The foreclosure crisis isn’t over, but the pace of growth might finally be slowing.
RealtyTrac Inc. said Thursday that the number of U.S. households facing foreclosure in February grew 6 percent from the year-ago level, the smallest annual increase in four years.
More than 308,000 households, or one in every 418 homes, received a foreclosure-related notice, the Irvine, Calif.-based foreclosure listings company reported. That was down more than 2 percent from January
Still, fears remain about the hundreds of thousands of homeowners who are still being evaluated for help under loan-modification programs. Many analysts say most of those borrowers will eventually lose their homes, sparking a new round of foreclosures later this year.
Banks repossessed nearly 79,000 homes last month, down 10 percent from January but still up 6 percent from February 2009.
WaterFurnace posts record earnings for ’09
WaterFurnace Renewable Energy Inc. on Wednesday reported record annual earnings of $15.5 million, or $1.28 per diluted share, a slight increase from the $15.4 million, or $1.27 per share, posted for 2008.
The Fort Wayne-based geothermal manufacturer also reported fourth-quarter earnings of $6.05 million, or 50 cents per share, an 18 percent increase from the $5.12 million, or 42 cents per share, posted for the same quarter one year earlier.
The company’s sales fell more than 6 percent for the year to $129 million. Despite the weak economy, cost-cutting efforts allowed WaterFurnace to invest in infrastructure, add sales positions and launch products, the company said in a written statement.
Quake payout put at billions in Chile
Swiss Reinsurance Co. said Wednesday the earthquake in Chile last month will cost the insurance industry $4 billion to $7 billion, an estimate shared by Germany-based rival Munich Re AG.
Swiss Re said it is common practice for property owners in Chile to buy earthquake insurance, meaning the temblor would result in significant claims for property damage and disruption of business.
The 8.8-magnitude earthquake and a subsequent tsunami killed more than 450 people and damaged hundreds of thousands of buildings.
FTC probing rivals on Google, AdMob deal
Federal regulators are seeking sworn declarations from Google competitors and advertisers as part of a probe of the Internet company’s bid to buy AdMob Inc., indicating the government may challenge the deal.
The Federal Trade Commission is investigating whether Google’s proposed purchase of AdMob would reduce competition in the market for Internet advertising on mobile phones. At least two companies are being asked to sign statements, said the people, who declined to be identified.
Tropicana size shrinks; prices rise after freeze
Pepsico Inc. is raising prices on its popular Tropicana orange juice because of the deep freeze that hurt much of Florida’s crop.
The company said Wednesday it is shrinking its most popular size by about 8 percent – while maintaining its price – and raising the price on another size starting in May. The 64-ounce container of orange juice dropped to 59 ounces. The suggested retail price remains $3.59.
