Foreclosures | Mortgages | Financing
Appraisal volume doesn’t appear to be budging for anything. Volume continued to trudge along at a very low volume for the majority of spring and now into summer. According to Kevin Golden, director of analytics with a la mode, it’s not the potential low rates from Brexit that will impact housing. …read more
From:: Real Estate Wire
While much is commonly known about Department of Housing and Urban Development Secretary Julián Castro, some might be surprised by what they don’t know.
Castro has become a rising star within the Democratic party since he gave the keynote address at the Democratic National Convention back in 2012.
He served as a White House intern in 1994 during President Bill Clinton’s administration and is reportedly on the short list to be Hillary Clinton’s running mate.
From:: Financing
According to a recent article by Forbes, the big news out of U.K. last week—the Brexit vote for the U.K. to separate itself from the European Union—might have an affect on investors in the U.S. multifamily market. “The Brexit could decrease the value of British real estate, at least in the short term, as the United Kingdom attempts to first negotiate its way out of the EU, then seeks new trade deals on its own. That could send British speculators looking for someplace safe to spend their investment pounds and shillings, and the United States has one of the most attractive apartment markets in the world, according to Axiometrics’ economists.”
Read more on this story at Forbes.com.
From:: Property Management
Applications for home loans, which have yet to feel the full impact from Brexit, slumped — with purchase financing activity off the most.
In the week that ended on June 24, the Market Composite Index moved lower by nearly 3 percent compared to one week previous.
The seasonally adjusted index, which is a measure of mortgage loan application volume, was down 3 percent even without adjustments.
From:: Financing
Oil futures added to earlier gains on Wednesday after theU.S. Energy Information Administration reported that domestic crude supplies fell by 4.1 million barrels for the week ended June 24. The American Petroleum Institute late Tuesday had reported a 3.9 million-barrel drop, according to sources, while analysts polled by S&P Global Platts expected a decline of 2.4 million barrels. Gasoline supplies climbed 1.4 million barrels, while distillate stockpiles declined by 1.8 million barrels last week, according to the EIA. August crude was at $48.91 a barrel on the New York Mercantile Exchange, up $1.06, or 2.2%, from Tuesday’s settlement. Prices traded at $48.52 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
Pending home sales decreased in May both monthly, and for the first time in two years, annually. Experts weigh in on what caused the sudden drop. …read more
From:: Real Estate Wire
Shares of Worthington Industries Inc. rallied 4.7% in morning trade Wednesday, after the metals manufacturing company reported fiscal fourth-quarter profit and sales that beat expectations. For the quarter ended May 31, earnings rose to $58.5 million, or 92 cents a share, from $28.9 million, or 44 cents a share, in the same period a year ago. The results include one-time items that boosted earnings per share by 5 cents. The FactSet EPS consensus was 64 cents. Revenue fell to to $714.7 million from $846.0 million, as a result of lower average selling prices in steel processing, but beat the FactSet consensus of $692 million. “While we expect some headwinds to continue, our legacy businesses are performing well and we anticipate a good start to our new fiscal year,” said Chief Executive John McConnell. “The Company’s two underperforming businesses, engineered cabs and oil and gas, are in better positions with smaller footprints and the cryogenics business is repositioning with its moves to new facilities later this year and new markets.” The stock has soared 28% year to date, while the S&P 500 has gained 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.
From:: Stock Market News
U.S. stocks opened higher Wednesday, building on Tuesday’s gains, as global markets continued to shake off worries about the impact of the U.K.’s vote last week to quit the European Union. A rise in crude-oil prices also offered support to stocks. The Dow Jones Industrial Average gained 103 points, or 0.6%, to 17,516, the S&P 500 index rose 15 points, or 0.8%, to 2,052, while the Nasdaq Composite Index advanced 41 points, or 0.9%, to 4,733. The two-day climb comes after a brutal two-day rout in global equities that saw more than $3 trillion in value washed away following Britain’s referendum to leave the EU, known as Brexit.
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
Diamond Resorts International Inc. said on Wednesday it’s agreed to be acquired by asset management firm Apollo Global Management. Apollo will pay $30.25 per share of Diamond Resorts in a deal valued at about $2.2 billion, according to a news release. The Wall Street Journal reported earlier the two were nearing a deal. The per-share bid represents a 26% premium over the closing price of Diamond Resorts’ stock on Tuesday and a 58% premium over its closing price Feb. 24, just before the resort management company announced it would explore strategic alternatives. The transaction is expected to close in the next few months. Shares of Diamond Resorts were up more than 23% in premarket trade Wednesday.
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
Chipotle Mexican Grill Inc. said Wednesday that it is adding chorizo to menus in Columbus, Oh., one restaurant in Denver, the restaurant in Dulles International Airport in Washington D.C., Manhattan locations in New York City, and restaurants in both Sacramento and San Diego, Calif. The chorizo is made using a recipe developed by Chipotle chefs containing pork, white-meat chicken and a blend of spices. Chorizo will be available in burritos, tacos, burrito bowls and salads. Chipotle shares are up 0.3% in premarket trading, but down 34.7% for the past 12 months. The S&P 500 is down 1.1% for the last 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.
From:: Stock Market News