
<!DOCTYPE HTML>
<html prefix="og: https://ogp.me/ns#" itemscope itemtype="https://schema.org/WebPage">
    <head>
        
        <title itemprop="name">How America's big new landlords faced their first housing disaster</title>
        
        <meta http-equiv="X-UA-Compatible" content="IE=edge" />
        
  <meta charset="utf-8"><meta property="AssetType" content="cnbcnewsstory" /><meta property="pageNodeId" content="104721416" /><!-- premium asset !--><meta itemprop="description" name="description" content="Two institutional landlords dealt with hundreds of damaged homes and displaced tenants after Hurricane Harvey." />
    
<meta itemprop="keywords" name="keywords" content="Real Estate, Existing Home Sales, Floods, Hurricanes, Catastrophe, Houston, American Homes 4 Rent REIT Class A, Starwood Waypoint Residential Trust, Mortgages, Foreclosures, Real Estate, Housing, US: News, business news">
<meta property="og:type"  content="article" /><meta property="og:url" content="https://www.cnbc.com/2017/09/20/how-some-of-americas-biggest-landlords-faced-their-first-disaster.html" /><meta property="og:site_name" content="CNBC" /><meta property="og:image" itemprop="image" content="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/09/06/104692631-GettyImages-841052402.1910x1000.jpg" /><meta property="og:title" content="How America&#039;s big new landlords faced their first housing disaster" /><meta property="og:description" content="Two institutional landlords dealt with hundreds of damaged homes and displaced tenants after Hurricane Harvey." /><meta name="twitter:card" content="summary_large_image" /><meta name="twitter:site" content="@CNBC" /><meta name="twitter:url" content="https://www.cnbc.com/2017/09/20/how-some-of-americas-biggest-landlords-faced-their-first-disaster.html" /> <meta name="twitter:creator" content="@DianaOlick" /> <meta name="twitter:title" content="How America&#039;s big new landlords faced their first housing disaster" /><meta name="twitter:description" content="Two institutional landlords dealt with hundreds of damaged homes and displaced tenants after Hurricane Harvey." /> <meta name="twitter:image" content="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/09/06/104692631-GettyImages-841052402.1910x1000.jpg" /><link rel="amphtml" href="//www.cnbc.com/amp/2017/09/20/how-some-of-americas-biggest-landlords-faced-their-first-disaster.html"><meta property="article:publisher" content="https://www.facebook.com/cnbc" /><meta property="article:published_time" content="2017-09-20T13:53:37-0400" /><meta property="article:modified_time" content="2017-09-20T14:50:16-0400" /><meta property="article:author" content="https://www.facebook.com/DianaOlickCNBC" /><meta name="author" content="Diana Olick" /><link href="https://plus.google.com/104938974510355699419" rel="author" /><meta property="article:section" content="Real Estate" /><meta property="article:tag" content="Existing Home Sales" /><meta property="article:tag" content="Floods" /><meta property="article:tag" content="Hurricanes" /><meta property="article:tag" content="Catastrophe" /><meta property="article:tag" content="Houston" /><meta property="article:tag" content="American Homes 4 Rent REIT Class A" /><meta property="article:tag" content="Starwood Waypoint Residential Trust" /><meta property="article:tag" content="Mortgages" /><meta property="article:tag" content="Foreclosures" /><meta property="article:tag" content="Real Estate" /><meta property="article:tag" content="Housing" /><meta property="article:tag" content="US: News" /><meta name="news_keywords" content="Diana Olick, landlords, housing, home sales, tenants, hurricane harvey" /><meta http-equiv="pics-label" content="(pics-1.1 &quot;http://www.icra.org/ratingsv02.html&quot; l gen true for &quot;http://www.msnbc.msn.com&quot; r (nz 1vz 1lz 1oz 1cz 1) &quot;http://www.rsac.org/ratingsv01.html&quot; l gen true for &quot;http://www.msnbc.msn.com&quot; r (l 0n 0s 0v 0))" /><meta name="GOOGLEBOT" content="unavailable_after: 31 Dec 9999 23:59:59 GMT" /><!-- structured data !--><meta itemprop="dateCreated" content="2017-09-20T13:53:38-0400" /><meta itemprop="dateModified" content="2017-09-20T14:50:16-0400" /><meta itemprop="lastReviewed" content="2017-09-20T14:50:16-0400" /><meta itemprop="sourceOrganization" content="CNBC" /><meta itemprop="inLanguage" content="en-US" /><meta itemprop="specialty" content="Diana Olick, landlords, housing, home sales, tenants, hurricane harvey" /><meta itemprop="primaryImageOfPage" content="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/09/06/104692631-GettyImages-841052402.1910x1000.jpg" /><meta itemprop="isFamilyFriendly" content="true" /><meta itemprop="contentRating" content="NR" /><meta name="tp:PreferredRuntimes" content="universal" /><meta name="tp:PreferredFormats" content="M3U,MPEG4" /><meta name="tp:initialize" content="false" /><meta name="apple-itunes-app" content="app-id=398018310" app-argument="//www.cnbc.com/id/104721416"><meta property="al:ios:app_name" content="CNBC Business News and Finance"><meta property="al:ios:app_store_id" content="398018310"><script type="application/ld+json">{"@context": "https://schema.org","@type": "NewsArticle","description": "Two institutional landlords dealt with hundreds of damaged homes and displaced tenants after Hurricane Harvey.","mainEntityOfPage": "https://www.cnbc.com/2017/09/20/how-some-of-americas-biggest-landlords-faced-their-first-disaster.html","headline": "How America&#039;s big new landlords faced their first housing disaster","dateCreated": "2017-09-20T13:53:38-0400","datePublished": "2017-09-20T13:53:38-0400","dateModified": "2017-09-20T14:50:16-0400","author": {"@type": "Person","name": "Diana Olick"},"creator": ["Diana Olick"],"publisher": {"@type": "Organization","name": "CNBC","logo": {"@type": "ImageObject","url": "https://sc.cnbcfm.com/applications/cnbc.com/staticcontent/img/cnbc-logo-amp.png","width": 360,"height": 60}},"image":{"@type": "ImageObject","url": "https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/09/06/104692631-GettyImages-841052402.720x405.jpg","width": 720,"height": 405},"thumbnailUrl": "https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/09/06/104692631-GettyImages-841052402.720x405.jpg","articleSection": "Real Estate","url": "https://www.cnbc.com/2017/09/20/how-some-of-americas-biggest-landlords-faced-their-first-disaster.html","keywords": ["Articles","Real Estate","Existing Home Sales","Floods","Hurricanes","Catastrophe","Houston","American Homes 4 Rent REIT Class A","Starwood Waypoint Residential Trust","Mortgages","Foreclosures","Housing","US: News","source:tagname:CNBC US Source"]}</script><meta name='parsely-metadata' content='{"nodeid": "104721416","originalImage": "https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/09/06/104692631-GettyImages-841052402.jpg"}'>
					
			<meta itemprop="speakable" itemscope itemtype="http://schema.org/SpeakableSpecification" itemref="speakablemeta1 speakablemeta2 speakablemeta3">
		<meta id="speakablemeta1" itemprop="xpath" content="/html/head/title">
		<meta id="speakablemeta2" itemprop="xpath" content="/html/head/meta[@name='description']/@content">
	

         <!-- Including styles as the first thing on the page-->
        
              <link href="//www.cnbc.com/staticcontent/global.2.css?vn=520" rel="stylesheet">


	<script id="javascript-lazy-loader" data-loader-url="https://js.cnbcfm.com/minify/js" type="text/javascript" src="https://js.cnbcfm.com/minify/js?modules=partner_experience&vn=520"></script>




<!--[if lt IE 9]>
	<script type="text/javascript" src="//www.cnbc.com/staticcontent/html5support.js?vn=520"></script>
<![endif]-->
        
        
       <!-- Styles from Skin -->
                    							    		    			    				    				
					    						    						    							    							    							    							      				      			       		    				
					    						    						    							    								    							    							    							    							      				      			       		    				
					    						    						    							    								    							    							    							    							      				      			       		    				
					    						    						    							    								    							    							    							    							      				      			       		    				
					    						    						    							    								    							    							    							    							      				      			       		    				
					    						    						    							    								    							    							    							    							      				      			       		    				
					    						    						    							    								    							    							    							    							      				      			       		    				
					    						    						    							    								    							    							    							    							      				      			       		       		    		    			    				    				
					    						    						    							    								    							    							    							    							      				      			       		       		    		    			    				    				
					    						    						    							    								    							    							    							    							      				      			       		       		    		    			    				    				
					    						    						    							    								    							    							    							    							      				      			       		       		    									<link href="//www.cnbc.com/skinjoin?skins=2017%2F03%2F23%2Fcnbc-global.28_20_42_6.css?vn=1518129302|2016%2F04%2F05%2Fright-rail-source-hide_0.css?vn=1460493679|2016%2F05%2F11%2Fhide-feedback.css?vn=1463760405|2016%2F08%2F22%2Fcnbc_nav_skin_8.css?vn=1495142212|2016%2F12%2F30%2Fportfolios-nav-hide.css?vn=1483140728|2017%2F01%2F05%2Ftp_cursor_fix.css?vn=1483638002|2017%2F03%2F07%2Flisticle_fix.css?vn=1489599224|2017%2F07%2F13%2Fcreator-override-fix.css?vn=1499985483|2013%2F07%2F30%2Ftable-fix.1.css?vn=1460487064|2012%2F07%2F26%2Frealty-check_2.css?vn=1438214195|2013%2F08%2F23%2Fchart-left-align-data_0.css?vn=1377275188&preview=" rel="stylesheet">
			
                <!-- End of Styles from skin -->
                
        <script type="text/javascript">
            var postLoadFunctions = {};
            var foresee_enabled = 1
            var dynamic_yield_enabled = 1
                    </script>
        
        
                <link itemprop="url" rel="canonical" href="https://www.cnbc.com/2017/09/20/how-some-of-americas-biggest-landlords-faced-their-first-disaster.html" />
        
        
                <!-- comScore Identifier: comscorekw=Real_Estate -->
<script type="text/javascript">
	CNBC_Comscore = 'Real_Estate';
</script>
        <!-- MPS insert_head -->
         	
	<script>
		var mpscall = {
						'site' : 'cnbc.com-relaunch'  ,  

					'content_id' : '104721416'  ,  

					'path' : '/id/104721416'  ,  

					'is_content' : '1'  ,  

					'is_sponsored' : '0'  ,  

					'adunits' : 'Top Banner|Badge A|Badge B|Badge C|Badge D|Flex Ad First|Box Ad 1|Non Iframe Custom|Inline Custom|Movable Box Ad|Responsive Rectangle'  ,  

					'keywords' : '~'  ,  

					'cat' : 'Real Estate'  ,  

					'cag[configuration_franchise]' : 'Real Estate'  ,  

					'cag[related_primary]' : 'Existing Home Sales|Floods|Hurricanes|Catastrophe|Houston|American Homes 4 Rent REIT Class A|Starwood Waypoint Residential Trust|Mortgages|Foreclosures|Real Estate|Housing|US: News'  ,  

					'cag[related_related]' : 'Invitation Homes Inc|Blackstone Group LP'  ,  

					'cag[attribution_source]' : 'CNBC US Source'  ,  

					'cag[attribution_author]' : 'Diana Olick'  ,  

					'cag[type_franchise]' : 'Real Estate|Existing Home Sales|Floods|Hurricanes|Catastrophe|Mortgages|Foreclosures|Real Estate|Housing|US: News'  ,  

					'cag[type_place]' : 'Houston'  ,  

					'cag[type_security]' : 'American Homes 4 Rent REIT Class A|Starwood Waypoint Residential Trust'  ,  

					'cag[type_company]' : 'Invitation Homes Inc|Blackstone Group LP'  ,  

					'cag[type_source]' : 'CNBC US Source'  ,  

					'cag[type_creator]' : 'Diana Olick'  ,  

					'cag[brand]' : 'none'  ,  

					'cag[template]' : 'story_simple'  ,  

					'cag[device]' : 'web'  ,  

					'hline' : 'Real Estate'  ,  

					'type' : 'cnbcnewsstory'  ,  

					'template' : 'story_simple'  ,  

					'title' : 'How America&amp;#039;s big new landlords faced their first housing disaster'  ,  

					'pubdate' : '1505930018'  ,  

					'stitle' : 'Landlord Disaster OLICK 170920 EC'  ,  

					'byline' : 'Diana Olick'  ,  

					'subtype' : 'section'  ,  

					'id' : '104721416'  ,  

					'nid' : '104721416'  

		
		}, mpsopts = {
		  
		"host" : 'mps.cnbc.com',
		"updatecorrelator" : true

		};

		var mps = mps || {};
		mps._ext = mps._ext || {};
		mps._adsheld = [];
		mps._queue = mps._queue || {};
		mps._queue.mpsloaded = mps._queue.mpsloaded || [];
		mps._queue.mpsinit = mps._queue.mpsinit || [];
		mps._queue.gptloaded = mps._queue.gptloaded || [];
		mps._queue.adload = mps._queue.adload || [];
		mps._queue.adclone = mps._queue.adclone || [];
		mps._queue.adview = mps._queue.adview || [];
		mps._queue.refreshads = mps._queue.refreshads || [];
		mps.__timer = Date.now ? Date.now() : (function() { return +new Date })();
		mps.__intcode = "v2";
		if (typeof mps.getAd != "function") mps.getAd = function(adunit) {
		    if (typeof adunit != "string") return false;
		    var slotid = "mps-getad-" + adunit.replace(/\W/g, "");
		    if (!mps._ext || !mps._ext.loaded) {
		        mps._queue.gptloaded.push(function() {
		            typeof mps._gptfirst == "function" && mps._gptfirst(adunit, slotid);
		            mps.insertAd("#" + slotid, adunit)
		        });
		        mps._adsheld.push(adunit)
		    }
		    return '<div id="' + slotid + '" class="mps-wrapper" data-mps-fill-slot="' + adunit + '"></div>'
		};
		(function() {
		    head = document.head || document.getElementsByTagName("head")[0], mpsload = document.createElement("script");
		    mpsload.src = "//" + mpsopts.host + "/fetch/ext/load-" + mpscall.site + ".js?nowrite=2";
		    mpsload.id = "mps-load";
		    head.insertBefore(mpsload, head.firstChild)
		})();

	</script>
		
	




