Foreclosures | Mortgages | Financing
The California Association of Realtors called out Freddie Mac’s pending entrance into the single-family home rental market, saying the move goes directly against helping homebuyers. Fannie Mae unveiled a similar initiative back at the beginning of the years, but Freddie boasts that its program will be different. …read more
From:: Real Estate Wire
Shares of Manitowoc Co. rose more than 12% late Monday after the maker of cranes for construction, oil and gas, and other industries swung to an adjusted quarterly profit and reported sales above forecasts. Manitowoc said it earned $500,000 in the quarter, breaking even on a per-share basis, versus a loss of $5.8 million, or 4 cents a share, a year ago. Adjusted for one-time items, Manitowoc said it earned 5 cents a share, compared with 3 cents a share a year ago. Net sales reached $394.6 million, compared with $457.7 million in the second quarter of 2016. Analysts polled by FactSet had expected an adjusted loss of 4 cents a share on sales of $396 million. Most of the decline in sales was thanks to lower crawler crane shipments in the Americas as the company had shipped a “significant volume” of these cranes in the prior year, and lower rough-terrain crane shipments in the Americas and in the Middle East due to continued weakness in oil and gas market demand, the company said in a statement. The company has experienced “pockets of improved demand in specific markets like the Permian and Eagle Ford basins in North America,” while European markets continue to experience moderate growth, partly offset by continued weakness in the Middle East, CEO Barry Pennypacker said. Manitowoc is “cautiously optimistic” for the near term, it 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
Marriott International Inc. shares dipped in late trading Monday after the hotelier posted a quarterly earnings beat but projected profit in the current quarter would come in slightly lower than analysts’ expectations. Marriott announced net income of $414 million, or $1.08 a share, on revenue of $5.8 billion for its fiscal second quarter, an increase from earnings of 97 cents a share on sales of $3.9 billion a year ago. After adjustments for merger-related costs, the company claimed earnings of $1.13 a share. Analysts on average expected Marriott to report adjusted earnings of $1.01 a share on revenue of $5.64 billion. While Marriott topped those estimates, the company said that it expected earnings per share in the third quarter to be in a range of 96 cents to 99 cents a share, while analysts were projecting profit of $1.01 a share. Marriott shares fell about 2% in late trading after the numbers were released, after closing the trading session with a 1.1% increase at $106.17.
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
Shares of LendingClub Inc. rose 8% late Monday after the company reported a narrower-than-expected adjusted second-quarter loss and its quarterly sales came in above expectations. LendingClub reported a consolidated net income of $25.4 million, or 6 cents a share, in the quarter, compared with a loss of $81 million, or 21 cents a share, a year ago. Adjusted for one-time items, LendingClub reported a loss of 1 cent a share, compared with a loss of 9 cents a share in the year-ago period. Revenue reached $139.6 million in the quarter, from $103 million a year ago. Analysts polled by FactSet had expected an adjusted loss of 2 cents a share on sales of $135 million. LendingClub also raised its guidance for full-year and third quarter 2017. The company said it expects revenue in a range of $585 million to $600 million for the year, and third-quarter revenue in a range of $154 million to $159 million.
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
Twilio Inc. recovered from the loss of Uber Technologies Inc., one of its biggest customers, to produce better financial performance than expected in the second quarter, and shares roared 12% higher in late trading Monday. The cloud-communications company reported a net loss of $7.1 million, or 8 cents a share, on revenue of $95.9 million, an improvement from a loss of 45 cents a share on sales of $64.5 million a year before. After adjustments for stock-based compensation and other effects, Twilio claimed a loss of 5 cents a share. Twilio beat its own estimates, which called for an adjusted loss of 10 to 11 cents a share, and analyst projections, which were for an adjusted loss of 11 cents a share on revenue of $86.2 million on average, according to FactSet. Twilio suffered after its previous earnings report, which included a weak forecast after the loss of Uber, which accounted for 12% of the company’s revenue but chose to move some of the functions for which it relied on Twilio into the company’s own operations. After topping that weak forecast, Twilio shares topped $34 in late trading, after closing with a 4.6% gain at $30.53.
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
Avis Budget Group Inc. shares tanked more than 10% late Monday after the car rental company missed per-share earnings and sales expectations for its second quarter. Avis said it earned $3 million, or 4 cents a share, in the quarter, compared with $36 million, or 38 cents a share, in the year-ago period. Adjusted for one-time items, Avis said it earned 30 cents a share, compared with 63 cents a share a year ago. The company reported revenue of $2.2 billion, unchanged compared with a year ago, as increase in overall rental days was offset by a decrease in pricing and strong international revenue growth offset lower revenue in the Americas. Analysts polled by FactSet had expected adjusted earnings of 52 cents a share on sales of $2.3 billion. Avis also updated its full-year 2017 guidance, and said it expects sales between $8.8 billion and $9 billion for the year as well as adjusted EPS between $2.40 and $2.85. The analysts surveyed by FactSet expect 2017 sales to reach $8.8 billion and an adjusted EPS of $2.78 for the 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
CBS Corp. revenue beat analyst projections in a Monday report, which the company credited to content like the “Twin Peaks” reboot and the NCAA basketball tournament. CBS reported net income from continuing operations of $397 million, or 97 cents a share, on sales of $3.26 billion, up from profit of 82 cents a share on sales of $2.98 billion in the year-ago quarter. Analysts on average expected adjusted earnings of 97 cents per share on revenue of $3.1 billion, according to FactSet. CBS Chief Executive Leslie Moonves said in the announcement that the new “Twin Peaks” show “boosted OTT subscriptions dramatically” for the Showtime streaming service, and the company said ad revenues were helped by the semifinals and finals of the NCAA men’s basketball championships.
