Treasury Wine Estates Ltd., which lost four managers and had about $143 million of writedowns last year, named a former Kraft Foods Group Inc. executive to its top job as a tax benefit increased first-half profit.
The number of U.S. homes worth less than the debt owed on them dropped in the third quarter, largely because of mounting foreclosures rather than a rise in property values, according to CoreLogic Inc .
The U.S. housing market is showing more signs of stabilization as price declines ease and home demand improves, spurring several economists to call a bottom to the worst real estate collapse since the 1930s.
Derrick Bulaich locked in a home- loan rate of 4.6 percent last week, prompted by a surge in borrowing costs as investors speculated the Federal Reserve would pull back from bond buying. Bulaich, who said he wishes he’d acted sooner, still plans to complete the purchase today of the four-bedroom Sacramento home because values in the city remain 42 percent below their 2005 peak despite recent gains.
Quicken Loans Inc. Chief Executive Officer Bill Emerson went from a walk-on with Pennsylvania State University’s football team to part of Coach Joe Paterno’s 1982 championship squad, and then a captain two years later.