"House prices in England and Wales fell at their sharpest rate in at least eight years in August, British government figures showed. Average house prices declined 4.6 percent from year-to-year in August, and 1.9 percent from the previous month, the Land...
" (2008-10-5)
October 6, 2008
Big drop in home prices in England, Wales
As loan volume leaps, so do worries about FHA
"In the current credit squeeze, if you have less than a 20 percent down payment, there's pretty much only one major source of mortgage financing available: the Federal Housing Administration, a Depression-era home loan insurance agency that still offers 3...
" (2008-10-5)
Bail-out politics, continued: While Wall Street burns
"Lawmakers fiddle, then reach for the fire-hoseWHEN Congress does nothing, Americans usually breathe a sigh of relief. But when the House of Representatives failed to pass a rescue package for the financial system on September 29th, panic ensued. The stockmarket crashed: more than a trillion dollars in paper wealth evaporated in a single day. That, plus the shock waves that battered markets around the world, seems to have made lawmakers sit up and take notice. Before the vote, Barney Frank, the Democratic head of the House banking committee, observed that: “It is hard to get political credit for avoiding something that hasn’t yet happened.” Perhaps that is why the rescue plan was rejected, by 228 votes to 205. Some lawmakers simply weren’t convinced that disaster was imminent if they failed to act. ..." (2008-10-2)
Europe and America: Lessons from a crisis
"European Schadenfreude over the ills of American capitalism does not signify a dramatic move away from the free marketONE by one, European leaders have lined up to hail the triumph of welfare over Wall Street. “The idea that markets are always right was a mad idea,” declared the French president, Nicolas Sarkozy. America’s laissez-faire ideology, as practised during the subprime crisis, “was as simplistic as it was dangerous”, chipped in Peer Steinbruck, the German finance minister. He added that America would lose its role as “financial superpower”. The Italian finance minister, Giulio Tremonti, claimed vindication for a best-selling book that he wrote earlier this year about the dangers of globalisation.It would be wrong to exaggerate Europe’s sense of self-righteousness over Wall Street’s fall. This week governments in Belgium, France, Germany, Ireland and the Netherlands all scrambled to bail out their troubled banks (see article), confirming how exposed Europe’s economies are to knock-on effects from America. Even left-wing editorialists in France, quick to sneer at degenerate American capitalism, have tempered their glee. “There would be something comical, even pleasurable, in watching the frenetic agitation of the banking world”, wrote Laurent Joffrin, editor of Liberation newspaper, “if millions of jobs were not at stake, not to mention the economic balance of the planet.” ..." (2008-10-2)
Depression index
"Signs of a pending depression? The Economist's D-word indexMANY comparisons may be made between the devastation being wrought on America's financial system today and the Wall Street crash of 1929. One similarity that the world is desperate to avoid is a repeat of the depression of the 1930s. Hopes are pinned on the American bail-out plan that the House of Representatives is set to reconsider on Friday October 3rd. If the fear of depression is anything to go by, the future looks bleak. A survey of newspaper articles over the past two decades shows a sharp spike in mentions of the dreaded D-word, as commentators have started to think the worst. The prognostications may possibly turn out to be true, or perhaps the only thing we have to fear are the fears of journalists themselves. ..." (2008-10-2)
September 30, 2008
Home prices tumble by sharpest annual rate
"A closely watched index shows home prices tumbling by the sharpest annual rate ever in July, but the rate of decline is slowing." (2008-9-30)
Global market turmoil continues after the House rejects the bail-out plan
"Global market turmoil continues after the rejection of the mortgage-rescue plan in AmericaHOW many votes in Congress will the latest financial upheaval change? That is the calculus underway in Washington, DC, after the House of Representatives defeated the proposed $700 billion mortgage-rescue plan by 228 to 205 on Monday September 29th. Democrats backed it by 140 votes to 95, while Republicans opposed it by 133 to 65.Bankers had been under no illusions that the tweaked Paulson plan would cure all the financial systema€™s ills. But most had seen it as a step in the right direction, and had expected it to pass. Its rejection sent stockmarkets into freefall. The Dow Jones Industrial Average finished down by 7%, and suffered its biggest-ever points loss. Perhaps fittingly in an economy that is in danger of sliding into depression, the only stock among the 500 in the S&P index that finished higher was Campbella€™s Soup. The S&P closed 29% below its peak. Reflecting fears that consumer demand will wilt, shares of Apple Computer, creator of the iPhone, fell by 18%. The rout continued in Asia, but shares rebounded in Europe on Tuesday morning on hopes that the bill would eventually pass. ..." (2008-9-30)
KB Home building smaller houses to lift sagging sales
"The company is trying to attract buyers with 1,230-square-foot homes selling for $200,000 in the Inland Empire and other high-foreclosure areas.
