U.S. stocks have too much momentum to make betting against the Standard & Poor’s 500 Index a winning strategy and the gauge will probably reach 1,900 next quarter, according to money manager Laszlo Birinyi.
U.S. house prices climbed 0.1 percent in November from October, the smallest monthly gain in almost two years, indicating the real estate recovery may be losing strength, the Federal Housing Finance Agency said.
Wells Fargo & Co., the largest U.S. home lender, has assigned about 400 underwriters to originate mortgages for the bank to hold, with as many as 40 percent of those loans likely to fall outside government guidelines taking effect this week.
A year ago, New Jersey contractor Michael Mroz’s customers were focused on saving money when renovating kitchens and baths, he said. Now, with a resurgence of home equity lending, they’re ready to pay for the best.
Manhattan apartment sales surged in the fourth quarter, setting a record for year-end transactions, as the prospect of rising interest rates and prices pushed buyers to make deals before purchases became costlier.
Caesarstone Sdot Yam Ltd., the Israeli maker of kitchen countertops, is leading gains among the nation’s stocks traded in New York as the strongest U.S. housing market since 2007 bolsters the company’s sales outlook.