Some find unexpected bright spot in housing

Many analysts see NAR’s rise in existing-home sales as a silver lining
  While focused in part on quarterly earnings and a report showing a drop in consumer confidence, investors also found themselves basking Tuesday in the afterglow of surprisingly positive data on the U.S. housing market.
  “When was the last time we’ve had good news [...]

December Home Sales up 6.5%

  Bargain hunters snapped up more foreclosed homes in December, lured by the biggest price decline seen in more than 70 years, the National Association of Realtors reported Monday.
  Sales of existing homes rose 6.5% in December to a seasonally adjusted annualized rate of 4.74 million, led by a big rebound in the West where [...]

Real Estate Values, What Is Next?

  Current Real Estate values have seen historic drops in terms of dollars.  So what is next?  Unemployment is nearing 1982 numbers in terms of applications filed.  Banks are failing, Car Manufactures are failing, Major stores are failing and countless small business have closed down.  This implosion of the financial markets was caused by greed [...]

Banks Receiving Bail-Out Funds Will Have To Disclose Lending

Obama believes China manipulates its currency says Geithner.  To this I can only say Good Morning Mr. Obama.  Good Grief!

Banks getting money from the government’s $700 billion bailout fund will have to explain in detail what they are doing with the money, the incoming head of the Treasury Department said Thursday in written responses [...]

Merrill Lynch CEO Resigns

  Former Merrill Lynch Chief Executive John Thain resigned from Bank of America on Thursday, highlighting problems the giant lender has taken on with its acquisition of the struggling brokerage firm.
Bank of America Chief Executive Ken Lewis flew to New York to talk with Thain on Thursday, and they mutually agreed “that the situation [...]

Market News

The benchmark FNMA 4.0% bond expanded its intraday trading range to 56bp before ending with a modest 12bp gain to close at $99.81.
 
Both the bond and stock markets were buffeted by volatile swings throughout the session.
 
The financial markets were hit with another round of gloomy economic news, what else is new, as well [...]

SoCal Home Sales Spike

  With the average home value falling 34.6% for the year along with low interest rates has sparked home sales.
Orange County’s median price dropped 29.7 percent to $397,000, as sales rose 49 percent.
Los Angeles County’s median was down 31.9 percent to $320,000, and sales rose 32 percent.
Ventura’s median declined 35.6 percent to $338,000, as sales [...]

Treasury Department Restricts CEO Payouts From Bailout Funds

  The Treasury Department on Friday approved new chief executive pay restrictions for financial institutions receiving capital injections from a $700 billion bank bailout package.
  The rules require CEOs of participating financial institutions to annually certify that the company and its compensation committee has complied with pay package standards. Executives are required to make [...]

The Weak Economy Continues To Push Interest Rates Lower

The Benchmark 30 yaer fixed home mortgage is now 4.96%

The benchmark 30-year mortgage fell below 5% for the first time ever in Freddie Mac’s weekly rate survey as economic weakness continued to push interest rates lower, the mortgage agency said Thursday.
The national average rate on the 30-year loan fell to 4.96% in the week ending [...]

JP Morgan Reports Lower Than Expect Profits Or Did They?

  J.P. Morgan Chase said Thursday that its fourth-quarter profit fell 77.6%.  This should not be a supprise to anyone with the take overs of the failed Bear Sterns & Washinton Mutual. 
  A $1.1 billion benefit from merger-related items helped the firm post a $702 million, or 7 cents a share, fourth-quarter profit, compared to [...]