        <!-- end of MPS insert_head -->

        <!-- Global insert_head -->
        <!-- MPS Global Head Insert BEGIN -->
<meta name="referrer" content="unsafe-url">
<link rel='apple-touch-icon' href='//fm.cnbc.com/applications/cnbc.com/staticcontent/img/mobile/touch/cnbc-logo-sharing-57.jpg' /> <link rel='apple-touch-icon' sizes='72x72' href='//fm.cnbc.com/applications/cnbc.com/staticcontent/img/mobile/touch/cnbc-logo-sharing-72.jpg' /> <link rel='apple-touch-icon' sizes='114x114' href='//fm.cnbc.com/applications/cnbc.com/staticcontent/img/mobile/touch/cnbc-logo-sharing-114.jpg' />
<!-- MPS Global Head Insert END -->
        <!-- MPS ASYNC Application Component - Desktop Insert HEAD BEGIN -->
<script type="text/javascript">
window.NREUM||(NREUM={}),__nr_require=function(t,e,n){function r(n){if(!e[n]){var o=e[n]={exports:{}};t[n][0].call(o.exports,function(e){var o=t[n][1][e];return r(o||e)},o,o.exports)}return e[n].exports}if("function"==typeof __nr_require)return __nr_require;for(var o=0;o<n.length;o++)r(n[o]);return r}({1:[function(t,e,n){function r(t){try{c.console&&console.log(t)}catch(e){}}var o,i=t("ee"),a=t(19),c={};try{o=localStorage.getItem("__nr_flags").split(","),console&&"function"==typeof console.log&&(c.console=!0,o.indexOf("dev")!==-1&&(c.dev=!0),o.indexOf("nr_dev")!==-1&&(c.nrDev=!0))}catch(s){}c.nrDev&&i.on("internal-error",function(t){r(t.stack)}),c.dev&&i.on("fn-err",function(t,e,n){r(n.stack)}),c.dev&&(r("NR AGENT IN DEVELOPMENT MODE"),r("flags: "+a(c,function(t,e){return t}).join(", ")))},{}],2:[function(t,e,n){function r(t,e,n,r,o){try{d?d-=1:i("err",[o||new UncaughtException(t,e,n)])}catch(c){try{i("ierr",[c,s.now(),!0])}catch(u){}}return"function"==typeof f&&f.apply(this,a(arguments))}function UncaughtException(t,e,n){this.message=t||"Uncaught error with no additional information",this.sourceURL=e,this.line=n}function o(t){i("err",[t,s.now()])}var i=t("handle"),a=t(20),c=t("ee"),s=t("loader"),f=window.onerror,u=!1,d=0;s.features.err=!0,t(1),window.onerror=r;try{throw new Error}catch(p){"stack"in p&&(t(12),t(11),"addEventListener"in window&&t(6),s.xhrWrappable&&t(13),u=!0)}c.on("fn-start",function(t,e,n){u&&(d+=1)}),c.on("fn-err",function(t,e,n){u&&(this.thrown=!0,o(n))}),c.on("fn-end",function(){u&&!this.thrown&&d>0&&(d-=1)}),c.on("internal-error",function(t){i("ierr",[t,s.now(),!0])})},{}],3:[function(t,e,n){t("loader").features.ins=!0},{}],4:[function(t,e,n){function r(){C++,M=y.hash,this[u]=b.now()}function o(){C--,y.hash!==M&&i(0,!0);var t=b.now();this[l]=~~this[l]+t-this[u],this[d]=t}function i(t,e){E.emit("newURL",[""+y,e])}function a(t,e){t.on(e,function(){this[e]=b.now()})}var c="-start",s="-end",f="-body",u="fn"+c,d="fn"+s,p="cb"+c,h="cb"+s,l="jsTime",m="fetch",v="addEventListener",w=window,y=w.location,b=t("loader");if(w[v]&&b.xhrWrappable){var g=t(9),x=t(10),E=t(8),O=t(6),R=t(12),P=t(7),T=t(13),S=t("ee"),N=S.get("tracer");t(14),b.features.spa=!0;var M,j=w[v],C=0;S.on(u,r),S.on(p,r),S.on(d,o),S.on(h,o),S.buffer([u,d,"xhr-done","xhr-resolved"]),O.buffer([u]),R.buffer(["setTimeout"+s,"clearTimeout"+c,u]),T.buffer([u,"new-xhr","send-xhr"+c]),P.buffer([m+c,m+"-done",m+f+c,m+f+s]),E.buffer(["newURL"]),g.buffer([u]),x.buffer(["propagate",p,h,"executor-err","resolve"+c]),N.buffer([u,"no-"+u]),a(T,"send-xhr"+c),a(S,"xhr-resolved"),a(S,"xhr-done"),a(P,m+c),a(P,m+"-done"),E.on("pushState-end",i),E.on("replaceState-end",i),j("hashchange",i,!0),j("load",i,!0),j("popstate",function(){i(0,C>1)},!0)}},{}],5:[function(t,e,n){function r(t){}if(window.performance&&window.performance.timing&&window.performance.getEntriesByType){var o=t("ee"),i=t("handle"),a=t(12),c=t(11),s="learResourceTimings",f="addEventListener",u="resourcetimingbufferfull",d="bstResource",p="resource",h="-start",l="-end",m="fn"+h,v="fn"+l,w="bstTimer",y="pushState",b=t("loader");b.features.stn=!0,t(8);var g=NREUM.o.EV;o.on(m,function(t,e){var n=t[0];n instanceof g&&(this.bstStart=b.now())}),o.on(v,function(t,e){var n=t[0];n instanceof g&&i("bst",[n,e,this.bstStart,b.now()])}),a.on(m,function(t,e,n){this.bstStart=b.now(),this.bstType=n}),a.on(v,function(t,e){i(w,[e,this.bstStart,b.now(),this.bstType])}),c.on(m,function(){this.bstStart=b.now()}),c.on(v,function(t,e){i(w,[e,this.bstStart,b.now(),"requestAnimationFrame"])}),o.on(y+h,function(t){this.time=b.now(),this.startPath=location.pathname+location.hash}),o.on(y+l,function(t){i("bstHist",[location.pathname+location.hash,this.startPath,this.time])}),f in window.performance&&(window.performance["c"+s]?window.performance[f](u,function(t){i(d,[window.performance.getEntriesByType(p)]),window.performance["c"+s]()},!1):window.performance[f]("webkit"+u,function(t){i(d,[window.performance.getEntriesByType(p)]),window.performance["webkitC"+s]()},!1)),document[f]("scroll",r,{passive:!0}),document[f]("keypress",r,!1),document[f]("click",r,!1)}},{}],6:[function(t,e,n){function r(t){for(var e=t;e&&!e.hasOwnProperty(u);)e=Object.getPrototypeOf(e);e&&o(e)}function o(t){c.inPlace(t,[u,d],"-",i)}function i(t,e){return t[1]}var a=t("ee").get("events"),c=t(22)(a,!0),s=t("gos"),f=XMLHttpRequest,u="addEventListener",d="removeEventListener";e.exports=a,"getPrototypeOf"in Object?(r(document),r(window),r(f.prototype)):f.prototype.hasOwnProperty(u)&&(o(window),o(f.prototype)),a.on(u+"-start",function(t,e){var n=t[1],r=s(n,"nr@wrapped",function(){function t(){if("function"==typeof n.handleEvent)return n.handleEvent.apply(n,arguments)}var e={object:t,"function":n}[typeof n];return e?c(e,"fn-",null,e.name||"anonymous"):n});this.wrapped=t[1]=r}),a.on(d+"-start",function(t){t[1]=this.wrapped||t[1]})},{}],7:[function(t,e,n){function r(t,e,n){var r=t[e];"function"==typeof r&&(t[e]=function(){var t=r.apply(this,arguments);return o.emit(n+"start",arguments,t),t.then(function(e){return o.emit(n+"end",[null,e],t),e},function(e){throw o.emit(n+"end",[e],t),e})})}var o=t("ee").get("fetch"),i=t(19);e.exports=o;var a=window,c="fetch-",s=c+"body-",f=["arrayBuffer","blob","json","text","formData"],u=a.Request,d=a.Response,p=a.fetch,h="prototype";u&&d&&p&&(i(f,function(t,e){r(u[h],e,s),r(d[h],e,s)}),r(a,"fetch",c),o.on(c+"end",function(t,e){var n=this;e?e.clone().arrayBuffer().then(function(t){n.rxSize=t.byteLength,o.emit(c+"done",[null,e],n)}):o.emit(c+"done",[t],n)}))},{}],8:[function(t,e,n){var r=t("ee").get("history"),o=t(22)(r);e.exports=r,o.inPlace(window.history,["pushState","replaceState"],"-")},{}],9:[function(t,e,n){var r=t("ee").get("mutation"),o=t(22)(r),i=NREUM.o.MO;e.exports=r,i&&(window.MutationObserver=function(t){return this instanceof i?new i(o(t,"fn-")):i.apply(this,arguments)},MutationObserver.prototype=i.prototype)},{}],10:[function(t,e,n){function r(t){var e=a.context(),n=c(t,"executor-",e),r=new f(n);return a.context(r).getCtx=function(){return e},a.emit("new-promise",[r,e],e),r}function o(t,e){return e}var i=t(22),a=t("ee").get("promise"),c=i(a),s=t(19),f=NREUM.o.PR;e.exports=a,f&&(window.Promise=r,["all","race"].forEach(function(t){var e=f[t];f[t]=function(n){function r(t){return function(){a.emit("propagate",[null,!o],i),o=o||!t}}var o=!1;s(n,function(e,n){Promise.resolve(n).then(r("all"===t),r(!1))});var i=e.apply(f,arguments),c=f.resolve(i);return c}}),["resolve","reject"].forEach(function(t){var e=f[t];f[t]=function(t){var n=e.apply(f,arguments);return t!==n&&a.emit("propagate",[t,!0],n),n}}),f.prototype["catch"]=function(t){return this.then(null,t)},f.prototype=Object.create(f.prototype,{constructor:{value:r}}),s(Object.getOwnPropertyNames(f),function(t,e){try{r[e]=f[e]}catch(n){}}),a.on("executor-start",function(t){t[0]=c(t[0],"resolve-",this),t[1]=c(t[1],"resolve-",this)}),a.on("executor-err",function(t,e,n){t[1](n)}),c.inPlace(f.prototype,["then"],"then-",o),a.on("then-start",function(t,e){this.promise=e,t[0]=c(t[0],"cb-",this),t[1]=c(t[1],"cb-",this)}),a.on("then-end",function(t,e,n){this.nextPromise=n;var r=this.promise;a.emit("propagate",[r,!0],n)}),a.on("cb-end",function(t,e,n){a.emit("propagate",[n,!0],this.nextPromise)}),a.on("propagate",function(t,e,n){this.getCtx&&!e||(this.getCtx=function(){if(t instanceof Promise)var e=a.context(t);return e&&e.getCtx?e.getCtx():this})}),r.toString=function(){return""+f})},{}],11:[function(t,e,n){var r=t("ee").get("raf"),o=t(22)(r),i="equestAnimationFrame";e.exports=r,o.inPlace(window,["r"+i,"mozR"+i,"webkitR"+i,"msR"+i],"raf-"),r.on("raf-start",function(t){t[0]=o(t[0],"fn-")})},{}],12:[function(t,e,n){function r(t,e,n){t[0]=a(t[0],"fn-",null,n)}function o(t,e,n){this.method=n,this.timerDuration=isNaN(t[1])?0:+t[1],t[0]=a(t[0],"fn-",this,n)}var i=t("ee").get("timer"),a=t(22)(i),c="setTimeout",s="setInterval",f="clearTimeout",u="-start",d="-";e.exports=i,a.inPlace(window,[c,"setImmediate"],c+d),a.inPlace(window,[s],s+d),a.inPlace(window,[f,"clearImmediate"],f+d),i.on(s+u,r),i.on(c+u,o)},{}],13:[function(t,e,n){function r(t,e){d.inPlace(e,["onreadystatechange"],"fn-",c)}function o(){var t=this,e=u.context(t);t.readyState>3&&!e.resolved&&(e.resolved=!0,u.emit("xhr-resolved",[],t)),d.inPlace(t,y,"fn-",c)}function i(t){b.push(t),l&&(x?x.then(a):v?v(a):(E=-E,O.data=E))}function a(){for(var t=0;t<b.length;t++)r([],b[t]);b.length&&(b=[])}function c(t,e){return e}function s(t,e){for(var n in t)e[n]=t[n];return e}t(6);var f=t("ee"),u=f.get("xhr"),d=t(22)(u),p=NREUM.o,h=p.XHR,l=p.MO,m=p.PR,v=p.SI,w="readystatechange",y=["onload","onerror","onabort","onloadstart","onloadend","onprogress","ontimeout"],b=[];e.exports=u;var g=window.XMLHttpRequest=function(t){var e=new h(t);try{u.emit("new-xhr",[e],e),e.addEventListener(w,o,!1)}catch(n){try{u.emit("internal-error",[n])}catch(r){}}return e};if(s(h,g),g.prototype=h.prototype,d.inPlace(g.prototype,["open","send"],"-xhr-",c),u.on("send-xhr-start",function(t,e){r(t,e),i(e)}),u.on("open-xhr-start",r),l){var x=m&&m.resolve();if(!v&&!m){var E=1,O=document.createTextNode(E);new l(a).observe(O,{characterData:!0})}}else f.on("fn-end",function(t){t[0]&&t[0].type===w||a()})},{}],14:[function(t,e,n){function r(t){var e=this.params,n=this.metrics;if(!this.ended){this.ended=!0;for(var r=0;r<d;r++)t.removeEventListener(u[r],this.listener,!1);if(!e.aborted){if(n.duration=a.now()-this.startTime,4===t.readyState){e.status=t.status;var i=o(t,this.lastSize);if(i&&(n.rxSize=i),this.sameOrigin){var s=t.getResponseHeader("X-NewRelic-App-Data");s&&(e.cat=s.split(", ").pop())}}else e.status=0;n.cbTime=this.cbTime,f.emit("xhr-done",[t],t),c("xhr",[e,n,this.startTime])}}}function o(t,e){var n=t.responseType;if("json"===n&&null!==e)return e;var r="arraybuffer"===n||"blob"===n||"json"===n?t.response:t.responseText;return l(r)}function i(t,e){var n=s(e),r=t.params;r.host=n.hostname+":"+n.port,r.pathname=n.pathname,t.sameOrigin=n.sameOrigin}var a=t("loader");if(a.xhrWrappable){var c=t("handle"),s=t(15),f=t("ee"),u=["load","error","abort","timeout"],d=u.length,p=t("id"),h=t(18),l=t(17),m=window.XMLHttpRequest;a.features.xhr=!0,t(13),f.on("new-xhr",function(t){var e=this;e.totalCbs=0,e.called=0,e.cbTime=0,e.end=r,e.ended=!1,e.xhrGuids={},e.lastSize=null,h&&(h>34||h<10)||window.opera||t.addEventListener("progress",function(t){e.lastSize=t.loaded},!1)}),f.on("open-xhr-start",function(t){this.params={method:t[0]},i(this,t[1]),this.metrics={}}),f.on("open-xhr-end",function(t,e){"loader_config"in NREUM&&"xpid"in NREUM.loader_config&&this.sameOrigin&&e.setRequestHeader("X-NewRelic-ID",NREUM.loader_config.xpid)}),f.on("send-xhr-start",function(t,e){var n=this.metrics,r=t[0],o=this;if(n&&r){var i=l(r);i&&(n.txSize=i)}this.startTime=a.now(),this.listener=function(t){try{"abort"===t.type&&(o.params.aborted=!0),("load"!==t.type||o.called===o.totalCbs&&(o.onloadCalled||"function"!=typeof e.onload))&&o.end(e)}catch(n){try{f.emit("internal-error",[n])}catch(r){}}};for(var c=0;c<d;c++)e.addEventListener(u[c],this.listener,!1)}),f.on("xhr-cb-time",function(t,e,n){this.cbTime+=t,e?this.onloadCalled=!0:this.called+=1,this.called!==this.totalCbs||!this.onloadCalled&&"function"==typeof n.onload||this.end(n)}),f.on("xhr-load-added",function(t,e){var n=""+p(t)+!!e;this.xhrGuids&&!this.xhrGuids[n]&&(this.xhrGuids[n]=!0,this.totalCbs+=1)}),f.on("xhr-load-removed",function(t,e){var n=""+p(t)+!!e;this.xhrGuids&&this.xhrGuids[n]&&(delete this.xhrGuids[n],this.totalCbs-=1)}),f.on("addEventListener-end",function(t,e){e instanceof m&&"load"===t[0]&&f.emit("xhr-load-added",[t[1],t[2]],e)}),f.on("removeEventListener-end",function(t,e){e instanceof m&&"load"===t[0]&&f.emit("xhr-load-removed",[t[1],t[2]],e)}),f.on("fn-start",function(t,e,n){e instanceof m&&("onload"===n&&(this.onload=!0),("load"===(t[0]&&t[0].type)||this.onload)&&(this.xhrCbStart=a.now()))}),f.on("fn-end",function(t,e){this.xhrCbStart&&f.emit("xhr-cb-time",[a.now()-this.xhrCbStart,this.onload,e],e)})}},{}],15:[function(t,e,n){e.exports=function(t){var e=document.createElement("a"),n=window.location,r={};e.href=t,r.port=e.port;var o=e.href.split("://");!r.port&&o[1]&&(r.port=o[1].split("/")[0].split("@").pop().split(":")[1]),r.port&&"0"!==r.port||(r.port="https"===o[0]?"443":"80"),r.hostname=e.hostname||n.hostname,r.pathname=e.pathname,r.protocol=o[0],"/"!==r.pathname.charAt(0)&&(r.pathname="/"+r.pathname);var i=!e.protocol||":"===e.protocol||e.protocol===n.protocol,a=e.hostname===document.domain&&e.port===n.port;return r.sameOrigin=i&&(!e.hostname||a),r}},{}],16:[function(t,e,n){function r(){}function o(t,e,n){return function(){return i(t,[f.now()].concat(c(arguments)),e?null:this,n),e?void 0:this}}var i=t("handle"),a=t(19),c=t(20),s=t("ee").get("tracer"),f=t("loader"),u=NREUM;"undefined"==typeof window.newrelic&&(newrelic=u);var d=["setPageViewName","setCustomAttribute","setErrorHandler","finished","addToTrace","inlineHit","addRelease"],p="api-",h=p+"ixn-";a(d,function(t,e){u[e]=o(p+e,!0,"api")}),u.addPageAction=o(p+"addPageAction",!0),u.setCurrentRouteName=o(p+"routeName",!0),e.exports=newrelic,u.interaction=function(){return(new r).get()};var l=r.prototype={createTracer:function(t,e){var n={},r=this,o="function"==typeof e;return i(h+"tracer",[f.now(),t,n],r),function(){if(s.emit((o?"":"no-")+"fn-start",[f.now(),r,o],n),o)try{return e.apply(this,arguments)}finally{s.emit("fn-end",[f.now()],n)}}}};a("setName,setAttribute,save,ignore,onEnd,getContext,end,get".split(","),function(t,e){l[e]=o(h+e)}),newrelic.noticeError=function(t){"string"==typeof t&&(t=new Error(t)),i("err",[t,f.now()])}},{}],17:[function(t,e,n){e.exports=function(t){if("string"==typeof t&&t.length)return t.length;if("object"==typeof t){if("undefined"!=typeof ArrayBuffer&&t instanceof ArrayBuffer&&t.byteLength)return t.byteLength;if("undefined"!=typeof Blob&&t instanceof Blob&&t.size)return t.size;if(!("undefined"!=typeof FormData&&t instanceof FormData))try{return JSON.stringify(t).length}catch(e){return}}}},{}],18:[function(t,e,n){var r=0,o=navigator.userAgent.match(/Firefox[/s](d+.d+)/);o&&(r=+o[1]),e.exports=r},{}],19:[function(t,e,n){function r(t,e){var n=[],r="",i=0;for(r in t)o.call(t,r)&&(n[i]=e(r,t[r]),i+=1);return n}var o=Object.prototype.hasOwnProperty;e.exports=r},{}],20:[function(t,e,n){function r(t,e,n){e||(e=0),"undefined"==typeof n&&(n=t?t.length:0);for(var r=-1,o=n-e||0,i=Array(o<0?0:o);++r<o;)i[r]=t[e+r];return i}e.exports=r},{}],21:[function(t,e,n){e.exports={exists:"undefined"!=typeof window.performance&&window.performance.timing&&"undefined"!=typeof window.performance.timing.navigationStart}},{}],22:[function(t,e,n){function r(t){return!(t&&t instanceof Function&&t.apply&&!t[a])}var o=t("ee"),i=t(20),a="nr@original",c=Object.prototype.hasOwnProperty,s=!1;e.exports=function(t,e){function n(t,e,n,o){function nrWrapper(){var r,a,c,s;try{a=this,r=i(arguments),c="function"==typeof n?n(r,a):n||{}}catch(f){p([f,"",[r,a,o],c])}u(e+"start",[r,a,o],c);try{return s=t.apply(a,r)}catch(d){throw u(e+"err",[r,a,d],c),d}finally{u(e+"end",[r,a,s],c)}}return r(t)?t:(e||(e=""),nrWrapper[a]=t,d(t,nrWrapper),nrWrapper)}function f(t,e,o,i){o||(o="");var a,c,s,f="-"===o.charAt(0);for(s=0;s<e.length;s++)c=e[s],a=t[c],r(a)||(t[c]=n(a,f?c+o:o,i,c))}function u(n,r,o){if(!s||e){var i=s;s=!0;try{t.emit(n,r,o,e)}catch(a){p([a,n,r,o])}s=i}}function d(t,e){if(Object.defineProperty&&Object.keys)try{var n=Object.keys(t);return n.forEach(function(n){Object.defineProperty(e,n,{get:function(){return t[n]},set:function(e){return t[n]=e,e}})}),e}catch(r){p([r])}for(var o in t)c.call(t,o)&&(e[o]=t[o]);return e}function p(e){try{t.emit("internal-error",e)}catch(n){}}return t||(t=o),n.inPlace=f,n.flag=a,n}},{}],ee:[function(t,e,n){function r(){}function o(t){function e(t){return t&&t instanceof r?t:t?s(t,c,i):i()}function n(n,r,o,i){if(!p.aborted||i){t&&t(n,r,o);for(var a=e(o),c=l(n),s=c.length,f=0;f<s;f++)c[f].apply(a,r);var d=u[y[n]];return d&&d.push([b,n,r,a]),a}}function h(t,e){w[t]=l(t).concat(e)}function l(t){return w[t]||[]}function m(t){return d[t]=d[t]||o(n)}function v(t,e){f(t,function(t,n){e=e||"feature",y[n]=e,e in u||(u[e]=[])})}var w={},y={},b={on:h,emit:n,get:m,listeners:l,context:e,buffer:v,abort:a,aborted:!1};return b}function i(){return new r}function a(){(u.api||u.feature)&&(p.aborted=!0,u=p.backlog={})}var c="nr@context",s=t("gos"),f=t(19),u={},d={},p=e.exports=o();p.backlog=u},{}],gos:[function(t,e,n){function r(t,e,n){if(o.call(t,e))return t[e];var r=n();if(Object.defineProperty&&Object.keys)try{return Object.defineProperty(t,e,{value:r,writable:!0,enumerable:!1}),r}catch(i){}return t[e]=r,r}var o=Object.prototype.hasOwnProperty;e.exports=r},{}],handle:[function(t,e,n){function r(t,e,n,r){o.buffer([t],r),o.emit(t,e,n)}var o=t("ee").get("handle");e.exports=r,r.ee=o},{}],id:[function(t,e,n){function r(t){var e=typeof t;return!t||"object"!==e&&"function"!==e?-1:t===window?0:a(t,i,function(){return o++})}var o=1,i="nr@id",a=t("gos");e.exports=r},{}],loader:[function(t,e,n){function r(){if(!x++){var t=g.info=NREUM.info,e=p.getElementsByTagName("script")[0];if(setTimeout(u.abort,3e4),!(t&&t.licenseKey&&t.applicationID&&e))return u.abort();f(y,function(e,n){t[e]||(t[e]=n)}),s("mark",["onload",a()+g.offset],null,"api");var n=p.createElement("script");n.src="https://"+t.agent,e.parentNode.insertBefore(n,e)}}function o(){"complete"===p.readyState&&i()}function i(){s("mark",["domContent",a()+g.offset],null,"api")}function a(){return E.exists&&performance.now?Math.round(performance.now()):(c=Math.max((new Date).getTime(),c))-g.offset}var c=(new Date).getTime(),s=t("handle"),f=t(19),u=t("ee"),d=window,p=d.document,h="addEventListener",l="attachEvent",m=d.XMLHttpRequest,v=m&&m.prototype;NREUM.o={ST:setTimeout,SI:d.setImmediate,CT:clearTimeout,XHR:m,REQ:d.Request,EV:d.Event,PR:d.Promise,MO:d.MutationObserver};var w=""+location,y={beacon:"bam.nr-data.net",errorBeacon:"bam.nr-data.net",agent:"js-agent.newrelic.com/nr-spa-1039.min.js"},b=m&&v&&v[h]&&!/CriOS/.test(navigator.userAgent),g=e.exports={offset:c,now:a,origin:w,features:{},xhrWrappable:b};t(16),p[h]?(p[h]("DOMContentLoaded",i,!1),d[h]("load",r,!1)):(p[l]("onreadystatechange",o),d[l]("onload",r)),s("mark",["firstbyte",c],null,"api");var x=0,E=t(21)},{}]},{},["loader",2,14,5,3,4]);
;NREUM.info={beacon:"bam.nr-data.net",errorBeacon:"bam.nr-data.net",licenseKey:"356631dc7f",applicationID:"22258555",sa:1}
</script>
<script type="text/javascript">
var admantx_url =
document.addEventListener("DOMContentLoaded", function(event) {
  mps._queue.mpsloaded.push(function(){
    mps._log('**** LOADED: cnbc-cms-header-insert');
    if (window.mps) {
        if (window.CNBC_Premium && CNBC_Premium.isPremium && document.cookie.indexOf('ispro=true') == -1 && (mps.pagevars.type!="franchise")) {
          mps.nlformtypes = mps.nlformtypes || [];
          mps.nlformtypes.push('paywall');
        }