As California's biggest builder of new homes posted its seventh straight quarterly loss Friday, Westwood-based KB Home said it was trying to boost sales by building small, lower-priced houses instead of the larger ones that had sustained the company during the housing boom." (2008-9-27)
California home prices continue to fall
"After a 41% slide in August, prices are at their lowest in five years and will probably fall further, industry group says.
California home prices tumbled a record 41% in August from a year earlier as foreclosure sales pushed down values." (2008-9-26)
Bailout doesn’t address abandoned homes
"So why — as we discuss the most dramatic government intervention in nearly a century — is there only passing mention of all these vacancies?" (2008-9-26)
Help sought for struggling homeowners
"But the main proposals to ease the foreclosure problem face practical and political problems, and there's no consensus that the measures would actually work.
Lawmakers, housing advocates and both presidential candidates are demanding that any bailout for financiers on Wall Street needs to help homeowners on Main Street too." (2008-9-25)
September 25, 2008
New homes sell at slowest pace in 17 years
"Government data show sales of new homes dropped sharply in August, falling to the slowest pace in 17 years. The average sales price fell by the largest amount on record, too." (2008-9-25)
Europe's economies: Struggling to keep moving
"The financial meltdown may be happening mainly in America, but Europe is starting to feel the heatTHOSE who hoped Europe might escape Wall Street’s woes were sorely disappointed this week. Not only did markets slide across the continent, with bank shares especially hard-hit, but also a purchasing managers’ index for the euro area fell to its lowest since 2001, and three business-confidence indicators were unexpectedly weak. The figures suggest that a recession may even have begun already. The questions are how deep it will be, and how long it will last. And the answers will depend heavily on the two biggest economies: Germany and France. Germans feel aggrieved. While others were living on easy credit and blowing bubbles, they practised virtue. The economy clawed back lost competitiveness via low wage rises. The public sector was in surplus last year. Exports and investment have done well, giving Germany its best spell of growth since the early 1990s. Yet one does not have to indulge in a vice to contract a disease. The entire euro area was boosted by house-price increases, notes Jorg Kramer, chief economist of Commerzbank. “Germany can’t decouple.” ..." (2008-9-25)
September 24, 2008
Home sales, prices plunge in August
"A record decline in U.S. home prices in August attracted more buyers in some areas and led to a sizable decline in the number of unsold homes on the market." (2008-9-24)
Green Energy Sector Gets Boost From Senate
"The $18 billion bill (which still needs approval from the House of Representatives) will provide multiyear tax credits for renewable energy companies and rebates for consumers to buy plug-in electric cars.
" (2008-9-24)
September 23, 2008
Home prices tumble 5.3 percent
"U.S. home prices in July fell a record 5.3 percent compared with a year ago, a government agency said Tuesday, and have now receded to October 2005 levels." (2008-9-23)
Realty Television
"Never mind the national housing slump: Real-estate TV is selling just fine." (2008-7-7)
September 22, 2008
Helicopter crashes into house, killing two aboard
"A helicopter crashed through a house and came to rest in flames across the street early Sunday in Kenosha, Wisconsin, killing the two people aboard but missing the home's five occupants, officials said.
" (2008-9-22)
September 21, 2008
When Your Couch Is on Order and the Company Goes Bankrupt
"Maybe they'll become collector's items, my coffee table from Bombay Co., some old bedside tables from Scan. Both are retailers that have shuttered their stores after filing for bankruptcy protection. It's the trickle-down result of a poor housing market.
