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The MReport Webcast: Thursday 3/5/2015

The Federal Reserve’s Beige Book released Wednesday said residential real estate conditions were mixed among the 12 districts. Home sales increased in Boston, Philadelphia, Richmond, St. Louis, Dallas, and San Francisco, but fell in Cleveland and Kansas City. Weather conditions slowed home construction in New York, Philadelphia, and Cleveland, and caused Boston to have low levels of inventory. The report notes that lack of desirable lots and low inventory levels continue to slow the market.

Philadelphia, Boston, and New York all saw relative growth. All six New England states saw an increase in single-family home sales at the end of December 2014. Home sales increased in the St. Louis district on a year-over-year basis. Compared with the same period in 2013, December 2014 monthly home sales were up 5 percent in Louisville, 11 percent in Little Rock, and 29 percent in St. Louis. Cleveland single-family home sales for 2014 were down slightly from last year, while Kansas City residential sales decreased modestly, due in part to seasonal sale patterns and low inventory.

Citigroup will sell OneMain Financial Holdings to Springleaf Holdings for $42.5 billion in cash, according to Reuters. The deal makes Springleaf the largest subprime lender in the U.S, with $15 billion in assets and nearly 2 thousand branches. Springfield shares rose 38 percent to a record $52.44  on Tuesday, while Citigroup's shares were slightly higher at $53.73. Springleaf CEO Jay Levine said the combined company is expected to earn between $800 and $900 million in 2017.

About Author: Jordan Funderburk


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