        //<!-- Omniture s_code path -->
        mps.scodePath="//fm.cnbc.com/applications/cnbc.com/staticcontent/scripts/omniture/s_code.js?v=1.6.4.1";
        //<!-- end: Omniture s_code path -->

        //<!-- Google PII Fix BEGIN -->
        mps._queue.mpsinit.push(function() {
          (function(){
            mps._urlContainsEmail = function() {
              var _qs = window.location.href;
              if (!_qs) {
                return false;
              }
              var _regex = /([^=&/<>()[].,;:s@"]+(.[^=&/<>()[].,;:s@"]+)*)@(([[0-9]{1,3}.[0-9]{1,3}.[0-9]{1,3}.[0-9]{1,3}])|(([a-zA-Z-0-9]+.)+[a-zA-Z]{2,}))/;
              return _regex.test(_qs);
            };
            if (mps._urlContainsEmail()) {
              mps._debug('[MPS]: email address detected in url, bypass gpt.');
              if (mps.response && mps.response.dart && typeof(mps.response.dart.adunits) === 'object') {
                if (typeof(window._mpspixZ) != 'string') {
                  window._mpspixZ = (function(a){var b="abcdefghiklmnopqrstuvwxyz".split("");a||(a=Math.floor(Math.random()*b.length));for(var c="",d=0;d<a;d++)c+=b[Math.floor(Math.random()*b.length)];return c})(12)
                }
                for (var i in mps.response.dart.adunits) {
                  var pixelurl = ((document.location.protocol === 'https') ? 'https' : 'http') + '://pix.nbcuni.com/a-pii.gif?X=piiblock&S=' + mps.pagevars.instance + '&P=' + mps.pagevars.mpsid + '&A=' + i + '&U=' + encodeURIComponent(window.location.href) + '&_=' + window._mpspixZ;
                  mps.response.dart.adunits[i].data = '<img id="div-gpt-x-0" class="mps-slot" data-mps-slot="x" data-mps-loadset="0" style="width:0;height:0;margin:0;padding:0;border:0;display:none;" src="' + pixelurl + '"/>';
                }
              }
              mps.cloneAd = function() { return false; }
              return true;
            } else {
              return false;
            }
          })();
        });
        //<!-- Google PII Fix END -->
   }
 });
});
</script>

<!-- Piano Ad Block Detection: BEGIN -->
<script>
    var setAdblockerCookie = function(adblocker) {
        var d = new Date();
        d.setTime(d.getTime() + 60 * 60 * 24 * 30 * 1000);
        document.cookie = "__adblocker=" + (adblocker ? "true" : "false") + "; expires=" + d.toUTCString() + "; path=/";
    }
    var script = document.createElement("script");
    script.setAttribute("async", true);
    script.setAttribute("src", "//www.npttech.com/advertising.js");
    script.setAttribute("onerror", "setAdblockerCookie(true);");
    script.setAttribute("onload", "setAdblockerCookie(false);");
    document.getElementsByTagName("head")[0].appendChild(script);
</script>
<!-- Piano Ad Block Detection: END -->
<!-- ADmantX Head Insert Begin -->
<script>
    var admantx_url = ('https:'==document.location.protocol?'https:':'http:')+'//usasync01.admantx.com/admantx/service?request=' + escape('{"decorator":"template.nbc_template","key":"62263fff3cc1d07f85c7f8261a0c8f7dc096b35f59c82a713f20a9db8d562ff2","method":"descriptor","filter":"default","mode":"async","type":"URL","body":"' + escape(document.location.href) + '"}');

    function admantx_callback(data) {
        if (top.__nbcudigitaladops_inject && top.__nbcudigitaladops_inject.dtprm) {
            if (data && data.admants) {
                if (data.status == "OK") {
                    for (var x = 0; x < data.admants.length; x++) {
                        var kv = 'adg=' + data.admants[x] + ';';
                        top.__nbcudigitaladops_inject.dtprm(kv)
                    }
                } else {
                    top.__nbcudigitaladops_inject.dtprm("asg=othererror;")
                }
            }
        }
    }
    (function() {
        var sct = document.createElement('script');
        sct.src = admantx_url;
        sct.type = 'text/javascript';
        sct.async = 'true';
        var domel = document.getElementsByTagName('script')[0];
        domel.parentNode.insertBefore(sct, domel);
    })();
</script>
<!-- ADmantX Head Insert End -->
<!-- Universal Player Compatibility for IE11 BEGIN -->
<script>
  if(typeof window.MediaSource !== 'function') {
    if(typeof document.getElementsByTagName('meta')['tp:PreferredRuntimes'] === 'object') {
        document.getElementsByTagName('meta')['tp:PreferredRuntimes'].setAttribute("content", "flash,html5");
    }
}
</script>
<!-- Universal Player Compatibility for IE11 END -->
<!-- MPS ASYNC Application Component - Desktop Insert HEAD END -->
        <!-- End Global insert_head -->
                
    <script  type="text/javascript" src= "//www.cnbc.com/staticContent/showads.js"></script>

    
    
    <!-- <script  type="text/javascript" src= "//www.cnbc.com/staticContent/showads.js"></script> -->
    </head>
    <body id="page_story_simple" class='web cnbc large  '>
         
         
        

        
<div class="dart_wrapper dart_ads_noniframe_noniframecustom  badge-ad" id="dart_wrapper_noniframecustom">
	<script>
	var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.gptloaded=mps._queue.gptloaded||[];
	mps._queue.gptloaded.push(function() {
	  (mps && mps.insertAd && mps.insertAd('#dart_wrapper_noniframecustom', 'noniframecustom'));	
	});
	</script> 
</div>
        <!-- begin mps section -->
        
        <!-- end mps section -->

        <!-- BEGIN FRAME -->
            
            <div id="cnbc-contents" class="cnbc-contents">
                
                                                        
                
                                                                                
                    
                                                                                                                
                    <!--BEGIN HEADER -->
<!--for different templates--><!--for different templates--><header id="cnbc-new-header" class=""><div class="main-header"><div class="header-content"><a href="//www.cnbc.com"><img id="cnbc-logo" src="//sc.cnbcfm.com/applications/cnbc.com/staticcontent/img/cnbc-hdr-logo2.png" width="189" height="49" title="CNBC" alt="CNBC" /></a><div class="symbol-search"><div class="input-container"><input placeholder="Search Quotes, News &amp; Video"><span class="lookup"><a class="btn-lookup" href="javascript:void(0)"><i class="fa fa-search fa-2"></i></a></span><span class="close-search"><a class="btn-lookup-close" href="javascript:void(0)"><i class="fa fa-times fa-2"></i></a></span></div><div class="lookup-results hide"><ul class="lookup-list"></ul></div></div><div class="ad">
<div class="dart_wrapper dart_ads_noniframe_badgea  badge-ad" id="dart_wrapper_badgea">
	<script>
	var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.gptloaded=mps._queue.gptloaded||[];
	mps._queue.gptloaded.push(function() {
	  (mps && mps.insertAd && mps.insertAd('#dart_wrapper_badgea', 'badgea'));	
	});
	</script> 
</div></div><div class="promo_heavy_container"><div id="promo_100009896_heavy_container" class="promo_heavy_container"></div></div></div></div><div class="main-header-nav"><div class="header-nav-content"><nav class="cnbc-menu">












