What To Do This Weekend in Pasadena

first_imgHerbeautyAmazing Sparks Of On-Screen Chemistry From The 90-sHerbeautyHerbeautyHerbeauty8 Easy Exotic Meals Anyone Can MakeHerbeautyHerbeautyHerbeauty10 Brutally Honest Reasons Why You’re Still SingleHerbeautyHerbeautyHerbeautyA Mental Health Chatbot Which Helps People With DepressionHerbeautyHerbeautyHerbeautyCostume That Makes Actresses Beneath Practically UnrecognizableHerbeautyHerbeautyHerbeauty10 Questions To Start Conversation Way Better Than ‘How U Doing?’HerbeautyHerbeauty More Cool Stuff First Heatwave Expected Next Week EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Community News faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes top box 3 What To Do This Weekend in Pasadena Published on Friday, July 13, 2018 | 10:53 am Subscribe Your email address will not be published. Required fields are marked * ShareShareTweetSharePin it Name (required)  Mail (required) (not be published)  Website center_img Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Top of the News Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Business News Community News Make a comment Here are our carefully culled top picks from dozens of Pasadena events the very best things to taste, watch, listen to, and experience, all presented weekly in our e!Pasadena email newsletter: Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadenalast_img read more

Recreation and Parks Commission May Oppose Increase in Residential Impact Fee

first_imgGovernment Recreation and Parks Commission May Oppose Increase in Residential Impact Fee By DONOVAN MCCRAY Published on Monday, July 6, 2020 | 3:51 pm 24 recommended0 commentsShareShareTweetSharePin it EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Business News Subscribe HerbeautyIs It Bad To Give Your Boyfriend An Ultimatum?HerbeautyHerbeautyHerbeautyWant To Seriously Cut On Sugar? You Need To Know A Few TricksHerbeautyHerbeautyHerbeauty6 Trends To Look Like A Bombshell And 6 To Forget AboutHerbeautyHerbeautyHerbeautyThese Are 15 Great Style Tips From Asian WomenHerbeautyHerbeautyHerbeautyYou Can’t Go Past Our Healthy Quick RecipesHerbeautyHerbeautyHerbeautyHow To Lose Weight & Burn Fat While You SleepHerbeautyHerbeauty STAFF REPORT Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Name (required)  Mail (required) (not be published)  Website  More Cool Stuff Your email address will not be published. Required fields are marked * faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPasadena Public WorksPasadena Water and PowerPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimescenter_img Make a comment Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Community News STAFF REPORT First Heatwave Expected Next Week CITY NEWS SERVICE/STAFF REPORT Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Top of the News Community News In an information item on Tuesday’s agenda, the city’s Recreation and Parks Commission will hear a staff recommendation to oppose an increase in the city’s Residential Impact Fee (RIF).“Staff is proposing not to raise the fee,” said Public Works Director Ara Maloyan.The recommendation is being made despite a nexus study that shows the city could justifiably raise the fee.“Evidence assembled by this study indicates that the city could adopt a park impact fee at a rate of $39,598 for a three-bedroom unit, which is approximately $13,151 or 49.7 percent more than the current fee for a three-bedroom unit,” a staff report reads.The city can charge a lower fee than the rate calculated by the Nexus Study but it cannot charge a higher rate.The city is not recommending an increase due to the economic downturn caused by the Coronavirus.“Although the Nexus Study shows a justification for a 49.7 percent increase, given the current Covid-19 emergency situation and the economic uncertainties, staff does not recommend increasing the RIF rates at this time,” according to a city staff report.The Park and Recreation Residential Impact Fee Nexus Study Update provides the technical analysis required by the principles of the Mitigation Fee.The fee was created in 1988 to mitigate the impact on new residential development on city parks and park facilities.The RIF ranges from $19,622 for a studio to $36,321 for a home with five or more bedrooms and affordable housing units, skilled nursing units and student housing units pay $1,016 per unit.If the lnclusionary Housing Ordinance is applied to the development, the non-affordable units receive a 30 percent discount on the RIF. The resolution also provides an incentive for developers to build workforce housing by offering a rebate of the RIF for eligible unitFrom 2014 through 2020, the city has collected a total of $38.8 million through the fee, which is reviewed every five years.“This analysis demonstrates that the city’s current impact fee per bedroom is justifiable and meets the requirements of nexus as required by the MFA,’ the study states. “It also indicates that the current fee is lower than the true cost of providing for new parks and recreation facilities, given the current high land cost in the City and an increase in land cost since the fee was updated in 2013.” Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadenalast_img read more

