San Francisco-area homes sales jump nearly 39 percent
(Reuters)
Reuters - Home sales in the San Francisco Bay area rose nearly 39 percent in October from a year earlier and the median home price posted a record fall as bargain hunters bought properties in markets hit hard by foreclosures, a report on Thursday said.
UK mortgage lending down 44 pct from a year ago
(AP)
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)
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)
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)
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)
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)
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.
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.
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.
