Billions in housing wealth at risk as foreclosures soar (San Francisco Chronicle)
More than $23.6 billion in California housing wealth will evaporate if real estate prices continue to decline and foreclosures on subprime home loans soar, according to a new congressional report that indicates the fallout from the national mortgage crisis is... ...more...First Meridian Mortgage considering expansion (BizJournals)
First Meridian Mortgage Corp. of Florida is considering an expansion of its Louisville operation that would create 18 full-time jobs with an average annual payroll of $910,000....more... Merrill's Former Chief Tully Calls Mortgage Losses `Sickening' (Bloomberg.com)
Oct. 28 (Bloomberg) -- Daniel Tully, who tripled Merrill Lynch & Co.'s stock price during his tenure as chief executive officer in the 1990s, said the firm should rein in risk-taking after a record third-quarter loss he described as ``sickening.''...more... Home sales continue falling while jobless rate rises (Las Vegas Business Press)
Las Vegas home sales hit their lowest level in nearly seven years in September, local housing analysts reported. Home Builders Reasearch recorded 1,399 new home sales in September, and SalesTraq showed 1,328 sales. Those are lowest numbers since January 2000, the two companies said....more... Cost of crash goes far beyond drop in home values (Sun-Sentinel)
Every time economists and Wall Street executives think they have acknowledged the full extent of the losses from the meltdown in American real estate, more bad news turns up. ...more... Falling home prices to continue for a year (The Plain Dealer)
Washington -- The current housing slump, which began in late 2005, probably has another year to go before things turn around. Before it is over, home prices -- which had soared during the boom years -- will probably have fallen by the largest amount of any downturn in the post World War II period....more... Home prices take hit in market correction (The Charlotte Observer)
The current housing slump, which began in late 2005, probably has another year to go before things turn around. Before it is over, home prices -- which had soared during the boom years -- will probably have fallen by the largest amount of any downturn in the post World War II period. The problems in housing have been a serious drag on the overall economy -- slashing more than a full percentage ......more... Lenders bail out home sellers (The News-Press)
If you owe $300,000 on a house that's only worth $200,000, you may still be able to sell it ? banks are increasingly willing to make up the......more... US joint congressional committee estimates 2 mln home foreclosures by 2009 (Sharewatch)
WASHINGTON (Thomson Financial) - Roughly 2 mln home foreclosures could occur between 2007 and 2009, destroying nearly 71 bln usd of housing wealth in the US, if problems in the subprime mortgage market are not checked, according to a report released by the House-Senate Joint Economic Committee....more... |