Foreclosures | Mortgages | Financing
After the financial crisis, the Detroit housing market started a long uphill climb to get back to a healthy, sustainable market, an achievement the city is still currently trying to reach. However, lenders in the city are working to originate mortgages that work around some of the toughest roadblocks in Detroit and provide a path to homeownership. Here’s how they’re doing it. …read more
From:: Real Estate Wire
There’s one less-noticed factor that is impacting the current shortage of cheap service labor and affordable housing: the education level of immigrants has been rising. It’s important to note that there’s nothing wrong with this, but people should be prepared for this shift. …read more
From:: Real Estate Wire
Fixed rates on residential loans fell to their lowest level in 10 weeks, and the outlook for the next report is for mortgage rates to linger where they are now.
Thirty-year fixed interest rates on conventional mortgages utilized to finance a home purchase with conforming loan amounts averaged 3.74 percent in August.
Long-term rates on residential loans declined from the prior month’s 3.80 percent and have moved lower each month since they were 4.23 percent in January.
From:: Financing
A lack of inventory drove down pending home sales for the third time in four months to the lowest level in seven months.
After making adjustments for seasonal factors, the Pending Home Sales Index came in at 108.5 for the month of August.
The index, a forward-looking indicator based of contract signings fell from the downwardly revised 111.2 the prior month.
From:: Financing
Regulatory compliance is about to take a leap into the 21st century, and beyond, as IBM announced that it plans to acquire Promontory Financial Group. The purpose of the acquisition? To combine the financial regulatory experience that resides within Promontory with Watson, IBM’s artificial intelligence computer system to build a comprehensive service to help financial institutions comply with their regulatory requirements. …read more
From:: Real Estate Wire
Mentor Graphics Corp. shares rose in the extended session Thursday after Elliott Associates and its subsidiaries reported doubling their stake in the electronics design company. Mentor shares rose 6% to $26.17 after hours. In a Securities and Exchange Commission filing, Elliott Associates LP, Elliott International LP, and Elliott International Capital Advisors Inc. disclosed at combined 8.1% stake in Mentor. According to FactSet data, Elliott previously held a 4% stake in Mentor.
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
Wells Fargo Bank will pay $4.1 million to settle allegations that it illegally repossessed 413 vehicles owned by servicemembers without obtaining a court order, the Justice Department said Thursday. The settlement, which covers repossessions from Jan. 1, 2008 to July 1, 2015, requires the bank to pay $10,000 to each of the affected persons. Wells Fargo also agreed to change its policies as part of the agreement. The Justice Department launched its investigation into the bank’s practices following a complaint on behalf of Army National Guardsman Dennis Singleton, whose car was repossessed as he was preparing to deploy to Afghanistan. After the bank sold the vehicle at a public auction, it also attempted to collect $10,000 from Singleton. Wells Fargo’s latest legal trouble comes amid revelations of widespread illegal sales practices. Shares were down 0.3% after hours after falling 2.3% during the regular session.
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
Extended Stay America Inc. shares slipped in the extended session Thursday after the hotel chain said it plans a secondary offering of “paired shares” with its real-estate investment trust arm ESH Hospitality Inc. Extended Stay shares fell 2.3% to $14.20 after hours. The company said the offering consists of 13 million paired shares — one of Extended Stay and one of ESH — from existing shareholders including Centerbridge Partners LP, Paulson & Co. and Blackstone Group LP. Extended Stay and ESH will not receive proceeds from the offering, rather, they plan to buy back just under 2 million of the shares in the offering.
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
Shares of Alcoa Inc. rose 1.7% late Thursday after the company’s board of directors approved Alcoa’s planned split into two independent, publicly traded companies, Arconic, a maker of high-performance materials and engineering products, and Alcoa Corp., a miner and aluminum maker. Klaus Kleinfeld will serve as Arconic’s chief executive and Roy Harvey will be Alcoa’s chief executive. Arconic is to retain 19.9% of Alcoa Corp. common stock, and Alcoa Inc. is to be renamed Arconic Inc. . Alcoa Corp. will trade under the symbol AA. Shares of Alcoa Inc. had ended the regular trading day up 0.8%.
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
Costco Wholesale Corp. shares rose 1.8% late Thursday after the giant retailer reported earnings above expectations but flat same-store sales. Costco said it earned $779 million, or $1.77 a share, in its 16-week fourth quarter, compared with $767 million, or $1.73 a share, in the year-ago period. Net sales rose 2% to $35.7 billion in the quarter, the company said. Analysts polled by FactSet had expected the company to report earnings of $1.73 a share on revenue of $35.7 billion. Costco said its U.S. same-store sales fell 1% in the quarter, while total same-store sales were flat. Excluding gasoline sales and foreign-exchange adjustments, however, comparable-store sales were up 3% in the quarter. The company plans to open nine new warehouses before the end of the year, it said in a statement. Shares had ended the regular session down 1.3%.
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