Foreclosures | Mortgages | Financing
Three weeks ago, Sindeo, a San Francisco-based mortgage technology firm shockingly shut down without warning. But Monday, things took a decidedly unexpected turn, as the company’s website was back up and functioning as if nothing had happened. HousingWire can now confirm that Sindeo was acquired by one its investors – Renren, a social media network in China. …read more
From:: Real Estate Wire
Although the volatile early stage mortgage delinquency rate turned sharply higher, other performance metrics were better and are likely to continue improving.
Thirty-day delinquency on single-family loans, including mortgages that are in the foreclosure inventory, was 4.8 percent as of April 30.
The non-current rate deteriorated compared to the preceding month when it was 4.4 percent — the lowest level since back in March 2007.
From:: Financing
The U.S. Energy Information Administration on Tuesday lowered its price forecasts on West Texas Intermediate and Brent crude oil for this year and next and cut its U.S. production outlook for 2018. In its monthly energy outlook report, the government agency forecast WTI prices at $48.95 a barrel for this year, down 3.6% from its June forecast. For 2018, it forecast $49.58–down 7.5% from the previous outlook. The EIA also lowered its 2017 forecast on Brent crude by 3.6% to $50.79 and its 2018 outlook by 7.2% to $51.58. It left its U.S. crude production view at 9.33 million barrels per day this year, but reduced its 2018 output view by 1% to 9.90 million barrels a day. August WTI crude traded at $45.20 a barrel, up 79 cents, or 1.8%. September Brent crude added 80 cents, or 1.7%, to $47.68 a barrel.
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From:: Stock Market News
Appraised home values increased in June, and homeowners’ expectations grew closer to appraised values for the first time in months. And as home prices increased across the U.S., the only region that didn’t show an increase in appraisal values from last month was the Northeast, where prices declined from last month. …read more
From:: Real Estate Wire
The U.S. stock market took a decided turn lower on Tuesday around noon, with the Dow Jones Industrial Average falling by more than 100 points. The cause for the sudden jolt lower wasn’t entirely clear, as stocks had been wavering between small gains and losses earlier in the session, but the move came as Donald Trump Jr. released an email exchange via Twitter related to allegations that he held meetings with individuals claiming to possess incriminating information about former Secretary of State Hillary Clinton during his father’s presidential campaign against the Democratic rival. The Dow was down more than 120 points at one point, but has pared some of those losses to trade down 0.3% at 21,339. The S&P 500 index was off 0.3% at 2,420, while the Nasdaq Composite Index was trading flat Tuesday afternoon. Despite the early skittishness exhibited by the U.S. equity market, government bond moves remained muted, with the 10-year Treasury yield at 2.37% and gold futures held their ground, trading flat. Wall Street has had a tendency to be fairly resilient when it comes to worries about drama in the White House, including charges that Russian officials meddled with the 2016 U.S. election, helping President Donald Trump come into power.
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From:: Stock Market News
PetIQ, Inc. , a manufacturer and distributor of pet medications, set a $14 to $16 price range Tuesday to raise up to $90.7 million in its initial public offering. The company plans to sell 5.67 million shares. It recorded a net loss of $3.4 million in 2016 on top of net sales of $200 million. It has applied to list on the Nasdaq Global Market under them symbol “PETQ.” Jefferies and William Blair are the lead underwriters on the offering.
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From:: Stock Market News
Tesla Inc. on Tuesday scheduled its reporting second-quarter financial results after market close on Wednesday, Aug. 2. A conference call with analysts following results was scheduled for 2:30 p.m. Pacific. Analysts polled by FactSet expect the Silicon Valley electric-car maker to report an adjusted loss of $1.74 a share on sales of $2.6 billion in the quarter, which would compare with adjusted losses of $1.06 a share and sales of $1.6 billion in the year-ago quarter. Tesla shares rose nearly 3% Tuesday, versus losses for the S&P 500 Index.
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From:: Stock Market News
Shares of Chipotle Mexican Grill Inc. slumped 2.3% toward a four-month low in morning trade Tuesday, after Oppenheimer said the downside risk still remains too risky to get bullish despite the recent sharp selloff. The stock has tumbled 19.7% since closing at a 14-month high of $496.14 on May 16, putting it on the cusp of kicking off a new bear market. Many Wall Streeters define a bear market as a decline of at least 20% from a bull-market peak. Oppenheimer analyst Brian Bittner reiterated his perform rating on the fast-casual Mexican food chain, which he’s had on the stock since Jan. 4, 2016. “We remain cautious, despite CMG’s recent [near] 20% pullback,” Bittner wrote in a note to clients. “Our analysis within highlights material risk to the [Wall] Street’s post-2017 earnings power thesis–a requirement to justify current valuation.” Chipotle is scheduled to report second-quarter results on July 25, with analysts expecting a second-straight quarter of same-store sales growth following five-straight quarters of declines, according to FactSet. The stock has gained 5.7% year to date, but was still down 1.1% over the past year, while the S&P 500 has climbed 14% over the past 12 months.
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From:: Stock Market News
Loan performance improved in April even as home prices increased throughout the year. Mortgages in nearly all stages of delinquencies saw an improvement from April last year. CoreLogic’s chief economist explained the market continues to benefit from improved economic growth and home price increases. …read more
From:: Real Estate Wire
Homebuilder stocks slumped broadly Tuesday, after Barclays downgraded several of them, and reiterated a bearish view on some others, citing concerns that valuations suggest investors may be too optimistic in the face of data pointing to moderating buyer traffic trends. Toll Brothers Inc.’s stock shed 1.6% after analyst Michael Dahl downgraded it to underweight from equal weight, while shares of Lennar Corp. fell 1.5%, PulteGroup Inc. lost 0.6% and TRI Pointe Group Inc. dropped 1.7% after Dahl downgraded them to equal weight from overweight. Shares of KB Home slipped 0.2%, Meritage Homes Corp. gave up 0.8% and Realogy Holdings Corp. lost 0.3% after Dahl reiterated his underweight ratings. “Our June A.G.E.N.T. Survey indicated moderating buyer traffic trends, warning of risk that near-term catalysts for builders will disappoint relative to rising expectations,” Dahl wrote in a note to clients. Separately, CalAtlantic Group Inc.’s stock bucked the sector’s trend by rallying 0.8%, after Dahl upgraded it to equal weight from underweight, citing its recent underperformance relative to the group. The iShares U.S. Home Construction ETF , which was down 0.6% in morning trade, has run up 25% year to date, while the S&P 500 has gained 8.4% this year.
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From:: Stock Market News