Summary:
CNN Money reports that the tax year may be delayed thanks to the government shutdown and shares why young adults aren’t quick to find jobs. According to the LA Times, Pending home sales in California fell in September while inventory rose. Reuters says that U.S. regulators don’t expect lenders to “run afoul of fair-lending laws if they opt to issue only the most basic mortgages after tough new rules take effect in 2014” and that American Realty has reached a deal to acquire Cole Real Estate Investments for $7Billion. Market Watch shares that JPMorgan may face an additional $5.75Billion in payouts to investors. Housing Wire reports that that the timelines for distressed properties is mixing up home prices, Mortgage delinquencies are up in September and foreclosure starts in California dropped. Forbes explains how the bad news on the economy helped the stocks.
IRS: Tax season delayed due to shutdown
“You’ll have to wait to file your taxes to Uncle Sam this year, thanks to the government shutdown.”
Why young people are saying ‘no’ to the workforce
“A job used to be the next step after a diploma. But now, young people aren’t in any rush to start working.”
California pending home sales fell in September while inventory rose
“Buyers signed fewer contracts for California homes last month as the housing market entered a typically slower period and declining affordability sapped demand.”
U.S. regulators say no fair-lending problem with new mortgage rules
“(Reuters) – U.S. regulators on Tuesday said they do not expect lenders to run afoul of fair-lending laws if they opt to issue only the most basic mortgages after tough new rules take effect in 2014.”
American Realty clinches Cole Real Estate deal for $7 billion
“(Reuters) – American Realty Capital Properties Inc (ARCP.O) has reached a deal to buy Cole Real Estate Investments Inc (COLE.N) for about $7.2 billion in cash and stock to create the largest U.S. net-leased real estate investment trust (REIT), the companies said on Wednesday.”
J.P. Morgan faces $5.75 bln in additional payouts
“Investors are seeking at least $5.75 billion from J.P. Morgan Chase & Co. in a bid to recover losses from mortgage-backed securities sold to them before the financial crisis, said people familiar with the talks.”
Prolonged liquidation timelines shake up home prices
“Timelines on distressed inventory continue to drag on, while elevated mortgage loss severities continue to offset positive gains on home prices.”
LPS: Mortgage delinquencies edge up in September
“The performance of home loans monitored by Lender Processing Services backslid a bit in September, as the U.S. loan delinquency rate grew 4.23% from August to September, reaching a rate of 6.46%, LPS concluded.”
DataQuick: California foreclosure starts continue to drop
“The number of homeowners entering the foreclosure process in California last quarter fell to the second-lowest level in seven and a half years, a new report from analytics firm DataQuick claims.”
Why Bad News On Economy Was Good For Stocks
“Tuesday was one of those days when a perfectly intelligent member of the public would have been forgiven for scratching her head and wondering why bad economic news helped send the Standard & Poor’s 500 stock index towards an all-time high.”