Latest news with #Providence
Daily Mail
40 minutes ago
- Business
- Daily Mail
Ominous sign house prices are poised to crash as stunning number of homeowners underwater
A massive amount of US home sellers are at risk of selling at a loss in the current housing market. One in six of today's US home sellers are likely to sell their property for less than they originally paid — up sharply from just 4.4 percent a year ago, reports Redfin. While the risk of selling at a loss varies widely by location, the national increase marks a significant shift from last year's market conditions. In San Francisco, for instance, nearly 20 percent of sellers are at risk of losing money, but virtually no one who sells in Providence, RI, will see a loss. The risk also depends heavily on the type of home. Condos are much more likely to be at risk of selling at a loss than standalone homes or townhouses. Redfin's data shows that nearly one in four condos are at risk of selling below their purchase price—and that number climbs to nearly 30 percent for condos bought after the pandemic boom. 'We are seeing the biggest price drops in the condo market,' said Redfin agent Andy Potarf. 'I had a seller who bought a condo for $570,000 in 2021 and it just sold for $525,000 last week. Sellers who have to sell are willing to take a bigger hit to get the deal done.' Potarf added that condo sellers are in a particularly tough position because many face restrictions—from HOAs or local authorities—on how they can lease their properties. 'A lot of condo sellers have a choice to make: stay put, or take a loss,' he said. For sellers who bought single-family homes after the pandemic, 16.4 percent of sellers are at risk of selling at a loss in today's market. Post-pandemic buyers paid high prices due to intense competition and record-low mortgage rates that created a buying frenzy. Bidding wars were common, and many homes sold for well above list price. 'Current sellers who bought their home after mid-2022 may have overextended themselves, thinking that prices were going to keep rising at similar rates,' said Redfin economist Asad Khan. ' 'Prices have kept ticking up since then, but at a slower pace—and now prices have started to fall in some parts of the country, especially in the Sun Belt. 'That means sellers are in a position where they may need to choose between accepting a lower price, or taking the home off the market.' Those who bought during the pandemic will see 9 percent of sellers take a loss. For those who bought homes before the pandemic, only 1.8 percent will take a loss. The Redfin analysis looked at active listings on the MLS in May, and predicted how much a home is likely to sell for based on the sale-to-list price ratio of the metro area where it is located. For example, if a listed home is priced at $500,000 in a metro where the sale-to-list price ratio is 95 percent (where homes sell on average for 5 percent under the original list price), they predict that the home will sell for $475,000. Next, Redfin compared the expected sale price to what the seller originally paid for the home. The report found that many would-be sellers facing a financial loss will simply wait until they find a buyer willing to pay the asking price, while others may take their home off the market and continue to live in it or rent it out. In the early 2010s, following the global financial crisis, roughly half of for-sale homes were at risk of selling at a loss. Even prior to the pandemic, in early 2020, around 10 percent of for-sale homes were at risk of selling for less than their purchase price. Redfin senior economist Asad Khan said the sellers facing a loss today is good news for buyers. 'We are seeing more opportunities for buyers to pay a little less than they would have just a year or two ago,' he said. 'That's because sellers with significant equity in their homes—and therefore at no risk of selling at a loss—are more willing to be flexible on price. 'That's a meaningful shift for anyone who's been watching and waiting for prices to come down, especially first-time homebuyers.' Khan said that the longer someone has owned their home, the more likely they are to come out ahead. 'But that's little comfort for those who bought more recently and may be facing a loss,' said Khan. 'Not every homeowner is listing because they want to—some are listing because they have to. 'In those cases, it's important to list at a realistic price for the market and be prepared to adjust depending on buyer interest.' Redfin agents in some parts of the country report that some sellers who don't need to move immediately have already opted to de-list their home. 'A lot of sellers are taking their home off the market rather than reducing their price, with the idea of listing it again next year,' said Aditi Jain, a Redfin agent in Boston. 'They're not motivated by making money the way they would have been two or three years ago because there's not as much money to make. 'Another trend with sellers is they're accepting offers instantly. If they get one solid offer, they're signing the contract, cancelling other tours and open houses, and trying to close the deal as soon as possible.' Florida in particular has homes for sale at rock bottom prices. With a surplus of listings flooding the market, soaring HOA fees and sky-high insurance rates, owners just can't unload their homes so they are slashing prices. One two-bedroom, two-bathroom condo in the Hunters Run community of Boynton Beach, complete with a pool and a gym, was purchased in 2002 for $91,000. It's now going for just $1,000. The HOA fees are a whopping $1,503, but for a $1,000 home, the buyer still gets a deal. Plus, with no mortgage, a buyer would eliminate that bill, too. Residency in the neighborhood comes with an amenities-filled community, including three championship 18-hole golf courses, tennis and pickle ball courts, six dining venues, multiple pools, a fitness center, a spa, a salon and monthly entertainment. Another condo in the area that sold for $29,000 in 2015 is now listed at $9,500 - that's after the original $19,000 price tag was slashed in half.
