Category: Montana Loans


Which state real estate markets are doing the best, the worst during the real estate boom? – RISMedia |



(TNS) —Prior to the coronavirus recession, Utah’s real estate market was on fire. Then came the COVID-19 pandemic, which sent residents of northern California and Seattle in search of affordable homes and more space, and an already hot market intensified.

Dave Robison, former president of the Utah Association of REALTORS®, simply summarizes the activity. “This is insane,” says Robison, a real estate broker in Salt Lake City.

Its evaluation is not limited to the sale. Home prices in Utah have skyrocketed as Californians flock to the state. Utah has the fastest pace of job growth in the country, with unemployment at its lowest, extremely low mortgage rates, few defaults, and low local and state taxes.

All of these factors pushed Utah to the top spot in Bankrate’s 2020 Housing Heat Index, a spot it continues to occupy for the first quarter of 2021. Residential real estate has exploded during the recession. coronaviruses, and Utah has become a particularly popular market.

Other states in the region are also booming. South Dakota, Montana and Idaho rank second, third and fifth, respectively, in the Bankrate Index.

At the opposite end of the list is Hawaii, a state that has been hit hard by the COVID-19 pandemic. Its tourism industry is slowly recovering from a virtual standstill, and the employment picture in Hawaii remains bleak.

The 5 States with the Hottest Housing Economies

The Housing Heat Index shows how state real estate markets are faring in the coronavirus-fueled housing boom, and how they might fare going forward.

To calculate the ranking, Bankrate analyzed six data points: the annual appreciation of house prices reported by the House Price Index of the Federal Housing Finance Agency; the share of delinquent mortgages reported by the Mortgage Bankers Association; unemployment and employment growth in the US Department of Labor; the cost of living index of the Center for Regional Economic Competitiveness; and state-by-state tax charges as reported by the Tax Foundation

These five states had the strongest housing economies in the first quarter of 2021:

1. Utah. Its home values ​​jumped 19% in the 12-month period ending March 31, second best among U.S. states, according to the Federal Housing Finance Agency. Utah posted the second highest job growth in the country from March 2020 to March 2021, according to Bankrate analysis of Department of Labor data. Additionally, Utah had the lowest unemployment rate in the country and its tax burden is among the lowest in the country, according to the Tax Foundation.

2. South Dakota. Home prices have climbed nearly 15% and South Dakota is tied with Utah for the lowest unemployment rate in the country.

3. Montana. Home prices have risen 15% in the past year and Montana has the lowest level of delinquent mortgage payments in the country, according to the Mortgage Bankers Association.

4. New Hampshire. The geographic oddity in our ranking, New Hampshire has seen home values ​​soar 16%, and the unemployment rate and tax burden are low.

5. Idaho. Idaho home prices were the highest in the country, climbing 23.7% in the year ending March 31. And job growth is the strongest in the country. However, Idaho’s overall rankings were tempered by mid-range readings for cost of living and taxes, and by a ranking behind the pack in mortgage delinquencies.

Buyers are looking for affordability and space

High rankings of states in the mountain time zone illustrate a shift in the housing market: Americans are still drawn to healthy job markets, but even before the coronavirus pandemic they were increasingly unwilling to pay to live in places like San Jose, Seattle, and Boston.

COVID-19 has pushed many – especially those who can work remotely – to move from more expensive areas to more affordable ones.

“We are seeing the ingredients of a renewed affordability migration,” says Mark Vitner, senior economist at Wells Fargo. “The beneficiaries of this change have largely been the mid-sized subways in the mountainous western states.”

The median price of a single-family home sold in Silicon Valley during the first quarter was $ 1.5 million, according to the National Association of REALTORS®.

The typical price in Salt Lake City was $ 435,400 – above the national median, but not dramatically, and just a fraction of the price paid by residents of Northern California.

The price differential prompted many players in high-cost markets to consider relocating. The concept is particularly appealing to workers who can take up their well-paying jobs in areas with lower cost of living.

“People suddenly have the choice of where they live because they are not tied to a desk,” says Alicia Holdaway, agent at Summit Sotheby’s International Realty in Draper, Utah, and former chairman of the board of Salt. Lake City REALTORS®. “We have a net in migration that has been happening for years and has only increased. “

Each boom brings its drawbacks, of course. In some cases, newcomers to the Utah housing market are overflowing with cash and are ready to push up the prices.

“There is always a setback,” Holdaway says. “We have seen housing affordability become a crisis.

The 5 States with the Coolest Housing Savings

As a nationwide real estate boom rages, every state has seen property values ​​rise in the 12 months that ended in March. However, some state economies are struggling with weak job growth and other challenges. The last 5 of our index:

47. Illinois. High unemployment and lukewarm price appreciation put Illinois at the bottom of the pack.

48. New York. Hard hit by the pandemic, New York is facing many headwinds. It ranks near last in terms of job growth, unemployment, tax burden and delinquent loans.

49. Washington, DC The neighborhood ranked near the bottom of home price appreciation. The city also ranked last in cost of living and near the bottom of the unemployment rate in terms of tax burden.

50. Louisiana. It ranks the worst among delinquent loans, with over 9% of homeowners behind on their mortgage payments. Louisiana is also doing poorly when it comes to price appreciation, job growth and the tax burden.

51. Hawaii. This tourism dependent state ranks last for job growth and unemployment and almost last for price appreciation.

“The big picture is a very weak economy,” says Carl Bonham, executive director of the University of Hawaii’s Economic Research Organization.

Methodology

To calculate the home heat index for the first quarter of 2021, Bankrate analyzed six data points:

– Annual appreciation of house prices for the first quarter, as reported by the house price index of the Federal Housing Finance Agency
– Share of mortgage loans in arrears for the first quarter, as reported by the Mortgage Bankers Association
– US Department of Labor March Unemployment Rate
– Annual employment growth from March of the US Department of Labor
– The cost of living index for 2020 from the Center for Regional Economic Competitiveness
– State by State tax burdens for the fiscal year 2020-2021 as reported by the Tax Foundation

The index overweight the appreciation of house prices, the measure which most clearly reflects the desirability of a real estate market. And the index is underweighting the cost of living and the tax burden – house prices may skyrocket despite these factors, but a new wave of remote work is making these factors more relevant than they once were. the past.

