Real Estate News
S&P 500 Falls to Lowest Since 2003
Economic worries and concern about an automaker bailout hammered equity markets on Wednesday, sending the S&P 500 to its lowest since 2003 . The bulk of the selloff came after the Federal Reserve released pessimistic growth forecasts and expressed…( [Link]
U.S. tries new tack on housing
The Bush administration said Wednesday that it was changing its nearly-moribund mortgage rescue plan in an effort to spark more lenders and homeowners to participate. [Link]
Treasury's Kashkari Says ABS Market Looks Promising for TARP
The asset-backed securities market appears to be promising for the TARP program, said TARP co-ordinator Neel Kashkari in a speech on Wednesday. Targeting the ABS market will help bring down interest rates on automobile purchases, student loans and credit…( [Link]
Mortgage rescue or rip off?
If mortgage lending was the Wild West during the boom years, foreclosure-prevention counseling is the lucrative new frontier of the bust. [Link]
Housing Starts and Permits at All-Time Lows
U.S. housing starts and building permits each fell to record lows in October, which economists say is bad news in the short term. However, the quicker housing activity declines, the quicker excess inventory will be cleared off the market and the housing…( [Link]
The Last of the Treasury Candidates
It would be a real voyage back to the future if President-elect Obama were to pick the next candidate as his new Secretary of the Treasury. However, Paul Volcker is a fearless man who took on another looming financial crisis some 25 years ago and beat…( [Link]
MBA Mortgage Applications Move Lower in Week Ending November 14
Weekly mortgage applications in the United States decreased in the week ending Nov. 14, according to data released from the Mortgage Bankers' Association (MBA) on Thursday, which reported an 6.2% week-over-week fall in applications. In the previous…( [Link]
Housing Starts Fall 4.5% in October, Permits Down 12%
Housing starts fell less than expected in October to 791k, representing a month-over-month decrease of 6.3%, according to data released from the U.S. Department of Commerce on Wednesday morning. The drop pushes the number of starts to its lowest level…( [Link]
Best housing 'bailout' may be no bailout
Several mortgage-rescue plans are making the rounds in Washington, but economists say the best approach may be to sit tight. [Link]
Builders' confidence sinks
Homebuilders' confidence in the housing market again plunged to a record low, dragged down by poor financial market conditions, rising unemployment and consumer anxiety, a trade group said Tuesday. [Link]
Preview: U.S. Housing Starts Set to Fall in October
The U.S. housing market is expected to give further proof of a long, slow-motion decline with the release of the housing starts & permits report from the Department of Commerce on Wednesday. The starts index could potentially fall to levels not seen…( [Link]
BMO Rogue Trader Charged After Losing at Least C$327 Million
A commodities trader is alleged to have manipulated his options book to hide losses, which cost the Bank of Montreal at least C$327 million . David Lee, 36, a former natural-gas trader at the bank, pleaded guilty last week to criminal charges and is now…( [Link]
NAHB Builder Confidence Plummets Beyond Record Low in November
A report from Wells Fargo and the National Association of Home Builders (NAHB) reports that confidence amongst homebuilders has plummeted from one all-time low to another in November. The NAHB housing market index tumbled five points to a reading of 9…( [Link]
Home prices in record 9% decline
National home prices, driven lower by a flood of foreclosures, plummeted by a record year-over-year 9% in the third quarter, according to a report issued Tuesday. [Link]
Paulson Says TARP Wasn't Designed to Help Homeowners and Automakers
The $700 billion Troubled Asset Relief Program (TARP) was designed to stabilize the financial system and improve lending liquidity, and "is not a panacea for all our economic difficulties" said U.S. Treasury Secretary Henry Paulson on Tuesday…( [Link]
Bernanke Outlines Three Steps to Help Commercial Paper Markets
Federal Reserve Chairman Ben Bernanke said the Fed has developed three programs to address problems in commercial paper markets , which suffered losses upwards of $500 billion in mid-September when investors withdrew their funds. First, the Fed has allowed…( [Link]
Home Prices, Existing Sales Continued to Decline in Q3, Says NAR
Home prices continued to fall in a majority of U.S. metropolitan areas in the third quarter, while existing home sales were also down in 32 states, the National Association of Realtors reported Tuesday. In the third quarter, median single-family home…( [Link]
Fed Chairman Bernanke Promotes TARP Injection
Federal Reserve chairman Ben Bernanke said there are some signs that credit markets are improving, but that conditions are "still far from normal" and it is "critical" to market confidence that TARP funds are injected into financial…( [Link]
The Day Ahead: US PPI; Bernanke, Bair & Paulson to Testify on TARP
On Tuesday, the producer price index for October and the National Association of Home Builders' (NAHB) Housing Market Index for November will be released in the U.S. Market participants will also be interested in hearing testimony from Fed Chairman…( [Link]
Paulson Says Government Not "Experimenting" With the TARP
U.S. Treasury Secretary Henry Paulson said tensions in financial markets will probably continue for many months, and now that his government has addressed the potential failures of massive corporations, the next step will be to deliver a boost to the…( [Link]