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2008 Real Estate News

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

December 31

FT: House prices in England and Wales fell further in November, with declines particularly acute in the relatively affluent south-east, sending average values to levels not seen since February 2006, official data show

FT: The average pension scheme of FTSE 100 companies saw the value of its assets crash by 17 per cent in 2008, wiping a total of £65bn from retirement funds, according to a study from Deloitte

FT: Eurozone lending stagnates as banks get tough

Wall Street Journal: The European Bank for Reconstruction and Development and the International Finance Corporation said Tuesday that they will lend $200 million to Georgia's biggest bank in an effort to help the country through the international financial crisis

December 30

FT: Lenders reel from a chaotic year

Marketwatch: US home prices off record 18% in past year, Case-Shiller says

FT: The pound plummeted to its weakest level yet against the euro on Monday, reaching a low of almost £0.98, as investors responded to signs of gloom in the UK economy

Property Week: Crunch forces more than 30,000 estate agents out of their jobs

December 27-28-29

FT: UK house prices fall 8.7% in 2008

Property Week: Britain's banks face up to £70bn of losses on commercial property loans, enough to force some of them into a further round of taxpayer bail-outs

Property Week: Adams, the children’s wear chain, plans to appoint PwC as administrator as soon as today after it became the latest retailer to fall victim to the consumer downturn

Property Week: Scottish retailer USC, which is backed by retail and property entrepreneur Sir Tom Hunter, goes into administration

December 26

December 25

December 24

Times: Collapse of Whittard and Officer’s Club threatens hundreds more jobs

Property Week: Zavvi goes into administration

FT: Sterling falls as UK economy contracts

Reuters: GMAC gets Fed's OK to become bank holding company

Reuters: Regulators near deal for IndyMac

FT: Japan PM announces record budget

December 23

FT: Falling UK commercial property prices

Marketwatch: U.S. Nov. existing-home sales fall 8.6% - Home prices decline at fastest annual pace on record

Marketwatch: New-home sales drop to 407,000 in November, off 2.9% - Total U.S. home sales fall to lowest level since 1991

Reuters: American Express to get $3.39 billion of TARP funds

FT: China cuts rates further to 5.31%

FT: China bails out Taiwan

Times: Whittard to become UK's latest retail casualty

FT: Bond and loan volumes slump

December 20-21-22

Property Week: Residential rents in prime central London fall 10% in three months

FT: UK house sales forecast to hit record low

Times: The credit crunch will ensure that China becomes the world’s largest economy within a decade

Telegraph: Accountancy firms are believed to have at least 15 large so-called pre-pack administrations lined up for January as the economy continues to falter

December 19

Times: Fears increase over the economy as borrowing reaches new high

FT: Sterling nears parity with euro

FT: Dollar in spotlight amid currency volatility

Times: 75,000 could lose their homes in 2009, says Council of Mortgage Lenders

Mortgage Strategy: Halifax and Nationwide steer clear of house price forecasts

December 18

FT: What is quantitative easing?

FT: Commercial property fears deepen

FT: Nationwide in 95% mortgage market

Wall Street Journal: China's House Prices Curb Growth

December 17

Reuters: Gold retains allure as cenbanks battle deflation

Reuters: OPEC oil ministers agreed their deepest output cut ever on Wednesday, cutting 2.2 million barrels per day from oil markets in a race to balance supply with rapidly crumbling demand for fuel

FT: Fed dips into toolbox to fix long-term rates

December 16

Marketwatch: U.S. Nov. housing starts plunge 18.9% to record low

Marketwatch: FOMC cuts rate 0.75 percentage point to 0.25%, use all tools

Reuters: Fed cuts rates to record low

FT: HBOS trading statement raises alarm

December 13-14-15

Times: City workers are rushing to offload their Canary Wharf apartments amid job losses in the financial sector

Telegraph: Bond traders in Latin America are braced for stormy week after Ecuador became the first country – apart from the Seychelles – to default on its sovereign debt since the global crisis began