Foreclosures 2021: What to Expect in the Months Ahead

first_img About Author: Rick Sharga Demand Propels Home Prices Upward 2 days ago Foreclosures 2021: What to Expect in the Months Ahead Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Foreclosures 2021: What to Expect in the Months Ahead Editor’s note: This piece originally appeared in the February 2021 edition of DS News.The million-dollar questions that everyone in the industry is asking right now are: “What are foreclosures going to look like once the foreclosure moratoria and forbearance programs come to end?  And will we see all those borrowers in forbearance end up in default?”The short answer is “there probably won’t be a foreclosure tsunami.” But mortgage servicers and other default servicing professionals should prepare themselves nonetheless. Some industry analysts have predicted a huge wave of foreclosures once the forbearance program comes to an end. Popular opinion at the start of the pandemic was if there were 4 million people in forbearance, we’d ultimately have 4 million people in foreclosure. But the way the program has worked so far suggests that’s simply not the case. The Federal Reserve Bank of St. Louis estimated that 500,000 borrowers avoided foreclosure during the fourth quarter of 2020 due to coordinated relief efforts, which makes the CARES Act forbearance program is one of the best examples we’ve ever seen of the government and the industry working hand-in-hand to accomplish such a positive outcome.The program has done exactly what it was supposed to do: allowed millions of people to get through the pandemic and recession without losing their homes while giving them time to get back on their feet financially once COVID-19 is under control. But there are still millions of borrowers in the forbearance program. What will happen to them as they exit, and how will the industry handle the high volume of borrower requests for repayment plans?Forbearance and Foreclosures in 2020As of the end of 2020, about five and a half percent of active mortgages—about 2.7 million loans—were in the forbearance program, down from over 8% at its peak in March. That represents a large number of borrowers for servicers to deal with as they exit the program, but it doesn’t necessarily mean that an equally large number of foreclosures will follow.The data, in fact, suggest just the opposite: as people have exited forbearance, they’ve done so successfully. According to Mortgage Bankers Association research, from July 2020 when borrowers began exiting the program through the end of the year, about 87% of them did so with a repayment plan in place, their loans reinstated, their missing payments deferred to the end of the loan, paid off the loan, or had a loan modification in place—all positive outcomes.The remaining 13% of homeowners who left the program without a repayment plan of some sort in place are the ones who are probably most at risk of going into default. If these numbers remain consistent, about 325,000 people will exit the forbearance program over the next six to nine months without a plan in place. Some—but probably not all—of those loans will likely default.Prior to the pandemic, foreclosure activity was running at about half of its normal rate. In a normal year, about 1% of loans are in some stage of foreclosure. In early 2020, it was between 0.5% and 0.6%, so loan quality was very high and loan performance was twice as good as normal. There were about a quarter-million loans in foreclosure when the pandemic hit. Presumably, most of them have been protected by the moratoria but all of those will eventually be coming back into the pipeline pretty rapidly once the moratoria are lifted.To put these numbers into perspective, if we take the 250,000 loans that were in foreclosure prior to the pandemic and assume all 325,000 of the borrowers exiting forbearance without a plan in place will default, there would be 575,000 loans in foreclosure—a foreclosure rate of 1.15%, barely above the historic average, and a far cry from the 4% of loans in foreclosure at the peak of the Great Recession.What’s Different in 2021?That said, suggesting that there won’t be a significant increase in default activity in 2021 would be silly. It’s almost impossible to see a scenario where 40 million Americans lose their jobs and foreclosure rates don’t increase. As we move through 2021, there are a number of things that could inflate the number of defaults.Unemployment: Before the pandemic, unemployment rates were at 3.5%, the lowest they’d been in 50 years. At the end of 2020, unemployment rates had come down from nearly 15% during the first wave of the pandemic to about 6.8%, roughly twice the pre-pandemic rate. Assuming that unemployment stays around that level, it wouldn’t be unreasonable to suggest that foreclosure activity might also double, under normal circumstances. That would take the foreclosure rate from 0.5% back up to its normal level of about 1% of all mortgages.But the majority of jobs lost during the COVID-19 recession were concentrated in a handful of industries —travel, tourism, hospitality, retail, restaurants—and those industries tend to have young, hourly wage employees with relatively low homeownership rates. So the impact of job losses to-date has been much more severe among renters than homeowners, which could keep foreclosures from spiking.Given the nature of the job losses, there could be markets more susceptible to defaults than others—markets heavily dependent on some of the hardest-hit industries. Markets like Las Vegas or Orlando, which are both almost entirely built on travel, tourism, and entertainment, are probably going to be the hardest hit.Commercial Defaults: The nature of this recession, with certain industry segments being decimated, also means that we’ll probably