Mike Cagney’s Figure Technology Taps Tannenbaum as Its New CEO
Figure Technology Solutions Inc. tapped Michael Tannenbaum as its new chief executive officer, ahead of the financial-services firm’s potential initial public offering.
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Figure Technology Solutions Inc. tapped Michael Tannenbaum as its new chief executive officer, ahead of the financial-services firm’s potential initial public offering.
Sales of new homes in the US bounced back broadly in March as an abundance of inventory helped drive prices lower.
Hong Kong developer Lai Sun Development Co. is considering options for a planned office tower in the City of London, including a potential sale of a stake in the project.
Germany’s financial regulator BaFin is taking a closer look at the real estate used by lenders to secure covered bonds known as Pfandbriefe, a €400 billion market traditionally considered among the safest in credit.
Taylor Wimpey Plc is failing to see lower mortgage rates translate into higher levels of home sales and is maintaining its forecast for fewer deals in 2024.
May 27, 2020
Bloomberg News
,(Bloomberg) -- Toll Brothers Inc. shares surged after the company said that deposits on new homes were up in recent weeks, a potential sign of optimism for the luxury housing market.
The homebuilder, which focused on higher-end customers, reported orders for the second quarter that missed estimates and said the key metric had plunged starting March 16, when much of the economy shut down to stem the spread of coronavirus.
But investors shrugged off those results, focusing instead on a 13% year-over-year gain this month in deposits, which the company called a “leading indicator of current market demand.”
“We are very encouraged by recent deposit activity.” Chief Executive Officer Douglas Yearley said in a statement.
Toll Brothers jumped more than 10% to $36.47 in late trading in New York. The stock was down 16% this year through Wednesday’s close, but has rallied in recent weeks. A surprise gain in U.S. new-home sales has stoked optimism that the housing market is holding up, even with job losses mounting.
Earlier this week, an index that tracks homebuilders surged to the highest level since March 6.
©2020 Bloomberg L.P.