Fifteen hospital system executives in Washington state earned salaries of greater than $1.5 million in 2022, per data from state and federal filings.

Long-term bond yields hit a fresh 16-year high Wednesday, weighing on stocks already pressured by the conflict in Gaza and corporate earnings results.

The streaming service also said its premium ad-free service will now cost $22.99 a month. Its option with ads costs $6.99 a month.

Now that Amazon has sent up prototype satellites for testing, more launches are scheduled. Here’s when and where.

The automaker reported a sharp drop in profits in the third quarter after slashing car prices by around 25 percent in an attempt to compete.

While the Justice Department says Google has squeezed partners and made expensive deals to maintain its search dominance, the company has a more genteel story to tell.

While billions are being poured into new development projects in Fort Worth, some neighborhoods have suffered from decades of disinvestment. However, a transformation is on the horizon for one of those neighborhoods.

Developers Innovan Neighborhoods and Legacy Construction, along with the city of Fort Worth, are spearheading a $70 million mixed-use project to revitalize the Stop Six community on the eastern part of the city, the Dallas Business Journal reported.

The project, dubbed Stalcup Urban Village, will span 74,000 square feet, at the intersection of East Berry Street and Stalcup Street. Fort Worth-based Bennett Partners will serve as the architect, with Evolving Texas leading civil engineering. No timetable has been established, but the development is expected to take one or two years to complete once construction starts.

Slacup Urban Village is slated for 38 multifamily units, 14,000 square feet of retail space and public amenities like a playground, sports field and community garden. Most of the residences will range from 500 to 1,000 square feet, but some will range from about 1,400 to 3,600 square feet. The larger ones are planned as live/work units. 

The city of Fort Worth “wanted somebody to come in and come up with something that was creative, that provided affordable housing,” Evolving Texas CEO Samantha Renz told the outlet. 

The project aligns with Fort Worth’s broader plan to establish “urban villages” throughout the city, characterized by mixed land uses, pedestrian-friendly environments, a sense of community and open space amenities within walking distance to residential areas. The city has targeted 17 areas to create these villages, collaborating with developers, business groups and neighborhood associations to help revamp dilapidated commercial corridors, the outlet said.

Similar projects are underway in the area, such as the Stop Six Choice Neighborhood Initiative. The development will feature 1,000 mixed-income multifamily units and community improvements. 

—Quinn Donoghue 

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It’s becoming a weekly pattern: mortgage rates go up, applications go down.

Mortgage applications decreased 6.9 percent in the week ending on Oct. 13 from the previous week, according to the Mortgage Bankers Association’s latest report.

In the last full week of September, the average 30-year fixed-rate mortgage was 7.53 percent. Two weeks ago, it was 7.67 percent and last week, 7.70 percent. On the same day the MBA report was published, Mortgage News Daily reported the rate hit 8 percent, the highest level since mid-2000.

The steady rise in rates have bogged down refinancings, which dropped 10 percent from the previous week and 12 percent year-over-year. The seasonally adjusted and unadjusted purchase index declined 6 percent and 5 percent from a week earlier, respectively, and the unadjusted index was down 21 percent from last year.

A decline in mortgage purchases in conjunction with a rise in mortgage rates has become a dominant theme of the housing market. Applications again cratered, sinking to the lowest level since 1995 as surging rates send homebuyers to the sidelines.

The MBA, National Association of Realtors and National Association of Home Builders recently pleaded to the Federal Reserve to ditch further interest rate hikes and any sale of its mortgage-backed securities until the housing finance market stabilizes. The Fed didn’t hike interest rates at the last opportunity, but didn’t rule it out again in the future.

Mortgage rates have risen in six consecutive weeks and the 7.70 percent mark for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) is the highest since November 2000. Mortgage rates haven’t crossed 8 percent since August 2000.

For buyers, high mortgage rates have made affording a down payment difficult, pushing them to the rental market or alternative financing options. For potential sellers who capitalized on the low mortgage rates of the early pandemic period — or even have comparatively lower rates obtained in the last 23 years — the motivation to sell or refinance is limited.

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Defying a growing crop of office defaults, foreclosures and keys returned to lenders, M&T Bank reported some good news Wednesday: less distress.

The Buffalo-based bank reported net charge-offs — a measure of debt unlikely to be paid back — fell $96 million in the third quarter, a 24 percent decline from the previous three months, when it had spiked by 80 percent.

Meanwhile, nonaccrual loans — delinquent debt on which the bank is no longer collecting interest — fell 4 percent both annually and from the second quarter.

But CFO Daryl Bible conceded those numbers don’t paint a full picture.

He told investors on an earnings call Wednesday that he expected the bank’s 10-Q to show a greater level of criticized loans, which is debt at risk of default. The quarterly filing is released a few weeks after quarterly earnings and offers a more detailed look at a company’s financial performance.

Bible estimated that loans with a default risk would be up by “a mid to high single-digit percent” this quarter compared to last, and that the office sector would drive that uptick.

“It’s really just more of the same that we’re seeing: It’s more increases in our [investor real estate] portfolio, primarily on the office side,” the CFO said of the anticipated rise in criticized debt.

Though M&T’s balance sheet has shown minimal commercial real estate distress this cycle, the trouble it has reported stems from office loans.

Bible said last quarter’s net charge-offs were tied to loans collateralized by three office buildings in downtown New York and Washington, D.C., plus one health care company. This quarter’s debt marked nonrecoverable is tied to four large office properties in Boston, Connecticut and Washington, D.C., and a health care provider serving Western New York and Pennsylvania.

Despite the grim outlook for office, with valuations estimated to fall as much as 40 percent in some markets, Bible said M&T didn’t plan to stop office lending.

The CFO emphasized that the bank values its long-term relationships with commercial real estate borrowers, many of whom have other capital sources to help sustain loans and would be willing to toss in more equity to de-risk their debts.

“So we really don’t look at trying to get out of the criticized loans,” Bible said.

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The bank said its credit team is also tracking multifamily, an asset class with a record number of maturities set to come due this month and next.

“Nothing really is popping out as anything very severe there yet, but, you know, we’re just trying to stay ahead of what’s coming down the pike,” Bible said.

All told, M&T had both bottom- and top-line growth this quarter. Revenue grew 4 percent annually to $2.3 billion, and profits, measured in diluted earnings per share, reached $3.98, a 13 percent annual increase.

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On Instagram, Snapchat and Tiktok, researchers were able to find graphic posts, even with the apps’ sensitivity features turned on.