Monday, August 22, 2011

Economic Woes Prompt Buyers to Back Out of Deals

Economic Woes Prompt Buyers to Back Out of Deals

Daily Real Estate News | Monday, August 22, 2011

Recent falls in the stock market and growing concerns over the cloud hanging over the U.S. economy has prompted more home buyers to cancel real estate deals or continue to sit on the sidelines, analysts say.

The National Association of REALTORS® said in a recent report that home buyer cancellations in the last two months increased about 10 percent from a year earlier. Lawrence Yun, NAR’s chief economist, says the increase is due to low appraisals that do not match the mortgage amount, “overly stringent” lending standards, as well as waning buyer confidence. 

“The typical home buyer gets rattled when confronted with economic turmoil,” says Stan Humphries, Zillow.com’s chief economist. “The type of fear we’re seeing could substantially worsen the housing market.”

Stock market declines are denting many buyers’ pocketbooks. “A lot of people have seen their down payments for a home disappear in the stock market,” Keith Gumbinger, vice president of HSH Associates, told Bloomberg News. “It served as a reinforcement to the hunker-down mentality that a lot of home buyers already had.”

Some home buyers who still have the means to buy are waiting for prices to fall even further too, says Jim Hamilton, with Lyon Real Estate.

“People are watching the stock market as a major indicator of what’s going on in the economy,” Hamilton told Bloomberg News. “Buyers are beginning to think that if they wait, they’re going to get a better deal in a few months.”

Even Low Interest Rates Can’t Get Buyers Moving

Despite borrowing costs at record low levels, applications for mortgages to purchase homes continues to fall. In fact, for the week ending Aug. 12, mortgage applications to buy dropped to a 13-month low, according to the Mortgage Bankers Association.

Federal Reserve Chairman Ben Bernanke was hoping to revive demand for housing by lowering interest rates and vowing to not raise key rates until 2013. Rates have been below 5 percent for more than two weeks but have failed to spark more buying.

“Low mortgage rates are only helpful to home buyers who aren’t paralyzed with fear after watching their 401(k) disappear,” says Mark Goldman, a lecturer at the Corky McMillin Center for Real Estate at San Diego State University. “For now, people see the stock market as a casino table.”

Source: “Housing’s Drag on Economy May Worsen,” Bloomberg News (Aug. 21, 2011) 

Saturday, August 20, 2011

Westport and surrounding towns real estate market performance through July, 2011 from Steve Reillys

Summary Real Estate Market Performance

Through July, 2011 vs. 2010

 

For Westport, the trend is mostly positive but July

was a terrible month. In July sale were down 34%

and median selling price was down 2%.

For year to date, selling price was up, sales in units

was up and average days on market was down.

For surrounding towns, the trend is mixed and July

was a  terrible month. In July, sales were down 36%

and median selling price was down 6%

For YTD, the median selling price was up, the

number of units sold was down and the  average

days on marker was up and inventory was up.

 

Summary Westport Real Estate Market Performance

through July, 2011

 

Median selling price was up 9% in 2011 vs. 2010 and down

17% since the peak in 2008.

Image001

.

Westport Properties sold through July, 2011

Properties sold through June 2011 was up 5% since

same period 2010 and down 17% since peak in 2007.

Image002

Westport Average days on market through July, 2011

The Average Days on Market was up 8% in 2011 vs.

2010

Image003

Summary Surrounding Towns (Norwalk, Wilton, Weston,

Fairfiled, Easton, Ridgefield aand Redding) Real Estate

Market Performance through July, 2011

Median selling Price through July, 2011

Median selling price was up 3% in 2011 vs. 2010 and down

12% since peak in 2007

Image004

Properties sold through July, 2011

Properties sold through June, 2011 was down 11%

since 2010 and down 38% since peak in 2007.

Image005

Average days on market through July, 2011

The Average Days on Market was up 9% in 2011 vs.

2010 and up 24% since 2007.

Image006

Inventory of Properties for Sale in Westport

The number of houses and condos for sale as of

August 15, 2011 was down 5% vs. last month and

Down 5% since last year.

Image007

Inventory of Properties for Sale in

surrounding towns

 

The number of houses and condos for sale as of

August 15, 2011 was down 3.5% vs. last month and down

.5% since last year.