© 2021 Bankrate.com
Distributed by Tribune Content Agency, LLC



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Where are the markets doing best and worst during the housing boom? | House and garden



Before the coronavirus recession, the Utah housing market was on fire. Then came the COVID-19 pandemic, which sent residents of northern California and Seattle in search of affordable homes and more space, and an already hot market intensified.

Dave Robison, former president of the Utah Association of Realtors, simply summarizes the activity. “This is insane,” says Robison, a real estate broker in Salt Lake City.

Its evaluation is not limited to the sale. Home prices in Utah have skyrocketed as Californians flock to the state. Utah has the fastest pace of job growth in the country, with lowest unemployment, extremely low mortgage rates, few defaults, and low local and state taxes.

All of these factors pushed Utah to the top spot in Bankrate’s 2020 Housing Heat Index, a spot it continues to hold for the first quarter of 2021. Residential real estate has exploded during the recession of coronavirus, and Utah has become a particularly desirable market.

Other states in the region are also booming. South Dakota, Montana and Idaho rank second, third and fifth, respectively, in the Bankrate Index.

At the opposite end of the list is Hawaii, a state that has been hit hard by the COVID-19 pandemic. Its tourism industry is slowly recovering from a virtual standstill, and the employment picture in Hawaii remains bleak.

The 5 States with the Hottest Housing Economies

The Housing Heat Index shows how state property markets are behaving in the coronavirus-fueled housing boom and how they may behave in the future.

These five states had the strongest housing economies in the first quarter of 2021:

1. Utah

Its home values ​​jumped 19% in the 12-month period ending March 31, second best among U.S. states, according to the Federal Housing Finance Agency. Utah posted the second highest job growth in the country from March 2020 to March 2021, according to Bankrate analysis of Department of Labor data. Additionally, Utah had the lowest unemployment rate in the country and its tax burden is among the lowest in the country, according to the Tax Foundation.

2. South Dakota

Home prices have climbed nearly 15% and South Dakota is tied with Utah for the lowest unemployment rate in the country.

3. Montana

Home prices have risen 15% in the past year and Montana has the lowest level of delinquent mortgage payments in the country, according to the Mortgage Bankers Association.

4. New Hampshire

The geographic oddity in our ranking, New Hampshire has seen home values ​​soar 16%, and the unemployment rate and tax burden are low.

5. Idaho

Idaho home prices were the highest in the country, climbing 23.7% in the year ending March 31. And job growth is the strongest in the country. However, Idaho’s overall rankings were tempered by mid-range readings for cost of living and taxes, and by a ranking behind the pack in mortgage delinquencies.

Buyers are looking for affordable, space

High rankings of states in the mountain time zone illustrate a shift in the housing market: Americans are still drawn to healthy job markets, but even before the coronavirus pandemic they were increasingly unwilling to pay to live in places like San Jose, Seattle, and Boston.

COVID-19 has pushed many – especially those who can work remotely – to move from more expensive areas to more affordable ones.

“We are seeing the ingredients of a renewed affordability migration,” says Mark Vitner, senior economist at Wells Fargo. “The beneficiaries of this change have largely been the mid-sized subways in the mountainous western states.”

The median price of a single-family home sold in Silicon Valley in the first quarter was $ 1.5 million, according to the National Association of Realtors. The typical price in Salt Lake City was $ 435,400 – above the national median, but not dramatically, and just a fraction of the price paid by residents of Northern California.

The price differential prompted many players in high-cost markets to consider relocating. The concept is particularly appealing to workers who can move their high-paying jobs to areas with lower cost of living.

“People suddenly have the choice of where to live because they’re not tied to a desk,” says Alicia Holdaway, agent at Summit Sotheby’s International Realty in Draper, Utah, and former chair of the Salt Lake City Board of Realtors . “We have a net in migration that has been happening for years and is only increasing.”

Every boom has its drawbacks, of course. In some cases, newcomers to the Utah housing market are full of cash and willing to push up the prices.

“There is always a flip side,” Holdaway says. “We have seen housing affordability become a crisis.”

The 5 States with the Coolest Housing Savings

As the nationwide housing boom rages on, every state has seen property values ​​rise in the 12 months that ended in March. However, some state economies are struggling with weak job growth and other challenges. The last 5 of our index:

47. Illinois

High unemployment and lukewarm price appreciation put Illinois at the bottom of the pack.

48. New York

Hit hard by the pandemic, New York is facing a number of headwinds. It ranks almost last in job growth, unemployment, tax burden and delinquent loans.

49. Washington, DC

The neighborhood ranks near the bottom of home price appreciation. The city also ranked last in cost of living and near the bottom of the unemployment rate in terms of tax burden.

50. Louisiana

It ranks as the worst for delinquent loans, with over 9% of homeowners behind on their mortgage payments. Louisiana is also doing poorly when it comes to price appreciation, job growth and the tax burden.

51. Hawaii

This tourism dependent state ranks last for job growth and unemployment and almost last for price appreciation. “The big picture is a very weak economy,” says Carl Bonham, executive director of the University of Hawaii’s Economic Research Organization.

Methodology

To calculate the Home Heat Index for the first quarter of 2021, Bankrate analyzed six data points:

n Annual appreciation of house prices for the first quarter, as reported by the house price index of the Federal Housing Finance Agency;

n Share of mortgages past due for the first quarter, according to the Mortgage Bankers Association;

n Unemployment rate for the month of March from the US Department of Labor;

n Annual employment growth from March from US Department of Labor;

n The cost of living index for 2020 from the Center for Regional Economic Competitiveness;

n State-by-State tax burdens for the 2020-2021 fiscal year as reported by the Fondation pour la Fiscalité.

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Housing Heat Index: Which state’s real estate markets are doing best, worst during the housing boom? |



Before the coronavirus recession, the Utah housing market was on fire. Then came the COVID-19 pandemic, which sent residents of northern California and Seattle in search of affordable homes and more space, and an already hot market intensified.

