Foreclosures | Mortgages | Financing
The recent surge in mortgage rates has impacted expected refinance originations, with next year’s outlook being slashed by more than $170 billion.
Including refinances and purchase financing, U.S. home lenders are expected to generate $485 billion in residential loan production during the fourth quarter.
Volume is then expected to tumble to $300 billion in the first-three months of next year and bounce up to $450 billion during the second-quarter 2017.
From:: Financing
Making the media rounds after being selected to serve as Treasury secretary by President-elect Donald Trump, Steve Mnuchin dropped a bombshell about the future of Fannie Mae and Freddie Mac.
Rather than be wound down, as some advocate for, Mnuchin said the government-sponsored enterprises will be taken out of “government ownership,” restructured, and privatized. Click the headline to read more. …read more
From:: Real Estate Wire
Nucor Inc. said Wednesday it will raise its quarterly dividend by one-quarter cent, or 0.7%, to 37.75 cents a share. The new dividend will be payable Feb. 10 to shareholders of record on Dec. 30. Nucor said it has increased its dividend every years since it started paying dividends in 1973. This marks the seventh-straight year that it has raised its quarterly dividend by 1/4-cent, following a 1-cent rise the year before. Based on current share prices, the steel company’s new implied annual dividend yield is 2.42%, compared with the aggregate S&P 500 dividend yield of 2.11%, according to FactSet. The stock climbed 1.4% to trade just shy of its eight-year closing high of $62.85 on Friday. It has run up 22% since the election and 55% so far this year, while the S&P 500 has gained 8.1% year to date.
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 Organization of the Petroleum Exporting Countries has agreed to cut its crude-oil production by 1.2 million barrels a day to a ceiling of 32.5 million barrels a day, Mohammed bin Saleh al-Sada, president of the OPEC Conference, announced Wednesday in Vienna, confirming earlier news reports on the deal. Key non-OPEC producers have agreed to cut back their production by 600,000 barrels a day, with Russia taking on half of that cut, al-Sada said. Indonesia, which had rejoined OPEC as a member less than a year ago after a suspension in 2009, has asked OPEC to suspend its membership. Indonesia expressed difficulty in participating in the deal because it is a net importer of oil, al-Sada said. January West Texas Intermediate crude rose $3.93, or 8.7%, to $49.16 a barrel on the New York Mercantile Exchange. February Brent crude traded at $51.66 a barrel on the ICE Futures exchange in London, up $4.34, or 9.2%.
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
While the Dow Jones Industrial Average marches toward its ninth record close of the month, market internals are showing a rather mixed market. The number of declining stocks are outnumber advancers by a 1,493 to 1,404 margin on the New York Stock Exchange, but the volume of advancing stocks is doubling up declining volume by 224.9 million shares to 107.7 million shares. On the Nasdaq exchange, declining stocks are beating decliners 3,008 to 2,972, but advancing volume is well above declining volume 213.4 million shares to 144.0 million shares. The Dow was up 85 points in morning trade, while the Nasdaq Composite Index slipped 0.3%, the S&P 500 gained 0.2% and the Russell 2000 Index tacked on 0.3%.
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
ADP predicts strong job growth during the month of November, with increases centered in the service-providing sector. Construction showed a slight increase over the month. Over the past three months, ADP’s prediction fell short of the job report’s numbers, however this time one expert thinks the company over-shot. …read more
From:: Real Estate Wire
What is the magic formula for a successful property management team? Like any other workplace, a property management office functions much more efficiently when employees function as a team with each member contributing their particular talent and expertise.
When an office functions as a true team, everything runs smoothly. When it doesn’t, even the slightest bump in the road can quickly become a pothole.
If you have staff members fighting, tenants complaining, and work not being completed properly (or at all) you staff is not functioning as a unified team.
So how do you do it? How do you get the right team in place, and ensure that they’re working together? Here are a few suggestions:
Creating a strong group of employees that work well together will go a long way towards building a team of individuals that together create a positive environment for all.
From:: Property Management
Weekly applications for new residential loans were dragged down by a slowdown in mortgage refinancing activity.
In the week ended Nov. 25, the seasonally adjusted Market Composite Index declined 9 from one week previous.
The index, which is a measure of mortgage loan application volume, sank 38 percent without any seasonal adjustments.
From:: Financing
Oil futures held onto its earlier gains Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies in the week ended Nov. 25 fell by 900,000 barrels. The American Petroleum Institute late Tuesday reported a decline of 717,000 barrels, according to sources. Analysts polled by S&P Global Platts expected a fall of 250,000 barrels. Gasoline supplies climbed by 2.1 million barrels and distillate stockpiles surged higher by 5 million barrels, according to the EIA. January crude rose by $3.20, or 7.1%, to $48.43 a barrel on the New York Mercantile Exchange. Prices, which had already been rallying following reports that the Organization of the Petroleum Exporting Countries has reached a deal to cut output, traded at $48.56 before the data.
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
Wayfair Inc. shares rose 4.2% in Wednesday trading after the home furnishings and decor retailer reported a 46% year-over-year jump in sales for the five-day period between Thanksgiving and Cyber Monday. The company’s strongest day ever was Cyber Monday, with order volume peaking between 9 p.m. and midnight ET. TV stands were the top seller, with the most popular version, the Sunbury TV Stand by Beachcrest Home, sold every 19 seconds on Cyber Monday. On that day, the company sold a rug every four seconds, and a mattress every 12 seconds. Ahead of the holiday season, Wayfair expanded its selection of Christmas trees and other seasonally decorative items, adding the 5 for $25 Ornament Shop with two-day free shipping. Wayfair shares are down 24% for the year so far while the S&P 500 index is up 8.1% for the same period.
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