Image008

See the following sites for real estate information

or call any time.

www.swreilly.com

Image009

Regards,

Image012

Stephen Reilly

Higgins Group

Best Practice Real Estate

278 Post Road East

Westport, CT 06880

203-246-7372

swreilly@swreilly.com

www.westport-homestore.com

licensed in Connecticut

Friday, August 19, 2011

Home sales dropped 3.5 pct. in July, hit 2011 low from WSJ Thursday August, 18, 2011

Home sales dropped 3.5 pct. in July, hit 2011 low

Third decline in 4 months puts sales pace behind last year's totals, a 13-year low

Image001

Re/Max Solutions Associate Broker Kurt Sabel, right, talks with prospective buyer Ned Pierce outside a home for sale Wednesday, Aug. 17, 2011 in Gilbert, Ariz. Fewer people bought previously occupied homes for the third time in four months.(AP Photo/Matt York)

, On Thursday August 18, 2011, 12:08 pm EDT

WASHINGTON (AP) -- The number of people who bought previously occupied homes fell in July for the third time in four months. This year is on pace to be the worst in 14 years for home sales, as more Americans worry that the economy could slip back into another recession.

Home sales fell 3.5 percent last month to a seasonally adjusted annual rate of 4.67 million homes, the National Association of Realtors said Thursday. That's far below the 6 million that economists say must be sold to sustain a healthy housing market.

The dismal report on home sales contributed to a rough day on Wall Street. Stocks plummeted in midday trading on fears that the global economy is slowing. The Dow Jones industrial average fell more than 400 points within the first hour of trading.

Many people are reluctant to purchase a home two years after the recession officially ended. Sales are lagging behind last year's 4.91 million sold -- the weakest in 13 years.

Bigger down payments, tougher lending rules, high debt and a shortage of desirable starter homes have kept many would-be buyers away. Even people with good credit and enough money for a down payment are holding off because they are worried home prices will keep falling.

First-time homebuyers made up just 32 percent of sales. First-time buyers are critical to strong housing markets and normally make up about half of all sales. Their purchases of low and moderately priced homes also allow sellers to move up to pricier homes.

The weak data show "the housing market will not save the U.S. economy," said Paul Dales, senior U.S. economist at Capital Economics.

Since the housing boom went bust in 2006, sales have fallen in four of the past five years. Declining home prices and super-low mortgage rates haven't been enough to boost sales this year.

The average rate on a 30-year fixed mortgage fell to 4.15 percent this week -- the lowest level on records dating back to 1971.

Some sales are falling apart at the last minute. At least 16 percent of deals were canceled ahead of closings last month. That's four times the number in May and the highest level since such records began being kept more than a year ago. A sale isn't final until a mortgage is closed.

Buyers have canceled purchases after appraisals showed that the homes were worth less than the buyers' initial bids.

"Buyers are worried about falling house prices, the job outlook, the stock market and gridlock in Washington," said Patrick Newport, U.S. economist at IHS Global Insight.

Sales were also hampered in the West by new maximum loan limits by government-controlled mortgage buyers Fannie Mae and Freddie Mac. On Oct. 1, the maximum loan in high-cost areas will fall from $729,750 to at least $625,500 and, in some areas, to $550,000. Some buyers will be unable to finance their purchases in cities where homes are more expensive, such as New York, San Francisco and Washington.

Foreclosures and short sales -- when a lender agrees to sell for less than what is owed on a mortgage -- made up about 29 percent of all home sales last month. That's up from about 10 percent in past years. And a wave of foreclosures are being held up, either by backlogged courts or lenders awaiting state and federal probes into troubled foreclosure practices.

Investors have targeted foreclosures and other deeply discounted properties. Their purchases accounted for 18 percent of sales in July.

The median sales price fell in July to $174,000, according to the Realtors' group. June's large jump in sales prices was attributed to missing data that had not been collected from Phoenix, which has been hit hard by foreclosures and dropping prices.

Most economists say home prices will keep falling, by at least 5 percent, through the rest of the year. Many forecasts don't anticipate a rebound in prices until at least 2013.

Sales were uneven across the country. They rose 2.7 percent in the Northeast and 1 percent in the Midwest. They fell 1.6 percent in the South and 12.6 percent in the West.

The glut of unsold homes declined slightly in July to 3.65 million homes. At last month's sales pace, it would take 9.4 months to clear those homes. Analysts say a healthy supply can be cleared in six months.