<script type="text/javascript">window.cnbc = window.cnbc || {};window.cnbc.config = window.cnbc.config || {};window.cnbc.config.product = "web";window.cnbc.config.isWeekendMode = false;</script><a id="sm-logo" href="//www.cnbc.com"><img src="//sc.cnbcfm.com/applications/cnbc.com/staticcontent/img/cnbc-hdr-logo2.png" width="123"></a><ul id="nav"><li class="site-set"><a href="//www.cnbc.com/" class="nav-home" data-onclick="#"><span class="homeLabel">HOME</span><span class="icon arrow-down"><i class="fa fa-chevron-down fa-1"></i></span></a><ul class="home-geo-container"><li>EDITION</li></ul></li>	<li class="news"><a data-trkNavAttr="navigation:news:news:104721416" href="//www.cnbc.com/us-news/" class="expandable">News</a><ul>	<li ><a data-trkNavAttr="navigation:news:economy:104721416" href="//www.cnbc.com/economy/">Economy</a></li>
	<li ><a data-trkNavAttr="navigation:news:finance:104721416" href="//www.cnbc.com/finance/">Finance</a></li>
	<li ><a data-trkNavAttr="navigation:news:healthcare:104721416" href="//www.cnbc.com/health-care/">Health Care</a></li>
	<li ><a data-trkNavAttr="navigation:news:realestate:104721416" href="//www.cnbc.com/real-estate/">Real Estate</a></li>
	<li ><a data-trkNavAttr="navigation:news:wealth:104721416" href="//www.cnbc.com/wealth/">Wealth</a></li>
	<li ><a data-trkNavAttr="navigation:news:autos:104721416" href="//www.cnbc.com/autos/">Autos</a></li>
	<li ><a data-trkNavAttr="navigation:news:earnings:104721416" href="//www.cnbc.com/earnings/">Earnings</a></li>
	<li ><a data-trkNavAttr="navigation:news:energy:104721416" href="//www.cnbc.com/energy/">Energy</a></li>
	<li ><a data-trkNavAttr="navigation:news:news-life:104721416" href="//www.cnbc.com/life/">Life</a></li>
	<li ><a data-trkNavAttr="navigation:news:media:104721416" href="//www.cnbc.com/media/">Media</a></li>
	<li ><a data-trkNavAttr="navigation:news:politics:104721416" href="//www.cnbc.com/politics/">Politics</a></li>
	<li ><a data-trkNavAttr="navigation:news:retail:104721416" href="//www.cnbc.com/retail/">Retail</a></li>
	<li ><a data-trkNavAttr="navigation:news:commentary:104721416" href="//www.cnbc.com/commentary/">Commentary</a></li>
	<li ><a data-trkNavAttr="navigation:news:specialreports:104721416" href="//www.cnbc.com/special-reports/">Special Reports</a></li>
	<li ><a data-trkNavAttr="navigation:news:asia:104721416" href="//www.cnbc.com/asia-news/">Asia</a></li>
	<li ><a data-trkNavAttr="navigation:news:europe:104721416" href="//www.cnbc.com/europe-news/">Europe</a></li>
	<li ><a data-trkNavAttr="navigation:news:cfo-council:104721416" href="//www.cnbc.com/global-cfo-council/">CFO Council</a></li>
</ul></li>
	<li class="markets"><a data-trkNavAttr="navigation:markets:markets:104721416" href="//www.cnbc.com/markets/" class="expandable">Markets</a><ul>	<li ><a data-trkNavAttr="navigation:markets:premarkets:104721416" href="//www.cnbc.com/pre-markets/">Pre-Markets</a></li>
	<li ><a data-trkNavAttr="navigation:markets:us:104721416" href="//www.cnbc.com/us-markets/">U.S.</a></li>
	<li ><a data-trkNavAttr="navigation:markets:asia:104721416" href="//www.cnbc.com/markets-asia-pacific/">Asia</a></li>
	<li ><a data-trkNavAttr="navigation:markets:europe:104721416" href="//www.cnbc.com/markets-europe/">Europe</a></li>
	<li ><a data-trkNavAttr="navigation:markets:stocks:104721416" href="//www.cnbc.com/stocks/">Stocks</a></li>
	<li ><a data-trkNavAttr="navigation:markets:commodities:104721416" href="//www.cnbc.com/commodities/">Commodities</a></li>
	<li ><a data-trkNavAttr="navigation:markets:currencies:104721416" href="//www.cnbc.com/currencies/">Currencies</a></li>
	<li ><a data-trkNavAttr="navigation:markets:bonds:104721416" href="//www.cnbc.com/bonds/">Bonds</a></li>
	<li ><a data-trkNavAttr="navigation:markets:funds:104721416" href="//www.cnbc.com/mutual-funds/">Funds</a></li>
	<li ><a data-trkNavAttr="navigation:markets:etfs:104721416" href="//www.cnbc.com/exchange-traded-funds/">ETFs</a></li>
</ul></li>
	<li class="investing"><a data-trkNavAttr="navigation:investing:investing:104721416" href="//www.cnbc.com/investing/" class="expandable">Investing</a><ul>	<li ><a data-trkNavAttr="navigation:investing:tradingnation:104721416" href="//www.cnbc.com/trading-nation/">Trading Nation</a></li>
	<li ><a data-trkNavAttr="navigation:investing:tradingtalk:104721416" href="//www.cnbc.com/trader-talk/">Trader Talk</a></li>
	<li ><a data-trkNavAttr="navigation:investing:financialadvisors:104721416" href="//www.cnbc.com/financial-advisors/">Financial Advisors</a></li>
	<li ><a data-trkNavAttr="navigation:investing:personalfinance:104721416" href="//www.cnbc.com/personal-finance/">Personal Finance</a></li>
	<li ><a data-trkNavAttr="navigation:investing:etf-street:104721416" href="//www.cnbc.com/etf-street/">Etf Street</a></li>
	<li ><a data-trkNavAttr="navigation:investing:portfolio:104721416" href="http://portfolio.cnbc.com/">Portfolio</a></li>
	<li ><a data-trkNavAttr="navigation:investing:watchlist:104721416" href="//watchlist.cnbc.com/">Watchlist</a></li>
	<li ><a data-trkNavAttr="navigation:investing:stockscreener:104721416" href="//www.cnbc.com/id/15839076">Stock Screener</a></li>
	<li ><a data-trkNavAttr="navigation:investing:fundscreener:104721416" href="//www.cnbc.com/id/15839074">Fund Screener</a></li>
</ul></li>
	<li class="tech"><a data-trkNavAttr="navigation:tech:tech:104721416" href="//www.cnbc.com/technology/" class="expandable">Tech</a><ul>	<li ><a data-trkNavAttr="navigation:tech:mobile:104721416" href="//www.cnbc.com/mobile/">Mobile</a></li>
	<li ><a data-trkNavAttr="navigation:tech:socialmedia:104721416" href="//www.cnbc.com/social-media/">Social Media</a></li>
	<li ><a data-trkNavAttr="navigation:tech:enterprise:104721416" href="//www.cnbc.com/enterprise/">Enterprise</a></li>
	<li ><a data-trkNavAttr="navigation:tech:gaming:104721416" href="//www.cnbc.com/gaming/">Gaming</a></li>
	<li ><a data-trkNavAttr="navigation:tech:cybersecurity:104721416" href="//www.cnbc.com/cybersecurity/">Cybersecurity</a></li>
	<li ><a data-trkNavAttr="navigation:tech:tech-guide:104721416" href="//www.cnbc.com/tech-guide/">Tech Guide</a></li>
</ul></li>
	<li class="makeit"><a data-trkNavAttr="navigation:makeit:makeit:104721416" href="//www.cnbc.com/make-it/" class="expandable">Make It</a><ul>	<li ><a data-trkNavAttr="navigation:makeit:entrepreneurs:104721416" href="//www.cnbc.com/make-it/entrepreneurs/">Entrepreneurs</a></li>
	<li ><a data-trkNavAttr="navigation:makeit:leadership:104721416" href="//www.cnbc.com/make-it/leadership/">Leadership</a></li>
	<li ><a data-trkNavAttr="navigation:makeit:careers:104721416" href="//www.cnbc.com/make-it/careers/">Careers</a></li>
	<li ><a data-trkNavAttr="navigation:makeit:money:104721416" href="//www.cnbc.com/make-it/money/">Money</a></li>
	<li ><a data-trkNavAttr="navigation:makeit:specials:104721416" href="//www.cnbc.com/make-it/special-reports/">Specials</a></li>
	<li ><a data-trkNavAttr="navigation:makeit:primetime:104721416" href="//www.cnbc.com/make-it/shows/">Primetime</a></li>
</ul></li>
	<li class="video"><a data-trkNavAttr="navigation:video:video:104721416" href="//www.cnbc.com/video/" class="expandable">Video</a><ul>	<li ><a data-trkNavAttr="navigation:video:topvideo:104721416" href="//www.cnbc.com/top-video/">Top Video</a></li>
	<li ><a data-trkNavAttr="navigation:video:latestvideo:104721416" href="//www.cnbc.com/video-all/">Latest Video</a></li>
	<li ><a data-trkNavAttr="navigation:video:usvideo:104721416" href="//www.cnbc.com/us-video/">U.S. Video</a></li>
	<li ><a data-trkNavAttr="navigation:video:asiavideo:104721416" href="//www.cnbc.com/asia-video/">Asia Video</a></li>
	<li ><a data-trkNavAttr="navigation:video:europevideo:104721416" href="//www.cnbc.com/europe-video/">Europe Video</a></li>
	<li ><a data-trkNavAttr="navigation:video:ceointerviews:104721416" href="//www.cnbc.com/video-ceo-interviews/">CEO Interviews</a></li>
	<li ><a data-trkNavAttr="navigation:video:analystinterviews:104721416" href="//www.cnbc.com/video-analyst-interviews/">Analyst Interviews</a></li>
	<li ><a data-trkNavAttr="navigation:video:fullepisodes:104721416" href="http://www.cnbc.com/live-tv/">Full Episodes</a></li>
</ul></li>
	<li class="shows"><a data-trkNavAttr="navigation:shows:shows:104721416" href="//www.cnbc.com/tv-worldwide/" class="expandable">Shows</a><ul>	<li ><a data-trkNavAttr="navigation:shows:watchlive:104721416" href="http://www.cnbc.com/live-tv/">Watch Live</a></li>
	<li ><a data-trkNavAttr="navigation:shows:cnbcus:104721416" href="//www.cnbc.com/tv-worldwide/">CNBC U.S. Business Day</a></li>
	<li ><a data-trkNavAttr="navigation:shows:cnbcusprime:104721416" href="//www.cnbc.com/make-it/shows/">CNBC U.S. Primetime</a></li>
	<li ><a data-trkNavAttr="navigation:shows:cnbcasiapacific:104721416" href="//www.cnbc.com/asia-business-day/">CNBC Asia-Pacific</a></li>
	<li ><a data-trkNavAttr="navigation:shows:cnbceurope:104721416" href="//www.cnbc.com/europe-television/">CNBC Europe</a></li>
	<li ><a data-trkNavAttr="navigation:shows:cnbcworld:104721416" href="//www.cnbc.com/global-television-shows/">CNBC World</a></li>
	<li ><a data-trkNavAttr="navigation:shows:fullepisodes:104721416" href="http://www.cnbc.com/live-tv/">Full Episodes</a></li>
</ul></li>
<li class="more"><div id="hamburger" class="hamburger-menu"><span></span><span></span><span></span></div><a href="javascript:void(0)" class="singleton">More</a><div class="more-container"><div class="more-nav grid"><div class="grid-cell cell1"><div class="grid-col"><ul class="more-mobile-login more"><ul class="log-info unreg-user more"><li id="mobile-signin"><a href="//www.cnbc.com/application/generic/?action=signin">Log In</a></li><li class="pipe"><span>|</span></li><li id="mobile-signup" class="cnbcRegister"><a href="//www.cnbc.com/application/generic/?action=signup">Register</a></li></ul><ul class="log-info reg-user more hide"><li id="mobile-logout"><a href="javascript:void(0);">Log Out</a></li></ul></ul><ul class="more-news more"><li class="header"><a data-trkNavAttr="navigation:more:news:104721416" href="//www.cnbc.com/us-news/" class="expandable">News</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="economy">
		<a href="//www.cnbc.com/economy/"  data-trkNavAttr="navigation:more:economy:104721416">
			Economy
					</a>
	</li>
																	<li class="finance">
		<a href="//www.cnbc.com/finance/"  data-trkNavAttr="navigation:more:finance:104721416">
			Finance
					</a>
	</li>
																	<li class="healthcare">
		<a href="//www.cnbc.com/health-care/"  data-trkNavAttr="navigation:more:healthcare:104721416">
			Health Care
					</a>
	</li>
																	<li class="realestate">
		<a href="//www.cnbc.com/real-estate/"  data-trkNavAttr="navigation:more:realestate:104721416">
			Real Estate
					</a>
	</li>
																	<li class="wealth">
		<a href="//www.cnbc.com/wealth/"  data-trkNavAttr="navigation:more:wealth:104721416">
			Wealth
					</a>
	</li>
																	<li class="autos">
		<a href="//www.cnbc.com/autos/"  data-trkNavAttr="navigation:more:autos:104721416">
			Autos
					</a>
	</li>
																	<li class="news-consumer">
		<a href="//www.cnbc.com/consumers/"  data-trkNavAttr="navigation:more:news-consumer:104721416">
			Consumer
					</a>
	</li>
																	<li class="earnings">
		<a href="//www.cnbc.com/earnings/"  data-trkNavAttr="navigation:more:earnings:104721416">
			Earnings
					</a>
	</li>
																	<li class="energy">
		<a href="//www.cnbc.com/energy/"  data-trkNavAttr="navigation:more:energy:104721416">
			Energy
					</a>
	</li>
																	<li class="news-life">
		<a href="//www.cnbc.com/life/"  data-trkNavAttr="navigation:more:news-life:104721416">
			Life
					</a>
	</li>
																	<li class="media">
		<a href="//www.cnbc.com/media/"  data-trkNavAttr="navigation:more:media:104721416">
			Media
					</a>
	</li>
																	<li class="politics">
		<a href="//www.cnbc.com/politics/"  data-trkNavAttr="navigation:more:politics:104721416">
			Politics
					</a>
	</li>
																	<li class="retail">
		<a href="//www.cnbc.com/retail/"  data-trkNavAttr="navigation:more:retail:104721416">
			Retail
					</a>
	</li>
																	<li class="commentary">
		<a href="//www.cnbc.com/commentary/"  data-trkNavAttr="navigation:more:commentary:104721416">
			Commentary
					</a>
	</li>
																	<li class="specialreports">
		<a href="//www.cnbc.com/special-reports/"  data-trkNavAttr="navigation:more:specialreports:104721416">
			Special Reports
					</a>
	</li>
																	<li class="asia">
		<a href="//www.cnbc.com/asia-news/"  data-trkNavAttr="navigation:more:asia:104721416">
			Asia
					</a>
	</li>
																	<li class="europe">
		<a href="//www.cnbc.com/europe-news/"  data-trkNavAttr="navigation:more:europe:104721416">
			Europe
					</a>
	</li>
																	<li class="cfo-council">
		<a href="//www.cnbc.com/global-cfo-council/"  data-trkNavAttr="navigation:more:cfo-council:104721416">
			CFO Council
					</a>
	</li>
</ul></li></ul></div><div class="grid-col"><ul class="more-pro more"><li class="header"><a data-trkNavAttr="navigation:more:pro:104721416" href="//www.cnbc.com/pro" class="expandable">Pro</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="viewall">
		<a href="//www.cnbc.com/pro"  data-trkNavAttr="navigation:more:viewall:104721416">
			View All
					</a>
	</li>
																	<li class="pro_franchise">
		<a href="//www.cnbc.com/pro-story"  data-trkNavAttr="navigation:more:pro_franchise:104721416">
			News & Analysis
					</a>
	</li>
																	<li class="provideo">
		<a href="//www.cnbc.com/pro-video"  data-trkNavAttr="navigation:more:provideo:104721416">
			Video
					</a>
	</li>
																	<li class="protalks">
		<a href="//www.cnbc.com/protalks"  data-trkNavAttr="navigation:more:protalks:104721416">
			PRO Talks
					</a>
	</li>
																	<li class="prouncut">
		<a href="//www.cnbc.com/pro-uncut"  data-trkNavAttr="navigation:more:prouncut:104721416">
			PRO Uncut
					</a>
	</li>
																	<li class="kensho">
		<a href="//www.cnbc.com/kensho"  data-trkNavAttr="navigation:more:kensho:104721416">
			Kensho Stats
					</a>
	</li>
														<li class="take_tour">
		<a href="javascript:void(0)" id="pro-tour" >
			Take a Tour
					</a>
	</li>
																	<li class="subscribe2">
		<a href="//www.cnbc.com/application/pro"  data-trkNavAttr="navigation:more:subscribe2:104721416">
			Subscribe
					</a>
	</li>
</ul></li></ul><ul class="more-markets more"><li class="header"><a data-trkNavAttr="navigation:more:markets:104721416" href="//www.cnbc.com/markets/" class="expandable">Markets</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="premarkets">
		<a href="//www.cnbc.com/pre-markets/"  data-trkNavAttr="navigation:more:premarkets:104721416">
			Pre-Markets
					</a>
	</li>
																	<li class="us">
		<a href="//www.cnbc.com/us-markets/"  data-trkNavAttr="navigation:more:us:104721416">
			U.S.
					</a>
	</li>
																	<li class="asia">
		<a href="//www.cnbc.com/markets-asia-pacific/"  data-trkNavAttr="navigation:more:asia:104721416">
			Asia
					</a>
	</li>
																	<li class="europe">
		<a href="//www.cnbc.com/markets-europe/"  data-trkNavAttr="navigation:more:europe:104721416">
			Europe
					</a>
	</li>
																	<li class="stocks">
		<a href="//www.cnbc.com/stocks/"  data-trkNavAttr="navigation:more:stocks:104721416">
			Stocks
					</a>
	</li>
																	<li class="commodities">
		<a href="//www.cnbc.com/commodities/"  data-trkNavAttr="navigation:more:commodities:104721416">
			Commodities
					</a>
	</li>
																	<li class="currencies">
		<a href="//www.cnbc.com/currencies/"  data-trkNavAttr="navigation:more:currencies:104721416">
			Currencies
					</a>
	</li>
																	<li class="bonds">
		<a href="//www.cnbc.com/bonds/"  data-trkNavAttr="navigation:more:bonds:104721416">
			Bonds
					</a>
	</li>
																	<li class="funds">
		<a href="//www.cnbc.com/mutual-funds/"  data-trkNavAttr="navigation:more:funds:104721416">
			Funds
					</a>
	</li>
																	<li class="etfs">
		<a href="//www.cnbc.com/exchange-traded-funds/"  data-trkNavAttr="navigation:more:etfs:104721416">
			ETFs
					</a>
	</li>
</ul></li></ul></div><div class="grid-col"><ul class="more-makeit more"><li class="header"><a data-trkNavAttr="navigation:more:makeit:104721416" href="//www.cnbc.com/make-it/" class="expandable">Make It</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="entrepreneurs">
		<a href="//www.cnbc.com/make-it/entrepreneurs/"  data-trkNavAttr="navigation:more:entrepreneurs:104721416">
			Entrepreneurs
					</a>
	</li>
																	<li class="leadership">
		<a href="//www.cnbc.com/make-it/leadership/"  data-trkNavAttr="navigation:more:leadership:104721416">
			Leadership
					</a>
	</li>
																	<li class="careers">
		<a href="//www.cnbc.com/make-it/careers/"  data-trkNavAttr="navigation:more:careers:104721416">
			Careers
					</a>
	</li>
																	<li class="money">
		<a href="//www.cnbc.com/make-it/money/"  data-trkNavAttr="navigation:more:money:104721416">
			Money
					</a>
	</li>
																	<li class="specials">
		<a href="//www.cnbc.com/make-it/special-reports/"  data-trkNavAttr="navigation:more:specials:104721416">
			Specials
					</a>
	</li>
																	<li class="primetime">
		<a href="//www.cnbc.com/make-it/shows/"  data-trkNavAttr="navigation:more:primetime:104721416">
			Primetime
					</a>
	</li>
</ul></li></ul><ul class="more-investing more"><li class="header"><a data-trkNavAttr="navigation:more:investing:104721416" href="//www.cnbc.com/investing/" class="expandable">Investing</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="tradingnation">
		<a href="//www.cnbc.com/trading-nation/"  data-trkNavAttr="navigation:more:tradingnation:104721416">
			Trading Nation
					</a>
	</li>
																	<li class="tradingtalk">
		<a href="//www.cnbc.com/trader-talk/"  data-trkNavAttr="navigation:more:tradingtalk:104721416">
			Trader Talk
					</a>
	</li>
																	<li class="financialadvisors">
		<a href="//www.cnbc.com/financial-advisors/"  data-trkNavAttr="navigation:more:financialadvisors:104721416">
			Financial Advisors
					</a>
	</li>
																	<li class="personalfinance">
		<a href="//www.cnbc.com/personal-finance/"  data-trkNavAttr="navigation:more:personalfinance:104721416">
			Personal Finance
					</a>
	</li>
																	<li class="etf-street">
		<a href="//www.cnbc.com/etf-street/"  data-trkNavAttr="navigation:more:etf-street:104721416">
			Etf Street
					</a>
	</li>
																	<li class="portfolio">
		<a href="http://portfolio.cnbc.com/"  data-trkNavAttr="navigation:more:portfolio:104721416">
			Portfolio
					</a>
	</li>
																	<li class="watchlist">
		<a href="//watchlist.cnbc.com/"  data-trkNavAttr="navigation:more:watchlist:104721416">
			Watchlist
					</a>
	</li>
																	<li class="stockscreener">
		<a href="//www.cnbc.com/id/15839076"  data-trkNavAttr="navigation:more:stockscreener:104721416">
			Stock Screener
					</a>
	</li>
																	<li class="fundscreener">
		<a href="//www.cnbc.com/id/15839074"  data-trkNavAttr="navigation:more:fundscreener:104721416">
			Fund Screener
					</a>
	</li>
</ul></li></ul></div></div><div class="grid-cell cell2"><div class="grid-col"><ul class="more-tech more"><li class="header"><a data-trkNavAttr="navigation:more:tech:104721416" href="//www.cnbc.com/technology/" class="expandable">Tech</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="mobile">
		<a href="//www.cnbc.com/mobile/"  data-trkNavAttr="navigation:more:mobile:104721416">
			Mobile
					</a>
	</li>
																	<li class="socialmedia">
		<a href="//www.cnbc.com/social-media/"  data-trkNavAttr="navigation:more:socialmedia:104721416">
			Social Media
					</a>
	</li>
																	<li class="enterprise">
		<a href="//www.cnbc.com/enterprise/"  data-trkNavAttr="navigation:more:enterprise:104721416">
			Enterprise
					</a>
	</li>
																	<li class="gaming">
		<a href="//www.cnbc.com/gaming/"  data-trkNavAttr="navigation:more:gaming:104721416">
			Gaming
					</a>
	</li>
																	<li class="cybersecurity">
		<a href="//www.cnbc.com/cybersecurity/"  data-trkNavAttr="navigation:more:cybersecurity:104721416">
			Cybersecurity
					</a>
	</li>
																	<li class="tech-guide">
		<a href="//www.cnbc.com/tech-guide/"  data-trkNavAttr="navigation:more:tech-guide:104721416">
			Tech Guide
					</a>
	</li>
</ul></li></ul><ul class="more-video more"><li class="header"><a data-trkNavAttr="navigation:more:video:104721416" href="//www.cnbc.com/video/" class="expandable">Video</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="topvideo">
		<a href="//www.cnbc.com/top-video/"  data-trkNavAttr="navigation:more:topvideo:104721416">
			Top Video
					</a>
	</li>
																	<li class="latestvideo">
		<a href="//www.cnbc.com/video-all/"  data-trkNavAttr="navigation:more:latestvideo:104721416">
			Latest Video
					</a>
	</li>
																	<li class="usvideo">
		<a href="//www.cnbc.com/us-video/"  data-trkNavAttr="navigation:more:usvideo:104721416">
			U.S. Video
					</a>
	</li>
																	<li class="asiavideo">
		<a href="//www.cnbc.com/asia-video/"  data-trkNavAttr="navigation:more:asiavideo:104721416">
			Asia Video
					</a>
	</li>
																	<li class="europevideo">
		<a href="//www.cnbc.com/europe-video/"  data-trkNavAttr="navigation:more:europevideo:104721416">
			Europe Video
					</a>
	</li>
																	<li class="ceointerviews">
		<a href="//www.cnbc.com/video-ceo-interviews/"  data-trkNavAttr="navigation:more:ceointerviews:104721416">
			CEO Interviews
					</a>
	</li>
																	<li class="analystinterviews">
		<a href="//www.cnbc.com/video-analyst-interviews/"  data-trkNavAttr="navigation:more:analystinterviews:104721416">
			Analyst Interviews
					</a>
	</li>
																	<li class="fullepisodes">
		<a href="http://www.cnbc.com/live-tv/"  data-trkNavAttr="navigation:more:fullepisodes:104721416">
			Full Episodes
					</a>
	</li>
</ul></li></ul></div><div class="grid-col"><ul class="more-shows more"><li class="header"><a data-trkNavAttr="navigation:more:shows:104721416" href="//www.cnbc.com/tv-worldwide/" class="expandable">Shows</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="cnbcus">
		<a href="//www.cnbc.com/tv-worldwide/"  data-trkNavAttr="navigation:more:cnbcus:104721416">
			CNBC U.S. Business Day
					</a>
	</li>
																	<li class="cnbcusprime">
		<a href="//www.cnbc.com/make-it/shows/"  data-trkNavAttr="navigation:more:cnbcusprime:104721416">
			CNBC U.S. Primetime
					</a>
	</li>
																	<li class="cnbcasiapacific">
		<a href="//www.cnbc.com/asia-business-day/"  data-trkNavAttr="navigation:more:cnbcasiapacific:104721416">
			CNBC Asia-Pacific
					</a>
	</li>
																	<li class="cnbceurope">
		<a href="//www.cnbc.com/europe-television/"  data-trkNavAttr="navigation:more:cnbceurope:104721416">
			CNBC Europe
					</a>
	</li>
																	<li class="cnbcworld">
		<a href="//www.cnbc.com/global-television-shows/"  data-trkNavAttr="navigation:more:cnbcworld:104721416">
			CNBC World
					</a>
	</li>
</ul></li></ul><ul class="more-special-reports more"><li class="header"><a data-trkNavAttr="navigation:more:Special Reports:104721416" href="//www.cnbc.com/special-reports/" class="expandable">Special Reports</a></li><li class="sub-nav-menu"><ul class="more">																	<li class="investor-toolkit">
		<a href="//www.cnbc.com/investor-toolkit/"  data-trkNavAttr="navigation:more:Investor Toolkit:104721416">
			Investor Toolkit
					</a>
	</li>
																	<li class="global-investing-hot-spots">
		<a href="//www.cnbc.com/global-investing-hot-spots/"  data-trkNavAttr="navigation:more:Global Investing Hot Spots:104721416">
			Global Investing Hot Spots
					</a>
	</li>
																	<li class="modern-medicine">
		<a href="//www.cnbc.com/modern-medicine/"  data-trkNavAttr="navigation:more:Modern Medicine:104721416">
			Modern Medicine
					</a>
	</li>
																	<li class="your-money,-your-future">
		<a href="//www.cnbc.com/your-money-your-future/"  data-trkNavAttr="navigation:more:Your Money, Your Future:104721416">
			Your Money, Your Future
					</a>
	</li>
																	<li class="singapore-airshow">
		<a href="//www.cnbc.com/singapore-airshow-2018/"  data-trkNavAttr="navigation:more:Singapore Airshow:104721416">
			Singapore Airshow
					</a>
	</li>
																	<li class="healthy-returns">
		<a href="//www.cnbc.com/healthy-returns/"  data-trkNavAttr="navigation:more:Healthy Returns:104721416">
			Healthy Returns
					</a>
	</li>
																	<li class="along-the-belt-and-road">
		<a href="//www.cnbc.com/along-the-belt-and-road/"  data-trkNavAttr="navigation:more:Along the Belt and Road:104721416">
			Along the Belt and Road
					</a>
	</li>
																	<li class="trading-nation">
		<a href="//www.cnbc.com/trading-nation/"  data-trkNavAttr="navigation:more:Trading Nation:104721416">
			Trading Nation
					</a>
	</li>
</ul></li></ul></div><div class="grid-col"><ul class="more-original-series more"><li class="header"><span>Original Series</span></li><li class="sub-nav-menu"><ul class="more">																	<li class="executive-edge">
		<a href="//www.cnbc.com/executive-edge/"  data-trkNavAttr="navigation:more:Executive Edge:104721416">
			Executive Edge
					</a>
	</li>
																	<li class="trading-nation">
		<a href="//www.cnbc.com/trading-nation/"  data-trkNavAttr="navigation:more:Trading Nation:104721416">
			Trading Nation
					</a>
	</li>
																	<li class="futures-now">
		<a href="//www.cnbc.com/futures-now/"  data-trkNavAttr="navigation:more:Futures Now:104721416">
			Futures Now
					</a>
	</li>
																	<li class="retire-well">
		<a href="//www.cnbc.com/retirewell/"  data-trkNavAttr="navigation:more:Retire Well:104721416">
			Retire Well
					</a>
	</li>
																	<li class="the-pulse-@-1-market">
		<a href="//www.cnbc.com/the-pulse/"  data-trkNavAttr="navigation:more:The Pulse @ 1 Market:104721416">
			The Pulse @ 1 Market
					</a>
	</li>
																	<li class="the-bottom-line">
		<a href="//www.cnbc.com/the-bottom-line/"  data-trkNavAttr="navigation:more:The Bottom Line:104721416">
			The Bottom Line
					</a>
	</li>
</ul></li></ul><ul class="more-cnbc-events more"><li class="header"><span>CNBC Events</span></li><li class="sub-nav-menu"><ul class="more">																	<li class="healthy-returns social ">
		<a href="https://www.cnbc.com/2017/11/08/healthy-returns.html"  data-trkNavAttr="navigation:more:Healthy Returns:104721416">
			Healthy Returns
							<i class="webresource"></i>
					</a>
	</li>
																	<li class="davos">
		<a href="//www.cnbc.com/davos-world-economic-forum/"  data-trkNavAttr="navigation:more:Davos:104721416">
			Davos
					</a>
	</li>
																	<li class="delivering-alpha">
		<a href="//www.cnbc.com/delivering-alpha-ii/"  data-trkNavAttr="navigation:more:Delivering Alpha:104721416">
			Delivering Alpha
					</a>
	</li>
																	<li class="cambridge-cyber-summit">
		<a href="//www.cnbc.com/securing-our-future/"  data-trkNavAttr="navigation:more:Cambridge Cyber Summit:104721416">
			Cambridge Cyber Summit
					</a>
	</li>
																	<li class="emerge-americas">
		<a href="//www.cnbc.com/emerge-americas/"  data-trkNavAttr="navigation:more:eMerge Americas:104721416">
			eMerge Americas
					</a>
	</li>
																	<li class="iconic-tour">
		<a href="//www.cnbc.com/iconic-conference/"  data-trkNavAttr="navigation:more:iCONIC Tour:104721416">
			iCONIC Tour
					</a>
	</li>
																	<li class="net-net">
		<a href="//www.cnbc.com/netnet/"  data-trkNavAttr="navigation:more:Net Net:104721416">
			Net Net
					</a>
	</li>
																	<li class="sohn-conference">
		<a href="//www.cnbc.com/sohn/"  data-trkNavAttr="navigation:more:Sohn Conference:104721416">
			Sohn Conference
					</a>
	</li>
</ul></li></ul><ul class="more-follow-cnbc more"><li class="header"><span>Follow CNBC</span></li><li class="sub-nav-menu"><ul class="more">																	<li class=" social ">
		<a href="https://www.facebook.com/cnbc"  data-trkNavAttr="navigation:more::104721416">
			
