Foreclosures | Mortgages | Financing
Gold futures eased back Thursday from a five-session climb as some strength in the U.S. dollar and gains in the stock market dulled investor interest in the precious metal. April gold fell $2.70, or 0.2%, to settle at $1,236.80 an ounce, after settling Wednesday at its highest level in about three months.
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
The top executive at the parent of Radian Guaranty Inc. is retiring, and a successor has been named to run the mortgage insurance company.
Since May 2005, and during the financial crisis, S.A. Ibrahim has reigned as chief executive officer over Philadelphia-based Radian Group Inc.
But in May 2016, Radian announced that Ibrahim, who was 64 at the time, disclosed he intended to retire at the end of his contract in December 2017.
From:: Financing
A just-released report reveals underwater properties are steadily declining, with more than one million shifting status in 2016—a possible turning point in the ongoing inventory crisis.
According to ATTOM Data Solutions’ Year-End 2016 U.S. Home Equity & Underwater Report, the amount of “seriously” underwater properties in the U.S. decreased by over one million last year, while the amount of “equity rich” properties increased by 1.3 million. Seriously underwater is defined as a property with a loan-to-value ratio 25 percent or more of its fair market value; equity rich is defined as a property with an LTV ratio 50 percent or less.
The opposing gap between the two is a signal of the overall health of the housing market, as well as the potential for short supply to, if marginally, improve.
“Since home prices bottomed out nationwide in the first quarter of 2012, the number of seriously underwater U.S. homeowners has decreased by about 7.1 million, an average decrease of about 1.4 million each year,” says Daren Blomquist, senior vice president with ATTOM Data Solutions. “Meanwhile, the number of equity rich homeowners has increased by nearly 4.8 million over the past three years, a rate of about 1.6 million each year.
“Despite this upward trend over the past five years, the massive loss of home equity during the housing crisis forced many homeowners to stay in their homes longer before selling, effectively disrupting the historical domino effect of move-up buyers that feeds both demand for new homes and supply of inventory for first-time homebuyers,” Blomquist says.
Approximately 10 percent—5.4 million—of all properties with a mortgage are still seriously underwater, according to the report, marking the lowest level since 2012.
The top five states with the most seriously underwater properties in 2016 were Nevada (19.5 percent share), Illinois (16.6 percent), Ohio (16.3 percent), Missouri (14.6. percent) and Louisiana (14.5 percent). The majority of the top five metropolitan areas with the most seriously underwater properties was located in Ohio: Cleveland (21.5 percent), Akron (20.1 percent), Dayton (20.0 percent) and Toledo (19.9 percent).
The top five states with the most equity rich properties in 2016, by comparison, were Hawaii (37.8 percent), Vermont (36.9 percent), California (36.0 percent), New York (34.9 percent) and Oregon (32.0 percent). The majority of the top five metropolitan areas with the most equity rich properties was located in California: San Jose (51.6 percent), San Francisco (47.7 percent) and Los Angeles (39.2 percent).
With this substantial reversal of trend, how long will the inventory shortage last? The drop-off dynamic of shrinking underwater properties and expanding equity could indicate the answer is sooner than expected.
Source: ATTOM Data Solutions
For the latest real estate news and trends, bookmark RISMedia.com.
The post Over 1 Million Properties Shed Underwater Status in 2016 appeared first on RISMedia.
From:: Real Estate News
A just-released report reveals underwater properties are steadily declining, with more than one million shifting status in 2016—a possible turning point in the ongoing inventory crisis.
According to ATTOM Data Solutions’ Year-End 2016 U.S. Home Equity & Underwater Report, the amount of “seriously” underwater properties in the U.S. decreased by over one million last year, while the amount of “equity rich” properties increased by 1.3 million. Seriously underwater is defined as a property with a loan-to-value ratio 25 percent or more of its fair market value; equity rich is defined as a property with an LTV ratio 50 percent or less.
The opposing gap between the two is a signal of the overall health of the housing market, as well as the potential for short supply to, if marginally, improve.
“Since home prices bottomed out nationwide in the first quarter of 2012, the number of seriously underwater U.S. homeowners has decreased by about 7.1 million, an average decrease of about 1.4 million each year,” says Daren Blomquist, senior vice president with ATTOM Data Solutions. “Meanwhile, the number of equity rich homeowners has increased by nearly 4.8 million over the past three years, a rate of about 1.6 million each year.
“Despite this upward trend over the past five years, the massive loss of home equity during the housing crisis forced many homeowners to stay in their homes longer before selling, effectively disrupting the historical domino effect of move-up buyers that feeds both demand for new homes and supply of inventory for first-time homebuyers,” Blomquist says.
Approximately 10 percent—5.4 million—of all properties with a mortgage are still seriously underwater, according to the report, marking the lowest level since 2012.