Dave Robison, former president of the Utah Association of Realtors, simply summarizes the activity. “This is insane,” says Robison, a real estate broker in Salt Lake City.

Its evaluation is not limited to the sale. Home prices in Utah have skyrocketed as Californians flock to the state. Utah has the fastest pace of employment growth in the country, with lowest unemployment, extremely low mortgage rates, few mortgage defaults, and low local and state taxes.

All of these factors pushed Utah to the top spot in Bankrate’s 2020 Housing Heat Index, a spot it continues to hold for the first quarter of 2021. Residential real estate has exploded during the recession of the United States. coronavirus, and Utah has become a particularly desirable market.

Other states in the region are also booming. South Dakota, Montana and Idaho rank second, third and fifth, respectively, in the Bankrate Index.

At the opposite end of the list is Hawaii, a state that has been hit hard by the COVID-19 pandemic. Its tourism industry is slowly recovering from a virtual standstill, and the employment picture in Hawaii remains bleak.

The 5 States with the Hottest Housing Economies

The Housing Heat Index shows how state property markets are behaving in the coronavirus-fueled housing boom and how they may behave in the future. To calculate the ranking, Bankrate analyzed six data points: the annual appreciation of house prices reported by the house price index of the Federal Housing Finance Agency; the share of delinquent mortgages reported by the Mortgage Bankers Association; US Department of Labor unemployment and job growth; the cost of living index of the Center for Regional Economic Competitiveness; and State by State tax charges as reported by the Tax Foundation

These five states had the strongest housing economies in the first quarter of 2021:

1. Utah. Its home values ​​jumped 19% in the 12-month period ending March 31, second best among U.S. states, according to the Federal Housing Finance Agency. Utah posted the second highest job growth in the country from March 2020 to March 2021, according to Bankrate analysis of Department of Labor data. Additionally, Utah had the lowest unemployment rate in the country and its tax burden is among the lowest in the country, according to the Tax Foundation.

2. South Dakota. Home prices have climbed nearly 15% and South Dakota is tied with Utah for the lowest unemployment rate in the country.

3. Montana. Home prices have risen 15 percent over the past year, and Montana has the lowest level of past due mortgage payments in the country, according to the Mortgage Bankers Association.

4. New Hampshire. The geographic quirk of our ranking, New Hampshire has seen home values ​​soar 16%, and the unemployment rate and tax burden are low.

5. Idaho. Idaho home prices were the hottest in the country, climbing 23.7% in the year ending March 31. And job growth is the strongest in the country. However, Idaho’s overall rankings were tempered by mid-range readings for cost of living and taxes, and by a ranking behind the pack in mortgage delinquencies.

Buyers are looking for affordable, space

High rankings of states in the mountain time zone illustrate a shift in the housing market: Americans are still drawn to healthy job markets, but even before the coronavirus pandemic they were increasingly unwilling to pay to live in places like San Jose, Seattle, and Boston.

COVID-19 has pushed many – especially those who can work remotely – to move from more expensive areas to more affordable ones.

“We are seeing the ingredients of a renewed affordability migration,” says Mark Vitner, senior economist at Wells Fargo. “The beneficiaries of this change have largely been the mid-sized subways in the western mountain states.”

The median price of a single-family home sold in Silicon Valley in the first quarter was $ 1.5 million, according to the National Association of Realtors. The typical price in Salt Lake City was $ 435,400 – above the national median, but not dramatically, and just a fraction of the price paid by residents of Northern California.

The price differential prompted many players in high-cost markets to consider relocating. The concept is particularly appealing to workers who can move their high-paying jobs to areas with lower cost of living.

“People suddenly have the choice of where to live because they’re not tied to a desk,” says Alicia Holdaway, agent at Summit Sotheby’s International Realty in Draper, Utah, and former chair of the Salt Lake City Board of Realtors . “We have had net in migration that has been happening for years, and it is only increasing.”

Every boom has its drawbacks, of course. In some cases, newcomers to the Utah housing market are overflowing with cash and are ready to push up the prices.

“There is always a flip side,” Holdaway says. “We have seen housing affordability become a crisis.”

The 5 States with the Coolest Housing Savings

As the nationwide housing boom rages on, every state has seen property values ​​rise in the 12 months that ended in March. However, some state economies are struggling with weak job growth and other challenges. The last 5 of our index:

47. Illinois. High unemployment and lukewarm price appreciation put Illinois at the bottom of the pack.

48. New York. Hit hard by the pandemic, New York is facing a number of headwinds. It ranks almost last in job growth, unemployment, tax burden and delinquent loans.

49. Washington, DC The district ranked near the bottom in home price appreciation. The city also ranked last in cost of living and near the bottom of the unemployment rate in terms of tax burden.

50. Louisiana. It ranks at the worst for delinquent loans, with over 9% of homeowners behind on their mortgage payments. Louisiana is also doing poorly when it comes to price appreciation, job growth and the tax burden.

51. Hawaii. This tourism dependent state ranks last for job growth and unemployment and almost last for price appreciation. “The big picture is of a very weak economy,” says Carl Bonham, executive director of the University of Hawaii’s Economic Research Organization.

Methodology

To calculate the Home Heat Index for the first quarter of 2021, Bankrate analyzed six data points:

—Annual appreciation of house prices for the first quarter as reported by the house price index of the Federal Housing Finance Agency;

—Sharing of delinquent mortgages for the first quarter, as reported by the Mortgage Bankers Association;

– unemployment rate for March from the US Department of Labor;

– the annual employment growth from March of the US Department of Labor;

– the cost of living index for 2020 of the Center for Regional Economic Competitiveness;

—State-by-state tax charges for the 2020-2021 fiscal year as declared by the Tax Foundation.

The index overweight the appreciation of house prices, the measure which most clearly reflects the desirability of a real estate market. And the index underweight the cost of living and the tax burden – house prices may skyrocket despite these factors, but a new wave of remote work is making these factors more relevant than they were in the past. the past.

(Visit Bankrate online at bankrate.com.)

© 2021 Bankrate.com. Distributed by Tribune Content Agency, LLC.



