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October 25, 2023

Wells Fargo Seizes Autotrader's Headquarters In Foreclosure

With Office Properties Facing Foreclosure, Where Do Valuations Stand In The Market Today? Our Panel Will Discuss On Nov. 16

For more than a decade, 3003 Perimeter Summit in Atlanta's Central Perimeter has served as the headquarters for online car marketplace Autotrader. But the company has vacated the 18-story building, which was taken over by its lender this summer, Bisnow has learned.

Wells Fargo Seizes Autotrader's Headquarters In Foreclosure

Wells Fargo, which lent $75M to the owners of 3003 Perimeter Summit in 2016, was the winning bidder in a foreclosure auction held for the building's ownership on the DeKalb County Courthouse steps on Aug. 1,…

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As 8% Mortgage Rates Quash Home Sales, Economists Warn Of A 'Huge Ripple Effect'

Securing a mortgage to buy a home has become more expensive than at any time since 2000, making people less likely to move and restricting the migration flows that have become more common during the pandemic.

As 8% Mortgage Rates Quash Home Sales, Economists Warn Of A 'Huge Ripple Effect'

The number of existing homes sold in the U.S. has fallen every month since February due in large part to spiking mortgage rates. The standard 30-year fixed mortgage rate started this year around 6% — already double the rate during the early part of the pandemic — and it has shot up over the…

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DOJ Could Intervene In Rent-Setting Lawsuit Against RealPage

DOJ Could Intervene In Rent-Setting Lawsuit Against RealPage  

The Department of Justice could soon weigh in on the rental rate algorithm saga that has ensnared two of multifamily’s biggest data providers and dozens of apartment operators.

The DOJ Antitrust Division has been looking into whether RealPage’s practices unlawfully drive up rents and is considering enforcement action, people familiar with the matter told The Wall Street Journal. 

RealPage’s revenue management tool has come under fire for allegedly helping landlords collude to inflate rents, which translates to higher costs for tenants.  The data provider, as well as a host of major REITs and multifamily property managers, was named in more than 30 lawsuits that have been consolidated in…

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