U.S. foreclosures fall to a five-year low

  • Updated: October 11, 2012 - 8:42 PM
U.S. foreclosures fall to a five-year low

Foreclosure filings fell in September to their lowest level in more than five years as a housing market rebound showed another sign of taking hold. Substantial decreases in some states hard-hit by the collapse of the housing bubble helped reduce filings to 180,427 last month, down 7 percent from August and 16 percent from a year earlier, according to foreclosure listing firm RealtyTrac. The last time filings were that low was in July 2007. Filings for the three-month period ending in September also were the lowest since the fourth quarter of 2007.

Chipmaker AMD cuts revenue outlook

Advanced Micro Devices Inc., the second-largest maker of processors for personal computers, cut its third-quarter revenue forecast, citing weak demand across all product lines in a challenging economic environment. Revenue will drop approximately 10 percent from the prior period, more than the decline of about 1 percent that AMD had previously projected, the company said. The new forecast indicates sales of about $1.27 billion. Analysts were predicting revenue of $1.38 billion, the average of estimates compiled by Bloomberg.

Coldwell Banker parent soars in market debut

Shares of Realogy Holdings Corp., the real estate brokerage company that owns the Coldwell Banker and Century 21 brands, rose 27 percent in their first day of trading as investors bet on a housing recovery. Realogy climbed to $34.20 after selling 40 million shares for $27 each, the top of its initial public offering range. The company, which is controlled by Apollo Global Management, raised $1.08 billion through the sale of a 31 percent stake, according to a statement. The IPO price gave Parsippany, N.J.-based Realogy a market value of about $3.5 billion.

Jobless claims sink, but reasons are unclear

Fewer Americans than forecast filed first-time claims for unemployment benefits last week, which may reflect difficulty adjusting the data for seasonal swings at the start of a quarter. Applications for jobless benefits dropped 30,000 to 339,000 in the week ended Saturday, the fewest since February 2008, Labor Department figures showed. Economists forecast 370,000 claims, according to the median estimate in a Bloomberg survey. One state accounted for most of the plunge in claims, a Labor Department spokesman said.

In automobiles, white is leader of the pack

When it comes to autos, white is the new white. Automakers in North America offered more white cars than vehicles in any other color during the just-completed 2012 model year, according to the automotive coating division of PPG Industries. The paint company said 22 percent of the 2012 cars were painted white. That compares to 21 percent last year. White stole market share from black, which fell to 19 percent this year from 20 percent last year. Silver held steady at 20 percent. Americans just don't seem to be into cars with dynamic colors, according to the 2012 model year build data collected by PPG. Red is 9 percent, blue 7 percent and green 2 percent.

American Airlines extends 1% capacity cut

American Airlines said its 1 percent reduction in capacity will be extended through the first 14 days of November because the bankrupt carrier's on-time arrival rate hasn't improved enough. "The performance is still not what we anticipated it to be or what customers expect it to be," Casey Norton, an American spokesman, said. "Rather than have someone show up and there's a last-minute cancellation, if we reduce the schedule now it makes it more dependable." With a daily schedule of 3,500 flights, American's cuts mean the elimination of about 35 trips a day, Norton said.

Mortgage rates edge up from record lows

U.S. mortgage rates rose from record lows, increasing borrowing costs as an improving job market bolsters a recovery in housing. The average rate for a 30-year mortgage climbed to 3.39 percent in the week ended Thursday from 3.36 percent, Freddie Mac said. Last week's rate was the lowest in the mortgage-finance company's data, which go back to 1971. The average 15-year rate increased to 2.7 percent from 2.69 percent.

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