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Polson companies rally for the future



With the COVID-19 recovery underway, the Polson business community gathered on May 19 to discuss how it survived the 2020 shutdown and share resources to help businesses stay vibrant in the future.

Jim Thaden, executive director of Mission West Community Development Partners, broke the ice with an optimistic message.

“There are abundant resources available” to help support the economic recovery, Thaden said. Local banks and credit unions are ready to help with trade finance. Mission West helps find grants, loans and other special funds made available, as well as free mentors and technical assistance for entrepreneurs and start-ups.

With a large amount of federal stimulus money coming to Montana, “this is a once in a lifetime opportunity,” Thaden said.

Change is inevitable, but the country’s economy will grow. Managing it is important to continue growing the local economy, he said.

Mission Valley Power General Manager Jean Matt presented information on the local power supply. The utility is federally owned, operated under contract, and it offers Montana’s cheapest electricity at 6.89 cents per kWh, well below the state average of 11.2 cents. Mission Valley Power buys 80% of its electricity from the federal Bonneville Power Administration and 19% from the local SKQ dam (formerly Kerr).

Matt said MVP’s goal is to have all outages across the 1,600 square mile service area be back in service within two hours.

“We are non-profit, funded by taxpayers. We work for you. “

A panel of four local businesses provided insight into how various businesses have “pivoted” to adapt to the rapid changes that have come so suddenly with the COVID pandemic.

Carol Lynn Lapotka of Handmade Montana converted her clothing manufacturing site to make full-time masks while working to increase the online supply of Montana artists that she normally presents at major events throughout the year. year.

Mary Frances Caselli never closed Ms. Wonderful Cafe, but opted for take-out, including casseroles. The Napa Valley Food and Wine Tour was fortunate enough to occur during a short window when California was opened before the surge in COVID cases closed operations again.

“The loyalty of this city got us through,” said Caselli. “It means a lot to the community when you shop locally.”

Bobby Goldberg had set himself the goal of purchasing the building that houses his Second Nature business in downtown Polson. It was closed for a full month effective March 27 of last year and she used that time to build a website and learn all she could about promoting her business and community on the media. social in a “positive and healthy” way.

Godlberg said she also received help from three grants.

“Montana is behind small business, absolutely.”

After the reopening, the summer tourist season has been extremely busy.

“I couldn’t have done it without the heart that is Polson.”

Brooke Duty, director of marketing and sales for S&K Gaming – who oversees the Kwa Taq Nuk Resort, the Gray Wolf Peak casino in Evaro, and the Polson and Big Arm marinas – said the pandemic had completely shut down resorts and casinos, but she was happy to do so. report that the management team worked through federal and state stimulus and clawback funds to continue paying the entire workforce during their shutdown, despite the lack of revenue. To this day, she said, they still have COVID prevention protocols in place.

“We’re back swinging and rolling.”

Several other presentations led to a discussion on the double difficulty of finding employees and housing them at an affordable price. Another identified need was childcare and other family care.

“Housing is a top priority for the town of Polson,” said City Manager Ed Meece, who has experienced the problem firsthand since arriving here eight months ago.

Caselli said part of recruiting a new chef is to network to find him a place to live.

“We don’t have the advantage of being able to just do a study and then leave it to others.”

The city is working with community partners on short and long term options for high quality affordable housing.

Erin Schlock of Polson Job Service said the current national labor shortage is expected in 2015 due to changing demographics and other factors. Several local businesses cannot open with their full hours, attendees said, due to a lack of workers. There is some hope that with the increased unemployment insurance ending in June, some workers could be encouraged to return.

But Schlock said there are other sides to the problem.

“We’re almost at the unemployment rate we were at before covid,” Schlock said, “but there is a labor shortage.” As an example, she mentioned that many women have left the workforce to care for children or other family members. She strategizes with companies to “think outside the box” for recruiting ideas, including hiring events, signing bonuses and, in some cases, employer-provided housing.

A representative of the Chamber of Commerce commended the town of Polson for its immediate work on the housing issue to prevent tent cities and the homelessness that other communities face.

Representatives from the city and Mission West said they intend to have more of this type of open discussion in the future.



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Connecticut has over $ 800 million in unclaimed property and money



Did you know that the state of Connecticut currently has $ 868,786,336 in unclaimed property?

Even if you don’t think Connecticut has any money or property you own, you can easily find out. For example, I was surprised to find that the credit union I once belonged to owed me over $ 100.

Why when you owe money, are inundated with phone calls, and in some cases collection services are doing all they can to make sure you pay. But when you owe the money and don’t know it, good luck trying to follow it.

According to unclaimed-funds.org, there are more than 1.5 million people in Connecticut who are owed unclaimed money. However, there is an easy way to find out if the Connecticut public treasury is keeping some of your money; click on CTBigList.com or call 1-800-833-7318.

According to the website portal.ct.gov, unclaimed assets can be a savings or checking account, uncashed checks, past due certificates of deposits, stocks, bonds, or mutual funds, as well. as travelers’ checks, money orders, as well as money received from a business or organization. it is owed to you.

While writing this article, I typed in the names of my adult children and found out that they also owed money from an insurance company and an overpaid hospital bill. So get the money that’s right for you by clicking on CTBigList.com or calling 1-800-833-7318.

An overview of Danbury’s most expensive homes

KEEP READING: Seeing the Richest Person in Each State



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Cocktails are about to become permanent in Pennsylvania restaurants and bars



It may not be long before diners can order margaritas and espresso martinis to take out at restaurants and bars in Pennsylvania.

On Tuesday, the state House of Representatives passed a bill that would allow establishments to permanently sell mixed drinks to go. The bill now goes to the State Senate for consideration.

Originally, the law signed by Governor Tom Wolf in May 2020 was intended as a temporary lifeline at the height of the coronavirus pandemic. Now supporters say continuing this will help restaurants bounce back.

“Crazy as it sounds, one of the innovative breakthroughs and bright spots of the year for our industry was the cocktail to go… something so simple that you wonder why licensed establishments couldn’t do that. before, ”said Chuck Moran, executive director of the Pennsylvania Licensed Beverage and Tavern Association.

