Foreclosures | Mortgages | Financing
With loans secured by office buildings leading the way, the rate of past-due payments on securitized commercial real estate loans rose last month.
As of July 31, the 30-day delinquency rate on loans that are included in commercial mortgage-backed securities worked out to 2.96 percent.
CMBS loan performance worsened compared to the prior month, with the 30-day delinquency rate climbing 10 basis points from the end of June.
From:: Financing
Home-loan rates crept higher during this past week on a robust jobs data report, and multiple signs suggest that not much change is likely in the next mortgage rate report.
A 2-basis-point increase from the prior week left 30-year fixed rates averaging 3.45 percent in Freddie Mac’s Primary Mortgage Market Survey for the week ended Aug. 11.
In the report, Freddie Mac Chief Economist Sean Becketti attributed the week-over-week increase in mortgage rates to a strong employment report for the month of July.
From:: Financing
The South and West, to no surprise, dominate the country in terms of highest performing markets. However, the data making the West one of the top regions is starting to change. In order to have a strong recovery, the West is sacrificing one of the factors it needs the most: affordability. …read more
From:: Real Estate Wire
Well, it turns out that the National Hockey League expansion team helmed by William Foley, the chairman of Fidelity National Financial and Black Knight Financial Services, won’t share a name with one of Foley’s companies after all. RIP, Las Vegas Black Knights, we hardly knew ye. …read more
From:: Real Estate Wire
Nvidia Corp. hit record highs Thursday, then rose even more in late trading after beating earnings expectations. The graphics-chip specialist reported net income of $253 million, or 40 cents a share, on sales of $1.43 billion. Analysts on average expected Nvidia to report profit of 37 cents a share on revenue of $1.35 billion, according to FactSet. “Strong demand for our new Pascal-generation GPUs and surging interest in deep learning drove record results,” Chief Executive Jen-Hsun Huang said in Thursday’s news release. Nvidia hit an all-time intraday high of $59.95 before closing with a 2% gain at $59.70 Thursday; in immediate late trading after the earnings report was released, shares neared $62.
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
Ruby Tuesday Inc. shares sank 10.2% in Thursday after-hours trading after the restaurant chain reported quarterly losses and said it would close about 95 underperforming restaurants by next month. Ruby Tuesday reported a fourth-quarter net loss of $27.6 million, or 46 cents per share, compared with net income of $4.3 million, or 7 cents per share, for the same period last year. Adjusted earnings totaled 10 cents per share, missing the 11 cents-per-share FactSet estimate. Revenue totaled $279.3 million, down from $296.8 million last year and below the $285 million FactSet consensus. Same-restaurant sales fell 3.7%. Ruby Tuesday announced a turnaround initiative that includes food and beverage improvements and restaurant redesigns. The closures, part of that initiative, are a large portion of the $43.8 million expense that reduced net earnings. Employees impacted by the closures will be offered positions in nearby locations, when possible. Ruby Tuesday had 724 restaurants as of May 31, 2016. The restaurant’s stock is down 45.3% for the past year while teh S&P 500 Index is up 4.9% for the same period.
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
Whether you have children or now, it pays to buy in an area with great schools. Realtor.com® recently released a new study that identifies the price premium to buy a home in a strong public school district, as well as the top 10 districts garnering the highest home prices and demand from buyers.
School districts rising to the top are: Beverly Hills Unified in Los Angeles; Highland Park Independent School District in Dallas; Kenilworth School District No. 38 in Kenilworth, Ill.; Rocky River City School District in Cuyahoga, Ohio; Clear Creek Independent School District in Harris, Texas; and School Town Of Munster School District in Lake, Ind.
Realtor.com® compared homes located in school districts rated 9 or 10 on the GreatSchools.org 10 point scale to homes situated in districts rated six or less. The analysis shows homes within the boundaries of the higher rated public school districts are, one average, 49 percent more expensive – at $400,000 – than the national median of $269,000 and 77 percent more expensive than schools located within the boundaries of the lower ranked districts with a median of $225,000.
“It’s common knowledge that buyers are often willing to pay a premium for a home in a strong school district,” says Javier Vivas, research analyst for realtor.com®. “Our analysis quantifies just how good it is to be a seller in these areas. On average, homes in top-rated districts attract a price premium of almost 50 percent and sell more than a week faster than those located in neighboring lower ranked school districts.”
Houses located in these areas, on average, also move eight days faster than homes in below average school districts and sell four days faster – at 58 days – than the national average of 62 days. Additionally, properties within the boundaries of higher-rated school districts are viewed 26 percent more, on average, than the average home on realtor.com® (an indicator of buyer demand) and 42 percent more than homes in areas with below average schools.
A look at the top school districts
Highest Price Premiums
In top-ranked Beverly Hills Unified School District, homes sell for 689 percent more, at $3.8 million, than other homes in Los Angeles County, at $550,000. That’s 1.6 times the premium of homes located in the Santa Monica-Malibu Unified School District – rated 9 – that covers Santa Monica, Calif. and Malibu, Calif. and has a median list price of $2.5 million. Beverly Hills’s price premium is 3.9 times more than Culver City Unified School District in Culver City, Calif. that has a rating of 8 and a median list price of $975,000.
