ORLANDO, Fla. – Dec. 7, 2011 – Despite national and global headwinds, Florida’s real estate market is entering 2012 on an upward trend, according to three leading U.S. economists. www.ScottSorensonRealEstate.com
“Our state is in a mini-recovery,” said Florida Realtors® Chief Economist Dr. John Tuccillo at the state association’s 2012 Real Estate and Economic Forecast Conference in Orlando. “Sales are trending up, listing inventories are falling, the supply of lender-related properties has stabilized, and we are seeing multiple offers on homes in some local markets.”
In fact, Florida homes today may be undervalued, Tuccillo added. “That may seem like a drastic statement,” he said. “But a buyer who plans to own the home for five to seven years can get some great bargains today.”
Mark Vitner, senior economist at Wells Fargo in Charlotte, N.C., said the U.S. economy will continue to face significant challenges, particularly financial concerns related to the European debt crisis. But he expects the U.S. economic recovery will continue next year, making it easier for Midwesterners, for example, to buy Florida homes.
“Florida’s economy is recovering, with tourism and healthcare leading the way,” Vitner said. “International tourism has been particularly strong in Miami and Orlando.”
Looking around the state, Vitner said Jacksonville’s unemployment rate has dropped and home prices are stabilizing. In Orlando, prices have not yet reached bottom, he said, but the winter tourism season should help the regional economy. Tampa and Southwest Florida have seen solid job growth, with little new home construction.
South Florida’s economy is growing thanks to trade relationships with Latin America and the Caribbean, while in the Panhandle, Fort Walton Beach is outperforming Panama City and Pensacola, according to Vitner.
Dr. Lawrence Yun, chief economist for the National Association of Realtors®, said many Florida markets are showing sharp drops in inventories of homes for sale – a sign that demand is picking up and prices are stabilizing. “That’s a major change from just a year ago,” he said. “Buyers have stepped back into the Florida market.”
Noting the state’s powerful appeal to international buyers, Yun said he was particularly optimistic about the outlook for South Florida. “Don’t be surprised to see a gain in home prices in the Miami and Naples markets in the next 18 months,” he said. “From there, the recovery is likely to roll northward to Central Florida and then North Florida.”
Tuccillo noted that foreclosed and distressed properties will remain a significant part of the Florida market in 2012, but lenders are feeding these properties into the market at a gradual pace rather than pushing them out all at once.
The event also featured a panel of Florida real estate professionals, who discussed the 2012 outlook for several sectors of the state’s real estate market from a practitioner’s point of view. Panelists were Clark Toole, president and COO, Coldwell Banker Residential Real Estate Inc. in Florida, discussing residential real estate; Cynthia Shelton, 2009 president of Florida Realtors and a director at Colliers International in Orlando, discussing the commercial market; and Dean Saunders, accredited land consultant and broker-owner of Coldwell Banker Commercial Saunders Real Estate in Lakeland, covering the market for land and undeveloped property.
Florida Realtors real estate and economic summit was webcast to 32 local association or satellite sites around Florida. “Turnout was high for our statewide event,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “We hope to hold more of these forums on a regular basis – sharing knowledge of market trends is a powerful way for our Realtor members to connect with buyers and sellers.”
A PDF of PowerPoint slides used during the 2012 Real Estate and Economic Forecast Conference is available on the floridarealtors.org research page.
Thursday, December 8, 2011
Wednesday, November 30, 2011
Today’s market once-in-lifetime opportunity
WASHINGTON – Nov. 30, 2011 – The monthly cost of owning a home is more affordable now than in the past 15 years, and is less expensive than renting in numerous cities, according to The Wall Street Journal’s third-quarter survey. www.ScottSorensonRealEstate.Com
Low home prices mixed with low mortgage rates – hovering at 4 percent or lower – create an appealing buyer’s market, analysts say. For example, buyers today have a 77 percent increase in their borrowing power compared to 1991, according to Dan Green, a loan officer with Waterstone Mortgage in Cincinnati. He says that in 1991 a $1,700 mortgage payment allowed a borrower to take out a $200,000 mortgage; today, at current interest rates, the homebuyer can get a $350,000 loan for that same monthly mortgage payment.
