Federal Reserve is getting some unwanted help in its drive to slow the U.S. economy and defeat the worst bout of inflation in four decades: a cutback in bank lending.
Industrial Projects Welcomed by Some Communities, Others Wary
By Steve Adams | Commercial Record Staff | March 24, 2023 | Reprints | Unlock LinkWhile officials in neighboring South Windsor debate extending a moratorium on warehouse proposals, East Hartford officials welcomed the prospects for job creation and property tax gains from a pair of large logistics buildings.
Remodeling ROI Not Always Great
By Lew Sichelman | March 24, 2023 | Reprints | Unlock LinkHopefully, owners who chose to remodel their bathrooms are enjoying their new spa-like retreats. If they were hoping to sell their homes for more, they likely won’t come out ahead.
CBRE Markets Downtown Stamford Office Campus
By Steve Adams | Commercial Record Staff | March 23, 2023 | Reprints | Unlock LinkCBRE will seek to fill nearly 275,000 square feet of vacancies at a four-building office campus in downtown Stamford.
AP Poll: Americans’ Faith in Banks Low After Failures
By Paul Wiseman and Hannah Fingerhut | The Associated Press | March 23, 2023 | Reprints | Unlock LinkOnly 10 percent of U.S. adults say they have high confidence in the nation’s banks and other financial institutions in the wake of Silicon Valley Bank’s collapse.
Fed Signals Rate Hikes Could Be Near End
By Christopher Rugaber | The Associated Press | March 23, 2023 | Reprints | Unlock LinkThe Federal Reserve extended its year-long fight against high inflation Wednesday by raising its key interest rate by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system.
Mortgage Rates Grew Hartford Housing Payments 49 Percent
March 22, 2023 | Reprints | Unlock LinkMortgage rates – both their high levels and their wild swings – are making life difficult for both buyers and sellers, economists from Zillow say, as high rates keep sellers from listing and push lower-income buyers out of the market.
Fed Faces Blurrier Economic Outlook as It Weighs Rate Hike
By Christopher Rugaber | The Associated Press | March 22, 2023 | Reprints | Unlock LinkThe Federal Reserve is grappling with a hazier economic picture clouded by turmoil in the banking industry and still-high inflation just as it meets to decide whether to keep raising interest rates or declare a pause.
Data Analysis: New Haven SFR Market Earns Top Yield
By James Sanna | March 21, 2023 | Reprints | Unlock LinkSingle-family rental investors in the New Haven metro are earning some of the best returns on their investment in the country, according to a new analysis by real estate data firm ATTOM.
Yellen Says Bank Situation ‘Stabilizing,’ System Is ‘Sound’
By Fatima Hussein | The Associated Press | March 21, 2023 | Reprints | Unlock LinkTreasury Secretary Janet Yellen is trying to project calm after regional bank failures, saying the U.S. banking system is “sound” but additional rescue arrangements “could be warranted” if any new failures at smaller institutions pose a risk to financial stability.
Pizza to Pads OK’d in New Haven
By James Sanna | March 20, 2023 | Reprints | Unlock LinkAn Episcopal church in one of New Haven’s core neighborhoods got the green light to add a significant chunk of affordable housing on the former site of a pizzeria next door.
Developer of New Haven Apartments Buys Key Parcels
By James Sanna | March 20, 2023 | Reprints | Unlock LinkThe development firm behind a large. planned apartment building near the New Haven-West Haven line has secured a set of parcels key to the development.
Anger in Congress on Bank Failures, but Division on What to Do
By Kevin Freking | The Associated Press | March 20, 2023 | Reprints | Unlock LinkWhile President Joe Biden called Monday on Congress to strengthen the rules for banks to prevent future failures, lawmakers are divided on whether any legislation is needed. And some congressional leaders are skeptical that a closely divided Congress will act at all.
New York Community Bank to Buy Failed Signature Bank
By Ken Sweet | The Associated Press | March 20, 2023 | Reprints | Unlock LinkNew York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the FDIC said late Sunday.
Buyers React Quickly to Mortgage Rate Drop
March 17, 2023 | Reprints | Unlock LinkSome homebuyers are returning to the market as mortgage rates decline from the four-month high they reached last week, according to a new report from Redfin, the combined brokerage and listings portal.
Megabanks Ink $30B Rescue Plan for First Republic
By Ken Sweet | The Associated Press | March 17, 2023 | Reprints | Unlock LinkEleven of the biggest U.S. banks Thursday announced a $30 billion rescue package for First Republic Bank in an effort to prevent it from becoming the third to fail in less than a week and head off a broader banking crisis.