READ MORE:

  • $ 120 million in pandemic relief for restaurants in Pennsylvania: here’s the breakdown by county
  • With roots in Harrisburg, 8 Myles Mac n ‘Cheese are launched in 240 Target stores

Moran said the bill provided a lifeline for struggling restaurants during the pandemic, especially as they waited for the government to create loans, grants and other assistance.

“Many establishments took advantage of this opportunity, while many customers safely enjoyed professional mixed drinks in the comfort of their homes while supporting their local taverns and licensed restaurants,” he said.

By law, establishments can sell mixed beverages in containers with a secure lid in quantities of at least 4 ounces and no more than 64 ounces before 11 p.m. This does not apply to beer or wine.

The measure applied to restaurants or hotels with liquor licenses that lost more than 25% of average monthly sales during the pandemic and remained in effect until operations exceeded 60% of their capacity.

Pennsylvania isn’t the only state considering making adult beverages permanent. Recently, the governors of Georgia and Montana signed similar laws, and during the pandemic, more than 30 states made take-out cocktails temporarily available.

In Pennsylvania, it is illegal to have open alcohol containers in a vehicle and beverages must be carried in the trunk of a vehicle or other area unoccupied by passengers.



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Ford v. Montana: The U.S. Supreme Court’s Latest Foray into Personal Jurisdiction and What It Could Mean for Banks



The recent Supreme Court decision in Ford Motor Co. v. Eighth Judicial District Court of Montana et al. goes against the recent trend of the Court to reverse lower court approaches to personal jurisdiction. The Court found that Ford’s contacts with the forum states were sufficient to support the specific personal jurisdiction of the courts of those states over product liability claims brought by residents of those states resulting from automobile accidents in those states. States. Although Ford did not sell the specific vehicles involved in the accidents to buyers in forum states, it was sufficient, according to the court, for Ford’s forum contacts to “relate” to the plaintiffs’ claims regarding the particular facts. of the case.

The Court said that the phrase “relate to” places “real limits” on the exercise of a specific personal jurisdiction – but, according to the Court, the standard of personal jurisdiction does not require a causal link but for or near between the plaintiff’s claims and the defendant’s forum contacts. The contours of these “real limits” are likely to be hotly debated in future cases, and plaintiffs across the country may seek to apply. Ford enginethe wording “related to” outside the context of product liability to support jurisdiction over non-resident businesses whose services are offered or advertised in the forum, including foreign banks providing banking services in the United States .

Background

Ford Motor Company, which is incorporated in Delaware and headquartered in Michigan, challenged two state court decisions ruling that Ford was subject to personal jurisdiction in Montana and Minnesota because the plaintiffs, each having brought an action in their home state, were injured in their respective state. States while driving a Ford vehicle. For specific or case-related jurisdiction to exist, due process requires that the plaintiff’s claims “arise out of or relate to the defendant’s contacts” with the forum. Ford argued that this standard imposes a requirement of causation and that the requirement was not met because Ford did nothing in the states that were causally related to the complainants’ claims: it did not designed or manufactured the vehicles in the forum states, and Ford did not sell the specific vehicles involved in the crashes to buyers in those states.

The court rejected Ford’s attempt to limit specific jurisdiction only to cases where there is a strict causal connection between the defendant’s activities in the state and the plaintiffs’ claims. Instead, the Court ruled that the exercise of a specific jurisdiction may also be appropriate if the prosecution “concerns” the defendant’s behavior in the forum, while noting that the phrase places “real limits” on the exercise of a specific competence. The Court then focused on the facts of the case, detailing Ford’s contacts in the State – advertising, sale, resale and servicing of the particular model of vehicle at issue in the cases – and determined that those contacts were “Close enough” to support the exercise of a specific personal skill in the circumstances.

Analysis

The Court’s ruling may lead plaintiffs to seek to assert jurisdiction more aggressively over non-resident financial institutions by seizing certain terms. Ford engine. For example, plaintiffs can point out the court’s statement “that when a company like Ford serves a market for a product in a state and that product causes damage in the state to one of its residents, the courts of the state can hear the resulting lawsuit ”(emphasis added). It is not clear what it means to “serve a market” for a financial product – will the “product” be defined narrowly as, for example, “mortgages“, “interest rate swaps” or ” cross-border correspondent accounts ”or more broadly as“ bank ”? In Ford engine, the court noted that the specific models of vehicles involved in the crashes (and not just Ford cars in general) were advertised, sold and serviced in Montana and Minnesota. This analysis indicates that in order to maintain competence, the product in question must be defined narrowly. Of course, this issue will undoubtedly be addressed by lower courts in the months and years to come as they grapple with Ford engine.

Other types of complainants might seek to interpret Ford engine widely too. The Supreme Court’s decision limiting general jurisdiction in Daimler AG v Bauman, some courts have dismissed investor claims against corporate trustees that are not presented in the original forum of the trustee or that do not relate to its activities in the forum. An investor can argue on the basis Ford engine that if the bank “serves the market” for trustee services in the state, by soliciting local issuing clients, it makes itself susceptible to prosecution of claims involving foreign issuers. More broadly, complainants may also seek to use Ford engine to open the door to the jurisdictional discovery of the activities of a bank in the forum. Indeed, these types of facts, relating to the general activities of the defendant in the forum, evoke pre-Daimler dispute over general jurisdiction, when claims regarding (and discovery) of advertising, physical locations and sales volumes in the Forum State were common.

That said, the best read from Ford engineThe conclusion is that it is based on the particular facts of the business. The majority examined closely the depth and nature of Ford’s contact – regarding the very model of vehicle that caused the complainants ‘injuries – to determine that these contacts “relate” sufficiently closely to the complainants’ requests to warrant a particular jurisdiction. . As Judge Alito pointed out in his agreement, those same contacts could easily have causal relation to injuries: “It is reasonable to infer that the vehicles in question here would never have been on the roads of Minnesota and Montana if they were a totally unknown make that had never been advertised in those states, no. ‘was not sold in those states, would not be familiar to mechanics in those states, and could not have been easily repaired with parts available in those states. “

Taking into account the specific facts Ford engine and the Court’s close attention to these facts, financial institutions have powerful arguments that Ford Engine does not disrupt the Second Circuit’s approach to specific jurisdiction: “Where the defendant has had only limited contact with the state, it may be appropriate to say that he will not be subject to prosecution in that state only if the plaintiff’s injury was caused immediately by such contact. However, where the defendant’s contacts with the jurisdiction which relate to the cause of action are more substantial, it is not unreasonable to say that the defendant is subject to personal jurisdiction even if the acts committed in the state are not. are not the immediate cause of the plaintiff’s prejudice. . ” SPV Osus Ltd. against UBS AG, 882 F.3d 333, 344 (2d Cir. 2018).