In 12 our of 28 cities tracked by The Wall Street Journal, monthly mortgage payments on a median-priced home – including taxes and insurance – were lower than the average rent levels.
In Atlanta, owning was the most favorable compared to renting. The monthly rent on a median-priced home there was $539 during the third quarter (with a 20 percent downpayment) compared to the average asking rent, which averaged $840, according to data provided by Marcus & Millichap.
Nationwide, apartment rents are expected to rise by about 4 percent this year, which may make the owning vs. renting picture tilt even higher, according to some analysts.
Despite the appealing housing picture for homebuyers, some continue to stay on the sidelines, unable to sell their current home, qualify for a mortgage due to the tighter credit requirements or keep a steady job, housing experts say.
Source: “Stronger Lure for Prospective Home Buyers,” The Wall Street Journal (Nov. 26, 2011)
Low home prices mixed with low mortgage rates – hovering at 4 percent or lower – create an appealing buyer’s market, analysts say. For example, buyers today have a 77 percent increase in their borrowing power compared to 1991, according to Dan Green, a loan officer with Waterstone Mortgage in Cincinnati. He says that in 1991 a $1,700 mortgage payment allowed a borrower to take out a $200,000 mortgage; today, at current interest rates, the homebuyer can get a $350,000 loan for that same monthly mortgage payment.
In 12 our of 28 cities tracked by The Wall Street Journal, monthly mortgage payments on a median-priced home – including taxes and insurance – were lower than the average rent levels.
In Atlanta, owning was the most favorable compared to renting. The monthly rent on a median-priced home there was $539 during the third quarter (with a 20 percent downpayment) compared to the average asking rent, which averaged $840, according to data provided by Marcus & Millichap.
Nationwide, apartment rents are expected to rise by about 4 percent this year, which may make the owning vs. renting picture tilt even higher, according to some analysts.
Despite the appealing housing picture for homebuyers, some continue to stay on the sidelines, unable to sell their current home, qualify for a mortgage due to the tighter credit requirements or keep a steady job, housing experts say.
Source: “Stronger Lure for Prospective Home Buyers,” The Wall Street Journal (Nov. 26, 2011)
Pending home sales jump in October
WASHINGTON – Nov. 30, 2011 – Pending home sales rose strongly in October and remain above year-ago levels, according to the National Association of Realtors® (NAR). www.ScottSorensonRealEstate.com
The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, surged 10.4 percent to 93.3 in October from 84.5 in September and is 9.2 percent above October 2010 when it stood at 85.5. The data reflects contracts but not closings.
“Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows, and there is a pent-up demand from buyers who normally would have entered the market in recent years,” says Lawrence Yun, NAR chief economist. “We hope this is indicates more buyers are taking advantage of the excellent affordability conditions. Many consumers recognize that homebuyers in the past two years have had one of the lowest default rates in history. Moreover, continued inventory declines are another healthy sign for the housing market.”
The PHSI in the Northeast surged 17.7 percent to 71.3 in October and is 3.4 percent above October 2010. In the Midwest the index jumped 24.1 percent to 88.7 in October and remains 13.2 percent above a year ago. Pending home sales in the South rose 8.6 percent in October to an index of 99.5 and are 9.7 percent higher than October 2010. In the West, the index slipped 0.3 percent to 105.5 in October but is 8.1 percent above a year ago.
“Although contract signings are up, not all contracts lead to closings,” Yun says. “Many potential homebuyers inadvertently hurt their credit scores and chances of getting a mortgage through easily averted actions, such as cancelling an old credit line while taking on a new one. Such actions could unwittingly prevent buyers from obtaining a mortgage if their credit score is close the margins of qualifying – or they might get a loan but with less favorable terms.”
