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"All The Bubble News That's Fit To Post!"
Thursday, August 07, 2008
Last Updted: 12:41 AM GMT
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Markets advance as oil declines
NEW YORK | Wall Street logged another winning day Wednesday as a drop in oil prices and a better-than-expected profit report from technology bellwether Cisco Systems Inc. helped soothe the market's worries about the financial sector.
The Washingtion Times Business - 8/7/2008 - 16 hours ago - Comment on this Article
| WINTER: World's economy depends upon a strong Navy
America is a nation at war, and our Navy and Marine Corps are focused on achieving victory in Iraq, Afghanistan and wherever terrorist enemies may be found. Given this focus, we must examine the full range of implications of today's war.
The Washington Times Commentary - 8/7/2008 - 16 hours ago - Comment on this Article
| Cubs may be bleacher bums on Wrigley parking garage
It looks like the Cubs may never build the 400-space parking garage adjacent to Wrigley Field promised to area residents in exchange for a 1,791-seat bleacher expansion. Cubs Chairman Crane Kenney said the building planned for a triangular parcel adjacent to the stadium has been "completely re-designed" by Tribune Co. CEO Sam Zell's real estate team to include more retail and office space at the expense of parking.
Chicago Sun Times Business - 8/7/2008 - 15 hours 22 minutes ago - Comment on this Article
| London Markets: Oil producers, miners, Barclays up in modestly higher London
Oil companies, mineral extractors and a turnaround in Barclays shares help London to modest gains on Thursday morning, with BP and Anglo American performing well amid some renewed strength in oil and gold prices.
   
MarketWatch Top Stories - 8/7/2008 - 15 hours 22 minutes ago - Comment on this Article
| Currencies: Euro up, pound flat ahead of rate decisions
LONDON (MarketWatch) -- The European single currency rebounded higher against the dollar Thursday, buoyed ahead of the European Central Bank's decision on interest rates.
   
MarketWatch Top Stories - 8/7/2008 - 14 hours 41 minutes ago - Comment on this Article
| Indications: U.S. stock futures flattish after AIG losses
U.S. stock futures pointed to a flat-to-weak start Thursday after American International Group reported a $5.36 billion loss on more mortgage-related write-downs, with retailers expected to show slowing sales growth for July.
   
MarketWatch Top Stories - 8/7/2008 - 14 hours 2 minutes ago - Comment on this Article
| Bank of England Keeps Rates Steady
The Bank of England held interest rates at 5.0 percent on Thursday for the fourth consecutive month, as policymakers balance slowing growth and rising inflation.
New York Times Business - 8/7/2008 - 13 hours 22 minutes ago - Comment on this Article
| Japan Cabinet lowers overall economic assessment
Japan painted a darker picture of its economic health Thursday, warning of deteriorating exports, output and corporate profits _ signals that may point toward a contraction of the world's second largest economy. "The economy is recently weakening," the...
   
San Francisco Chronicle Business - 8/7/2008 - 13 hours 22 minutes ago - Comment on this Article
| Bank of England policymakers leave key rate unchanged
LONDON (MarketWatch) -- Bank of England policymakers on Thursday voted to leave the central bank's key lending rate unchanged at 5% as the British economy wrestles with the threat of a significant economic slowdown and accelerating inflation pressures.
   
MarketWatch Top Stories - 8/7/2008 - 13 hours 21 minutes ago - Comment on this Article
| The Bad Economy May Hurt Obama
The conventional wisdom has it down pat: A bad economy usually works against the candidate from the party in power, but this is not a normal economic slowdown, and Obama is not a normal challenger.
Cybercast News Service - 8/7/2008 - 13 hours 21 minutes ago - Comment on this Article
| Oil rises to near $120, halting slide
Concerns that tension over Iran's nuclear program could lead to conflict propelled oil prices upward Thursday to near $120 a barrel, halting a four-week slide.
The Washingtion Times Business - 8/7/2008 - 13 hours 19 minutes ago - Comment on this Article
| BoE keeps rates on hold at 5 pct
The Bank of England has kept official interest rates steady at 5 percent for the fourth month running as it grapples with opposing factors of slowing economic growth and rising inflation. Thursday's decision confirms expectations by economists that...
   
San Francisco Chronicle Business - 8/7/2008 - 12 hours 41 minutes ago - Comment on this Article
| Pipeline Attacks Ain't What They Used To Be
A blaze at a major pipeline fails to spark the rally in oil prices that might be expected.
Forbes Market News - 8/7/2008 - 12 hours 41 minutes ago - Comment on this Article
| Indications: U.S. stock futures drops on AIG loss, Wal-Mart view
U.S. stock futures declined Thursday after American International Group reported a $5.36 billion loss on more mortgage-related write-downs and Wal-Mart Stores said August sales growth would slow.
   
MarketWatch Financial - 8/7/2008 - 12 hours 41 minutes ago - Comment on this Article
| London Markets: Oil producers, miners, Barclays up, BoE leaves rates on hold
Oil companies, mineral extractors and a turnaround in Barclays shares help London to modest gains on Thursday morning, with BP and Anglo American performing well amid some renewed strength in oil and gold prices.
   
MarketWatch Financial - 8/7/2008 - 12 hours 41 minutes ago - Comment on this Article
| PARKER: Mortgaging the future
A key feature of the housing bill that President Bush just signed into law was the federal bailout of Fannie Mae and Freddie Mac.
The Washington Times Commentary - 8/7/2008 - 16 hours ago - Comment on this Article
| Readers' Platform: The age of delusion
SFGate readers had plenty to say about a survey, reported in Wednesday's Chronicle, suggesting that the majority of American homeowners - despite evidence to the contrary - believe their property's worth has not fallen in the past year. Explanations for this...
   