One last point. Ford engine leaves Daimler unchanged. But as we observed when this case was decided, a possible reaction to DaimlerThe contraction of general jurisdiction as a vehicle for obtaining jurisdiction over defendants could be an expansion of specific jurisdiction. Whether Ford engine represents such an expansion is sure to be frequently argued in lower courts in the months and years to come.



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AltabancorpTM announces the acquisition by Glacier Bancorp, Inc.



AMERICAN FORK, UTAH – (BUSINESS WIRE) – AltabancorpTM (Nasdaq: ALTA) (the “Company” or “Alta”) today announced that it has entered into a definitive agreement with Glacier Bancorp, Inc. (“Glacier” or the “Company”) (Nasdaq: GBCI) to acquire Alta, the holding bank for AltabankTM, a community bank based in American Fork, Utah. The acquisition marks the 24th anniversary of Glaciere announced its acquisition since 2000 and its 7e announced a transaction within the past five years. This is also Glacier’s second acquisition of a Utah-based bank in the past two years, completing the acquisition of Layton, Utah-based First Community Bank in 2019. Altabank provides personal banking services and to businesses throughout Utah and southern Idaho with 25 branches from Preston, Idaho to St. George, Utah. As of March 31, 2021, Alta had total assets of $ 3.5 billion, total loans of $ 1.8 billion, and total deposits of $ 3.2 billion.

The boards of directors of Glacier and Alta have unanimously approved the transaction, which is subject to regulatory approval, Alta shareholder approval and other customary closing conditions. Glacier has secured voting agreements from Alta’s directors, senior officers and major shareholders, including members of the Gunther family. The definitive agreement provides that upon closing of the transaction, Alta shareholders will receive 0.7971 Glacier shares for each Alta share. Based on the closing price of $ 61.51 for Glacier shares on May 17, 2021, the transaction would result in a total value of $ 933.5 million. Upon closing of the transaction, which is expected to take place in the fourth quarter of 2021, Altabank will become Glacier’s 17e banking division, and will operate under its current name.

“We are delighted and proud to welcome Altabank to the Glacier family of banks, ”said Randy Chesler, President and CEO of Glacier. “This is an exceptional opportunity to solidify Glacier’s presence in the growing Utah market by partnering with the state’s largest community bank. We have focused heavily on strengthening our presence in Utah and this opportunity ticks all the boxes. “Chesler also noted that”This acquisition is part of our history of adding high quality community banks to our proven banking model. Altabank has served customers in Utah for over 100 years and has developed a leadership position and a lasting legacy in the markets it serves. ”

The transaction will immediately increase the tangible book value per share of Glacier and immediately increase the earnings per share of Glacier, excluding one-time expenses related to the transaction.

Len Williams, President and CEO of Alta, said: “Altabank has been a market leader in Utah for decades. In our constant quest to be bigger, better and stronger, the opportunity to join the Glacier family of banks was undeniably great for us. Being part of the Glacier family gives us the chance to compete with anyone, anywhere in our market, while maintaining our local autonomy.

Glacier management will review additional information regarding the transaction during a conference call beginning at 9:00 a.m. MT on Wednesday, May 19, 2021. The call is accessible by dialing (877) 561-2748 and Conference ID is 3354557. A The slide presentation accompanying the management comments can be viewed from Form 8-K filed by Glacier on May 18, 2021 with the Securities and Exchange Commission (the “SEC”) or at the address https://www.glacierbancorp.com/news-market-information/ presentations-annual-reports.

Glacier was advised in the transaction by DA Davidson & Co. as financial advisor and Miller Nash Graham & Dunn LLP as legal advisor. Altabancorp was advised by Keefe, Bruyette & Woods, A Stifel company as financial advisor and Jones Day as legal advisor.

About AltabancorpTM

AltabancorpTM (Nasdaq: ALTA) is Altabank’s banking holding companyTM, a full-service bank, providing loan, deposit and cash management services to businesses and individuals through 25 branches from Preston, Idaho to St. George, Utah. AltabankTM is Utah’s largest community bank with total assets of $ 3.5 billion. Our clients have direct access to bankers and decision makers, who work with clients to understand their specific needs and provide personalized financial solutions. AltabankTM Serving communities in Utah and southern Idaho for over 100 years. More information on AltabankTM is available at www.altabank.com. More information on AltabancorpTM is available at www.altabancorp.com.

Important information and where you can find it

In connection with the proposed transaction, Glacier will file with the SEC a registration statement on Form S-4 to register the shares of the capital stock of Glacier to be issued in connection with the proposed transaction. The registration statement will include a proxy circular from Alta and a prospectus from Glacier, which will be sent to Alta shareholders to seek their approval of the proposed transaction.

This press release does not constitute an offer to sell or a solicitation of an offer to buy securities or a solicitation of a vote or approval. GLACIER AND ALTA INVESTORS AND SHAREHOLDERS AND THEIR RESPECTIVE AFFILIATES ARE INVITED TO READ, WHEN AVAILABLE, THE STATEMENT OF REGISTRATION ON FORM S-4, THE STATEMENT OF PROXY / PROSPECTUS TO BE INCLUDED IN THE DECLARATION. RECORDING ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE SECURED AS PART OF THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENT TO THESE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT GLACIER, ALTA AND THE PROPOSED TRANSACTION. Investors will be able to obtain a copy of the registration statement, including the proxy circular / prospectus, as well as other relevant documents filed with the SEC containing information about Glacier and Alta, free of charge, on the SEC website (http: // www.sec.gov). Copies of the registration statement, including the proxy circular / prospectus, and the SEC filings that will be incorporated by reference into the proxy circular / prospectus may also be obtained, free of charge, by making a request to Glacier Bancorp, 49 Commons Loop, Kalispell, Montana 59901; Phone (406) 751-7706, or Altabancorp, 1 East Main Street, American Fork, Utah 84003; Telephone (801) 642-3998.

