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Target, Gap, other retail CEOs head to DC for border-tax fight: report

The chief executive officers of major U.S. retailers plan to travel to Washington, D.C. for a meeting Wednesday to fight a House Republican plan to impose a border adjustability tax, Reuters reported Tuesday. The heads of eight retail companies including Target Inc. , Gap Inc. , Best Buy Co. , AutoZone Inc. will meet with Kevin Brady, chairman of the House Ways and Means Committee and Senate members, according to sources familiar with the plan. Those people said it wasn’t clear if the retail bosses would meet with U.S. President Donald Trump as well. Retailers have voiced opposition to the proposal to tax imported goods by 20%, saying it will cut into profits and only increase prices for consumers. Spokespersons for Best Buy, AutoZone, Gap and Target could not immediately be reached for comment.

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.

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From:: Stock Market News

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It’s official: Steven Mnuchin sworn in as Treasury Secretary

Despite all the bluster, attempted parliamentary maneuvering, and name-calling from the Democratic party, the Senate voted Monday evening to approve Steven Mnuchin to serve as the next Secretary of the Department of the Treasury. As expected, the Senate approved Mnuchin in a partisan vote of 53-47, with one Democrat, Sen. Joe Manchin, D-West Virginia, splitting from his party and voting with the Republican majority. Click the headline to read more. …read more

From:: Real Estate Wire

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Mortgage Originations Up at loanDepot

While many of its peers saw residential loan production weaken during the final quarter of last year, loanDepot LLC reported a healthy gain in new business.

From the period that began on Oct. 1, 2016, and concluded at year-end 2016, the Foothill Ranch, California-based firm originated $11.584 billion in home loans.

Those details, as well as other operational metrics, were provided as part of the the Mortgage Daily Fourth Quarter 2016 Mortgage Origination Survey.

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From:: Financing

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Second time a charm? Democrats again defend CFPB in battle with PHH

Key Democratic parties aren’t ready to back down in defending the Consumer Financial Protection Bureau just yet. In a last-second twist before the D.C. Circuit panel releases its decision on the CFPB’s petition for rehearing en banc, three Democratic groups filed requests for the full court to reconsider the panel’s denial of the motions to intervene in the government regulator’s case against PHH. …read more

From:: Real Estate Wire

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Dramatic Increase in Arch M.I.’s Book of Business

With the recent completion of a major acquisition, Arch Mortgage Insurance Co.’s book of business skyrocketed and delinquency deteriorated.

Arch Capital Group LTD, the parent of the mortgage insurer, disclosed in its fourth-quarter 2015 earnings report pre-tax income of $83 million.

Profits sank from the $317 million that was generated in the previous three-month period but improved from $39 million one year previous.

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From:: Financing

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End of an era: Trulia co-founder Pete Flint leaving Zillow Group board

In a matter of months, Pete Flint’s only direct connection with the online real estate pioneer he helped found will be the stock he owns in the company that was once his fiercest competitor. Zillow Group, which bought Trulia for $2.5 billion in 2015, disclosed Monday that Flint will be stepping down from Zillow Group’s board later this year, leaving behind the company he and Sami Inkinen founded nearly 12 years ago. …read more

From:: Real Estate Wire

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The Top 10 Suburbs Leading the Spring Home-Buying Season

By Susanne Dwyer

House hunters faced with limited affordable housing prospects in urban areas are spreading their search to the suburbs—in fact, a solid 50 percent of homebuyers are taking to suburban areas this spring, according to a recent analysis by realtor.com®, with 10 outposts rising to the top of the ranks.

“Suburbs are traditionally viewed as meccas for young families, willing to trade in shorter commute times and urban nightlife for better schools and larger homes—but the relationship between the suburbs and urban areas is far more intertwined,” says realtor.com Chief Economist Jonathan Smoke. “In recent years, rising home prices and inventory shortages in urban centers have made affordable suburban home prices more appealing for buyers. Our analysis indicates 50 percent of buyers planning to purchase a home this spring indicated they preferred a home in the suburbs.”

