Mortgage Crisis in US Will Total 945 Billion in Losses
Submitted by Naomi M on Thu, 05/01/2008 - 18:55.Earlier this month the International Monetary Fund said the worldwide losses resulting from the US subprime mortgage crisis could hit 945 billion dollars as the fallout spreads throughout the global economy.
The IMF report said that falling US housing prices and rising defaults of residential mortgages could lead to losses of 565 billion dollars.
The IMF report said that falling US housing prices and rising defaults of residential mortgages could lead to losses of 565 billion dollars.
Housing Slump Continues as New Starts Drop 25 Percent
Submitted by Naomi M on Thu, 01/17/2008 - 15:25.Housing starts for 2007 were down 25 percent, the biggest drop since 1980, to 1.354 million according to a Commerce Department report released today.
Building permits declined by the most in 12 years, indicating the housing slump will deepen as it enters a third year. Rising foreclosures will throw even more houses onto the market, hurting property values and threatening to push the economy into recession, economists said.
Building permits declined by the most in 12 years, indicating the housing slump will deepen as it enters a third year. Rising foreclosures will throw even more houses onto the market, hurting property values and threatening to push the economy into recession, economists said.
More Bad News for Housing Market as Supply of Homes Hits Highest Level in 22 Years
Submitted by Naomi M on Thu, 11/29/2007 - 22:23.The supply of homes for sale is up to the highest level in 22 years. The National Association of Realtors reported Wednesday sales of existing homes fell for an eighth straight month in October while more properties came on the U.S. housing market.
Sales are down 20.7% in the past year and are down 31% from the peak of 7.21 million two years ago. The inventory of unsold homes rose by 1.9% to 4.45 million, representing a 10.8-month supply, the highest in at least eight years.
Sales are down 20.7% in the past year and are down 31% from the peak of 7.21 million two years ago. The inventory of unsold homes rose by 1.9% to 4.45 million, representing a 10.8-month supply, the highest in at least eight years.
Housing Slump Adversely Affecting Sales of Big-Ticket Items
Submitted by Naomi M on Thu, 11/15/2007 - 15:23.A weak housing market and a slowing economy continue to reduce demand on big-ticket items like furniture products.
La-Z-Boy posted a loss of $9.9 million, or ($0.19) per share, compared with a profit of $2 million, or $0.04 per share, in the year ago period.
Consumers Have Empty Pockets
Consumers continue to shy away from purchasing big-ticket items like furniture amid weak housing conditions, higher gas prices, and mounting credit worries. As a result, the outlook for La-Z-Boy remains uncertain.
La-Z-Boy posted a loss of $9.9 million, or ($0.19) per share, compared with a profit of $2 million, or $0.04 per share, in the year ago period.
Consumers Have Empty Pockets
Consumers continue to shy away from purchasing big-ticket items like furniture amid weak housing conditions, higher gas prices, and mounting credit worries. As a result, the outlook for La-Z-Boy remains uncertain.
Subprime meltdown equals credit crunch equals huge losses for big companies
Submitted by Naomi M on Wed, 11/07/2007 - 15:44.Merrill Lynch could face as much as $10 billion in additional write-downs on collateralized debt obligations, subprime-mortgage bonds and the like, according to Deutsche Bank's Mike Mayo. That's on top of the $8.4 billion that helped trigger the ouster of former Chief Executive Stan O'Neal.
Housing builder, M.D.C. Holdings taking losses from housing slump
Submitted by Anonymous on Fri, 11/02/2007 - 06:27.Denver home builder M.D.C. Holdings Inc. battled a "turbulent" housing market in the third quarter of 2007.
The builder suffered a net loss for the period ended Sept. 30 of $155.4 million, or $3.40 per diluted share. For the third period of 2006, M.D.C. (NYSE: MDC) posted net income of $48.7 million, or $1.06 a diluted share.
M.D.C.'s third-quarter revenue decreased to $686.7 million this year, compared to $1.08 billion for the same period of '06.
The builder suffered a net loss for the period ended Sept. 30 of $155.4 million, or $3.40 per diluted share. For the third period of 2006, M.D.C. (NYSE: MDC) posted net income of $48.7 million, or $1.06 a diluted share.
M.D.C.'s third-quarter revenue decreased to $686.7 million this year, compared to $1.08 billion for the same period of '06.
Home sellers, builders and agents need to pull out the stops to sell homes
Submitted by Anonymous on Fri, 11/02/2007 - 03:57.Across the country, Bob Schultz, a Florida-based sales consultant, has been holding "Home Sales Boot Camps" for agents.
"Every builder and every real estate broker should be training their people how to deal with this kind of market," Schultz said. Agents who don't adapt won't be around much longer.
During a recent training session at Prudential's Brea office, about 50 agents heard tips on pricing, prepping and photographing homes to get them ready for market.
"Every builder and every real estate broker should be training their people how to deal with this kind of market," Schultz said. Agents who don't adapt won't be around much longer.
During a recent training session at Prudential's Brea office, about 50 agents heard tips on pricing, prepping and photographing homes to get them ready for market.
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