Participants in the proxy solicitation in connection with the proposed transaction

Glacier, Alta and certain of their respective directors, officers and employees may be deemed to have participated in the solicitation of proxies in respect of the proposed transaction under the rules of the SEC. Information regarding the directors and senior officers of Glacier is available in its final proxy statement, which was filed with the SEC on March 16, 2021, and in some of its current reports on Form 8-K. Information regarding Alta’s directors and senior officers is available in an amendment to its annual report on Form 10-K / A, which was filed with the SEC on April 29, 2021, and in some of its current reports on form 8-K. Further information regarding the participants in the proxy solicitation in connection with the proposed transaction and a description of their direct and indirect interests, by title or otherwise, will be contained in the proxy circular / prospectus and other documents. relevant to file with SECOND. Free copies of these documents, when available, can be obtained as described in the previous paragraph.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “estimate”, “expect”, “will” and similar references to future periods. These forward-looking statements include, but are not limited to, statements regarding the expected closing of the transaction and the potential benefits of the business combination transaction involving Glacier and Alta, including future financial and operating results, plans , the goals, expectations and intentions of the merged company. , and other statements which are not historical facts relating to either company or the proposed combination of companies. These forward-looking statements are subject to risks and uncertainties, many of which are beyond our control, which may cause actual results or events to differ materially from those projected, including, but not limited to: risks that the merger transaction does not close when scheduled or not at all because regulatory, shareholder or other approvals or conditions required to close are delayed or not received or met on time or not at all; the risks that the benefits of the transaction may not fully materialize or take longer to materialize than expected, including due to changes in general economic and market conditions, interest rates and exchange rates, monetary policy, laws and regulations and their administration, and the degree of competition in the geographic and commercial areas in which Glacier and Alta operate; uncertainties regarding the ability of Glacier Bank and Altabank to integrate their businesses quickly and efficiently; changes in business and operational strategies that may occur between signing and closing; uncertainties regarding the reaction to the transaction of the companies’ respective customers, employees and counterparties; and the risks associated with the diversion of management time on merger-related matters. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made and reflect management’s current estimates, projections, expectations and beliefs. Alta assumes no obligation to publicly revise or update any forward-looking statements to reflect events or circumstances occurring after the date of this report. For more information, see the risk factors described in Alta’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other documents filed with the SEC.



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Despite protests from senators, Planned Parenthood affiliates still received PPP loans in 2021



“We have not received the requested information or a formal response from you.” wrote the senators. Senator Paul’s office did not confirm to CNA on Monday May 17 whether the SBA responded to the May 10 letter.

A spokesperson for the US Small Business Administration did not immediately respond to CNA’s request for comment on Monday.

When the CARES Act was passed in Congress in March 2020, the acting president of Planned Parenthood Action appeared to criticize the legislation for “targeting” Planned Parenthood affiliates.

PPP loans were only intended for businesses and nonprofits with 500 or fewer employees, but the organization warned that the SBA would have “great discretion” to count all Planned Parenthood affiliates as part of it. of a large organization – thus excluding subsidiaries from loans.

However, it was reported in May 2020 that Planned Parenthood affiliates had received $ 80 million in PPP loans. Last year, the SBA called for the return of funds distributed to at least one Planned Parenthood affiliate, explaining that it was affiliated with the national organization.

Senators noted last week that since their initial April 15 letter to the SBA, “at least two” additional Planned Parenthood affiliates have been approved for P3 loans.

Data released by the SBA shows that two Planned Parenthood subsidiaries in Pennsylvania and New York were approved for P3 loans on April 21 and 27.

Planned Parenthood Keystone, in Warminster, Pa., Was approved for a PPP loan in the amount of $ 853,975 on April 21. On April 27, Planned Parenthood of Greater New York, Inc. in New York City was approved for a $ 10 million P3 loan. – the maximum loan amount under the program.

“This is unacceptable,” the Republican senators wrote. “As members of the US Senate Committee on Small Business and Entrepreneurship, we expect transparency and cooperation with your agency’s inquiries.”

Earlier in 2021, a group of 25 Republican senators sent a letter to the SBA administrator on March 25, requesting an investigation into why Planned Parenthood affiliates continued to receive P3 loans.

Other affiliates who received PPP loans in 2021 include Planned Parenthood of the Columbia Willamette, Inc. in Portland, Ore., Which was approved for a $ 2 million loan on February 25. Planned Parenthood of Maryland in Baltimore and Intermountain Planned Parenthood in Billings, MT, were each approved for P3 loans on March 15; their loan amounts were over $ 1.6 million and over $ 1.2 million, respectively.



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All you need to know



Solar electricity is now “the cheapest electricity in history”, with a price down 89% between 2010 and 2020. Yet obstacles still prevent ordinary consumers from installing solar power systems, as the cost of a rooftop solar system can be out of the reach of many homeowners. According to EnergySage, at an average of $ 2.81 per watt in 2021, a 10-kilowatt system sufficient to provide electricity to the average American home costs $ 28,100, with no incentives. That’s why the median income for a new rooftop solar panel buyer was around $ 113,000 / year in 2019, almost double the US median.

Yet low- and moderate-income residents stand to gain the most from the switch to cleaner, cheaper energy, as they spend three times as much of their income on energy as high-income residents. Fortunately, the income gap in solar property is narrowing not only because of falling solar energy costs, but also because of government incentives. While the average solar customer still earns more than the average American, 42% of new solar homeowners in 2019 earned less than 120% of their region’s median income – a key threshold for including low and moderate incomes.

