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Foreclosure over redevelopment site on Miami River resolved

By Brian Bandell

A foreclosure lawsuit over the former Bertram Yacht property on the Miami River has been resolved and the owner can move forward with a redevelopment plan.

Birch Commercial Mortgage, an affiliate of San Francisco-based Alecta Real Estate Investment, filed the $16 million foreclosure lawsuit in January against Interterra Investments Group and Intermarine Investments. Both companies are managed by Jorge H. Bernstein, an architect from Argentina, although he wasn’t named in the lawsuit.

The lender… …read more

From:: biz journal foreclosures

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Mortgage Refinance Outlook Leaps Over $300 Billion

The latest economic forecast has this year’s and next year’s mortgage refinances coming in over $300 billion higher than projected just last month. Expected purchase financing, though, diminished.

From July 1 through Sept. 30, total mortgage originations — including refinancing and purchase financing — are predicted to reach $490 billion, more than the $450 billion expected as of last month.

The fourth-quarter outlook was raised to $435 billion from $410 billion, while the projection for mortgage production during the first-quarter 2017 is now at $390 billion versus $380 billion in June.

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From:: Financing

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Etsy shares soar to an eight-month high

Shares of Etsy Inc. soared 11% to an eight-month high Tuesday. The stock has gained 14% in the past month, compared to the S&P 500’s gain of 3%. Shopify Inc. , another e-commerce stock, was up 4% Tuesday. The gains come amid consumer hype over Amazon.com Inc.’s Prime Day sales event. Amazon shares were down less than 1%.

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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Cities or Suburbs: The Added Cost of an “Urban” Lifestyle

By Rachel Jefferson

According to a recent article from Axiometrics, the additional costs of living in a city versus living in the suburbs may be more than the $578 national average rent gap. Transportation might be a factor for renters to consider when deciding where to live. “Commuting to work via personal vehicle will cost approximately $1,912 in urban markets, and public transit will cost $1,935 per month. Compare this to suburban markets where the monthly costs are $1,334 for rent and gas, and $1,356 for public transit.” What else is a factor?

on Axiometrics.

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From:: Property Management

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S&P 500, Dow on pace to hit a fresh record as stocks open higher

U.S. stocks opened higher on Tuesday with the S&P 500 and Dow industrials trading in record territory. A jump in oil prices benefited energy companies, which were leading the winners in early trade. A stronger-than-expected second-quarter report from Alcoa Inc. also fostered optimism on Wall Street. The S&P 500 , which closed at a fresh record for the first time in nearly 14 months on Monday, was up 12 points, or 0.5%, at 2,149. The Dow Jones Industrial Average added 91 points, or 0.5%, to 18,316, trading above its closing record set in May 2015 and near its intraday record. The Nasdaq Composite advanced 31 points, or 0.6% trading above 5,000 for the first time this year.

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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Sage Therapeutics shares surge 45% on positive trail of postpartum depression drug

Sage Therapeutics shares surged 45% in premarket trade Tuesday, after the company reported positive results from a trial of a drug to treat severe postpartum depression. The company said a Phase 2 trial of SAGE-547 met its primary endpoint of a significant reduction in symptoms compared to placebo at 60 hours. “This is potentially one of the most important clinical findings in the pharmacologic treatment of postpartum depression to date,” said Samantha Meltzer-Brody, M.D., M.P.H., associate professor and director of the UNC Perinatal Psychiatry Program of the UNC Center for Women’s Mood Disorders and primary investigator for the PPD-202 Trial. There are currently no approved treatments specifically developed for postpartum depression, which affects 10% to 15% of mothers and can have devastating consequences.

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