" (2008-9-21)
America's Fed, Treasury and Congress will spend big money to keep markets in check
"America's Treasury asks Congress for $700 billion to stabilise the marketsUNTIL this week America's authorities clung to the hope that they could tide over the financial system with a few loans until home prices stabilised and all the bad debts were accounted for. But the destruction visited on Wall Street in the past week has dashed those aspirations and forced policymakers to consider a more sweeping response. The bankruptcy of Lehman Brothers and AIG’s federal takeover have triggered a wholesale flight to safety that could turn illiquid institutions insolvent. Healthy corporations can no longer issue bonds. Banks can barely borrow from each other. The federal government, having lent hundreds of billions of dollars to banks and investment banks and AIG, now thinks it must put permanent capital into the financial system to restore confidence and stop the vicious spiral. Hank Paulson, the treasury secretary, and Ben Bernanke, chairman of the Federal Reserve, met Congressional leaders towards the end of the week. And on Saturday September 20th Mr Paulson sent a preliminary plan under which the federal government would be authorised to purchase up to $700 billion of "residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages" originated or issued on or before Wednesday. It could buy them from any financial institution headquartered in the United States. ..." (2008-9-19)
AIG, an insurance giant, is bailed-out by America's government
"America’s government comes to the rescue of a giant insurance company AMERICAN finance has a new, if reluctant, kingpin: the government. In a dramatic move on the evening of Tuesday September 16th the Federal Reserve agreed to provide American International Group with a loan of $85 billion to help it stave off bankruptcy. In return, either the Fed or Treasury will take effective control of the company, which until recently was an icon of private-sector capitalism. In the space of nine days, the government has found itself having to take charge of both the country’s largest insurer and its two giant mortgage agencies, Fannie Mae and Freddie Mac. The move comes two days after Lehman Brothers, a big investment bank, filed for bankruptcy after being denied federal help, and Merrill Lynch, another Wall Street giant, fled into the arms of Bank of America for fear of being swept away by the hurricane battering global financial markets.As well as writing general-insurance policies all over the world, AIG plunged disastrously into the market for derivatives linked to housing and credit. Its exposure to the murky credit-default swaps market alone is a notional $441 billion, enormous by anyone’s standards. As the market value of these derivatives fell, the firm found itself strapped for capital, and was forced last weekend to approach the Fed, cap in hand. The central bank initially demurred, instead nudging JPMorgan Chase and Goldman Sachs to try to help AIG raise the money from private sources, such as other banks, private-equity firms and sovereign-wealth funds. Those efforts failed, however, and AIG’s predicament worsened on Monday when the big rating agencies downgraded its debt, forcing it to post more than $13 billion of extra collateral with trading partners. At that point officials performed a U-turn and began negotiating an emergency rescue. ..." (2008-9-17)
A House Tour With Two-Wheeled Appeal
"PORTLAND, Ore. -- With gas prices high, bicycles flying out of stores and a buyer's market for houses, a handful of real estate agents around the country are touting the two-wheeled appeal of their listings.
" (2008-9-13)
Best- and worst-case economic scenarios
"Will the 13-month-old credit crunch get even worse and drag down the entire global economy? Or are punch-drunk Americans due for some good news for a change?" (2008-9-12)
‘Board-up’ guys see boom in housing bust
"As the number of foreclosed homes grow, a very specific kind of contractor is needed: Board-up guys who prevent the residences from becoming squats." (2008-9-9)
Government now ‘nation’s mortgage lender’
"Private analysts worry the government bailout of Fannie Mae and Freddie Mac will not be enough to stabilize the slumping housing market." (2008-9-8)
Mortgage giants were blind to bubble
"Mortgage giants Fannie Mae and Freddie Mac — despite their robust cadre of economists and mortgage experts — failed to heed warnings that the housing bubble would burst." (2008-9-8)
A New Way to Tap Home Equity
"Improbable as it sounds at a time when U.S. homeowners have lost billions of dollars in equity, an industry is taking shape to help them tap portions of their equity wealth without incurring traditional mortgage debt or making interest payments.
" (2008-9-6)
Even Height of Luxury Proves a Tough Sell
"The U.S. housing crisis arrived on July 14 at Stonebrook Court, the 26,000-square-foot Tudor-style home of California venture capitalist Kelly Porter. On that day, four months after putting the house on the market, he cut the price by $7 million.
" (2008-9-6)
Where home prices may actually ... rise?
