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Real Estate News - October 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...

October 30

US Federal Reserve cut interest rates for a second month in a row tonight as it moved to fend off the threat to America’s growth from a deepening housing market slump and record oil prices, which have soared above $94 a barrel

U.S. HOME PRICES FALL AGAIN - DOWN FOR THE EIGHTH CONSECUTIVE MONTH; INDEX OF 10 LARGE U.S. CITIES SHOWS A PRICE DROP OF 5% IN AUGUST, THE LARGEST SINCE 1991

October 29

USA Today: Oil sets record, surpasses $93 a barrel

Subprime-Mortgage Defaults Rose Last Month, ABX Data Suggests

October 26

UK house prices up 0.4% but volumes down 12%

October 25

There was a slump in fresh mortgage lending by some of the UK's biggest banks last month, down 27% on September last year

October 24

Merrill in ‘staggering’ $7.9bn writedown

Jim Rogers - the U.S. Dollar Is 'doomed'

Times Online: Merrill Lynch stuns with an $8bn subprime hit

October 23

Times: Investors take fright with Paragon linked to new Rock horror show

October 19

NUMBER OF MORTGAGE OFFERS SLUMPS 40% AS LENDERS PULL BACK ON RISK

October 18

CREDIT CRUNCH FEARS BACK ON HOUSING, FIN'L FIRMS' OUTLOOKS

October 17

US HOUSING MARKET PLUNGES TO 14-YEAR LOW

The Telegraph: Japan and China lead flight from the dollar

Lenders withdraw mortgage deals

Jones Lang LaSalle yesterday recorded its worst auction result for nine years

Desperate home owners using credit cards to fund mortgage payments

October 16

FT: Foreign investors flee US securities

Telegraph Online: Third of mortgage applications denied

October 15

738,000 mortgage applications rejected in the past 6 months

October 11

Bloomberg: Home Foreclosures Doubled in September on Loan Rates

Citywire: Mortgages: Here comes the Repo Man

MoneyWeek: How mortgage banks magically create money

October 10

Fears CGT changes could prompt buy-to-let sell off

October 8

The American offshoot of Foxtons, the upmarket estate agent, has filed for chapter 11 bankruptcy

Independent: Nervous banks turn down millions of loan requests

October 5

Merrill pegs write-down at $5.5 billion. Quarterly loss may hit 50 cents a share on 'much more severe' fallout

Daily Telegraph: HSBC warns of hot money exodus from Britain under 'siege'

Bloomberg: Homebuilders Liquidate Assets as Threat to Survival Spurs Sales

October 4

Bloomberg: US Subprime Delinquencies Accelerating, Moody's Says

BoE: Bank of England Maintains Bank Rate at 5.75%

October 3

Bear Stearns Cos. said on Wednesday that it's cutting 310 jobs as the investment bank scales back its residential mortgage lending business amid rising delinquencies and slumping volumes in the industry

The Telegraph Online: Dollar's double blow from Vietnam and Qatar

CREDIT CRUNCH CLAIMS SPANISH DEVELOPER

PENDING HOME SALES DIVE TO NEW LOW AS DEALS COLLAPSE AMID CREDIT CRUNCH

October 2

Pending home sales down 6.5% in August

TALK OF FIRE SALE PUSHES ROCK SHARES TO NEW LOW

October 1

CITIGROUP SAID TODAY THAT THIRD-QUARTER PROFITS ARE SET TO FALL BY 60%, HIT BY THE FALLOUT FROM THE GLOBAL FINANCIAL CRISIS

FT.com: UBS latest victim of credit turmoil

The Telegraph: Buy-to-let crisis as new flat prices fall 40%

FT.com: ING Direct steps in as US bank collapses

 

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