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Silver lining emerges in otherwise glum local foreclosure data

By Jeff Blumenthal

First quarter foreclosure filings — default notices, scheduled auctions and bank repossessions — were down 4 percent from the previous quarter and down 8 percent from the first quarter of 2015 to the lowest quarterly total since the fourth quarter of 2006, according to RealtyTrac, an Irvine, Calif.-based company that produces housing data.

While the Philadelphia region still has only joined that post-recession housing recovery in earnest, there were some silver linings to report.

One in every… …read more

From:: biz journal foreclosures

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Gold futures slide for second session on firm U.S. dollar

Gold futures fell for a second session on Thursday as the dollar maintained its strength and demand for riskier assets remained relatively robust. The U.S. Dollar Index rose for a third day and U.S. stocks were marginally higher. June gold slid $21.80, or 1.8%, to settle at $1,226.50 an ounce. “Nothing new so far just the momentum is picking up towards the downside but we do not expect any major sell off or new trend developing,” said Naeem Aslam, chief market analyst at AvaTrade.

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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FHFA makes it official: Principal reduction is coming

A day that many in the housing industry thought would never come is finally and actually here, as the FHFA is making official – widespread principal reduction is coming. In what it is calling a “final crisis-era modification program,” the FHFA announced Thursday that it will be launching a principal reduction program for some borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac. Click the headline to learn more. …read more

From:: Real Estate Wire

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Seagate’s stock plunges toward worst day in seven years, on heavy volume

Seagate Technology PLC’s stock plunged toward its worst day since the depths of the Great Recession, in very active morning trade Thursday, after the disk-drive maker cut its fiscal third-quarter revenue and margin outlook. The stock tumbled 19%, the biggest one-day percentage decline since it fell 24% on Jan. 22, 2009. The biggest decline, since the company went public in Dec. 2002, was a 24.5% drop on Oct. 22, 2003. Trading volume reached 28 million shares within the first 90 minutes of Thursday’s regular session, or about six times the full-day average over the past 30 days of 4.7 million shares, according to FactSet. The company cut late Wednesday its revenue outlook for the current quarter to $2.6 billion from $2.7 billion, and its adjusted gross margin outlook to 23% from 25.6%. Pacific Crest analyst Monika Garg said her sector weight rating is now under review, as Seagate margins have been below its target range of 27% to 32% for the past three quarters.

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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McDonald’s pulls wraps from most menus

McDonald’s Corp. has pulled most of its wraps from its menus, with only the Ranch Snack Wrap remaining in some markets, a company spokesperson told MarketWatch. The fast-food giant phased out McWraps last summer, and discontinued two of its Snack Wraps nationally, the honey mustard and chipotle barbeque. The Ranch Snack wrap is made with grilled chicken, iceberg lettuce, jack and cheddar cheeses and a soft flour tortilla, according to the McDonald’s website. McDonald’s shares are up 0.5% in Thursday trading, and up 30.6% for the past year. The S&P 500 is down 0.6% for the last 12 months.

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