"Believe it or not, in the future people will be buying and selling homes. Some of them will even make a profit." (2008-9-5)
The economy: In need of more Band-Aids
"A poor second half could boost the odds of more stimulusTHE American economy entered the summer on a strong note as GDP grew by an annualised 3.3% in the second quarter. That figure, released last week, was much better than the first estimate of 1.9%, and mostly reflected a strong trade performance. Another important factor was that, despite rising unemployment, soaring fuel prices and constricting credit, consumer spending managed to grow at a 1.7% annual rate. For that, thank a fiscal stimulus package that included $110 billion in tax rebates, of which $92 billion had been disbursed by early July. Without those cheques, Macroeconomic Advisers, a forecasting firm, figures that consumer spending would not have grown at all. The second half is already looking weaker. Real consumer spending tumbled at a 0.4% monthly rate in July (see chart) as car sales plunged and high oil prices bit. The drop may also have reflected a reversal of the temporary boost from rebates delivered in previous months. Economists at Bank of America think consumer spending will decline in the current quarter, for the first time in 17 years. The fourth quarter could be worse. Unemployment is probably heading higher. Housing may be bottoming, as stocks of unsold homes drop and price declines slow, but the credit crunch shows no sign of easing. ..." (2008-9-4)
The Luck of the Landlords
"The slumping housing market hit Teresa Walsh hard. Seeking a better life for her two daughters, Walsh put her house in Menlo Park, Calif., on the market and moved to Bethesda.
" (2008-8-30)
Realtors peddle homes to bike-happy clients
"With gas prices high, bicycles flying out of stores and a buyers' market for houses, a handful of real estate agents around the country are touting the two-wheeled appeal of their listings." (2008-8-29)
A Wake-Up Call on Home Equity Loans
"An increase in consumer complaints over the cancellation or reduction of home equity lines of credit has prompted one federal banking regulator to remind financial institutions about the laws governing this type of loan.
" (2008-8-28)
When Cutting the Price, Take a Big Bite, Not a Bunch of Nibbles
"Cutting the price to get your home sold isn't quite as simple as it seems.
" (2008-8-24)
Book review: "Houseonomics: Why Owning a Home Is Still a Great Investment," by Gary N. Smith and Margaret H. Smith
"Owning instead of renting, even in the current climate, pays a financial dividend, the authors explain.
With home prices continuing to fall -- and expected by many experts to decline further before finding a bottom -- it's very easy to play that "woulda, shoulda, coulda" game and envision how life might have been different had you sold that home back in 2005 and run off with the profit to Tahiti." (2008-8-23)
Appraisal Problems Worsened Meltdown
"CHARLOTTE, N.C. -- As soaring home prices set the stage for America's great housing meltdown, a critical step in making sure those home sales were a fair deal -- the real estate appraisal -- was undermined from within.
" (2008-8-23)
Economics focus: Lessons from a “lost decade”
"Will America follow Japan into a decade of stagnation? AS FALLING house prices and tightening credit squeeze America’s economy, some worry that the country may suffer a decade of stagnation, as Japan did after its bubble burst in the early 1990s. Japan’s property bubble was also fuelled by cheap money and financial liberalisation and—just as in America—most people assumed that property prices could not fall nationally. When they did, borrowers defaulted and banks cut their lending. The result was a decade with average growth of less than 1%. Most dismiss the idea that America could suffer the same fate as Japan, but some of the differences are overstated. For example, some claim that Japan’s bubble was much bigger than America’s. Yet average house prices nationwide rose by 90% in America between 2000 and 2006, compared with a gain of 51% in Japan between 1985 and early 1991, when Japanese home prices peaked (see left-hand chart). Prices in Japan’s biggest cities rose faster, but nationwide figures matter more when gauging the impact on the economy. Japanese home prices have since fallen by just over 40%. American prices are already down by 20%, and many economists reckon they could fall by another 10% or more. ..." (2008-8-21)
Condo buyers are in the driver's seat
"But with few projects on the horizon, good deals that are available now may not last.
Saving up for a brand-new condo that's move-in ready? Just want to turn the key and unpack your boxes? Condominiums are a popular alternative to single-family homes because of their relative affordability and low upkeep. But with little construction on the horizon, there will be fewer newly built units to pick from down the road." (2008-8-10)
Your First Negotiation: the Agent's Commission
"Home sellers could save money by thinking of real estate commissions as an agent's asking price. It's something that's open to negotiation.
" (2008-8-10)
Mortgage Crisis Reaches Resorts
"PARK CITY, Utah -- With the developer forced into bankruptcy court, Hugh Smith worries about the $1 million he and a partner sunk into bare lots at Promontory, a half-built, sprawling residence club in a town saturated with second homes for the wealthy.
