Sept. 30 (Bloomberg) — House prices in 20 U.S. cities declined in July at the fastest pace on record, signaling the worst housing recession in a generation had yet to trough even before this month’s credit crisis. » Home Prices in 20 U.S. Cities Declined 16.3% in July – Bloomberg, …
THE Australian stock market is set to fall sharply today after Wall Street’s Dow index suffered a record one-day points decline. The “Black Day” on Wall Street came after the US House of Representatives rejected a $US700 billion ($870 billion) bailout plan for the US financial sector. The Dow fell …
‘You can’t go wrong with bricks and mortar.’ This may go down in history as the most dangerously mistaken cliché ever uttered. Over the weekend, another British high street bank has been nationalised. US politicians have been debating non-stop over an emergency bail-out that effectively part-nationalises the entire banking system. …
NEW Zealand’s economy has slipped into a recession for the first time in a decade, official data shows. » Official: New Zealand economy in recession – The Australian, 26th September 2008.
Lehman Brothers Australia has appointed administrations to dispose of its assets just three days after the Australian arm of the collapsed US investment bank was sold to Japanese investment bank Nomura Holdings. » Lehman Australia in administration – The Sydney Morning Herald, 26th September 2008.
The fall in house prices has accelerated in England and Wales, according to the Land Registry. .. with prices falling sharply in August, its monthly survey is starting to catch up fast with the surveys of lenders such as the Halifax and the Nationwide who have both reported that prices …
Another day, another bank failure. This time WaMu (Washington Mutual) has fallen is what is termed the biggest banking failure in US history. JPMorgan Chase & Co has acquired Washington Mutual’s branch network for $1.9 billion » Washington Mutual collapse ‘biggest in US history’ – The ABC, 26th September 2008. …
BEIJING, Sept 25 (Reuters) – Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday. » China banks told to halt lending to US banks – Reuters, 24th September 2008
It’s not even a week since turmoil gripped world stock markets in what is said to be the biggest financial crisis since the great depression and fueled by the biggest housing and credit bubble in history, but the Real Estate Sprukers are at it again. SYDNEY’S rental squeeze has hit …
Well, it had to come to an end at some stage. Clearly it was not sustainable. The Sydney Morning Herald writes : Reserve Bank governor Glenn Stevens says there is a good chance the massive run-up of household debt of recent years could be coming to an end, perhaps to …
The US Federal Reserve has used emergency powers to rescue troubled insurance giant American International Group (AIG). In an unprecedented move, the Federal Reserve and the US Treasury will loan AIG nearly $US85 billion ($106 billion) to save the insurance giant from bankruptcy. » Fed announces AIG bailout package – …
Bank of America has announced it was buying Merrill Lynch for $US50 billion ($A61 billion) in stock, scooping up the Wall Street icon battered by the housing and credit crisis. While giving a lifeline to a troubled Wall Street giant, the deal creates the world’s largest financial services company, according …
Lehman Brothers, a 158-year-old investment bank choked by the credit crisis and falling real estate values, has filed for protection from creditors in the biggest bankruptcy filing ever and said it was trying to sell off key business units. » Lehman Brothers files for bankruptcy – The Age, 16th September …
US unemployment jumped to a five-year high of 6.1 per cent in August as 84,000 jobs were slashed, according to a report that sparked fresh fears about recession in the world’s biggest economy. » US jobless jump sparks recession fears – The Sydney Morning Herald, 6th September 2008.
It seems Houses are not the only thing in soft demand in a dwindling economy and not the only falls setting records. New vehicle prices are falling at the fastest rate ever recorded, a team of analysts have said, squeezing automakers’ profit margins at a time of slumping sales but …
Eight years ago, Yale superstar professor and MacroMarkets chief economist Robert Shiller famously called the top of the stock market in his book Irrational Exuberance. Then, a year before the housing bubble peaked, he predicted the colossal bust we are now experiencing. » U.S. House Price Decline Could Be Worse …
House prices in Britain fell by 10.9 per cent in August compared with the corresponding month a year earlier, the biggest drop in 25 years, home loan provider Halifax said in its monthly report. Halifax, part of British banking group HBOS, said it was the sharpest 12-month drop since the …
Copyright 2006 - 2022