Foreclosures | Mortgages | Financing
A frustratingly persistent shortage of inventory in the market for pre-owned single-family properties helped drive down pending sales for the third consecutive month.
On a seasonally adjusted basis, the U.S. Pending Home Sales Index was a preliminary 108.5 for the month of May 2017.
The index, a forward-looking indicator based on contract signings, slipped nearly a percent compared to the downwardly revised level for the preceding month.
From:: Financing
Blue Apron priced its initial public offering at $10 a share late Wednesday, on the low end of its estimate, valuing the meal-kit delivery company at $1.9 billion, Dow Jones Newswires reported. Earlier Wednesday, the New York company revised its projected price range from $15 to $17 a share to $10 to $11 a share. It has been approved to list on the New York Stock Exchange under the symbol “APRN.” The company will offer Class A shares of common stock with voting rights. Goldman Sachs & Co., Morgan Stanley, Citigroup and Barclays are the lead underwriters on the offering.
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
Small lender and affordable housing association groups worked together to create a joint release of GSE reform principles in order to ensure the safety of their respective members. The release comes amid a growing number of housing groups discussing reforming Fannie Mae and Freddie Mac given the current administration’s intent to make reform a priority. Here are a few key highlights from the release. …read more
From:: Real Estate Wire
LoyaltyExpress, a provider of marketing automation and CRM solutions for mortgage companies and banks, announced Wednesday that it secured an investment from New Capital Partners, a private equity firm focused on financial and health care services. LoyaltyExpress said that the company plans to use the money to grow it business. …read more
From:: Real Estate Wire
A new ranking of financial institutions based on their reputations had the banking sector improving despite a major scandal involving fraudulently created accounts.
Reputations in the banking industry among U.S. consumers have continued to recover, according to the 2017 Survey of Bank Reputations.
In fact, for the only time since tracking of such data began in 2011, the banking industry has achieved a strong reputation score.
From:: Financing
FICO scores for originations dropped in April, but it wasn’t from a loosening in credit for homebuyers. In fact, credit access remains historically tight for homebuyers, Urban Institute’s new report shows. However, it may not remain that way for long. …read more
From:: Real Estate Wire
Bank of America shares climbed more than 1.3% in after-hours trading on Wednesday, following the Charlotte, N.C. lender’s passing of a broad test of the banking systems’ ability to withstand a big market shock. The bank’s passage on Wednesday garnered it approval from the the Federal Reserve to lift its dividend 60% to 12 cents and announce a $12 billion share repurchase plan. All 34 of the financial-service firms tested passed their so-called stress test and received green lights for plans to return capital to shareholders. The exchange-traded Financial Select Sector SPDR ETF , a popular way to invest in the biggest U.S. banks, rose 1.1% in after-hours trade. Check out a live blog of the results from the stress test.
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
Any time Stephen Curry steps on the court (even if he’s surrounded by a team of all-stars), he is almost always the best player out there. And while Curry is used to testing himself against other NBA stars and coming out on top, he’s about to test himself in a whole new arena. Or a course, as it were. …read more
From:: Real Estate Wire
Shares of Pier 1 Imports Inc. cratered in Wednesday’s extended session after the retailer missed Wall Street’s revenue estimate. Pier 1 reported its first-quarter loss narrowed $3 million, or 4 cents a share, from $6 million, or 7 cents a share, a year earlier. Revenue fell to $409.5 million from $418.4 million. Analysts surveyed by FactSet had forecast a loss of 5 cents a share on revenue of $421 million. Same-store sales, on a constant currency basis, were flat but online sales, accounting for about a quarter of net sales, rose 23%. Pier 1 shares tumbled 19% after hours.
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 Nasdaq 100 Index bounced sharply back above a key technical level, just one-day after an apparent breakdown, but history suggests it’s still too early to assume the short-term uptrend remains intact. The index rallied 1.4% to 5,753.03, while the 50-day moving average (MA), which many chart watchers use as a dividing line between shorter-term uptrends and downtrends, extended to 5,694.58, according to FactSet. On Tuesday, the tech-heavy index closed below its 50-day MA for the first time since Dec, 6, 2016. The 138-session streak above the 50-day MA was the longest such stretch since it closed above it for 166-straight sessions through Sept. 26, 1995. Back then, after the Nasdaq 100 snapped that streak on Sept. 27, it surged 3.3% to close back above the line on Sept. 28. It then fell 8.1% over the next six sessions before hitting a short-term bottom. The Nasdaq 100 has now rallied 18.3% year to date, while the S&P 500 has gained 9.0%.
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