House Prices Drop US/UK Housing Crash? Subprime Bubble

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

These numbers are for today.  And Google didn’t even list these symbols "in the news."
Recent quotes

MBI
3.79
-1.23
(-24.50%)

ABK
0.760
-0.380
(-33.33%)

FRE
0.560
-0.060
(-9.68%)

FNM
0.380
-0.090
(-19.15%)

C
6.40
-1.96
(-23.44%)

MS
10.25
-1.78
(-14.80%)

ING
7.53
-1.42
(-15.87%)

BOFL
4.95
-0.61
(-10.97%)

GS
55.18
-6.85
(-11.04%)

HAS
23.10
-1.76
(-7.08%)

… and equities weren’t the worst of it. "Credit markets from commercial mortgages to junk bonds fell to record lows as concerns grew that the slowing economy would overwhelm government efforts to stem the worst financial crisis since the Great Depression."

All I can do is stare.  It really is this bad.

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Original post by John M.

The Telegraph: Edinburgh house prices fall 11.4 per cent It’s official. The credit crunch now has Edinburgh in its grips. More than £20,000 has been wiped off the average value of an Edinburgh home this year, according to The Edinburgh Solicitors Property Centre, and the number of homes being sold has halved……………like London this city will be hit hard

Original post by titaniccaptain

News Letter: House prices fall £46k in year “IT could have been cheaper to stay in a five-star hotel for the last year than to own a house in Northern Ireland, according to dramatic figures released today. The University of Ulster’s Quarterly House Price Index today reveals that the average house price in Northern Ireland has slumped by £46,881 over the last 12 months, meaning the average house has fallen in value by £128 a day.” … “Incredibly, according to the survey, at least 10 per cent of estate agents reported no sales during the three-month period and many other agents had less than five sales.”

Original post by quiet guy