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Real Estate News - October 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...
October 31
FT: House prices drop 14.6% year-on-year
Times: House prices fall by more than average annual pay
Times: Risky but potentially rewarding - property auctions are hotting up as the market cools
October 30
FT: Fannie plans to write down $20bn asset
Times: Alistair Darling indicated last night that there would be tax rises or spending cuts after the next election as he pledged to borrow initially to see Britain through the recession but then to rebuild public finances once it is over
October 29
New York Times: Concerned Fed Trims Key Rate by a Half Point
Reuters: U.S., China kick off global round of rate cuts
Marketwatch: Home prices fall record 16.6% in past year
FT: Slump hits London’s richest homeowners
Times: Lloyds TSB blocks interest-only mortgage switch
FT: Hungary gets $25.1bn rescue package
FT: EU approves German bail-out scheme
FT: This month, in an ostensible move to protect the savings of workers in the face of a worldwide financial crisis, the Argentinian administration of Cristina Fernández de Kirchner has proposed doing it again by nationalising private pension funds.
October 28
October 25-26-27
Times: Ukraine agrees terms of $16.5bn rescue by IMF
Times: Vietnamese seek the security of gold
Bloomberg: Bank of Korea Cuts Rate by Record to Bolster Markets
Reuters: Home sales rise but prices fall
October 24
FT: Landlords face licensing in rental shake-up
FT: Rightmove axes jobs
FT: Lending to non-financial business plunges
FT: Mortgage approvals down 57%
FT: Fed takes $2.7bn paper loss on Bear Stearns
Marketwatch: Existing-home sales jump to 13-month high
October 23
Times: Sterling and UK shares battered as Gordon Brown utters 'recession'
Times: Governor gives pound an extra pounding
Property Week: Commercial real estate transaction volumes down 60% compared to 2007
Wall Street Journal: Foreclosure Filings Rise 71%
October 22
FT: Australian inflation hits 17-year high
FT: Fed offers $540bn to prop up money funds
FT: UK plans £3bn loan for Iceland
FT: Pound plunges as King warns on recession
Reuters: Wachovia has $23.9 billion loss on writeoff, mortgages
Marketwatch: If 2008 was a record year for mortgages entering foreclosure, 2009 could look even worse
Times: The buy-to-let battle is on
October 21
FT: ING stresses conservative business model
FT: Iceland to announce $6bn IMF-led rescue
FT: Brown set to borrow more
FT: Bernanke backs new stimulus package
FT: French banks get cash injection
Marketwatch: British home asking prices down 4.9% annually
FT: Fear that mortgage lending will be negative
Property Week: 600% increase in property services firms hit by ‘critical problems’
New York Times: Urged to Lend, Banks Sit on Bailout Cash
October 18-19-20
FT: Banks resist pressure on repossessions
FT: UK companies in distress double
October 17
FT: Treasury plan pushes up US mortgage rates
FT: FTSE hits 5-year low
FT: Millions of loan applications rejected
Marketwatch: Housing starts fall 6% to 17-year low in September
Marketwatch: With mortgage money harder to get, sellers provide financing
Mortgage Strategy: SALE-AND-RENT-BACK COULD LEAVE HOME OWNERS £30K WORSE OFF
October 16
FT: Run on Russian bank heightens fears
FT: How buy-to-let turned into a mug’s game
FT: Nationwide refuses to pass on full rate cut
New York Times: Losses at Citi, Merrill; Swiss Banks Get Funds
Reuters: GM to lay off 1,500 hourly workers as demand slows
October 15
FT: Housebuilders resort to risky incentives
FT: Bellway house sales at lowest ebb in spite of incentives
FT: UK inflation soars to highest rate in 16 years
Times: 10,000 jobs go as crunch hits the public sector
Property Week: Seven years until homes regain their 2007 values, says Knight Frank
Times: Q&A - The great bank bail out
Reuters: Dow loses 733 after data feeds recession worry
October 14
FT: Spain provides up to €100bn of bank guarantees
FT: Q&A: What the bail-outs mean for you
Times: President Bush poised to follow UK with $250bn seizure of bank stakes
Mortgage Solutions: Transactions per surveyor now just one a week
Mortgage Solutions: Mortgage lending hits record low in August
Property Week: Housebuilder Bellway suffers £200m profit loss
Property Week: Central London take up and investment falls by a third
October 11-12-13
Marketwatch: U.K. banks may unveil capital plans Monday
Marketwatch: Germany readies its own bank bailout plan
FT: Housebuilding woes continue
Times: Royal Bank of Scotland under state control
FT: UK to inject £39bn into banks
FT: Australia and NZ launch bank safeguard plan
Marketwatch: European central banks to offer unlimited dollar liquidity
Marketwatch: U.S. stock indexes leap 11%; Dow industrials up 936 points, biggest one-day jump ever
October 10
FT: Giulio Tremonti: A critic demands a new Bretton Woods
FT: Wall Street in biggest fall since 1987 crash
FT: Interbank lending not freed by rate cuts
FT: Housing: US mortgage woes in a class of their own
Marketwatch: Nikkei slumps to end week with 24% loss
Times: International crisis meeting as Dow Jones plummets below 9,000
FT: Aviva reassures on solvency
New York Times: Having tried without success to unlock frozen credit markets, the Treasury Department is considering taking ownership stakes in many United States banks to try to restore confidence in the financial system
Property Week: Game over for highly leveraged property deals/span>
Propetry Week: City sales suffer as global banking turmoil progresses
Property Week: Shares in CB Richard Ellis plunge 37% in a week
Times: Is it the end of gazundering?