							<i class="webresource    fa fa-facebook"></i>
					</a>
	</li>
																	<li class=" social ">
		<a href="https://twitter.com/cnbc"  data-trkNavAttr="navigation:more::104721416">
			
							<i class="webresource     fa fa-twitter"></i>
					</a>
	</li>
</ul></li></ul><ul class="more-internationalization more"><li class="site-set sub-nav-menu"><ul class=" more home-geo-container"><li class="header">EDITION</li></ul></li></ul><ul class="more-go-up more"><li class="go-up sub-nav-menu"><a href="javascript:void(0)"><i class="fa fa-chevron-circle-up fa-3"></i></a></li></ul></div></div></div></div></li></ul>
<div id="featured-menu-container"><div id="login-container"><ul class="log-info" id="unreg-user"><li class="iconContainer login expandable"><a href="javascript:void(0)" class="singleton"><i class="fa fa-user fa-2"></i></a><ul><li class="cnbcRegister"><a href="javascript:void(0);">Register</a></li><li><a id="signin" href="javascript:void(0);">Log In</a></li></ul></li></ul><ul id="reg-user" class="log-info hide"><li class="iconContainer login expandable"><a href="javascript:void(0)" class="singleton"><i class="fa fa-user fa-2"></i></a><ul class='registered'><li><a href="//www.cnbc.com/account#profile">Profile</a></li><li><a href="//www.cnbc.com/account#newsletter">Email Preferences</a></li><li class="link-pro-user"><a href="//www.cnbc.com/account#pro">PRO</a></li><li><a id="signout" href="javascript:void(0);">Sign Out</a></li></ul></li></ul></div><ul class="log-info"><li class="pro"><a data-trkNavAttr="navigation:pro:pro:104721416" href="//www.cnbc.com/pro" data-onclick="#" class="expandable">Pro</a><ul><li class="viewall"><a data-trkNavAttr="navigation:pro:viewall:104721416" href="/pro">View All</a></li><li class="pro_franchise"><a data-trkNavAttr="navigation:pro:pro_franchise:104721416" href="/pro-story">News & Analysis</a></li><li class="provideo"><a data-trkNavAttr="navigation:pro:provideo:104721416" href="/pro-video">Video</a></li><li class="protalks"><a data-trkNavAttr="navigation:pro:protalks:104721416" href="/protalks">PRO Talks</a></li><li class="prouncut"><a data-trkNavAttr="navigation:pro:prouncut:104721416" href="/pro-uncut">PRO Uncut</a></li><li class="kensho"><a data-trkNavAttr="navigation:pro:kensho:104721416" href="/kensho">Kensho Stats</a></li><li class="take_tour"><a href='javascript:void(0)' id="pro-tour">Take a Tour</a></li><li class="subscribe2"><a data-trkNavAttr="navigation:pro:subscribe2:104721416" href="/application/pro">Subscribe</a></li></ul></li><li class="livetv"><a data-trkNavAttr="navigation:livetv:livetv:104721416" href="javascript:void(0)" data-onclick="#" class="expandable">LIVE TV</a><ul><li class="watch-cnbc-tv"><a data-trkNavAttr="navigation:livetv:watch-cnbc-tv:104721416" href="http://www.cnbc.com/live-tv/">Watch CNBC TV</a></li><li class="watch-cnbc-pro"><a data-trkNavAttr="navigation:livetv:watch-cnbc-pro:104721416" href="//www.cnbc.com/application/pro">Watch CNBC Pro</a></li></ul></li><li class="watchlist"><a data-trkNavAttr="navigation:watchlist:watchlist:104721416" href="//watchlist.cnbc.com/"  class="singleton">Watchlist</a></li></ul></div><div id="quickLinks">	<a class="button" id="markets"  data-trkNavAttr="navigation:top:markets:104721416"  href="//www.cnbc.com/markets/"><i class="fa fa-markets"></i></a>
	<a class="button" id="video"  data-trkNavAttr="navigation:top:video:104721416"  href="//www.cnbc.com/video/"><i class="fa fa-video"></i></a>
	<a class="button" id="quotesearch"  href="javascript:void(0),"><i class="fa fa-quotesearch"></i></a>
</div></nav></div></div><!--might not need this for make it--><div id="toPopup"><div class="close"><a class="btn_header">X</a></div><div id="popup_content"></div><!--your content end--></div><!--toPopup end--><div id="backgroundPopup"></div><!--might not need this for make it--></header>
<!-- END HEADER -->

