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Gold futures settle at a one-month low

Gold futures suffered a sharp loss on Wednesday as traders hoped for some clarity on the near-term path for U.S. interest rates from Federal Reserve Chairwoman Janet Yellen’s speech later this week. Gold for December delivery lost $16.40, or 1.2%, to settle at $1,329.70 an ounce. That was the lowest settlement for the contract since July 26, according to FactSet data.

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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Slump in Existing Home Sales

Inadequate inventory was behind a disappointing monthly decline in existing home sales. Sales in the Northeast took the biggest hit.

During just the month of July 2016, U.S. residential home buyers purchased 514,000 houses that have been previously owned.

Existing home sales tumbled from a downwardly revised 582,000 one month previous and 551,000 units sold one year previous.

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From:: Financing

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Fully leased retail plaza owner files Chapter 11

By Brian Bandell

The owner of Palmetto Plaza in Hialeah filed Chapter 11 reorganization, although the retail center is fully leased.

Bremar Development filed Chapter 11 in U.S. Bankruptcy Court on Aug. 17 with a petition signed by managing member Jorge D. Marrero. That automatically stayed a foreclosure lawsuit filed on June 29 by First-Citizens Bank & Trust Co. (Nasdaq: FCNCA) against both Bremar Development and Marrero.

The debtor owns the 28,514-square-foot retail center at 2150 West 76th Street. It was built… …read more

From:: biz journal foreclosures

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Stearns Lending Restructures Management

Voracious growth has led Stearns Lending LLC to make changes to its management structure and to the titles utilized by its executive team.

The Santa Ana, California-based firm has grown its mortgage originations from less than $6 billion in 2011 to more than $25 billion last year.

During that same period, staffing has expanded from fewer than 900 employees at the end of 2011 to more than 1,900 people this year.

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Ford Motors issues safety recall on over 88,000 vehicles

Ford Motor Co. issued on Wednesday a safety recall on about 88,000 vehicles because of a fuel pump issue, that could cause a vehicle to stall out without warning while driving, or not start. The models affected include 2013 to 2015 Ford Taurus, Ford Flex, Lincoln MKS and Lincoln MKT vehicles with 3.5-liter gasoline turbocharged direct injection engines. Ford Police Interceptor sedans were also included. Ford also issued a safety recall of about 2,500 2015-2016 Ford Transit 3.2-liter diesel-equipped vehicles, as a the fuel injection pump could malfunction and cause the engines to stall while driving, or not start. “Ford is not aware of any accidents or injuries associated with this issue,” the company stated about the recalled vehicles. The stock, which slipped 04% in midday trade, has shed 12% year to date, while the S&P 500 has gained 6.8%.

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.

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Orlando foreclosures higher than national average

By Emma Skeels

New data from CoreLogic shows the rate of Orlando-Kissimmee-Sanford area foreclosures was 1.59 percent in June — down 1 percentage point compared to the same time last year.

However, Central Florida’s foreclosure rate was still higher than the national rate of 0.95 percent in June.

The mortgage delinquency rate in Central Florida also decreased in June. The rate of mortgage loans 90 days or more delinquent was 4.49 percent, down from 6.01 percent last year.

Statewide, Florida’s foreclosure… …read more

From:: biz journal foreclosures

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Refinances Drive Down Mortgage Applications

Weekly applications for residential loans recently turned lower, and it was applications for mortgage refinance transactions that drove down overall activity.

As represented by the Market Composite Index, new applications for residential loans in the week ended Aug. 19 dipped 2 percent from a week earlier.

The index, which is seasonally adjusted, retreated 3 percent with no adjustments made for seasonal factors compared to the week that ended on Aug. 12.

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From:: Financing

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Oil extends losses after EIA data show U.S. crude supplies up 2.5 mln barrels

Oil futures lost more ground on Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose by 2.5 million barrels in the week ended Aug. 19. That was significantly above the 200,000-barrel climb expected by analysts polled by S&P Global Platts, but the American Petroleum Institute late Tuesday reported a rise of nearly 4.5 million barrels, according to sources. Gasoline supplies were flat for the week, while distillate stockpiles edged up by 100,000 barrels, according to the EIA. October crude fell $1, or 2.1%, from Tuesday’s settlement to $47.10 a barrel on the New York Mercantile Exchange. Prices traded at $47.50 before the data.

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