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Friday, September 4th, 2020

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Posted by: | Posted on: September 4, 2020

Macy’s to Open Several Smaller Format Stores

Macy’s is doubling down on testing off-mall, smaller format stores. 

“Over the next two years, we will open several smaller format off-mall Macy’s, and we will test a smaller format off-mall Bloomingdale’s,” Jeff Gennette, chairman and CEO of Macy’s, said in the company’s Q2 2020 earning’s call.

Earlier in the year, Gennette shared that every off-mall Macy’s store would have pick up and returns. But this week, the company announced that it would be testing a smaller format for Bloomingdale’s, which will be launched in the fourth quarter of 2021. 

Gennette emphasized that Macy’s and Bloomingdale’s aren’t giving up on malls, though he thinks B and C malls will feel pressure over time.

“We continue to believe that the best malls in the country will thrive,” Gennette said on the call. “However, we also know that Macy’s and Bloomingdale’s have high potential off-mall and in smaller formats.”

Macy’s joins a

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Posted by: | Posted on: September 4, 2020

CMBS Delinquency Rate Dropped Again in August

The CMBS delinquency rate continued to drop in August after posting the largest decline in four years in July, according to a new report from Trepp.

The 9.02% overall CMBS delinquency rate for August was a decline of 58 basis points from the July number, with about $6.5 billion in loans cured, according to the August 2020 U.S. CMBS Delinquency Report.

“By ‘cure,’ we mean that the loan was delinquent in July but reverted to current (or in or beyond grace period) status in August,” said Trepp senior managing director Manus Clancy.

“Some of these cures came as a result of forbearances being granted and borrowers being authorized to use reserves to make the loan current. In other cases, relief was canceled or withdrawn by the borrowers and the loans were brought current without relief,” Clancy explainned.

About 1.21% of the overall 9.02% August delinquency rate represents loans that were

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Posted by: | Posted on: September 4, 2020

Restaurant Drive-Thrus Saw More Traffic in Q2 and Will Keep Cruising

As dining rooms closed down during the height of the COVID-19 pandemic, restaurants with drive-thrus saw more visitors pull up to their windows.

Trips to the drive-thru represented 42% of all restaurant visits in the second quarter, according to business data and analytics company NPD. The share was up 26% for the quarter.

“Drive-thru operations are delivering a high ROI during the pandemic, offering convenience, speed, and the comfort of social distance to consumers using them,” said NPD food industry advisor David Portalatin.

Even as more restaurants began reopening their dining rooms, with limited capacity, drive-thrus stayed popular. Visits increased by 13% in July, according to NPD. That was the highest visit increase of all the categories NPD tracked, which included dine-in, carry-out and delivery.

Although visits to drive-thrus increased, overall restaurant visits in all categories sunk to a historical low.

Fast-food restaurants, which have the majority of drive-thrus, fared

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Posted by: | Posted on: September 4, 2020

What Is Title Insurance? Peace of Mind When Buying a Home

Buying a home often entails also buying various types of insurance to protect your property, and one type you might need to get is called title insurance.

So what is title insurance? When you buy a home, you “take title” to it and establish legal ownership. A title insurance policy protects you against the possibility that someone else might have a claim on your home.

If you need a mortgage to buy real estate, your lender will likely require you to buy a title policy from a title insurance company. Although it’s a cost home buyers incur, getting a title policy from a title insurance company is critical to establishing peace of mind.

Here’s more about how a title company works, why a title search is required for a mortgage, and more that home buyers should know.

Why a title search is required with a mortgage

When getting a mortgage

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Posted by: | Posted on: September 4, 2020

Mortgage Rates Remain Below 3%—but Rising Home Prices Are Threatening To Push Buyers Out of the Market

Mortgage rates are still hovering around record lows, but that isn’t making buying a home cheaper for many people any longer.

The 30-year fixed-rate mortgage averaged 2.93% for the week ending Sept. 3, rising two basis points from the week prior, Freddie Mac reported Thursday.

The 15-year fixed-rate mortgage fell four basis points to an average of 2.42%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage rose two basis points to 2.93% on average.

“Low mortgage rates remain a potent fuel, driving demand and keeping purchasing activity rolling,” said George Ratiu, senior economist at Realtor.com. “However, fast-shrinking inventory and aggressive price gains are combining to outrun buyers’ ability to afford a home as we head into the cooler season.”

As mortgage rates fell to record lows, that provided incentives to would-be buyers, prompting home sales to hit volumes last seen prior to the Great Recession. But today’s home buyers aren’t necessarily scoring

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