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Friday, August 12, 2011

Weak appraisals are "driving down the real-estate market," as per WSJ

William Maxwell is an expert in finance. He's a professor at Southern Methodist University's business school, has co-authored a book on high-yield debt and spent years calculating values of financial markets.

Yet there's one valuation he can't understand: the appraisal of his Dallas home.

In August 2010, Mr. Maxwell's home was appraised at $790,000 as part of a mortgage refinancing. Yet this past spring, when he tried to sell the four-bedroom home for $756,500, the appraisal commissioned by the buyer's lender, Bank of America Corp., came up with a value of $730,000. Mr. Maxwell said the appraisal killed the sale.

WSJ's Nick Timiraos reports many analysts believe low appraisals are one factor weighing on the housing market and recovery of the sector. AP Photo/Seth Perlman.

Weak appraisals are "driving down the real-estate market," Mr. Maxwell says. Saying the appraisal process "borders on buffoonery," he's appealing his home's valuation to the Texas regulator.

One of the conclusions from the housing bust: The appraisal system was broken. One of the conclusions some have drawn from the struggling recovery since then: The appraisal system is still broken, but in a different way.

There is little doubt that home values have depreciated sharply in recent years for the most basic of economic reasons: excess supply of homes on the market and weak demand. But some realtors, home-sellers and economists believe low-ball appraisals also are undermining a housing recovery.

Image002

Appraisals are supposed to be unbiased assessments of a property's value. The housing bubble that burst a few years ago was inflated, in part, by overly generous appraisals. Now, lenders are pressuring appraisers to come in with lower estimates, some real-estate professionals say. Banks also are using less-experienced appraisers, who often don't appreciate factors that make a home worth more, they say. And valuations are being heavily influenced by distressed sales priced at a discount to the rest of the market.

Lenders are "instructing appraisers to be a little conservative, and that responsibility on the one hand is seen as credit tightening and, on the other, as exacerbating the housing problem," says Columbia Business School economist Chris Mayer. A research paper last year titled "How Much Is That Home Really Worth?" by economist Leonard Nakamura at the Philadelphia Federal Reserve also cited a downward bias in appraisals.

Disputes over valuations are rising. The National Association of Realtors said that 16% of realtors surveyed reported a cancellation in June of this year, and chief economist Lawrence Yun blamed the unusually large number on low appraisals. In June of 2010, only 9% of those surveyed reported a cancellation.

A survey by the group earlier this year found that 10%-12% of members had a contract canceled last year as a result of a low appraisal; 10%-13% had a contract delayed; and 16%-20% reported that the sales price was negotiated lower due to a low appraisal.

Not everyone agrees the appraisal system is broken. The Mortgage Bankers Association, an industry trade group, concedes that appraisals are conservative but says they need to be, partly to protect the banks from future problems with investors who buy mortgages. "There's an extra note of caution," said Steve O'Connor, a senior vice president at the association.

And some appraisers say homeowners are just having trouble facing reality. "It's the market. It's not the changes" in the appraisal process, says Charles MacPhee, a partner with Buttler Appraisals LLC.

Mr. MacPhee's company performed an appraisal in Decatur, Ga., last year that drew ire. John and Michelle Pennie were about to give up on selling their house last spring when an offer came in—just in time to qualify for the 2010 federal tax credit.

The two sides agreed on a sale price of $365,000, with the Pennies paying $8,000 in closing costs. "We were ecstatic," Mr. Pennie says.

But the appraisal put the home's worth at $327,000. And the deal ultimately collapsed. "Understandably in a declining market, you're going to have declining appraisals," Mr. Pennie says. "But when you have two parties who agree on a price, to then have an appraiser come in and make it $40,000 below…how do you ever get out of a falling market?"

For decades, appraising a home was both an art and a science, executed primarily by independent professionals who were experts on their local markets. Designed to protect both the borrower and lender, appraisals were based largely on selling prices of comparable homes. But appraisers also combed through property records and interviewed brokers, buyers, sellers—and even other appraisers. Banks selected the appraiser and often had influence over the outcome. Home buyers paid the fee.

