Most Asian stocks dropped, with the regional benchmark index set for its longest streak of weekly losses in two years, after reports showed the U.S. economy grew at a slower rate than forecast and jobless claims unexpectedly rose, reducing the earnings outlook for Asian exporters.
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Japan’s housing starts may post the first decline in 10 months as the nation’s strongest earthquake on March 11 sapped demand, halting the strongest recovery in the real estate market in almost 15 years.
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China told banks to conduct another round of stress tests on their real-estate loans to gauge the impact of a decline in housing prices as the government steps up tightening measures to prevent an asset bubble.
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Most Japanese stocks retreated, with the Nikkei 225 Stock Average headed for a weekly decline, after a magnitude 7.1 earthquake hit the country less than a month following the nation’s worst temblor on record.
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Dallas, TX, United States (AHN) – According to the latest data, a 37 percent year-over-year decline in bank failures has resulted in the number of mortgage-related operations to close or fail during the first quarter.
However despite the subdued banking activity, the reverse mortgage sector continued to be pummeled.
During the first three months of 2011, a total of 37 mortgage-related firms or departments either failed or were closed down by management, based on an analysis by MortgageDaily.com.
Analysts said the drop is a result of a slowdown in the number of bank failures. As of the end of March, just 26 bank failures had been reported by the Federal Deposit Insurance Corp.
However, at the end of the first quarter last year 41 federally insured banks had already failed.
The latest quarter also saw fewer failed banks than the 30 in the final quarter of 2010.
Within the latest quarter, three banks failed in March however 23 banks failed between January and February.
“One sector that saw the exit of high-profile players was reverse mortgage lending,” said Sam Garcia, founder and publisher of Mortgage Daily.
He went on to say, “During the first quarter, Bank of America Home Loans disclosed plans to abandon reverse mortgage lending, Financial Freedom’s parent OneWest Bank Group LLC said it decided to pull the plug on reverse lending, and Wells Fargo Home Mortgage announced it would eliminate its wholesale reverse mortgage channel.”
During fiscal 2010, only 96,971 home-equity conversion mortgages were endorsed by the Federal Housing Administration, falling from the previous year’s 162,619.
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During the first three months of 2011, a total of 37 mortgage-related firms or departments either failed or were closed down by management, based on coverage at MortgageDaily.com . A decline in casualties was primarily attributable to a slowdown in the number of bank failures. The Federal Deposit Insurance Corp. announced 26 first-quarter bank failures, falling from 41 during the same period last year.
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beverl;y Hills, CA, United States (AHN) – Website MySpace is losing members at a rate of 2 million users in a span of two months.
According to data from technology industry analyst comScore, as of February 2011, the portal had only 63 million users from about 73 million at the start of 2011. Reckoned the past 12 months, MySpace’s hemorrhaging of members is more alarming at 50 million users as the number of users dwindled from 110 million in February 2010.
Because of the loss, despite changes in the website for it to focus on music, MySpace announced plan to reduce its workforce by 50 percent or about 500 employees worldwide.
The decline in popularity of MySpace is attributed to the growing popularity of Facebook that MySpace no longer labels itself as a social networking site, but an entertainment destination. Along with the decline in members is also a dip in value for MySpace.
When News Corp purchased MySpace in 2005, the company was valued at $495 million. Today, it has an estimated value of only $75 million.
In comScore’s June 2010 report, MySpace was not in the top 5 U.S. search engine rankings, which was topped by Google and followed by Yahoo! sites. In the expanded search engine rankings, MySpace was on 20th spot with number of search queries down by 5 percent from May 2010.
For the same period, Facebook – which ranked 17th – registered a 2 percent increase in online searches.
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Asian stocks rose, rebounding from the biggest weekly decline since August, after Japan’s economy shrank less than estimated and Egyptian President Hosni Mubarak resigned.
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U.S. stock futures swung between gains and losses after erasing a decline of as much as 0.7 percent, as speculation Egypt’s unrest would boost energy prices was offset by confidence U.S. earnings will exceed estimates.
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Asian stocks fluctuated after a decline in oil and metal prices dragged down commodity companies and as companies from Keppel Corp. to SK Telecom Co. reported earnings growth.
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