" (2008-8-9)
Foreclosure Crisis Catching Renters Off Guard
"James Austin was stunned when a real estate agent showed up to snap photos of the house he was renting last year and casually informed him the place was in foreclosure.
" (2008-8-8)
Economics focus: Home truths
"A housing slump helped cause the credit crisis. But its effect on spending may have been exaggeratedFALLING house prices have been at the heart of the rich world’s economic troubles in the past year. They led to the surge in defaults on American subprime mortgages that poisoned the market for asset-backed securities and drove up inter-bank rates. Mortgage-related losses have made international banks wary of lending to even creditworthy borrowers. The drying-up of credit has meant fewer buyers for new homes, leading to construction busts in America, Spain and Ireland. Now even countries unaffected by the global housing boom, such as Germany and Japan, are suffering from weaker export demand.In America the tangible impact of the housing slump is plain to see in the number of empty homes and in rising unemployment. There is greater uncertainty about the indirect effects of falling house prices, including the extent to which consumer spending will be held back by the “wealth effect”. Spending is largely driven by how much people earn in real terms today, but it is also affected by expectations about incomes tomorrow. An important part of future incomes is tied up in the assets—stocks, bonds, property—where household wealth is stored. When asset values fall, those who own them are poorer, hence they spend less and save more. When wealth increases, they spend more. ..." (2008-8-7)
For Rebound Renters, a Few Things to Remember
"Foreclosures have doubled over the last year, which means a lot of former homeowners are becoming renters again for the first time in a long time.
" (2008-8-2)
The Extreme Reality Makeover Show
"Symbolic to our era like a sledgehammer to drywall, the biggest house that ABC's "Extreme Makeover: Home Edition" ever made over -- a sprawling, four-bedroom starter castle, a three-car garage mahal with a turret and all -- has gone into foreclosure, in the 'burbs south of Atlanta.
" (2008-7-29)
Decorating for Dollars
"One thing that irritates home sellers in this overstuffed market is that, even as declining prices whittle away their equity, buyers demand something ever-closer to perfection. Perhaps inspired by Pottery Barn catalogues and HGTV decorating shows, buyers seem to expect that crisp aesthetic even i...
" (2008-7-27)
Tax Relief, Sans Itemizing
"The giant federal housing and foreclosure relief legislation heading for enactment contains a little-noticed -- but potentially far-reaching -- change in real estate tax policy.
" (2008-7-26)
Help for Homeowners Hangs in the Balance
"Congress left town for the July 4 recess with a half-baked cake in its legislative oven -- one that has huge potential significance for the housing and mortgage markets. The relief package left unfinished is designed to help hundreds of thousands of homeowners heading for foreclosure, pull buyers...
" (2008-7-5)
Economics focus: The domino effect
"Many currencies that are backed by a current-account deficit are now falling just as the dollar hasACCORDING to economic textbooks, the currencies of economies with large current-account deficits should depreciate relative to those of countries with surpluses. This will stimulate their exports and curb imports, thereby helping to slim the trade gaps. America has the world’s biggest current-account deficit and the dollar has dutifully been falling since 2002. Oddly, however, the currencies of many other countries with large deficits had enjoyed big gains until recently. Now, at last, currency markets have started to see sense. Britain, Australia, New Zealand and Iceland all have large current-account deficits (along with many other American-style excesses, such as housing and credit booms). Yet over several years until mid-2007, their currencies perversely rose relative to those of economies, such as Japan and Switzerland, with big surpluses. For example, despite a current-account surplus of 4.9% of GDP last year, one of the biggest of any developed economy, Japan’s trade-weighted exchange rate sank by 13% from the end of 2002 to mid-2007. New Zealand, where the deficit reached 8% of GDP (bigger than America’s deficit of 6% of GDP at its peak), saw its currency gain 28% over the same period. ..." (2008-7-3)
Out-of-Whack Appraisals Lead to a Dispute Over the Deposit
"Q. I recently entered into a contract to buy a house, but the deal went bad because the house did not appraise for the negotiated price.
" (2008-6-21)
June 4, 2008
In San Diego, buy one home, get one free
"As though Southern California's fine weather and beaches weren't attractive enough, a San Diego developer desperate to clear inventory is offering potential home buyers a buy-one-get-one-free scheme." (2008-6-3)
June 3, 2008
Can America keep its innovative edge?
