Real estate
Every Sainteur story on real estate, newest first.
H&R unitholders reject a sale to GO REIT and a group that includes a Blackstone affiliate
H&R ($HR.UN) terminated the agreement immediately, with no termination fee payable to the consortium, after the special resolution was not approved. Buyers included GO REIT, a fund affiliated with Blackstone Real Estate, and a company controlled by CEO Tom Hofstedter's family.
Existing-home sales fall to the lowest level since August 2010
Existing-home sales fell 5.5% in October to a seasonally adjusted annual rate of 3.75 million, the lowest since August 2010, NAR said, with the average 30-year fixed-rate mortgage at 7.33%, according to Freddie Mac, up from 6.25% a year earlier.
MBA weekly average 30-year fixed rate falls to 7.21%, a fourth weekly decline
The Mortgage Bankers Association's weekly average 30-year fixed rate fell to 7.21% last week from 7.30% for 20% down-payment loans, a fourth weekly decline and the lowest since mid-September. Applications rose 6.2% from the previous week, on the MBA's seasonally adjusted index.
Blackstone senior-partner payouts were cut by millions, the Journal says, as Meghji plans a year-end exit
The Wall Street Journal said a weak real-estate stretch cut Blackstone ($BX) senior-partner payouts by millions of dollars. Exits include global head Nadeem Meghji, who in September said he is leaving at year-end. The firm said the real-estate group still has 45 senior partners.
SpaceX is reportedly seeking at least 80,000 US cell sites, and tower stocks are rallying
Bloomberg News reported SpaceX is in talks with tower owners including Crown Castle for at least 80,000 US sites. No signed lease has been reported, and the companies haven't confirmed the talks.
Pending home sales drop 7.3% in September, and builders are pulling back too
Contracts to buy existing homes fell 7.3% in September, NAR said. Housing starts came in below forecast, builder sentiment sank to its lowest since 2012, and both trade groups point to mortgage rates.