In the aftermath of the housing bust, then-New York State Attorney General Andrew Cuomo sought to reform the appraisal industry by convincing Fannie Mae and Freddie Mac to bar loan officers, mortgage brokers or real-estate agents from any role in selecting appraisers. Besides combating inflated and sometimes fraudulent appraisals, the goal was to eliminate pressure on appraisers to provide estimates that match the contract price, which would increase chances that the mortgage loan would get approved. The sweeping Dodd-Frank financial-overhaul law that went into effect in 2010 went one step further to bolster appraiser independence by regulating both the industry and the fees they are paid.

Rather than hire appraisers whose work is known to them, banks now outsource their selection to appraisal-management companies, which are often units of other banks and financial companies. These appraisal-management companies take a sizable cut of the fee, leaving the appraisers under pressure to work faster and cheaper.

The result has been that appraisers with less experience or who are unfamiliar with a community—but who work cheap—are getting assignments while more experienced appraisers are going out business. That, say critics, is producing appraisals that are less accurate.

"We've lost the best quality appraisers," said Leslie Sellers, the immediate past president of the Appraisal Institute, a trade group. "The people doing it are the ones who have cut overhead to bone, are working out of basements and many of them are not properly educated." The Institute estimates there are currently under 90,000 certified appraisers, down from nearly 100,000 in 2007.

In Mr. Maxwell's case, he says that the appraiser, Jim Applegate, works in Plano, a suburb 20 miles from Dallas, and was unfamiliar with Mr. Maxwell's Dallas neighborhood of Lakewood, an affluent community near a picturesque lake. Mr. Maxwell also claims that Mr. Applegate improperly used less desirable homes as comparables, or "comps," to arrive at a value. In a June 17 formal letter of complaint with the Texas Appraiser Licensing and Certification Board, which regulates the industry, Mr. Maxwell said that Mr. Applegate had used a home near an elementary school that encounters a lot of traffic. Mr. Maxwell's home, by comparison, sits on a quiet, quarter-acre lot.

Calls to Mr. Applegate were returned by a Bank of America spokeswoman, who declined to comment on Mr. Maxwell's situation. She did say the lender has received feedback from customers asking it to reevaluate "geographic competency in our appraisal reports." She said efforts are being made to find appraisers who generally work within 15 miles of a property; if no appraiser is available, the company assigns alternate appraisers with local experience.

Others complain that appraisers are using foreclosures and other distress sales as comps when coming up with estimates. Because foreclosures tend to sell at big discounts from the actual value, some argue that shouldn't be used.

At least four states—Illinois, Nevada, Missouri and Maryland—have considered legislation that would bar appraisers from using distress sales when drawing estimates.

Some economists disagree. They argue that foreclosures account for such a large share of housing sales that it's perfectly acceptable to use them as comps, or to use them but adjust pricing accordingly. "A third of transactions are previously foreclosed homes. In some markets, it's close to 50%," said Columbia's Mr. Mayer. "It would be one thing if you're talking about throwing out a small number of transactions."

Another complaint is that appraisers are increasingly relying on automated valuation models, or AVMs, computer programs that extrapolate home values based on reams of property data, and public and privately compiled databases. The industry began automating in the mid-1990s, but it wasn't until a few years ago that AVMs took hold in a big way.

AVMs are most reliable when there are a larger number of typical transactions to observe. But during the housing slump, typical transactions have been scarce while distressed sales have been abundant.

One of the biggest complaints is that appraisers, in their haste, are overlooking or missing important elements that could add substantial value to a home.

Erin Wanner, a sales executive with Stirling Sotheby's International Realty in Orlando, Fla., says one of her deals fell through when an appraisal came in 40% lower than expected. The property, a custom-built lakefront, 7,000-square-foot home on four acres was appraised by the builder in 2008 at $1.2 million. Ms. Wanner's clients went under contract on the property for $650,000 in a short sale—one in which the bank agrees to receive less than the amount owed on the mortgage. The appraisal came in at $380,000.

"When I first heard it, I thought it was a joke," Ms. Wanner says. She noticed that a guest house on the property and total lot size—as well as the number of fireplaces and its heated pool—weren't included in the valuation, which would have sharply boosted the appraised value. She also thinks the appraiser wasn't familiar enough with the community and may have used comparisons with less affluent houses nearby, such as homes situated on ponds versus lakes.