"Yes?if it ignores the techno-nationalistsWHEN trading in the Standard & Poor's (S&P) 500 stock index opened on June 2nd, Bear Stearns was not among the stocks that comprise it. To add insult to the injury caused by its subprime peccadilloes, the crippled 105-year-old investment bank was ejected from the S&P 500 at the close of trading on May 30th following its takeover by JP Morgan.It was replaced by Intuitive Surgical, a firm that was founded in 1995 and now dominates the fast-growing global market for minimally invasive surgical techniques that use robotics and other leading-edge technologies. ..." (2008-6-3)
June 1, 2008
Foreclosure capital Stockton has odd market
"In some areas of California, so many foreclosed homes are available to buy on the cheap that real estate agents are discouraging prospective sellers from even putting their houses on the market." (2008-6-1)
Danson, Steenburgen sell oceanfront home
"Although Malibu Colony may have been where everybody knew his name, "Cheers" star Ted Danson is moving on, having sold his Cape Cod-style house for an undisclosed price, according to area real estate agents. It most recently had been listed at $16.75 million....
" (2008-6-1)
May 30, 2008
Five Tips for Nabbing the Best Bank Rates
"If you do your homework, those teaser rates advertised by banks might just be yours for real.
" (2008-5-30)
May 29, 2008
Dropping a brick
"House prices are falling even faster than during the Great Depression ?A DESTABILISING contraction in nationwide house prices does not seem the most probable outcome...nominal house prices in the aggregate have rarely fallen and certainly not by very much.? Alan Greenspan's soothing, if rather verbose, words on America's housing market in 2005 rank high on history's list of infamous predictions. But to be fair, most American economists shared his view that it was highly unlikely that average nationwide home prices would drop. That was the sort of thing that happened only during a deep depression, like the 1930s. Unfortunately, new figures this week reveal that house prices have already fallen by more over the past 12 months than in any year during the Great Depression. The S&P/Case-Shiller national index fell by 14.1% in the year to the first quarter. Admittedly, other property indices show smaller drops, but most economists now favour this measure. The index goes back only 20 years, but Robert Shiller, an economist at Yale University and co-inventor of the index, has compiled a version that stretches back more than a century. This shows that the latest fall in nominal prices is already much bigger than the 10.5% drop in 1932, at the worst point of the Depression. ..." (2008-5-29)
Cut Costs on Pet Food: Don't Abandon Fido
"As times get tough, people have lots of ways to save money that don't include giving up their house pets.
" (2008-5-29)
Cut Costs on Pet Food: Don't Abandon Fido
"As times get tough, people have lots of ways to save money that don't include giving up their house pets.
" (2008-5-29)
Through the floor
"America's house prices are falling even faster than during the Great DepressionAS HOUSE prices in America continue their rapid descent, market-watchers are having to cast back ever further for gloomy comparisons. The latest S&P/Case-Shiller national house-price index, published this week, showed a slump of 14.1% in the year to the first quarter, the worst since the index began 20 years ago. Now Robert Shiller, an economist at Yale University and co-inventor of the index, has compiled a version that stretches back over a century. This shows that the latest fall in nominal prices is already much bigger than the 10.5% drop in 1932, the worst point of the Depression. And things are even worse than they look. In the deflationary 1930s house prices declined less in real terms. Today inflation is running at a brisk pace, so property prices have fallen by a staggering 18% in real terms over the past year. ..." (2008-5-29)
Bear Stearns shareholders OK buyout
"Bear Stearns shareholders OK'd JPMorgan's $2.2B buyout of the investment bank whose wagers on subprime mortgages made it the largest corporate casualty of the credit crisis." (2008-5-29)
May 28, 2008
Key Shares Dip on Loan Worries
"The bank sees higher loan charge-offs due to a deteriorating portfolio of loans to homebuilders.
" (2008-5-28)
Key Grows More Pessimistic About Loans
"The bank increased the amount of charge-offs it expects due to a deteriorating portfolio of loans to homebuilders.
" (2008-5-28)
How to Snare the Elusive Home-Equity Loan
"Home-equity lines of credit aren't so easy to come by anymore, but there are ways to get them.
" (2008-5-28)
Settlement could save home buyers thousands
"Home buyers could save an average of more than $2,000 under a settlement with the National Association of Realtors announced Tuesday by the Justice Department.
