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Mortgage Refinances Retreat as Rates Rise

As mortgage rates ascended for the second straight week, new mortgage activity declined — with refinance business taking a bigger hit than purchase financing.

The U.S. Mortgage Market Index from Mortgage Daily, a reflection of average per-user rate locks by OpenClose clients, landed at 177 in the week ended July 22.

Compared to the 15-month high reached a week earlier, the index retreated 16 percent. However, on a year-over-year basis, the index moved higher by nearly a quarter.

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From:: Financing

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S&P 500 hits new record high close as stocks rally for fourth week

​The S&P 500 finished at a new record high close on Friday with the broader market gaining for a fourth week in a row as stocks bounced back from Thursday’s correction. The S&P 500 index rose 10 points, or 0.5%, to end at 2,175 for a weekly gain of 0.6%. The Dow Jones Industrial Average gained 53 points, or 0.3%, to close at 18,570, adding 0.3% for the week. The Nasdaq Composite Index advanced 26 points, or 0.5%, to finish at 5,100, closing the week 1.4% higher.​

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.-listed shares of German companies little changed in late trade

U.S. listed shares of German companies were little changed Friday, as the news of a terror attack in the city of Munich was breaking. The iShares MSCI Gernany ETF , an exchange-traded fund that tracks a broad index of German equities, was down 0.1% in late trade. Few individual American Depositary Receipts were moving, with Deutsche Bank quoted down 0.8% and Adidas down 0.5%. Software company SAP AG was up 0.3%. The Dax 30 Index closed earlier down 0.1%. The S&P 500 was up 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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Obama offers to help Germany in wake of Munich shooting

WASHINGTON (MarketWatch) – President Barack Obama on Friday pledged to provide “all the support” that Germany may need in the wake of the Munich shooting spree. Obama said he was briefed on the shooting and that it was unclear what had happened. “It’s still an active situation,” the president said.

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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Great Spaces: Epic Lake Tahoe Waterfront Listing

By Beth McGuire

Lake lovers looking to make waterfront moves will lament the recent sale of a stunning South Lake Tahoe estate, which closed for $8.5 million. The largest Tahoe residential sale in nearly a decade, the home—built in 1928—includes a 2,750-square-foot main house with an 864-square-foot guesthouse. Designed by acclaimed architect Julia Morgan, the home sits on 1.65 acres with more than 180 feet of sandy beach, a pier, and buoy.

A one-of-a-kind property, the estate—dubbed Twin Pines—borders the Edgewood Tahoe championship golf course and features rock fireplaces, knotty pine and hardwood floors, and open-beam pine ceilings.

Sold for: $8.5 million

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From:: Real Estate News

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Luxury condos placed in bankruptcy after $6.9M foreclosure lawsuit

By Brian Bandell

Two condos controlled by a Turkish media executive in the Setai Resort & Residences in Miami Beach were placed in Chapter 11 reorganization.

Setai 3509 LLC and Setai 1908 LLC both filed Chapter 11 in U.S. Bankruptcy Court in Miami on July 21. Both companies are managed by Nafia Sevin Ergun Sefada, the chair of Satis Ofisi, a large media representation group in Turkey.

Michael S. Hoffman, who represents the debtors in Bankruptcy Court, said they hope to reorganize and come out of bankruptcy with… …read more

From:: biz journal foreclosures

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U.S. Consulate in Munich advises Americans in the city to stay home

The U.S. Consulate in Munich, Germany, is advising its citizens to stay home in response to a shooting incident that started at the Olympia Einkaufszentrum shopping center in the north part of the city. “We strongly advise all to shelter in place,” the consulate said in a post on Twitter. “Munich police are reporting multiple shooting incidents in the city.”

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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Twitter downgraded at Raymond James, concerns over growth, revenue

Twitter Inc. was downgraded to market perform from outperform at Raymond James Friday. The downgrade came as the analysts said the “risk-reward is now more balanced” with shares near their “fair value case” of $19. The analysts added that they expect in-line revenues for the second quarter, but that Wall Street estimates for third-quarter revenue are too high, with Facebook Inc. and Instagram taking more of the social media share. The analysts also expect flat growth in monthly active users for the U.S. in the second quarter. That said, the analysts say Twitter could make more money from new ad products and use live streaming to bring in more users in the long-term. Shares of Twitter were down 1.5% Friday afternoon. The stock had tumbled 21% year to date, but has rallied 5.5% over the past three months while the S&P 500 has gained 3.9%.

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