Foreclosures | Mortgages | Financing
Sen. Ted Cruz, R-Texas, introduced a bill repealing Title X of the Dodd-Frank Wall Street Reform Act, which established the CFPB. But Cruz wasn’t alone last week in launching a full-scale assault on the controversial governmental agency. Sen. Mike Rounds, R-South Dakota, also introduced a bill last week that would kill off the CFPB, albeit in a different way than Cruz’s bill calls for. …read more
From:: Real Estate Wire
Facebook Inc. is in discussions with Major League Baseball to air one game a week on its social network, Reuters reported Tuesday. Social networks believe their platforms are a “second screen” that sports fans rely on while watching games, and are eager to test the popularity of combining the viewing of video and the commentary that takes place on social networks into a single feed. Offering a free weekly baseball game would be one way to counter social-networking rival Twitter Inc.’s ambitions in sports broadcasting. Twitter began streaming a weekly National Football League game on Thursday nights last year. Facebook Chief Executive Mark Zuckerberg discussed Facebook’s video ambitions last month in a conference call related to earnings, saying Facebook would focus on short-form video with an eye toward longer-form offerings in the future. “We want people to think of Facebook as a place for interesting and relevant video content from professional creators as well as their friends,” Zuckerberg said then. “Last year, we started to invest in more original video content to help seed the ecosystem, and we’re planning to do more in 2017.” Reuters cited two anonymous sources in its report, adding that one said the talks were at an advanced stage.
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From:: Stock Market News
All-out growth in the housing market this year is hinging on the Trump Administration’s policies, with the Fannie Mae Economic & Strategic Research Group expecting standstill wages to cripple affordability unless incomes improve.
“We expect the housing expansion to continue, albeit at a more moderate pace than last year given continued pressure on affordability,” says Doug Duncan, Fannie Mae chief economist. “Depressed inventory, particularly in the more affordable segments, will likely constrain sales and push home price gains that outpace income growth. A faster pace of monetary tightening, unless accompanied by a stronger increase in household income, also poses downside risk to housing.”
A recent affordability measure by the National Association of REALTORS® (NAR) and realtor.com® confirms a gap, especially for those with lower incomes.
The Fannie Mae Group’s recent Economic and Housing Outlook for February forecasts the economy to grow 2.0 percent in 2017, a minor gain from 1.9 percent in 2016.
“Last month we revealed our theme for the year, ‘Will Policy Changes Extend the Expansion?’ That question still hovers as the month-old administration begins enacting its agenda,” Duncan says. “Timing effects make it unlikely that we’ll see materially positive impacts stemming from any fiscal stimulus or deregulation this year, while immigration and trade policy pose downside risk. Any upside risk is likely to come from increased business investment based on expectations of policy change, enhancing prospects for after-tax profits.”
The Outlook projects existing-home sales will reach 5.646 million by the end of the year, while single-family starts will expand to 880,000. The median existing-home price is projected to be $245,000, while the median new-home price is projected to be $327,000.
The 30-year fixed-rate mortgage, which soared higher than 4 percent following the election, is projected to end 2017 at an average 4.3 percent.
Source: Fannie Mae
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From:: Finance and Economy
Wells Fargo announced Tuesday that it fired four senior managers as the fallout continues from the fake account scandal that led to a $185 million fine from the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the city and county of Los Angeles. …read more
From:: Real Estate Wire
First Solar Inc. shares rose 1.6% late Tuesday after the solar-panel maker and solar-power developer reported fourth-quarter adjusted earnings and sales above expectations. First Solar said it lost $6.92 a share in the quarter, versus earnings of $1.63 a share in the year-ago period. Adjusted for one-time items, First Solar earned $1.24 a share in the quarter. Sales fell to $480 million in the quarter from $942 million a year ago. Analysts polled by FactSet had expected adjusted earnings of $1.01 a share on sales of $404 million for the Tempe, Ariz., company in the quarter. First Solar also tweaked higher its expectations for 2017 sales to between $2.8 billion and $2.9 billion, from a range between $2.5 billion and $2.6 billion. Shares ended the regular trading session up 5.1%.