                
                

                
                    

                


                


                
                                                    	<div id='cnbc-alert-container-breaking-news' class="news-alert breaking-news hide" >
	<div class="content">
		<div class="news-alert-container">
							<div class="news-alert-title">
					<h2 class="headline">
						<a class="alert-banner" id="breaking-news-link">
							<span class="alert-title"></span>
							<span class='alert-headline'></span>
						</a>
					</h2>
				</div>
					<div class="alert-close-button" id="breaking-news-close-button">&times</div>
				<div style="clear:both;"></div>
					</div>
	</div>
</div>

                                	<div id='cnbc-alert-container-pro-alert' class="news-alert pro-alert hide"  style="display: none;" >
	<div class="content">
		<div class="news-alert-container">
							<div class="news-alert-title">
					<h2 class="headline">
						<a class="alert-banner" id="pro-alert-link">
							<span class="alert-title"></span>
							<span class='alert-headline'></span>
						</a>
					</h2>
				</div>
					<div class="alert-close-button" id="pro-alert-close-button">&times</div>
				<div style="clear:both;"></div>
					</div>
	</div>
</div>

                                	<div id='cnbc-alert-container-watch-live' class="news-alert watch-live hide"  style="display: none;" >
	<div class="content">
		<div class="news-alert-container">
							<div class="news-alert-title">
					<h2 class="headline">
						<a class="alert-banner" id="watch-live-link">
							<span class="alert-title"></span>
							<span class='alert-headline'></span>
						</a>
					</h2>
				</div>
					<div class="alert-close-button" id="watch-live-close-button">&times</div>
				<div style="clear:both;"></div>
					</div>
	</div>
</div>

                                	<div id='cnbc-alert-container-watch-live-international' class="news-alert watch-live-international hide"  style="display: none;" >
	<div class="content">
		<div class="news-alert-container">
							<div class="news-alert-title">
					<h2 class="headline">
						<a class="alert-banner" id="watch-live-international-link">
							<span class="alert-title"></span>
							<span class='alert-headline'></span>
						</a>
					</h2>
				</div>
					<div class="alert-close-button" id="watch-live-international-close-button">&times</div>
				<div style="clear:both;"></div>
					</div>
	</div>
</div>

                                    

                
                

                
                
                

                <div class="cnbc-body " itemscope itemtype="https://schema.org/NewsArticle">
                                                                                <!-- MPS iframe:ad -->
                    
  <!-- MPS iframe:ad -->
  
<div class="dart_wrapper dart_ads_noniframe_topbanner  badge-ad" id="dart_wrapper_topbanner">
	<script>
	var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.gptloaded=mps._queue.gptloaded||[];
	mps._queue.gptloaded.push(function() {
	  (mps && mps.insertAd && mps.insertAd('#dart_wrapper_topbanner', 'topbanner'));	
	});
	</script> 
</div>
  
  <!-- end of MPS iframe ad -->

                    
                    <!-- end of MPS iframe ad -->
                    
    
      
		<h2 class="cnbc-clearfix pagehead pageheadnav" id="page_header">
		 <div id="franchise-header-badge">
		
<div class="dart_wrapper dart_ads_noniframe_badgec  badge-ad" id="dart_wrapper_badgec">
	<script>
	var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.gptloaded=mps._queue.gptloaded||[];
	mps._queue.gptloaded.push(function() {
	  (mps && mps.insertAd && mps.insertAd('#dart_wrapper_badgec', 'badgec'));	
	});
	</script> 
</div>
	 </div>
									<a class="header_title last breadcrumb" href="/real-estate/">Real Estate</a>
		
					    			<div class="menu" id="pageHeadNav">
				<ul>
																		<li class="first selected">
								<a href="/real-estate/">Real Estate</a>
							</li>
																								<li class="">
								<a href="/housing/">Housing</a>
							</li>
																								<li class="">
								<a href="/mortgages/">Mortgages</a>
							</li>
																								<li class="">
								<a href="/construction/">Construction</a>
							</li>
																								<li class="">
								<a href="/commercial-real-estate/">Commercial Real Estate</a>
							</li>
																								<li class=" last">
								<a href="/real-estate-investment-trusts/">REITs</a>
							</li>
																																								
				</ul>
			</div>
			</h2>

  
    <div class="story-top"><div  class="story-header-left twoCol"><h1 class="title" itemprop="name" >How America&#039;s big new landlords faced their first housing disaster</h1><div id="article_deck" class="content"> 
	
	



																
																	
			
							<div class="group-container last">
						
			
			
			

			
						
			
														<div class="group" >
																		<ul> <li>Starwood Waypoint and American Homes 4 Rent responded to hundreds of damaged homes and displaced tenants after Hurricane Harvey.</li> <li>Both let the hardest hit tenants out of their leases and returned security deposits.</li> <li>The companies both estimated that damages would cost $10 million or more.</li> </ul>
																										    																</div>
					</div>
	</div>
	<div class="source" itemprop="author" itemscope itemtype="https://schema.org/Person">
																																							
					    			    		
	    									<a itemprop="url" rel="author" href="/diana-olick/">Diana Olick</a>													| <span class="twitter-url"><a href="//twitter.com/DianaOlick">@DianaOlick</a></span>
																
					
							 
			</div>

	
	<time class="datestamp"  itemprop="datePublished" datetime="2017-09-20T13:53:38-0400">	  
		Published  1:53  PM ET Wed, 20 Sept 2017
	</time>
			<time class="datestamp last-pub-date"  itemprop="dateModified" datetime="2017-09-20T14:50:16-0400">
			Updated   2:50  PM ET Wed, 20 Sept 2017
		</time>
	<span class="sourcelogo" id="sourcelogo-cnbccom" itemprop="sourceOrganization">CNBC.com</span></div><div class="story-header-right">
	<div>
		<div id="social_bar_top" class="gigyasharebar"></div>
		
			
	</div>
</div></div>
  
    
    <section class="cols2">
	    <div class="unit col1">
        
              

  
  
<article>
	<div class="story">
        		<div id="article_body" class="content">            

                                             
	




																
																	
			
							<div class="group-container last">
						
																																		

																																																							
			
			

			
																		

									
																							
																						
						
						
												
													
								<div class="inline-player">
									
<div class="pro-video-chapters fall" trkId="3000655986">
			<div class="handler" style="display:none;">
			<span>
				<span class="tag">show chapters</span><i class="fa fa-chevron-down" aria-hidden="true"></i>
			</span>
		</div>
		<ul style="margin-bottom:-298px;display:none">
			</ul>
</div>

									<!-- new asset.tpl begin --><div id='player_0_104721416_0' class="asset  cnbcvideo imgasset desc_size600_400 featuredPromo" data-autoPlay="1">        <span itemscope  itemtype="https://schema.org/ImageObject"  class="video-icon">
                    <a href='/video/2017/09/20/houston-rental-properties-under-repair-post-harvey.html' data-VideoID='3000655986' data-VideoType='' class=''  >
                                                <img src="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/09/20/104721443-4ED3-PL-OLICK-RENTALS-092017.600x400.jpg?v=1505928841" alt="Houston rental properties under repair post-Harvey" title="Houston rental properties under repair post-Harvey" width='600' height='400' />
                    
                </a>
         <meta itemprop="image" content="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/09/20/104721443-4ED3-PL-OLICK-RENTALS-092017.jpg?v=1505928841" /><meta itemprop="width" content="width='600'" /><meta itemprop="height" content="height='400'" /><meta itemprop="datePublished" content="2017-09-20T13:34:01-0400" /><meta itemprop="dateCreated" content="2017-09-20T13:33:58-0400" /><meta itemprop="dateModified" content="2017-09-20T13:34:01-0400" /><meta itemprop="uploadDate" content="2017-09-20T13:33:58-0400" /><meta itemprop="expires" content="2099-12-31" /> <!-- TODO: defaulting to 2099 until we get the expiry date from toolbelt --><meta itemprop="encodingFormat" content="jpg" /><meta itemprop="author" content="" /><meta itemprop="publisher" content="CNBC" />         </span> 
    
        

    
		 

		
			<a href='/video/2017/09/20/houston-rental-properties-under-repair-post-harvey.html' data-VideoID='3000655986' data-VideoType=''  class=' headline-overlay'    data-nodeID='104721320' >
    				<i class="fa fa-video"></i>
				

	<div class="headline"  >
				    	                 
            Houston rental properties under repair post-Harvey<span class=" cnbc-font-icon icon-cnbc-video">&nbsp;</span>&nbsp;&nbsp;
			                        <time> 1:38  PM ET Wed, 20 Sept 2017 |  02:02</time>	</div>
					
					

					</a>	 




</div><!-- new asset.tpl end -->
								</div>
													
									
			
			
														<div class="group" itemprop="articleBody">
																		<p>Hurricane Harvey tested the faith and perseverance of thousands of Houston homeowners, and it put an entirely new asset class of large institutional landlords to its first real test. <a class="inline_quotes" data-gdsid="71419612" data-inline-quote-symbol="SWAY" href="//www.cnbc.com/quotes/?symbol=SWAY">Starwood Waypoint</a> and <a class="inline_quotes" data-gdsid="66234195" data-inline-quote-symbol="AMH" href="//www.cnbc.com/quotes/?symbol=AMH">American Homes 4 Rent</a> collectively own about 6,000 single-family rental homes in the Houston area. Hundreds of them were damaged severely by the storm, and their tenants displaced.</p>
															
																													
					
			<meta id="speakablemeta3" itemprop="cssSelector" content="#article_body > div > div.group > p:first-child">
	
												    														<p>"You have to prepare for everything," said Charles Young, COO of Starwood Waypoint, standing in front of a <a href="/houston/">Houston</a> home that took in 4 feet of water. "You can't imagine a storm like this, and it's unique. It's our first test."</p>
															
																										    														<p>After the housing crash, institutional investors bought hundreds of thousands of single-family homes and turned them into lucrative rentals. They established management systems and national infrastructures to service thousands of individual renters. While some of the homes are concentrated in certain neighborhoods, the properties are spread across the city, and Houston is huge.</p>
															
																						<div id="inline_movable_ad"></div>
																			    														<p>Starwood Waypoint, which is in the process of merging with <a class="inline_quotes" data-gdsid="69316" data-inline-quote-symbol="BX" href="//www.cnbc.com/quotes/?symbol=BX">Blackstone</a>'s <a class="inline_quotes" data-gdsid="163518" data-inline-quote-symbol="INVH" href="//www.cnbc.com/quotes/?symbol=INVH">Invitation Homes</a>, estimates about 140 of its homes in Houston were damaged, some very seriously. American Homes 4 Rent said 112 of its 3,200 homes sustained serious damage, and about half had at least some minor damage.</p>
															
																										    														<p>Finding the residents and assessing the damage had to happen quickly. For companies with so many properties, that might sound daunting, but apparently being bigger was better.</p>
															
																										    														<p>"We were able to use the scale of our platform, professionally managed across the country, and utilize our resources internally and externally to put together vendors. We put together a task force, we communicated, we used our technology and then we prepared," said Young.</p>
															
																										    														<p>In some cases it was hard to find the renters, as they had evacuated. In others, the renters decided not to return. Both companies let those hardest hit out of their leases and returned security deposits. They also relocated some renters to other company properties.</p>
															
																										    														<p>"One of the benefits of the institutional single-family rental program is that we have an in-house maintenance team and a construction team, we're in many cities across the country and have the ability to mobilize all those forces," said David Singelyn, CEO of American Homes 4 Rent, which is based in California. "We planned prior to the hurricane hitting the city here in Houston. We were able to be in the city the second day with our crews and equipment that we sourced from other cities."</p>
															
																										    														<p>Many of the homes had to be stripped to the studs and dried out. Starwood brought in about a dozen managers from out of state and already had a Houston-based staff of workers ready to begin the repairs. They also were able to bring in equipment from out of state, like fans and dehumidifiers. American Homes 4 Rent transferred drying equipment from Salt Lake City.</p>
															
																										    														<p>"Scale and technology makes an enormous difference," said John Pearsall, a regional manager for Starwood Waypoint. "We've been able to attack the challenge of working with residents, from a relocation perspective to the actual demolition process to the production process in proportions that are geometrically far greater than we were able to do back in the early 2000s."</p>
															
																										    														<p>Shonda Marie Lewis and her family had rented from American Homes for about nine months before the storm. She stayed as long as she could, but when the water rose to her waist, she evacuated. Within a day, she was getting calls and emails from her landlord.</p>
															
																										    														<p>"They were very organized, very professional, I received one call after the next, I couldn't hardly keep up the names. They called me, they checked on us, they emailed us to make sure we were OK, even after hours," said Lewis, who also described a company employee bringing them food and Gatorade to the house. She is now living in another company property that did not flood and intends to stay there.</p>
															
																										    														<p>Starwood Waypoint's Young estimates the cost of Harvey to the company will be about $10 million in aggregate, but much of that is covered by insurance. Singelyn said the costs of both Harvey and Irma would be $10 million to $15 million, also largely covered by insurance.</p>
															
																										    														<p>Both companies have even more homes in Florida, but the damage there was quite different. Most of the work was cleaning up, not rebuilding homes from the inside.</p>
															
																										    														<p>As for lessons learned, both company executives said speed was key and improving technology would always be most important. And texting.</p>
															
																										    														<p>"We realized that text messaging is much more efficient when the home computers are down," added Singelyn.</p>
															
																										    																</div>
					</div>
	
            		</div>

         
        
        
		        

        <div id="taboola_article_you_may_like">
        <script>
    var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; 
    mps._queue.mpsinit.push(function() { 
      mps.insertComponent('#taboola_article_you_may_like', 'taboola-article-you-may-like') 
    }); 
</script>
        </div>
    </div>
</article>




        <div class="social-reporter"><div class="reporter"><a href="/diana-olick/"><img src="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2016/10/10/104006269-OLICK_D_-230_RGB.60x60.jpg?v=1483726959" alt="Diana Olick" title="Diana Olick" width="60" height="60"/></a><div class="reporter-info"><span class="name"><a href="/diana-olick/">Diana Olick</a></span><span class="title">CNBC Real Estate Reporter</span></div><div class="article-social-small"><a href="//twitter.com/DianaOlick"><span class="social-twitter"></span></a><a href="//facebook.com/DianaOlickCNBC"><span class="social-facebook"></span></a><a href="//plus.google.com/104938974510355699419"><span class="social-google-plus"></span></a><a href="//linkedin.com/in/dianaolick"><span class="social-linkedin"></span></a><a href="mailto:diana.olick@nbcuni.com"><span class="social-email"></span></a></div></div></div>
  
   

  
          <div><div id="social-tools-panel"></div></div>
      

  
                  <div class="subsection related  ">
        <h2 class="module-header">Related Securities</h2>
                	

	
	







	<div class="flex_chart storyChart" data-quote-type="quick-quote">	
																																																																																																																																																																																										
	
	
				
	
		
	
		<table class="data quoteTable" cellspacing="0">
			<thead>
				<tr>
									<th class="first text"><div class="chart-text-container"><span class="csv-qoute-header-text">Symbol</span></div></th>
																	<th ><div class="chart-text-container"><span class='csv-qoute-header-text'>Price</span></div></th>
																																	<th >&nbsp;</th>
																			<th ><div class="chart-text-container"><span class='csv-qoute-header-text'>Change</span></div></th>
																																					<th class="last"><div class="chart-text-container"><span class='csv-qoute-header-text'>%Change</span></div></th>
									</tr>
			</thead>
			<tbody>
				