San Francisco Chronicle Business - 8/7/2008 - 16 hours 42 minutes ago - Comment on this Article
| EARNINGS ROUNDUP / Freddie Mac loss 3 times worse than expected / Stock plummets 19% as troubles mount - risky mortgages make up half of loss
Freddie Mac posted a second-quarter loss Wednesday that was more than three times larger than Wall Street expected, as a huge number of borrowers with good credit fell behind on exotic and risky mortgages. Stunned investors sent Freddie's stock down more...
   
San Francisco Chronicle Business - 8/7/2008 - 16 hours 42 minutes ago - Comment on this Article
| Oil dips by $30 from top levels / Price per barrel is lowest since May - gas also drops
Oil prices briefly dropped below $118 per barrel Wednesday - $30 below their record high - after a jump in U.S. crude supplies offered further proof that high energy prices are prompting Americans to drive less. Falling oil prices were reflected in average...
   
San Francisco Chronicle Business - 8/7/2008 - 16 hours 42 minutes ago - Comment on this Article
| ECB, BoE seen leaving rates unchanged Thursday
The European Central Bank and Bank of England will likely leave interest rates unchanged Thursday, as both banks consider how to steer their economies away from mounting inflation and slowing growth.
The Washingtion Times Business - 8/7/2008 - 19 hours 59 minutes ago - Comment on this Article
| ECB, BoE seen leaving rates unchanged
The European Central Bank and Bank of England will likely leave interest rates unchanged Thursday, as both banks consider how to steer their economies away from mounting inflation and slowing growth.
The Washingtion Times Business - 8/7/2008 - 19 hours 19 minutes ago - Comment on this Article
| Futures drop as AIG, Wal-Mart disappoint
NEW YORK (Reuters) - Stock index futures fell on Thursday as a big loss from insurer American International Group Inc heightened concerns about the credit crisis and its impact financial companies and the broader economy.
  
Reuters Business - 8/7/2008 - 12 hours 1 minute ago - Comment on this Article
| Jobless claims rise to highest since March '02
WASHINGTON -- The number of newly laid off people signing up for jobless benefits last week climbed to its highest point in more than six years as companies cut back given the faltering economy.
Chicago Sun Times Business - 8/7/2008 - 10 hours 42 minutes ago - Comment on this Article
| ECB holds rates at 4.25 percent as expected
FRANKFURT (Reuters) - The European Central Bank kept interest rates on hold at 4.25 percent on Thursday as expected, after a troubling flood of weak euro zone economic data and a fresh record high in inflation.
  
Reuters Business - 8/7/2008 - 12 hours 1 minute ago - Comment on this Article
| ECB, BoE leave interest rates unchanged
The European Central Bank and the Bank of England both left their benchmark interest rates unchanged Thursday as they ponder how best to steer their economies between the shoals of mounting inflation and slowing growth.
The Washingtion Times Business - 8/7/2008 - 11 hours 59 minutes ago - Comment on this Article
| Sara Lee Swings to Loss on Charges
The company posted a loss of $695 million as it wrote down certain assets amid a softening economy and soaring wheat costs.
New York Times Business - 8/7/2008 - 11 hours 22 minutes ago - Comment on this Article
| Jobless claims jump to a six-year high
The number of newly laid off people signing up for jobless benefits last week climbed to its highest point in more than six years as companies cut back given the faltering economy.
NBC Business - 8/7/2008 - 11 hours 20 minutes ago - Comment on this Article
| Sara Lee swings to 4th-quarter loss
DOWNERS GROVE -- Sara Lee says it had a fiscal fourth-quarter loss as reduced the value of some assets on its books amid a softening economy and soaring wheat costs.
Chicago Sun Times Business - 8/7/2008 - 10 hours 42 minutes ago - Comment on this Article
| Stocks & Bonds: Further Slide in Oil Prices Eases Worries
A drop in oil prices and a better-than-expected profit report from the technology bellwether Cisco Systems helped ease worries about the financial sector.
New York Times Business - 8/7/2008 - Comment on this Article
| Japan's core machinery orders fall in June
A key barometer of corporate capital spending fell for the first time in three months in June, indicating Japanese businesses are feeling the pinch of a sputtering global economy.
The Washingtion Times Business - 8/7/2008 - 19 hours 19 minutes ago - Comment on this Article
| Asia Markets: Tokyo slides in wake of weaker economic outlook
HONG KONG (MarketWatch) -- Asian stocks traded on a mostly weaker note Thursday, with Japan's Nikkei 225 fronting declines on concerns about the economic outlook after the government downgraded its view on the economy.
   
MarketWatch Top Stories - 8/7/2008 - 22 hours 1 minute ago - Comment on this Article
| The Freddie Fallout
Given the deteriorating housing market, expect the mortgage giant to take additional steps to meet capital standards.
Forbes Headlines - 8/7/2008 - 20 hours 41 minutes ago - Comment on this Article
| Global Demand Boosts Gerdau
Brazilian steelmaker's sales surge, with U.S. operations' exports growing on weak dollar.
Forbes Market News - 8/7/2008 - 20 hours 41 minutes ago - Comment on this Article
| Conn. sues Countrywide over lending practices
Connecticut sued Countrywide Financial Corp. on Wednesday, becoming the latest state to take the mortgage lender to court over its lending practices.
The Washingtion Times Business - 8/7/2008 - 20 hours 40 minutes ago - Comment on this Article
| Lawmaker Explores Mortgage Giants' Falling Share Prices
Rep. Henry A. Waxman (D-Calif.), chairman of the House Oversight and Government Reform Committee, has asked the mortgage finance giants Fannie Mae and Freddie Mac whether they know of any White House involvement in the recent decline in their share prices.
 
