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Real Estate News - June 2008
The following news stories are those which are most important for understanding the house price crash and the impact on house prices going forward...
Times: Families’ cash fears worst for 26 years.
FT: Taylor Wimpey in £500m rescue call.
Mortgage Solutions: UK House prices fall for ninth consecutive month.
Wall Street Journal: KB Home's Loss Widens as Inventory Of Unsold Houses Mounts.
FT: Shares hit as fears grow over financial turmoil.
FT: Fortis shares plunge on capital-raising move.
FT: HSBC has increased the arrangement fees for its much-publicised “rate matcher” mortgage deals by more than 50 per cent, just days before the closing date for applications from new customers.
Reuters: The US median national home price sank further in May and inventories linger at record-high levels.
Reuters: Inflation and job losses keep consumers glum..
New York Times: Battered by Oil, Dow Touches Bear Territory.
Marketwatch: U.S. existing-home sales inch upward, as prices continue to decline.
FT: Qatari investors are poised to own up to 10 per cent of Barclays after the bank called on groups from the Middle East and Asia to support its long-awaited £4.5bn share issue.
FT: Fed sits tight as ECB chief signals rate rise.
Times: Rise in payday loans show credit problems still to come.
Marketwatch: Crude-oil futures top $140 a barrel for first time.
Reuters: Citigroup sinks to 10-year low, Goldman urges short sale.
Marketwatch: May British mortgage approvals lowest on record.
FT: Spectre of inflation over global economy.
FT: US stocks hit lowest level in three months.
FT: India lifts main rate to six-year high to rein in inflation.
Marketwatch: U.S. home prices fall 4.6% in past year OFHEO says.
Marketwatch: Home-price declines will eat into boomer retirement nest eggs: report.
Marketwatch: Coffee at highest in 3 months on supply concerns.
FT: Further blow to first-time homebuyers.
Marketwatch: U.S. new-home sales fall 2.5% in May.
New York Times: Barclays Bank Seeks $8.9 Billion Through a Share Issue.
Property Week: UK industrial land values slump 25%.
Marketwatch: Fed holds rates steady, escalates warnings about inflation.
Times: The 10 worst property investments ever.
Marketwatch: U.S. consumer-confidence reading is fifth lowest ever.
FT: Global inflation fears deepened as Chinese steelmakers agreed to a record increase in annual iron ore prices in a move likely to boost the cost of cars, machinery and other products.
FT: With Vietnamese investors rushing into gold as a hedge against skyrocketing inflation, Hanoi – which sets an annual quota for gold imports – has withdrawn licences for further imports, traders said on Monday.
FT: Writedown fears hit smaller US banks.
FT: Further evidence of the dangers of dabbling in derivatives markets is emerging in the troubled bond insurance sector.
FT: Property shares slump on HSBC warning.
Reuters: US house prices, consumer confidence dive.
Marketwatch: British home asking prices fall 1.2% in June - Ratio of properties to buyers doubles over past year.
FT: Citi warns of further large writedowns.
FT: HBOS writes down its stakes in housebuilders.
FT: One of Switzerland’s most senior central bankers has called for tighter regulations for the country’s largest banks to limit the amount they could lend without raising additional capital.
Times: Mortgage lending to worsen after 19% slump.
Marketwatch: Credit card issuers slash credit lines - even on paying customers.
FT: King and Darling issue bleak UK forecast.
FT: Oil rises while cocoa bubbles to 28-year high.
FT: UK builders hammered after alert on outlook.
FT: John Paulson, the US hedge fund manager who made a fortune for his investors by anticipating the debacle in subprime mortgages, said on Wednesday it was too early to look for bargains in the financial sector and predicted the worst was yet to come for the UK housing market.
FT: B&B mortgage arrears shift upwards.
Marketwatch: Five reasons the Fed won't raise interest rates.
Marketwatch: More than 400 defendants were charged by federal prosecutors Thursday in connection with alleged mortgage fraud over schemes carried out since March, said to have resulted in about $1 billion in losses.
Marketwatch: US housing starts fall to 17-year low in May.
FT: British households must learn to live with higher prices and without increased wages, Mervyn King warned on Tuesday, as he predicted inflation would reach at least 4 per cent by the end of the year.
Times: Consumers face up to 40% rise in energy bills as gas price soars.
FT: Fixed-rate mortgage cost hits 10-year high.
FT: Tough new rules need to be imposed on estate agents to address widespread dissatisfaction among buyers, sellers and renters, according to a review of the sector.
Times: The credit crunch tightened its grip on families last night as two big mortgage lenders raised their rates or withdrew deals.
Bank of England: Following the announcement that CPI inflation in the 12 months to May was 3.3 per cent, the Bank has published a letter from the Governor to the Chancellor, as required by the monetary policy remit.
Independent: Building of new homes at its slowest since 1945.
Mortgage Strategy: UK Inflation surged 1.3% above target to 3.3% in May, figures from the Office for National Statistics reveal.e
Marketwatch: U.S. wholesale-level inflation jumps 1.4% in May; PPI up 7.2% in past year.
Wall Street Journal: U.K. Home Buyers Remain Wary.
FT: Barclays is seeking to raise as much as £4bn ($8bn) from outside investors as it seeks to shore up its balance sheet without having to launch a rights issue that could lead to aggressive writedowns.
