Foreclosures | Mortgages | Financing
Refinance originations increased annually in the fourth quarter even as purchase originations saw a decline. As interest rates increase and refinaces begin to dwindle, the fourth-quarter increase could be the final stand for refis. …read more
From:: Real Estate Wire
For the second time in less than a year, Caliber Home Loans, an Irving, Texas-based residential mortgage origination and servicing company, is acquiring a regional residential mortgage lender that focuses on the Western part of the country. On Wednesday, Caliber announced plans to acquire Banc Home Loans, the mortgage banking division of Banc of California. …read more
From:: Real Estate Wire
A big office expansion in Guaranteed Rate’s home town will enable it to hire hundreds of loan originators who will handle online mortgage leads.
The Chicago-based company is running a recruiting campaign dubbed the Liftoff Program. No mortgage experience is needed to join the program.
Recruits will receive an instructional sales itinerary that includes industry guest lecturers and all certification exams required for loan originators.
From:: Financing
Despite a controversial start to his nomination, the Senate floor is finally set to vote on the nomination of Ben Carson as secretary of the Department of Housing and Urban Development on Thursday. Carson is one of few remaining cabinet picks left to be confirmed. …read more
From:: Real Estate Wire
Despite a controversial start to his nomination, the Senate is finally set to vote on the nomination of Ben Carson as secretary of the Department of Housing and Urban Development on Thursday. Carson is one of the few remaining cabinet picks left to be confirmed. …read more
From:: Real Estate Wire
For four consecutive months, secondary activity at the Federal National Mortgage Association has retreated. Delinquency fell to a new post-crisis low.
Fannie Mae’s total book of business finished January 2017 at $3.1502 trillion — the highest it’s been since February 2014 when it was $3.1517 trillion.
The Washington-based organization reported the most-recent number, in addition to other operational metrics, in its January 2017 monthly summary.
From:: Financing
Snap Inc. confirmed an earlier report Wednesday, pricing shares in its initial public offering at $17 for the largest U.S.-listed IPO since Alibaba Group Holdings Ltd. in 2014. The parent company of the popular Snapchat mobile app said it would sell 200 million shares for a total take of $3.4 billion, with about $2.5 billion going to the company and the rest to early investors and executives who sold shares. Snap receives an initial market capitalization of $19.7 billion, though that valuation jumps to roughly $24 billion when counting unvested shares and other potential dilution. Snap shares are expected to begin trading Thursday on the New York Stock Exchange under the ticker symbol SNAP.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Wells Fargo announced Wednesday that it plans to claw back the cash bonuses for eight of its top senior executives, including the bank’s new CEO, Tim Sloan, as the fallout from the bank’s fake account scandal continues. But as it turns out, Wells Fargo may be facing more fake account fallout, as the bank also warned investors Wednesday that there could be more victims of fake accounts than previously disclosed. …read more
From:: Real Estate Wire
Planet Fitness Inc. shares declined in the extended session Wednesday after the gym chain’s full-year forecast earnings range fell short of the Wall Street view. Planet Fitness shares fell 8.1% to $20.08 after hours. The company forecast adjusted 2017 earnings of 72 cents to 75 cents a share on revenue of $405 million to $415 million. Analysts surveyed by FactSet expect 75 cents a share on revenue of $411.2 million. For the fourth quarter, Planet Fitness reported adjusted earnings of 20 cents a share on revenue of $116.4 million. Analysts had estimated 19 cents a share on revenue of $115.5 million.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Generational shifts are set to give rise to more investment in remodeling, as baby boomer homeowners adopt accessible living, Gen Xer homeowners complete put-off projects and millennials become homeowners, according to a recently released report by the Harvard University Joint Center for Housing Studies. Higher remodeling spending broadly signals confidence in the economy, household finances and the housing market.
The report, Demographic Change and the Remodeling Outlook, projects remodeling spending to grow an average 2 percent each year through 2025, driven primarily by rising home values and incomes. Homeowner and renter spending on remodels hit a record $340 billion in 2015.
“With national house prices rising sufficiently to help owners rebuild home equity lost during the downturn, and with both household incomes and existing-home sales on the rise, we expect to see continued growth in the home improvement market,” says Kermit Baker, director of the Remodeling Futures Program at the Joint Center.
Baby boomer homeowners will focus on improvements that support an aging-in-place lifestyle, according to the report, spending the most of the three generations at a 56 percent share. Millennial homeowners—with limited resources—will move to upgrade for automation and energy efficiency.
The majority of remodeling spending occurs in housing markets with high home values and incomes—a derailing trend, if affordability pressures continue to hamper millennial home-buying. In still-affordable Cincinnati and Detroit, for example, remodeling spending by millennials was more than double than that in Los Angeles and San Francisco in 2015. Millennial homeowners of houses built before 1980, also in 2015, spent 16 percent more than the national average. In 2017, remodeling spending overall is projected to increase the most in the East and Midwest.
Other shifts, however, could have a softening effect. The share of homeowners 65 and older—who typically spend less on remodeling—will grow in tandem with other generations, along with minority homeowners and homeowners without young children, who also spend less.
“Despite these challenges, the remodeling industry should see numerous growth opportunities over the next decade,” says Chris Herbert, managing director of the Joint Center. “Strong demand for rental housing has opened up that segment to a new wave of capital investment, and the shortage of affordable housing in much of the country makes the stock of older homes an attractive option for buyers willing to in invest in upgrades.”
Source: Harvard University Joint Center for Housing Studies
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From:: Real Estate News