Washington Post Business - 8/7/2008 - 20 hours 2 minutes ago - Comment on this Article
| AIG's huge 2Q loss shows credit market woes linger
American International Group Inc. posted its third straight quarterly loss, a rude awakening to investors hoping that troubles in the insurer's mortgage market investments were starting to level off.
The Washingtion Times Business - 8/7/2008 - 19 hours 59 minutes ago - Comment on this Article
| Freddie way off target for quarter
NEW YORK | Freddie Mac posted a second-quarter loss Wednesday that was more than three times larger than Wall Street expected as a huge number of borrowers with good credit fell behind on their risky mortgages.
The Washingtion Times Business - 8/7/2008 - 16 hours ago - Comment on this Article
| Sara Lee swings to 4th-quarter loss on charges
Sara Lee has swung to a fiscal fourth-quarter loss on charges to write down certain assets amid a softening economy and soaring wheat costs. Sara Lee posted a loss of $695 million, or a loss of 98 cents per share, compared with a profit of $117 million, or 16...
   
San Francisco Chronicle Business - 8/7/2008 - 12 hours 2 minutes ago - Comment on this Article
| Europe Markets: Oil majors, banks help Europe gain modestly after decisions
European shares edge higher on Thursday, boosted by gains from oil majors, a turnaround for British lender Barclays and sharp gains from French insurance giant Axa, as both main central banks kept interest rates on hold as expected.
   
MarketWatch Top Stories - 8/7/2008 - 12 hours 1 minute ago - Comment on this Article
| Lawmaker Explores Mortgage Giants' Falling Share Prices
Rep. Henry A. Waxman (D-Calif.), chairman of the House Oversight and Government Reform Committee, has asked the mortgage finance giants Fannie Mae and Freddie Mac whether they know of any White House involvement in the recent decline in their share prices.
 
Washington Post Business - 8/7/2008 - 10 hours 2 minutes ago - Comment on this Article
| Freddie Mac Reports More Losses From Bad Loans
Freddie Mac, a troubled giant of the mortgage market, yesterday reported that its losses from foreclosures and other failed home loans nearly doubled during the second quarter, and it predicted that home prices would fall more than it previously projected, compounding its woes.
 
Washington Post Business - 8/7/2008 - 10 hours 2 minutes ago - Comment on this Article
| Final Glance: Homebuilders companies
NEW YORK (AP) - Shares of some top homebuilders companies were up at the close of trading:
MSN Money Central - 8/7/2008 - 10 hours 2 minutes ago - Comment on this Article
| Pending home sales unexpectedly rise
A measurement of pending home sales rose in June in a rare piece of positive news for the beleaguered market.
NBC Business - 8/7/2008 - 9 hours 22 minutes ago - Comment on this Article
| Freddie sees 4th quarterly loss, reduces dividend 80%
In yet another sign that the U.S. housing market continues to slump, Freddie Mac posted a loss of $821 million for the second ...
 
USA Today Money - 8/7/2008 - 9 hours 19 minutes ago - Comment on this Article
| Kurdish rebels say they sabotaged Turkey pipeline
ISTANBUL, Turkey (AP) -- Kurdish separatist rebels claimed responsibility Thursday for sabotaging a critical Turkish pipeline, helping push global oil prices back above $120 per barrel....
Associated Press Business - 8/7/2008 - 8 hours 42 minutes ago - Comment on this Article
| Sector Wrap: Analyzing the housing market
BALTIMORE (AP) - Existing home sales are expected to begin stabilizing late this year, but the housing market is still years away from recovering, analysts said Monday.
MSN Money Central - 8/7/2008 - 8 hours 42 minutes ago - Comment on this Article
| Retail Data, Earnings Weigh On Wall Street
Depressed retailers, mortgage-pummeled AIG, and repentant Citi keep a lid on stocks.
Forbes Headlines - 8/7/2008 - 5 hours 22 minutes ago - Comment on this Article
| Time Warner Cable's Winning on a Triple Play
Despite a weakened economy, Time Warner Cable pushes its numbers higher.
Motley Fool - 8/7/2008 - 4 hours 42 minutes ago - Comment on this Article
| A messy market calls for discipline
Volatile oil prices, a credit crisis and numerous other woes will test the rigors and strategies of even the savviest investors in the coming months.
CNBC Money Central Latest - 8/7/2008 - 4 hours 2 minutes ago - Comment on this Article
| Sector Snap: Discounters mixed on sales
NEW YORK (AP) - Shares of big-format discount retailers were mixed on Thursday, with some companies benefiting from strong gasoline sales even as consumers scaled back in a softening U.S. economy.
MSN Money Central - 8/7/2008 - 4 hours 42 minutes ago - Comment on this Article
| Early Glance: Homebuilders companies
NEW YORK (AP) - Shares of some top homebuilders companies are mixed at 10 a.m.:
MSN Money Central - 8/7/2008 - 6 hours 42 minutes ago - Comment on this Article
| Wall Street Consumed With Economic Worry
Depressed retailers, mortgage-pummeled AIG, and repentant Citi keep a lid on stocks.
MSN Money Central - 8/7/2008 - 6 hours 42 minutes ago - Comment on this Article
| Wal-Mart: Sales growth to slow
The retail giant misses Wall Street's sales forecast and says growth will weaken in August. Jobless claims hit their worst level in 6 years, but pending home sales unexpectedly rise. AIG reports a $5.36 billion loss and misses analysts' estimate.
CNBC Money Central Latest - 8/7/2008 - 6 hours 2 minutes ago - Comment on this Article
| Oil up after Kurdish rebels claim pipeline fire
Global oil prices are bouncing back above $120 per barrel after a pro-Kurdish news agency said Kurdish rebels claimed responsibility for a fire at a critical Turkish pipeline.
Boston Globe - 8/7/2008 - 8 hours 42 minutes ago - Comment on this Article
| Surprise Housing News: Sales Up
Pending home sales rise an unexpected 5.3 percent.
ABC News Top Stories - 8/7/2008 - 2 hours 41 minutes ago - Comment on this Article
| New Dogs For The Junk Yard
A Moody's report said corporate default rates surged in July and could go higher unless the economy improves.
Forbes Market News - 8/7/2008 - 3 hours 21 minutes ago - Comment on this Article
| Calif. groups seek moratorium on Countrywide foreclosures
Two California community groups are urging the state's attorney general to place a moratorium on mortgage foreclosures by Countrywide Financial Corp. (BAC)
   
