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MARKET UPDATE: Jumbo Loans Also Feeling the Squeeze
The subprime mortgage meltdown has now spilled over into other areas of the residential mortgage market, including the jumbo market. Jumbos are loans of more than $417,000, the limit observed by...
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MARKET UPDATE: Could Countrywide go Bankrupt?
The nation’s largest mortgage lender, Countrywide Financial Corp., could go bankrupt, a Merrill Lynch analyst’s warned yesterday. This dramatic statement drove the stock down 13% down yesterday to...
View ArticleREAL ESTATE UPDATE: Bank of America Throws Countrywide a Lifeline
Bank of America, the largest retail banking operation in the country has being keen to expand it mortgage operations for a long time, and this week, the ill-fated, cash-starved Countrywide offer just...
View ArticleMARKET UPDATE: Countrywide Slashes 20% of Workforce
This is a continuation of the previous Countrywide posts listed below: August 18th – Could Countrywide go Bankrupt? August 23rd - Bank of America throws Countrywide a Lifeline September 7th – The...
View ArticleTime Warp: Raised from the Dead to Live Another Day
And then there were five. Five national, well-known and respected real estate brands in one stable. In a surprise announcement today Realogy, the largest real estate franchise company, announced a...
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REAL ESTATE TRENDS UPDATE: Bank of America Acquires Countrywide for $4 Billion
Charlotte, North Carolina-based, Bank of America Corp., the biggest U.S. bank by market value, agreed today January 11, 2008 to buy Countrywide Financial Corp. for about $4 billion. Countrywide has 9...
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REAL ESTATE TRENDS UPDATE: Citi Bank Hurts
Citigroup lost almost $10 billion in last year’s final three months, the largest quarterly deficit in the bank’s 196-year history. As of Dec. 31, it had a total of $37.3 billion in direct subprime...
View ArticleNEWS UPDATE: Feds cut rate again to stimulate economy
The Federal Reserve cut the interest rate this afternoon by another 0.5% down to 3%, the lowest since June 2005. This was the 5th time since August last year and follows last weeks emergence cut of...
View ArticleHome Equity Slips Below 50%
Homeowners’ debt on their houses exceeded their equity for the first time since the Federal Reserve Board began tracking it in 1945. The housing bubble has caused house prices to decline down to...
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Economic Forecast for 2013
One of Three Views included in the 2013 Swanepoel TRENDS Report STAN HUMPHRIES, Chief Economist, Zillow Where Are We? Home values reached their post-bubble trough levels in late 2011 after almost five...
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