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Pending home sales fall 1.8% in June

WASHINGTON (MarketWatch) — A gauge of pending home sales fell in June, pulling back from May’s reading, which was the highest in more than nine years, a trade group said Wednesday. The index from the National Association of Realtors reached a seasonally adjusted 110.3 in June, down 1.8% from 112.3 in May, signaling that upcoming deals could slow. June is the first decrease in six months. “The demand is there for more sales, but the determining factor will be whether or not some of these buyers decide to hold off even longer until supply improves and price growth slows,” said Lawrence Yun, NAR’s chief economist. Economists polled by Dow Jones Newswires had expected June growth of 1%. Pending sales typically close within two months. An index reading of 100 equals the average contract activity level in 2001.

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IMF’s Lagarde not worried about China’s economy despite stock-market selloff

China’s economy is “resilient” and should be able to withstand sharp moves in the country’s stock market, said Christine Lagarde, the managing director of the International Monetary Fund, on Wednesday. “We are still forecasting China [growth] at 6.8%” for 2015, Lagarde said during a press conference. “It certainly is a bit lower than what it delivered lately, but it is a measured slowdown, I think very much under control.” The IMF head said there has been a lot of noise about China’s stock fluctuations. China’s stock market is still up more than 80% relative to a year ago despite the recent selloff, she noted. “We believe that the Chinese economy is resilient and strong enough to withstand that kind of significant variation in the markets,” she said.

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U.S. stocks open higher ahead of Fed statement

U.S. stocks opened slightly higher on Wednesday as investors assumed a cautious posture ahead of the statement from the Federal Reserve’s policy-setting meeting due to be released this afternoon. The S&P 500 opened 3 points, or 0.2%, higher at 2,097. The Nasdaq Composite added 12 points, or 0.2%, to 5,100. The Dow Jones Industrial Average began the day up 25 points, or 0.2%, at 17,658.

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Apollo Education’s stock tumbles after disclosure of FTC civil investigation

Apollo Education Group Inc.’s stock tumbled 8.2% in premarket trade Wednesday, after the for-profit education company disclosed in a regulatory filing that it received on Tuesday a civil investigative demand from the U.S. Federal Trade Commission. The selloff puts the stock on track to open at a 15-year low. Apollo said it is required to produce documents and information regarding the business practices of its wholly-owned subsidiary, University of Phoenix. The FTC’s demand is related to an investigation to determine whether people or companies have engaged in deceptive practices in advertising or the sale of secondary or postsecondary educational products or services. Apollo said it plans to cooperate fully with the FTC. The stock has plunged 61% year to date through Tuesday, while the S&P 500 has gained 1.7%.

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UPS reaches new biofuel deals to reduce carbon emissions

UPS said Wednesday it has reached agreements for up to 46 million gallons of renewable fuels over the next three years, a 15-fold increase over its previous contracts. The parcel delivery service said Neste, Renewable Energy Group and Solazyme will supply it with renewable diesel, as it shifts to make more than 12% of its fuel come from alternatives by the end of 2017. The bigger goal is to switch to alternative fuels and fuel-efficient and advanced vehicles for one billion miles by the end of 2017. “Renewable diesel has a huge impact significantly reducing lifecycle greenhouse gas emissions by up to 90 percent less versus conventional petroleum diesel,” senior vice president of global engineerng and sustainability Mark Wallace said in a statement. Rival FedEx Corp. said earlier this month that it has reached a deal with Colorado-based Red Rock BioFuels to receive about 3 million gallons of low-carbon renewable jet fuel per year beginning in 2017. That deal is set to run through 2024.

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EXCLUSIVE: The Office Pile founder, real estate company accused of defrauding five people out of their homes

By Hayley Ringle

The founder of a Phoenix co-working space and one of its companies are facing accusations from the Arizona Attorney General’s Office for defrauding at least five people who believed they were purchasing homes from the company.

The five Spanish-speaking victims made down payments and monthly mortgage payments to this company, believing they were homeowners, but ultimately lost their homes to foreclosure.

The company, Montecristo Properties LLC, which leases space at The Office Pile co-working… …read more

From:: biz journal foreclosures