Bizjournals Banking - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| European banks leave interest rates unchanged
The European Central Bank and the Bank of England both left their benchmark interest rates unchanged Thursday under conflicting ...
 
USA Today Money - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| Stock fall on worries about financial sector
Wall Street tumbled Thursday as further troubles in the financial sector, higher unemployment and lackluster retail sales touched off fresh concerns about the economy. The Dow Jones industrials skidded nearly 225 points, while bond prices shot higher as investors once again sought the safety of government debt.
The Washingtion Times Business - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| June pending home sales up unexpectedly
WASHINGTON (Reuters) - Home sales contracts signed in June unexpectedly rose, boosting an index of pending sales to the highest level since October, though it was well below the year-ago level, a real estate trade group said on Thursday.
  
Reuters National - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| Surprise: June pending home sales rise
Home sales contracts signed in June unexpectedly rose across the country, but still were well below year-earlier levels, a real ...
 
USA Today Money - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| Mortgage rates little changed; 30-year steady at 6.52%
Rates on 30-year mortgages didn't budge this week, while rates on other home loans were a mixed bag.
 
USA Today Money - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| Stock falls on weak jobs report, Wal-Mart sales
Wall Street tumbled Thursday after weekly unemployment claims jumped to a six-year high and Wal-Mart Stores Inc. and other retailers reported disappointing sales, touching off renewed fears that a pullback in consumer spending will damage the economy. The Dow Jones industrials fell 200 points.
The Washingtion Times Business - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| Dollar rises as central banks keep rates steady
The dollar was higher against most major currencies Thursday after the Bank of England and the European Central Bank decided to leave key interest rates unchanged.
The Washingtion Times Business - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| Midday Glance: Homebuilders companies
NEW YORK (AP) - Shares of some top homebuilders companies are mixed at noon:
MSN Money Central - 8/7/2008 - 2 hours 2 minutes ago - Comment on this Article
| Home Depot 2Q lobbying reaches $218,000
(AP) - _ The Home Depot Inc. spent $218,000 in the second quarter to lobby on legislation aimed at stabilizing the faltering housing industry and other issues, according to a recent disclosure report.
MSN Money Central - 8/7/2008 - 2 hours 2 minutes ago - Comment on this Article
| Msnbc.com offering rates fresh daily
 Msnbc.com readers now have access to the latest interest rates on mortgages, home equity lines, car loans and more through a new partnership with Bankrate.com.
NBC Business - 8/7/2008 - 41 minutes ago - Comment on this Article
| Former mortgage broker Groves to be sentenced for fraud
Toby Groves, the owner of one-time successful mortgage brokerage Groves Funding Corp., pleaded guilty in U.S. District Court June 9 to charges that he plotted against and defrauded several financial institutions and falsified his pay on income tax filings.
   
Bizjournals Bankruptcies - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| Lender bids $17.9M, wins auction for The Park
The lender that filed for foreclosure on The Park condo project in uptown Charlotte was the sole and winning bidder for the building in an auction Thursday, offering $17.9 million.
   
Bizjournals Bankruptcies - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| O'Charley's reports $7.8M Q2 loss
O'Charley's Inc. reported Thursday a $7.8 million second quarter loss, attributing the disappointing numbers to a down economy and the rising cost of living.
   
Bizjournals Economic Snapshot - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| O'Charley's reports $7.8M Q2 loss
Nashville-based O'Charley's Inc. reported Thursday a $7.8 million second quarter loss, attributing the disappointing numbers to a down economy and the rising cost of living.
   
Bizjournals Economic Snapshot - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| AIG sees up to $8.5 billion in cash losses from CDS
NEW YORK (Reuters) - American International Group Inc said on Thursday potential cash losses on its portfolio of credit default swaps tied to risky mortgage debt could be as high as $8.5 billion, much more than previously disclosed.
  
Reuters Business - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| Britain Comes to Grips With a Slowdown
Britons have come to the realization that after 17 years of uninterrupted growth, the country’s economy is moving closer to recession, and may already be in one.
New York Times Business - 8/7/2008 - 2 hours 42 minutes ago - Comment on this Article
| Stocks fall on worries about financial sector
Wall Street tumbled Thursday as further troubles in the financial sector, higher unemployment and lackluster retail sales touched off fresh concerns about the economy. The Dow Jones industrials skidded nearly 225 points, while bond prices shot higher as...
   
San Francisco Chronicle Business - 8/7/2008 - 2 hours 41 minutes ago - Comment on this Article
| Jobless claims hit highest point since March 2002
The nation's jobs market sent a fresh cry of distress as the number of newly laid off people unexpectedly hit the highest level in more than six years, a Labor Department report showed Thursday. The faltering economy and tight credit have forced companies to...
   