see more distressed inventory in the commercial sector than we see in a more typical recessionary cycle. The retail and hospitality segments, in particular, will suffer in the short term.Retail was already struggling before the pandemic, and the shelter-in-place orders and government-mandated business closings have already taken a toll on the industry. The plight of suburban malls has been well chronicled over the past few years, and the recession has accelerated their demise in many markets, but thousands of smaller retail facilities and restaurants have gone out of business in the last year, creating many more distressed properties in the process.In the hotel segment, a surprisingly large number of smaller, limited-service hotels are owned by small-to-mid-sized investors, who may not have the financial strength to survive an extended downturn. Occupancy rates in 2020 lagged behind 2019 by 40% and showed no signs of near-term improvement. Even a number of large hotels, like the historic Roosevelt Hotel in New York City, have shut their doors, and may find themselves in the foreclosure rolls in 2021.The Rental Market: There’s also likely to be some short-term disruption in the apartment or multifamily sector due to the recession and the eviction bans put in place by the federal, state, and local governments. There are a lot of building owners in those sectors who are highly leveraged and who are unable to collect rent right now since their tenants are out of work—a toxic combination, which will probably lead to some distressed rental properties hitting the market.The single-family rental (SFR) market so far hasn’t suffered much from missed rent payments, but that could change if the recession continues or worsens. Over 90% of SFR properties are owned by mom-and-pop investors without the deep financial pockets of institutional investors. An uptick in job losses among their higher-income renters, or the expiration of government stimulus and enhanced unemployment benefits could result in more defaults among these rental property owners.Why Defaults May Not Lead to ForeclosuresWhen borrowers default on a loan, it’s not unusual for the default to be resolved before the foreclosure. Loans are re-instated or refinanced, or the property is sold and the debt retired before the foreclosure auction. For financially distressed homeowners today, market dynamics provide a much better environment than what we saw during the last recession.A primary difference this time is that homeowner equity is at an all-time high: over $6.5 trillion. According to RealtyTrac’s parent company ATTOM Data, about 70% of homeowners have more than 20% equity. Other published research has indicated that more than 90% of borrowers in forbearance have more than 10% equity in their properties. Homeowners with ample equity in a housing market characterized by historically low inventory of homes for sale, historically low mortgage rates and strong demand should be able to sell their properties—perhaps at a modest discount—in order to avoid a foreclosure. So even as we see the number of defaults increase as the forbearance program ends and foreclosure moratoria eventually expire, the record level of homeowner equity means that the overwhelming majority of distressed assets are likely to be sold well before the foreclosure auction.Those same market dynamics also favor mortgage servicers and noteholders who find that foreclosure is the only option for some of their borrowers. Investors are eager to purchase properties at foreclosure auctions or as REO assets on the open market, and use sites like RealtyTrac to find, analyze, and target properties they plan to fix-and-flip or buy-and-rent. Competition between traditional homebuyers, individual investors, and institutional investors should drive up sales prices and shorten hold times, which helps servicers minimize losses for their clients.The biggest challenge for default servicing professionals is going to be effectively managing the enormous volume of borrower contacts—and the subsequent loss mitigation processes associated with millions of delinquent loans—once the government moratoria and forbearance programs expire. Staying compliant with frequently changing state and local foreclosure regulations will add a layer of complexity as well.The bottom line is that although the number of foreclosures is unlikely to approach the levels seen in the Great Recession, there’s a huge wave of default activity coming that will wipe out servicers who don’t plan ahead and make sure they have the people, processes, and technical resources ready to meet the challenge. Servicers Navigate the Post-Pandemic World 2 days ago Share Save Previous: The Industry Pulse: Changes, Additions, and Accolades Next: Urban Exodus Isn’t a Nationwide Phenomenon Tagged with: 2019 Five Star Single-Family Rental Summit Abandoned Foreclosures Forbearance 2019 Five Star Single-Family Rental Summit Abandoned Foreclosures Forbearance 2021-02-08 David Wharton Related Articles The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post February 8, 2021 16,942 Views Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago A 20-year veteran of the real estate and mortgage industries, Rick Sharga is the EVP of Marketing at RealtyTrac, the country’s leading provider of foreclosure information for investors, consumers, and Real Estate Professionals. Prior to his role with RealtyTrac. Sharga founded CJ Patrick Company, a consulting firm that helps real estate, financial services, and technology companies develop a position of competitive advantage and use it to drive business strategy, marketing, and sales. Sharga also has experience as CMO at Ten-X and Auction.com and EVP at Carrington Mortgage Holdings. in Daily Dose, Featured, Print Features Subscribelast_img read more