Government incentives can significantly reduce the upfront costs of a solar system and decrease the time it takes for the system to become self-financing. Without government subsidies, the cost of a kilowatt hour (kWh) of a rooftop solar system was between $ 0.11 and $ 0.16 in 2020. With federal incentives, but not including variable incentives of the State, this cost fell between $ 0.07 and $ 0.09 per kWh. With the average price of electricity supplied by utilities at $ 0.13 / kWh in the United States, Rooftop solar with federal incentives is becoming cost competitive, cutting the cost of electricity by almost half. While Americans consume an average of 11,000 kWh of electricity per year, it is the difference between spending $ 1,430 and $ 770 to $ 990 per year for electricity.

What is a kilowatt hour?

A watt is a unit of power, while a watt hour is a measure of the amount of energy used. If you left a 100 watt bulb on for an hour, you have used 100 watt hours. If you left the light on for 10 hours, you’ve used 1000 watt hours, or 1 kilowatt hour, short for kWh.

Solar incentive options for homeowners

The State Incentives for Renewable Energy and Efficiency Database (DSIRE) lists 2,387 federal, state, municipal, and utility incentives for renewable energy and energy efficiency – ranging from special assessments to property tax from solar power systems awarded by the state of Illinois to rebates for the renewable power facility offered by the utility company NorthWestern Energy of Montana. Some incentives apply to commercial scale installations, others to residential customers, and still others to solar installers.

Federal incentives

The most important incentive for the installation of residential solar energy is the Federal Solar Photovoltaic Tax Credit, which originated in the first residential energy credit created by the Energy Tax Act of 1978, which provided a tax credit of 30% of the cost of solar equipment. . The current investment tax credit was established by the Energy Policy Act 2005 and has been renewed and extended several times, the last of which was in December 2020. Under the policy, until the end By 2022, taxpayers can claim up to 26% of eligible expenses to invest in a solar system for their home. Eligible costs include labor, assembly and installation of the system, as well as the cost of all associated pipes and cables. The credit percentage decreases to 22% for 2023, after which it disappears for residential solar systems.

Tax credits and rebates

A tax credit is not a refund. A discount is a reduction in the price of a good or service, either at the time of purchase or as a refund after purchase. A tax credit is a reduction in the amount of taxes you owe. To qualify for a tax credit, you must pay enough tax to be able to apply the credit. If, for example, you qualify for a solar tax credit of $ 5,000 but owe only $ 3,000 in taxes, you only receive $ 3,000 in tax credits. This makes some tax credits out of reach for low and middle income earners. The federal solar photovoltaic tax credit can be carried forward to the following year if the total amount exceeds the homeowner’s tax liability.

State and municipal incentives

States and municipalities also offer incentives for solar installations, including subsidy programs, low interest loans, performance-based incentives, personal tax credits, property tax incentives, rebates , renewable energy credits and sales tax reductions. For example, the state of New Mexico exempts solar systems from property tax assessments, while the City and County of Honolulu Solar Loan Program offers zero-interest loans to help homeowners with income. low or medium. DSIRE’s search engine allows potential solar customers to find applicable incentives not mentioned in this article.

Many states have requirements in their renewable portfolio standards that require that a certain percentage of the electricity that utilities provide to their customers come from renewable sources. In order to meet these requirements, utilities sometimes purchase renewable energy credits (RECs) from owners of solar systems. Solar customers earn one REC for every megawatt of electricity produced, and the revenues from these RECs can reduce the total cost of their solar system. The price of RECs varies from state to state, depending on the policies of state RECs, and as states increasingly prioritize clean energy, the price of RECs is likely to drop. ‘increase.

The net metering programs are perhaps the most important incentives in the state. Net metering began in Massachusetts in 1979 when architect Steven Strong discovered that when his solar panels produced more energy than it consumed, his electricity meter worked backwards because its excess of energy was reinjected into the network. Beginning in Arizona in 1981, states quickly began adopting net metering policies to incentivize the adoption of solar energy by giving owners of solar systems full or partial credit for the energy they received. they produce. These savings can reach tens of thousands of dollars. Since then, net metering has been “a major driver of the widespread and rapidly increasing adoption of distributed solar photovoltaic (PV) power in the United States.”

Net metering programs vary from state to state, with some states requiring utilities to credit solar energy produced by solar customers on an individual basis at retail rates, others at wholesale rates and still others at various percentages of the retail or wholesale rate. . It’s no surprise that states with the most robust net metering programs typically have the highest levels of residential solar installations. Among them are California, Texas, North Carolina and Florida, the top four states for solar installations. The exception to the rule is sunny Arizona, fifth in solar installations but with a relatively low net metering program.

Incentives for public services

In the United States, there are over 1,100 different incentives offered by utilities to encourage energy efficiency and the adoption of residential solar or other forms of renewable energy. Austin Energy in Texas is offering a rebate of $ 2,500 to customers who take a solar education course and install a solar system in their home. The Colorado division of Xcel Energy has a solar rewards program that commits to purchasing CERs from solar customers for a period of up to 20 years. The Long Island (NY) Power Authority has a feed-in tariff program ensuring that it will pay a fixed price of $ 0.1649 per kWh for residential solar power for 20 years. Of course, $ 0.1649 per kWh may be higher or lower than the retail tariffs for electricity over the 20-year period, so solar customers may or may not benefit from this fixed rate arrangement. Other utilities offer grants, loans, performance-based incentives, net metering in states without their own statewide net metering programs and other incentives. Check with your local utility.

Incentives for non-residential solar energy

There is more than one way to bring solar electricity to your home, however. Community solar programs are an increasingly popular alternative to installing solar panels on your roof. Incentives for community solar customers may vary depending on their relationship to the community solar project as a whole. The federal solar photovoltaic tax credit applies to customers in shared ownership situations, where the customer purchases a portion of the solar panel to support their residential needs. Depending on the state, RECs may also revert to the owners of a community solar farm on a pro rata basis. However, neither applies to customers in rental agreements, where they pay a monthly fee to owners of a community solar project. (Owner receives tax credits and RECs.) Other incentives may also apply, again depending on state policies or utility company practices.

As the price of solar energy continues to fall and the urgency of climate change increasingly drives state and federal policies, the incentives for solar energy adoption are likely to increase, allowing the solar economy to fit into more and more budgets. people. Residential and community solar has a bright future.



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