real estate: Charlotte, NC - Team Freeman Real Estate - Bank of America
- 01/22/09 01:41 AM
Bank of America Corp., reports a fourth-quarter net loss of $2.39 billion, or 48 cents per diluted share. The news comes on the same day the Charlotte-based bank says it will slash its dividend to one cent per share from 32 cents and accept an additional $20 billion in bailout money. The federal funds are in addition to the $25 billion BofA has already received under the Troubled Asset Relief Program, which is designed to unfreeze the credit markets and boost the economy. BofA earned $215 million, or 5 cents per diluted share, in the fourth quarter of 2007. The latest … (0 comments)
real estate: Charlotte, NC - Team Freeman Real Estate - Bank of America
- 01/22/09 01:38 AM
An Italian court has acquitted Bank of America Corp. of charges related to events before April 2002 in a trial of five banks, Dow Jones Newswires reports. The case revolves around the collapse of Parmalat Finanziaria SpA, the Italian dairy conglomerate that collapsed in December 2003 in one of Europe's biggest financial scandals. An Italian judge ordered BofA to go to trial on allegations that it failed to prevent three former employees from market rigging in connection with Parmalat. The former employees faced charges for vetting a news release issued by Parmalat in 1999 that Italian regulators claim was misrepresentative. The … (0 comments)
real estate: Charlotte, NC - Team Freeman Real Estate - Charlotte Hotels Occupancy Falls
- 01/22/09 01:32 AM
Occupancy at Charlotte-area hotel rooms fell to 49 percent in November, down 17 percent from a year earlier. According to data from the Charlotte Regional Visitors Authority, local hotel occupancy fell 8.2 percent in the first 11 months of last year to 61.6 percent. By comparison, in the first 11 months of 2008, hotel occupancy fell 4 percent in the United States and 6.6 percent in North Carolina. The average room rate in the Charlotte area fell 1 percent to $81.40 in November. For the first 11 months in 2008, the average daily rate was $87.36, up 4.9 percent from the … (0 comments)
real estate: Charlotte, NC - Team Freeman Real Estate - Family Dollar Raises Dividend 8%
- 01/22/09 01:30 AM
Family Dollar Stores Inc. has increased its quarterly dividend by 8 percent. The Matthews-based discount chain has declared a quarterly cash dividend on its common stock of 13.5 cents per share, payable April 15 to shareholders of record on March 13. The company's previous quarterly cash dividend was 12.5 cents per share. "Increasing our dividend for the 33rd consecutive year reflects our confidence in the long-term growth opportunity for Family Dollar," says Howard Levine, chief executive. Last week, the company reported a 14.1 percent increase in earnings for its first fiscal quarter ended Nov. 29. Family Dollar earned $59.3 million, or … (0 comments)
real estate: Charlotte, NC - Team Freeman Real Estate - IKEA readies for Charlotte opening
- 01/22/09 01:27 AM
Swedish home-furnishings giant Ikea is putting the final touches on its first Carolinas store, which opens in five weeks in the University area. The 356,000-square-foot store will be one of the chain's largest. It will feature three model homes and 49 room vignettes, including 17 kitchens. Shoppers will be able to buy more than 10,000 exclusively designed products - from furniture to art, tableware and even food. Ikea is known for low-priced furnishings that customers assemble at home. But it has expanded its offerings and services in recent years. For example, complete kitchen setups can be purchased from about $1,800 to … (0 comments)
real estate: Charlotte, NC - Team Freeman Real Estate - B of A Stocks Plummets
- 01/22/09 01:25 AM
Bank of America Corp.'s stock, which had already dropped more than 27 percent this month, fell another 18 percent in Thursday trading. BofA's stock, which has traded between $10.01 and $45.08 over the last year, closed at $8.32 per share Thursday, down from Wednesday's closing price of $10.20. The drop in value follows a report from The Wall Street Journal late Wednesday that the federal government may commit billions more in aid to BofA as it acquires Merrill Lynch & Co. Inc. According to the report, which cites individuals familiar with the situation, discussions over the funds began last month when … (0 comments)
real estate: Charlotte, NC - Team Freeman Real Estate - Charlotte DOT
- 01/22/09 01:21 AM
Danny Pleasant has been named director of the Charlotte Department of Transportation. Pleasant became interim director after the retirement of Jim Humphrey in late 2007. He has worked in executive positions at the department for seven years. The department is responsible for Charlotte's road planning and operations. "Danny has proven to be an effective leader during his tenure as interim director, helping to position Charlotte as a national model for land-use and transportation choices," says City Manager Curt Walton. "His strategic planning and urban design expertise will help guide the city as we prepare for the future in terms of managing … (0 comments)
