Mortgage Delinquency Up, Foreclosure Rate Holds

Although overall mortgage delinquency moved higher, early stage delinquency retreated, while serious mortgage delinquency and the foreclosure rate held steady.

Delinquency of at least 30 days on single-family loans, including loans in the foreclosure inventory, represented 5.1 percent of all mortgages as of Oct. 31, 2017.

The non-current rate was elevated versus the preceding month, when it was previously reported at 5.0 percent. But an improvement was recorded from 5.2 percent a year prior.


…read more

From:: Financing

Gold prices stretch losses to a second session

Gold prices settled lower Tuesday, down a second session in a row as prices continued to pull back from a record streak of 11 straight gains. Strength in the U.S. dollar and stock market helped dull investment demand for the precious metal ahead of key U.S. inflation data this week that are expected to offer hints on this year’s pace of Federal Reserve interest-rate increases. February gold fell $6.70, or 0.5%, to settle at $1,313.70 an ounce.

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.

…read more

From:: Stock Market News

Soaring Boeing’s stock adds 50 points to Dow industrials afternoon rally

The Dow Jones Industrial Average Tuesday afternoon was trading in record territory, with shares of Boeing Co. contributing the lion’s share of the blue-chip average’s gains. Shares of Boeing were up $7.45, or 2.4%, equating to a more than 50-point gain for the price-weighted Dow . A $1 move in any one of the Dow’s 30 components translates to a 6.83-point swing in the average. The Dow was up 0.5% at 25,400. Boeing’s hefty moves comes after reports that the plane manufacturer is facing a big backlog of orders in 2017, suggesting its sales in the coming year could be stronger-than-expected. Boeing has been one of the biggest factors in the Dow’s recent historic rally to a round-number milestone above 25,000, adding more than 140 points to that benchmark. So far, it is among the biggest gainers in the first six days of 2018. Elsewhere, the S&P 500 index was up 0.3% at 2,765, while the Nasdaq Composite Index was showing a gain of 0.2% at 7,171.

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.

…read more

From:: Stock Market News

Mortgage Credit Tightens to 5-Month Low

After easing to the loosest levels since the financial crisis, credit conditions in real estate finance contracted to the tightest level in five months. Government programs constricted most.

That was according to the Mortgage Credit Availability Index, a standardized quantitative index focused on mortgage credit, which was 179.2 in December.

Last month’s index level was the lowest since July, when it was previously reported at 179.0. A drop in the MCAI indicates that lending standards are tightening.


…read more

From:: Financing

EIA lifts oil price, U.S. output forecasts for 2018

The U.S. Energy Information Administration on Tuesday raised its 2018 price forecasts on West Texas Intermediate and Brent crude oil prices and U.S. production. In its monthly energy outlook report, the government agency forecast WTI prices at $55.33 a barrel for this year, up 4.8% from the December forecast. For 2019, it forecast $57.43. The EIA also upped its 2018 view on Brent crude by 4.3% to $59.74 and offered a 2019 forecast of $61.43. It raised its 2018 U.S. crude output view by 2.6% to 10.27 million barrels a day. February WTI crude continued to trade higher, up 1.5% at $62.66 a barrel, poised for the highest finish in about three years. March Brent added 1.1% to $68.56.

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.

…read more

From:: Stock Market News

Discovery Communications moving headquarters to New York, report says

Discovery Communications is moving its headquarters from suburban Washington, D.C. to New York City, NBC Washington and other media outlets reported, citing a company email. “We have … made the difficult decision to reduce our footprint in Maryland over time, with the ultimate closure and sale of our One Discovery Place headquarters building in Silver Spring, expected in 2019,” said CEO David Zaslav in an email. The same email said Discovery will move its global headquarters to New York City.

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.

…read more

From:: Stock Market News

CBS taps John Dickerson to replace Charlie Rose on ‘CBS This Morning’

CBS Corp. said on Tuesday that CBS News anchor John Dickerson will join “CBS This Morning” as a co-host alongside Gayle King and Norah O’Donnell. Dickerson replaces former morning show co-host Charlie Rose, who was fired by the network back in November following allegations of sexual harassment. Dickerson, who has been the anchor of CBS’s “Face the Nation” since 2015, will begin his new role on Wednesday. “Every time I’ve been on the show, I haven’t wanted the conversation with Norah [O’Donnell] and Gayle [King] to end when my segment does. Now it doesn’t have to,” Dickerson said in a statement. Dickerson has been at CBS since 2009, and served as CBS’s political director for six years. Before going to CBS, Dickerson was the chief political correspondent at Slate Magazine, and he covered politics for 12 years at Time magazine before that. Shares of CBS have declined nearly 11% in the last 12 months, while the S&P 500 index is up more than 21% and the Dow Jones Industrial Average is up more than 27%.

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.

…read more

From:: Stock Market News

Ex-Sheriff Joe Arpaio says he’s running for Senate

Former Sheriff Joe Arpaio plans to run for Senate in Arizona, he announced Tuesday. Arpaio was pardoned in August by President Donald Trump, after being convicted for defying a judge’s order to end traffic patrols targeting immigrants. Arpaio said in a tweet he’s running “to support the agenda and policies of President Donald Trump in his mission to Make America Great Again.” Arizona Sen. Jeff Flake, a Republican, has announced he won’t seek re-election.

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.

…read more

From:: Stock Market News

The Money Source Expanding Staffing, Servicing

A complete makeover planned at The Money Source Inc. will be accompanied by substantial expansion of its staffing and mortgage servicing portfolio.

The Melville, New York-based mortgage banking firm revealed in an announcement Tuesday that it is re-branding as TMS.

A marketing campaign will be launched for its retail, wholesale and correspondent channels that will tap into the emotional aspects of home financing.


…read more

From:: Financing

Boston Scientific’s stock rallies after upbeat sales outlook

Shares of Boston Scientific Corp. surged 5.2% in morning trade Tuesday, enough to make them the second-biggest gainer among S&P 500 components, after the medical technology company provided an upbeat sales outlook. The company said it expects fourth-quarter revenue that of about $2.41 billion, up 9.9% from a year ago. In comparison, the FactSet consensus of $2.35 billion represents growth of 7.4%. Among the company’s business segments, Cardiovascular sales of $910 million topped the FactSet consensus of $896 million, MedSurg sales of $930 million were above expectations of $905 million and Rhythm Management sales of $560 million were in line with expectations of $558 million. The stock has lost 7.5% over the past three months, while the SPDR Health Care Select Sector ETF has gained 3.9% and the S&P 500 has tacked on 3.9%. Separately, the S&P 500’s biggest gainer was Illumina Inc.’s stock , which rallied 5.3% after the company announced an agreement with Thermo Fisher Scientific Inc. to provider gene-sequencing researchers with broader access to Ion AmpliSeq Technology.

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.

…read more

From:: Stock Market News