Ms. Wanner says appraisers today seem less knowledgeable. "Real estate is a neighborhood business," she said. "One neighborhood can be hit, another can be flourishing." She said the new laws prevent lenders and agents from contracting the appraiser directly, which has been especially frustrating. "Once we get the report, it states that individual's opinion of value, and that's that."

Write to S. Mitra Kalita at mitra.kalita@wsj.com and Carrick Mollenkamp at carrick.mollenkamp@wsj.com

Wednesday, August 10, 2011

The Wisconsin Lesson

Dear Fellow Conservative:

The union-backed Democrats in Wisconsin failed yesterday to win the three recall elections they needed to retake the state senate. This is a major victory for freedom-loving Americans that should inspire us all to keep fighting for conservative principles

.

Here's how David Freddoso at The Washington Examiner described the election results:

"The people" were supposed to be on the side of the unions who protested at the state capitol when Walker's bill passed, limiting the unions' collective bargaining privileges against taxpayers and school districts. But it turns out that "the people" had other ideas. In the end, even a massive infusion of cash and union volunteers was not enough to deliver the three state Senate recall races the unions needed, despite the fact that President Obama carried all six of the seats in question in 2008.

This marks the unions' third huge defeat in Wisconsin this year. The other two were the passage of Walker's bill and the re-election of David Prosser to the state Supreme Court. The grand talk of recalling Walker himself next year seems a bit blustery now, given the great failure of last night.

It's not exactly clear what yesterday's results mean for the 2012 elections. Wisconsin is a swing state and Election Day is still over a year away. President Obama needs a win here to secure his re-election and Democrats will be working hard to elect another Democrat to the open U.S. Senate seat.

If there is a lesson here, it's a lesson for those Republicans who are afraid to fight for conservative principles. Governor Scott Walker (R-WI) has demonstrated that if you lead with the courage of your convictions, you can turn your state around and win elections, too.

Unfortunately, I hear too many Republicans arguing for a "play it safe" strategy that fails to save our country and fails to give voters a reason to vote for them over their opponents.

The recent agreement to raise the debt limit was a perfect example. Conservatives produced the "Cut, Cap, and Balance" plan, a real solution that would have balanced the budget and preserved our AAA bond rating. But too many Republicans were unwilling to fight for it. They gave up on it because it didn't conform to what they thought was possible.

What happened last night in Wisconsin proves anything is possible if we're willing to stand on principle.

This is why I started the Senate Conservatives Fund (SCF). After losing several elections, I concluded that unless Republicans began electing true conservatives, our party would be lost and our country along with it.

If you're not familiar with SCF, it's a political action committee dedicated to electing rock-solid conservative leaders to the United States Senate. SCF is not affiliated with the Republican Party or any of its campaign committees. It's an independent organization that puts principled ahead of party and specializes in helping underdog candidates defeat the Washington establishment.

SCF stood on principle last year and helped elect Senators Pat Toomey (R-PA), Marco Rubio (R-FL), Rand Paul (R-KY), Mike Lee (R-UT), and Ron Johnson (R-WI). Now we're looking for more courageous conservatives to support in the 2012 elections, and working to build up our campaign war chest.

You can help us by making a contribution to the Senate Conservatives Fund today. Your support will help us continue to fight for the timeless conservative principles of limited government, a strong national defense, and traditional family values that will restore America's greatness.

I sincerely believe the 2012 elections represent a "now or never" turning point for our country. With your help, I know we can take our country back.

Respectfully,


Jim DeMint
United States Senator
Chairman, Senate Conservatives Fund

.

Solid Dividend Stocks Remain Investor Refuge - FYI from US News Wed 8/10

Solid Dividend Stocks Remain Investor Refuge

, On Wednesday August 10, 2011, 10:57 am EDT

When nearly every stock has fallen sharply in value, it may be hard to take comfort in any fundamental investment advice. What good does it do to "stay the course" when your retirement assets are vanishing in real time? Despite the market's loss of nearly a sixth of its value in only a few weeks, the stocks of companies with strong dividend records remain a relatively safe haven.

Market downturns spur a flight to safety by investors. Demand for U.S. treasury securities has risen, ironically, since Standard & Poor's downgraded the U.S. credit rating to AA+ from AAA. That's because few people feel there's a safer investment out there, despite what S&P says. Similarly, blue-chip stocks have held up better than other equities. While all stock indexes have plunged, the decline in the Dow Jones Industrial Average of 30 big stocks has been smaller.