real estate: Charlotte, NC - Team Freeman Real Estate - Corporate tax cut
- 01/22/09 01:19 AM
N.C. General Assembly lawmakers have authorized the drafting of legislation that would cut the state's corporate income tax rate and make fundamental changes to the incentives the state uses to lure companies to North Carolina. A 13-year-old system of tax credits - the William S. Lee program, which was revised into Article 3J in 2007 - essentially would be gutted. In its place, the state would pump more money into its largest cash-for-jobs grant program and shave the corporate income tax rate to 6.5 percent from 6.9 percent. The bill will be offered by the Joint House/Senate Incentives Committee, which has … (0 comments)
real estate: Charlotte, NC - Team Freeman Real Estate - Inflation Rate at Lowest in 50 years
- 01/20/09 05:58 AM
The United States posted its lowest rate of inflation in more than 50 years in 2008, mainly because of a record plunge in gasoline prices. The U.S. Department of Labor says consumer prices dropped 0.7 percent in December, and rose just 0.1 percent for the year. The small uptick last year was much lower than the 4.1 percent gain in 2007, and the smallest year-over-year change since 1954, when consumer prices fell 0.7 percent. For December, gas prices fell 17.2 percent, the largest monthly decline in records that go back 71 years. Overall energy prices also dropped a record 8.3 percent … (0 comments)
real estate: Charlotte, NC - Team Freeman Real Estate - Mortgage Update
- 01/20/09 05:52 AM
MMG Update + By The Numbers - Tuesday, January 20, 2009 10:19AM ET Current Trend Direction: Sideways Risks favor: Floating Current Price of FNMA 4.0% Bond: $100.06, -12bp Today marks the inauguration of Barack Obama, America's 44th president. President-Elect Obama has an arduous task ahead of him as he takes control of a nation that is in the midst of one of the worst economic downturns since the Great Depression. There are no economic reports due for release today - but that hasn't meant much lately as Mortgage Bonds have traded in volatile fashion without the spark of economic news...and today … (0 comments)
real estate: Charlotte, NC - Team Freeman Real Estate - BBB Complaints up 5%
- 01/19/09 05:23 AM
The Better Business Bureau of the Southern Piedmont says complaints against area businesses rose 5 percent last year to 14,972. In 2007 the bureau received 14,180 complaints, up 25 percent over 2006. "For the second year in a row, 85 percent of these complaints were closed satisfactorily, thanks to businesses and consumers who worked with the BBB to resolve their disputes," says Tom Bartholomy, chief executive of the BBB. The average length of time it took the BBB to close a complaint in 2008 was 17 days from the date that the complaint was filed, up from 16 days in 2007 … (0 comments)
real estate: Charlotte, NC - Team Freeman Real Estate - Market Watch
- 01/19/09 05:20 AM
The average interest rate for a 30-year fixed-rate mortgage fell below 5 percent last week, prompting many homeowners to investigate refinancing options, according to a report by real estate Web site Zillow.com. For the week ended Jan. 11, the average 30-year rate in the United States was 4.92 percent, down from 5.10 percent the week before, according to the Zillow Mortgage Rate Monitor. North Carolina experienced an almost identical drop, to 4.92 percent, from 5.09 percent. Arizona had the lowest average rate last week at 4.80 percent, and Michigan had the highest, at 5.05 percent. Seattle-based Zillow compiles rates quoted by … (0 comments)
real estate: Charlotte, NC - Team Freeman Real Estate - General Information
- 01/19/09 05:05 AM
GMAC Financial Services' interest in locating its corporate headquarters here has taken a turn toward uptown, according to sources familiar with the search. Former Bank of America Corp. Chairman Hugh McColl Jr. and others have taken an active role in pushing for the company to focus on center city as it considers a move of its headquarters here from Detroit. The company had considered a Ballantyne location, where GMAC has a 200-employee back-office operation. Uptown sites now seem to have the upper hand for the auto-finance giant. The early speculation about GMAC's plans were fueled, in part, by the fact that … (0 comments)
Bank of America Corp., reports a fourth-quarter net loss of $2.39 billion, or 48 cents per diluted share. The news comes on the same day the Charlotte-based bank says it will slash its dividend to one cent per share from 32 cents and accept an additional $20 billion in bailout money.
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