Treasury Secretary Henry Paulson emerged from a meeting with officials from the Group of Seven major industrialized nations today and announced the U.S. will purchase stock in banks and financial firms for the first time since the Great Depression. more...
I continue to have great confidence that the authorities will succeed in ending the Great Run of '08, and jumpstarting credit. However, there was no progress this week, and financial markets are a shambles not worth talking about.
The Main Street economy downshifted in August, entering a still-steepening decline, but ... but, amazing strength remains and positive developments are baked into nearby cake. more...
Editor's note: Inman News is talking to agents and brokers who have persevered through past real estate cycles and is offering their perspective on business strategies that they have used in past cycles and those that they are employing in the current market downturn. This is the first segment in a multi-part series. more...
Federal housing officials will host three regional summits this month to outline plans to discuss foreclosure prevention efforts, including a program that will provide nearly $4 billion in grant funding to help state and local governments to purchase and rehabilitate foreclosed homes. more...
Wells Fargo & Co. has the go-ahead from federal antitrust regulators to acquire Wachovia Corp. in a $12 billion deal that will create a combined company with $1.42 trillion in assets, 48 million customers, and community banks in 39 states. more...
The value of stocks traded on global exchanges has plummeted by an estimated $25 trillion this year, but the bigger worry for many analysts is the continuing fear banks have about lending money to each other.
A telling indicator of those fears is the rise in the London Interbank Offered Rate, or LIBOR, which tracks the rates banks charge each other for loans in 10 currencies for durations ranging from overnight to 12 months. more...
Real estate search and marketing site Trulia.com has launched a special page that offers information and perspectives about the current housing market crisis. The "Surviving the Housing Market Crisis" microsite includes links to blog posts and questions posted at the site related to the market downturn topics at the site range from coverage of a speech by a former National Association of Realtors economist to a post about abandoned pets in foreclosed homes. more...
Editor's note: Inman News is talking to agents and brokers who have persevered through past real estate cycles and is offering their perspective on business strategies that they have used in past cycles and those that they are employing in the current market downturn. This is the first segment in a multi-part series.