Yahoo
an hour ago
- Business
- Yahoo
Earnings Preview: What to Expect From Citizens Financial's Report
Providence, Rhode Island-based Citizens Financial Group, Inc. (CFG) is a bank holding company that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions. Valued at a market cap of $19.3 billion, the company is expected to announce its fiscal Q2 earnings for 2025 before the market opens on Wednesday, Jul. 16. Ahead of this event, analysts expect this bank holding company to report a profit of $0.88 per share, up 12.8% from $0.78 per share in the year-ago quarter. The company has met or exceeded Wall Street's earnings estimates in three of the last four quarters, while missing on another occasion. In Q1, CFG's EPS of $0.77 topped the forecasted figure by 2.7%. Dear Nvidia Stock Fans, Watch This Event Today Closely Can Broadcom Stock Hit $400 in 2025? A $2 Billion Reason to Sell Super Micro Computer Stock Now Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! For fiscal 2025, analysts expect CFG to report a profit of $3.76 per share, up 16.1% from $3.24 in fiscal 2024. Its EPS is expected to further grow 29.8% year-over-year to $4.88 in fiscal 2026. CFG has rallied 26.9% over the past 52 weeks, outpacing both the S&P 500 Index's ($SPX) 12.1% rise and the Financial Select Sector SPDR Fund's (XLF) 26.3% return over the same time frame. On Apr. 16, shares of CFG plunged 1.8% after its Q1 earnings release. The company's revenue fell 1.2% year-over-year to $1.9 billion, primarily due to a 3.5% decline in its net interest income. Yet, its top line figure met the consensus estimates. Moreover, its adjusted EPS of $0.77 dropped 2.5% from the prior-year quarter but came in 2.7% above Wall Street estimates. However, a year-over-year decrease in its average loans and deposits, along with an increase in its underlying efficiency ratio, might have raised investor concerns about the bank's growth momentum and profitability, leading to its negative share price movement. Wall Street analysts are moderately optimistic about CFG's stock, with a "Moderate Buy" rating overall. Among 22 analysts covering the stock, 13 recommend "Strong Buy," one suggests a 'Moderate Buy,' and eight indicate 'Hold.' The mean price target for CFG is $47.43, which indicates a 7.5% potential upside from the current levels. On the date of publication, Neharika Jain did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio
Fox News
17 hours ago
- Politics
- Fox News
Providence City Council approves mailers teaching residents how to resist ICE operations
The city council in Rhode Island's capital is backing the distribution of "Know Your Rights" mailers to residents instructing them on how to deal with law enforcement amid the Trump administration's immigration enforcement. Households in Providence will receive a card in English and Spanish advising them of their constitutional rights if confronted by agents from U.S. Immigration and Customs Enforcement (ICE). It instructs residents not to open the door unless officers present a valid warrant signed by a judge. The lower portion of the card can be cut, kept in a wallet, and presented to immigration enforcement, a news release announcing the campaign states. "The Providence City Council is partnering with organizations that represent our diverse community to promote safety and inclusion in the face of fear and uncertainty that pervades our city's immigrant communities due to the reckless cruelty of the Trump administration," Council President Rachel Miller said in a statement. "For nearly 400 years, immigrants have been and continue to be vital to Providence," she added. "The Council stands together to say immigrants are welcome here and to encourage every member of our community to educate themselves about their constitutional rights and where to find help if they need it." The council worked with more than a dozen local immigrant rights and advocacy groups on the mailer. The city has spent $17,000 on the mailers, a spokesperson for the council told Fox News Digital. Fox News Digital has reached out to the Rhode Island Republican Party for comment. The mailers are in response to the Trump administration's illegal immigrant operations targeting those living in the United States illegally. Democrats have denounced the operations, arguing they separate families and put communities at risk. Los Angeles saw multiple days of riots earlier this month after ICE agents arrested multiple illegal immigrants, many with criminal records, during several operations in and around the city.
Yahoo
a day ago
- Business
- Yahoo
Is FRFZX a Strong Bond Fund Right Now?
