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Real Estate News - November 2007

The following news stories are those which are most important for understanding the house price crash and the impact on house prices going forward...

November 30

More Americans Losing Their Homes; US Foreclosure Filings Nearly Double From a Year Ago

Bloomberg: Europe's Inflation Rate Soars, Putting ECB in a Bind

The residential mortgage backed securities (RMBS) market remains closed

Telegraph: ECB rate cut pleas grow as Euribor goes mad

House prices suffer sharpest fall since 1995

November 29

Home prices falling at record pace in third quarter

Builders slash prices to boost October sales. September's new-home sales revised from small gain to an 11-year low

U.K. lenders rally after reassuring over funding. Alliance & Leicester, Bradford & Bingley continue to raise financing

Florida freezes $15 billion fund as subprime crisis hits. $10 billion pulled from state's local-government fund in recent weeks

Mervyn King in stark housing warning as prices slide. As Nationwide records the largest monthly price fall in 12 years, the Bank Governor says first signs of credit crunch contagion will be in property

New fears for UK housing in credit collapse

November 28

Bloomberg: S&P May Cut Six CDO Credit Ratings in Europe on Subprime Losses

Citigroup’s Abu Dhabi deal is 'desperate'

Land Registry data for October are out: "London experienced the largest negative price movement this month with a change of -0.6 per cent"

ECB to pump €30bn into money markets

Trouble looms for a third of mortgages

Bloomberg: European Money-Supply Growth Accelerated in October

Freddie Mac in $6bn share issue

November 27

Home Prices in U.S. Fell Record 4.5% in Third Quarter

November 26

Bank of England warns credit crisis to worsen

Hedge fund’s 1000% subprime return

City bets on 7% fall in house prices

Virgin Group named preferred Northern Rock bidder

How NovaStar held clues to mortgage mess. Insurer PMI was claiming mortgage fraud years ago

E-Trade's sale may hint on mortgage portfolio, report says

HSBC to provide $35 billion in funding to SIVs. Citigroup reportedly under pressure to move securities onto its balance sheet

November 23

UK lenders retighten rules for new flats


Financial News: M&G imposes three-month wait on redemptions

Firstrung: Mortgage approvals crash by 40% year on year

Fed, Economists Have Trouble Spotting When Recessions Start

November 22

Kensington Mortgages is pulling out of the sub-prime mortgage market because of current market conditions!

Beleaguered Northern Rock is facing the humiliating prospect of being relegated from the FTSE 100 straight to the Smallcap index. Such a dramatic decline has not been seen since the dotcom bust. Sub-prime worries affected other lenders and homebuilders, and derivatives are now pricing in a 7% fall in house prices next year.

November 21

Bloomberg: Europe Suspends Mortgage Bond Trading Between Banks

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The Wall Street Journal: Mortgage Giant Fuels Worries With Steep Loss

November 20

Home Construction Climbs, But Building Permits Decline

Freddie Mac's Woes Come As Dems Try To Expand Lender

Bloomberg: Bradford & Bingley Sells $8.7 Billion Loan Portfolios

Times: Paragons future in doubt

November 19

Times: Barratt sees sharp fall in sales of private homes

Britain’s biggest chain of estate agents, Countrywide, is to close down branches after being hit by a spate of cancelled sales amid the gloomiest outlook for the housing market since the early 1990s

Bloomberg: Goldman Sees Subprime Cutting $2 Trillion in Lending

Firstrung: Lenders mortgage rates not influenced by MPC rates anymore

November 16

Bloomberg: MBIA, Ambac Downgrades May Cost Market $200 Billion

November 15

'Prime' borrowers hit by Standard Life rate rise

Weak data, BoE send pound to 4-1/2 yr low vs euro

Times Online: Barclays discloses £1.3bn credit crunch hit

MoneyWeek: Why cutting interest rates won't save the housing market

November 14

Bloomberg: Bear Stearns Cuts Subprime Assets, Limits Writedown

Bloomberg: Bank of England Signals Need for Rate Cut in 2008

HSBC, Europe's biggest bank revealed this morning that it had suffered $3.4 billion (£1.6 billion) in bad debts linked to the sub-prime lending crisis in the third quarter

November 13

Reuters: Bank of America sees $3 billion debt write-down

Bovis Homes: Own 100% of your property for just 75% of the price upfront

Deutsche Bank Foreclosures Tossed Out of Ohio Federal Court - “They Own Nothing!”

Firstrung: Mortgage lending for house purchase falls over 20% in a month - CML

ONS: Petrol drives up inflation

November 12

BBC: Jump in UK factory gate inflation

The Daily Telegraph: Rule change sounds alarm on Wall Street

November 9

Herald: Credit crunch begins to hit home as rising numbers turned down for cards and mortgages

November 8

BBC News: Morgan Stanley takes $3.7bn hit

BBC: UK rates stay unchanged at 5.75%

The average UK price of unleaded petrol has passed £1 per litre for the first time Dollar Sinks to new lows

November 6

Times: George Soros warns of 'serious' US correction

Property Week: "values have fallen 10% since July" The Catastrophist View

Times: Bovis forecasts fall in house prices

November 5

BBC News: Supermodel 'rejects dollar pay'

Firstrung: Computer says no to over 3 million credit card applications

Telegraph - Front Page: Citigroup boss quits as sub-prime crisis grows

The Market Oracle: Buy Or Rent A House in the UK - Five Scenarios of Gains or Losses's over the Next Five Years Some BOJ Members Said Subprime Crisis Was Caused by Low Rates

November 1

Bloomberg: U.S. Home Foreclosures Doubled in the Third Quarter

BBC: Bank 'loans Northern Rock £23bn'




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