Reuters.com: Buyers rejoice: Manhattan home prices finally fall “It probably started at the beginning of November, but things over the last three or four weeks have changed even more dramatically,” said Germano, 30, a Smith Barney financial adviser.
Original post by v stor
mortgagestrategy: L&G forecasts big hit to remortgage market Legal & General mortgage club is predicting that the remortgage market is set to suffer as SVRs fall in line with base rate cuts. L&G’s Mortgage Purchase Index for Q4 2008 shows that 17% fewer borrowers took up a variable rate than in Q3, despite the recent cuts to base rate.The data, which is based on 18,683 mortgage applications through L&G’s mortgage club, also shows 65% of borrowers chose a fixed rate deal during Q4. This is marginally up from the 63% recorded for the previous three months.The research also shows that the average two-year fixed rate for Q4 was 5.90%, down from 6.38% in Q3.
Original post by jack c
BBC: Commerzbank is part nationalised Commerzbank, Germany’s second-biggest bank, has said it is to be partly nationalised, with the government taking a 25% stake, plus one share. The bank is to receive 10bn euros (£9bn; $13.7bn) in a second injection pf capital from the German banking sector stabilisation fund, Soffin. Commerzbank had been seeking help after its 5.1bn euro takeover of rival Dresdner Bank from insurer Allianz.
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Original post by jack c
BBC: Nissan plant to shed 1,200 jobs Car manufacturer Nissan has announced it is to axe about a quarter of the workforce at its Sunderland plant. The company, which sent workers at the site home early before Christmas to cope with the economic downturn, said it will cut 1,200 jobs. The plant, which opened in 1986, employs about 4,900 workers. The firm halted manufacturing of two of its models at the Sunderland site in December and sent production staff home on full pay.
Original post by jack c
AboutProperty: Jonathan Davis speaks to aboutproperty Jonathan Davis, of Armstrong Davis Chartered Financial Planners, has arguably been the most accurate forecaster of the economy and markets in the last few years.
As [former] spokesman for www.housepricecrash.co.uk, Jonathan has precisely and consistently predicted the markets, a talent which more recently saw him appear on Tonight with Trevor MacDonald.
As interest rates were cut by 1.5 per cent today, their lowest rate since the establishment of the Bank of England in 1694, aboutproperty.co.uk interviewed Jonathan for his views on the announcement and for what his predictions might be for 2009.
Original post by little professor
New York Times: China Losing Taste for Debt From U.S. China has bought more than $1 trillion of American debt, but as the global downturn has intensified, Beijing is starting to keep more of its money at home, a move that could have painful effects for American borrowers.
The declining Chinese appetite for United States debt, apparent in a series of hints from Chinese policy makers over the last two weeks, with official statistics due for release in the next few days, comes at an inconvenient time.
Original post by sold out
The Money Blogs: The Financial Modelers’ Manifesto By Paul Wilmott and Emanuel Derman Wilmott speaks up. This guy knows his financial mathematics very, very well (100s of papers and a successful vol-arb fund under his belt).
” All models sweep dirt under the rug. A good model makes the absence of the dirt visible. ”
” I understand that my work may have enormous effects on society and the economy, many of them beyond my comprehension. ”
Original post by 51ck-6-51x
Citywire: Entire US economy is a Ponzi scheme Bill Gross, the founder of the world’s largest bond fund manager Pimco, thinks Bernard Madoff is poised to become the fall guy for a whole generation. But the reality, he says, is that Wall Street and the US as a whole are full of ‘culpable lookalikes.’ In his latest letter to investors published on the Pimco website, Gross says he believes the entire US economy has been structured like a Ponzi scheme for decades and there are many more people to blame than a single fallen hedge fund manager.
Original post by jack c
Manchester Evening News: Houses at a knock-down price Salford Council buying semis at well over £50k above market value to then demolish them! “Opposition groups slammed it as a waste of money.” You can say that again! Have a look at the comments at the bottom too - always good for a smile!
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Original post by happyrenting
MoneyWeek: Why the market bulls have got it wrong - again Don’t be fooled by short-term share price rallies. The latest is likely to end in tears, too…
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Original post by damien
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