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Homeowner Views Move to Align with Appraisers Opinions

By Susanne Dwyer

Homeowners still view their homes as more valuable than the opinions of appraisers, but only by roughly 1 percent, according to the latest Quicken Loans National Home Price Perception Index (HPPI). That gap, the Index shows, is closing, as homeowner estimates and appraiser valuations edged more toward alignment in October than in September.

“This information can be helpful to homeowners to either prevent bumps in the mortgage process or realize they may have more equity available to them than they think,” says Quicken Loans Chief Economist Bob Walters.

The latest Quicken Loans Home Value Index (HVI), meanwhile, shows a slowdown in annual home value growth. Appraised values, according to the Index, rose 5.97 percent year-over-year in October, representing a decline from September.

A summary of the HPPI:

Appraised values in October were 1.15 percent lower than what homeowners estimated at the start of the mortgage process, when viewed nationally. In September, appraisal values were 1.26 percent lower than what owners expected. This is the fourth consecutive month the HPPI moved closer to equilibrium. Local trends stayed largely the same from the month prior, with appraisal values rising past homeowner estimates in the West and home values falling below homeowner expectations in the East and Midwest.

A summary of the HVI:

Average home values, as measured by appraisals, fell slightly in October, showing a 0.62 percent decline, according to the national HVI. This extended reductions seen in September, when appraised values dipped 0.28 percent. Despite monthly decreases, home values in October still showed strong growth of 5.97 percent as compared to October 2015. All regional areas measured by the HVI showed annual increases, ranging from 5.52 percent growth in the Northeast to an 8 percent rise in values in the West.

“The monthly dips in home values are likely a result of the cooling demand for housing during the autumn months,” says Walters. “Fluctuations in monthly numbers are expected. Attention should always be paid to the annual measures to ensure positive growth compared to the same season the previous year. The yearly measure in October continues to show strong growth and a positive outlook for housing.”

For more information, please visit QuickenLoans.com/Indices.

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From:: Finance and Economy

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Tripadvisor shares down 11% after company’s revenue miss

Tripadvisor Inc. shares plunged 11% late Tuesday as the online travel company reported third-quarter sales that were below Wall Street expectations. Tripadvisor said it earned $55 million, or 37 cents a share, in the quarter, compared with $74 million, or 51 cents a share, in the year-ago period. Adjusted for one-time items, the company reported earnings of $78 million, or 53 cents a share, unchanged from the year-ago period. Sales reached $421 million in the quarter, up 1% from $415 million a year ago. Analysts polled by FactSet had expected Tripadvisor to report adjusted earnings of 52 cents a share on sales of $437 million. Tripadvisor said its average monthly unique visitors reached 390 million, up 11% year-on-year. The stock ended the regular trading day down 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.

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From:: Stock Market News

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U.S. stocks close higher as election results loom

U.S. stocks on Tuesday closed modestly higher, extending gains scored in the previous day’s rally, as investors waited for results of the closely watched presidential election. Analysts said that the market action over the past two sessions suggests investors are largely pricing in a victory for Hillary Clinton. Over the two-day rally, the S&P 500 nearly made up ground lost over the previous nine consecutive losing days. The S&P 500 closed 8.05 points, or 0.4%, higher at 2,139.57. The Dow Jones Industrial Average gained 72.90 points, or 0.4%, to 18,332.50. The Nasdaq Composite ended the session up 27.32 points, or 0.5%, at 5,193.49.

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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Valeant credit rating downgraded by Moody’s after weak earnings

Moody’s Investors Service on Tuesday downgraded Valeant International Pharmaceutical Inc.’s rating to B3 from B2 after the company slashed guidance for 2016 and said weakness would persist into 2017. The outlook on the rating is negative, meaning Moody’s might lower it again in the near term. The B3 rating is six notches into speculative grade, or “junk” status. The action reflects the company’s challenges in turning around its specialty pharmaceuticals business, which has resulted in weak earnings trends and financial leverage that is above Moody’s expectations. “Incorporating recent operating trends as well as exposure to upcoming patent expirations, we anticipate that Valeant’s debt/EBITDA will remain above 7.0x at least through 2017,” Moody’s Senior Vice President Michael Levesque said in a statement. That is turn is expected to make the company more vulnerable to setbacks or legal liabilities that stem from government investigations of its activities. Valeant’s most active bonds, the 6.125% notes due April 2025 were last quoted at 77 cents on the dollar, according to MarketAxess.

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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Guam votes overwhelmingly for Hillary Clinton

Democratic presidential nominee Hillary Clinton received an overwhelming majority of the vote in Guam, a U.S. territory in the middle of the Pacific Ocean. Clinton received 71.63% of the vote, compared with 24.16% for her Republican rival, Donald Trump, according to Pacific Daily News. Guam may be tiny — it has a population of about 170,000 residents, according to the World Bank — but it has sided with the victor in every U.S. presidential election since 1980. Because it lies west of the international date line, Guam’s results are typically among the earliest to be tallied. Early projections showed Clinton ahead in several key swing states, including Florida and Ohio.

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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S&P downgrades SeaWorld’s rating by one notch, pushing it deeper into junk territory

Standard & Poor’s on Tuesday downgraded SeaWorld Entertainment Inc.’s corporate credit rating to B-plus from BB-minus, after a weaker-than-expected performance in the third quarter. The new rating is seven notches into speculative-grade, or “junk” status. The outlook is negative, meaning S&P could downgrade the rating again in the near term. The action “reflects our expectation that adjusted debt to EBITDA will likely remain weak compared to our 5.5x downgrade threshold through 2017,” the agency said in a statement. “In addition, the company still faces challenges regarding reputational risk, and the economic recession in Brazil and U.S. dollar strength may remain key drivers for reduced travel to the Orlando market and attendance at SeaWorld Orlando.”

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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EIA raises U.S. oil output forecasts for this year and 2017

The U.S. Energy Information Administration on Tuesday raised its forecasts for U.S. crude production for 2016 and 2017. In its monthly energy outlook report, the government agency forecast U.S. crude output of 8.84 million barrels a day this year, up 1.3% from the previous forecast. For 2017, it sees production rising to 8.73 million barrels a day, up 1.7% from last month’s forecast. The EIA also forecast an average price of $42.84 a barrel for West Texas Intermediate crude this year, up from a previous estimate of $42.78. Brent crude is seen averaging $43.30 this year, down from the $43.43 forecast in October. December WTI crude traded at $45.26 a barrel, up 37 cents, or 0.8%. December Brent crude added 14 cents, or 0.3%, to $46.29 a barrel.

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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Here’s the housing story (or lack thereof) of the 2016 election

Well America, we made it. We survived the most ridiculous, insane, over-the-top, depressing, and ultimately underwhelming campaign in modern political history and we made it. It’s #ElectionDay. So considering that we focus on housing here at HousingWire (hence the name), we felt it important to look at how housing mattered (actually it didn’t) in this election cycle. …read more

From:: Real Estate Wire