																																																				<tr data-table-chart-symbol=AMH data-table-chart-alt-symbol=AMH>
																		<td class="first text" data-field="symbol"><a href="//www.cnbc.com/quotes/?symbol=AMH">AMH</a></td>
													        							        							<td data-field=last></td>
																				        							        								        								        									<td class="arrow" data-field="change_arrow"><div class="icon unch">---</div></td>
        								        							        							<td data-field=change></td>
																				        							        								        								        							        							<td data-field=change_pct></td>
																			</tr>
																																																									<tr data-table-chart-symbol=SWAY data-table-chart-alt-symbol=SWAY>
																		<td class="first text" data-field="symbol"><a href="//www.cnbc.com/quotes/?symbol=SWAY">SWAY</a></td>
													        							        							<td data-field=last></td>
																				        							        								        								        									<td class="arrow" data-field="change_arrow"><div class="icon unch">---</div></td>
        								        							        							<td data-field=change></td>
																				        							        								        								        							        							<td data-field=change_pct></td>
																			</tr>
												</tbody>
		</table>
	 
		</div>

      </div>
      

  
          <div id="mps_article_insert_footer">
        <script>
    var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; 
    mps._queue.mpsinit.push(function() { 
      mps.insertComponent('#mps_article_insert_footer', 'article-insert-footer') 
    }); 
</script>
      </div>
      

  
  
    		<div class="adcom_wrapper" id="ad-com-content-one">
		 <script>
    var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; 
    mps._queue.mpsinit.push(function() { 
      mps.insertComponent('#ad-com-content-one', 'ad.com-content-one') 
    }); 
</script>
	</div>

  

  


  
          
		


	


      


      
  
		


	


  
  

  
				
					

  
  
  
  
</div>
	    <div class="unit col2">
			

    			

	


	
	<div class="sbc_wrapper" id="sbc-rightrail">
    <script>
    var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; 
    mps._queue.mpsinit.push(function() { 
      mps.insertComponent('#sbc-rightrail', 'sbc-rightrail') 
    }); 
</script>
</div>
			
<div class="dart_wrapper dart_ads_noniframe_topflex  badge-ad" id="dart_wrapper_topflex">
	<script>
	var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.gptloaded=mps._queue.gptloaded||[];
	mps._queue.gptloaded.push(function() {
	  (mps && mps.insertAd && mps.insertAd('#dart_wrapper_topflex', 'topflex'));	
	});
	</script> 
</div>
				<div class="adcom_wrapper" id="ad-com-rightrail-top">
		 <script>
    var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; 
    mps._queue.mpsinit.push(function() { 
      mps.insertComponent('#ad-com-rightrail-top', 'ad.com-rightrail-top') 
    }); 
</script>
	</div>

	
			<div id="prtnr_mod_stories"></div>
		<div id="prtnr_mod_money"></div>
			
			<div id="article-insert-sidebar">
		<script>
    var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; 
    mps._queue.mpsinit.push(function() { 
      mps.insertComponent('#article-insert-sidebar', 'article-insert-sidebar') 
    }); 
</script>
		</div>
	

 

 


	

 	

 

 

 

 


	<!-- empty container to move promo medium here for xfinity experience page -->
	<div id="promo_medium_section_bottom"></div>


 


								
            
        	    	    	    	    		    		
    		
    			
                    			                <div class="widget">
					<div id="chartbeatWidget_102535788" class="chartbeat_data_module"></div>
	


	</div>
                    
    
			


			<div class="adcom_wrapper" id="ad-com-rightrail-bottom">
		 <script>
    var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; 
    mps._queue.mpsinit.push(function() { 
      mps.insertComponent('#ad-com-rightrail-bottom', 'ad.com-rightrail-bottom') 
    }); 
</script>
	</div>

			<div id="movable_box_ad_target"></div>
	
	</div>
    </section>
    
    


                                        
                    
                                                                                            <div class="loaderOverlayMobile" style="position:absolute !important;left:-3000px;top:-3000px;"><p><img src=//sc.cnbcfm.com/applications/cnbc.com/staticcontent/img/loader-2.gif></img></p></div>
                        <div class="player-lazy-loaded-mobile">
                          
<div class="tpContainer">
	<div class="tpLayout">
		<div class="tpPlayer" id="player"
			tp:allowFullScreen="true"
			tp:skinUrl="https://sc.cnbcfm.com/applications/cnbc.com/staticcontent/ThePlatform/pdk/skins/cnbc/cnbc.json"
			tp:showNav="false"
			tp:allowRss="true"
			tp:ccflag ="0"
			tp:ccdefaults = '{"textAlign" : "left","fontSize" : 2}'
							tp:layoutUrl="//sc.cnbcfm.com/applications/cnbc.com/staticcontent/ThePlatform/data/cnbc_layout_universal.xml"
						tp:allowLink="true"
			tp:showFullTime="true"
			tp:controlBackgroundColor="0x131313"
			tp:backgroundColor="0x131313"
			tp:controlFrameColor="0x545759"
			tp:frameColor="0x545759"
			tp:textBackgroundColor="0x000000"
			tp:controlHighlightColor="0xbbbbbb"
			tp:controlHoverColor="0xFFFFFF"
			tp:loadProgressColor="0x5D9070"
			tp:controlSelectedColor="0x808080"
			tp:playProgressColor="0x00CCFF"
			tp:scrubberFrameColor="0x00CCFF"
			tp:controlColor="0x808080"
			tp:textColor="0xCCCCCC"
			tp:scrubberColor="0xBEBEBE"
			tp:scrubTrackColor="0xBEBEBE"
			tp:pageBackgroundColor="0x131313"
			tp:controlDisabledColor="0x808080"
			tp:showBitrate="true"
			tp:showCopyright="true"
			tp:carouselAutoPlay="false"
			tp:showSubtitles="true"
			tp:cnbcPlayerType="article"
			tp:showCarousel="false"
			tp:endCard="none"
									tp:plugin13="type=control|URL=https://sc.cnbcfm.com/applications/cnbc.com/staticcontent/ThePlatform/pdk/swf/CNBCAdBannerPlugIn.swf"
						tp:plugin12="type=control|URL=https://sc.cnbcfm.com/applications/cnbc.com/staticcontent/ThePlatform/pdk/swf/CNBCMiniScrubberPlugIn.swf"
															tp:plugin9="type=tracking|url=https://secure-dcr.imrworldwide.com/novms/tp/3/ggtp500.js|priority=1|vcid=c14|clientid=us-800148"
									tp:plugin0="type=tracking|url=https://sc.cnbcfm.com/applications/cnbc.com/staticcontent/ThePlatform/samples/cnbc/plugins/newrelic-video-theplatform.min.js?vn=3"
						tp:showMetadata="true"
			tp:plugin1="type=tracking|url=https://secure-us.imrworldwide.com/novms/tp/3/ggtp390.swf|clientid=us-800148|vcid=c14"
						tp:plugin2="type=tracking|url=https://sb.scorecardresearch.com/c2/plugins/streamsense_plugin_theplatform.swf|c2=1000004|priority=1|persistentlabels=c4%3DCNBC.com VOD"
			tp:plugin3="type=tracking|url=https://sc.cnbcfm.com/applications/cnbc.com/staticcontent/ThePlatform/samples/cnbc/plugins/streamsense_plugin_theplatform.js?vn=4|c2=1000004|priority=1|persistentlabels=c4%3DCNBC.com VOD"
						tp:plugin4="type=adcomponent|url=https://pdk.theplatform.com/5.7.15/pdk/swf/freewheel.swf|playerProfileHTML5=169843%3Anbcu_mobileweb_js_cs_moat_https|siteSectionId=cnbc_inline_vod|pemURLsSeparator=%2C|isLive=false|customVideoAssetIdField=externalAdvertiserId|networkId=169843|exitFullscreenOnPause=false|priority=1|playerProfileFlash=169843%3Anbcu_cnbc_web_flash_moat_https|adManagerUrl=https%3A%2F%2Fmssl.fwmrm.net%2Fp%2Fnbcu_live%2FAdManager.%7Bext%7D|serverUrl=https%3A%2F%2F29773.v.fwmrm.net%2Fad%2Fp%2F1|playerProfile=nbcu_mobileweb_js_cs_moat_https"
			tp:plugin5="type=adcomponent|url=https://sc.cnbcfm.com/applications/cnbc.com/staticcontent/ThePlatform/samples/cnbc/plugins/freewheel_EM-1566.js|playerProfileHTML5=169843%3Anbcu_mobileweb_js_cs_moat_https|siteSectionId=cnbc_inline_vod|pemURLsSeparator=%2C|customVideoAssetIdField=externalAdvertiserId|networkId=169843|exitFullscreenOnPause=false|priority=1|playerProfileFlash=169843%3Anbcu_cnbc_web_flash_moat_https|adManagerUrl=https%3A%2F%2Fmssl.fwmrm.net%2Fp%2Fnbcu_live%2FAdManager.%7Bext%7D|serverUrl=https%3A%2F%2F29773.v.fwmrm.net|playerProfile=nbcu_mobileweb_js_cs_moat_https"
						>
			<noscript class="tpError">To view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download <a href="http://get.adobe.com/flashplayer/" target="_black">the latest Flash player</a> and try again.</noscript>
		</div>
	</div>
</div>
					 

                            <div class="docked-card metadata">
                               <div class="metadata-status">
                                   <p class="label">Playing</p>
                                   <h3 class="headline"></h3>
                                   <img id="social_tools_player_docked_share" class="share" src="//sc.cnbcfm.com/applications/cnbc.com/staticcontent/img/playerAssets/social-icon-share-2x.png" alt="">
                               </div>
                               <div class="dockable-share-card">
                                   <p class="label_share">Share this video...</p>
                                   <div id="dockable-social-tools"></div>
                                   <div id="dockable-cnbc-share-url" class="cnbc-input"></div>
                                   <div class="close-button"><span>&times;</span></div>
                               </div>
                                <div class="dockable-end-card">
                                    <p class="label">Watch Next...</p>
                                    <h3 class="headline"></h3>
                                </div>
                            </div>

                        </div>
                                                            </div>

                

                
                
                    

    
        						
        
                                    
        
        
        
                
        
                
        
        
		


                
                
                 
                
                    

                
                
					                                                                          <!-- BEGIN Footer -->
<footer class="cnbc-new-footer-res"><div class="sec-footer-wrapper" id="cnbc-footer-responsive" data-fragmentLazyLoad="true"><div class="sec-footer-container"><div class="sec-footer-links"><ul><li><div id="oba-link-container" style="display:inline;"></div></li></ul></div></div></div></footer>
<!-- END FOOTER -->

                
                
            </div>

            
                <div id="movable_box_ad_container" class="hide">
                    
<div class="dart_wrapper dart_ads_noniframe_movablebox  badge-ad" id="dart_wrapper_movablebox">
	<script>
	var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.gptloaded=mps._queue.gptloaded||[];
	mps._queue.gptloaded.push(function() {
	  (mps && mps.insertAd && mps.insertAd('#dart_wrapper_movablebox', 'movablebox'));	
	});
	</script> 
</div>
                </div>
            

        <!-- END FRAME -->
        
<script id="twitter-wjs" type="text/javascript" async defer src="//platform.twitter.com/widgets.js"></script>
        <script type="text/javascript">
            CNBC_Settings = {
    baseurls : {"register_base":"https://register.cnbc.com","login_base":"https://login.cnbc.com","show_schedule_service_base":"http://compass.cnbc.com/compass/xml/nextshow","cnbc_prod_urls":"pub.app20.cnbc.com|pub.app21.cnbc.com|pub.app22.cnbc.com|pub.app23.cnbc.com|pub.app24.cnbc.com|pub.app25.cnbc.com|pub.app26.cnbc.com|pub.app27.cnbc.com|pub.app28.cnbc.com","syndication_base":"http://syndication.cnbc.com/","bb_rhythmvideo_url_base":"rtsp://cnbc.rtsp.rnmd.net:554/adservice/","rhythm_siteid":"cnbc_web","optional_optin":"101","surf_base":"https://surf.nbcuni.com","pub_base_protocol_agnostic":"//www.cnbc.com","upLynk_service_base_url":"//vapi.cnbc.com/videoservice/getstream.do?partnerId=14","upLynk_default_live_channel":"UPLYNK-US","video_token_timestamp":"60","twitter_platform_base":"//platform.twitter.com","vapi_partner_service_base_url":"//vapi.cnbc.com/videoservice/getstream.do?partnerId=20071","php_vapi_service_base_url":"/services/phvapi?channel=","cnbc_base_secure":"https://www.cnbc.com","sc_base_protocol_agnostic":"//sc.cnbcfm.com","quoteservicebase":"//quote.cnbc.com/quote-html-webservice/quote.htm","chartbase":"//api-chart.cnbc.com/api/chart/chart.asp","cnbc_base":"//www.cnbc.com","static_content_base":"//sc.cnbcfm.com","ticker_base":"//ticker.cnbc.com","comments_base":"//comments.cnbc.com/comments","watchlist_base":"//watchlist.cnbc.com","detail_quote_base":"//www.cnbc.com/quotes/","symlookup_base":"//symlookup.cnbc.com","searchbase":"//search.cnbc.com/rs/search/view.html","itv_quote_url":"//quote.cnbc.com/quote-html-webservice/quote.htm?requestMethod=itv&exthrs=1&noform=1&fund=1&output=jsonp&&extendedMask=1&partnerId=2&symbols=","advanced_symlookup_URL":"//www.cnbc.com/id/15837272?q=","baseFeed":"//feed.theplatform.com/f/gZWlPC/CNBC_prod_global","poll_base":"https://www-aws.cnbc.com/services/polls","detailedquotebasenative":"//data.cnbc.com/quotes/","cnbcvideo_url_base":"//www.cnbc.com/video/","detailed_quote_base_http_only":"https://data.cnbc.com/quotes/","cnbcvideo_url_base_http_only":"https://www.cnbc.com/video/","cnbc_base_http_only":"https://www.cnbc.com","premium_video_feed":"//www.cnbc.com/id/46/services/premium/video/data?token=","wsod_api_base_url":"https://api-chart.cnbc.com","pro_base":"//www.cnbc.com/application/pro","detailedquotebase":"//www.cnbc.com/quotes/?symbol=","cnbc_base_host":"cnbc.com","theplatform_pdk_base":"//pdk.theplatform.com/5.7.15/pdk/tpPdk.js","amp_video_origin":"amp-video.cnbc.com","nid":101293524},
	wl360CoreServicesBaseUrl: 'https://wl.cnbc.com/wl/api/',
	wl360ResourceBundleUrl: 'https://register.cnbc.com/svc/api/message',
	wl360ResourceBundleAppKey: 'common_messages',
	wl360ServiceTimeout: 9000,
	wl360QuoteApiUrl: 'https://quote.cnbc.com/quote-html-webservice/',
	wl360EnableAddToWatchlist: '1',
	wl360PartnerId: 14,
	surf_key : 'cnbc',
	mobileQuotePageRefreshInterval: '900',
	mobileQuoteBlurRefreshInterval: '0',
	regionConfig: {"USA":{"edition":"USA","nid":"100746233","link":"/","name":"U.S. Edition", "msgName":"U.S.","mobileMsgName":"U.S.","mobileAlternate":"WORLD", "menuName":"U.S."},"WORLD":{"edition":"WORLD","nid":"100746255","link":"/id/100746255","name":"INTL Edition","msgName":"new international","mobileMsgName":"International","mobileAlternate":"USA", "menuName":"INTL"}},
	searchPartnerId: '2000',	
	chartbeat_service : '102527204',
	chartbeat_service_data : '',
	chartbeat_refresh_interval : '300',
	webQuotePageRefreshInterval: '600',
	webQuoteBlurRefreshInterval: '60',
	surf_on : 'on',
	templateName: 'story_simple',
	isNative: '',
	productName: 'web'
		,dockPlayer: '1'
			,video_gallery_config: {"double_tray_first_tray":"0","double_tray_all_trays":"0","sliding_tab":"1","is_universal_player":"1","full_episodes_links":"[{ 'fastmoney': { 'icon': 'icon-fast-money' ,'url': 'http://www.cnbc.com/live-tv/fast-money'},'madmoney': { 'icon': 'icon-mad-money' ,'url': 'http://www.cnbc.com/live-tv/mad-money'},'americangreed': { 'icon': 'icon-prime' ,'url': 'http://www.cnbc.com/live-tv/american-greed'},'cnbcoriginals': { 'icon': 'icon-prime'  ,'url': 'http://www.cnbc.com/live-tv/cnbc-originals'}, 'consumedtherealrestaurantbusiness': { 'icon': 'icon-prime'  ,'url': 'http://www.cnbc.com/live-tv/consumed-the-real-restaurant-business'}, 'restaurantstartup': { 'icon': 'icon-prime'  ,'url': 'http://www.cnbc.com/live-tv/restaurant-startup'}, 'secretlivesofthesuperrich': { 'icon': 'icon-prime'  ,'url': 'http://www.cnbc.com/live-tv/secret-lives-of-the-super-rich'}, 'sharktank': { 'icon': 'icon-prime'  ,'url': 'http://www.cnbc.com/live-tv/shark-tank'}, 'theprofit': { 'icon': 'icon-prime'  ,'url': 'http://www.cnbc.com/live-tv/the-profit'}}]","watch_live_tv":"http://www.cnbc.com/live-tv"}
			,pageNodeId: 104721416  // this property added for consistancy with Desktop, `nodeId` is depricated and must be retired
			,nodeType: 'cnbcnewsstory'
						,franchise : {
		  id: '10000115',
		  title: 'Real Estate'
		}
				,homepageTrackingConfig:{header:true, footer:true, lead:true, secondaryLead:true, view:true, topicTown:true, dontMiss:true, marketData:true, madMoney:true, futuresNow:true, mostPopular:true, currencies:true, market:true, tradingNation:true}
				,is_universal_live_player: 1
				,brand: "cnbc"
		,jsVersion: "520"
};
                    </script>

