reuters: Job cuts rise as global recession plays on “I’m still having conversations with people. But it doesn’t look good.”
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Original post by mark
reuters: Recession to last more than a year The recession is likely to last more than a year as growth falls off a cliff despite the Bank of England continuing to hack away at interest rates as inflation comes down, according to a Reuters poll.
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Original post by mark
Yahoo: Lowest UK Oil Price In Three Years London oil prices have slipped below $50 a barrel for the first time since May 2005.
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Original post by mark
RealtyTrac released their October 2008 foreclosure data last week and Oregon ranks 16th in the nation for per household foreclosures.
There were 1,306 notice of defaults last month, up 68% from October 2007. The bank files a notice of default when a mortgage payment is late and attempts to reconcile the issue out of court have failed.If the homeowner doesn’t pay the default balance within 90 days then the bank records a notice of trustee sale with the county and schedules a trustee’s sale. There were 834 notices of trustee sales last month, up 260% from October 2007.
The best way to compare state foreclosure rates is with a penetration or per household rate. Here is a comparison of the regions states. A larger number indicates fewer foreclosures. Oregon is experiencing one foreclosure for every 558 households.
Here is a foreclosure map of the nation from RealtyTrac.
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Original post by noreply@blogger.com (Clint8200)
Indian Express: Indian BPOs bring Christmas jobs cheer to UK Christmas in 2008 could have been the gloomiest in UK in recent decades but for Indian companies, which are coming to the rescue of Britons, facing lay-offs in the face of a looming global recession.
This week, Indian call centre major Firstsource sparked early Christmas cheer in Northern Ireland by announcing plans to create 160 more jobs in the region.
Original post by little professor
Wall Street Journal: A Different Banking Crisis in Need of Fresh Capital “As the nation’s financial crisis spread earlier this fall, several thousand people pressed forward in a line to make a withdrawal from a bank in suburban San Diego. The line stretched out the building, up the street and past the fire station. They walked away with boxes filled not with money but vegetables, fruit, pasta and juice.”
Food Banks are running short here in the UK too. Christmas and cold weather coming as well ……………………..
Original post by renting2
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
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