News

Move/News Corp legal battle drags down Zillow Group earnings in 2015

Posts net loss of $91.1 million; sees traffic decline in 4th quarter
The Zillow Group family of websites, which includes Zillow and Trulia, announced its 2015 financial results on Thursday, with the company reporting a pro forma net loss of $91.1 million in 2015. According to Zillow, a large portion of the net loss was driven by the legal fees associated with Zillow’s legal battle with Move, which is now owned by News Corp, over claims of allegations of trade secret theft involving Errol Samuelson, who was once Move's chief strategy officer.
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Financial purge: Big bank stocks plunge

Dramatic crash in oil prices to blame
The DOW is not looking good as financial names took a big hit Thursday. Reeling off a 400-point loss, oil prices dropped below $27 a barrel for the second time in recent weeks. It settled at $26.21, the lowest point since 2003.
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Realtors: Florida housing set to get 2016 boost

The numbers from 2015 showed home sales and listings healthy
The Florida housing market for 2015 increased by 12.4% from 2014 in single-family home sales. Year-over-year growth in 2015's final quarter was more subdued, signaling a possible return in 2016 to more stable rates of sales growth.
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MBA: New home purchases soared in January

Estimate surpassed expectations
Even though new home purchases dropped 6% in December, for the month of January, the Mortgage Bankers Association’s Builder Application Survey shows mortgage applications for new home purchases increased by 14%.
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These are the top 5 most vacant cities in the U.S.

Not quite ghost towns, yet
The housing market continues to recover from the recent financial crisis. For the month of February, a recent RealtyTrac report shows that vacancy and “zombie foreclosures” are down 4% from a year ago nationwide. However, there are still some minority markets where its increasing.
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Redwood Trust shifts away from Fannie, Freddie conforming loans

Ending purchases of GSE loans; also ceases commercial loan originations for CMBS
Seeking to rid itself of two business segments that are dragging on the REIT’s bottom line, Redwood Trust announced recently that it will be discontinuing the acquisition and aggregation of conforming loans for sale to Fannie Mae and Freddie Mac, and will also discontinue commercial loan originations for distribution in commercial mortgage-backed securities.
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Morgan Stanley settles for $3.2 billion over 'deceptive' mortgage bond practices

Internal e-mail: We are running under the radar and do not want to document this
Morgan Stanley will hand out hundreds of millions of dollars in consumer relief and fork over hundreds of millions more to state governments as part of $3.2 billion settlement over its “deceptive” mortgage bond practices in the run-up to the financial crisis, the New York Attorney General’s Office said Thursday.
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