MoneyWeek: Commercial property shares crash – but they’re not cheap yet It’s not just Britain’s houses that have fallen in price, the value of commercial property has slumped too. Property company shares have crashed 43% in the last year. And as the recession really starts to bite, they’re going to come down even further.
Original post by damien
Metro: Mortgage lending increases by 7% Same facts as a post below this, just a slightly different spin …”Mortgage lending rose by nearly 7% during October but it remained well down on 12 months ago, figures show. A total of £18.7 billion was advanced during the month, compared with just £17.5 billion during a “weak” September, the Council of Mortgage Lenders said. But the figure was still 44% lower than the £33.38 billion lent in October 2007, and it was also down on August’s advances of £19.66 billion. Despite the increase in lending during October, the Council of Mortgage Lenders (CML) warned that demand was likely to remain subdued due to falling house prices and the deteriorating economy. ” (I do like that last sentence. A lot!)
Original post by mark wadsworth
BBC: October mortgage lending picks up Mortgage lending rose slightly in October, according to the Council of Mortgage Lenders (CML).
Total lending rose to £18.7bn, 7% up from the previous month.
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Original post by crash n burn
FT Alphaville: Stony Broke Fresh Rumblings From Northern Rock A serious trauma for the UK mortgage market
Original post by crocked
Market Oracle: U.S. Treasury the Final Bailout it’s a millennial rite of passage for all mankind.
Treasury Secretary: Millennial?
Fed Chairman: I didn’t say I agree with that. I merely said that’s what’s being said.
Treasury Secretary: I accept the 100-year storm concept. But let’s not get carried away by the public mood of gloom. Yes, I know debt liquidation and price deflation continue to be at the heart of our economic challenges and remain our most significant downside risk. I know real estate prices are down as much as 50% in some sectors and stock market barometers are down nearly 70% from their former peaks. And I know all about the tsunami of home foreclosures.
Citigroup: I can no longer stand here before you and refute the fact that Citigroup is effectively insolvent.
Martin D. Weiss, Ph.D.
Original post by malct
bbc: Rolls-Royce plans 2,000 job cuts Aircraft engine maker Rolls-Royce has said it plans to cut between 1,500 and 2,000 jobs in 2009.
Original post by mark
bbc: Peugeot Citroen cuts 2,700 jobs French car company Peugeot Citroen has announced plans to shed 2,700 jobs because of falling demand in Europe.
Original post by mark
bloomberg: GM, Ford, Chrysler Leave Congress Empty-Handed After Hearings The companies are seeking aid as industry-wide sales have plummeted to a 17-year low. GM this month said it lost $4.2 billion in the third quarter and almost $73 billion since the end of 2004.
Original post by mark
Market oracle.co.uk: Kirsty the Phil’s Location, Location, Location Returns as UK House Prices Crash Finally, Kirstie has been forced to recognise the fact that house prices can actually fall which follows earlier near religiously opinionated programming that fed on and reinforced the fervour that gripped much of the country as annual house prices roared ahead every month by more than that which people earned in wages, that house prices are a one way bet.
Original post by housebear
A very frustrated Mr. Twist wrote to our Senator asking him to vote against the bailout. He received a rather condescending reply, explaining to him how much more knowledgeable the Senator was on these issues than his constituents. Now that the TARP program and Treasury Secretary Hank Paulson have come under fire, Mr. Twist decided to write again. With his permission, I am sharing the letter with our readers.
Dear Senator Cornyn–
Before the TARP vote, i wrote to you urging you not to support this bailout program. It has been reported that prior to the vote, the volume of your emails and calls in opposition to the TARP was many times more than those in support of it. In spite of this, you decided to ignore your constituents wishes, and you voted in favor of the TARP plan
On October 22, 2008, you sent me an email explaining the reasons for […]
Original post by twist
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