FT: HSBC joins victims of Madoff’s alleged fraud

FT: Nomura reveals $303m exposure to Madoff

Telegraph: British government tipped to launch rescue package for car industry

Times: Ireland launches €10bn bailout for its banks

Property Week: King Sturge’s Spanish arm to file for administration

Property Week: Wichford, the listed company that buys government-occupied property, this morning revealed a 57% plunge in its net asset value in the year to 30 September

Marketwatch: As card issuers slash balance-transfer offers, consumers' work gets harder

December 12

Reuters: Madoff's alleged $50 billion fraud hits other investors

Marketwatch: Sanderson State Bank of Sanderson, Texas fails: 25th of year

Times: Mortgage scheme rules likely to limit householders' help

Times: Connells to offload its stake in Rightmove

FT: Alistair Darling extended the potential length of a state-backed mortgage holiday for struggling homeowners on Wednesday, but he insisted that the risks of default would be shared with lenders

FT: Detroit reels as $14bn rescue fails

FT: Fed mulls exceptional monetary measures

December 11

FT: The Bank of Korea on Thursday slashed its benchmark interest rate by 1 percentage point to the lowest ever amid growing concerns that the economy may slip into its first recession in a decade next year

FT: House approves $14bn Detroit rescue bill

FT: GMAC yesterday said it could drop its attempt to become a bank holding company after failing to raise the capital needed, casting doubt on its ability to survive the financial crisis

December 10

Reuters: California's budget crisis is growing worse as its shortfall for its current fiscal year has increased to an estimated $14.8 billion

Times: Cost of personal loans soars. Deals under 8 per cent have disappeared despite the cut in the base rate

Times: Estate agents offer ‘bargains’ in Christmas sale

Independent: Britain worse credit risk than McDonald's

FT: Payment woes demolish ‘poshest builder’

FT: Canadian dollar tumbles after rate cut

FT: Interest rate on US T-bills turns negative

FT: House sales continue fall to record low

FT: Hips extension draws fire from estate agents

December 9

Times: Number of house sales slumped to a new 30-year low between September and November. Number of house hunters increases.

FT: Pensions lifeboat risks being swamped

Reuters: Pending home sales slip

December 6-7-8

Times: Barack Obama reveals stimulus package that could exceed $1 trillion

Reuters: Homeowners redefaulting after getting aid

December 5

Marketwatch: British Nov. house prices see 14.9% annual fall: Halifax

Times: Homeowners lose out as banks refuse to pass on the latest cut

Times: New car sales in November plunge 36.8%

Times: Creditworthy borrowers are being refused deals when they remortgage because cautious surveyors are giving their homes lower-than-expected valuations

Reuters: U.S. job losses worst since 1974 as downturn deepens

Marketwatch: Foreclosures, delinquencies hit record high

Times: Central banks cut interest rates; Europe cut 75 basis points to 2.5 per cent, Sweden cut 175bp to 2 per cent and New Zealand cut 150bp to 5 per cent

December 4

Marketwatch: Bank of England cuts rates to 2%, lowest level since 1939. ECB follows.

Times: Homeowners who lose their jobs or suffer a severe drop in earnings are to be allowed to defer their mortgage interest payments for up to two years, Gordon Brown announced yesterday

FT: Mortgage holiday plan leaves confusion

FT: New Zealand cuts interest rates to 5%

Times: Sterling tumbles to 13-year low as economy’s woes raise prospect of historic rate cut

FT: Brown throws homeowners mortgage lifeline

December 3

December 2

Reuters: Big three US automakers ask for a combined $34 billion in loans and credit lines as sales slump

Property Week: Shares in CB Richard Ellis and Jones Lang LaSalle plunged on Wall Street yesterday amid a raft of poor economic news

FT: Sterling plummets against dollar

December 1

FT: House prices down 8.1%

Times: Reprieve for families as RBS delays repossessions

 

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