The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, surged 10.4 percent to 93.3 in October from 84.5 in September and is 9.2 percent above October 2010 when it stood at 85.5. The data reflects contracts but not closings.
“Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows, and there is a pent-up demand from buyers who normally would have entered the market in recent years,” says Lawrence Yun, NAR chief economist. “We hope this is indicates more buyers are taking advantage of the excellent affordability conditions. Many consumers recognize that homebuyers in the past two years have had one of the lowest default rates in history. Moreover, continued inventory declines are another healthy sign for the housing market.”
The PHSI in the Northeast surged 17.7 percent to 71.3 in October and is 3.4 percent above October 2010. In the Midwest the index jumped 24.1 percent to 88.7 in October and remains 13.2 percent above a year ago. Pending home sales in the South rose 8.6 percent in October to an index of 99.5 and are 9.7 percent higher than October 2010. In the West, the index slipped 0.3 percent to 105.5 in October but is 8.1 percent above a year ago.
“Although contract signings are up, not all contracts lead to closings,” Yun says. “Many potential homebuyers inadvertently hurt their credit scores and chances of getting a mortgage through easily averted actions, such as cancelling an old credit line while taking on a new one. Such actions could unwittingly prevent buyers from obtaining a mortgage if their credit score is close the margins of qualifying – or they might get a loan but with less favorable terms.”
Monday, November 21, 2011
Fla.’s home, condo sales higher in Oct
ORLANDO, Fla. – Nov. 21, 2011 – Florida’s existing home and existing condo sales continued to show gains in October, according to the latest housing data released by Florida Realtors®. Existing home sales increased 13 percent last month with a total of 13,755 homes sold statewide compared to 12,145 homes sold in October 2010, according to Florida Realtors.
ScottSorensonRealEstate
“Statewide, both sales and prices are above where they were this time last year,” noted Florida Realtors Chief Economist Dr. John Tuccillo. “The monthly median prices have ticked down slightly for the past few months, but the overall trend continues to show gains year-over-year.
“These numbers, combined with reports from Realtors throughout the state, indicate that we’re seeing strong interest in purchasing Florida real estate from smart investors who are taking advantage of the current favorable market conditions,” Tuccillo said. “These folks tend to have a long-term outlook and plan to hold onto their property purchases for a while.”
Seventeen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in October; 12 MSAs had higher existing condo sales.
The statewide median sales price for existing homes last month was $131,200; a year ago, it was $136,600 for a decrease of 4 percent. According to analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in September 2011 was $165,600, down 3.9 percent from a year ago, according to NAR. In Massachusetts, the September statewide median resales price was $294,950; in California, it was $287,440; in Maryland, it was $228,879; and in New York, it was $217,600.
In Florida’s year-to-year comparison for condos, 6,132 units sold statewide in October, a 12 percent increase over the 5,473 units sold in October 2010. The statewide existing condo median sales price last month was $87,800; a year earlier, it was $80,500 for a 9 percent gain. The national median existing condo sales price in September was $163,800, according to NAR.
“The latest unemployment figures indicate that Florida’s jobs outlook is improving, mortgage rates remain at historical lows and buyers are able to consider a variety of housing options at affordable prices in communities across the state,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “This is a great time to consult a local Realtor® about homeownership opportunities in your local housing market.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.07 percent in October, down from the 4.23 percent average during the same month a year earlier. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
ScottSorensonRealEstate
“Statewide, both sales and prices are above where they were this time last year,” noted Florida Realtors Chief Economist Dr. John Tuccillo. “The monthly median prices have ticked down slightly for the past few months, but the overall trend continues to show gains year-over-year.
“These numbers, combined with reports from Realtors throughout the state, indicate that we’re seeing strong interest in purchasing Florida real estate from smart investors who are taking advantage of the current favorable market conditions,” Tuccillo said. “These folks tend to have a long-term outlook and plan to hold onto their property purchases for a while.”
