San Jose, Raleigh Are Hottest Housing Markets for 2018: LIVE MARKETS BLOG

Zillow’s Hottest Housing Markets

San Jose, CA and Raleigh, NC top the list of Zillow (Z) hottest housing markets for 2018.

Home values in San Jose have risen 17.4% over the past year, topping Zillow’s list. The median home value in San Jose is $1.13 million and is expected to grow by 8.9% this year, according to Zillow.

San Jose’s housing strength is buoyed by a strong jobs market. Glassdoor estimates that San Jose has 0.36 job opening per person, the highest rate among large U.S. metropolitan areas. The median household income is $110,040.

Raleigh and Charlotte, NC were ranked second and fourth on the list, as the state continues to be a housing destination.

"Both areas boast strong income and population growth, as fast-growing Research Triangle anchor Raleigh becomes better known for innovations outside its life sciences base and Bank of America headquarters Charlotte builds on its reputation as a financial center," Zillow said.

Bets Against Dying Mall Debt Haven’t Paid Off, WSJ Reports

Short sellers looking to get ahead of market trends have been betting against the debt owed by retail property owners have been left holding the bag, according to a Wall Street Journal analysis.

The wagers against commercial mortgage-backed securities have been concentrated in a little-known credit default swap index known as the CMBX 6.

Some of the beleaguered landlords have refinanced their debt or found new tenants to take over abandoned spaces. The overall delinquency rate for CMBS loans since the financial crisis is 0.52%, while the delinquency rate for the CMBX 6 constituency is 0.96%.

"It is higher, but a delinquency rate of less than 1% is not devastating," Steve Kuritz, managing director at Kroll Bond Rating Agency, told WSJ.

Samsung Reports Disappointing Q4 Results

Samsung Electronics SSNLF reported operating income 15.1 trillion won ($14.2 billion) in the most recent quarter, missing analysts’ consensus estimates by 1 trillion won as currency headwinds and employee bonuses outweighed supply orders from Apple (AAPL) for its new iPhone X.

Samsung’s own smartphone operation also showed weakness as the company increased spending to boost sales of its line of smartphones. Samsung shares dropped more than 3% in trading in South Korea. The stock is down 12% since it hit a new record in November.

Samsung earned 66 trillion won in the quarter, 1.6 trillion won short of expectations.

Opening Bell

The three major U.S. indices were all rising in early market trading Tuesday, looking to build momentum from the mixed day of trading Monday.

The Dow Jones Industrial Average, the lone index to close in the red Monday, was leading the way higher, climbing 0.25%, or 63 points, to 25,346. The S&P 500 was rising 0.2%, or 5.16 points, to 2,752.58 and the Nasdaq gained 0.04%, or 2.7 points, to 7,160.43.

Jamie Dimon Softens His Stance on Crypto

JPMorgan (JPM) CEO Jamie Dimon backtracked from his earlier stance on bitcoin and cryptocurrencies in an interview with Maria Bartiromo on Fox Business Tuesday.

"The blockchain is real. You can have crypto yen and dollars and stuff like that," Dimon told Fox Business in an interview with network’s Maria Maria Bartiromo at the JPMorgan Health Care Conference in San Francisco. "I don’t like the politics of people insulting each other at all, from anyone ever, it makes me kind of angry."

Dimon had previously called bitcoin a "fraud" and said that investors "stupid enough to buy it" would "pay the price for it one day."

Bitcoin prices were down 3.4% to $14,463.57 Tuesday morning after hitting a 24 hour-low below $14,000.

Jeff Bezos Is the Richest Person in History, According to Bloomberg

Bloomberg’s billionaire tracker has Amazon (AMZN) CEO Jeff Bezos listed as the world’s richest person with a net worth of $105.1 billion. Bezos’ net worth also makes him the richest person in history, according to the tracker, surpassing the record previously held by Microsoft (MSFT) founder Bill Gates.

Bezos’ net worth is mostly tied to the nearly 80 million shares of Amazon he owns. The stock rose 1.4% Monday, adding about $1.4 billion to his net worth, according to CNN. Amazon shares were up 0.6% in premarket trading Tuesday.

Meanwhile, Gates’ net worth rests at a paltry $93.3 billion.

Premarket

Dow Jones, Nasdaq and S&P 500 stock futures contracts were all rising ahead of the market open as Wall Street looks to build on a mixed day of trading to start the week.

Dow futures were leading the way higher, rising 19%, or 49 points, after being the lone index to close yesterday’s trading in negative territory.

Nasdaq futures were climbing 12% and S&P futures were rising 0.06%.

World markets were also showing strength in Asia and Europe. All of the major indices were in the green with the Nikkei in Japan closing the day up 0.57% and the CAC 40 in France leading the way in Europe with about four hours left in trading.

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