[CAwireman]

So, is this about a $90K reduction?

I couldn’t find the past sale prices in Zillow.

Anyone else able to find them?

HiggyBaby

[CAwireman]

Also,

Bugs, who’s still reporting?

http://money.aol.com/marketnews/article

Stocks Fall After Mixed Earnings
09/20/07 17:50 EDT
By MADLEN READ

NEW YORK (AP)
“…So when a few major companies, particularly Bear Stearns & Cos. and Circuit City, posted wider-than-expected drops in third-quarter profit Thursday, Wall Street’s giddiness following the Fed’s rate cut waned, and nervousness resurfaced about how long it might take for the economy and corporate America to rebound from the recent market turmoil.”

Brought the DOW down about 50 points today.

HiggyBaby

[CAwireman]

LNiles and DavidT,

Thanks for the links. Very nice indeed.

HiggyBaby

[CAwireman]

Firstly Kewp, well said!

Bugs, here’s a link to the German Bank story:

http://news.yahoo.com/s/afp/20070830/bs_afp/marketsfinancegermany_070830165227

FRANKFURT (AFP) – The head of German bank SachsenLB, which was stricken by losses linked to investments in US subprime home loans, has resigned, the bank said on Thursday.

Herbert Suess, 67, chose “according to his own wishes” to relinquish his responsibilities as chief executive on September 15, while another two directors have been sacked, the bank said.

SachsenLB, a state-run regional bank, was bailed out by the German government and then rescued at the weekend by fellow regional bank Landesbank Baden-Wuerttemberg (LBBW).

LBBW agreed to buy SachsenLB, the smallest regional bank in Germany and the only state-run bank in eastern Germany, to prevent it from going bankrupt.

SachsenLB developed severe liquidity problems, meaning it was unable to cover its liabilities, after losing money with investments linked to US subprime home loans.

Subprime loans are mortgages for borrowers with poor credit history and are highly risky.

Banks invested in them through mortgage-backed securities, complicated financial instruments that plummeted in value as increasing numbers of stretched US borrowers defaulted on their home loans.

SachsenLB admitted before the takeover by LBBW that it had to be bailed out to the tune of 17.3 billion euros (23.6 billion dollars) by the national German savings banks because of its US subprime losses.

And a story on recent bank runs (aug17):

http://www.latimes.com/business/printedition/la-fi-countrywide17aug17,0,5944637.story?coll=la-headlines-pe-business

A rush to pull out cash
“Worried about the stability of mortgage giant Countrywide Financial, depositors crowd branches. In Laguna Niguel, Bill Ashmore drove his Porsche Cayenne to the bank’s office and waited half an hour to cash out $500,000. “It’s got my wife totally freaked out,” he said.
By E. Scott Reckard and Annette Haddad
August 17, 2007
Anxious customers jammed the phone lines and website of Countrywide Bank and crowded its branch offices to pull out their savings because of concerns about the financial problems of the mortgage lender that owns the bank.

Countrywide Financial Corp., the biggest home-loan company in the nation, sought Thursday to assure depositors and the financial industry that both it and its bank were fiscally stable. And federal regulators said they weren’t alarmed by the volume of withdrawals from the bank.”

My definition of “A run on the bank” is:
I withdraw my money and put it in the mattress. I don’t deposit it somewhere else. Does this definition hold water?

HiggyBaby

[CAwireman]

Bubblesitter,

Good point.

Question – is there a calendar of Wallstreet events?
The September look ahead is good. But, I would guess
there is an annual playbook that would be good to
be aware of.

Anyone have a link to something like that?

HiggyBaby

[CAwireman]

Here’s where it looks like the day ended up.

Dow down 249 Dows at 13,113
NASDAQ down 48.6
S&P Down 25

[CAwireman]

What does Hovnanian offer in the San Diego area.

Would be interesting to track before and after(discounted) prices.

HiggyBaby

[CAwireman]

Yeah Bugs,

Garden variety peer presure.

But what would be the alternative? To take the
high road and stick?

Will a US industry allow itself to do something like that?

Hmmmm.

In busines, sometimes you can’t help but be a pawn in a large game of chess.

HiggyBaby

[CAwireman]

DDM,

I agree with you about the market being jittery.

Also –

“Making matters worse, the Labor Department revised the jobs figures for June and July, saying the economy added fewer jobs than had been reported.”

The Market is pouting that the Fed isn’t lowering interest rates in the face of a number of troubling financial and economic indicators. Hang in there Ben. Don’t cave in to irrational pressure, until you have to….

The Dollar –

“The dollar fell sharply following the report, as the likelihood of an interest rate cut appeared to increase. Dollar-based assets would earn less interest if the Fed were to cut rates. In addition, gold prices rose sharply because some investors would be expected to abandon a weakening dollar and move into gold if the central bank lowers rates.

“This is just the expected response,” said Pandl, referring to Wall Street’s reaction to the jobs report. “The markets are repricing for lower growth and expectations of Fed cuts.”

http://money.aol.com/marketnews/article

HiggyBaby

[CAwireman]

Oh yeah, Sears was down yesterday due to a large drop in appliance sales…

I don’t remember where the link was.

HiggyBaby

[CAwireman]

Okay,let’s see what the market does on Wednesday…

HiggyBaby

[CAwireman]

How often will a home seller bring a check to closing?

Will a bank make a loan to someone for the balance between
what they owe and what the buyer will pay?

Anyone know about this?

HiggyBaby

[CAwireman]

How often will a home seller bring a check to closing?

Will a bank make a loan to someone for the balance between
what they owe and what the buyer will pay?

Anyone know about this?

HiggyBaby

[CAwireman]

How often will a home seller bring a check to closing?

Will a bank make a loan to someone for the balance between
what they owe and what the buyer will pay?

Anyone know about this?

HiggyBaby

[CAwireman]

Pretty interesting info.

If you can find a source to show the number and % ARM and ALT-A loans by San Diego Zipcode, per year beginning with 2004, I’d be very interested in that!

Any possibility? Thanks for the link to the article.

HiggyBaby

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