and tight inventories. And the Federal Reserve has signaled that it will keep rates low until the economy recovers, which favors existing homeowners looking to refinance. Consumer shifts have also played a role: Wealthier buyers in the city are searching for rural and vacation homes, and more young families are moving into the suburbs.
Rocket chief executive Jay Farner said the company’s pricing decision was “an art, more than a science.” IPO activity is beginning to rebound after it screeched to a near halt in the second quarter. IPO volume and proceeds fell 19 percent and 8 percent, respectively, in the first sixth months of 2020 compared to the year-ago period, according to Market Watch. Rocket’s initial share release would have made it the second-largest opening of the year.
Based in Detroit, the company employs 19,000 people, and does business under the Rocket Mortgage and Quicken Loans labels, though it leases the name of the latter from Intuit.Rocket said net income rose 46 percent in 2019, to $892.4 million, on revenue of $5.1 billion, according to the Wall Street Journal. Quicken Loans said is had nearly $145 billion in mortgage volume last year.
“You talk to homeowners and people looking to buy a home, there’s still a lot of enthusiasm out there,” Farner said. “People are recognizing that their lives are changing and that they’re probably going to spend more time in their homes in the future, simply because working from home has been demonstrated. It works. It can be very, very efficient. But the passion and excitement — and we talk to millions of people a month — is alive and well.
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