" (2008-5-27)
May 27, 2008
Stocks Wane From Early Gains
"All three major indices were backtracking midday from earlier gains as enthusiasm for dropping oil prices and a rise in April home sales dies down.
" (2008-5-27)
U.S. Stocks a Bit Friskier After Long Weekend
"New York's major averages start the holiday-shortened week. Oil prices are dropping, and new housing data show less depressing new-home sales figures.
" (2008-5-27)
Home prices tumbled in first quarter
"A closely watched housing index shows U.S. home prices dropped at the sharpest rate in two decades during the first quarter." (2008-5-27)
May 26, 2008
Plenty of ‘For Sale’ signs but not many sales
"Like spring flowers, the "For Sale" signs are sprouting in front yards all over the country. But anxious sellers are facing the most brutal environment in decades, with a slumping economy, falling home prices and rising mortgage foreclosures." (2008-5-26)
May 25, 2008
All markets now equal in eyes of Fannie Mae
"Could the controversial mortgage industry practice of listing hundreds of local real estate markets as declining - and restricting lending through higher down payments or credit scores - be scrapped? The two biggest players in the home mortgage field, Fannie...
" (2008-5-25)
Water Everywhere, and Yet Home Prices Shrink
"An ebbing tide lowers all boats, at least if you take the analogy to water-related real estate. Lower prices and longer times on the market mean it's easier for boating enthusiasts to find a home that puts them closer to casting off from shore.
" (2008-5-25)
Klimt of the rubbish bin
"African artists who craft beauty from what's left behindAFRICAN contemporary art rarely comes up for sale at the big auction houses. Sotheby's achieved some success in 1999 when it sold a few treasures from Jean Pigozzi, who holds the world's biggest private African contemporary-art collection. But the event was staged as a benefit for UNICEF and was heavily underwritten; many did not see it as a real auction.In 2000 Bonhams tried something more conventional, again in London, with a sale of modern and contemporary art, mostly from Nigeria. The estimates were low, yet many pieces did not sell. Those that did went for the asking price or less. ..." (2008-5-24)
Looser Credit on the Way In 'Declining' Markets?
"Could the mortgage industry scrap its controversial practice of listing hundreds of local real estate markets as "declining" -- and restricting lending there through higher down payments or credit scores?
" (2008-5-24)
Home price index posts largest-ever decline
"A home-price index considered to be the most comprehensive reading posted the sharpest decline in its 17-year history, and analysts say housing has yet to bottom out." (2008-5-22)
Let them eat cake
"European farm ministers are wrong to defend the notorious common agricultural policyMARIE-ANTOINETTE would have been proud of Europe's farm ministers this week, as they debated what to do about the high price of food. True, ministers did not quite sigh ?qu'ils mangent de la brioche? as they discussed the hungry (as tradition alleges the French queen did when told that the poor of Paris had no bread). But that, in essence, was the message from the French, Germans, Spanish and Austrians, as they leapt to defend the common agricultural policy (CAP), which helps Europe to produce some of the priciest food in the world.At least Marie-Antoinette had the excuse of a sheltered upbringing. It is harder to explain the conduct of some European Union governments. On the one hand, their leaders claim to be deeply concerned about the impact of food prices on the ?vulnerable? at home and abroad (to quote the sonorous conclusions of an EU-Latin America summit on May 16th). Yet in Brussels three days later several farm ministers called for the retention of policies that make food in Europe expensive. ..." (2008-5-22)
Let them eat cake
"European farm ministers are wrong to defend the notorious common agricultural policyMARIE-ANTOINETTE would have been proud of Europe's farm ministers this week, as they debated what to do about the high price of food. True, ministers did not quite sigh ?qu'ils mangent de la brioche? as they discussed the hungry (as tradition alleges the French queen did when told that the poor of Paris had no bread). But that, in essence, was the message from the French, Germans, Spanish and Austrians, as they leapt to defend the common agricultural policy (CAP), which helps Europe to produce some of the priciest food in the world.At least Marie-Antoinette had the excuse of a sheltered upbringing. It is harder to explain the conduct of some European Union governments. On the one hand, their leaders claim to be deeply concerned about the impact of food prices on the ?vulnerable? at home and abroad (to quote the sonorous conclusions of an EU-Latin America summit on May 16th). Yet in Brussels three days later several farm ministers called for the retention of policies that make food in Europe expensive. ..." (2008-5-22)
May 21, 2008
Nat City May Shed 'Problem Assets'
"The Cleveland-based regional bank is still stinging from subprime loans on its books, even after a capital raise.