San Francisco Chronicle Business - 8/7/2008 - 2 hours 41 minutes ago - Comment on this Article
| Key Jobless Figure Hits 6-Year High
The number of newly laid off people signing up for jobless benefits climbed to its highest point in more than six years as companies cut back given the faltering economy.
     
CBS National - 8/7/2008 - 2 hours 41 minutes ago - Comment on this Article
| As Beijing counts down, Tokyo gears up for Olmypics bid
In contrast to the near-unanimous national enthusiasm for the 1964 Olympics in Japan, the country's latest bid to host the games has brought forth critics who say Japan could put its tax money to better use as its economy once again shows signs of a downturn.
   
MarketWatch Top Stories - 8/7/2008 - 2 hours 41 minutes ago - Comment on this Article
| Economic Report: CORRECT: Pending home sales index rises 5.3% in June: NAR
In a sign that the U.S. housing market may strengthen in coming months, an index of sales contracts on previously owned U.S. homes rises 5.3% in June from the prior month, the National Association of Realtors reports.
   
MarketWatch Personal Stories - 8/7/2008 - 2 hours 41 minutes ago - Comment on this Article
| Pending home sales index rises 5.3% in June
WASHINGTON (MarketWatch) -- In a sign that the U.S. housing market may strengthen in coming months, an index of sales contracts on previously owned U.S. homes rose 5.3% in June from the prior month, the National Association of Realtors reported Thursday. The index, which is considered a leading indicator of existing home sales, was down 12.3% from the June 2007 level. Pending home sales in June rose in all regions, with a gain of 9.3% in the South, 4.6% in the West, 3.4% in the Northeast and 1.3% in the Midwest. The May pending home sales index was revised to a decline of 4.9% from the prior estimate of a 4.7% drop.
   
MarketWatch Personal Stories - 8/7/2008 - 2 hours 41 minutes ago - Comment on this Article
| Mortgages: New fees by Fannie Mae may drive mortgage rates higher
The average rate on the 30-year fixed mortgage remained flat this week, and other mortgage rates moved little, according to Freddie Mac’s weekly survey released on Thursday. But a new fee structure announced by Fannie Mae may push rates higher in the weeks ahead.
   
MarketWatch Personal Stories - 8/7/2008 - 2 hours 41 minutes ago - Comment on this Article
| MarketWatch First Take: Rise in pending-home-sales index doesn't signal the end
Signed sales contracts on previously owned homes rose in June for the second time in three months, a tentative sign that some parts of the housing market may be bottoming.
   
MarketWatch Commentary - 8/7/2008 - 2 hours 41 minutes ago - Comment on this Article
| MarketWatch First Take: Unlike Greenspan, Trichet gets days, not years, to defend record
Former Federal Reserve Chairman Alan Greenspan feels the need to defend his record from a half-decade ago. European Central Bank President Jean-Claude Trichet has a shorter time frame in defending his legacy -- 30 days.
   
MarketWatch Commentary - 8/7/2008 - 2 hours 41 minutes ago - Comment on this Article
| Crocs profits plunge 95 percent in quarter
Crocs Inc.’s second-quarter earnings plummeted 95 percent amid a slow economy and lower-than-expected demand, the company said Thursday. (CROX)
   
Bizjournals Banking - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| Jobs, store sales soft but homes data brighter
New claims for U.S. jobless aid rose last week and big retailers had disappointing sales in July, reports showed on Thursday, but a gauge of future home sales rose in a hopeful sign for the battered housing sector.
MSN Money Central - 8/7/2008 - 3 hours 22 minutes ago - Comment on this Article
|
Freddie Mac's loss far above forecast
Mortgage financer lost $821 million in second quarter
Freddie Mac posted a second-quarter loss yesterday that was more than three times larger than Wall Street expected, as a huge number of borrowers with good credit fell behind on their exotic and risky mortgages.
 
Baltimore Sun Top Business - 8/7/2008 - 16 hours 40 minutes ago - Comment on this Article
| Stocks rise for second day on profit report, oil prices
Wall Street logged another winning day yesterday as a drop in oil prices and a better-than-expected profit report from technology bellwether Cisco Systems Inc. helped corral the market's worries about the financial sector.
 
Baltimore Sun Top Business - 8/7/2008 - 16 hours 40 minutes ago - Comment on this Article
| No rush to use dreaded 'R' word on economy
W ith thousands of jobs disappearing each month and consumer spending declining, everybody knows we're in a recession. Everybody, that is, but the people whose task it is to officially say so.
 