        
																																																																																																																																																																																																																																																																								<script type="text/javascript">
	CNBC_Settings.tags = ["Existing Home Sales","Floods","Hurricanes","Catastrophe","Houston","American Homes 4 Rent REIT Class A","Starwood Waypoint Residential Trust","Mortgages","Foreclosures","Real Estate","Housing","US: News"];
</script>



                    <script type="text/javascript" src="//pdk.theplatform.com/5.7.15/pdk/tpPdk.js"></script>
                          <script type="text/javascript" src="https://surf.nbcuni.com/rdk/surf.js.php" data-rdk-url="/rdk/" data-config-key="cnbc"></script>
                
        <script type="text/javascript">
                        	
                        
                








            
            	        	                	                
																			
			
	

	        
            

            
            
            
	

            	
					
			

	        	            
	        
			

			
		
            
		
            
                                                
                            
			
            
            /* JSInits */

            
                    
    

            

						

            			     		

                          
            
                window.cnbc = window.cnbc || {};
window.cnbc.pageModules = (window.cnbc.pageModules || []).concat([
	    {
	moduleId : 'xfinityExperienceSurf',
	initOn : 'load'
}
    ,	    {
	  'moduleId' : 'socialBar',
	  'initOn' : 'load',
	  'initData' : {
	  	templateName : 'story_simple',
	  	gigya_api_key : '2_Jx5rsFp18pauXYlKGzHQVpbahcR1iJ30bbyfqZsn69A6vbt3dQ7gYFCESWKMM1sP',
			socialBarTitle : 'How America\'s big new landlords faced their first housing disaster',
			containerID: 'social-tools-panel',
			pos : 'bottom',
		}
	}
    ,	    {
	moduleId : 'scrollPanel',
	initOn : 'load',
	initData : {
 		container: 'social-tools-panel' // element that will contain tabs. value can be a string (must be an element's ID), a DOM element or jQuery object -- Required
 		,transTime:50
		,respectiveContainer: true
		,hideIndex: true
	}
}
    ,	    {
	  'moduleId' : 'socialBar',
	  'initOn' : 'load',
	  'initData' : {
	  	templateName : 'story_simple',
	  	gigya_api_key : '2_Jx5rsFp18pauXYlKGzHQVpbahcR1iJ30bbyfqZsn69A6vbt3dQ7gYFCESWKMM1sP',
			socialBarTitle : 'How America\'s big new landlords faced their first housing disaster',
			containerID: 'social_bar_top',
			pos : 'top',
		}
	}
    ,	    {
	moduleId : 'tableSorter',
	initOn : 'view',
	moduleDomSelector : 'table.csvData, article table.quoteTable'
}
    ,	    {
		moduleId : 'Polls',
		initOn : 'load'
	}
    ,	    {
	moduleId : 'TaboolaRecirculationModule',
	
		initOn : 'load',
	
	initData : {
		
			taboola_url : '//cdn.taboola.com/libtrc/cnbc/loader.js'
		
		,taboolaParam: ''
	}
}
    ,	    {
	moduleId : 'TwitterPlatform',
	
		initOn : 'view',
		moduleDomSelector : '.twitter-timeline, .twitter-tweet'
	
}
    ,	    {
		moduleId : 'chartbeatMostPopular',
		initOn : 'view',
		moduleDomSelector : '#chartbeatWidget_102535788',
		initData : {
			refreshInterval : 300,
			chartbeatUrl : '//www.cnbc.com/id/102535788/services/mostpopular',
			containerId: 'chartbeatWidget_102535788'	,
			templateName: 'story_simple'		
		}
	}
    ,	    {
      moduleId : 'englargedImage',
      initOn : 'load',
      initData : {
      }
    }
    ,	    {
		moduleId: 'desktopVideoPlayer',
		
				initOn: 'load',
		
		moduleDomSelector: 'div.cnbcvideo.featuredPromo',
		initData: {
			playerId: 'player'
			,baseFeed: '//feed.theplatform.com/f/gZWlPC/CNBC_prod_global'
			,defaultVideoId: ''
			,relativeVideos: false
			,premiumUser : ''
			,premiumContent : ''
			,proTabData: '0'
			,premiumFeedUrl: '//www.cnbc.com/id/46/services/premium/video/data?token='
			,errorMsgContainerHTML: '<div class="player-error-placeholder"><div class="error-msg"><p>YOUR BROWSER IS NOT SUPPORTED.</p><p><a href="//www.cnbc.com/id/101957793" target="_blank">Please upgrade to watch video.</a></p></div></div>'
			,videoErrorMsgContainerHTML: '<div class="player-error-placeholder"><div class="error-msg"><p>The requested video is unable to play.</p><p>The video does not exist in the system.</p></div></div>'
			,marketingPageURL: 'https://www.cnbc.com/application/pro'
			,adblockErrorMsgContainerHTML: '<div class="player-error-placeholder"><div class="error-msg"><p>We’re not able to play this video if an ad blocker is enabled.</p><p>Please disable your ad blocker on CNBC and reload the page to start the video.</p></div></div>'
			,product: 'inlineDesktop'
			,mutedAutoplay: false
		}
	}
    ,	    {
			moduleId : 'tinypassConfig',
			initOn : 'load',
			initData : {
				    "config": {       "aid": "o19WonOrHQ",       "rid": "PRO",       "endpoint": "https://buy.tinypass.com/api/v3",       "trackPages": true,       "debug" : false,       "signUpPage": "/pro-login-page"    },
       			"product": "web",
       			"templateName": "story_simple",
       			"containerSelector": "articlePayload",
       			"contentSection": "Real Estate",
       			"contentAuthor": "Diana Olick",
       			"contentCreated": "2017-09-20T13:53:38-0400"
				}
		}
    ,	    {
	moduleId : 'signin',
	initOn : 'load',
	initData : {
		source : 'default',
		flow : 'header'
	}
}
    ,	    {
            		moduleId : 'pageVideoMetaData',
            		initOn : 'load'
            	}
    ,	    {
        
            moduleId : 'internationalization',
        
        
            initOn : 'load',
           
        initData : {
            config    : {"USA":{"edition":"USA","nid":"100746233","link":"/","name":"U.S. Edition", "msgName":"U.S.","mobileMsgName":"U.S.","mobileAlternate":"WORLD", "menuName":"U.S."},"WORLD":{"edition":"WORLD","nid":"100746255","link":"/id/100746255","name":"INTL Edition","msgName":"new international","mobileMsgName":"International","mobileAlternate":"USA", "menuName":"INTL"}}
            
        }
    }
    ,	    {
	  moduleId : 'symbolLookup',
	  initOn : 'focus mouseover',
	  moduleDomSelector : '.symbol-search input'
	}
    ,	    {
		moduleId : 'navigation',
		initOn : 'load'
	}
    ,	    {
	moduleId : 'footerdefault',
	initOn : 'view',
	moduleDomSelector : '#cnbc-footer-responsive'
}
    ,	    {
			moduleId : 'quoteStreaming',
			initOn : 'load',
			initData : {
				showInlineQuotes : false,
				showTableChart : true,
				showFutureChart : false,
				showTickerChart : false,
				showTickerNG : false,
				showTableChartNG : false,
				chartApiUrl : '//api-chart.cnbc.com/api/chart/chart.asp',
				quoteService : '//quote.cnbc.com/quote-html-webservice/quote.htm',
				quoteServiceParams : 'requestMethod=quick&exthrs=1&noform=1&fund=1&output=jsonp&symbols=',
				partnerId : 2,
				quoteUrl : '//quote.cnbc.com/quote-html-webservice/quote.htm' + '?partnerId=' + 2 + '&' + 'requestMethod=quick&exthrs=1&noform=1&fund=1&output=jsonp&symbols=',
				futureQuoteUrl : '//quote.cnbc.com/quote-html-webservice/fvquote.htm',
				futureQuoteParams : 'requestMethod=quick&noform=1&realtime=0&client=fairValue&output=jsonp&symbols=',
				futureUrl :  '//quote.cnbc.com/quote-html-webservice/fvquote.htm' + '?' + 'requestMethod=quick&noform=1&realtime=0&client=fairValue&output=jsonp&symbols=',
				settings : {
					streaming : true,
					streamingInterval : 10000
				}
			}
		}
    ,	    {
	moduleId : 'tabletFriendlyTouch',
	initOn : 'load'
}
    ,	    {
	  'moduleId' : 'lazyLoadFunctions',
      'initOn' : 'load'
	}
    ,	    {
                	moduleId : 'alerts',
                	initOn : 'load',
                	initData : {
                		alertInterval : 30,
						playerurl : '/watch-live-universal?forceStreamAkamai=true&premium=1&popout=true&autoplay=true&',
                        isMobile : false
					}
                }
    ,	    {
				moduleId : 'proAccountNotification',
				initOn : 'load'
			}
    ,	    {
    	moduleId : 'persistentSiteHeader',
    	initOn : 'load',
    	initData : {
    		product : 'web',
    		products : {
    			web : 'web',
    			mobile : 'mobile-touch'
    		}
    	}
    }
    ,	    {
	moduleId : 'lazyloadFragment',
	initOn : 'load'	
}
    ,	    {
	moduleId : 'lazyImageLoader',
	initOn : 'load'
}
    	]);
            

            </script>
        
		  <script id="javascript-lazy-loader" data-loader-url="https://js.cnbcfm.com/minify/js" type="text/javascript" src="https://js.cnbcfm.com/minify/js?modules=core&vn=520"></script>
		

        <!--  Scripts from the skin -->
                    							    		    			    				    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		    				
					    						    					      			       		       		    		    			    				    				
					    						    					      			       		       		    		    			    				    				
					    						    					      			       		       		    		    			    				    				
					    						    					      			       		       		    				
                <!-- End of Scripts from the skin -->

        <!-- Global insert_cmsfooter -->
        <!-- MPS Global Footer Insert BEGIN -->
<!-- Start BounceX Tag -->
        <script>
        (function(d) {
            var e = d.createElement('script');
            e.src = d.location.protocol + '//bounceexchange.com/tag/1021/i.js';
            e.async = true;
            d.getElementsByTagName("head")[0].appendChild(e);
        }(document));
        </script>
<!-- End BounceX Tag -->

<!-- Quantcast Tag -->
<script type="text/javascript">
$(document).ready(function(){
  mps._queue.mpsloaded.push(function(){
    mps._log('**** LOADED: Quantcast - cnbc-global-footer-insert');
    if (window.mps) {
        var _qevents = _qevents || [];

        function nbcQuantcast() {
        var lb = "CNBC";
        lb+=(typeof mps.pagevars.cats[1] =="string" && mps.pagevars.cats[1].length > 0) ? ".Section." + mps.pagevars.cats[1]:"";
        lb+=(typeof mps.pagevars.cats[2] =="string" && mps.pagevars.cats[2].length > 0) ? ",CNBC." + "Sub Section." + mps.pagevars.cats[2]:"";
        return lb;
        }

        (function() {
        var elem = document.createElement('script');
        elem.src = (document.location.protocol == "https:" ? "https://secure" : "http://edge") + ".quantserve.com/quant.js";
        elem.async = true;
        elem.type = "text/javascript";
        var scpt = document.getElementsByTagName('script')[0];
        scpt.parentNode.insertBefore(elem, scpt);
        })();

        _qevents.push({
            qacct:"p-9eJ8k4iSzux46",
            labels: nbcQuantcast()
        });
    }
  });
 });
</script>

<noscript>
<div style="display:none;">
<img src="//pixel.quantserve.com/pixel/p-9eJ8k4iSzux46.gif" border="0" height="1" width="1" alt="Quantcast"/>
</div>
</noscript>
<!-- End Quantcast tag -->
<!-- START Parse.ly Include: DOM-Free -->
<script>
(function(d) {
  var site = CNBC_Settings.baseurls.cnbc_base_host||"cnbc.com", // replace with the domain of your site (e.g. parsely.com)
      b = d.body,
      e = d.createElement("div");
  e.innerHTML = '<span id="parsely-cfg" data-parsely-site="'+site+'"></span>';
  e.id = "parsely-root";
  e.style.display = "none";
  b.appendChild(e);
})(document);
(function(s, p, d) {
  var h=d.location.protocol, i=p+"-"+s,
      e=d.getElementById(i), r=d.getElementById(p+"-root"),
      u=h==="https:"?"d1z2jf7jlzjs58.cloudfront.net"
      :"static."+p+".com";
  if (e) return;
  e = d.createElement(s); e.id = i; e.async = true;
  e.src = h+"//"+u+"/p.js"; r.appendChild(e);
})("script", "parsely", document);
</script>
<script src="https://fm.cnbc.com/applications/cnbc.com/resources/files/2017/12/07/parsely_data_4.js"></script>
<!-- END Parse.ly Include: DOM-Free -->

<!-- AB Admiral BEGIN -->
<script id="ab-admiral">(function(a,b,c,d,e){e=a.createElement(b);a=a.getElementsByTagName(b)[0];e.async=1;e.src=c;a.parentNode.insertBefore(e,a)})(document,'script','//nervoussummer.com/40cad7fabed6c884e79a4e286d192a42212f95b4a2dcfe41771324064f6510a6d465b805e1308a6de2f29b32fce73dffe3ba2710980cb2e99b39d282fc0917');</script>
<!-- AB Admiral END -->

<!-- MPS Global Footer Insert END -->
        <!-- MPS ASYNC Application Component - Desktop Insert FOOTER BEGIN -->
<script type="text/javascript">
$(document).ready(function(){
  mps._queue.mpsloaded.push(function(){
    mps._log('**** LOADED: cnbc-cms-footer-insert');
      //<!-- begin FRANCHISE ONLY Ad Refresh -->
      if (mps.pagevars.type == 'franchise' && mps.pagevars.hline != "US Homepage" && mps.pagevars.hline != "International Homepage") {
          if (mps._detect) mpsopts.activerefresh = 1;
          if (mps.pagevars.cats.indexOf('markets') != -1) {
              mps.refreshAdsInterval(120, ['topbanner', 'topflex']);
              window.console && console.log('--[executed]--> MPS Set Ad Refresh (120s)');
          } else {
              mps.refreshAdsInterval(60, ['topbanner', 'topflex']);
              window.console && console.log('--[executed]--> MPS Set Ad Refresh (60s)');
          }
      }
      //<!-- end FRANCHISE ONLY Ad Refresh -->
      (function() {
          if ('mps' in window && mps.pagevars && CNBC_Settings.templateName == 'slideshow_one_page') {
              setInterval(function() {
                  mps.refreshAds('topflex');
              }, 60000);
          }
      })();

      //<!-- Global Web Index: BEGIN -->
      (function() {
          var js = document.createElement('script');
          js.src = '//gwiqcdn.globalwebindex.net/gwiq/gwiq.js';
          js.type = 'text/javascript';
          js.async = 'true';
          js.onload = js.onreadystatechange = function() {
              var rs = this.readyState;
              if (rs && rs != 'complete' && rs != 'loaded') return;
              try {
                  mps.gwiqSect = mps.pagevars.hline.replace(/\s+/g, "_").replace(/[\W]+/g, "");
                  gwiq.asyncjs("cid=c0234&section=" + mps.gwiqSect);
              } catch (e) {}
          };
          var s = document.getElementsByTagName('script')[0];
          s.parentNode.insertBefore(js, s);
      })();
  });
});
</script>
<!-- Global Web Index: END -->
<!-- Sharethrough Load: BEGIN -->
<script type="text/javascript" async defer src="//native.sharethrough.com/assets/sfp.js"></script>
<!-- Sharethrough Load: END -->
<!-- MPS ASYNC Application Component - Desktop Insert FOOTER END -->
        <!-- End Global insert_cmsfooter -->

        <!-- Wires Redirect Popup -->
        

        <!-- End Wires Redirect Popup -->
        

    </body>
</html>