" (2008-5-21)
Nat City May Shed 'Problem Assets'
"The Cleveland-based regional bank is still stinging from subprime loans on its books, even after a capital raise.
" (2008-5-21)
Nat City May Shed 'Problem Assets'
"The Cleveland-based regional bank is still stinging from subprime loans on its books, even after a capital raise.
" (2008-5-21)
Nat City May Shed 'Problem Assets'
"The Cleveland-based regional bank is still stinging from subprime loans on its books, even after a capital raise.
" (2008-5-21)
UBS Completes Distressed Debt Sale
"BlackRock picks up $22 billion in subprime and Alt-A assets for $15 billion from the troubled Swiss bank.
" (2008-5-21)
UBS Completes Distressed Debt Sale
"BlackRock picks up $22 billion in subprime and Alt-A assets for $15 billion from the troubled Swiss bank.
" (2008-5-21)
UBS Completes Distressed Debt Sale
"BlackRock picks up $22 billion in subprime and Alt-A assets for $15 billion from the troubled Swiss bank.
" (2008-5-21)
Stocks Have Fallen, Can't Get Up
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices weigh on all three indices. The Dow takes the hardest hit, in part due to Home Depot's decline. Frank Curzio recaps the action in The Real Story.
" (2008-5-20)
Stocks Have Fallen, Can't Get Up
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices weigh on all three indices. The Dow takes the hardest hit, in part due to Home Depot's decline. Frank Curzio recaps the action in The Real Story.
" (2008-5-20)
Stocks Continue to Unwind
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices offer a lot for investors to digest. Home Depot is the worst performer in the Dow.
" (2008-5-20)
Stocks Continue to Unwind
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices offer a lot for investors to digest. Home Depot is the worst performer in the Dow.
" (2008-5-20)
Stocks Continue to Unwind
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices offer a lot for investors to digest. Home Depot is the worst performer in the Dow.
" (2008-5-20)
Stocks Continue to Unwind
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices offer a lot for investors to digest. Home Depot is the worst performer in the Dow.
" (2008-5-20)
Stocks Continue to Unwind
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices offer a lot for investors to digest. Home Depot is the worst performer in the Dow.
" (2008-5-20)
Stocks Continue to Unwind
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices offer a lot for investors to digest. Home Depot is the worst performer in the Dow.
" (2008-5-20)
Stocks Continue to Unwind
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices offer a lot for investors to digest. Home Depot is the worst performer in the Dow.
" (2008-5-20)
Stocks Continue to Unwind
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices offer a lot for investors to digest. Home Depot is the worst performer in the Dow.
" (2008-5-20)
Stocks Continue to Unwind
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices offer a lot for investors to digest. Home Depot is the worst performer in the Dow.
" (2008-5-20)
Stocks Continue to Unwind
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices offer a lot for investors to digest. Home Depot is the worst performer in the Dow.
" (2008-5-20)
Stocks Continue to Unwind
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices offer a lot for investors to digest. Home Depot is the worst performer in the Dow.
" (2008-5-20)
Stocks Continue to Unwind
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices offer a lot for investors to digest. Home Depot is the worst performer in the Dow.
" (2008-5-20)
Stocks Continue to Unwind
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices offer a lot for investors to digest. Home Depot is the worst performer in the Dow.
" (2008-5-20)
Stocks Continue to Unwind
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices offer a lot for investors to digest. Home Depot is the worst performer in the Dow.
" (2008-5-20)
May 20, 2008
Stocks Continue to Unwind
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices offer a lot for investors to digest. Home Depot is the worst performer in the Dow.
" (2008-5-20)
Stocks Continue to Unwind
"Rising inflation, corporate earnings reports, Fed commentary and record oil prices offer a lot for investors to digest. Home Depot is the worst performer in the Dow.
" (2008-5-20)
May 18, 2008
FHA to shift to insurance based on risk
"Who have better credit scores on average - home buyers with higher or lower incomes? Inside the country's fastest-growing home mortgage program, the surprising answer is: People with lower incomes have slightly higher FICO scores. That finding, which emerged...
" (2008-5-18)
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