Foreclosures | Mortgages | Financing
As home prices rise, investors seek to buy homes which they can either sell for a profit or rent out. The new Neighborhood Housing Index from ATTOM Data Solutions measures the best zip codes for home flippers and rental investments. Here are the top five in each category. …read more
From:: Real Estate Wire
For the second time in 2017, Fannie Mae is lowering the benchmark interest rate for standard mortgage modifications. Typically, Fannie Mae and Freddie Mac increase or decrease the benchmark interest rate simultaneously, but that doesn’t appear to be the case this time. …read more
From:: Real Estate Wire
An investment group made up of labor unions and led by a former Chicago politician is set to acquire the Chicago Sun-Times, the newspaper said Wednesday. The deal is expected to be completed by Thursday morning, the Sun-Times reported. Terms of the purchase were not disclosed. The group beat out Tronc Inc. , which owns the rival Chicago Tribune and faced federal antitrust concerns over its bid for the newspaper. “Our investors include more than half a million hardworking people around Chicago, and you can bet we’ll be talking with a voice that resonates with the working class,” former Chicago Alderman Edwin Eisendrath, the group’s point man, told the Sun-Times. “We’re going to organize around that to raise circulation.”
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
A New Mexico man admitted in court that he and his wife spent all but $5,000 out of $1 million that investors gave to the pair under the guise of investing in a real estate company. According to court documents, Willis spent $995,000 of the victims’ $1 million instead of investing the funds as he told the investors he would. …read more
From:: Real Estate Wire
Homebuilders are quickly feeling the impact of the looming rise in Canadian lumber tariffs, as more homebuilders cite a rising concern in the availability of building materials. Specifically, a new survey found a large jump in reported framing lumber shortages by homebuilders in a relatively short period of time. …read more
From:: Real Estate Wire
U.S. shares of Novartis AG rose in the extended session Wednesday after a Food and Drug Administration advisory panel unanimously recommended that the agency approve one of its cancer drugs. U.S.-traded Novartis shares rose 1.7% to $84.60 after hours. The company said the FDA’s Oncologic Drugs Advisory Committee voted 10 to 0 in favor of approving Novartis’s drug tisagenlecleucel for the treatment of children and young adults with B-cell acute lymphoblastic leukemia, a type of blood cancer. The FDA is not obligated to follow the recommendations of its advisory panels but generally does.
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
Monthly business turned lower at the Federal Housing Administration, and a further decline is likely. Meanwhile, delinquency deteriorated.
Residential loans that were endorsed by FHA in April numbered 96,878, while the aggregate principal balance of the loans was $19.719 billion.
That was according to an analysis by Mortgage Daily of operational data released by the Department of Housing and Urban Development.
From:: Financing
Mallinckrodt PLC shares rose in the extended session Wednesday after the drug maker said the Food and Drug Administration granted a special designation to one of its drugs intended to treat a rare form of muscular dystrophy. Mallinckrodt shares rose 1.8% to $44.90 after hours. The company said the FDA granted “orphan drug” status to its drug MNK-1411 for the treatment of Duchenne Muscular Dystrophy, or DMD. If the drug is approved, the status would give Mallinckrodt seven years of marketing exclusivity for the treatment as well as other perks like tax credits and waiver of some regulatory fees. The treatment is expected to enter mid-stage clinical trials later this year. DMD is a genetic form of muscular dystrophy that mostly affects young boys, where a certain protein that holds muscle cells together is absent.
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
HP Inc. is officially the world’s largest personal-computer manufacturer again, according to independent analyses. International Data Corp. and Gartner Inc. said Wednesday afternoon in second-quarter reports that HP regained the throne it lost to Lenovo Group Ltd. in 2013. IDC reported in April that HP overtook Lenovo in the first quarter, but Gartner tracked Lenovo with a slight lead for the first three months of the year. Overall, PC sales fell year-over-year once again, with Gartner reporting a 4.3% decline and IDC, which includes Chromebooks and some other devices in its calculations, reporting a 3.3% drop from the same quarter last year. Gartner said it was the 11th consecutive quarter of year-over-year sales declines for the PC industry, and that total volume was the lowest for a full quarter since 2007. IDC’s inclusion of Chromebooks led to rosier numbers, as the analysis firm said that the lightweight laptops running software from Alphabet Inc. continued to find strong support in the education market. Both reports had the same order for the top five PC manufacturers for the second quarter: HP, Lenovo, Dell Inc., Apple Inc. and Asustek Computer Inc. , respectively.
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
NRG Energy Inc.’s stock rocketed to its best-ever one-day percentage performance Wednesday, after the power plant operator revealed a “transformation plan” aimed cutting costs, slashing debt and selling assets. The stock closed up 29.39%, the biggest one-day gain since it came out of bankruptcy in late 2003. Volume ballooned to 47.4 million shares, about 11 times the full-day average. The previous biggest rally was 29.33% on Oct. 20, 2008. The stock closed at the highest level since Aug. 17, 2015. It has now run up 72% year to date, while the SPDR Utilities Select Sector ETF has gained 6.8% and the S&P 500 has climbed 9.1%.
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