Red Ventures to acquire Bankrate in all-cash deal with an enterprise value of $1.4 billion

Bankrate , an online publisher of personal finance content, said Monday that it has entered a deal with Red Ventures to be acquired in an all-cash deal values Bankrate at an enterprise value of about $1.4 billion. Red Ventures is a data company that connects financial services, home services and healthcare businesses to consumers. Bankrate shareholders will receive $14 per share, about 31% above Bankrate’s average closing share price for the past three months. The transaction is expected to close in 2017. Bankrate is up 66% for the past year while the S&P 500 index is up 15.2% for the period.

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From:: Stock Market News

AK Steel to purchase Precision Partners for $360 million in cash

AK Steel Holding Corp. said Monday it has agreed to acquire Precision Partners Holding Co. for $360 million in cash. Precision Partners is based in Ontario and offers engineering, tooling, die design and hot and cold stamped steel parts. AK Steel said the deal will expand the company’s presence in the high-growth automotive market as well as in advanced high strength steels. “Precision Partners has a highly experienced leadership team and is an innovator in the markets they serve,” AK Steel Chief Executive Roger Newport said in a statement. AK Steel will finance the deal with debt and equity and expects it to close in the third quarter. AK Steel shares were not yet active premarket, but are down 36% in 2017, while the S&P 500 has gained 8%.

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.

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From:: Stock Market News

Tesla’s Model 3 to begin production on Friday: Elon Musk

Tesla Inc.’s [s:tsla] Model 3 electric car should begin production on Friday, the company’s chief executive, Elon Musk, said Monday. In a series of posts to Twitter, Musk said the $35,000 vehicle has “passed all regulatory requirements for production two weeks ahead of schedule,” and that 30 cars should go to owners by July 28. In August, the production total should be 100, rising to 1,500 in September. Musk said he expects the production rate to be 20,000 per month by December. The Model 3 is part of Musk’s strategy to boost production next year to 500,000 from about 84,000 last 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.

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From:: Stock Market News

Monday Morning Cup of Coffee: Redfin files for IPO, plans to raise millions

The housing industry kept busy over the past several days. Online real estate company Redfin decided to finally jump into the stock market, filing an initial public offering with the U.S. Securities and Exchange Commission. Meanwhile, newly created fintech company Finastra is reminding the industry that it’s not done growing. Check out the article to find out what’s in store for housing. …read more

From:: Real Estate Wire

SpaceX cancels rocket launch in final seconds

SpaceX scrubbed a planned rocket launch from Cape Canaveral, Fla., on Sunday, with just 9 seconds remaining on the countdown. The Southern California company, founded and run by Elon Musk, said a computer triggered the order to abort, but did not immediately give the reason. The next launch window is for Monday evening. The Falcon 9 rocket was supposed to have launched a communications satellite into orbit. Unlike recent launches, the rocket will not land and be reused after it blasts off, since the heavier payload will require it to use all its fuel for the launch itself.

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From:: Stock Market News

High-Tech and Human Hustle: CENTURY 21® Expands Its Reach as a Real Estate Force

By Susanne Dwyer

While other companies and franchisors are working toward earning the attention of the industry, a growing number of real estate professionals looking for a new place to call home are seeking out the iconic CENTURY 21® brand, which is known in the market as a community of like-minded entrepreneurs who ideate and share best practices. Century 21 Real Estate LLC is coming off its best growth year in a decade, in terms of the number of new offices affiliating with the brand, with many of the new brokers coming into the CENTURY 21 System citing it as the best platform for their sales professionals, their market, their growth and long-term success. In 2016 alone, 657 new offices proudly waved the CENTURY 21 flag in local markets around the world. These growth numbers follow last year’s announcement that in 2015, the CENTURY 21 System welcomed 497 new offices globally. All totaled, Century 21 Real Estate LLC currently has approximately 7,400 independent offices worldwide, making it a global leader in residential real estate.

“It’s exciting to know that we now have 7,400 residential offices worldwide, but more importantly, we have real estate entrepreneurs coming to us wanting to know more about the C21® story and how we are helping their peers increase agent productivity, recruit the best professionals in the market and enhance marketshare,” says Greg Sexton, chief operating officer of Century 21 Real Estate LLC. “Based on the number of prospective franchisees coming into our Madison, N.J., headquarters, and those attending our live events to experience our value proposition first-hand, we’re confident that we will continue to be the first choice for industry professionals and consumers looking for a new place to call home.”

Overall, the “we’ve got your back” culture at C21® of collaboration and shared ideation, growth-oriented technology tools, learning, and multi-channel marketing communications, coupled with the peer-to-peer community of like-minded entrepreneurs who support one another’s growth and long-term success, has helped the global franchisor raise its affiliated agent base almost 10 percent year-over-year to 111,531.

“Agents are gravitating to the CENTURY 21 System because they want to be a part of a culture of purpose-driven professionals who earn the trust and affinity of homebuyers and sellers better than anyone in the business—and the three-peat sweep of J.D. Power helps to affirm that,” adds Cara Whitley, chief marketing officer of Century 21 Real Estate LLC. “Our Platform supports entrepreneurs by providing access to tools and technologies that help to facilitate human-to-human connection, augment their skills and abilities to help better serve the consumer, and deliver insights that other agents who are considering a move, and consumers with life-changing real estate decisions, demand—and deserve—from a real estate company.”