Not so long ago, the market was being supported by strong corporate earnings reports and attractive prospects for individual companies. Even if the overall economy was not doing well, we were reassured that the market is composed not of economies but of companies, and that many of these firms were thriving in a weak economy.

While the prospect for slower economic growth will reduce the outlooks for companies, too, the fact remains that many companies will continue to do well. Equity analysts at S&P (yes, that S&P, but a different set of analysts) maintain a list of their highest-rated stocks. S&P says it looks for stocks in the top 40 percent based on dividend yield, the top 60 percent based on their balance-sheet ratio of cash to assets, and the top 60 percent based on their projected one-year earnings per share growth.

Here are the 20 stocks that emerged from their screening:

High Quality Stocks with Solid Prospects and Dividends

Company Name

Ticker Symbol

Market Capitalization ($ billions)

Dividend Yield %

Cash to Assets %

Projected EPS Growth %

Abbott Laboratories

ABT

79.8

3.1

13.6

59.8

Avon Products

AVP

11.3

3.4

12.9

20.7

Eaton Corp.

ETN

16.4

2.1

4.0

27.7

Emerson Electric Co.

EMR

36.9

2.7

6.8

13.1

Erie Indemnity Co.

ERIE

3.6

2.6

4.5

3.7

General Electric Co.

GE

190.2

2.2

11.3

5.4

Genuine Parts Co.

GPC

8.4

3.1

8.4

7.6

Health Care REIT Inc.

HCN

9.3

5.2

20.4

192.3

Healthcare Services Group

HCSG

1.0

3.7

27.4

9.2

Home Depot Inc.

HD

55.6

2.7

4.2

8.7

Johnson & Johnson

JNJ

177.6

3.0

24.8

11.7

McDonald's Corp.

MCD

89.7

2.5

6.0

6.6

Medician Bioscience Inc.

VIVO

0.9

3.5

18.1

30.5

National Health Investors

NHI

1.3

5.3

4.0

15.2

Northwest Bancshares Inc.

NWBI

1.3

3.3

9.5

14.9

Oneok Inc.

OKE

7.8

2.4

6.7

13.0

Paychex Inc.

PAYX

10.2

4.4

8.6

6.4

Pepsico Inc.

PEP

101.4

3.0

4.4

14.4

Sempra Energy

SRE

12.1

3.1

5.0

13.0

Sonoco Products Co.

SON

3.2

3.4

5.5

26.3

Source: S&P Equity Research

For investors seeking the protection and diversity of a mutual fund, Morningstar fund analyst Greg Carlson recently screened dividend funds to identify the best performers. His picks are based on data as of the end of July, and thus don't reflect recent market gyrations.

When Carlson reviewed dividend funds, he came away largely disappointed, so investors need to carefully review fund offerings. "Many actively managed funds, even those that appear to have a mandate to seek out dividends, still give shareholders only paltry payouts," he wrote. "Less than half of the funds with 'dividend' in their names that hold at least 90 percent of their asset in stocks recently boasted either a one-month or 12-month trailing yield of more than 2 percent net of fees."

Carlson found four funds that stood out for above-average dividend yields, as well as good performance records and experienced management.

Vanguard Equity-Income (symbol VEIPX) focuses on solid companies with lots of cash. This fund had a 12-month payout of 2.72 percent and carries a low expense ratio of 0.31 percent.

Allianz NFJ Dividend Value (PEIDX) favors low-debt firms. "The high-minimum institutional share class's modest fees have boosted its yield (3.04 percent over 12 months)," Carlson said, "but the fund's no-load D shares don't cost much more."

American Beacon International Equity (AAIPX) invests in foreign stocks and its results have bested two-thirds of its peers during the past 10 years. "Its recent 1.85 percent 12-month yield is a reflection of the relatively attractive valuations of dividend payers, the fund's well-below-average expense ratio, and the fact that non-U.S. firms often sport solid yields," Carlson's assessment said.

American Funds International Growth and Income (IGAAX) is less than three years old, but has experienced managers. It has also shown impressive results. The fund charges higher fees but sports higher yields to date--3.3 percent over the past 12 months, after a 0.93 percent expense ratio. Holdings are relatively heavy in foreign utilities and telecommunications stocks.

, On Wednesday August 10, 2011, 10:57 am EDT

US News

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