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From:: Stock Market News
San Francisco Federal Reserve President John Williams said Tuesday that blockchain technology could lower costs while making record keeping easier and more efficient. Williams, who was speaking at Boise State University, also said that people increasingly understand that bitcoin won’t replace government-issued currencies like the U.S. dollar. Back in December, the Fed published a paper examining how blockchain technology could be applied in the financial industry. Fed Chairwoman Janet Yellen has previously said that blockchain technology could have a significant impact on the payments system.
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From:: Stock Market News
U.S. stocks extended their record winning streak on Tuesday, with all three equity benchmarks ending at all-time highs. The Dow Jones Industrial Average gained 112.82 points to 20,737.83, a rise of 0.6%. The S&P 500 added 13.92 points, or 0.6%, to 2,365.12. The Nasdaq Composite Index climbed 27.37 points, or 0.5%, to 5,865.95. The day’s rally was broad, with all 11 of the S&P 500’s primary sectors ending up on the day, though defensive industries – including real estate, consumer staples, and utilities – provided the biggest boost, with all three rising at least 1%. With the day’s move, the Dow rose for an eighth straight session, while both the S&P 500 and the Nasdaq posted their ninth advance of the past 10 sessions. Wal-Mart Stores Inc. and Home Depot Inc. were among the strongest gainers of the day, with both climbing in the wake of strong quarterly results. Wal-Mart popped 3% while Home Depot rose 1.3%.
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From:: Stock Market News
Wal-Mart Stores Inc.’s stock surged 3.2% in afternoon trade Tuesday, after the discount retail giant reported fiscal fourth-quarter earnings and same-store sales that beat expectations. That put the stock, which paced the gainers within the Dow Jones Industrial Average , on track to post the biggest one-day percentage gain since it soared 9.6% on May 19, 2016, after first-quarter results. The price gain of $2.21 was adding 15 points to the Dow’s price, which was up 123 points in record territory. Wal-Mart shares are also on course for a fifth-straight gain, the longest such stretch since the six-session win streak ended Oct. 31, 2016. Wal-Mart’s stock has rallied 11% over the past 12 months, while the SPDR Consumer Staples Select Sector ETF has tacked on 8.3% and the S&P 500 has climbed 23%.
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From:: Stock Market News
Crude-oil futures on Tuesday ended sharply higher amid growing optimism about compliance to a global pact to curb crude output, but the commodity ended off its best levels as an OPEC boss talked down the prospect of an extension to the pact to shrink production. Crude-oil prices for April finished up 55 cents, or 1%, at $54.33 a barrel. Those for March , which expire Tuesday, settled up 66 cents, or 1.2%, at 54.06 a barrel. Gains for crude were supported by comments from OPEC’s Secretary-General, Mohammad Sanusi Barkindo, who offered encouragement about the effectiveness of the Organization of the Petroleum Exporting Countries’ recent agreement to cut production globally by about 2%. However, Barkindo, who spoke during a International Petroleum Week conference in London on Tuesday, however, said it was too early to begin thinking about extending that six-month agreement, which began Jan.1 another six months, to the end of 2017.
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From:: Stock Market News
Gold prices on Tuesday settled near break-even levels, confounding some market players as the commodity pared an earlier loss in the session, even as U.S. equities rose and the dollar strengthened. Gold futures for April delivery ended down 20 cents, or less than 0.1%, at $1,238.90 an ounce. Some market participants attributed the stronger finish for gold, which traded as low as $1,226.80 during the session, to heighten concerns about the outcome of European elections showing the rise of anti-establishment candidates like France’s far-right Marine Le Pen. Gold may have been drawing some haven bids as a result of worries about geopolitics that could prove disruptive to the eurozone and the euro . Meanwhile, the dollar, as measured by the ICE U.S. Dollar Index gained 0.5% at 101.4000. A stronger dollar ordinarily is a headwind for gold and other assets priced in the currency, which can become less attractive to buyers using other monetary units.
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From:: Stock Market News