Articles by Justin T. Hilley

Miami pending home sales uneven

Pending home sales in two Miami counties are heading in opposite directions. Cumulative pending home sales, which include single-family homes and condominiums, in Miami-Dade County rose 11% in September to 11,296 from 10,219 a year earlier, according to the Miami Association of Realtors and the Multiple Listing Service systems. The September figure is 5% below the previous month's total of 11,915.
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NAR adds multifamily to online listings

A leading real estate website is capitalizing on the rebirth of rental housing by adding apartment communities to its online listings. The single-family residential rebound is still years away. And in the meantime, the National Association of Realtors is giving more visible options to people who are unsure whether to rent or buy in the depressed housing environment.
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First American 3Q net income falls 37%

First American Financial Corporation [stock FAF][/stock] posted a third-quarter net income of $21 million, or 20 cents per diluted share. The figure is a 37% decrease from net income of $33.1 million, or 31 cents per diluted share, in the same quarter a year ago. The Santa Ana, Ca.-based title insurance and settlement services provider’s third quarter results include net realized investment losses of $3.3 million, or 2 cents per diluted share, up from the same period last year when investment losses were $400,000, or 0.2 cents per diluted share.
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PennyMac 3Q earnings surge as distressed investments pay off

PennyMac Mortgage Investment Trust [stock PMT][/stock] said Thursday that income for the third quarter nearly tripled from a year ago, driven by consistent returns on distressed mortgage investments. The California-based real estate investment trust earned $20.5 million, or 73 cents per share, for the three months ended Sept. 30, up from $7.7 million, or 45 cents a share, a year earlier. The company attributed the increase to prudent leveraging and an aggressive extension of its loan resolutions.
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LexisNexis enhances tenant screening in expanding multifamily market

As millions of Americans across the nation migrate from homeownership to rental housing, multifamily property sellers are gaining a new tool that could help landlords screen tenants. LexisNexis Risk Solutions Wednesday launched a background screening tool that offers rental management companies access to real-time daily reports on potential and current residents living on their properties.
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Regions Financial returns to profitability in 3Q, beating estimates

Regions Financial Corp. [stock RF][/stock] reported third-quarter income of $155 million, or 8 cents a share, compared to a loss of $155 million, or 13 cents a share, in the year-ago quarter. Third-quarter revenue declined 1% to $1.6 billion and loan-loss provisions fell to $355 million from $760 million a year ago. Analysts expected earnings of 4 cents a share on revenue of $1.63 billion.
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Occupy Dallas protesters arrested outside Chase bank

Dallas police arrested 20 to 25 members of Occupy Dallas outside a Chase branch downtown Monday after they refused to unlock arms and remove themselves from blocking the front entrance. The protesters were handcuffed and hauled into paddy wagons as dozens of other protesters chanted lines such as "Banks got bailed out! We got sold out!" and "We come in peace! They come in greed!"
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New MBS reports increase transparency for market participants

The Financial Industry Regulatory Authority and Interactive Data Corp. introduced market activity and pricing-related tables for securitized products that will provide investors with asset and mortgage-backed securities transaction data. The new tables are similar to MBS indices such as Markit's PrimeX index in that they allow investors to gauge market sentiment around asset-classes and take short or long positions accordingly.
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First Cal appoints Pollock as president

First California Mortgage Co. named L. Andrew Pollock president and chief administrative officer. Pollock comes from Global Logic Advisors where he was a managing partner. Prior to that, he was president and chief executive of First Franklin, a unit of Merrill Lynch. Christopher Hart, president of the Petaluma, Calif., mortgage lender, said the addition of Pollock better positions the firm as a significant player in the next cycle of the U.S. housing market
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