If you've been stuck searching for High Yield - Bonds funds, consider PGIM Floating Rate Income Z (FRFZX) as a possibility. FRFZX has a Zacks Mutual Fund Rank of 2 (Buy), which is based on various forecasting factors like size, cost, and past performance. FRFZX is part of the High Yield - Bonds section, which is a segment that boasts many possible options. Often referred to as " junk " bonds, High Yield - Bonds funds sit below investment grade, meaning they are at a high default risk compared to their investment grade peers. However, one advantage to junk bonds is that they generally pay out higher yields while posing similar interest rate risks to their investment grade counterparts. FRFZX is a part of the PGIM family of funds, a company based out of Providence, RI. PGIM Floating Rate Income Z debuted in March of 2011. Since then, FRFZX has accumulated assets of about $1.96 billion, according to the most recently available information. The fund is currently managed by a team of investment professionals. Obviously, what investors are looking for in these funds is strong performance relative to their peers. This fund has delivered a 5-year annualized total return of 7.82%, and it sits in the top third among its category peers. Investors who prefer analyzing shorter time frames should look at its 3-year annualized total return of 8.34%, which places it in the middle third during this time-frame. It is important to note that the product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Total returns do not reflect the fund's [%] sale charge. If sales charges were included, total returns would have been lower. When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. Compared to the category average of 11.31%, the standard deviation of FRFZX over the past three years is 4.19%. The standard deviation of the fund over the past 5 years is 4.22% compared to the category average of 11.04%. This makes the fund less volatile than its peers over the past half-decade. Modified duration is a measure of a given bond's interest rate sensitivity, and is a metric that's a good way to judge how fixed income securities will respond in a shifting rate environment. If you believe interest rates will rise, this is an important factor to look at. FRFZX has a modified duration of 0.1, which suggests that the fund will decline 0.1% for every hundred-basis-point increase in interest rates. FRFZX carries a beta of -0.14, meaning that the fund is less volatile than a broad market index of fixed income securities. With this in mind, it has a positive alpha of 5.92, which measures performance on a risk-adjusted basis. Investors should also consider a bond's rating, which is a grade ( 'AAA' to 'D' ) given to a bond that indicates its credit quality. With this letter scale in mind, FRFZX has 21.7% in high quality bonds rated at least 'AA' or higher, while its junk bond component-bonds rated 'BB' or below-is at 64.9%. This means that the fund has an average quality of BBB, and focuses on medium quality securities. For investors, taking a closer look at cost-related metrics is key, since costs are increasingly important for mutual fund investing. Competition is heating up in this space, and a lower cost product will likely outperform its otherwise identical counterpart, all things being equal. In terms of fees, FRFZX is a no load fund. It has an expense ratio of 0.85% compared to the category average of 0.97%. Looking at the fund from a cost perspective, FRFZX is actually cheaper than its peers. Investors need to be aware that with this product, the minimum initial investment is $0; each subsequent investment has no minimum amount. Fees charged by investment advisors have not been taken into considiration. Returns would be less if those were included. Overall, PGIM Floating Rate Income Z ( FRFZX ) has a high Zacks Mutual Fund rank, and in conjunction with its comparatively strong performance, better downside risk, and lower fees, this fund looks like a good potential choice for investors right now. Want even more information about FRFZX? Then go over to and check out our mutual fund comparison tool, and all of the other great features that we have to help you with your mutual fund analysis for additional information. If you are more of a stock investor, make sure to also check out our Zacks Rank, and our full suite of tools we have available for novice and professional investors alike. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (FRFZX): Fund Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time Out
2 days ago
- Entertainment
- Time Out
All 28 of L.A.'s Michelin star restaurants, updated for 2025
Let's be real: Could a French tire company really encapsulate what good dining in Los Angeles entails? Apparently, they're still going to try. The largely Eurocentric international guide has released its 2025 guide for California, and thus the City of Angels. In 2025, Michelin maintained almost every one-star and two-star designation in L.A. County from the year before, but upgraded Providence's two stars to three stars—the guide's highest honor. The new one-star eateries this year are Restaurant Ki and Mori Nozomi. As is usually the case with Michelin, all new starred places this year fell into the Japanese or 'tasting menu' category, with prices in the four dollar sign range. The 125-year-old Big Red Book proves that while age is just a number, culinary elitism is timeless. For those blissfully unaware of what the Michelin Guide is, here's how it all goes down: The star ratings, while not universally celebrated, are considered the most prestigious award any restaurant could ever receive. One star denotes 'a very good restaurant,' two signifies 'excellent cooking that is worth a detour' and three stars, most coveted of all, translates to 'exceptional cuisine that is worth a special journey.' A newer Bib Gourmand category, added to their 2019 guide to California, also recognizes more affordable spots, with three new L.A. area additions in 2025: Komal, Rasarumah and Vin Folk. To determine these ratings, the guide's anonymous inspectors visit and judge restaurants according to quality, atmosphere, service and even nominal details, such as how far apart the tables are spaced. With a clear bias towards fine dining and blatant roots in a culture of Western imperialism, the Michelin Guide is just one measure of excellence in food and hospitality among many—particularly in a city as rich in amazing street food and multicultural cuisine such as L.A. However, if you still have (French multinational tire brand) stars in your eyes, look no further: We've updated our list of the city's Michelin-starred restaurants for 2025. Of note: For the first time in history, L.A. has now a pair of three-star spots, the highest award the guide confers.