The suburban areas leading the trend, according to realtor.com, are those in proximity to thriving urban areas, with household growth to match. Homes in these areas garner roughly double the views on realtor.com, as well as have higher list prices and shorter days-on-market timelines. The top 10 areas, zip code included, are:

  1. Northeast/Montbello, Colo. (80239)
    Homes in Northeast/Montbello, Colo., a suburb in the Denver-Aurora-Lakewood metropolitan area, sold in an average of 19 days in 2016. Home prices in the area have grown 20.6 percent annually over the past three years.
  1. Wylie/St. Paul, Texas (75098)
    Homes in Wylie/St. Paul, Texas, a suburb in the Dallas-Fort Worth-Arlington metropolitan area, sold in an average of 41 days in 2016. Home prices in the area have grown 18.7 percent annually over the past three years.
  1. Dublin/Dougherty, Calif. (94568)
    Homes in Dublin/Dougherty, Calif., a suburb in the San Francisco-Oakland-Hayward metropolitan area, sold in an average of 24 days in 2016. Home prices in the area have grown 14.1 percent annually over the past three years.
  1. Daffan/Hornsby Bend, Texas (78724)
    Homes in Daffan/Hornsby Bend, Texas, a suburb in the Austin-Round Rock metropolitan area, sold in an average of 45 days in 2016. Home prices in the area have grown 27.1 percent annually over the past three years.
  1. Orient Park/Progress Village/Palm River-Clair Mel, Fla. (33619)
    Homes in Orient Park/Progress Village/Palm River-Clair Mel, Fla., a suburb in the Tampa-St. Petersburg-Clearwater metropolitan area, sold in an average of 47 days in 2016. Home prices in the area have grown 19.8 percent annually over the past three years.
  1. Vista East/Vista Park, Fla. (32829)
    Homes in Vista East/Vista Park, Fla., a suburb in the Orlando-Kissimmee-Sanford metropolitan area, sold in an average of 46 days in 2016. Home prices in the area have grown 13.8 percent annually over the past three years.
  1. Cutler Bay/Lakes by the Bay, Fla. (33189)
    Homes in Cutler Bay/Lakes by the Bay, Fla., a suburb in the Miami-Fort Lauderdale-West Palm Beach metropolitan area, sold in an average of 50 days in 2016. Home prices in the area have grown 16.3 percent annually over the past three years.
  1. Milpitas, Calif. (95035)
    Homes in Milpitas, Calif., a suburb in the San Jose-Sunnyvale-Santa Clara metropolitan area, sold in an …read more

    From:: Real Estate News

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The Top 10 Suburbs Leading the Spring Home-Buying Season

By Susanne Dwyer

House hunters faced with limited affordable housing prospects in urban areas are spreading their search to the suburbs—in fact, a solid 50 percent of homebuyers are taking to suburban areas this spring, according to a recent analysis by realtor.com®, with 10 outposts rising to the top of the ranks.

“Suburbs are traditionally viewed as meccas for young families, willing to trade in shorter commute times and urban nightlife for better schools and larger homes—but the relationship between the suburbs and urban areas is far more intertwined,” says realtor.com Chief Economist Jonathan Smoke. “In recent years, rising home prices and inventory shortages in urban centers have made affordable suburban home prices more appealing for buyers. Our analysis indicates 50 percent of buyers planning to purchase a home this spring indicated they preferred a home in the suburbs.”

The suburban areas leading the trend, according to realtor.com, are those in proximity to thriving urban areas, with household growth to match. Homes in these areas garner roughly double the views on realtor.com, as well as have higher list prices and shorter days-on-market timelines. The top 10 areas, zip code included, are:

  1. Northeast/Montbello, Colo. (80239)
    Homes in Northeast/Montbello, Colo., a suburb in the Denver-Aurora-Lakewood metropolitan area, sold in an average of 19 days in 2016. Home prices in the area have grown 20.6 percent annually over the past three years.
  1. Wylie/St. Paul, Texas (75098)
    Homes in Wylie/St. Paul, Texas, a suburb in the Dallas-Fort Worth-Arlington metropolitan area, sold in an average of 41 days in 2016. Home prices in the area have grown 18.7 percent annually over the past three years.
  1. Dublin/Dougherty, Calif. (94568)
    Homes in Dublin/Dougherty, Calif., a suburb in the San Francisco-Oakland-Hayward metropolitan area, sold in an average of 24 days in 2016. Home prices in the area have grown 14.1 percent annually over the past three years.
  1. Daffan/Hornsby Bend, Texas (78724)
    Homes in Daffan/Hornsby Bend, Texas, a suburb in the Austin-Round Rock metropolitan area, sold in an average of 45 days in 2016. Home prices in the area have grown 27.1 percent annually over the past three years.
  1. Orient Park/Progress Village/Palm River-Clair Mel, Fla. (33619)
    Homes in Orient Park/Progress Village/Palm River-Clair Mel, Fla., a suburb in the Tampa-St. Petersburg-Clearwater metropolitan area, sold in an average of 47 days in 2016. Home prices in the area have grown 19.8 percent annually over the past three years.
  1. Vista East/Vista Park, Fla. (32829)
    Homes in Vista East/Vista Park, Fla., a suburb in the Orlando-Kissimmee-Sanford metropolitan area, sold in an average of 46 days in 2016. Home prices in the area have grown 13.8 percent annually over the past three years.
  1. Cutler Bay/Lakes by the Bay, Fla. (33189)
    Homes in Cutler Bay/Lakes by the Bay, Fla., a suburb in the Miami-Fort Lauderdale-West Palm Beach metropolitan area, sold in an average of 50 days in 2016. Home prices in the area have grown 16.3 percent annually over the past three years.
  1. Milpitas, Calif. (95035)
    Homes in Milpitas, Calif., a suburb in the San Jose-Sunnyvale-Santa Clara metropolitan area, sold in an …read more

