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Pending Home Sales Suggest No Quick Recovery for Housing Market
Markets were expecting the housing market to continue struggling in the fourth quarter, but the November's decline in pending home sales was much worse than anticipated. Pending home sales, which predict actual home sales in the upcoming month, fell...(read more)
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Decline in U.S. Pending Home Sales Picks Up in November
An index looking at pending home sales in the U.S. picked up its pace of decline in November, the National Association of Realtors reported on Tuesday. U.S. pending home sales fell more than expected with a 4.0% decline in November. The index now stands...(read more)
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Ted Spread Narrows After Treasury Announces Regional Bank Bailout
U.S. interbank lending rates were once again relatively unchanged from Monday's levels, but the Ted Spread narrowed after the U.S. government announced plans to inject capital into the nation's larger regional banks on Monday. The Treasury said...(read more)
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Preview: Pending Home Sales to Fall for Third Straight Month
The U.S. housing market continues to struggle as prices fall, demand weakens, and inventories build up. An industry index set for release on Tuesday is expected to show that contracts for homes on the market continued to fall in November, suggesting that...(read more)
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Office Vacancies Soaring, Rents Falling in Major Cities
Some months ago we speculated that the sector of the economy to fall out of the sky would be retail real estate as the proliferation of shopping malls and small strip centers ran headlong into what at that time appeared to be a looming wave of retail...(read more)
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Construction Spending Continues its Decline in November
Construction spending in the United States continued to decline in November, falling by 0.6% month-over-month, according to the U.S. Department of Commerce. The consensus had forecast construction spending in November to decline by 1.4%. The total construction...(read more)
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New York Fed Begins MBS Purchase Program
As promised, the New York Fed plans to begin buying U.S. mortgage and student debt effective immediately, in a move geared at thawing frozen credit markets in the country and restore confidence of the economy. "This program, first announced on November...(read more)
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Treasury Announces Guidelines for Gov't Rescue of Financial Firms
The U.S. Treasury announced guidelines for dealing with financial institutions in need of rescue. The details are based on the Nov. 23 decision to loan $5 billion to Citigroup. The Treasury said eligibility for the program will be considered on a case...(read more)
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Interest Rates Continue Downward Drift
Interest rates continued their slow but steady decent during the week ended December 31 according to results of the Primary Mortgage Market Survey released by Freddie Mac Wednesday morning. The 30-year fixed-rate mortgage (FRM) hit yet another historic...(read more)
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MBA Mortgage Applications Flat in Week Ending Dec. 26
Weekly mortgage applications in the United States were flat in the week ending Dec. 26, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday. In the previous week, applications rose by 48.0%. The portion of fixed-rate...(read more)
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U.S. Facing Crisis Without All Necessary Tools, Treasury's Paulson Says
Treasury Secretary Henry Paulson said the government has had to face the current financial crisis without all the means to do so effectively, the Financial Times reported on Tuesday. "We're dealing with something that is really historic and we...(read more)
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Case-Shiller Home Price Index Declines Annualized 18% in October
U.S. house prices in November are down 18.0% compared to a year ago, according to the S&P Case-Shiller U.S. home price index, with the 20-city composite index falling to a reading of 158.16. Economists had expected the index to post a year-over-year...(read more)
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GMAC Gets Bank Holding Company Status, and Potential Access to TARP
After months of failed attempts, General Motors' financing arm, GMAC , was granted bank holding status from the Federal Reserve on Dec. 24 in a move that will allow the struggling firm to access funds from the Treasury's Troubled Asset Relief...(read more)
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Long Term Mortgage Rates Hit All-Time Low
Mortgage rates fell for the 8 th straight week in the week ended December 24, establishing a new low for Freddie Mac's Primary Mortgage Market Survey. The 30-year fixed-rate mortgage (FRM) averaged 5.14 percent with 0.8 point, down from last week...(read more)
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MBA Mortgage Applications Jump in Week Ending December 19
Weekly mortgage applications in the United States rose in the week ending Dec. 19, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 48.0% week-over-week increase in applications. In the previous...(read more)
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