Seventeen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in October; 12 MSAs had higher existing condo sales.
The statewide median sales price for existing homes last month was $131,200; a year ago, it was $136,600 for a decrease of 4 percent. According to analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in September 2011 was $165,600, down 3.9 percent from a year ago, according to NAR. In Massachusetts, the September statewide median resales price was $294,950; in California, it was $287,440; in Maryland, it was $228,879; and in New York, it was $217,600.
In Florida’s year-to-year comparison for condos, 6,132 units sold statewide in October, a 12 percent increase over the 5,473 units sold in October 2010. The statewide existing condo median sales price last month was $87,800; a year earlier, it was $80,500 for a 9 percent gain. The national median existing condo sales price in September was $163,800, according to NAR.
“The latest unemployment figures indicate that Florida’s jobs outlook is improving, mortgage rates remain at historical lows and buyers are able to consider a variety of housing options at affordable prices in communities across the state,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “This is a great time to consult a local Realtor® about homeownership opportunities in your local housing market.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.07 percent in October, down from the 4.23 percent average during the same month a year earlier. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Friday, November 18, 2011
MEDIAN CLOSED PRICE UP 18 PERCENT
Report Shows Pending and Closed Sales Increases
NAPLES, Fla.-November 18, 2011- Seasonal real estate sales are starting early according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
"The overall median closed price for properties over $300,000 is up 18 percent from last year and is now over $600,000," said John Steinwand, President of Naples Realty Services. The October 2011 median closed price for properties over $300,000 is $605,000 compared to $513,000 in October 2010.
Closed sales in the $2 million and over category for the 12 months ending October 2011, is driving the median closed price up as sales increased 10 percent with 223 sales compared to 203 sales for the 12 months ending October 2010.
"The condo market shows a robust increase in pending sales in the $1 million to $2 million market and in Naples Beach and North Naples specifically. The available inventory decreased in both of those areas compared to last year, which should drive prices up," said Kathy Zorn, Broker/Owner of Florida Home Realty.
For the 12 months ending October 2011, pending sales in the $1 million to $2 million price category increased 26 percent with 173 contracts compared to 137 contracts for the 12 months ending October 2010. The available inventory in the Naples Beach area decreased 16 percent and the inventory in North Naples decreased 24 percent in October 2011 compared to October 2010.
According to Dr. Lawrence Yun, National Association of Realtors Chief Economist, "The South Florida region should see a 10% increase in prices over the next 12 months because the market is overcorrected and homes are selling for less than the cost to build new."
The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:
¨ Overall closed sales increased 7 percent with 509 sales in October 2011 compared to 476 sales in October 2010.
¨ Single-family home closed sales increased 12 percent in October 2011 with 280 sales compared to 249 sales in October 2010.
¨ Condo pending sales for the 12 months ending October 2011 increased 8 percent with 4,862 contracts compared to 4,505 contracts for the 12 months ending October 2010.
According to Wes Kunkle, President of Kunkle Realty, "The available inventory decreased 19 percent to 7,325 available properties in October 2011 compared to 9,044 available properties in October 2010."
"The months of inventory statistic is showing that properties are staying on the market for an average of 3 months less in October 2011 than they were in October 2010," said Jo Carter, President of Jo Carter & Associates.
To view the entire report, visit www.NaplesArea.com
The Naples Area Board of REALTORS® (NABOR) is an established organization (Chartered 1949) whose members have a positive and progressive impact on the Naples community. NABOR is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 4,000 plus member-customers. NABOR is a member of Florida REALTORS® and the National Association of REALTORS®, which is the largest trade association in the United States with more than 1.3 million members and over 1,400 local boards of REALTORS® nationwide. NABOR is structured to provide programs and services to its membership through various committees and the NABOR Board of Directors, all of whose members are non-paid volunteers
View the October 2011 Market Statistics
View the Report
NAPLES, Fla.-November 18, 2011- Seasonal real estate sales are starting early according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
"The overall median closed price for properties over $300,000 is up 18 percent from last year and is now over $600,000," said John Steinwand, President of Naples Realty Services. The October 2011 median closed price for properties over $300,000 is $605,000 compared to $513,000 in October 2010.