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 Dow booked its 9th straight record and the S&P 500 also notched an all-time high on Monday, lifted by gains in technology and consumer-staples stocks. The Dow Jones Industrial Average added a modest 0.1% to at 22,118, but posted its longest winning streak since February, while the S&P 500 index gained 0.2% at 2,480, powered by a 0.7% rise in the consumer-staples sector, headlined by a 5.7% rise in Tyson Foods Inc. shares after the meat-producer reported better-than-expected revenue. The Nasdaq Composite Index enjoyed the best daily gain of its peers, up 0.5% at 6,383, logging the best advance for the technology-focused index since July 18, according to FactSet data. The modest rise in equities came as government bonds hovered at lows, with the benchmark 10-year Treasury note yielding 2.26%. Bond prices move inversely to yields. Lower bond yields can make owning stocks, perceived as riskier, more attractive to investors.
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
By Beth McGuire
Countless case studies have established a connection between education and homeownership: generally, college graduates are more likely to own a home than non-graduates. A new study out of Trulia now shows that career stage, level of education and location can have varying degrees of influence on homeownership rates.
Being college-educated typically boosts earning potential, which opens up housing options in terms of affordability and size. The median income for bachelor’s degree-holders is $82,202, according to Census data, while the median income for those without a degree is $48,842. The homeownership rate among the former is 16 percent higher than the homeownership rate for the latter, the study shows, and, homes owned by bachelor’s degree-holders feature more square footage than those without: seven rooms versus six.
Incomes tend to grow as careers do, whether a college graduate or not, but incomes expand more as experience stacks up for college graduates than non-graduates. Homeownership rates, as a result, increase more for college graduates as careers progress, the study shows. The median income for college graduates rises from $74,843 at age 22-35, when the homeownership rate is 42 percent, to $105,387 at age 50-63, when the homeownership rate is 82.2 percent. The median income for non-graduates, to compare, rises from $39,045 at age 22-35, when the homeownership rate is 25 percent, to $53,000 at age 50-63, when the homeownership rate is 63.8 percent.
What’s more: If a bachelor’s degree leads to more income and higher homeownership rates, it stands to reason succeeding levels of education (e.g., graduate, doctorate) result in even more income and even higher homeownership rates. In reality, incomes and homeownership rates fluctuate at higher levels of education, the study shows. Doctorate-degree holders, for example, for whom the median income is $117,684, roughly $17,000 less than the median for a professional degree-holder at $134,680, own homes at a rate of 73.7 percent, below that of professional degree-holders at 76 percent.
Several housing markets, still, buck the higher education prerequisite simply because a degree-worthy income isn’t necessary to own a home, the study shows. Homeownership rates among those without a high school diploma are above 50 percent in affordable Deltona-Daytona Beach, Fla., and Gary, Ind., where the median home value trails the national median. In Long Island, N.Y., the homeownership rate among those with a high school diploma but no college degree blips at 74.5 percent.
Notably, the findings of the study hold even considering student debt obligations, which have been partly to blame for homebuyers’ inability to enter the market. Higher education, no matter its cost, the study shows, is undeniably tied to success in homeownership.
For more information, please visit www.trulia.com.
Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.
For the latest real estate news and trends, bookmark RISMedia.com.
The post Education Linked to Homeownership in More Ways Than One appeared first on RISMedia.
From:: Finance and Economy
By Beth McGuire
Countless case studies have established a connection between education and homeownership: generally, college graduates are more likely to own a home than non-graduates. A new study out of Trulia now shows that career stage, level of education and location can have varying degrees of influence on homeownership rates.
Being college-educated typically boosts earning potential, which opens up housing options in terms of affordability and size. The median income for bachelor’s degree-holders is $82,202, according to Census data, while the median income for those without a degree is $48,842. The homeownership rate among the former is 16 percent higher than the homeownership rate for the latter, the study shows, and, homes owned by bachelor’s degree-holders feature more square footage than those without: seven rooms versus six.
Incomes tend to grow as careers do, whether a college graduate or not, but incomes expand more as experience stacks up for college graduates than non-graduates. Homeownership rates, as a result, increase more for college graduates as careers progress, the study shows. The median income for college graduates rises from $74,843 at age 22-35, when the homeownership rate is 42 percent, to $105,387 at age 50-63, when the homeownership rate is 82.2 percent. The median income for non-graduates, to compare, rises from $39,045 at age 22-35, when the homeownership rate is 25 percent, to $53,000 at age 50-63, when the homeownership rate is 63.8 percent.
What’s more: If a bachelor’s degree leads to more income and higher homeownership rates, it stands to reason succeeding levels of education (e.g., graduate, doctorate) result in even more income and even higher homeownership rates. In reality, incomes and homeownership rates fluctuate at higher levels of education, the study shows. Doctorate-degree holders, for example, for whom the median income is $117,684, roughly $17,000 less than the median for a professional degree-holder at $134,680, own homes at a rate of 73.7 percent, below that of professional degree-holders at 76 percent.
Several housing markets, still, buck the higher education prerequisite simply because a degree-worthy income isn’t necessary to own a home, the study shows. Homeownership rates among those without a high school diploma are above 50 percent in affordable Deltona-Daytona Beach, Fla., and Gary, Ind., where the median home value trails the national median. In Long Island, N.Y., the homeownership rate among those with a high school diploma but no college degree blips at 74.5 percent.
Notably, the findings of the study hold even considering student debt obligations, which have been partly to blame for homebuyers’ inability to enter the market. Higher education, no matter its cost, the study shows, is undeniably tied to success in homeownership.
For more information, please visit www.trulia.com.
Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.
For the latest real estate news and trends, bookmark RISMedia.com.
The post Education Linked to Homeownership in More Ways Than One appeared first on RISMedia.
From:: Real Estate News