Foreclosures | Mortgages | Financing
President-elect Donald Trump is expected to pick former Goldman Sachs executive Steven Mnuchin as Treasury secretary, according to reports late Tuesday. Mnuchin, 53, whose father was a partner at Goldman Sachs, worked at the firm for 17 years before founding the hedge fund Dune Capital Management.
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From:: Stock Market News
To borrow a phrase from Game of Thrones, winter is coming in more ways than just on the calendar. Winter is coming from mortgage lending too, according to a new report from Kroll Bond Rating Agency. KBRA’s new report states that 2016 will likely be the peak year for mortgage originations for “years to come,” as a fall in origination volume will occur in 2017 and beyond. …read more
From:: Real Estate Wire
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REALTOR® Broker Summit Keynote Announced; Early Bird Registration Ends
Kerri Walsh-Jennings, professional beach volleyball player and five-time Olympian, will be the Day 2 keynote at the 2017 REALTOR® Broker Summit. She will focus her talk on the importance of being a good teammate, successfully partnering with a former rival and continuing to drive for success. Latest sessions on the program include Above the Plateau: Strategies for Remaining Vital and Profitable, presented by RISMedia, Economic Update, and Legal and Risk Management Update. Early bird pricing ENDS TODAY (11/30)—secure your spot now! Register today!
Take a Tour of Your Local Boys & Girls Club
Have you heard that more than 200 REALTOR® associations and firms have gotten involved with their local Boys & Girls Club this year? Now is the perfect time to connect with your firm’s local Club! It’s as simple as calling them and asking for a tour. During your visit, ask how you and your agents can help, and go from there! Visit realtor.org/BGCA to find your local Club. Let us know how you get involved by e-mailing us at narbgca@realtors.org. Don’t forget to send photos! Learn more.
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The post Last Day to Save 10 Percent on NAR’s Must-Have Guide for Brokers appeared first on RISMedia.
From:: Real Estate News
Home prices in the U.S. have fully recovered from the recession, remaining on a pick-up with a 5.5 percent annual gain in September, according to data from the S&P CoreLogic Case-Shiller Indices, and advancing from the 5.1 percent seen in August.
The 10-City Composite in the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 4.3 percent annual increase in September, up from 4.2 percent the previous month, and the 20-City Composite reported a 5.1 percent annual increase, unchanged from the previous month. Denver, Portland and Seattle once again reported the highest year-over-year gains among the 20 cities in September, with Seattle at 11.0 percent, Portland at 10.9 percent and Denver at 8.7 percent.
Month-over-month, the Index reported a 0.4 percent increase, with both the 10-City and 20-City Composites reporting a 0.1 percent increase.
“The new peak set by the S&P Case-Shiller CoreLogic National Index will be seen as marking a shift from the housing recovery to the hoped-for start of a new advance” says David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. “While seven of the 20 cities previously reached new post-recession peaks, those that experienced the biggest booms—Miami, Tampa, Phoenix and Las Vegas—remain well below their all-time highs.
“Other housing indicators are also giving positive signals: sales of existing and new homes are rising and housing starts at an annual rate of 1.3 million units are at a post-recession peak,” Blizter says. “From 1975 (the earliest date for the S&P Case-Shiller CoreLogic National Index) to this report, home prices rose at an annual rate of 4.9 percent before adjusting for inflation. The real or inflation adjusted pace was 1.1 percent per year. Real disposable personal income per capita—income after inflation and taxes on a per-person basis—rose 1.9 percent, outpacing home prices over the entire period. The stock market did better at 4.4 percent per year. We are currently experiencing the best real estate returns since the bottom in July of 2012, when prices rose at a 5.9 percent real annual rate. Given history, this trend is unlikely to be sustained.”
“With home prices growing to record highs, it’s important to remember this isn’t driven by speculation or easy credit like a decade ago,” says Bill Banfield, vice president of Quicken Loans. “It is led mostly by constrained home availability as buyers continue to battle over the few homes for sale, especially in the West. We may see a retreat in home prices when supply opens up, increasing choice for buyers and the health of the housing market.”
For more information, please visit www.homeprice.spdji.com.
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The post Case-Shiller: Home Prices Fully Recovered from Recession appeared first on RISMedia.
From:: Finance and Economy
The American Petroleum Institute late Tuesday reported a fall of 717,000 barrels in U.S. crude supplies for the week ended Nov. 25, according to sources. Analysts polled by S&P Global Platts expected stockpiles to decline by 250,000 barrels. Supply data from the Energy Information Administration will be released Wednesday. January crude was at $45.34 a barrel in electronic trading, above the contract’s settlement of $45.23 on the New York Mercantile Exchange. Prices lost 3.9% in Tuesday’s session as the market awaited Wednesday’s Organization of the Petroleum Exporting Countries decision on crude output.
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From:: Stock Market News
Arrowhead Pharmaceuticals Corp. shares plummeted in the extended session Tuesday after the drug developer said it was discontinuing the development of some drug candidates and refocusing resources. Arrowhead shares dropped 60% to $1.77 after hours. The company said it would no longer pursue the development of three hepatitis treatments that use its “EX1” delivery vehicle because of substantial delays foreseen in regulatory approval. Arrowhead also said it would trim its workforce by 30%. Arrowhead said it would focus on hepatitis B treatments and others, especially those where the company is partnered with biotech giant Amgen Inc. .
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From:: Stock Market News
Nutanix Inc. [s:ntnx], which enjoyed the largest first-day gains of any 2016 initial public offering when it joined Wall Street in September, lurched lower in late trading Tuesday after its first earnings report as a public company. The enterprise-tech company, which focuses on hybrid-cloud architecture, reported a net loss of $162.2 million, or $2.18 a share, on sales of $166.8 million. That loss was much greater than the same quarter a year ago, when Nutanix reported a loss of 90 cents a share, and the 76 cents a share expected on average by analysts, according to FactSet. Nutanix’s sales did beat the FactSet consensus of $152.3 million, however, as did adjusted profit. After adjusting for more than $90 million in stock-based compensation and other factors, Nutanix claimed a loss of 37 cents a share, while analysts on average expected non-GAAP profit of 44 cents a share. The company also reported billings, which reflects contracts for future business, of $239.8 million, beating average analyst expectations of $212.8 million, according to FactSet. Shares immediately fell more than 7% after the numbers were released, but bounced back to a loss of about 4%.
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From:: Stock Market News
Shares of Microchip Technology Inc. fell in Tuesday’s extended session after the chip maker narrowed its earnings-per-share outlook. Microship said it now expects third-quarter adjusted EPS in a range of 87 cents to 94 cents from 85 cents to 95 cents previously. Analysts surveyed by FactSet are projecting the company to earn 90 cents a share. It also forecast third-quarter adjusted revenue to fall by about 3% versus flat to down 6% it announced in early November. Microchip shares slid 0.4% after hours.
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From:: Stock Market News
Oil futures dropped Tuesday, losing nearly 4% to settle at their lowest level in about two weeks. Some traders remained skeptical that the Organization of the Petroleum Exporting Countries will finalize a deal to curb production at its meeting in Vienna Wednesday. January West Texas Intermediate crude fell 1.85, or 3.9%, to settle at $45.23 a barrel on the New York Mercantile Exchange. The settlement was the lowest since Nov. 14, according to FactSet data.
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From:: Stock Market News
A closely watched measure of the nation’s residential property values has ascended above the peak reached before the Great Recession.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index was reported Tuesday at 184.81 as of October of this year.
Home prices inched up 0.4 percent versus the previous month. When compared to the same month last year, prices were up 5.5 percent.
From:: Financing