Morrisons offers one-hour full shop through Amazon Prime

first_imgShoppers in some parts of the country can now order a full Morrisons shop through Amazon Prime and have it delivered within one hour.Launched today (16 November), the new service is called Morrisons at Amazon and enables shoppers in selected postcodes in London and Hertfordshire to order a full Morrisons shop online via the Prime Now app.These orders will be picked at a local Morrisons store by Amazon and delivered to the consumer within one hour for £6.99, or in a two-hour slot for free.The service is an extension of the retailer’s existing wholesale supply agreement that, from June, has made hundreds of Morrisons products available to Amazon Prime Now and Amazon Pantry customers.Morrisons today said the wholesale supply service had “started well” and had been extended to thousands of Morrisons products.The supermarket described the initiatives as “capital light” and said they would contribute to the £50m-£100m incremental profit opportunity outlined by the business in its 2015/16 preliminary results.“As a food maker and shopkeeper, we have unique skills to help build a broader new Morrisons through capital-light growth,” said Morrisons chief executive David Potts.“Morrisons at Amazon is another exciting joint opportunity and makes Morrisons’ good-quality, great value-for-money products available to even more customers.”Morrisons recently announced it aims to install the UK’s largest collection of Amazon Lockers in its stores this year.“Many busy customers can’t wait at home for their delivery, and we believe the option to pick it up from one of our hundreds of conveniently located supermarkets will be attractive,” said Morrisons chief financial officer Trevor Strain at the time.last_img read more

Aqueous Shares Pro-Shot Video Of 22+ Minute “Don’t Do It” Jam From The Peach [Watch]

first_imgIn July, Buffalo groove rockers Aqueous played a standout Saturday set at The Peach Music Festival in Scranton, PA. Aqueous’ Peach performance came alongside a packed slate of artists for the penultimate day of the event, including a “Dark Side of the Mule” performance from Gov’t Mule and a Waiting For Columbus set by Little Feat and members of moe. with the Turkuaz Horns, as well as sets by Chris Robinson Brotherhood, Devon Allman Project ft. Duane Betts, Spafford, Ghost Light, Brandon “Taz” Niederauer, and many more.After opening their set with originals “Origami” and “Weight of the Word”, the band welcomed the Turkuaz Horns, billed as one of the weekend’s “artists-at-large,” to add some brass for a sing-along cover of Huey Lewis and the News‘ hit, “Power of Love”. This marked Aqueous’ second-ever live rendition of the track, originally recorded as part of the soundtrack for 1985 blockbuster Back To The Future.Following “Power Of Love”, Aqueous launched into “The Median”, a tune off the group’s 2014 album, Cycles. The band’s extended take on “The Median” kicked off the second half of their six-song set. From there, the band segued into “Warren In The Window” before finally landing in Best In Show (2016) favorite “Don’t Do It”, which they took on a 22+ minute improvisational ride featuring teases of Dopapod‘s “Picture in Picture”.Today, Aqueous has shared a pro-shot video of their monster “Don’t Do It” from The Peach Music Festival 2018 courtesy of MK Devo. Check it out below:Aqueous – “Don’t Do It” [Pro-Shot][Video: mk devo via AqueousBand]The band recently announced an extensive nationwide fall tour. For a full list of Aqueous’ upcoming tour dates, head to the band’s website.Setlist: Aqueous | The Peach Music Festival | Montage Mountain | Scranton, PA| 7/21/18Set One: Origami, Weight of the Word, Power of Love (1), The Median > Warren in the Window, Don’t Do It (2)1- ft. Turkuaz Horns2- Picture in Picture (Dopapod) tease,Setlist: Aqueous | The Peach Music Festival | Montage Mountain | Scranton, PA| 7/21/18Set One: Origami, Weight of the Word, Power of Love (1), The Median > Warren in the Window, Don’t Do It (2)1- ft. Turkuaz Horns2- Picture in Picture (Dopapod) teaselast_img read more