Countering Blackstone's proposal to acquire Equity Office Properties Trust, Chicago, at $48.50 per share (and the assumption of debt), a group that includes Vornado Realty has made an offer that values Equity Office shares at $52 per share.Vornado, a Paramus, N.J.-based office real estate investment trust, has formed a partnership with Starwood Capital and Walton Street. Vornado said in a release that the $52 would be payable 60% in cash and 40% in Vornado shares. After the deal closes, Vornado said it intends to retain about half of Equity Office's assets in major markets on the East and West Coasts. The other two partners would acquire the rest of Equity Office's assets. Equity Office, the largest REIT by market capitalization, said it will consider the proposal but that its board of trustees has not changed its previous recommendation on the Blackstone buyout for $36 billion. Equity Office's shareholders are slated to meet Feb. 5 to vote on the Blackstone acquisition. The REIT can be found online at http://www.equityoffice.com.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
April 23