    From:: Finance and Economy

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Amkor Tech shares drop on revenue miss, outlook

Amkor Technology Inc. shares fell in the extended session Monday after the microchip packaging and services company’s quarterly revenue and outlook fell below Wall Street estimates. Amkor shares dropped 10% to $9.40 a share after hours. The company forecast revenue of $860 million to $940 million for the first quarter. Analysts surveyed by FactSet expect $964.6 million. For the fourth quarter, Amkor reported earnings of 42 cents a share on revenue of $1.02 billion. Analysts had estimated earnings of 28 cents a share on revenue of $1.04 billion.

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.

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From:: Stock Market News

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From Coastlines to Skylines

By Susanne Dwyer

Adams_Candace_2016_new

In the following interview, Candace Adams, president and CEO of Berkshire Hathaway HomeServices New England & Westchester Properties in Wallingford, Conn., discusses the company’s recent expansion and its plans for growth in 2017.

Region Served: Rhode Island, Connecticut, Westchester County, N.Y., New York City
Number of Offices: 56
Number of Agents: 1,800
On Relaxation and Balance: I’m very active and a physical fitness fanatic. I love the outdoors and hike all the time. I also read incessantly, usually 5-7 books at a time. My family and two beautiful grandchildren are also a big part of my life.

You have exciting news about a recent expansion. Please tell us about that.
Yes, we have enthusiastically expanded our presence into New York City. We have leveraged the relationships we’ve built over the years in the suburbs of Westchester County, N.Y., and Fairfield County, Conn., and all the way up the coastline of Connecticut and Rhode Island, to bring Berkshire Hathaway HomeServices to New York City, where there’s been a high demand for the brand.

When did the plans for a presence in New York City begin?
New England Properties was one of the first two franchises to convert to Berkshire Hathaway HomeServices, and we quickly grew under that brand into Rhode Island and Westchester County. We’ve had a mission to open an office in New York City since the onset of the brand three years ago, but we wanted to do so very carefully with the right talent at the right time. In early January, we opened our doors at 590 Madison Avenue, right in the heart of Midtown in the spectacular IBM Building. We hired a wonderful, talented leader by the name of Ellie Johnson who spent many years in New York City real estate, 11 of which were at Sotheby’s. We’re vetting people very carefully and have several other experienced New York City brokers who have joined us.

What’s your take on current market conditions in Manhattan?
The Manhattan market continues to have strong momentum. The mid-level is very active and there’s an oversupply of new development right now that we expect to be absorbed in the next 24 months. There’s a massive migration back and forth from the suburbs to the city and the city to the suburbs.

There’s also a good international buyer’s market. Berkshire Hathaway HomeServices has a very strong global initiative and international focus, and that weaves into our New York City expansion.

Any other expansion goals for 2017?
There are plans to grow our Madison Avenue location. I’m seeing brokers doing business in different areas of the city from one location—they’re crossing over borders to service all parts of the city. Ultimately, we’ll do small satellite offices in the boroughs. We’re also looking to expand our Massachusetts footprint, and focus on growing additional offices in Westchester and Rhode Island.

As the company gets bigger, how do you stay in tune with the needs of your agents and their consumers?
We’re set up to support the team infrastructure to withstand the pressure of growth. Our ear is always to the …read more

From:: Real Estate News