The problem with second generation Ring Video Doorbells

Ring Video Doorbells are supposed to be the latest in home security, not the latest in reasons for a fire in your home. That’s why 358,700 second-generation Ring Video Doorbells have been recalled in the U.S. and Canada.

The exact problem, according to the U.S. Consumer Product Safety Commission recall notice: “The video doorbell’s battery can overheat when the incorrect screws are used for installation, posing fire and burn hazards.”

Strange as this might seem, it’s not an idle concern. Ring says it knows of 85 incorrect doorbell screws installed “with 23 of those doorbells igniting, resulting in minor property damage. The firm has received eight reports of minor burns.”

This covers model No. 5UM5E5 smart doorbell cameras with a blue ring on the front and coming in either black and silver (Satin Nickel) or black and bronze (Venetian Bronze). They were sold in brick-and-mortar stores and on Ring.com and

Read More

Home Buyer Mortgage Demand Drops to Lowest Level in 6 Months

Mortgage rates have dropped to unprecedented levels in recent months. Since the summer, the 30-year fixed loan has mostly held steady at an average rate of under 3%, while 20- and 15-year mortgages have been comparably competitive. In spite of that, last week, mortgage application volume for new home purchases fell 0.5% compared to the previous week, representing the lowest level in six months.

Why aren’t buyers clamoring for homes?

With such low rates, you’d think purchase mortgage activity would be increasing. But the reason mortgage applications have declined could boil down to ridiculously high home prices. In September, the median U.S. home price was $311,800. Back in January, it was $266,200. That’s a sizable difference.

These huge home price spikes push some potential homeowners away. Of course, we can attribute some of the high prices to — wait for it — low mortgage rates, which have created a surge

Read More

Portland homes hit highest average sale price of $516,500 due to low inventory, pent-up demand

A historically low supply of Portland area homes for sale, rock-bottom lending rates and pent-up demand have pushed residential property prices to a new high: In October, the average sale price was $516,500, according to the latest report from the local listing service RMLS.

Another boost to sellers: October traditionally starts a slowdown until spring. But not so far this year.

“In 2019, we peaked in June and started dropping, ending up 3.28% lower in December for the average sale price,” said Dustin Miller of Windermere Realty Trust in Lake Oswego. “This year is totally different. We just kept going up.”

Comparing the first 10 months of 2020 to the same period in 2019, the average sale price has increased 6.5%, from $459,000 to $489,000. In the same comparison, the median sale price climbed 6.1%, from $410,000 to $435,000, according to RMLS.

The median sale price, the point in the

Read More

Fresh Off Huge Sale, Rob Lowe Reportedly Picks Up Homes in Beverly Hills and Montecito

The actor Rob Lowe has traded in his massive oceanside retreat in Montecito, CA, for smaller purchases in Montecito and Beverly Hills, Variety reports.

The “Parks and Rec” star snapped up a spot in 90210 for $3.75 milliion in October. The Beverly Hills home hit the market in September for $3,695,000, and Lowe and his wife, Sheryl Berkoff, actually paid slightly over ask to get their dream home—or a dreamy investment property.

It’s quite the change from the grand digs they owned in the ritzy celebrity enclave near Santa Barbara. The couple sold their massive, custom-built estate in an off-market deal for $45.5 million.


However, the Beverly Hills buy was just one of more to come. The couple reportedly also used their spending power to snag a smaller Montecito fixer-upper for $5.2 million, Variety spotted. The dated 1970s decor seems to suggest they may not move into that one

Read More

Breakingviews – TikTok mess is a trap for America’s next president

Reuters
Reuters

NEW YORK (Reuters Breakingviews) – A dramatic election and White House transition might just spell a reprieve for TikTok. President Donald Trump wanted China’s ByteDance to divest parts of the video app by Thursday, but with a day to go, there are plenty of big impediments that remain. The unresolved questions could fall to incoming President Joe Biden to answer.

What Trump demanded – a sale of TikTok’s U.S. business – was never going to be simple. The deal on the table is complex, with Oracle and Walmart planning to buy a 20% stake. It also requires four parties to agree: the sellers, the buyers, the White House and the authorities in Beijing. If one resists, it’s back to the drawing board. Plus, ByteDance isn’t done fighting. On Tuesday, it filed a petition asking a U.S. appeals court to review Trump’s demand for a divestment.

