Are cracks emerging in online lending industry?
The growth in online loans is starting to show some worrying signs of weakness according to a report by Bloomberg.
It says that the rate of delinquencies and defaults in a group of loans packaged into bonds is reaching ‘trigger’ levels faster than expected which could mean lenders being forced to pay them down early.
The report says that personal loan firm Avant Inc. and its underwriters are to start repaying three of its asset-backed notes early, citing unnamed sources. Avant has not commented.
Concern over the risky sub-prime loans is heightened by the experience of the financial crisis especially as some mortgage lenders have skin in the game.
$100 million sale matches Playboy Mansion price
A home in the Greater Los Angeles area has matched the price tag of the iconic Playboy Mansion.
The mega-mansion on North Carolwood Drive sold to the owner of Detroit Pistons, Tom Gores, for an eyewatering $100 million. The LA Times reports that it was reduced from the $150 million it listed for earlier in the year.
The site has some famous history, with Barbra Streisand’s estate previously occupied the space. However, this mansion was only built two years ago and is a 30,000 square foot main home.
There are also multiple guest houses which, along with the main home, offer 10 bedrooms and 20 bathrooms.
Zillow introduces video walkthrough for rental listings
Innovation continues to appear in the real estate business and listings powerhouse Zillow has now added video walkthroughs for those seeking a new rental home.
"Video walkthroughs have been tremendously popular on for-sale listings, bringing them to rentals is a natural extension," said Jeremy Wacksman, Zillow chief marketing officer.
The videos are aimed at those browsing for a rental on smartphone and can be recorded by sellers or their agents via the site’s app.