In a Reuters poll following the Federal Reserve’s interest rate and balance sheet announcements, a majority of the major banks (14 of 21) surveyed said they expected the Fed to enact its balance sheet plans at the end of its September 19-20 meeting. The remainder expected the plans to begin at the end of the Fed’s Dec. 12-13 meeting. “The balance sheet plan seems more aggressive than previously thought,” said James Sweeney, chief economist at Credit Suisse, one of the 23 firms that do business directly with the Federal Reserve. (Via Reuters)
Despite the continued influx of newly constructed senior housing properties, demand has somewhat kept up. First-quarter 2017 rent growth in secondary markets dropped just .4%, reaching 2.5%, according to data released by the National Investment Center for Seniors Housing & Care (NIC). In the 31 primary markets that NIC tracks, rents are on an eight-quarter streak of positive growth. Absorption levels for independent living are up 92% from last quarter. In the case of assisted living, absorption is down 29% from the fourth quarter of 2016. (Via CoStar News)
Bob’s Stores and Eastern Mountain Sports have found a new owner in U.K.-based sporting goods retailer Sports Direct. Original owner Eastern Outfitters filed for bankruptcy in February, and Sports Direct says it has now finalized the acquisition. With the aggregate 55 locations, Sports Direct (which operates nearly 800 stores in the U.K., Europe and Asia) now has a foothold in the U.S. and says it plans to expand the newly acquired product lines. According to a Sports Direct representative, “Adding these reputable and established retailers to Sports Direct’s portfolio of holdings in the U.S. will afford us a strong platform with which to rapidly expand our store and web presence, in this critically important market.” (Via Chain Store Age)
More News to Note:
U.S. Commercial/Multifamily Mortgage Debt Breaks the $3T Mark
Google Buying 300 Modular Housing Units to Temporarily House Bay Area Employees
$1B Mixed-Use Redevelopment Project for Boston Suburb Begins Next Year
Home Buyers in China Face Inhospitable Climate – Government Restrictions, Rampant Unaffordability