Times: HBOS property exposure under spotlight.
FT: Investors hit $10bn loss in US financials.
Bloomberg: Corn Jumps to Record as Floods in Midwest Threaten U.S. Crops.
Times: Britons are heading for a miserable cocktail of soaring unemployment and surging inflation as the credit crunch shows no sign of waning, business leaders say today.
Reuters: Barclays says global credit crisis easing but not over.
Wall Street Journal: Foreclosures Rise 48% in May As U.S. Housing Woes Deepen.
Times: UK first-time buyer loans fall 36% as deposits jump.
Reuters: Inflation up sharply on gasoline.
Reuters: The health of America's banks continues to worsen, with lending to real estate developers an emerging threat and more failures in the offing.
New York Times: Commodity prices went wild on Wednesday, with the price of corn shooting through the $7 barrier for the first time, soybeans and wheat moving up sharply and oil jumping more than $5 a barrel.
Guardian: Unemployment is set to increase rapidly in the coming months, after rising at its fastest pace for two years, as the economic slowdown takes hold.
Independent: Value of housebuilders crumbles again as sector mired in turmoil.
FT: Barratt tries to calm fears about land writedowns.
Marketwatch: Thornburg Mortgage swings to $3.3bn 1st-quarter loss, raises capital.
Wall Street Journal: Some Buy a New Home to Bail on the Old.
Marketwatch: Fixed-rate mortgage rates at highest since October.
FT: Banks face $10bn monolines charges.
FT: HBOS slides as housing concerns grow.
Property Week: Thousands are facing negative equity.
Mortgage Solutions: Nearly 3,000 mortgage products pulled in May.
Reuters: Home price drop means $4 trillion in lost capital.
FT: Barratt Developments shares down 90% from peak.
Telegraph: UK House sales fall worst in 30 years, says RICS.
FT: Crisis shifts to regional lenders.
FT: Housebuilders set for big writedowns.
FT: Outlook: UK jobs fears.
Marketwatch: Five signs that it is time to trim the asking price on your house.
FT: ‘Deleveraging’ haunts central bankers.
FT: Home equity loans threaten regional banks.
Marketwatch: Lehman Brothers to post $3 bln loss; sets $6 bln stock sale.
FT: Lloyds may reject ex-Rock applications.
FT: Alarm bells sound for landlords amid dearth of deals.
Wall Street Journal: LandSource Chapter 11 May Hit Calpers.
Marketwatch: Pending home sales index up 6.3% in April.
Times: More and more people are looking for a mortgage payment break as rising fuel and food bills strain household budgets.
Times: House prices plunging at twice the rate of the Nineties.
Marketwatch: Dow Jones Industrial Average loses nearly 400 points in 8th-worst such drop.
Mortgage Strategy: 15,000 estate agents set to lose jobs.
Marketwatch: Oil scores biggest daily dollar gain on record.
Marketwatch: Jobless rate soars to 5.5% in May - Biggest rise in unemployment since 1975; payrolls fall 49,000 .
FT: Northern Rock, the stricken mortgage lender nationalised in February, has struck a deal with Lloyds TSB to pass on mortgage customers when their current deal expires.
FT: Growing pains in America’s sun belt.
FT: ECB hits European investors.
FT: Ratings agencies’ mortgage probe deal.
FT: UK House prices down for fourth month in a row.
FT: European banks harder hit by credit crunch.
Property Week: McKay Securities reports 20% NAV drop.
New York Times: About 1 in 11 Mortgageholders Face Loan Problems.
Marketwatch: U.S. jobless rate jumps to 5.5% as unemployment rises by 861,000.
FT: Brussels concern at Northern Rock package.
FT: Ambac and MBIA’s AAA ratings under threat.
FT: Many B&B borrowers are short on equity.
Mortgage Solutions: The Bank of England's Monetary Policy Committee has frozen Bank base rate at 5%.
Property Week: Helical Bar reveals 6% NAV fall.
Property Week: Quintain Estates hit by 11.5% NAV fall.
Marketwatch: Mortgages in foreclosure jump in first quarter.
FT: Are US’s twin home loan titans at risk?
Marketwatch: Toll Brothers, Hovnanian post quarterly loss.
FT: Lehman hedges lose $500m to $700m.
FT: Quarter of young workers priced out of house market.
Reuters: Bernanke says U.S. inflation too high.
Wall Street Journal: Number of Foreclosed Homes Keeps Rising.
FT: Cost of home improvements shoots up.
FT: Bradford & Bingley goes bang.
Times: Gloom deepens as lending slumps and borrowers fall into arrears.
Bloomberg: Morgan Stanley, Merrill, Lehman Credit Ratings Cut by S&P.
inman.com: Analysis of differences in home-price reports.
Wall Street Journal: Number of US Foreclosed Homes Keeps Rising.
New York Times: Paying Off the Debts That Seem Unshakeable.
New York Times: Negotiating for a House? Start With ‘Dear Seller’.
Times: Bradford & Bingley chief steps down as bank prepares for profits warning.
Bloomberg: Pound Falls on Concern Bradford & Bingley Provisions to Widen.
FT: Plan to make complex debt more expensive.
FT: Fledgling businesses and start-ups are being squeezed to the limit as suppliers further tighten their credit criteria.
FT: US mortgage rates leap ahead.