Foreclosures | Mortgages | Financing
By jgaffney@housingwire.com There are pros and cons to this deal. Nearly half of the borrowers in it show a prior credit event, including foreclosure, bankruptcy, short sale or deed in lieu of foreclosure. However, the average borrower holds $230,000 in liquid reserves. And Fitch said there are some concerns on the issuer side as well, which limited the strength of the rating; the highest pool is single-A. …read more
From:: Real Estate Wire
Natural-gas futures turned higher on Thursday after the U.S. Energy Information Administration reported that supplies of the commodity rose 65 billion cubic feet for the week ended June 3. That was below the average rise of 80 billion cubic feet expected by analysts polled by S&P Global Platts. Total stocks now stand at 2.972 trillion cubic feet, up 660 billion cubic feet from a year ago and 722 billion cubic feet above the five-year average, the government said. July natural gas was up 7.4 cents, or 3%, at $2.542 per million British thermal units. It traded at $2.46 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
The consistent rise in home equity can thank rising home prices and less distressed sales for its improvement in the first quarter of 2016. If the home price trend continues, CoreLogic executives show what that would mean for home equity. …read more
From:: Real Estate Wire
Health Insurance Innovations Inc. dropped almost 20% after a Raymond James downgrade Thursday. The company’s stock has dropped nearly 24% this week after the Department of Health and Human Services announced Wednesday morning a proposal to cut down on short-term health insurance plans. Health Insurance Innovations sells 12-month short-term medical insurance plans as an alternative to traditional plans. The new rule, which would go into effect in 2017, limit short-term plans to three months or less, citing healthy individuals’ use of these plans instead of entering the regular insurance market. Raymond James analyst Steven Schwartz downgraded the company from strong buy to market perform, citing regulatory uncertainty. “We expect significant insurance industry push back and believe that an industry legal response will be likely if the proposal is adopted in its current form,” Schwartz 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.
From:: Stock Market News
Health Insurance Innovations Inc. dropped almost 20% after a Raymond James downgrade Thursday. The company’s stock has dropped nearly 24% this week after the Department of Health and Human Services announced Wednesday morning a proposal to cut down on short-term health insurance plans. Health Insurance Innovations sells 12-month short-term medical insurance plans as an alternative to traditional plans. The new rule, which would go into effect in 2017, limit short-term plans to three months or less, citing healthy individuals’ use of these plans instead of entering the regular insurance market. Raymond James analyst Steven Schwartz downgraded the company from strong buy to market perform, citing regulatory uncertainty. “We expect significant insurance industry push back and believe that an industry legal response will be likely if the proposal is adopted in its current form,” Schwartz 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.
From:: Stock Market News
U.S. stocks traded modestly lower Thursday as a recent rally, which has propelled equities toward record highs, eased. The Dow Jones Industrial Average fell 61 points, or 0.3%, at 17,941, while the S&P 500 declined 9 points, or 0.4%, to 2,109. The Nasdaq Composite Index gave up 23 points, or 0.5%, to 4,951. Moves in stocks came as the yield on benchmark 10-year Treasurys touched their lowest level in four months, at 1.67%. The market was little-changed after a reading of employment, released at 8:30 a.m. Eastern Time, showed that initial jobless claims in early June fell to 264,000. In stock movers, shares of Chesapeake Energy Corp. helped lead the market lower as crude-oil prices retreated off 11-month highs set on Wednesday.
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From:: Stock Market News
Global PC shipments in 2016 is expected to decline more than previously expected, as market conditions have been weaker than expected, according to International Data Corp. Worldwide Quarterly PC Tracker. Shipments are forecast to decline 7.3% from last year, which is about 2% below earlier projections, IDC said. In the first quarter, shipments dropped 12.5% from a year ago, compared with IDC’s previous forecast of an 11.3% decline, given unfavorable currency movements, depressed commodity prices, political uncertainty and project delays. “The latest update reflects continuing pressure on PC shipments, but does not significantly change the factors driving the market,” said Loren Loverde, vice president, Worldwide Tracker Forecasting and PC research. “In addition, we have now had four consecutive quarters of double-digit volume declines. This type of prolonged slump is unprecedented, and lowers the bar for some improvement going forward.”
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From:: Stock Market News
Treasury prices soared Thursday, pushing yields to their lowest level since Feb. 11, amid a global sovereign-bond rally that also pushed European bond yields to record lows. The yield on the 10-year note , the Treasury market’s benchmark, lost 3.6 basis points to 1.673%, its lowest level since Feb. 11, according to Tradeweb. Meanwhile, the yield on the two-year Treasury was down 1.6 basis point at 0.767%, its lowest level since May 13 , and the 30-year yield lost 3.9 basis points to 2.476%. Bond yields fall when prices rise and vice versa.
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From:: Stock Market News
The Los Angeles Police Department has selected electric vehicles provided by German carmaker BMW for community outreach and other police business over California-based Tesla Motors Inc. , the Los Angeles Times reported Thursday. BMW will lease 100 of its i3 all-electric plug-in vehicles to the LAPD, bringing the size of the police department’s fleet to 200. The LAPD has tested Telsa’s P85D, a variant of its Model S, over the past year, the paper reported. The BMW model is cheaper at about $42,000, or less than half the price of the Tesla model. In good news for Tesla, Police Chief Charlie Beck said the department will continue to work with BMW, Tesla and other carmakers to create a better electric vehicle. “We want to go to the next step,” he said, according to the Times. “They will absolutely be the patrol cars of the future.”
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From:: Stock Market News
TheStreet Inc. said Thursday it has named David Callaway, editor-in-chief of USA Today, as its chief executive, replacing Larry Kramer, who will resume the position of non-executive chairman. Callaway is a former editor-in-chief of MarketWatch, the publisher of this report. He was most recently head of USA Today, where he helped grow the digital news group to fifth-largest in the U.S., according to a press statement. At TheStreet, he will be tasked with growing the consumer and business-to-business divisions. TheStreet shares were not yet active in premarket trade, but are down 19% in the year so far, while the S&P 500 has gained 3.7%.
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From:: Stock Market News