Baltimore Sun Top Business - 8/7/2008 - 11 hours 19 minutes ago - Comment on this Article
| The Downturn: Bidders from around the world crowd Yolo construction-equipment auction
The global economy rumbled through rural Yolo County on Wednesday as bidders from six continents snapped up California's dump trucks and front-loaders at the Ritchie Bros. auction house near Dunnigan.
Spencer Pellandini, 15, of Galt checks out a bulldozer Wednesday before construction equipment is auctioned at Ritchie Bros. in Dunnigan.
More than 900 items were displayed in the Yolo County auction house's lot, where potential buyers could rev engines and kick tires.
The crowd sits and waits Wednesday for heavy equipment to go on the auction block in Dunnigan. Winning bidders were scattered across 37 states and 25 foreign countries. By day's end, sales totaled more than $22 million.
The Sacramento Bee - 8/7/2008 - 10 hours 42 minutes ago - Comment on this Article
| Rep. Callahan says funds cut to punish her
BELLINGHAM - Rep. Jennifer M. Callahan, D-Sutton, yesterday opened fire on House Democratic leaders, claiming her district lost funding for a senior housing project after she publicly complained about being threatened in May with political retribution by a member of House Speaker Salvatore F. DiMasi's leadership team.
Worcester Telegram - 8/7/2008 - 16 hours 2 minutes ago - Comment on this Article
| Study shows Iraq has surplus billions in the bank
Soaring oil prices will leave the Iraqi government with a cumulative budget surplus of as much as $79 billion by year's end, according to an American federal oversight agency report. But Iraq has spent only a minute fraction of that on reconstruction costs that are now largely borne by the United States.
Worcester Telegram - 8/7/2008 - 20 hours 42 minutes ago - Comment on this Article
| Sheds to be taxed for first time
In what appears to be an unprecedented move, the Middleborough assessors' office this fall will tax sheds in the town's three mobile home parks. Because they arrive on wheels, mobile homes are classified as vehicles and are exempt from real estate taxes. Owners instead pay excise tax, which totals a mere $144 per year. Assessor Barbara Erickson said her board ...
Boston Globe Massachusetts - 8/7/2008 - 20 hours 2 minutes ago - Comment on this Article
| Closer to port
The cost of boating in a slumping economy has kept many boaters off the water, or changed the way they use their crafts, as they adjust to a reality that can mean spending $1,000 to fill the tank.
Boston Globe Massachusetts - 8/7/2008 - 20 hours 2 minutes ago - Comment on this Article
| Rockefeller not recalled fondly by some in NH
CORNISH - Cruising down a country road on a Segway, wearing a bow tie, loafers, Chinos and a Yale hat, the man known as Clark Rockefeller was an odd sight, even in Cornish, State Sen. Peter Burling, D-Cornish, said yesterday. Burling said Rockefeller came to Cornish several years ago with "great fanfare," flashing money around, buying real estate and making waves among neighbors and town officials.
The Union Leader - 8/7/2008 - 19 hours 59 minutes ago - Comment on this Article
| Survey: Homeowners in denial about falling values
Zillow.com said Wednesday that a majority of homeowners believe their house is insulated from the housing crisis, which has seen 77 percent of the nation's homes fall in value during the second quarter.
   
Boston Business Journal - 8/7/2008 - 2 hours 42 minutes ago - Comment on this Article
| Hard times help sales at Ross Stores
As shoppers with less money in their wallets sought cheap clothes, Ross Stores Inc. saw its same store sales jump 4 percent in July, the high end of its expectations for the month. (ROST)
   
Bizjournals San Francisco - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| O'Charley's reports $7.8M Q2 loss
O'Charley's Inc. reported Thursday a $7.8 million second quarter loss, attributing the disappointing numbers to a down economy and the rising cost of living.
     
Bizjournals Atlanta - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| Study: N.C. has lowest closing costs on mortgages
North Carolina has the lowest mortgage closing costs in the country, according to a study by Bankrate Inc. (RATE)
   
Boston Business Journal - 8/7/2008 - 2 hours 42 minutes ago - Comment on this Article
| S.F.'s long-awaited 4-neighborhood plan on tap
Thousands of new homes could be built in four neighborhoods on San Francisco's east side if the city's Planning Commission approves a plan today that tries to encourage development while preserving affordable housing and working-class industries. Together the...
   
San Francisco Chronicle Bay Area - 8/7/2008 - 2 hours 41 minutes ago - Comment on this Article
| PMI Group swings to $246M Q2 loss; shares fall
Shares of PMI Group Inc. tumbled Thursday after the big mortgage insurer swung to a quarterly loss on continued woes in its U.S. mortgage insurance business. (PMI)
   
Bizjournals San Francisco - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
| More data points to slow Wichita housing market
Building permits through May were down 23 percent in Wichita compared to last year -- another sign of the soft local housing market.
   
Boston Business Journal - 8/7/2008 - 2 hours 42 minutes ago - Comment on this Article
| Investors Title swings to second quarter loss
The sluggish real estate and investment markets combined to send Investors Title Co. to a loss in the second quarter, the Chapel Hill title insurance company revealed Thursday.
   
Boston Business Journal - 8/7/2008 - 2 hours 42 minutes ago - Comment on this Article
| National index of pending home sales rose in June
An index that measures pending home sales nationally rose 5.3 percent from May to June, a sign that the housing market could improve at the end of the year, according to the National Association of Realtors.
   
Boston Business Journal - 8/7/2008 - 2 hours 42 minutes ago - Comment on this Article
| Housing inventory, prices up in NM
Trends in New Mexico home sales remained about the same from the first through the second quarter of 2008, according to the Realtors Association of New Mexico's latest quarterly report.
   
Boston Business Journal - 8/7/2008 - 2 hours 42 minutes ago - Comment on this Article
| LIUNA labor union zeroes in on Buckeye subdivision in warning of ARM mortgage resets
The Laborers' International Union of North America warns that trouble is ahead for many more homeowners as five-year adjustable rate mortgages originated during the housing boom reset in 2010 and 2011.
   
