For Immediate Release
Chicago, IL - May 21, 2012 - Zacks.com announces the list of
stocks featured in the Analyst Blog. Every day the Zacks Equity
Research analysts discuss the latest news and events impacting
stocks and the financial markets. Stocks recently featured in the
blog include
Facebook
(
FB
),
JPMorgan Chase & Co.
(
JPM
),
Bank of America Corporation
(
BAC
),
Citigroup Inc.
(
C
), and
Wells Fargo & Company
(
WFC
).
Get the most recent insight from Zacks Equity Research with the
free Profit from the Pros newsletter:
http://at.zacks.com/?id=5513
Here are highlights from Friday's Analyst Blog:
Facebook a Welcome Diversion from Europe
Disconcerting headlines about Greece and the Spanish banking system
have kept investors nervous in recent days, a trend that will
likely remain with us for awhile. After all, the questions raised
by the recent indecisive Greek elections about the country's place
in the Euro-zone can only be answered by another round of voting in
the coming weeks. Till that time, Greece-related questions will
likely remain the primary headwind for the markets.
But investors in the U.S. are holding a big party today to forget
all about Greece and Europe, even if it's only for a single day or
a few hours. The party is for
Facebook
(
FB
), where the iconic social-networking site will get the title of
"biggest tech IPO in history." The event has protagonists on both
sides, with detractors questioning the market's willingness to give
the company a $100 billion-plus valuation.
It is hard to escape the feverish debate surrounding the Facebook
event anywhere you look. But while the saturation coverage is
becoming a little too much, I nevertheless prefer this over Greece
and Europe any time.
Foreclosures Hit Record Low
In its monthly foreclosure market report, RealtyTrac stated that
foreclosure activity in April 2012 fell to the lowest level since
July 2007. According to this leading online marketplace of
foreclosure properties, the foreclosure filings for the reported
quarter dipped 5% from the prior month and 14% from the prior-year
period, with a total of 188,780 properties receiving default,
auction or repossession notices.
Considerable decrease in hardest hit foreclosure states, such as
Arizona, Nevada and California, was the primary reason for the
recent fall in overall foreclosure activity, despite a surge in
majority of the states. However, the pace of foreclosure activities
had not slowed down much in many of the non-judicial states; hence,
there were no significant backlogs.
In the reported month, default notices issued and foreclosure
auctions (depending on the state's foreclosure procedure) declined
for the first time this year to 97,665 properties. Default notices
decreased 7% from March 2012 and 2% from April 2011.
Further, bank repossessions (REO) were down 7% from the prior
month and 26% from the prior-year month to 51,415 properties. REO
activity dipped in 28 states from March 2012 and 37 states along
with the District of Columbia posted year-over-year decline.
Another reason for the dip in overall foreclosures for the month
under review is the decline in foreclosure activity in 24 states
and the District of Columbia with a non-judicial foreclosure
process. In these states, foreclosures declined 7% from March 2012
and 29% from April 2011. However, the 26 states that follow a
judicial foreclosure process, witnessed an increase in it on the
year-over-year basis. Here, foreclosure filings surged 15% from the
prior-year month but fell 3% from the prior month.
Conclusion
Though foreclosures have come down in recent times, the
situation will deteriorate going forward. In the coming months,
foreclosure activities are bound to rise following the $25 billion
settlement deal that took place between five mortgage servicers -
JPMorgan Chase & Co.
(
JPM
),
Bank of America Corporation
(
BAC
),
Citigroup Inc.
(
C
), Ally Financial Inc. and
Wells Fargo & Company
(
WFC
), 49 states' attorneys general and the regulators. The deal is
expected to speed up the pace of the foreclosure activities, which
was almost frozen till now.
However, with mortgage servicers finding other options - short
sale and loan modifications - to prevent foreclosure, we believe
that foreclosure activity would take time to show an upward trend.
When all these alternatives would be exhausted, only at that point
a property would be foreclosed.
Once the foreclosure activity gains pace, there would be no
looking back. Also, there will be additional pressure on the home
prices as many properties would to come to the market due to the
surge in foreclosure activities.
Though the huge leap in foreclosures may dampen the housing
prices in the near-term, this will enable the revival of the
housing market over the longer term. Moreover, we hope that there
would be enough number of buyers for these properties; otherwise
the housing market will have a little chance to regain a solid
foothold in the market.
Want more from Zacks Equity Research? Subscribe to the free
Profit from the Pros newsletter:
http://at.zacks.com/?id=5515
.
About Zacks Equity Research
Zacks Equity Research provides the best of quantitative and
qualitative analysis to help investors know what stocks to buy and
which to sell for the long-term.
Continuous coverage is provided for a universe of 1,150 publicly
traded stocks. Our analysts are organized by industry which gives
them keen insights to developments that affect company profits and
stock performance. Recommendations and target prices are six-month
time horizons.
Zacks "Profit from the Pros" e-mail newsletter provides
highlights of the latest analysis from Zacks Equity Research.
Subscribe to this free newsletter today:
http://at.zacks.com/?id=5517
About Zacks
Zacks.com is a property of Zacks Investment Research, Inc.,
which was formed in 1978 by Leon Zacks. As a PhD from MIT Len knew
he could find patterns in stock market data that would lead to
superior investment results. Amongst his many accomplishments was
the formation of his proprietary stock picking system; the Zacks
Rank, which continues to outperform the market by nearly a 3 to 1
margin. The best way to unlock the profitable stock recommendations
and market insights of Zacks Investment Research is through our
free daily email newsletter; Profit from the Pros. In short, it's
your steady flow of Profitable ideas GUARANTEED to be worth your
time! Register for your free subscription to Profit from the Pros
at
http://at.zacks.com/?id=5518
.
Visit
http://www.zacks.com/performance
for information about the performance numbers displayed in this
press release.
Follow us on Twitter:
http://twitter.com/zacksresearch
Join us on Facebook:
http://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts
Disclaimer: Past performance does not guarantee future results.
Investors should always research companies and securities before
making any investments. Nothing herein should be construed as an
offer or solicitation to buy or sell any security.
Media Contact
Zacks Investment Research
800-767-3771 ext. 9339
support@zacks.com
http://www.zacks.com
BANK OF AMER CP (BAC): Free Stock Analysis
Report
CITIGROUP INC (C): Free Stock Analysis Report
FACEBOOK INC-A (FB): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis
Report
WELLS FARGO-NEW (WFC): Free Stock Analysis
Report
To read this article on Zacks.com click here.