Foreclosures | Mortgages | Financing
The Federal National Mortgage Association has increased this year’s and next year’s projected loan originations by $185 billion.
Single-family mortgage originations are expected to reach $500 billion in the third quarter then fall to $412 billion three months later.
Fannie Mae then predicts that U.S. lenders will generate $333 billion in residential loan production during the first-quarter 2017.
From:: Financing
CLEVELAND (MarketWatch) — Donald Trump was officially nominated for president at the Republican convention in Cleveland on Tuesday. Trump is scheduled to give his acceptance speech on Thursday night.
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From:: Stock Market News
Performance improved last month on loans included in commercial mortgage-backed securities thanks to apartment loan delinquency.
Loans that were delinquent at least 30 days or in the foreclosure process represented 2.86 percent of all CMBS loans as of June 30.
The level of delinquency on CMBS loans improved compared to a month previous, when the 30-day rate came in at 2.91 percent.
From:: Financing
Valeant Pharmaceuticals International Inc. and Progenics Pharmaceuticals Inc. said late Tuesday the Food and Drug Administration approved their drug Relistor to treat opioid-induced constipation. Valeant shares rose 3.4% to $24.35 after hours, while Progenics shares jumped 17% to $5.80. Progenics licenses Relistor to Valeant, who plans to start marketing the drug in the U.S. in the third quarter. Earlier Tuesday, Valeant said an FDA panel recommended approval for a psoriasis treatment it licenses from AstraZeneca.
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From:: Stock Market News
The Federal Housing Administration will soon begin insuring mortgages that also carry liens created by energy retrofit programs, as long as the energy lien remains subordinate to the mortgage, the Department of Housing and Urban Development announced Tuesday. Here are all the details. …read more
From:: Real Estate Wire
Shares of Zafgen Inc. plummeted in the extended session Tuesday after the tiny biotech company said it was shifting resources from one of its obesity drug candidates to another more promising one. Zafgen shares fell 41% to $4.01 after hours. The company said it would no longer invest resources in developing its drug beloranib, studies of which were placed on a clinical hold by the Food and Drug Administration in December, and shift focus to another drug candidate named ZGN-1061. “Zafgen has determined that the obstacles, costs and development timelines to obtain marketing approval for beloranib are too great to justify additional investment in the program, particularly given the promising emerging profile of ZGN-1061,” the company said in a statement. When beloranib had been placed on clinical hold, the company was already enrolling patients in late-stage clinical trials. The company said it would start enrolling patients in early stage clinical trials for ZGN-1061.
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From:: Stock Market News
First Guaranty hired William Johns as its new director of enterprise data. First Guaranty’s CIO explains why Johns is a good fit for the company, in addition to the experience he brings with him. …read more
From:: Real Estate Wire
Toro Co. said late Tuesday that it named Chief Operating Officer Richard Olson as president and chief executive officer, effective Nov. 1. Michael Hoffman, the current chairman and CEO, will remain chairman of the board. Shares of Toro remained unchanged after closing at $90.55 during the regular session.
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From:: Stock Market News
Valeant Pharmaceuticals International Inc. said late Tuesday that a Food and Drug Administration advisory committee voted unanimously to recommend approval for its psoriasis treatment brodalumab. Valeant said the FDA’s Dermatologic and Ophthalmic Drugs Advisory Committee voted 18 to 0 to approve brodalumab to treat moderate-to-severe plaque psoriasis. The FDA is not bound to its panels’ recommendation but generally follows their recommendations. Valeant has a license to market brodalumab in the U.S. from AstraZeneca PLC . Valeant shares declined 0.4% to $23.45 after hours.
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From:: Stock Market News
Homebuilding rates accelerated in June, surpassing expert forecasts for the month and further fortifying the idea that housing is indeed on the mend. According to the Commerce Department, housing starts rose 4.8 percent from a month earlier to a seasonally adjusted annual rate of 1.189 million in June.
However, while both permits and starts improved on a month-to-month basis, the total permits represented a decline of 15 percent compared to last June, and the total number of starts represented a decline of 1 percent compared to last year.
“While we often see volatility in the month-to-month data, June’s rise in housing starts shows a sturdy demand for new homes as we move into the second half of the year,” says Quicken Loans Vice President Bill Banfield. “The growing job market coupled with low mortgage rates continues to provide a boost to the housing market.”
Privately owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,153,000. This is 1.5 percent above the revised May rate of 1,136,000, but is 13.6 percent below the June 2015 estimate of 1,334,000.
Single-family authorizations in June were at a rate of 738,000; this is 1.0 percent above the revised May figure of 731,000. Authorizations of units in buildings with five units or more were at a rate of 384,000 in June.
Single-family housing starts in June were at a rate of 778,000; this is 4.4 percent above the revised May figure of 745,000. The June rate for units in buildings with five units or more was 392,000.
Privately owned housing completions in June were at a seasonally adjusted annual rate of 1,147,000. This is 12.3 percent above the revised May estimate of 1,021,000 and is 18.7 percent above the June 2015 rate of 966,000.
Single-family housing completions in June were at a rate of 752,000; this is 3.7 percent above the revised May rate of 725,000. The June rate for units in buildings with five units or more was 386,000.
“[These] headline numbers seem encouraging, with monthly increases in new construction, but the construction of multi-family housing is slowing and we are still not seeing the growth needed to address inventory challenges,” says REALTOR.com Chief Economist Jonathan Smoke. “The June data points on new construction show little change from what we have already observed during the spring and summer, and continues to indicate that builders are starting what they already permitted earlier this year but are not being bullish about demand for this fall and winter. We are continuing to see that new construction is failing to keep up with household formation, so the low vacancies in rentals and the dearth of homes for sale will continue to provide a solid foundation for rising rents and home prices.”
For more information visit http://www.census.gov/construction/nrc/index.html.
From:: Finance and Economy