Closed sales in the $2 million and over category for the 12 months ending October 2011, is driving the median closed price up as sales increased 10 percent with 223 sales compared to 203 sales for the 12 months ending October 2010.
"The condo market shows a robust increase in pending sales in the $1 million to $2 million market and in Naples Beach and North Naples specifically. The available inventory decreased in both of those areas compared to last year, which should drive prices up," said Kathy Zorn, Broker/Owner of Florida Home Realty.
For the 12 months ending October 2011, pending sales in the $1 million to $2 million price category increased 26 percent with 173 contracts compared to 137 contracts for the 12 months ending October 2010. The available inventory in the Naples Beach area decreased 16 percent and the inventory in North Naples decreased 24 percent in October 2011 compared to October 2010.
According to Dr. Lawrence Yun, National Association of Realtors Chief Economist, "The South Florida region should see a 10% increase in prices over the next 12 months because the market is overcorrected and homes are selling for less than the cost to build new."
The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:
¨ Overall closed sales increased 7 percent with 509 sales in October 2011 compared to 476 sales in October 2010.
¨ Single-family home closed sales increased 12 percent in October 2011 with 280 sales compared to 249 sales in October 2010.
¨ Condo pending sales for the 12 months ending October 2011 increased 8 percent with 4,862 contracts compared to 4,505 contracts for the 12 months ending October 2010.
According to Wes Kunkle, President of Kunkle Realty, "The available inventory decreased 19 percent to 7,325 available properties in October 2011 compared to 9,044 available properties in October 2010."
"The months of inventory statistic is showing that properties are staying on the market for an average of 3 months less in October 2011 than they were in October 2010," said Jo Carter, President of Jo Carter & Associates.
To view the entire report, visit www.NaplesArea.com
The Naples Area Board of REALTORS® (NABOR) is an established organization (Chartered 1949) whose members have a positive and progressive impact on the Naples community. NABOR is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 4,000 plus member-customers. NABOR is a member of Florida REALTORS® and the National Association of REALTORS®, which is the largest trade association in the United States with more than 1.3 million members and over 1,400 local boards of REALTORS® nationwide. NABOR is structured to provide programs and services to its membership through various committees and the NABOR Board of Directors, all of whose members are non-paid volunteers
View the October 2011 Market Statistics
View the Report
Monday, October 31, 2011
Is the new-home market finally leveling off?
WASHINGTON – Oct. 31, 2011 – The nation’s largest home builders say that buyer traffic has picked up, sales increased and prices are stabilizing, according to The Wall Street Journal. The Commerce Department reported that, for the first time in five months, new-home sales rose, increasing 5.7 percent in September. Builder confidence also rose, reaching its highest level in a year in October, according to an index of builder sentiment by the National Association of Home Builders.
Falling home prices and low mortgage rates have encouraged buyers, some builders report. Builders say they’re trimming some of the big losses plaguing them since the housing bubble burst; but they note they still have a long climb out of one of the worst years on record for new-home sales.
PulteGroup Inc., the second largest builder in the country, reported an 8 percent increase in revenue to $1.14 billion in the most recent quarter. The company also reported narrower losses in the most recent quarter: $139.3 million in losses this quarter compared to $995.1 million a year earlier, The Wall Street Journal notes.
Ryland Group Inc. also narrowed its losses: $21.3 million from $29.9 million the year prior. Its revenue also increased, rising 23 percent to $249 million, and its closings also rose 20 percent and orders climbed 30 percent.
