Today’s News Synopsis:
According to the Los Angeles Times, the Federal Reserve and five major central banks are hoping to help solve the debt crisis by joining together to help European lenders obtain money more easily. In other news, Bloomberg reported a 10.4% increase in pending home sales. According to the latest MBA Weekly Mortgage Applications Survey, mortgage applications decreased over 11% from last week.
In The News:
Housing Wire – “Private sector adds 206,000 jobs” (11-30-11)
“Employment in the U.S. nonfarm, private business sector grew by 206,000 jobs from October to November on a seasonally adjusted basis, the ADP National Employment Report said Wednesday.”
Bloomberg – “Pending Sales of Existing U.S. Homes Exceed Forecasts With 10.4% Increase” (11-30-11)
“The number of Americans signing contracts to buy previously owned homes rose more than forecast in October as buyers took advantage of falling prices and low borrowing costs.”
Los Angeles Times – “Central banks join forces to ease debt crisis” (11-30-11)
“Reacting to the deepening Eurozone debt crisis, the Federal Reserve and five other major central banks joined forces Wednesday to offer European lenders easier access to dollars in an attempt to quell growing fears of a global funding crunch.”
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-30-11)
“Mortgage applications decreased 11.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 25, 2011. This week’s results include an adjustment to account for the Thanksgiving holiday.”
CNN Money – “S&P downgrades 15 banks” (11-30-11)
“Standard and Poor’s downgraded the credit ratings of 15 banks Tuesday, after applying new criteria to the world’s 37 largest banks.”
Housing Wire – “Fed appoints director of banking supervision” (11-30-11)
“The Federal Reserve Board named Michael Gibson director of the Division of Banking Supervision and Regulation, replacing Patrick Parkinson. In his new role, Gibson will play a key role in dealing with Basel III capital-adequacy issues and the oversight of major banks. ”
San Francisco Chronicle – “Stable Housing Seen in Home Depot-Lowe’s Leading Market: Retail” (11-30-11)
“Shares of Home Depot Inc. and Lowe’s Cos. — the two largest U.S. home-improvement retailers — are outperforming other consumer discretionary stocks as the worst of the declines in the housing market may be over.”
Inman – “ZipRealty settles labor suit for $586,000” (11-30-11)
“ZipRealty Inc. has agreed to pay $586,000 to settle claims by the California Labor Commissioner that the company failed to pay minimum and overtime wages to four of its agents in Kern County.”
According to Case-Schiller index, property values increased 0.6% year over year from 2009-2010. On the other hand, Freddie Mac reported that home prices decreased 3.1% from the 3rd quarter of 2009. Zillow claimed interest rates increased to 4.3% the previous week.
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