Oil futures settle under $50 at lowest level in a week

Oil futures fell Tuesday to settle under $50 a barrel for the first time in just over a week as doubts continued to surround the Organization of the Petroleum Exporting Countries’ plan to curb production. The market also looked ahead to the latest weekly data due from the American Petroleum Institute later Tuesday and the Energy Information Administration early Wednesday. They are expected to show a rise of 400,000 barrels in crude stockpiles, according to S&P Global Platts. December WTI crude fell 56 cents, or 1.1%, to settle at $49.96 a barrel on the New York Mercantile Exchange.

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

RE/MAX getting into the mortgage business; launches Motto Mortgage

While most of the biggest names in mortgage lending are focused on the Mortgage Bankers Association’s annual conference, taking place right now in Boston, one of the biggest names in real estate revealed that it is getting into the mortgage business. On Tuesday, RE/MAX announced that it is launching Motto Mortgage, a mortgage brokerage franchise that the company plans to take nationwide. Click the headline to read more. …read more

From:: Real Estate Wire

Mortgage Bankers Raise Refi Outlook Over $250 Bil

Mortgage bankers have lifted their estimate of overall originations from last year through 2018 by more than $300 billion — including an over $250 billion boost to refinances.

Overall mortgage originations are expected to amount to $470 billion during the final-three months of this year then fall to $400 billion in the first three months of next year.

Residential loan production, which includes refinances and purchase financing, is then expected to bounce back up in the second quarter of next year — reaching $440 billion.


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From:: Financing

Correspondent Drives Up Flagstar’s Home Lending

Acceleration in residential loan originations at Flagstar Bancorp Inc. was driven by its correspondent business. Elevated activity is likely to continue.

Prior to income taxes, Flagstar earned $87 million during the three months that ended on Sept. 30 of this year, climbing from $69 million the prior quarter.

That data, along with other operational and financial metrics, were revealed Tuesday by the Troy, Michigan-based firm in its third-quarter earnings report.


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From:: Financing

Bank of England ‘s Carney says bank is ‘not a targeter’ of the exchange rate

The pound came off intraday lows against the U.S. dollar during Bank of England Governor Mark Carney’s testimony before the House of Lords on Tuesday afternoon in London. The pound was buying $1.2167, strengthening after Carney said the bank is “not a targeter of the exchange rate, we’re a targeter of inflation, but we are not indifferent to the level of the exchange rate.” Before Carney’s testimony, the pound dipped below $1.21. Sterling has slid in value after the U.K.’s vote in June to leave the European Union. Carney also said the pound has moved in recent weeks on “the market’s perception of what the potential relationship will be between the United Kingdom and Europe.” It is “a bit early to make those determinations because the prime minister has been very clear that we’ll pursue an orderly Brexit, we’ll get the best deal possible,” he said. The governor also said there’s been a removal “in the market’s view, the prospect of an additional rate cut by the Bank of England,” in recent weeks.

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From:: Stock Market News

Whirlpool’s stock plunges toward biggest price decline in its 44-year public history

Whirlpool Corp.’s stock tumbled toward its biggest one-day price loss in the 44 years since it went public, after a perfect storm of disappointment in the appliance maker’s third-quarter report. The company missed earnings and revenue expectations, and provided a downbeat profit outlook. The shares sank $19.71, or 11.6%, to and eight-month low of $150.75 in midday trade. The next biggest price decline was when the stock, which went public in January 1972, tumbled $16.23, or 9.1%, on June 24 in the wake of the Brexit vote. Tuesday’s percentage decline was the biggest since it plunged 14% on Oct. 28, 2011. Raymond James analyst Sam Darkatsh said some of the key “negative” items in the Q3 report included misses in margins for each business segment and lowered full-year growth expectations in three of the company’s four geographic regions. The stock has now dropped 21% over the past three months, while the SPDR Consumer Discretionary Select Sector ETF has shed 2.9% and the S&P 500 has slipped 1.1%.

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From:: Stock Market News

IBM board approves additional $3 billion stock buyback

IBM said Tuesday its board has approved a $3 billion share buyback program. The program is in addition to the roughly $3 billion remaining at the end of September from a prior authorization, the company said. IBM also said it will pay a quarterly $1.40 cash dividend on Dec. 10 to shareholders of record as of Nov. 10, unchanged from the previous quarter. Shares were slightly lower in midday trade, but have gained 9% in the year so far, while the Dow Jones Industrial Average has gained 4.4%.

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

The How and Why of Becoming a Really Likable Property Manager

By Marc Courtenay

As I listened to this long-time property manager describe his losses I was astounded. “These ungrateful owners don’t deserve me. I’ve worked hard for them and their residents and this is what I get?” Although this man was intelligent, his people-skills and mannerisms were brash, condescending and curt. Nobody enjoys the company or doing business with a person who abruptly talks down to the them.

Like many folks, he didn’t seem to realize he was being rude and abrasive. After patiently waiting for him to finish his heartfelt, self-justifying oration, I asked him, “What’s your plan to solve this problem?” Apparently that was what he was hoping I had up my sleeve…some answers and a plan to help him. I thanked him for his confidence and told him I’d get back to him after giving the matter more thought.

After reflecting on the property managers I know or have heard about who are well-liked by both their clients and their tenants, I came up with the following action-steps below.

  1. Talk to people who know you well, care about you, and are able to be blunt with you. Ask them to tell you the facts about how you affect them and make them feel. Seek the painful truth.
  2. Have a business conversation, a face-to-face meeting with a client or resident. Ask permission for someone to video you and you only. Tell the other person it’s for your “self-evaluation.”
  3. After seeing the video and recovering from the many surprises, begin a list of ideas for self- improvement. Watch the video as many times as you can until solutions arise in your mind.
  4. Be certain you come across to others as authentic and genuine. We all want to have relationships based on trust. Who do you know who is a good example of authenticity? Emulate them sincerely and ask for a little coaching as well.
  5. Practice being a focused listener. Instead of focusing on how you’ll reply, zero in on understanding what the speaker is saying and then ask relevant questions. As I often say, “People don’t care how much you know until they know how much you care.”
  6. Choose to respond rather than react. If you’re being confronted with accusations or demands, take a deep breath, let the person know you’ve heard them, and pause. In that awkward but powerful pause ask yourself, “Am I in the right frame of mind to respond courteously.”
  7. When pausing before responding, consider asking for a “time out.” It’s often appropriate and thoughtful to say, “I want to think about your concerns carefully and get back to you later.”
  8. Make being reliable a top priority in all your relationships. Clients, residents, family and friends need to be sure they can count on you. Be punctual, don’t keep people waiting and be a person of your word.

The property manager I shared these 8 suggestions with took them to heart. Although he still has a tendency to be condescending and reactive, he’s becoming a more likable person and professional. Instead of losing clients and good residents, he’s attracting …read more

From:: Property Management

Pound dips below $1.21 before appearance by Bank of England boss

The pound continued to lose ground against the U.S. dollar Tuesday, trading briefly below $1.21 against the greenback in afternoon trade in London. The pound hit $1.2097, according to FactSet data, after reaching an intraday high of $1.2244. Sterling reached intraday lows before Bank of England Gov. Mark Carney was set to speak before the economic affairs committee at the House of Lords in London at 10:30 a.m. Eastern Time. Carney “is due to comment on the economic consequences of the Brexit which given his warnings prior to the vote, the relative stability in the economy so far and the pressure he has come under to resign because of his apparently politicized views, should make for interesting hearing,” said Craig Erlam, senior market analyst at Oanda, in a note Tuesday.

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