“Hopefully, this is an indication that we reached a baseline of demand for new homes in this country and that better days are ahead,” Larry Nicholson, Ryland’s chief executive, said in a conference call with investors.
Source: “Builders May be Hitting a Bottom,” The Wall Street Journal (Oct. 27, 2011)
ScottSorensonRealEstate.Com
Falling home prices and low mortgage rates have encouraged buyers, some builders report. Builders say they’re trimming some of the big losses plaguing them since the housing bubble burst; but they note they still have a long climb out of one of the worst years on record for new-home sales.
PulteGroup Inc., the second largest builder in the country, reported an 8 percent increase in revenue to $1.14 billion in the most recent quarter. The company also reported narrower losses in the most recent quarter: $139.3 million in losses this quarter compared to $995.1 million a year earlier, The Wall Street Journal notes.
Ryland Group Inc. also narrowed its losses: $21.3 million from $29.9 million the year prior. Its revenue also increased, rising 23 percent to $249 million, and its closings also rose 20 percent and orders climbed 30 percent.
“Hopefully, this is an indication that we reached a baseline of demand for new homes in this country and that better days are ahead,” Larry Nicholson, Ryland’s chief executive, said in a conference call with investors.
Source: “Builders May be Hitting a Bottom,” The Wall Street Journal (Oct. 27, 2011)
ScottSorensonRealEstate.Com
Friday, October 28, 2011
Bargains abound: What are buyers waiting for?
NEW YORK – Oct. 28, 2011 – With low home prices and ultra-low interest rates, the housing market now offers “perhaps the best deals of a generation,” notes a recent article by Bloomberg Businessweek.
Since the housing boom of 2006, home prices have fallen about 31 percent. Also, mortgage rates have been hovering at record lows for the past few weeks – in the 4 percent range or even lower on 30-year fixed-rate mortgages, according to Freddie Mac’s mortgage market survey.
“It’s hard to see the possibility of losing on a home purchase right now, with these mortgage rates,” says economist Dean Baker. “Prices may go lower, but not by much.”
The article notes the following scenario: Buying a $300,000 home with a 4 percent mortgage rate and a 20 percent down payment would mean a $1,145 monthly payment. The Mortgage Bankers Association recently predicted that home prices may fall another 3.5 percent by mid-2012, but mortgage rates will increase by a half-point. Under that same loan scenario, a home would sell for $289,000 while the monthly mortgage bill would be $1,171 – only a $26 difference.
For those who can qualify for a mortgage, “playing the waiting game” won’t result in much gain, Nariman Behravesh, chief economist at IHS in Englewood, Colo., told Bloomberg Businessweek.
Source: “Crazy Home Deals Await the Creditworthy,” Bloomberg Businessweek (Oct. 24, 2011)
Since the housing boom of 2006, home prices have fallen about 31 percent. Also, mortgage rates have been hovering at record lows for the past few weeks – in the 4 percent range or even lower on 30-year fixed-rate mortgages, according to Freddie Mac’s mortgage market survey.
“It’s hard to see the possibility of losing on a home purchase right now, with these mortgage rates,” says economist Dean Baker. “Prices may go lower, but not by much.”
The article notes the following scenario: Buying a $300,000 home with a 4 percent mortgage rate and a 20 percent down payment would mean a $1,145 monthly payment. The Mortgage Bankers Association recently predicted that home prices may fall another 3.5 percent by mid-2012, but mortgage rates will increase by a half-point. Under that same loan scenario, a home would sell for $289,000 while the monthly mortgage bill would be $1,171 – only a $26 difference.
For those who can qualify for a mortgage, “playing the waiting game” won’t result in much gain, Nariman Behravesh, chief economist at IHS in Englewood, Colo., told Bloomberg Businessweek.
Source: “Crazy Home Deals Await the Creditworthy,” Bloomberg Businessweek (Oct. 24, 2011)
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