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įind the latest in business and finance news here. "We are just going to keep doing what we do, focus on our platform, focus on great client experiences and I believe the rest will kind of take case of itself," Farner said.īrian Sozzi is an editor-at-large and anchor at Yahoo Finance. In spite of the company's bang up 2020, Yahoo Finance Premium data shows nearly 40% of Rocket's outstanding shares are sold short. Oddly, Rocket shares continued to be heavily shorted into Thursday evening's earnings release.
For the first quarter, Rocket sees closed loan volume up 90% to 99% year over year. $3.96 billionĪdjusted net sales was up 162% from a year ago. Wall Street forecasts.Īdjusted Net Sales: $4.78 billion vs. The company announced a $1.11 a share special dividend, equaling to a $2.2 billion total payout. Closed loan origination volume surged 111% from a year ago.
How that homebuying momentum changes given the rise in 10-year yields in February is yet to be seen.īut, the momentum in home sales throughout 2020 led to an otherwise shocking fourth quarter from Rocket Companies. December's sales pace was marked higher to 885,000 units from 842,000 previously. And the Commerce Department reported Wednesday that new home sales rose 4.3% to a seasonally adjusted annual rate of 923,000 units in January as people continued their migration to suburban living during the pandemic. To Farner's point, last week the National Association of Realtors said existing home sales rose 0.6% to 6.69 million in January from a month earlier and increased 23.7% from one year ago. So you have incredibly low rates, consumers focusing on how important the home is, low inventory - put all those things together and that's what we are experiencing," Farner told Yahoo Finance Live. I think January sales were the best they have been 20 years. "We have seen a lot of great housing markets over the course of time, but look at January's numbers.
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