TikTok may be

Read More

Boutique hotel on Detroit riverfront asks $26 million

A 108-room boutique hotel on Detroit’s east riverfront is now up for grabs.



a view of a city: An aerial view of the Roberts Riverwalk Hotel


© Newmark
An aerial view of the Roberts Riverwalk Hotel

Real estate firm Newmark Group announced Wednesday that the Roberts Riverwalk Hotel, 1000 River Place Drive, is officially on the market.

Loading...

Load Error

Owner Michael V. Roberts is seeking either a buyer for the 112,000-square-foot hotel and banquet center or to partner with someone for a potential joint redevelopment venture at the 3.75-acre site, such as a project involving residences.

Start the day smarter. Get all the news you need in your inbox each morning.

“Right now the asking price is $26 million,” said Roberts, a high-profile Black businessman and hotel owner from St. Louis.

More: UAW-GM training center in Detroit sells for secret price

More: Detroit hotels suffer, some suburban hotels doing OK amid COVID-19

Like many downtown-area hotels, Roberts Riverwalk experienced a significant drop in

Read More

Real Estate Set For Strong Summer, But Listings Alarmingly Light

“This coming summer is looking stronger than we thought
possible just eight months ago, but the quantum of success
relies on Kiwis being prepared to sell their properties, as
listings remain at an absolute premium,” says Derryn
Mayne, Owner of Century 21 New Zealand.

Her comments
follow REINZ today releasing its Monthly Property Report for
October which shows median house prices across New Zealand
up by 19.8%, compared to October 2019. In total, 10 regions
and 28 districts around the country saw record median prices
during October, including Auckland up by 16.3% in 12 months
to new record high of $1 million.

“This summer will
be a great time to market your house with limited competing
listings, but very strong buyer demand resulting in more and
faster sales. Mortgage rates keep hitting rock bottom and
the economy is

Read More

ATTOM Data Report Shows Foreclosures Up in October 2020

(iStock)

(iStock)

Despite federal and state moratoriums, foreclosure activity in the United States ballooned last month.

Nearly 12,000 properties had some kind of foreclosure filing in October 2020, up 20 percent from last month but down 79 percent from October 2019, according to a monthly report from Attom Data.

That largely continued a trend of growing foreclosures that began the month before, when many states ended relief measures that had protected homeowners hurt by the pandemic.

“It’s a little surprising to see foreclosure activity increasing in spite of the various foreclosure moratoria that are in place,” said Rick Sharga, executive vice president of Attom subsidiary RealtyTrac, in a prepared statement. “It’s likely that many of these properties were already in the early stages of default prior to the pandemic, or are vacant and abandoned, which makes them candidates for expedited foreclosure actions.”

Among states, October foreclosure filings were the highest in

Read More

Mounting commercial real estate losses threaten banks, recovery

Loaning money to shopkeepers, landlords and hoteliers in places such as Times Square or SoHo used to be considered almost a sure thing. But that was before the contagion emptied New York City’s skyscrapers, hotels, apartment buildings and stores, leading the president of the United States to call it “a ghost town” and forcing some borrowers to stop making loan payments.

Now Signature, which has nearly 60 percent of its portfolio tied up in commercial real estate, is bracing for the fallout. The bank’s bad-loan write-offs, though still modest, are creeping higher. Despite years of steady profits, investors are punishing the stock, which has lost 43 percent of its value this year even as the broader market has gained.

If U.S. banks absorb big losses on their $2 trillion in commercial real estate loans, the entire economy will suffer. Just the fear of looming bankruptcies and defaults has prompted banks

Read More

There’s an Incredible 704-HP Ford RS200 Evolution for Sale

Photo credit: Canepa
Photo credit: Canepa

From Road & Track

The Ford RS200 stands among the giants of rally cars. A mid-engine, all-wheel-drive, short-wheelbase monster, the RS200 was so special and interesting that its short lifespan did nothing to blunt its impact on the rallying scene. And though its time in the sport was brief, Ford still blessed the market with 24 extra-special “Evolution” models, one of which is for sale right now from Canepa.

Welcome to You Must Buy, our daily look at the cars you really should be buying instead of that boring commuter sedan.

These variants offered even more extreme performance than the homologation-special RS200. Power was over 500 hp. But, according to Canepa, the specific example for sale was certified to make even more power. Total output exceeded 600 hp from the factory, allowing this RS200 Evolution to sprint to 60 in under 3.2 seconds. That’s current supercar territory,

Read More