Times: Mortgages go back to borrowing basics - Prepare yourself for the return of old-school lending
New York Times: Morgan Stanley Under Assault
Marketwatch: U.S. stocks plunge 6-7% again in afternoon trade
Marketwatch: Dow industrials, S&P 500 suffer steepest weekly losses on record
Reuters: Oil prices dropped more than 10 percent on Friday and touched 13-month lows in a global flight from risk amid concerns of a worldwide recession
October 9
New York Times: Third-biggest single-session point decline leaves Dow industrials 40% below year-ago peak
Property Week: House prices fall by 12.4% in a year, finds Halifax index
FT: Britain’s largest banks were preparing on Wednesday to boost their capital reserves after the government launched a dramatic £400bn rescue plan to restore confidence among financial institutions and avert a severe economic slowdown
FT: Robert Tchenguiz, the property entrepreneur, lost £1bn in just 24 hours after being forced to offload his stakes in J Sainsbury and Mitchells & Butlers as the fallout of the Icelandic banking crisis hit corporate UK
FT: Asia joins in global rate cuts
FT: Japan pledges to act as Nikkei falls 9.4%
FT: IMF sees greatest shock since 1930s
FT: Problem loans nearly triple in US
FT: Rising CDS action increases the strain
FT: Fed offers AIG fresh $37.8bn injection
FT: Trading suspended in Jakarta
Times: Lenders pull plug on top mortgage deals
Reuters: Oil hits 12-month low, demand outweighs OPEC
Reuters: GM shares drop to 58-year low, global risks eyed
October 8
FT: Debt binge takes toll on Australian banks
FT: Bank crisis Q&A
FT: Markets slide despite rate cuts
FT: Fed to start buying commercial paper
FT: Moscow to pump $37bn into biggest state institutions
Times: Fed paves way for rate cut as IMF says rapid and decisive global action needed to stem crisis
Times: Savers left in limbo as Icesave freezes deposits
Times: Spain became the latest European country last night to announce a unilateral rescue package, while Iceland received a €4 billion loan from Russia
Marketwatch: The U.S. Federal Reserve and other major central banks moved in concert Wednesday to slash key interest rates as part of an ongoing effort to quell financial turmoil that has threatened to flatten the international economy
Mortgage Solutions: Halifax and Barclays lead the way following cut
Wall Street Journal: Housing Pain Gauge: Nearly 1 in 6 Owners 'Under Water'
Wall Street Journal: Citigroup is largely exiting the wholesale mortgage business, a step that many rival banks took last year
Marketwatch: Pending home sales index rises 7.4% in August
October 7
FT: Markets routed in global sell-off
FT: BofA to raise $10bn in capital
FT: FTSE 100 in biggest fall since Black Monday
FT: Wall St plummets to four-year lows
FT: RBS down after counterparty rating cut by S&P
Times: The Bric stock markets crumbled yesterday as investors in emerging market stocks — including Brazil, Russia, India and China — suffered their worst one-day losses in history
Property Week: MFI in administration but more than 100 shops saved
October 4-5-6
Marketwatch: U.S. stocks close down 3% to 4%, with Dow recovering from 800-point drop
Times: Stricken Iceland sends out financial SOS
Real Estate Journal: Developer Sells Land Dirt Cheap
Real Estate Journal: Businesses Vacate at Fastest Pace in Years, Pressuring Landlords and Their Lenders
Marketwatch: Germany moves to rescue Hypo Real Estate
Times: German savings pledge raises stakes for Gordon Brown
October 3
Marketwatch: U.S. stocks finish sharply lower; indexes off 7%-10% for the week
FT: UK house price plunge worst since 1991
FT: Investors pull out of US commercial paper
FT: GuestInvest goes into administration
Times: Taylor Wimpey seeks to reassure over £1.7 bn debts
Reuters: Job cuts accelerate, recession fears rise
Reuters: Wells bids $15 billion for Wachovia; scuffles with Citi
October 2
FT: Senate backs rescue plan by wide margin
Times: France seeks €300bn rescue fund for Europe
Times: Wholesale price of electricity surges amid fear of supply shortfall
New York Times: 36 hours that shook Wall Street
October 1
FT: Wealthy investors hoard bullion
FT: Investors start fresh gold rush
FT: Fortis-ABN uncertainty hurts RBS
FT: FTSE sees worst monthly fall since 1987
FT: The $54,000bn credit derivatives market faces its biggest test in October as billions of dollars worth of contracts on now-defaulted derivatives on Fannie Mae, Freddie Mac, Lehman Brothers and Washington Mutual are settled
Times: Tesco plans an assault on Britain's crisis-ridden banking industry by offering mortgages and current accounts to shoppers for the first time
FT: Hedge funds face worst year
Telegraph: Barratt has slashed 43 per cent off the price of some new homes as the global financial crisis takes an ever-increasing toll on construction and manufacturing
Property Week: Irish property market crippled by lack of bank funding says CBRE
Property Week: West End investment plummets by 40%
Property Week: Central London investment deal volumes continue to fall
Times: The six safest places for your savings
Times: Hundreds of mortgage deals disappear as interbank freeze bites
Reuters: Chrysler's September U.S. sales fall 33 percent
Reuters: FDIC seeking temporary unlimited Treasury loans