Boston Business Journal - 8/7/2008 - 2 hours 42 minutes ago - Comment on this Article
|
Halifax piles more misery on housing market
House prices fell 1.7 per cent in July according to HBOS, Britain's biggest
mortgage lender.
Times of London Business - 8/7/2008 - 16 hours 2 minutes ago - Comment on this Article
| South Korea surprised by interest rate rise to 5.25%
The Bank of Korea surprised markets on Thursday with a controversial decision
to raise interest rates to a seven-and-a-half year high as it was squeezed
unhappily between surging inflation and a weakening economy.
Times of London Business - 8/7/2008 - 16 hours 2 minutes ago - Comment on this Article
| Barclays profits plunge on huge credit-related losses
LONDON (AFP) - British bank Barclays said on Thursday that net profit slumped 35 percent in the first half, hit by write-downs of 2.1 billion dollars (1.4 billion euros) for the US subprime housing and credit crises.
AFP Wire Service - 8/7/2008 - 15 hours 20 minutes ago - Comment on this Article
| European economy shows more signs of growing weaker
France ran a record trade deficit in June, while Italian industry output barely grew, and a surge in German exports failed to allay concerns that Europe's largest economy is in for a protracted slowdown.
International Herald Tribune - 8/7/2008 - 14 hours 2 minutes ago - Comment on this Article
| Interest rates held at 5pc by Bank of England
The MPC opted to leave rates unchanged after weighing up the twin threat of rising inflation and the sharp slowdown in the British economy, which is increasingly at risk of sliding into recession.
The Telegraph Business - 8/7/2008 - 13 hours 19 minutes ago - Comment on this Article
| Eurozone rates pause after ECB's July increase
FRANKFURT (AFP) - Europe's main interest rates remained on hold on Thursday when ECB and Bank of England governors balanced their fight against rising inflation with the possibility of a continental recession.
AFP Wire Service - 8/7/2008 - 11 hours 59 minutes ago - Comment on this Article
| Bank of England holds interest rate at 5%
The Bank of England rebuffed mounting concerns over the rapidly weakening
economy today and held interest rates at 5 per cent as it pursued its drive
to quell soaring inflation.
Times of London Business - 8/7/2008 - 13 hours 22 minutes ago - Comment on this Article
| Bank executives' report tries to dissect financial meltdown
Wall Street failed to anticipate how wide-reaching problems with mortgage bonds would spread into seemingly distant corners of the financial markets, the report said.
International Herald Tribune - 8/7/2008 - Comment on this Article
| Stocks in Asia drop as pessimism deepens
Lower oil prices couldn't shake the perception that inflation was still a global threat, bad loans continued to dog banks and the Group of 7 rich nations could fall into a recession.
International Herald Tribune Business - 8/7/2008 - 20 hours 42 minutes ago - Comment on this Article
| IMF warns that UK is on the brink of recession
The International Monetary Fund heaped more misery on the Chancellor Alistair Darling by slashing its growth forecasts for the UK economy and warning a recession was not out of the question.
The Telegraph Business - 8/7/2008 - Comment on this Article
| ECB rates unchanged but bank concedes economy is weakening
FRANKFURT (AFP) - The ECB recognised on Thursday that eurozone economic activity was weakening, but stayed focused on inflation as president Jean-Claude Trichet signalled its main lending rate would stay at 4.25 percent for some time.
AFP Wire Service - 8/7/2008 - 9 hours 19 minutes ago - Comment on this Article
| Investors round on Government over Rock shares
The Government was last night accused of riding roughshod over Northern Rock
investors after it appeared to wipe out the repayment rights of £400 million
of preference shareholders in the stricken mortgage bank.
Times of London Business - 8/7/2008 - 8 hours 42 minutes ago - Comment on this Article
| SRM slates Darling's £3bn Rock loan
The largest former shareholder in Northern Rock, SRM Global, has lambasted the
Government for injecting an additional £3 billion loan into the stricken
mortgage lender, describing the move as "headline-grabbing nonsense".
Times of London Business - 8/7/2008 - 6 hours 42 minutes ago - Comment on this Article
| Britain's housing bust is bringing down the economy, too
Down the road from the train station here is a gaping hole. At the height of the property boom, a developer started to build what was to become one of the tallest and most stylish apartment blocks, designed by Philippe Starck.
International Herald Tribune - 8/7/2008 - 5 hours 22 minutes ago - Comment on this Article
| Government's hesitation on stamp duty is damaging housing market, says MP
The housing market is being damaged by the Government's failure to make clear whether a stamp duty holiday is about to be introduced, according to a senior MP.
The Telegraph Business - 8/7/2008 - 4 hours 36 minutes ago - Comment on this Article
| ECB leaves rates unchanged amid signs of economic slump
The European Central Bank on Thursday left its benchmark interest rate unchanged amid mounting evidence that the economy of the 15-nation euro area is slowing sharply.
International Herald Tribune - 8/7/2008 - 6 hours 2 minutes ago - Comment on this Article
| German funds top foreign buyers
GERMAN investment funds are expected to be one of the biggest buyers in Australia's faltering property market this year, with the capacity to purchase around $1 billion of assets, according to real estate agent CB Richard Ellis.
The Australian Property - 8/7/2008 - 8 hours 42 minutes ago - Comment on this Article
| SPORTS-CUBA: Going for Gold - Once Again
HAVANA, Aug 7 (IPS) - Cuba’s prestige among the global sports élite for
the past three decades testifies to the effectiveness of a mass,
free physical education system which the government has supported
through the ups and downs of the national economy.
IPS Top Stories - 8/7/2008 - 7 hours 21 minutes ago - Comment on this Article
| Israel to build new homes on occupied land
JERUSALEM (Reuters) - Israel issued on Thursday a tender for the construction of 447 housing units in settlements in the Jerusalem area, drawing fire from Palestinians who accused the Jewish state of sabotaging chances of peace.
  
