Thursday, August 28, 2008

Bloomberg - "FDIC Adds Office Space in Dallas, Ready for More Bank Failures" (8-28-08)

"The Federal Deposit Insurance Corp. is preparing to sign a five-year lease to add five floors of space at its Dallas regional office as the agency prepares to increase scrutiny of failing and troubled U.S. banks."

Bloomberg - "Lehman Said to Be Eliminating as Many as 1,000 Jobs" (8-28-08)

"Lehman Brothers Holdings Inc., the investment bank that's trying to shed mortgage assets and raise capital, is poised to eliminate as many as 1,000 jobs, or about 4 percent of its workforce, in the fourth round of cuts at the firm this year, people familiar with the matter said."

Yahoo - "What the FDIC problem list isn't telling us" (8-28-08)

"On Tuesday, the Federal Deposit Insurance Corp. revealed that the number of institutions on its so-called 'problem bank' list jumped to 117 during the second quarter, up from 90 just three months earlier."

CNN - "Housing fix backfires" (8-28-08)

"So just how much help has this change been for homeowners? Not much. Six months ago, the rate on a $500,000 30-year fixed mortgage was 6.73%. Today the rate today is only slightly lower at 6.69%. No surprise then that the housing market is still stuck in reverse."

Bloomberg - "Fannie Rises for Sixth Day as Mudd Replaces Deputies" (8-28-08)

"Fannie Mae rose for a sixth day in New York trading, the longest streak since May 2007, after Chief Executive Officer Daniel Mudd replaced three top deputies in an effort to restore investor confidence."

Orange County Register - "California ranks 2nd in mortgage fraud" (8-28-08)

"The MARI maintains a database of reported incidents of fraud and misrepresentations, and the ranking is based on total number of properties involved in fraud (the totals were not given). Nationwide such reports were up 42 percent in the first quarter vs. a year ago. And here I thought fraud would decrease after the credit crunch began last summer."

Orange County Register - "O.C. house price slides under $500,000" (8-28-08)

"Latest home-selling stats from DataQuick show for the 22 business days ended Aug. 13 shows a median selling price for single-family houses at $499,500 — $234,500 or 32% below the peak of $734,000 hit in June 2007. It’s the first time under a half-million bucks since December 1993.Overall, the mid-August countywide median for all residences is down 29.1% in a year — that’s $195,000 (30%) below the peak of $645,000 hit in June 2007."

Orange County Register - "O.C. mortgage rates fall" (8-28-08)

"The average rate on 30-year fixed-rate loans up to the old conforming limit of $417,000 slid to 6.139 percent with a one-point fee, the second weekly drop from a peak of 6.205 percent earlier this month – that was the highest average of the year."

Realty Times - "Market Conditions" (8-28-08)

"Going green isn't just a fad anymore. It makes financial sense for apartment and condo builders as well. A recent survey conducted by the National Association of Home Builders (NAHB) shows that 74 percent of respondents said that 'buyers and renters are willing to pay more for green amenities.' And multifamily builders and developers nationwide are responding. Eighty-nine percent of respondents reported that they are installing energy-efficient appliances and lighting in their multifamily communities."

Realty Times - "Sellers Get A Break On Commissions" (8-28-08)

"A recent Consumer Reports survey of more than 9,000 home owners, found that among 46 percent of those who, from 2004 to 2007 sold or attempted to sell their home and attempted to negotiate the commission, 71 percent succeeded, often netting a 3 to 4 per percent sales commission for the effort."

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