When you ask the new brokers affiliating with the brand why they chose CENTURY 21, they reference the many ways the brand is helping their “most valued assets”—their agents—grow their business and close more transactions via lead generation, learning, and personalized technology offerings, like Realogy’s proprietary Zap® platform for brokers and agents, in addition to its …read more

From:: Real Estate News

A Picture-Perfect Canvas in Vail Valley

By Susanne Dwyer

Vail_Valley_2-5

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

A stunning expanse nestled in coveted Vail Valley, Colo., is now for sale.

Battle Mountain Ranch—the “Land of Endless Possibilities”—spans a sprawling 4,676 acres of unspoiled wilderness squarely between Beaver Creek and Vail Village, 30 minutes in either direction from the resort areas’ acclaimed dining, recreation and shopping. The secluded scenery, enveloped by 140,000 acres of U.S. Forest Service land, is spectacularly punctuated by fir, lodgepole pine and spruce forests, taking in exclusive vistas of some of the uppermost summits in the Rockies, including Castle Peak, Gore Range and Mount of the Holy Cross.

“I’ve walked this property in absolute awe,” says Kyle Denton, co-listing agent, of Berkshire Hathaway HomeServices Colorado Properties. “Words can’t properly describe its sheer beauty and varied terrain. The right buyer with the right vision has an opportunity to create something joyous at Battle Mountain Ranch.”

The property accumulates an average 340 inches of snow each year, and has 700 acres of ski-able terrain, making it ideal for an extended season of winter escapades. With an astonishing 2,570-foot drop and its highest elevation at 11,000 feet, the spread can be developed, divvied into tracts, or established as a legacy estate.

Listed by: Onie Bolduc and Kyle Denton, Berkshire Hathaway HomeServices Colorado Properties
Listed for: $19.5 million

Image Credit: Berkshire Hathaway HomeServices Colorado Properties

Nick Caruso is RISMedia’s senior editor. Email him your real estate news ideas at nick@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

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From:: Real Estate News

How ‘Free’ Is Your State?

By Susanne Dwyer

How “free” is your state?

A recent study conducted by WalletHub identifies the most and least “independent” states based on health- and wealth-related dependencies in five categories: “consumer finances,” such as credit scores and emergency savings; “government,” or federal funding; “international trade,” such as jobs supported by exported goods; “job market,” such as employer-offered retirement savings and the unemployment rate; and “personal vices,” such as drug use and gambling.

The most independent state, according to the study, is Colorado, with the lowest unemployment rate; the second-highest share of households that have emergency savings; the second-lowest share of jobs supported by exported goods; the second-lowest share of GDP generated by exports; and the fourth-lowest share of households relying on food stamps and/or other assistance.

The least independent state is Louisiana, with the highest share of GDP generated by exports; the third-highest share of adults with gambling disorders; the third-lowest median credit score; the fourth-highest unemployment rate; and the fourth-highest share of jobs supported by exported goods.

The remaining four of the top five most independent states are:

  1. Utah
  • Highest Median Household Income
  • Highest Share of Households With Emergency Savings
  • Second-Lowest Share of Adult Binge Drinkers
  • Third-Lowest Share of Households Relying on Food Stamps and/or Other Assistance
  1. Minnesota
  • Highest Median Credit Score
  • Second-Highest Employer-Based Retirement Access/Participation
  • Second-Least Federally Dependent
  • Fourth-Highest Median Household Income
  1. New Hampshire
  • Lowest Unemployment Rate
  • Fourth-Highest Employer-Based Retirement Access/Participation
  1. Wisconsin
  • Highest Employer-Based Retirement Access/Participation
  • Third-Lowest Share of Adults With Gambling Disorders

The remaining four of the top five least independent states are:

  1. Kentucky
  • Most Federally Dependent
  • Fourth-Highest Share of GDP Generated by Exports
  1. Alaska
  • Highest Share of Jobs Supported by Exported Goods
  • Second-Highest Unemployment Rate
  • Third-Highest Share of Households Relying on Food Stamps and/or Other Assistance
  1. Mississippi
  • Highest Share of Adults With Gambling Disorders
  • Lowest Median Credit Score
  • Second-Most Federally Dependent
  • Fifth-Highest Share of Households Relying on Food Stamps and/or Other Assistance
  1. West Virginia
  • Second-Lowest Median Household Income
  • Second-Lowest Share of Households With Emergency Savings
  • Fifth-Most Federally Dependent
  1. South Carolina
  • Third-Highest Share of GDP Generated by Exports
  • Third-Lowest Median Credit Score

Source: WalletHub

For the latest real estate news and trends, bookmark RISMedia.com.

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From:: Real Estate News

CFPB Provides Guidance for Mortgage Servicing Rule

The Consumer Financial Protection Bureau has issued policy guidance on early compliance with the 2016 Mortgage Servicing Final Rule.

Originally issued in August 2016, changes from the rule go live either on Oct. 19, 2017, or April 19, 2018. Both dates are Thursdays.

But servicers have voiced operational challenges from a mid-week change and called on the bureau to move the change dates to the weekend.


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From:: Financing