Kennedy Wilson, a real estate investment and services company based in Beverly Hills, Calif., has reported the sale of a 20% stake in its apartment management division to Kenedix Inc., a Japanese real estate company.The 20% interest was sold for $9 million, giving the division a valuation of $45 million, Kennedy Wilson said. "This significant transaction completes an 11-year strategy of creating an operating presence in Japan and subsequently bringing institutional Japanese capital back to the U.S.," said William J. McMorrow, chairman and chief executive officer of Kennedy Wilson. The company also announced that it will form a joint venture with Kenedix, to be named Kennedy Wilson Multifamily Group, that is expected to purchase $400 million of apartment properties in the United States this year. Kennedy Wilson can be found online at http://www.kennedywilson.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28