Real Estate
FDIC chief calls again for foreclosure relief
(AP)
20 Nov 2008 at 11:00am
AP - FDIC Chairman Sheila Bair said Thursday she is “still hopeful” of using federal bailout money to help homeowners avoid foreclosure.
UK mortgage lending down 44 pct from a year ago
(AP)
20 Nov 2008 at 9:51am
AP - Mortgage lending in Britain was down 44 percent in October compared to a year ago, further evidence the economic downturn is hurting an already weak property market, the Council of Mortgage Lenders said Thursday.
China shares fall but property, metals limit loss
(AP)
20 Nov 2008 at 4:12am
AP - Chinese shares joined the global sell-off Thursday but gains in property developers and gold miners provided a floor for the market, partly offsetting losses in banks and insurers.
The Bank Terrorist
(Investor’s Business Daily)
19 Nov 2008 at 6:55pm
Investor’s Business Daily - Housing: For years, a self-described “bank terrorist” blackmailed banks into making bad home loans in our inner cities. Now those loans are defaulting by the millions, and he’s blaming banks.
IBD’s Top 10 - Wednesday
(Investor’s Business Daily)
19 Nov 2008 at 6:46pm
Investor’s Business Daily - 1 The Nasdaq plunged 6.5%, the S&P 500 6.1% and the NYSE composite 6.1%, all to fresh 51/2-year lows. The Dow slid 5.1% to its first sub-8,000 close since March ‘03. Volume rose. Over 100 S&P 500 components suffered double-digit declines. Every industry group fell, led by transports, home builders, steel and financials. The 10-year T-yield dived 20 ticks to 3.34%.
MetLife says commercial mortgage portfolio safe
(Reuters)
19 Nov 2008 at 6:43pm
Reuters - U.S. life insurer MetLife Inc disclosed information about its commercial mortgage portfolio on Wednesday in an effort to soothe investors that have become increasingly skittish about investments by insurers in commercial property debt.
Economy - Wednesday
(Investor’s Business Daily)
19 Nov 2008 at 6:36pm
Investor’s Business Daily - The gov’t will insure failing home loans if lenders reduce principal to 3.5% below current home values vs. the initial plan for a 10% haircut, the Dept. of Housing and Urban Development said. The goal is to curb foreclosures by making payments manageable and giving homeowners an incentive not to walk away. But very few lenders and borrowers have taken advantage of the Hope for Homeowners program, which can guarantee up to $300 bil in reworked mortgages. HUD also said some loans may be extended from 30-year maturities to 40 years.
Oil falls; Americans cut driving by 90B miles
(AP)
19 Nov 2008 at 4:36pm
AP - Oil slipped below $54 a barrel Wednesday as stock markets across the globe fell and yet another U.S. government report illustrated the disarray in the housing market.
Housing agency loosens foreclosure aid rules
(Reuters)
19 Nov 2008 at 1:33pm
Reuters - The U.S. Department of Housing and Urban Development will loosen terms of its foreclosure-prevention effort so that the program, meant to backstop $300 billion in home loans, can be more effective, the agency said on Wednesday.
Homebuilder, REIT shares tumble as recession spreads
(Reuters)
19 Nov 2008 at 1:02pm
Reuters - The shares of big U.S. homebuilders and real estate companies alike slumped on Wednesday as housing starts fell to a record low and concerns spread the commercial real estate market is going the way of residential.
Mortgage application volume falls 6.2 pct
(AP)
19 Nov 2008 at 9:59am
AP - Mortgage application volume fell 6.2 percent during the week ended Nov. 14, according to the Mortgage Bankers Association’s weekly application survey.
House Dems Blast Paulson, Back FDIC Foreclosure Plan
(Investor’s Busines…
18 Nov 2008 at 7:01pm
Investor’s Business Daily - House Democrats on Tuesday embraced a $24 billion Federal Deposit Insurance Corp. plan to curb foreclosures and gave Treasury Secretary Henry Paulson an earful for seeming to resist a broader effort to help ailing homeowners.
Lawmakers, Treasury lock horns on foreclosures
(Reuters)
18 Nov 2008 at 6:48pm
Reuters - Treasury Secretary Henry Paulson and members of Congress clashed on Tuesday over the best use for the $700-billion financial bailout fund, with lawmakers demanding money to stem a national wave of mortgage foreclosures.
Lawmakers press Paulson on bailout plan changes
(AP)
18 Nov 2008 at 6:46pm
AP - Faced with exasperated lawmakers upset by shifts in bailout strategy, Treasury Secretary Henry Paulson launched a spirited defense Tuesday of his handling of the $700 billion program and expressed fresh reservations about tapping the pool for mortgage guarantees to relieve skyrocketing home foreclosures.
Economy - Tuesday
(Investor’s Business Daily)
18 Nov 2008 at 6:41pm
Investor’s Business Daily - Existing-home prices fell in 120 out of 152 U.S. metro areas in Q3, while 28 enjoyed gains and 4 were unchanged, the Nat’l Assoc. of Realtors said. Mounting foreclosures drove national prices off 9% to $200,500. Total existing-home sales, including single-family and condo, fell 7.7% to an annual rate of 5.04 mil in Q3. Distressed sales accounted for as many as 40% of all sales made.
Regulator halts Fannie housing fund contributions
(Reuters)
18 Nov 2008 at 4:57pm
Reuters - Fannie Mae , the largest provider of money for U.S. home mortgages, on Tuesday said its federal regulator suspended a mandate to set aside money for a housing trust fund.
October producer prices slump, home gloom grows
(Reuters)
18 Nov 2008 at 3:35pm
Reuters - Producer prices posted a record decline in October as the weak economy sent energy prices tumbling, data on Tuesday showed, while business confidence among home-builders slumped.
Home builder sentiment at new low, buyers demur
(Reuters)
18 Nov 2008 at 3:33pm
Reuters - Pervasive recession fears and financial market upheaval hammered U.S. home builder sentiment to a record low in November, a trade group said on Tuesday, dealing a significant blow to an already flailing housing market.
No U.S. turnaround till mid-2009: Bank of America CEO
(Reuters)
18 Nov 2008 at 2:49pm
Reuters - Bank of America Corp Chief Executive Kenneth Lewis said on Tuesday it is “pretty clear” the U.S. economy is in a recession, and forecast no recovery until the housing market stabilizes around the middle of 2009.
Homebuilder sentiment index plunges to record low
(AP)
18 Nov 2008 at 1:57pm
AP - Homebuilders’ confidence in a near-term housing recovery sank to a new all-time low this month, reflecting growing worries over the U.S. financial crisis, rising unemployment and weakening consumer confidence, an industry trade association said Tuesday.
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