Reuters International - 8/7/2008 - 2 hours 40 minutes ago - Comment on this Article
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HousingPANIC Stupid Question of the Day
Now that housing and stock panic is everywhere, doesn't it feel like we should be getting contrarian, and start heading the other way?
The sheep have come our way. We don't like the sheep.
Baaaaaaaa
Housing Panic - 8/7/2008 - 17 hours 59 minutes ago - Comment on this Article
| Want to know why home prices are gonna keep falling... and falling... and falling... and falling?
Here's why:
Can't get the money, can't buy the house.
Can't put down 20%, can't buy the house.
Can't lie about your job (anymore), can't lie about your income (anymore), can't buy the house.
Can't find a buyer because the buyer can't find the money, prices come down.
Mortgage rules changes skewer some sales
Drake Paul, a pediatrician, entered into a contract at the end of May to sell his two-bedroom, one-bath newly renovated house in Sparks, Nev., for $170,000. The buyer had lender approval, the appraisal was done, and the inspection checked out. Then the lender called: Mortgage requirements had tightened, and the buyer no longer qualified for the 5% down payment for which he was approved. Only 48 hours before he was to sign the papers and get the keys, the buyer learned he would need to put down 20%, jacking up the initial payment from $8,500 to $34,000. "Who can afford that?" asks Paul, 37, whose property is now back on the market after the deal collapsed. "A person that can afford a $170,000 house does not have $34,000 in cash. It just doesn't work that way."
Housing Panic - 8/7/2008 - 14 hours 38 minutes ago - Comment on this Article
| BUBBLETALK - New thread to talk about the mortgage meltdown and housing collapse
Keep it clean, don't post full articles, use tinyurl.com for long links, let me know what I missed, talk about general stuff here, and have a good chat
Housing Panic - 8/7/2008 - Comment on this Article
| Own-It... then Squat-It
OwnIt Mortgage was one of the first few lenders to Implode back in Winter of '06. Let's check out what has been going on with one of OwnIt's prior customers.
BMIT first featured this home in 4Closure Ranch in April of 2007. At the time, the home was facing a foreclosure auction after receiving an NOD just before OwnIt imploded away.
10274 Prairie Springs Rd, San Diego, CA 92127 (2,166 sqft)
--05/2001: owner #1 purchased for $409,000 from builder.
--11/2004: sold to owner #2 for $665,000, gain of $230,000 for owner #1.
--06/2006: owner #2 to current owners for $760,000. Financing was at zero down, 80/20 with OwnIt Mortgage.
--12/2006: NOD filed. 1st payment mortgage default.
--04/2007: auction POSTPONED...
--07/28/2008: notice of trustee's sale finally issued after countless postponements
--08/07/2008: auction scheduled at 220 W BROADWAY SAN DIEGO, opening bid $636,262.00
That's right, boys and girls. These folks not only pulled a 1st payment default on OwnIt, but probably because of OwnIt's collapse as well as other possible trickeries, these guys have been able to squat away for over the last two years.
That's also two years of delinquent property taxes totalling up to $26,051. I suppose this is the type of "foreclosure sanctuary" Mighty Mike is aspiring the whole of San Diego to become.
The home is currently listed for sale at $565,000 since April of this year. Think these guys might finally get the boot after tomorrow? Or are they going to squat a bit more until they can get their "cash for keys?"
BubbleTracking - 8/7/2008 - 17 hours 58 minutes ago - Comment on this Article
| Ron Paul takes on the #1 issue facing America
Housing Panic - 8/7/2008 - 14 hours ago - Comment on this Article
| Freddie Mac CEO: "The housing market is far from stabilizing"
Freddie Mac's CEO predicts an 18-20% housing decline, peak to trough. From CNBC:
U.S. house prices will fall by as much as 20 percent nationally and the current mortgage finance crisis is about half-way through, the chief of major mortgage financier Freddie Mac said Wednesday.
"Previously, we said house prices would fall at least 15 percent nationally, peak to trough. Today's challenging economic environment suggests that the housing market is far from stabilizing," Richard Syron, the chairman and CEO of Freddie Mac, told investors in a conference call held to discuss the company's earnings.
"As a result, we now believe that national home prices will fall 18 to 20 percent peak to trough. ... The long and short of it is that we now think that we are half-way through the overall peak-to-trough decline."
Bubble Meter - 8/7/2008 - 12 hours 39 minutes ago - Comment on this Article
| HousingPANIC Smoking Gun of the Day - Richard Syron at Freddie Mac gets exposed
Freddie Mac boss had been warned four years ago
Freddie's former chief risk officer, David Andrukonis, told the New York Times that he sent chief executive Richard Syron a memo in mid-2004 showing Freddie's underwriting standards were slipping and potential liabilities were widening.
He says he warned Syron at a meeting that the number of bad loans "would likely pose an enormous financial and reputational risk to the company and the country".
And, in case you were wondering, here's Richard Syron's compensation the past couple of years.. and meanwhile, because of Syron's greedy pursuit of personal riches, the US taxpayer is about to be on the hook for billions. Hundreds and hundreds of billions.
2007: $18.3 million
2006: $14.7 million
Housing Panic - 8/7/2008 - 11 hours 59 minutes ago - Comment on this Article
| Chronicle Chart
The SF Chronicle's chart of our "immune" housing market:
The important columns to look at are the percent change in sales and price/ft^2.
This is just a "flesh wound" from the subprime bullet (that wasn't even aimed at us) and the resultant disintegration in the financial markets. What will this chart look like when the real problem, Alt-A loans, etc., soon begins to blow up I wonder?
Marin Real Estate Bubble - 8/7/2008 - 19 hours 59 minutes ago - Comment on this Article
| What the government won't tell you can hurt you
Housing Panic - 8/7/2008 - 17 hours 59 minutes ago - Comment on this Article
| HousingPANIC Classic Quote of the Day
"As long as the music is playing, you've got to get up and dance. We're still dancing"
- Former Citigroup CEO Chuck Prince, drunk on his housing bubble bonuses and before he lost his job and his company's stock collapsed, July 2007
Housing Panic - 8/7/2008 - 17 hours 19 minutes ago - Comment on this Article
| REO and NOTS Lists
The category in the right-hand column "San Diego County REOs" has been updated.
For those of you looking to buy, the REOs will give you a preview of properties that should be coming to market shortly.
The 'sales price' is usually the opening bid, and if there were no bidders, the bank's name will be lis |
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