The top five states with the most seriously underwater properties in 2016 were Nevada (19.5 percent share), Illinois (16.6 percent), Ohio (16.3 percent), Missouri (14.6. percent) and Louisiana (14.5 percent). The majority of the top five metropolitan areas with the most seriously underwater properties was located in Ohio: Cleveland (21.5 percent), Akron (20.1 percent), Dayton (20.0 percent) and Toledo (19.9 percent).
The top five states with the most equity rich properties in 2016, by comparison, were Hawaii (37.8 percent), Vermont (36.9 percent), California (36.0 percent), New York (34.9 percent) and Oregon (32.0 percent). The majority of the top five metropolitan areas with the most equity rich properties was located in California: San Jose (51.6 percent), San Francisco (47.7 percent) and Los Angeles (39.2 percent).
With this substantial reversal of trend, how long will the inventory shortage last? The drop-off dynamic of shrinking underwater properties and expanding equity could indicate the answer is sooner than expected.
Source: ATTOM Data Solutions
For the latest real estate news and trends, bookmark RISMedia.com.
The post Over 1 Million Properties Shed Underwater Status in 2016 appeared first on RISMedia.
From:: Finance and Economy
Consumer Financial Protection Bureau Director Richard Cordray is caught in the crosshairs of one of the biggest battles in Congress, as Democrats run to his aide and Republicans tear him and his agency apart. But despite all this quickly growing controversy, Cordray appears to be conducting business as usual. …read more
From:: Real Estate Wire
Trends in mortgage complaints are far more favorable than trends for those filed for all types of financial products on a monthly and annual basis.
During the final month of last year, there were 22,852 complaints that were filed by U.S. consumers with the Consumer Financial Protection Bureau.
Activity was marginally slower than in November 2016, when the regulator’s monthly volume for all financial services providers came to 23,134.
From:: Financing
Nordstrom Inc. shares continued their rally Thursday, extending their prior-day 4% gain, as investors shrugged off President Donald Trump’s criticism of the department store chain for dropping his daughter Ivanka’s line and his son’s call for a boycott. The shares climbed another 3.3% Thursday, after Trump senior advisor Kellyanne Conway said on Fox News, “Go buy Ivanka’s stuff.” Nordstrom shares are now up nearly 5% on the week, while the S&P 500 has gained 0.5%.
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
Shares of Vista Outdoor Inc. plunged 22% toward record lows in active midday trade Thursday, after the guns and ammunition maker beat fiscal third-quarter profit expectations, but missed on sales and slashed its full-year outlook. The stock, which was the biggest decliner listed on the NYSE, was on track to suffer its largest one-day percentage selloff since it went public on Jan. 29, 2015. Volume of 5.3 million shares was more than triple the full-day average. For the quarter to Jan. 1, Vista swung to a loss of $377.7 million, or $6.44 a share, from a profit of $43.2 million, or 70 cent a share, in the same period a year ago. Excluding non-recurring items, such as asset impairment charges, adjusted earnings per share were 62 cents, above the FactSet consensus of 58 cents. Revenue rose to $653.6 million from $592.6 million, but missed expectations of $671.3 million. Vista now expects full fiscal-year adjusted EPS of $1.95 to $2.10 and revenue of $2.50 billion to $2.54 billion, compared with guidance provided in November of EPS of $2.72 to $2.78 and revenue of $2.65 billion to $2.85 billion. “The challenging retail environment we experienced in our first and second quarters worsened in our third quarter following a slow hunting season and the national elections,” said Chief Executive Mark DeYoung. “This resulted in the need for increased promotional activity to support sales and maintain market share.” The stock has plummeted 47% over the past three months, while the S&P 500 has gained 6.7%.
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
Speaking before a meeting with airline executives, President Donald Trump said Thursday that his administration plans to unveil a tax reform plan in the coming weeks, with changes to corporate and personal taxes likely on the agenda.While those changes would likely be well received by corporate America, a new report from Fitch Ratings suggests that cutting corporate tax rates by as much as the president suggested could lead to Fannie Mae and Freddie Mac needing another bailout from the government. …read more
From:: Real Estate Wire
The Big 3 stock market indexes all rallied to record highs Thursday, but the number of stocks hitting 52-week highs have dropped sharply, which could suggest that participation in the rally may be waning. There were 104 stocks on the NYSE that hit 52-weeks highs through morning trade, and 126 stocks hitting highs on the Nasdaq exchange. On Jan. 26, the last time the Dow Jones Industrial Average , the S&P 500 and the Nasdaq Composite all reached all-time intraday highs on the same day, 257 NYSE stocks and 192 Nasdaq stocks hit 52-week highs. On Dec. 8, 465 NYSE stocks and 514 Nasdaq stocks hit new highs, as the Dow, S&P 500 and Nasdaq all surged to fresh records.
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