Foreclosures | Mortgages | Financing
Foreclosures took a sharp turn upward in October, in contrast to the previous downward trend. In fact, the increase was the highest monthly increase since 2007. And one state could be about to see even more foreclosures. Here’s why. …read more
From:: Real Estate Wire
The iShares 20+ Year Treasury Bond ETF declined 0.6% to 122.04 on Friday and ended the week 7.4% lower, its biggest weekly loss since inception in 2002. Over the past few days, trading volume of the ETF shot up. On Wednesday and Thursday, more than 50 million shares changed hands, according to FactSet. The 30-day average daily volume is about 8 million shares. Investors withdrew money from bonds funds as yields on long-term Treasuries jumped over the past week to their highest levels since January 11. The yield on 10-year Treasury bond rose 33.5 basis points to 2.12%, while the yield on 30-year bond rose 35.8 basis points to 2.93%. Bond markets were closed on Friday for Veterans Day.
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From:: Stock Market News
Home purchase financing activity drove overall new mortgage activity to the highest level in more than three months. Adjustable-rate activity soared by a quarter.
In the week that concluded on Nov. 11, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily — an indicator of upcoming originations — was 182.
The last time that the index, which is based on average per-user rate locks by OpenClose clients, was this high was in the week ended Aug. 5, when it came in at 185.
From:: Financing
The Dow Jones Industrial Average on Friday rose modestly for a fifth session in a row to close at a new all-time high, and booked its largest weekly gain since December 2011. Stocks have rallied since the election of Donald Trump as president as investors bet on sectors likely to benefit from potential fiscal stimulus. On Friday, stocks ended mixed, but recorded hefty weekly gains. The S&P 500 closed 3.04 points, or 0.1%, lower at 2,164.44 and booked a 3.8% weekly gain, the largest since October 2014. The Dow Jones Industrial Average gained 39.78 points, or 0.2%, to 18,847.66, and gained 5.4% over the week. The Nasdaq Composite ended the session up 28.32 points, or 0.5%, at 5,237.11 and ended the week 3.8% higher. The Russell 2000 outperformed large-cap stocks, rallying 29.23 points, or 2.3% to 1,280.84 to end at a 12-month high. The index of small-cap stocks booked a 10% weekly gain, the best weekly gains since December 2011.
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From:: Stock Market News
President-elect Donald Trump told the Wall Street Journal on Friday that he would consider keeping some parts of the Affordable Care Act, specifically the guarantee of coverage for those with pre-existing conditions and allowing young adults to remain on parents’ plans through age 26, which he said he likes “very much.” Trump, who repeatedly said on the campaign trail that he would “repeal and replace” the ACA, said the change of heart dated back to suggestions made by President Barack Obama at their Thursday meeting. “I told him I will look at his suggestions, and out of respect, I will do that,” Trump told the WSJ. “Either Obamacare will be amended, or repealed and replaced.” Other policies Trump told the WSJ he plans to focus on early in his new office include less regulation discouraging bank lending, illegal immigration and preventing drug trade across the border. He also mentioned tax reform when speaking with the WSJ, and did not discuss any plans with the Journal to investigate former presidential rival Hillary Clinton.
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From:: Stock Market News
Some of the country’s biggest mortgage banking firms have made changes to their management ranks. Most of the recent executive activity was on the production side.
David E. Kress has been promoted to general counsel of Indianapolis-based Stonegate Mortgage Corp., a Nov. 4 press release from the residential lender indicated.
Kress was promoted from his role as associate general counsel, which he took on in February 2014. He worked in private practice for 15 years before joining Stonegate.
From:: Financing
Oil futures settled sharply lower on Friday to tally a weekly loss of about 1.5%. Recent reports show record crude production from the Organization of the Petroleum Exporting Countries, fueling expectations that the group of major oil producers will not be able to finalize a deal to curb output later this month. December West Texas Intermediate crude fell $1.25, or 2.8%, to settle at $43.41 a barrel on the New York Mercantile Exchange.
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From:: Stock Market News
Consumer sentiment rose just before the elections in November, which could mean a higher probability of a rate hike in December. One expert points out, however, that these were just the preliminary November results and consumers could feel differently now that the election is over. …read more
From:: Real Estate Wire
Just in case anyone thought that the Democratic Party plans to stand idly by while President-elect Donald Trump and the Republican Party move to undo many of the financial reforms of the last eight years, one of its most outspoken members pledged this week to fight Trump and the Republicans every step of the way. …read more
From:: Real Estate Wire
As President-elect Donald Trump and his team begin the arduous task of transitioning, it is important that as he addresses his long list of campaign promises he does not forget housing, says Joseph Murin, former president of Ginnie Mae. “This is a plea for this administration not to underestimate the importance of the housing and real estate industry to America’s economy. It is way past the time for our industry leadership to stop kicking the proverbial can down the road.” …read more
From:: Real Estate Wire