The district with the second highest home price premium is Highland Park Independent School District in Dallas where homes are 632 percent more expensive at $1.8 million than the median home in Dallas County at $277,000. Homes in Highland Park are 3.7 times and 4.4 times more expensive, respectively, than neighboring districts of Coppell Independent School District in Coppell, Texas – rated 9 – with a median of $470,000 and Dallas …read more
From:: Finance and Economy
Whether you have children or now, it pays to buy in an area with great schools. Realtor.com® recently released a new study that identifies the price premium to buy a home in a strong public school district, as well as the top 10 districts garnering the highest home prices and demand from buyers.
School districts rising to the top are: Beverly Hills Unified in Los Angeles; Highland Park Independent School District in Dallas; Kenilworth School District No. 38 in Kenilworth, Ill.; Rocky River City School District in Cuyahoga, Ohio; Clear Creek Independent School District in Harris, Texas; and School Town Of Munster School District in Lake, Ind.
Realtor.com® compared homes located in school districts rated 9 or 10 on the GreatSchools.org 10 point scale to homes situated in districts rated six or less. The analysis shows homes within the boundaries of the higher rated public school districts are, one average, 49 percent more expensive – at $400,000 – than the national median of $269,000 and 77 percent more expensive than schools located within the boundaries of the lower ranked districts with a median of $225,000.
“It’s common knowledge that buyers are often willing to pay a premium for a home in a strong school district,” says Javier Vivas, research analyst for realtor.com®. “Our analysis quantifies just how good it is to be a seller in these areas. On average, homes in top-rated districts attract a price premium of almost 50 percent and sell more than a week faster than those located in neighboring lower ranked school districts.”
Houses located in these areas, on average, also move eight days faster than homes in below average school districts and sell four days faster – at 58 days – than the national average of 62 days. Additionally, properties within the boundaries of higher-rated school districts are viewed 26 percent more, on average, than the average home on realtor.com® (an indicator of buyer demand) and 42 percent more than homes in areas with below average schools.
A look at the top school districts
Highest Price Premiums
In top-ranked Beverly Hills Unified School District, homes sell for 689 percent more, at $3.8 million, than other homes in Los Angeles County, at $550,000. That’s 1.6 times the premium of homes located in the Santa Monica-Malibu Unified School District – rated 9 – that covers Santa Monica, Calif. and Malibu, Calif. and has a median list price of $2.5 million. Beverly Hills’s price premium is 3.9 times more than Culver City Unified School District in Culver City, Calif. that has a rating of 8 and a median list price of $975,000.
The district with the second highest home price premium is Highland Park Independent School District in Dallas where homes are 632 percent more expensive at $1.8 million than the median home in Dallas County at $277,000. Homes in Highland Park are 3.7 times and 4.4 times more expensive, respectively, than neighboring districts of Coppell Independent School District in Coppell, Texas – rated 9 – with a median of $470,000 and Dallas …read more
From:: Real Estate News
As everyone remains distracted with Olympic activity in Rio, music executive, producer and ex-X Factor judge Antonio “L.A.” Reid has slid into a brand new mansion on the west side of L.A.
While music moguls snatching up mega mansions in Los Angeles is hardly breaking news, Reid’s new pad—scored for a hearty $17.99 million—is an epic piece of architecture, to say the least.
Sprawling over 11,200 square feet, the home includes a 300-bottle wine cellar, a home theater, a bar and a gym. The home boasts seven bedrooms and 10 bathrooms, and Reid can take one of two floating glass staircases or an elevator to the three floors in his new posh pad. Beyond the home’s walls, 2,820-square-feet of outdoor living space offers ample room for an infinity pool, an outdoor kitchen, a bar and a baja deck.
Built in 2015, the property entered the market at $27.5 million. The price eventually dropped to $20 million before Reid gobbled it up for a “bargain” of under $18 million on July 21.
This post was originally published in RISMedia’s blog, Housecall. Check the blog daily for top real estate tips and trends.
From:: Real Estate News
Shares of Nordstrom Inc. rose more than 10% late Thursday after the retailer reported sales in line with expectations and earnings above forecast. Nordstrom said it earned $117 million, or 67 cents a share, in the quarter, compared with $221 million, or $1.11 a share, in the year-ago period. Sales reached $3.6 billion, down 0.2% from $3.7 billion a year ago. Analysts polled by FactSet had expected Nordstrom to report earnings of 56 cents a share on sales of $3.7 billion. “Over the past several quarters, our team has been actively addressing our inventory, expense and capital, and in the second quarter, made substantial progress by bringing down inventory in-line with sales,” Blake Nordstrom, Nordstrom’s co-president, said in a statement. “Those efforts, along with the strength of our Anniversary Sale and a great response from customers to that event, drove better than expected results for the second quarter.” Shares of Nordstrom ended the regular trading session up 7.5%.
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.
From:: Stock Market News