Foreclosures | Mortgages | Financing
Amidst mounting public pressure to do more to keep struggling homeowners in their homes, the Department of Housing and Urban Development and the Federal Housing Administration announced a series of extensive changes to its non-performing loan sale program. Here are all the details. …read more
From:: Real Estate Wire
S&P Global Ratings downgraded the long-term credit rating of the European Union Thursday because of greater uncertainty following the U.K.’s vote to leave the EU. S&P lowered its rating to “AA” with a stable outlook from “AA+” with a negative outlook. In a statement, S&P said “the U.K. government’s declared intention to leave the union lessens the supranational’s fiscal flexibility, while reflecting weakening political cohesion.” Recently, S&P stripped the U.K. of its “AAA” rating following the so-called Brexit vote.
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From:: Stock Market News
The European Central Bank has discussed loosening the rules for bond purchases, Bloomberg reported Thursday, citing unidentified eurozone officials. The ECB is concerned there may not be enough debt available to buy under current criteria following the continued fall in bond yields after last week’s Brexit vote, the report said. Some ECB policy makers favor changing the allocation of bond purchases under the bank’s quantitative-easing program away from the size of a nation’s economy toward one more in line with outstanding debt, the report said. Current rules say national central banks in the euro area can buy bonds sold by governments, agencies and European institutions with yields above the ECB’s deposit rate of minus 0.4%, while different rules are in place for purchases of corporate debt and other securities.
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
Corn futures fell toward their lowest settlement since early May, while soybean futures climbed toward a two-week high following Thursday’s release of the U.S. Department of Agriculture’s Grain Stocks and Acreage reports. U.S. corn stocks totaled 4.72 billion bushels on June 1, up 6% from the same time a year ago, the grain stocks report said. Soybean stocks totaled 870 million bushels, up 39% from a year ago. Meanwhile, the U.S. planted an estimated 94.1 million acres of corn this year, up 7% from last year, and 83.7 million acres of soybeans were planted, up 1% from last year, according to the acreage data. Market consensus estimates called for 92.8 million acres of corn and 83.9 million for soybeans, according to Cowen and Company. December corn traded at $3.72 a bushel, up 3%, and November soybeans traded at $11.48 a bushel, up 3.2%.
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
Fast transportation is the second highest priority renters cite when they are looking to move. Trulia published a list of the top 10 cities for public transportation. Move here, and ditch the automobile all together. Moreover, it’s renter friendly. …read more
From:: Real Estate Wire
Hershey Co.’s stock ran up 15% in active midday trade Thursday, but was overshooting the $107 per-share bid that The Wall Street Journal reported that Mondelez International Inc. had made for the chocolate giant. Hershey’s stock was changing hands at around $111.50, or 4.2% above WSJ-reported bid, and 0.6% above the Jan. 22, 2015 record close of $110.78. Trading volume in Hershey had reached 11.6 million shares by 12 p.m. ET, which was more than eight-times the full-day average, according to FactSet data. Mondelez’s stock climbed 1.7%.
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
Home sales continue to increase, but at a lower rate than past months. However, according to Ten-X executive vice president, Brexit could change everything. Here’s how. …read more
From:: Real Estate Wire
The British pound plummeted against the dollar on Thursday after Bank of England Gov. Mark Carney indicated the central bank will likely further ease monetary policy to combat an expected economic slowdown. The British pound tumbled to $1.3321 after the release of Carney’s prepared remarks — a sharp reversal from a session high of $1.3497. Carney struck a somber tone with his remarks, saying that uncertainty surrounding the U.K.’s plan to leave the European Union will likely weigh on economic growth, requiring the central bank to take action. Many economists expect the BOE to cut rates soon to combat tightening financial conditions in the wake of the Brexit vote.
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
Updates to the Federal National Mortgage Association’s guidelines impact HomeReady loans, self-employed income and insurance requirements.
Prospective borrowers whose qualifying income is as much as 100 percent of the area median income will now be eligible for HomeReady loans.
In addition, no income limit will apply on HomeReady mortgages when the property securing the mortgage is located in a low-income census tract.
From:: Financing
Natural-gas futures pared some of their earlier gains Thursday after the U.S. Energy Information Administration reported that supplies of the commodity rose 37 billion cubic feet for the week ended June 24. That was below the average rise of 46 billion cubic feet expected by analysts polled by S&P Global Platts. Total stocks now stand at 3.140 trillion cubic feet, up 582 billion cubic feet from a year ago and 637 billion cubic feet above the five-year average, the government said. The data included a downward “reclassification” to stocks in the Pacific region. August natural gas was up 1.5 cents, or 0.5%, to $2.878 per million British thermal units. It traded at $2.91 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.
From:: Stock Market News